• 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

    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.

  • In Focus

    Budget 2024: Impact on the cultural sector

    On 30 October 2024, Chancellor Rachel Reeves delivered her first budget which included the details of the settlement for the Department for Culture, Media and Sport. It also contained more general measures which relate to the cultural sector. This briefing gives an overview of how the cultural sector is currently funded, what was said in the budget in this area and what the sector has said in reaction to the announcements.

  • Research Briefing

    Listed Investment Companies (Classification etc) Bill [HL]: HL Bill 23 of 2024–25

    The Listed Investment Companies (Classification etc) Bill [HL] is a private member’s bill which would address the classification of investment trusts and issues around the disclosure of costs associated with listed closed-ended investment companies (LCICs). The bill would require the Financial Conduct Authority to take note of the characteristics of LCICs. It would also amend assimilated EU law so that LCICs and advisers investing in them would not be required to aggregate investment companies’ disclosed costs in their own fee disclosures to client.

  • In Focus

    Renewable energy: Costs

    Labour has committed to decarbonising the UK’s electricity system by 2030, saying this would help the UK achieve its 2050 net zero target. This briefing discusses how much renewable energy contributes to Great Britain’s electricity currently, how much it costs to generate electricity from renewable energy sources and estimates for the total cost of transitioning to a zero-carbon power system, and issues around the need to invest in supporting infrastructure such as storage technologies and grid upgrades.

  • 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.

  • Research Briefing

    Women, Peace and Security Bill [HL]: HL Bill 20 of 2024–25

    The Women, Peace and Security Bill [HL] is a short private member’s bill introduced by Baroness Hodgson of Abinger (Conservative). The bill would require the secretary of state to have regard to the UK’s national action plan on women, peace and security (NAP) when formulating and implementing policy on foreign affairs, defence or related matters. The bill includes provisions requiring the government to report to Parliament annually on the progress made in implementing the NAP. It also requires considerations the government must have regard to when participating in multi-national organisations such as the United Nations. The bill was introduced on 4 September 2024 and is scheduled to have its second reading on 15 November 2024. The bill would extend to England and Wales, Scotland and Northern Ireland. It would come into force on the day the legislation was passed.

  • 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

    Impact of tax policy on employment

    This briefing examines taxes on employment in the UK and internationally, exploring the potential relationship between taxation and employment. It has been prepared ahead of the upcoming House of Lords debate on the government’s assessment of the impact of tax policy on employment.

  • 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.

  • Research Briefing

    Institute for Apprenticeships and Technical Education (Transfer of Functions etc) Bill [HL]: HL Bill 38 of 2024–25

    The Institute for Apprenticeships and Technical Education (Transfer of Functions etc) Bill [HL] would abolish the IfATE and transfer its functions to the secretary of state. The government has said the bill is a necessary condition for delivering on its 2024 manifesto commitment to establish Skills England as a vehicle for driving growth and opportunity. Skills England is a new arms’ length body of the Department for Education, currently in shadow form.

  • 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

    The UK economy in the 1990s

    This briefing is the fifth of a series on the post-war history of the UK economy. The series proceeds decade-by-decade from the 1950s onwards, providing an overview of the key macroeconomic developments of each decade. This fifth briefing looks at the 1990s. In this decade the UK economy settled into a period of low inflation and steady growth; however, living standards growth was lower and more regionally concentrated than in previous decades.

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