• In Focus

    Spring budget 2024: Key announcements and analysis

    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

    International Women’s Day 2024: Economic inclusion of women

    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

    Higher education: Contribution to the economy and levelling up

    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

    Alternative Investment Fund Designation Bill [HL]: HL Bill 10 of 2023–24

    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.

  • In Focus

    The UK economy in the 1960s

    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

    Poverty in the UK: Government policy

    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

    Where have all the workers gone?: Economic Affairs Committee report

    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

    Contribution of the arts to society and the economy

    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

    Calls for a UK industrial strategy

    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

    Closure of high street banks: Impact on local communities

    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.

  • Research Briefing

    Post Office (Horizon System) Compensation Bill: HL Bill 37 of 2023–24

    The Post Office (Horizon System) Compensation Bill is a government bill which provides the secretary of state for business and trade with the financial authority to make compensation payments to those individuals who were the victims of the Horizon system scandal. It would mean that compensation could continue to be paid under one of the schemes, known as the Group litigation order (GLO) scheme. Currently, the power to pay compensation under this scheme ceases in August 2024. The bill would also allow the secretary of state to pay compensation to individuals in other compensation schemes and arrangements and in respect of other matters identified in High Court judgments given in proceedings relating to the Horizon system, such as the failure by the Post Office to pay suspension pay to postmasters. The second reading of the bill in the House of Lords is due on 16 January 2024. The bill would extend and apply to England and Wales, Scotland and Northern Ireland. It would commence at royal assent.

  • Research Briefing

    Data Protection and Digital Information Bill: HL Bill 30 of 2023–24

    The Data Protection and Digital Information Bill would amend existing data protection legislation and introduce new provisions in areas such as digital verification services and smart data. The bill was carried over from the last session and is due to have its second reading in the House of Lords on 19 December 2023.

  • Current Affairs Digest

    Current Affairs Digest: Economics (December 2023)

    Economic growth has long been assumed to be a desirable objective, for governments of all political persuasions. However, a variety of commentators are making the argument that we need to refresh or even rethink our understanding of growth. This briefing considers three arguments from the contemporary debate around growth. First, the case for a renewed drive for market-led growth. Second, the case for a more state-led and mission-oriented form of growth. And third, the case against growth altogether (degrowth).

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