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.
Research Briefing
The Non-Domestic Rating Bill is a government bill that would make changes to business rates. It would reduce the time between property revaluations, impose a duty on businesses to notify the Valuation Office Agency of changes that could affect a property’s rateable value, and introduce rates reliefs for improvements to property and heat networks. It was introduced in the House of Commons on 29 March 2023 and its second reading in the House of Lords is scheduled to take place on 19 June 2023.
Research Briefing
The Northern Ireland (Interim Arrangements) Bill is a government bill that was introduced in the House of Commons. The bill is being fast-tracked and completed all of its stages in the House of Commons on 10 May 2023 without amendment. It is scheduled to have its second reading on the 18 May 2023 with its remaining stages taking place on 23 May 2023.
Current Affairs Digest
One of the largest and most comprehensive trials for a four-day working week recently took place in the UK. This article considers the arguments around a four-day week in the context of the trial results.
In Focus
In 2022 music, performance and visual arts contributed an estimated £11.5bn to the UK economy. The government supports the performing arts primarily through Arts Council England (ACE), which received £943mn from the government and National Lottery in 2021/22. To support its levelling up agenda, the government has asked ACE to distribute more of its funding outside London.
In Focus
In 2022, the House of Lords European Affairs Committee examined the relationship between the UK and EU in financial services. In its report, the committee said the UK’s financial services sector remained strong and that some challenges presented by Brexit had proven to be less significant than predicted. However, it warned the government against complacency, saying that ministers must ensure their future approach delivered for the sector and the wider UK economy.
Research Briefing
The Co-operatives, Mutuals and Friendly Societies Bill is a private member’s bill that would allow cooperatives, mutual insurers and friendly societies to choose to adopt legal restrictions on the use of their assets. Community benefit societies, a type of cooperative, already have the option to implement such statutory ‘asset locks’ to ensure a society’s assets cannot later be used for the private benefit of members. The House of Lords is scheduled to debate the bill on 24 March 2023.
In Focus
The chancellor of the exchequer, Jeremy Hunt, will deliver a budget on 15 March 2023. This article sets out the economic and fiscal backdrop for the budget, outlining some of the key issues the government is facing.
In Focus
Cryptoassets, such as digital currencies like bitcoin, have become a significant part of the world of finance, with a global value estimated at $0.8tn. Volatility in the markets for these products, along with high-profile business failures, has led to calls for cryptoassets to be regulated. This article discusses what cryptoassets are, as well as recent developments and the government’s policy intentions in this area.
In Focus
The Barnett formula calculates the yearly change to the block grant; this is the largest of the grants provided to the devolved administrations by the UK government. The formula aims to give each nation the same pounds-per-person change in funding each year. However, criticisms about equity have been made regarding how the formula is calculated. Calls for reform have mainly focused on proposals to introduce a universal needs-based factor to the formula.
In Focus
Food prices have risen sharply over the course of 2022 both in the UK and around the world. Although inflation is predicted to decline in 2023, concerns remain that food prices will remain high. This article explores changes to food prices and their impact on the cost of living.
In Focus
In November 2022 the government announced a new review of the efficiency of departmental spending. The government has said that savings from the latest review will allow spending to be focused on priority areas, but some parliamentarians have cautioned that the drive for efficiency savings could lead to counterproductive side effects. This article looks at the reaction to the announcement of the latest review.
Research Briefing
The Economic Crime and Corporate Transparency Bill is a government bill which is intended to help tackle economic crime, better protect national security and enable Companies House to deliver a better service for UK individuals and businesses.
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