Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate her Department has made of the potential impact of the Autumn Budget 2024 on productivity in each year between 2024 and 2028.

Delivering economic growth and improving productivity is the government's central mission. Since 2010, productivity growth has been less than a third of the productivity growth in the decade prior to the financial crisis. If productivity growth had remained at the previous rate of 2.1% per annum, then GDP per capita would be £12,500 higher in today’s prices.

This is why the government is making further reforms to deliver long-term growth, including: ambitious planning reforms; a modern Industrial Strategy; the development of a 10-year infrastructure strategy; and the publication of the Get Britain Working White Paper. The government expects these measures collectively to have a positive impact on growth. For example, the OBR recognised that proposed changes to the National Planning Policy Framework “may enable greater delivery of new housing and infrastructure projects, which would boost the associated investment flows, as well as increasing productivity over the longer term”.

In their Economic and Fiscal Outlook, published alongside the Budget, the Office for Budget Responsibility evaluated the government’s announced Budget package on public investment as increasing the level of GDP by 1.4% in the long-term.