Economic models that do not value nature and ecosystems cannot address climate change and biodiversity loss. GDP is a well-established measure of economic activity, but as Professor Dasgupta has highlighted, by itself it is not an adequate way to assesses the UK’s economy. GDP does not account for the depreciation of the natural environment. We are encouraged by the innovative work of the ONS to develop measures and frameworks beyond GDP.

Economic models that do not value nature and ecosystems cannot address climate change and biodiversity loss. GDP is a well-established measure of economic activity, but as Professor Dasgupta has highlighted, by itself it is not an adequate way to assesses the UK’s economy. GDP does not account for the depreciation of the natural environment. We are encouraged by the innovative work of the ONS to develop measures and frameworks beyond GDP. Type: conclusion | Number: 59 | Paragraph: 297 | Response status: not_addressed Government response: Gross Domestic Product (GDP) remains one of our most important economic indicators. GDP has tended to be closely correlated with employment, incomes and tax receipts making it useful for the government and Bank of England when setting economic policy and managing the public finances. However, the Go