• In Focus

    Tax implications of corporate profit shifting

    Multinational corporations may use artificial intragroup transfers and other strategies to lower their exposure to corporation tax. Following high profile examples of aggressive tax avoidance, OECD countries including the UK agreed a number of measures to reduce so-called ‘profit shifting’ and increase tax revenues globally. This included a global minimum tax for large corporations. US President Donald Trump has since signalled the US no longer agrees with the latest OECD tax agreement.

  • Research Briefing

    Non-Domestic Rating (Multipliers and Private Schools) Bill: HL Bill 61 of 2024–25

    This government bill would enable changes to the business rates regime. It would allow the introduction of additional business rate multipliers to increase business rates for larger properties and reduce business rates for retail, hospitality and leisure properties, and the removal of charitable rate relief from some private schools that are charities.

  • In Focus

    Budget 2024: Inheritance tax, family farms and food security

    In the autumn budget the chancellor announced changes to inheritance tax reliefs. From April 2026, taxes would apply to agricultural assets over £1mn (or up to £3mn in certain circumstances). The government has said this would just affect the wealthiest landowners and disincentivise buying agricultural land to avoid tax. Farming groups have argued the policy is a threat to the future of family farming and the UK's food security.

  • In Focus

    Retail crime: Impact on workers, the community and local economies

    Reported retail crime has increased significantly in recent years. This criminal activity, encompassing offences such as shoplifting and assaults on retail workers, has impacted businesses, their employees and local economies. The government has outlined plans to tackle retail crime in response to this issue. This includes legislating to create a new specific offence of assaulting a retail worker and to remove the threshold on so-called “low-value” shoplifting offences.

  • In Focus

    Large language models and generative AI: House of Lords Communications and Digital Committee report

    In February 2024 the House of Lords Communications and Digital Committee published a report on large language models and generative AI. It highlighted the opportunities and risks this technology offers, and recommended actions the government should take to support the market while mitigating risks. The new government has said it will legislate to address safety risks arising from generative AI.

  • Research Briefing

    Great British Energy Bill: HL Bill 43 of 2024–25

    The Great British Energy Bill is a government bill which would establish Great British Energy, a new government-owned clean energy company. The government has said the new company will support the creation of new jobs by investing in the clean energy sector. It has also asserted that, by reducing the UK’s dependence on fossil fuels, it would help drive down the UK’s energy costs and ensure the country’s long-term energy security.

  • In Focus

    Autumn budget 2024: Key announcements and analysis

    The chancellor, Rachel Reeves, used her first budget to announce a significant increase in public spending, financed by a combination of tax rises and higher borrowing. Commentators noted that the extra day-to-day spending would mean better funded public services and that more spending on public investment could support the economy’s long-run growth potential. However, they also anticipated a squeeze in household income growth and highlighted the Office for Budget Responsibility’s forecast that there would be no medium-term boost to GDP from the measures.

  • In Focus

    Science and technology’s contribution to the UK economy

    Although it is hard to measure the true economic value of science and technology, the government and commentators agree on the importance of these sectors for UK economic growth, productivity and society. This briefing presents figures relating to the estimated economic contribution of science and technology across the UK, discusses challenges faced by related sectors, and summarises recent government policies announced to support their growth.

  • In Focus

    Government climate policy: Economic impact

    The government is committed to reducing greenhouse gas emissions in order to achieve ‘net zero’ emissions by 2050. This 2050 target was introduced by the Conservative government. The current government has announced several policies, including measures intended to increase UK renewable energy production. On 24 October 2024, the House of Lords is scheduled to debate the economic impact of these policies, including their impact on jobs and growth.

  • Research Briefing

    Water (Special Measures) Bill [HL]: HL Bill 17 of 2024–25

    The Water (Special Measures) Bill [HL] is a government bill that would give regulators new powers to regulate the way private water companies operate in England and Wales. This includes the introduction of new penalties for water companies and the power to block executive bonuses. The bill would also make changes to the special administration regime for water companies to ensure the government and regulators were notified ahead of any winding up petitions.

  • Research Briefing

    Product Regulation and Metrology Bill [HL]: HL Bill 18 of 2024–25

    The Product Regulation and Metrology Bill [HL] contains measures seeking to update the UK’s product safety, regulation and metrology framework. The government says the bill aims to ensure the UK is better placed to address modern day safety issues, respond to opportunities that deliver economic growth and to deliver a level playing field for businesses operating online or on the high street.

  • In Focus

    Addressing external auditing deficiencies

    The collapse of major UK companies such as BHS and Carillion has raised questions about the effectiveness of the country’s auditing practices. The government has committed to reforming the auditing industry. The 2024 King’s Speech included plans to publish a draft bill comprising measures to establish a new audit, reporting and governance regulatory body with enhanced enforcement powers. The draft bill has not yet been published.

  • In Focus

    Trade and commercial opportunities with Africa

    This briefing provides an overview of recent government policy on increasing trade and business opportunities with the African continent. It has been prepared ahead of Lord Popat’s (Conservative) debate scheduled on 12 September 2024 on what steps the government is taking to raise awareness among United Kingdom businesses of commercial opportunities in African markets, and support United Kingdom exports to Africa.

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