The UK must send an assessment of its economic position to the European Union. Parliament is required to approve the documents which form the basis of this assessment.
Economic Assessments for the European Union (294KB PDF)
The European Union requires member states to submit information on their medium-term economic and fiscal position, known as their convergence programme. This requirement applies to the UK until the end of the transition period on 31 December 2020. The exercise is based on rules in the EU’s stability and growth pact, which aims to ensure that member states maintain sound public finances.
Both Houses of Parliament must approve the documents on which the UK’s assessment is based. The motion states that these documents are the spring 2020 budget and the Office for Budget Responsibility’s (OBR) Economic and Fiscal Outlook and Fiscal Sustainability Report. HM Treasury has also published a separate convergence programme based on these documents.
The budget and OBR publications do not fully reflect the impact of coronavirus (Covid-19). The budget, published on 11 March, contained some measures in response to the virus, but these have since been significantly expanded. The Economic and Fiscal Outlook was finalised in February 2020, before the effects of the virus, or the Government’s response to it, were known. The Fiscal Sustainability Report was published in 2018.
On 5 May 2020, Lord True (Conservative) is due to move that “the virtual proceedings do consider Her Majesty’s Government’s assessment of the medium-term economic and fiscal position as set out in the latest budget document and the Office for Budget Responsibility’s most recent Economic and Fiscal Outlook and Fiscal Sustainability Report, which forms the basis of the United Kingdom’s convergence programme”.
Economic Assessments for the European Union (294KB PDF)
The Sovereign Grant Bill is a government bill which would amend how the sovereign grant is set. This is a grant paid to the King to support the work of the sovereign. The bill would enable the size of the sovereign grant to be reduced following the completion of a 10-year works project on Buckingham Palace. The bill received cross-party support and was not amended in the House of Commons.
The Financial Services and Markets Bill [HL] is a wide-ranging bill that aims to reform the way the UK financial services sector is regulated. This briefing provides a summary of the bill’s second reading and committee stage in the House of Lords ahead of its further consideration at report.
![Financial Services and Markets Bill [HL]: Progress in the Lords](https://lordslibrary-parliament.studio24.dev/content/uploads/sites/2/2020/09/Economy-568x426.png)
The Taxation (Energy and Vehicles) Bill is a money bill that would implement three tax measures as part of the government’s package of support to tackle increased energy prices. The bill would increase the electricity generator levy, increase the rate of tax-free mileage allowance for employees, and provide a 12-month vehicle excise duty exemption for HGVs.
