Economic Situation: Coronavirus

(asked on 8th July 2020) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what (a) financial and (b) economic modelling his Department is undertaking to assess the effect of the Government's guidance on (a) travelling, (b) social distancing and (c) social gatherings during the covid-19 outbreak on the UK economy; and if he will make statement.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 13th July 2020

The Covid-19 pandemic has had a significant impact on the UK economy and the Government has taken swift action to deliver unprecedented rescue packages.

While the actions we have taken have come at significant fiscal costs, the costs of inaction would have been far higher.

Treasury officials undertake a wide range of internal analysis to support policy development and advice to ministers. However, the Treasury does not publish forecasts of the economy or the public finances. Indeed, the Office for Budget Responsibility are the UK’s official forecasters.

We continue to monitor the impact of the policies to tackle Covid-19 as circumstances develop. The Chancellor will set out further details on his plans for sustainable and balanced fiscal policy at the next Budget, as the economic and fiscal outlook becomes clearer.

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