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Economic impact of coronavirus: the challenges of recovery Contents

Contents

Summary

Introduction

1 Recovery of consumption

The impact of lockdown

A V-shaped recovery?

A changing outlook?

A Plan for Jobs

Effectiveness of VAT cut

Stamp Duty cut

Eat Out to Help Out

Additional options

2 Avoiding long term unemployment

The Coronavirus Job Retention Scheme

A Plan for Jobs

An unequal crisis

Low paid

Young people

Mothers

Ethnic minorities

Renters

Adequacy of safety net

3 Corporate debt

Risk of a balance sheet recession

Potential solutions for smaller businesses

Equity stakes for larger businesses

Need for new state structures

4 Longer term challenges

Government debt sustainability

Prevailing low interest rates

Risks of elevated debt

Timing of fiscal consolidation

“Levelling up” in the context of the coronavirus outbreak

Defining “levelling up”

The importance of regional data

International dimension

Extent of the global crisis

Efficacy of the international response

International Monetary Fund resources

5 Overall approach

Spending Review

Supporting local authorities in the face of local outbreaks

Transparency on trade-offs facing Government

Treasury’s forecasting capacity and its relationship with the OBR

Insurance

Manifesto commitments

Recent intransigence

Conclusions and recommendations

Formal minutes

Witnesses

Published written evidence

List of reports from the Committee during the current Parliament



Published: 11 September 2020