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.
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.
Research Briefing
This briefing has been prepared in advance of a House of Lords debate on 2 December 2021 on the value of the BBC to its audiences. The briefing provides information on the BBC’s remit, its services, and their economic value to the UK. It also summarises issues such as the negotiations between the BBC and the Government over the licence fee settlement from 2022, and the forthcoming mid-term review of the BBC’s royal charter.
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 pandora papers are the largest ever leak of documents and files revealing how a global network of offshore companies, trusts and financial mechanisms are enabling wealthy individuals to avoid tax, and in some cases reportedly to also engage in criminal activities such as money laundering. There are also fears that the UK property market is being targeted by investors who are buying valuable properties through offshore companies to conceal their ownership and avoid taxation.
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
On 28 October 2021, Baroness Bennett of Manor Castle (Green party) is due to ask Her Majesty’s Government “what changes, if any, they plan to make to HM Treasury’s green book and related guidance to demonstrate global leadership as chair of COP26”. This article provides an overview of COP26 alongside an explanation of the ‘green book’ and recent changes made to it aimed at supporting the UK’s net zero target.
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
Successive MPs for the Isle of Wight have argued that ferry services between the island and the mainland are not competitive enough. A statutory instrument introduced in response to Covid-19 suspended some elements of competition law in relation to ferry services across the Solent. A motion due to be moved in the House of Lords expresses regret that the order revoking this suspension does not address competition issues.
Research Briefing
The House of Lords is due to debate inequalities of region and place on 14 October 2021. This briefing has been prepared ahead of that debate, providing analytical measures of inequality and summarising the Government’s response as part of its ‘levelling up’ agenda.
Research Briefing
The bill would provide for a new tax dedicated to helping fund the Government’s plans for health and social care, with proceeds ringfenced for this purpose. The tax would be collected from April 2022. The House of Commons has passed the bill and there are limitations on the powers of the House of Lords to amend or reject the measure. The House of Lords is scheduled to debate the bill at second reading and remaining stages on 11 October 2021.
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.
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”.
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