In Focus
In 2023 the House of Lords Economic Affairs Committee conducted an inquiry into the Bank of England’s operational independence, 25 years after independence was formalised with the passage of the Bank of England Act 1998. This briefing provides a summary of the committee’s findings and the government’s response, ahead of a debate in the House of Lords on 2 May 2024.
In Focus
This briefing is the third of a series on the post-war history of the UK economy, focusing on the 1970s. Following a brief economic boom, inflation and unemployment reached post-war highs and the economy entered a prolonged recession, before slowly recovering towards the end of the decade. Despite this volatility, real household incomes grew significantly over the course of the decade.
Research Briefing
The National Insurance Contributions (Reduction in Rates) (No. 2) Bill would implement the national insurance contributions reductions announced by Chancellor Jeremy Hunt in the 2024 spring budget.
In Focus
In the March 2024 budget, the chancellor said that progress was being made towards the prime minister’s economic priorities and that he was therefore able to help households with permanent cuts to taxation. Some of these measures were welcomed. However, commentators noted that taxation was still projected to rise sharply as a share of the economy and that living standards were to be lower at the end of the current parliament than at the start.
In Focus
The effects of the decline of heavy industries over previous decades continue to shape the economic conditions and challenges faced by many communities across the UK. The government is seeking to address longstanding regional inequalities through its levelling up policy agenda.
In Focus
Economic disparities persist between men and women globally, with women generally facing lower pay, higher levels of informal employment, and more unpaid care work than men. Internationally, the UK government has made commitments to promote gender equality and economic inclusion, but concerns have been raised about the level of aid funding. In the UK, the government has expanded childcare places for working parents and supported private members’ bills to make changes to employment law.
In Focus
The economic output of the UK higher education sector is estimated to be at least £116bn and graduates often experience better employment outcomes than non-graduates. Improving skills features in the government’s levelling up strategy and ministers have said that higher education institutions play a vital part in supporting regional economies. However, some stakeholders have criticised the government’s plans to restrict access to certain higher education courses and for not putting enough emphasis on the benefits provided by the sector.
Research Briefing
The Alternative Investment Fund Designation Bill [HL] is a private member’s bill introduced by Baroness Altmann (Conservative). The bill seeks to exempt listed investment companies from a series of regulatory requirements to disclose certain costs and charges to their clients, on the basis that such costs are already accounted for in those companies’ share price. The Financial Conduct Authority has introduced temporary measures to mitigate this issue and the government has committed to implementing a long-term legislative solution.
Research Briefing
The bill was introduced to the House of Lords on 6 February 2024. Its second reading and all remaining stages are due to take place on 21 February 2024.
In Focus
This briefing is the second of a series on the post-war history of the UK economy focusing on the 1960s. GDP growth remained high and fluctuating, as it was in the 1950s, but over the course of the decade household income growth slowed and the profitability of UK industry declined.
In Focus
There were approximately 11 million people in the UK in relative poverty (before housing costs) in 2021/22. Many people on low incomes receive cash benefits, such as universal credit, and other benefits such as free school meals. In its levelling up strategy the government set out measures to address poverty; these include increasing the number of high-paying jobs and improving access to good quality education and skills training.
In Focus
In December 2022, the House of Lords Economic Affairs Committee published the outcome of its inquiry on the size of the UK labour market. The committee said that economic inactivity had increased during the coronavirus pandemic and that early retirement among 50 to 64-year-olds was a key driver of the increase. The government responded to the committee report in May 2023. It highlighted a range of measures announced in the 2023 spring budget to improve workforce participation.
In Focus
The government estimates that creative industries generated £126bn in gross value added to the economy and employed 2.4 million people in 2022. A range of research is also examining the way in which creative industries and the arts can positively impact wellbeing, for example through public health interventions. In June 2023, the government published a ‘Creative industries sector vision’ which included a commitment to an additional £77mn in funding.
In Focus
The UK last set out a formal industrial strategy in 2017. Since 2021, the government has instead pursued various plans for growth. This briefing provides details on the UK’s industrial policies, commentary on the benefits and use of industrial strategies, and brief statistics about UK industry.
In Focus
There has been a decline in the number of bank branches in operation in the UK over the last three decades. This has reportedly impacted many people, including those with disabilities, older people and those living in rural areas. In recent years, the government has sought to mitigate the impact of branch closures by introducing legislation containing provisions to protect access to cash services and publishing a policy statement outlining its minimum expectations to banks regarding services being removed or changed.
Total results (page 6 of 38)