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Covid-19: Public Finances

Volume 685: debated on Tuesday 1 December 2020

The economic impacts of coronavirus and the substantial fiscal support provided have meant a necessary increase in our deficit and debt levels this year. That is the right thing to do to combat the pandemic, but once the economic recovery begins and uncertainty recedes, we will return our public finances to a sustainable and strong position.

There are reports that the Treasury has created an economic impact analysis, providing significant detail on the effect of coronavirus across the various sectors of the economy. For each sector, this analysis allocates red, amber and green ratings for revenue, jobs and financial stability. Given the vote tonight, may I ask my right hon. Friend why that analysis has not been published?

My right hon. Friend will have seen the analysis we did publish, which talked specifically about sectoral impact. In the document, there were specific links to the various places that people can find GVA and employment by sector and, indeed, the financial resilience of local businesses at some stages by sector and by region. It is that analysis, as we have said, that will determine the particular economic impact in an area. That information is all provided in the report for people to look at.