Asked by: Matthew Pennycook (Labour - Greenwich and Woolwich)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, with reference to paragraphs 3.16 to 3.26 of the report, Independent review of UK economic statistics, published on 11 March 2016, what plans he has to improve the accuracy of estimates of the contribution of the digital economy to UK productivity.
Answered by Greg Hands - Minister of State (Department for Business and Trade)
Professor Sir Charles Bean’s Independent Review of Economic Statistics highlighted the importance of proper measurement of the digital economy.
To enable the Office for National Statistics to develop world-leading analytical and digital capabilities in economic measurement, the government will invest over £10m in a new hub for data science and a centre for excellence in economic measurement in line with the recommendations.
Asked by: Matthew Pennycook (Labour - Greenwich and Woolwich)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the effect of low long-term real interest rates on house prices.
Answered by Harriett Baldwin
According to the latest figures published by the Office for National Statistics, UK house price growth moderated to 7.6% in the year to February 2016, down from a peak of 12.1% in September 2014. A number of factors are likely to have supported demand for housing in recent years, including low interest rates.
The Government has established the independent Financial Policy Committee (FPC) within the Bank of England, designed to monitor risks to the UK financial system and take action to address those where appropriate. The FPC has been given the authority and a powerful set of tools to tackle the risks posed to financial stability from the housing market.
Asked by: Matthew Pennycook (Labour - Greenwich and Woolwich)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment he has made of the implications for his policies of the report by the Office for National Statistics, the Feasibility of measuring the sharing economy, published in April 2016.
Answered by Harriett Baldwin
HM Treasury has taken note of this feasibility study. Professor Sir Charles Bean’s Independent Review of Economic Statistics highlighted the importance of proper measurement of the sharing economy and to enable the Office for National Statistics to develop world-leading analytical and digital capabilities in economic measurement, the government will invest over £10m in a new hub for data science and a centre for excellence in economic measurement in line with recommendations.
Asked by: Matthew Pennycook (Labour - Greenwich and Woolwich)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential effect of falling oil prices on the UK's net international investment position.
Answered by Harriett Baldwin
The information requested is available in the latest Balance of Payments (2015 Q3) release from the ONS which can be found here: http://www.ons.gov.uk/ons/dcp171778_429314.pdf