Research Briefing
The Finance Bill is a government bill intended to give lasting statutory effect to the tax measures announced in the November 2022 autumn statement. The bill completed its passage through the House of Commons, unamended, on 30 November 2022 and was introduced in the House of Lords on 1 December 2022. A second reading debate is due to take place in the House of Lords on 20 December 2022.
In Focus
UK aid spending reduced by £3bn, or 21%, from 2020 to 2021. This article looks at statistics on aid spending and how it is being spent. It also includes a summary of the government’s current international development strategy and commentary on some of the issues affecting UK aid spending. The House of Lords will hold a debate on the subject on 15 December 2022.
In Focus
The creative industries have been identified as a driver of economic growth and employment by the government and industry stakeholders. The government has said it will publish a ‘sector vision’, setting out its strategy for increasing growth in the creative industries sector. Initially set for publication in 2021, the sector vision has been delayed until 2023. This briefing considers recent developments in the formation of the government’s strategy for the arts and creative industries.
In Focus
In 2021, the government announced plans to reform the railways in Great Britain, with many of the proposed changes set out in the ‘Williams-Shapps plan for rail’. In the 2022 Queen’s Speech, the government said that it would legislate for them. However, in October 2022 the government announced that it would delay this primary legislation until the next parliamentary session due to a lack of time but said that non-legislative reforms would go ahead.
In Focus
The Chancellor of the Exchequer Jeremy Hunt presented the autumn statement 2022 to the House of Commons on 17 November 2022. It was the first fiscal event to be accompanied by an Office for Budget Responsibility forecast since the spring statement on 23 March 2022. The chancellor said that the government’s key priorities were stability, growth and public services, and that difficult decisions were required to reduce inflation and mortgage rate rises.
Research Briefing
The Protection for Whistleblowing Bill [HL] would introduce several protections for whistleblowers, including the establishment of an independent Office of the Whistleblower. The bill would also create offences relating to the treatment of whistleblowers and the handling of whistleblowing cases. It would also repeal the Public Interest Disclosure Act 1998.
In Focus
The House of Lords is scheduled to debate the Science and Technology Committee’s report ‘Battery strategy goes flat: Net zero target at risk’ on 23 November 2022. This article provides an overview of the committee’s recommendations and the government’s response. It also summarises recent statements from the government on supporting battery production and development and the expansion of low-carbon technologies.
Current Affairs Digest
This piece sets out commentary from economists and academics analysing the current issues with global inflation. In particular, it considers the impact of rising interest rates and whether a ‘soft landing’ is possible.
In Focus
The House of Lords Youth Unemployment Committee identified six main “longstanding drivers” of youth unemployment: skills gaps and shortages; access to careers advice; the further education system; availability of apprenticeships; support for disadvantaged groups; and coordination between government departments. The committee stated that the Covid-19 pandemic had made the situation worse, especially for those disadvantaged groups already facing additional barriers. This article summarises the findings and recommendations of the committee.
In Focus
This article sets out the transition away from LIBOR which, until recently, was a key benchmark set of interest rates underpinning trillions of pounds worth of financial contracts. The article has been written ahead of a House of Lords question for short debate on the use of LIBOR.
In Focus
Volatility in the financial markets can have impacts throughout the financial system. This article looks at the role of the Bank of England in maintaining financial stability and its recent intervention to prevent “dysfunction” in the gilt market from causing “contagion” to credit conditions for UK households and businesses. In particular, the article looks at how recent financial market volatility may have affected pensions, mortgages and the rental market.
Research Briefing
The Electronic Trade Documents Bill [HL] provides for certain digital trade documents to be put on the same legal footing as their paper counterparts. It implements the recommendations made by the Law Commission in March 2022. The bill was introduced in the House of Lords by Lord Kamall (Conservative) on 12 October 2022. The second reading of the bill is due to take place on 7 November 2022.
Research Briefing
The Energy Prices Bill would enact several policies the government announced in September 2022 to reduce the cost of energy for consumers. The bill would put in place the ‘energy price guarantee’, which would limit the cost of electricity and gas per unit for domestic consumers. This was initially planned to run for two years, however on 17 October 2022 the government announced it would be reduced to six months. The bill is scheduled to have its second reading in the House of Lords on 19 October 2022.
In Focus
The rising cost of living has been associated with a reduction in wellbeing, including increased anxiety and worsening mental health. Charities and campaign groups have said the impact of increased costs has been worse for households already on lower incomes. Since becoming prime minister, Liz Truss has said the government’s priority is to increase economic growth while announcing at the same time an increase in government support for household energy bills. However, the opposition has said the government has not provided adequate support for households struggling with the rising cost of living.
Research Briefing
The Health and Social Care Levy (Repeal) Bill would repeal the Health and Social Care Levy Act 2021 while maintaining a legislative basis for keeping tax receipts collected under provisions in that act until early November 2022. The House of Commons considered the bill at second reading and all remaining stages on 11 October 2022. The House of Lords is scheduled to similarly consider the bill on 17 October 2022.
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