Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
Story Views
Now:
Last hour:
Last 24 hours:
Total:

Treasury Made No Forecast For Lockdown 2.0

% of readers think this story is Fact. Add your two cents.


SAGE say it’s not their job to take into account the economic impact of lockdown. It’s the Treasury’s job. Why then has the Treasury now admitted that it produced no forecasts in the run up to the second lockdown? Why did SAGE on September 21st claim they were in hand? These were the questions MPs put to Treasury officials on Wednesday. Kate Andrews in the Spectator has the details.

Chair of the Committee Mel Stride asked Clare Lombardelli, Chief Economic Adviser to the Treasury, to comment on specific economic analyses conducted around lockdown restrictions, ranging from the closure of pubs, gyms and restaurants to “circuit breakers” and working from home directives. It was quickly revealed that no analysis has been done.

Stride’s interest stemmed from SAGE meeting minutes dated September 21st, which referenced a “package of measures” that the Committee said “need to be adopted to reverse [the] exponential rise in cases”. These included some of the more radical measures implemented during the first lockdown, including changes to “working from home” rules, banning contact between households, the closure of hospitality and leisure sectors, and even the return of a (shorter) lockdown. In the minutes, SAGE states that the economic impact of these measures was being modelled by the Treasury: “Policy makers will need to consider analysis of economic impacts and the associated harms alongside this epidemiological assessment. This work is underway under the auspices of the Chief Economist.”

In yesterday’s session, Lombardelli revealed that no such work was ever underway. The impact of the specific restrictions on the economy were not forecast or predicted by the Treasury before they came into force: “As the Chancellor set out in Parliament last week, we haven’t done a specific prediction or forecast of the restrictions… what we do is ongoing policy that feeds into decisions ministers take, which they consider alongside the health impacts, the social impacts, and they also consider the economic impact.”

Without this analysis and these forecasts, what was the basis on which the Government was weighing up whether to shut down the country again?

The Treasury’s lack of forecasting does not mean Chancellor Rishi Sunak would have been without any data when in discussions with the Prime Minister and other senior Cabinet figures about lockdown. Lombardelli notes the Treasury has been compiling forecasts done by other bodies, including the Office for Budget Responsibility and the Bank of England.

But yesterday’s admission from the Chief Economist calls into question the priorities of the Treasury: the Sage minutes are dated over a month before England’s second lockdown was announced, giving the Treasury at least four weeks (though the minutes imply longer) to forecast the impact of specific lockdown measures on the economy. That the institution did not produce any forecasts or predictions also raises serious questions about the extent to which the economic implications of such radical measures were considered before the Government brought them in.

Worth reading in full.

By Will Jones

https://lockdownsceptics.org/

Facebooktwitterredditpinterestlinkedinmail



Source: http://tapnewswire.com/2020/11/treasury-made-no-forecast-for-lockdown-2-0/


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST


Order by Phone at 888-809-8385 or online at https://www.herbanomic.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse
Loading...

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.