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
In November 2021, the National Infrastructure Commission published the baseline report from its forthcoming second National Infrastructure Assessment. The baseline report evaluates the current state of the UK’s economic infrastructure and identifies key challenges for the coming decades, informing recommendations in the full assessment in 2023. The baseline report found that there has been significant progress in some areas such as gigabit broadband since the last Assessment in 2018. However, it added much more was required, particularly in areas such as electricity emissions and water pollution.
In Focus
Concerns have been raised about modern slavery and forced labour in the supply chains of UK businesses. The Modern Slavery Act 2015 places duties on companies to report on the steps they are taking to eradicate slavery from their business. This article analyses the impact of the reporting requirements and the progress the Government has made in meeting its commitments to strengthen the act’s provisions.
In Focus
What impact will the UK’s new relationship with the EU have on food, the environment, energy and health? This article examines key findings of a House of Lords committee that looked at this topic earlier this year, as well as the Government’s response, ahead of a debate on 15 November 2021.
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.
In Focus
The Government has outlined its commitment to improving trade and business links with Africa. In January 2020, it held a UK-Africa investment summit and, since leaving the EU, the UK has agreed eight free trade agreements with African countries and trading blocs. This article discusses the Government’s plans, and highlights commentary from the House of Lords International Relations and Defence Committee, in advance of a debate on 28 October 2021.
Research Briefing
The Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill would make provisions relating to the payment of compensation to eligible customers of London Capital & Finance plc. It would also allow the secretary of state to provide a loan to the Board of the Pension Protection Fund and for that loan to form a part of the funds of the Fraud Compensation Fund. The House of Lords second reading and remaining stages of the bill are scheduled to take place on 19 October 2021.
In Focus
In November 2020, the House of Lords Communications and Digital Committee published a report on the future of UK journalism. It made several recommendations, including that the Government should improve regulation of the online advertising market. The House of Lords is scheduled to debate the report on 13 October 2021.
Research Briefing
The bill aims to: clarify circumstances in which the impacts of the Covid-19 pandemic can and cannot be considered when deciding on the rateable value of a property on the 2017 rating list; and make it easier to investigate the conduct of directors of companies that have been dissolved. The Government states that the bill will allow it to “plug the legal loophole that exists in the insolvency enforcement landscape”.
In Focus
Allegations of bribery and corruption have occurred globally for many years. UK and international governments have created legislation and made policy developments to try to prevent such offences taking place. The House of Lords is expected to hold a future debate on recent government developments and whether the Government has any plans to update UK legislation.
Research Briefing
The House of Lords is due to debate two committee reports on the Northern Ireland Protocol on 13 September 2021. This briefing summarises the reports and recent developments relating to the protocol, including the Government’s July 2021 command paper that argued for discussions with the EU to find a “new balance” in the protocol.
In Focus
In October 2020, the House of Lords European Union Committee published a report into the future of the UK-EU relationship on professional and business services. It argued the UK’s professional and business services sector potentially could be damaged by the establishment of new barriers to trade at the end of the transition period on 1 January 2021. The report recommended the Government needed to do more to support the sector.
In Focus
Surveys consistently indicate just under two in three Britons are unable to hold a conversation in a language other than their mother tongue. A number of organisations have drawn attention to this so-called ‘language deficit’ and its impact on trade and employment. This article looks at calls to improve language skills in England in the context of the Government’s ambition for a ‘Global Britain’.
In Focus
The Government has introduced draft regulations intended to require that large businesses such as restaurant chains display the calorie information of non-prepacked food and drink items prepared for immediate consumption. Ministers suggest the policy will deliver considerable benefits over the long term by reducing obesity and related demand on health services. However, the policy has been criticised by some in the hospitality industry and charities campaigning on behalf of those with eating disorders.
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