Today the Organisation for Economic Co-operation and Development (OECD) published their surveillance of the UK economy, which provides analysis and insight of the state of the UK economy and the upcoming challenges. HM Treasury have worked closely and collaboratively on the survey with the OECD
The survey has been put together against the backdrop of a health and economic crisis, in the UK and globally, with significant uncertainty on the path of the virus.
The survey recognises the size, scope and speed of the government’s interventions to support jobs, businesses and the economy. The recommendations focus on how the UK can adapt and target future coronavirus support to individuals, workers and businesses over time; and how to address the UK’s productivity challenges, a problem which is shared by other advanced economies.
Responding to the survey a HM Treasury spokesperson said:
We welcome the OECD’s survey, their recommendations and their recognition of our unprecedented package of support which has protected jobs, businesses and the wider economy throughout the pandemic. As the OECD note in their report, it’s clear that policy action has mitigated the economic impact of the virus.
The recent measures announced by the Chancellor, including the Plan for Jobs and the Winter Economy Plan, strike the right balance between protecting jobs and providing people with new training and opportunities, including through traineeships, apprenticeships and our £2 billion Kickstart scheme, to ensure that nobody is left without hope.