Economic Situation: Weather

Treasury written question – answered on 5th September 2022.

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Photo of Rachel Reeves Rachel Reeves Shadow Chancellor of the Exchequer

To ask the Chancellor of the Exchequer, what estimate he has made of the economic cost of the red weather heat alert of 18 and 19 July 2022.

Photo of Richard Fuller Richard Fuller The Economic Secretary to the Treasury

We do not hold data on the specific cost of the red weather heat alert 18 – 19th July 2022. The ONS monthly estimate of GDP for July will become available on the 12th of September 2022.

Information about the risks to different economic sectors from heatwaves more generally can be found in the UK’s Third Climate Change Risk Assessment which is based on the Independent Assessment of UK Climate Risk, the statutory advice provided by the Climate Change Committee, commissioned by the UK Government and devolved administrations.

The support the government has provided over the past two years has put the UK economy in a good position to deal with current challenges, with a record number of employees on payrolls and a strong economic recovery from the pandemic. Annual growth in 2021 was the fastest in the G7 and the latest GDP figures for June showed the UK economy was 0.9% above its pre-pandemic levels.

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