Asked by: Richard Thomson (Scottish National Party - Gordon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent assessment he has made of the potential impact of his target for economic growth on (a) inequality, (b) GDP and (c) public debt.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
An assessment of the impact of the government’s Growth Plan on the economy and public finances will be made by the OBR on the 31st October alongside the Medium Term Fiscal Plan.Asked by: Richard Thomson (Scottish National Party - Gordon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent representations he has received from (a) academics, (b) consultants and (c) think tanks on an analysis of the Growth Plan 2022.
Answered by Felicity Buchan
HM Treasury Ministers and officials regularly engage with a range of stakeholders, including in advance of and following policy announcements. This ensures that Ministers and officials are aware of the issues facing the public, businesses and the economy when developing policy and assessing the impact.Asked by: Richard Thomson (Scottish National Party - Gordon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the potential productivity of the UK.
Answered by Felicity Buchan
Potential productivity is an estimated economic concept that measures the maximum sustainable level of output that can be produced per hour worked across an economy. Where this estimated level sits relative to actual productivity data, as measure by the ONS, depends on how intensely factors of production are being used at a given time.
The ONS publish quarterly updates on official UK productivity statistics and analysis of UK productivity.
The Office for Budget Responsibility’s Economic and Fiscal Outlook also includes their outlook for potential output and productivity. The Chancellor has brought forward the OBR forecast date to 31 October. This will provide an in-depth assessment of the economy and public finances including a forecast for productivity.
The Government continually monitors and assesses economic developments, including around productivity, to consider their impact on businesses and households. Boosting productivity growth is central to raising the UK’s economic growth, as part of the Growth Plan 2022.
Asked by: Richard Thomson (Scottish National Party - Gordon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what analysis he has commissioned on potential productivity of the UK.
Answered by Felicity Buchan
Potential productivity is an estimated economic concept that measures the maximum sustainable level of output that can be produced per hour worked across an economy. Where this estimated level sits relative to actual productivity data, as measure by the ONS, depends on how intensely factors of production are being used at a given time.
The ONS publish quarterly updates on official UK productivity statistics and analysis of UK productivity.
The Office for Budget Responsibility’s Economic and Fiscal Outlook also includes their outlook for potential output and productivity. The Chancellor has brought forward the OBR forecast date to 31 October. This will provide an in-depth assessment of the economy and public finances including a forecast for productivity.
The Government continually monitors and assesses economic developments, including around productivity, to consider their impact on businesses and households. Boosting productivity growth is central to raising the UK’s economic growth, as part of the Growth Plan 2022.
Asked by: Richard Thomson (Scottish National Party - Gordon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will list the (a) companies and (b) non-governmental bodies with contracts for the delivery of training and services associated with the (i) Trader Support Service and (ii) Northern Ireland Customs and Trade Academy; and the cost to date of the services delivered by said companies and non-governmental bodies.
Answered by Richard Fuller - Shadow Chief Secretary to the Treasury
The consortium responsible for delivery of the Trader Support Service contract is led and managed by Fujitsu. The consortium members include Hinduja Global Solutions, The Institute of Export and International Trade (IOE), EORI (UK) Limited, Capita Pay 360, Amazon Web Services, and Descartes.
The Northern Ireland Customs and Trade Academy is managed by the IOE.
The costs associated with this element form part of the overall cost of the Trader Support Service, which is estimated to be £309 millon up to September 2022.
Asked by: Richard Thomson (Scottish National Party - Gordon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate he has made of the potential cost of extending the Trader Support Service to December 2023.
Answered by Richard Fuller - Shadow Chief Secretary to the Treasury
The forecasted cost for extending the Trader Support Service to December 2023 is £113 million.
Asked by: Richard Thomson (Scottish National Party - Gordon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what the total cost of the Trader Support Service has been since its launch in 2020.
Answered by Richard Fuller - Shadow Chief Secretary to the Treasury
The total cost of the Trader Support Service from its launch until September 2022 was £309 million.