Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he is taking to strengthen the supply side of the economy.

Despite challenging global economic conditions, the UK economy has outperformed growth expectations, leading to the OECD and the IMF revising up their growth forecasts.

At Spring Budget, the Chancellor announced a package to strengthen the supply side of the economy and boost economic growth by removing the barriers to work and increase labour supply, reforming the UK’s tax system to incentivise business investment and improve productivity, and continuing to work in collaboration with the UK’s high growth industries to regulate more effectively. The Office for Budget Responsibility expects that this package will result in the largest policy-induced permanent increase in UK GDP in their medium-term forecasts.