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Call for evidence

Economic impact of coronavirus

Please note that there is no requirement to answer all the questions in the Terms of Reference. It is acceptable for submissions to respond to only one or two questions in the TOR.

 

Job Protection Scheme and Self-employment Income Support Scheme

  • What problems (if any) are individuals facing in claiming support from the Job Protection Scheme and the Self-employment Income Support Scheme?
  • How effective have these schemes been in maintaining employment and reducing job losses?
  • Is the Government doing enough to ensure that businesses and individuals are claiming appropriately and that fraudulent claims are detected?
  • Has the Government struck the right balance between targeting support and making it easy to access?
  • Where has Government support been too generous and where has it not been generous enough?
  • How successful has the Government been in plugging the gaps in the schemes?
  • What gaps in coverage still remain and are changes required to increase their effectiveness?
  • How viable is it for the Job Protection Scheme and the Self-employment Income Support Scheme to be open for longer?
  • How and when should the Government’s support packages be wound up?
  • How should the Government prioritise which continuing sectors and groups to support as time goes on and ongoing support is needed?
  • What actions does the Government need to undertake to pursue to support a successful exit strategy?

 

Support to businesses and Financial services

  • How effective is the Coronavirus Corporate Finance Facility, Coronavirus Business Interruption Loan Scheme, and the Coronavirus Larger Business Interruption Loan Scheme? In particular, are these measures succeeding in preventing viable businesses from potentially going under during the Coronavirus lockdown?
  • How effective has the Government support been so far in terms of coverage and speed?
  • What gaps are there for businesses within the schemes?
  • Is the financial sector supporting businesses enough? Are businesses getting the right advice on which grants/loans to access?
  • What are the financial regulators and the financial sector doing to reduce the risk of people being taken advantage of by fraud at this time, in particular with regard to vulnerable groups?

 

Other government intervention

  • Should the Government intervene more actively in redeploying staff and resources to certain sectors of the economy (health/food delivery)?
  • Should the Government intervene more actively in terms of state aid, bail-outs and its industrial strategy?

 

Economy, public finances and monetary policy

  • What economic challenges may arise as the public health and social distancing policies are lifted and the economy begins to recover? What preparations can be made to manage these challenges? For example, could there be difficulty in restarting sectors of the economy quickly, a risk of a spike in inflation, or pressure on the UK balance of payments?
  • Is the economy’s recovery likely to be shallow or sharp?
    • How long is the shock likely to last?
    • Which sectors are likely to be impacted by economic scarring?
    • Which sectors are doing best?
  • What will be the economic impacts of the coronavirus outbreak and the social distancing measures in terms of sectors and regions and how temporary/permanent will they be?
  • What will be the impact on inequalities within society and how should the Government address inequalities that may have been exacerbated by the crisis?
  • What will be the impact on the public finances?
    • What are the potential future implications for tax and spending?
    • What are the implications for the Government’s “levelling up” agenda announced in the Budget/infrastructure strategy?
  • What will be the impact of high levels of Government debt on market interest rates, private investment, capital formation and future productivity?
  • What has and will be the impact on global growth and what shape is the international recovery likely to take?
    • Are there international examples of economic policymaking that we can use?
    • How is the UK Government co-ordinating with other governments to boost global growth?
    • How are countries coordinating their efforts to assist the global recovery?
  • What will be the impact of the outbreak on the Government’s economic, customs and financial sector priorities in its negotiations with the European Union?
  • What are the differences and similarities between this shock and the Great Financial Recession of 2008 and also the economic demand management and demand suppression policies pursued during the Second World War? What lessons can be learnt from these past shocks and the recoveries that ensued?
  • What are the lessons that society can learn for the future e.g. reducing carbon emissions, increased home working, business resilience?

 

This call for written evidence has now closed.

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