In Focus
There has been extended debate on whether Russia should be banned from the international Swift system as part of the package of economic sanctions following its invasion of Ukraine. On 26 February 2022, the international community announced that selected Russian banks would be barred. This article looks at what Swift is, why it is significant and whether a ban would be likely to achieve its intended effect of restricting the Russian economy.
In Focus
The Motor Vehicles (Compulsory Insurance) Bill is a private member’s bill introduced in the House of Commons by Peter Bone (Conservative MP for Wellingborough). It aims to reverse a 2014 decision of the Court of Justice of the European Union that expanded the types of vehicles required to have compulsory third-party motor insurance. The bill received Government support in the Commons and the Labour Party did not oppose it. Its second reading in the House of Lords is scheduled to take place on 18 March 2022.
In Focus
The Finance (No. 2) Bill is a government bill intended to give lasting statutory effect to tax measures announced both in the October 2021 budget and more recently. The bill underwent a series of changes during its passage through the House of Commons. This briefing summarises these developments and also some of the criticism of the bill’s objectives from the House of Lords Economic Affairs Finance Bill Sub-Committee.
In Focus
For some people, gambling can lead to financial difficulties, deteriorating health, crime and other harms. The links between gambling advertisements and such ‘problem gambling’ have been widely debated. This briefing explores these debates. It also examines the current regulatory regime for gambling advertising and proposals for change.
In Focus
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a free trade agreement between 11 countries. The UK has applied to join CPTPP. This briefing summarises the House of Lords International Agreements Committee’s report on the UK’s negotiating objectives for CPTPP, and the Government’s response.
In Focus
Even prior to the Taliban’s takeover, Afghanistan suffered from high levels of poverty and corruption and significant human rights issues. It was also heavily dependent on foreign aid. Many of these challenges have been exacerbated by the change of regime. This briefing summarises the House of Lords International Relations and Defence Committee’s report into UK policy towards Afghanistan and the Government’s response. It also considers recent developments and the potential future direction of UK policy.
In Focus
During the pandemic, levels of debt owed by UK companies have risen. This article discusses the significance of this increase for the vulnerability of firms and their possible behaviour, and the overall health of the economy. It also discusses some additional policy proposals for managing corporate debt after the pandemic.
In Focus
The Government has provided over £200 billion of loans, guarantees and insurance cover to private sector firms during the coronavirus pandemic. These affect government borrowing and debt in different ways, depending on the design of the schemes. This article explores how each scheme is treated in the public finances and how much they are expected to cost.
In Focus
Assessing Scotland’s contribution to the wider UK economy and to UK wellbeing is complex. This article presents information on factors involved in this relationship, including data on the Scottish and UK economies and the effect of devolution on the UK economy as a whole. It also summarises surveys of peoples’ wellbeing in the UK.
In Focus
What institutions and arrangements will govern the UK’s post-Brexit relationship with the EU? And what will be the implications of Brexit for UK-EU trade in services and trade in goods? This article summarises the findings of three reports from a House of Lords committee that addressed these questions, as well as the Government’s responses. The House of Lords is due to debate the reports on 6 December 2021.
Current Affairs Digest
Catch up on developments in economics this month. We take a look at a report by the Centre for Social Justice on how public procurement could help with levelling up, and demystify current debates around inflation and whether the Bank of England should raise interest rates.
In Focus
Quantitative easing (QE) is a form of monetary policy first used in the UK during the financial crisis. In July 2021, the House of Lords Economic Affairs Committee published a report on the policy. It concluded that QE had succeeded in stabilising the economy in crisis conditions, but that it remains poorly understood and has led to perceptions that the Bank of England has become politicised.
Current Affairs Digest
Catch up on developments in economics with a selection of articles you may have missed. This month we take a look at unemployment benefits in recessions, and green initiatives in public finance.
In Focus
The Chancellor of the Exchequer, Rishi Sunak, delivered the second budget of the year on 27 October 2021. It set out the Government’s plans to “build back better”. He also announced the results of a spending review, setting departmental spending totals for 2022/23 to 2024/25. Overall spending will increase, with a large proportion of the increase going to the NHS. The Office for Budget Responsibility also published its latest forecasts for the economy and the public finances. They showed improvements from its previous, March 2021, forecasts.
Research Briefing
This proposed law seeks to reduce the scope for uncertainty and litigation arising from the withdrawal of a key interest rate from the UK financial system.
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