Economy and business by topic
Economy and business includes the following topic areas. Please click the links to access lists of publications by topic:
Business
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Commercial Payments Bill [HL]: Progress in the Lords
The Commercial Payments Bill [HL] seeks to tackle late payments to small businesses. It would impose minimum payment periods for invoices, prohibit the use of retentions in construction contracts and provide the small business commissioner with greater powers. The bill received an unopposed second reading in the House of Lords on 9 June 2026. 30 government amendments were made to the bill at committee stage.
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Steel Industry (Nationalisation) Bill: HL Bill 22 of 2026–27
The Steel Industry (Nationalisation) Bill is a government bill that would provide powers to nationalise a company involved in steel manufacturing where it is in the public interest. It completed its House of Commons stages on 9 June 2026 and is scheduled for second reading in the House of Lords on 16 June 2026. The government has explained the bill is being fast-tracked as it believes it is necessary to safeguard the future of the UK steel industry. It says this is important for the UK economy, national security and critical infrastructure.
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Commercial Payments Bill [HL]: HL Bill 4 of 2026–27
The Commercial Payments Bill seeks to tackle late payments to small businesses, estimated to affect 44% of invoices. It would impose minimum payment periods for invoices, prohibit the use of retentions in construction contracts and provide the small business commissioner with greater powers. The bill was introduced in the House of Lords on 19 May 2026 and is due to receive its second reading on 9 June 2026.
Economy
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Sovereign Grant Bill: HL Bill 54 of 2026–27
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.
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Financial Services and Markets Bill [HL]: Progress in the Lords
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.
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Taxation (Energy and Vehicles) Bill: HL Bill 38 of 2026–27
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.
Employment
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Commercial Payments Bill [HL]: Progress in the Lords
The Commercial Payments Bill [HL] seeks to tackle late payments to small businesses. It would impose minimum payment periods for invoices, prohibit the use of retentions in construction contracts and provide the small business commissioner with greater powers. The bill received an unopposed second reading in the House of Lords on 9 June 2026. 30 government amendments were made to the bill at committee stage.
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Steel Industry (Nationalisation) Bill: HL Bill 22 of 2026–27
The Steel Industry (Nationalisation) Bill is a government bill that would provide powers to nationalise a company involved in steel manufacturing where it is in the public interest. It completed its House of Commons stages on 9 June 2026 and is scheduled for second reading in the House of Lords on 16 June 2026. The government has explained the bill is being fast-tracked as it believes it is necessary to safeguard the future of the UK steel industry. It says this is important for the UK economy, national security and critical infrastructure.
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Welfare reforms and youth unemployment
Concerns have been raised about levels of welfare spending in the UK and increasing numbers of young people not in education, employment or training. This briefing sets out statistics, government policy and commentary on welfare and youth employment. This includes the government’s youth guarantee, its ‘Get Britain working’ policies and the interim report by Alan Milburn on young people and work.
International trade
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King’s Speech 2026: Economic growth, trade and EU partnership
This briefing explores what announcements the government could make in the King’s Speech on 13 May 2026 about economics, business and trade. It also summarises the current economic situation.
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Industry and Exports (Financial Assistance) Bill: HL Bill 170 of 2024–26
The bill is a short, technical bill with two substantive clauses. The bill would amend existing legislation to increase the statutory limits on financial assistance the government can provide to support UK industry and exports. It would do this by increasing the funding limit in the Industrial Development Act 1982 to £20bn and in the Export and Investment Guarantees Act 1991 to £160bn.
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Resetting the UK-EU relationship: House of Lords European Affairs Committee report
The House of Lords European Affairs Committee published a report on the UK-EU reset in November 2025, describing it as “unfinished business”. Ahead of a debate on the committee’s report, this briefing looks at progress on implementing commitments made at the UK-EU summit in May 2025, including negotiations on a sanitary and phytosanitary agreement, emissions trading, participation in the EU electricity market and a youth experience scheme. It also summarises the committee’s findings and the government response.
Transport
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Railways Bill: HL Bill 25 of 2026–27
The Railways Bill would implement parts of the government’s plan to nationalise the railways, which was a manifesto commitment. It would create Great British Railways, a new publicly owned body that would be a “directing mind” for the railways, bringing “track and train together”. It would also give new powers to the Passengers’ Council and require the government to publish a long-term strategy for rail, among other things.
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Civil Aviation (Consumer Protection and Regulatory Reform) Bill [HL]: HL Bill 1 of 2026–27
The Civil Aviation (Consumer Protection and Regulatory Reform) Bill [HL] is a government bill focused on supporting the aviation industry and related consumer rights.
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King’s Speech 2026: Transport
This briefing explores what announcements the government could make in the King’s Speech on 13 May 2026 about transport.
