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Chamber and committees

Official Report: search what was said in Parliament

The Official Report is a written record of public meetings of the Parliament and committees.  

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Dates of parliamentary sessions
  1. Session 1: 12 May 1999 to 31 March 2003
  2. Session 2: 7 May 2003 to 2 April 2007
  3. Session 3: 9 May 2007 to 22 March 2011
  4. Session 4: 11 May 2011 to 23 March 2016
  5. Session 5: 12 May 2016 to 5 May 2021
  6. Current session: 12 May 2021 to 22 August 2025
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Displaying 1222 contributions

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Finance and Public Administration Committee

Budget Scrutiny 2022-23

Meeting date: 14 December 2021

Liz Smith

I am thinking about two things in particular. It is quite clear that there are people who are able to work but are perhaps not able or willing to work in certain jobs. That is why the vacancy rate has stayed higher than we might have expected at a time when unemployment was supposed to rise. There is a skills mismatch, and we might need policies to address that.

Do we also need education policies that allow younger people in particular to get a wider range of skills, so that they are more flexible in the jobs that they can do? We have seen increasing flexibility over the years, but do we have sufficient flexibility to fill some of the gaps?

Finance and Public Administration Committee

Budget Scrutiny 2022-23

Meeting date: 14 December 2021

Liz Smith

You could end up as a politician.

Finance and Public Administration Committee

Budget Scrutiny 2022-23

Meeting date: 14 December 2021

Liz Smith

I thank the witnesses for giving us a bit more information about the trends.

You have been predicting a fall in income tax receipts; I want to ask, first, about data. Economists talk about the Laffer curve. The Laffer curve has been a bone of contention politically, but it is important, because it is the relationship between the tax rate and the revenues that are actually collected. In your updated data, do you have information about taxable income elasticity—in other words, the change in taxable income in response to changes in the rate of taxation? The issue is obviously important for policy; do we have good data on it?

Finance and Public Administration Committee

Budget Scrutiny 2022-23

Meeting date: 14 December 2021

Liz Smith

My final point—

Finance and Public Administration Committee

Budget Scrutiny 2022-23

Meeting date: 14 December 2021

Liz Smith

Thank you for that—

Finance and Public Administration Committee

Budget Scrutiny 2022-23

Meeting date: 7 December 2021

Liz Smith

Would it be correct to assume, therefore, that, because of some of the blockages in the system that you mentioned earlier—specifically, the tightness in the labour market and employers not being able to fill some of the available jobs—your understanding is that the expectation factor may be increasing?

Finance and Public Administration Committee

Budget Scrutiny 2022-23

Meeting date: 7 December 2021

Liz Smith

I have just one question. Quite a few of the witnesses who have appeared before this committee have indicated that they think that consumer behaviour has changed quite markedly under Covid. Do you have any way of estimating whether that change is likely to be permanent?

Finance and Public Administration Committee

Budget Scrutiny 2022-23

Meeting date: 7 December 2021

Liz Smith

Are there implications for savings patterns as well?

Finance and Public Administration Committee

Budget Scrutiny 2022-23

Meeting date: 7 December 2021

Liz Smith

How easy is it to understand whether the labour market problems have been caused by Brexit or by people not being willing—rather than not having the right skills—to take up the available jobs? How easy is it to drill down on that?

Finance and Public Administration Committee

Budget Scrutiny 2022-23

Meeting date: 7 December 2021

Liz Smith

Professor Bean made some interesting comments in reference to the impending meeting with the MPC and what is focusing minds on inflation and, specifically, its causes. How easy is it to use economic data to home in on the cost-push factors in inflation and on demand-led inflation? In previous meetings on the economy, people have spoken to us about cost-push inflation being very strong.