In Focus
This briefing is the first of a series on the post-war history of the UK economy. The series will go decade-by-decade from the 1950s onwards, providing an overview of the key macroeconomic developments of each decade. This first briefing looks at the 1950s. The economy expanded significantly over the course of this decade, fluctuating between periods of high and low growth, generating broad-based real-terms income growth across the country.
Research Briefing
The National Insurance Contributions (Reduction in Rates) Bill would give effect to reduced national insurance rates announced by Chancellor Jeremy Hunt in the 2023 autumn statement.
Research Briefing
The Digital Markets, Competition and Consumers Bill is a government bill carried over from the 2022–23 session. It is scheduled to have its second reading in the House of Lords on 5 December 2023.
In Focus
The chancellor presented the autumn statement on 22 November 2023. He said that because of difficult decisions he had taken over the last year, he was able to announce tax cuts in support of boosting growth. However, the Office for Budget Responsibility noted that taxation as a share of gross domestic product (GDP) was still predicted to rise in each of the next five years to a post-war high of 38% of GDP in 2028/29. In addition, commentators have expressed concern that the funding for the tax measures has come at the expense of increased pressures on public services.
In Focus
This briefing considers the current economic situation ahead of the 2023 King’s Speech. It also covers other economy, business and trade-related measures that the government has indicated it may pursue. Such measures include regulatory reform, reforming the way in which building societies can fund themselves, and legislation to implement specific areas of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in UK domestic law.
In Focus
Government plans for adult social care have undergone several changes in the last decade. In December 2022, the House of Lords Adult Social Care Committee published a report examining the adult social care system and making recommendations to make it a “progressive, visible, fairer and kinder system”. In July 2023, the government published a response. It pointed to commitments in its April 2023 white paper, including reform of the adult social care workforce, housing for people who required care and tackling delayed discharge and unnecessary admissions to hospitals.
In Focus
The 50th anniversary of the UK’s value added tax (VAT) occurred on 1 April 2023. VAT was introduced in anticipation of the UK’s entry to the European Economic Community and has since become one of the government’s largest revenue raisers. This article examines the history of VAT and the debate about how it has developed.
Research Briefing
The Northern Ireland Budget (No. 2) Bill is a government bill that would authorise government departments and certain other bodies in Northern Ireland to incur expenditure and use resources for the financial year ending 31 March 2024. The House of Commons has passed the bill and the Speaker has certified the bill as a money bill. In practice this limits the extent to which the House of Lords can propose significant changes.
In Focus
Climate change is expected to have significant impacts across a range of domestic policy areas. Both the government and the independent Climate Change Committee, a statutory advisory body, agree on the need for significant adaption efforts to mitigate related risks. This summer the government is due to publish the latest edition of its five-yearly national adaption programme. This will detail how it plans to go about addressing climate risks and comes 15 years after the Climate Change Act 2008 became law.
In Focus
In January 2023, the House of Lords Communications and Digital Committee published a report on the future of the UK’s creative industries. The report highlighted the contribution the sector makes to the UK economy and criticised the government for being “complacent” in its support for the sector. This article summarises the committee’s recommendations, the government’s response in April 2023, and the government’s ‘Creative industries sector vision’ (June 2023).
Research Briefing
The Finance (No. 2) Bill is a government bill intended to give statutory effect to the tax measures announced in the spring budget 2023, as well as other previously announced policies. These include the introduction of full expensing of capital expenditure on plant and machinery from 2023 to 2026, the abolition of the lifetime allowance of tax relievable pension savings and the freezing of fuel duty rates for 2023/24. The bill was introduced to the House of Lords on 21 June 2023 and its second reading and all remaining stages are due to take place on 4 July 2023.
In Focus
Ahead of a House of Lords debate on government support to skilled professional graduate workers who belong to a trade union, this briefing looks at the demographics of trade union membership. It also covers recent relations between the government and trade unions, especially over strikes, pay and the government’s Strikes (Minimum Service Levels) Bill.
In Focus
Economic growth is considered important due to the role it plays in providing jobs and improving living standards. But productivity growth, a key driver of higher living standards, has slowed in the UK since 2008. With high inflation now impacting living standards, increased attention is being paid to understanding and tackling the productivity slowdown. The House of Lords is due to debate the UK economy on 29 June 2023.
In Focus
In 2022, the House of Lords Fraud Act 2006 and Digital Fraud Committee held an inquiry on a wide range of issues relating to fraud. It found that fraud was the most experienced crime in England and Wales and has brought significant financial and emotional costs to millions of victims. However, the committee also found that successive governments had failed to prioritise the issue, with the response from law enforcement and the private sector also lacking. To address these issues, the committee made 65 recommendations.
In Focus
The creative industries sector is a significant contributor to the UK economy and freelancers comprise a large proportion of its workforce. While many freelancers can benefit from the flexibility of self-employment, they can also lose entitlements to a range of workplace rights. Concerns have been raised about the impact on creative freelancers of the UK’s post-Covid recovery. Some organisations in the creative sector have called for the appointment of a freelancers’ commissioner to advocate for the rights of freelancers.
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