Economic Growth 2023-11-14
2023-11-14
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Response quality
Questions & Answers
Q1
Direct Answer
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Context
The question arises from the need to assess the impact of government policies on economic growth following recent assessments.
What recent assessment has been made of the implications for his policies of the economic growth rate?
Our policies are increasing economic growth, as confirmed by the Office for Budget Responsibility following last year's autumn statement and the spring Budget. However, to secure higher, sustainable, long-term growth, it is necessary to bring down inflation.
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Assessment & feedback
Response accuracy
Q2
Direct Answer
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Context
The OBR previously assessed the Chancellor's last budget and concluded it had no long-term impact on potential productivity.
Will the Office for Budget Responsibility make a similar assessment of his next Budget in terms of its impact on potential productivity?
The OBR stated about the spring Budget: 'the overall impact on GDP is around 0.2 per cent in 7-28. This is the largest upward revision we have made to potential output within our five-year forecast as a result of fiscal policy decisions taken by a Government'.
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Assessment & feedback
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Q3
Partial Answer
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Context
There is concern that proposed changes at the steelworks in northern Lincolnshire could result in redundancies and significant negative impacts on the local supply chain.
Will my right hon. Friend give an assurance that the Government will not proceed with any support for those changes until a full economic assessment of the impact on the local area has been carried out?
We are committed to steel production in the United Kingdom and making sure that any changes necessary will support local communities. I reassure him that no decisions will proceed without a full economic assessment of the impact on the local area.
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Assessment & feedback
The commitment does not specify when the assessment will be completed or what criteria will determine whether to proceed with support for changes at the steelworks.
Response accuracy
Q4
Partial Answer
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Context
The National Infrastructure Commission stated that the Government's slow and poor decision-making hinders private investment in infrastructure.
Why does the Chancellor think his Government have been making bad decisions slowly for quite so long?
Since reforms to asset pooling in 2015, UK and global infrastructure investment by pension funds has grown from £1 billion to around £27 billion. Solvency 2 reforms could unlock a further £100 billion-worth of investment.
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Assessment & feedback
The answer discusses infrastructure investment rather than addressing why the government's decisions have been slow and poor.
Response accuracy
Q5
Partial Answer
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Context
The Labour Party has proposed several plans to drive economic growth and investment across the country.
Today, I am making available to the Chancellor for free a raft of plans by the Labour party. Would he like them?
Funding plans that increase borrowing by £28 billion a year could lead to higher bills for families, higher energy prices, and higher mortgages.
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Assessment & feedback
The answer does not address the offer of Labour's economic growth plans but criticises their funding approach.
Response accuracy