Current Affairs Digest
Catch up on developments in economics with a selection of articles you may have missed. This month we take a look at unemployment benefits in recessions, and green initiatives in public finance.
In Focus
The pandora papers are the largest ever leak of documents and files revealing how a global network of offshore companies, trusts and financial mechanisms are enabling wealthy individuals to avoid tax, and in some cases reportedly to also engage in criminal activities such as money laundering. There are also fears that the UK property market is being targeted by investors who are buying valuable properties through offshore companies to conceal their ownership and avoid taxation.
In Focus
In July 2021, the Social Mobility Commission published its annual state of the nation report. It warned that the UK has struggled with the “damaging impact” of Covid-19 and as a result social mobility which is “already stagnant” could move backwards. This article considers the findings of the report and the Government’s policy on social mobility.
In Focus
World Menopause Day is held on 18 October every year. The International Menopause Society has said that the purpose of the day is to “raise awareness of the menopause and the support options available for improving health and wellbeing”. This article focuses on the impact it can have on the working lives of women and others who experience menopausal symptoms.
In Focus
The Chancellor of the Exchequer, Rishi Sunak, delivered the second budget of the year on 27 October 2021. It set out the Government’s plans to “build back better”. He also announced the results of a spending review, setting departmental spending totals for 2022/23 to 2024/25. Overall spending will increase, with a large proportion of the increase going to the NHS. The Office for Budget Responsibility also published its latest forecasts for the economy and the public finances. They showed improvements from its previous, March 2021, forecasts.
In Focus
The Government has outlined its commitment to improving trade and business links with Africa. In January 2020, it held a UK-Africa investment summit and, since leaving the EU, the UK has agreed eight free trade agreements with African countries and trading blocs. This article discusses the Government’s plans, and highlights commentary from the House of Lords International Relations and Defence Committee, in advance of a debate on 28 October 2021.
In Focus
On 28 October 2021, Baroness Bennett of Manor Castle (Green party) is due to ask Her Majesty’s Government “what changes, if any, they plan to make to HM Treasury’s green book and related guidance to demonstrate global leadership as chair of COP26”. This article provides an overview of COP26 alongside an explanation of the ‘green book’ and recent changes made to it aimed at supporting the UK’s net zero target.
In Focus
The UK, alongside other countries, is currently experiencing a shortage of HGV drivers. This has caused some UK supply chain issues, including the fuel shortage at the start of October 2021. The Government has laid out several actions to address the shortage, which have been met with mixed responses.
Research Briefing
The Compensation (London Capital & Finance plc and Fraud Compensation Fund) Bill would make provisions relating to the payment of compensation to eligible customers of London Capital & Finance plc. It would also allow the secretary of state to provide a loan to the Board of the Pension Protection Fund and for that loan to form a part of the funds of the Fraud Compensation Fund. The House of Lords second reading and remaining stages of the bill are scheduled to take place on 19 October 2021.
In Focus
Successive MPs for the Isle of Wight have argued that ferry services between the island and the mainland are not competitive enough. A statutory instrument introduced in response to Covid-19 suspended some elements of competition law in relation to ferry services across the Solent. A motion due to be moved in the House of Lords expresses regret that the order revoking this suspension does not address competition issues.
Research Briefing
The House of Lords is due to debate inequalities of region and place on 14 October 2021. This briefing has been prepared ahead of that debate, providing analytical measures of inequality and summarising the Government’s response as part of its ‘levelling up’ agenda.
Research Briefing
The bill would provide for a new tax dedicated to helping fund the Government’s plans for health and social care, with proceeds ringfenced for this purpose. The tax would be collected from April 2022. The House of Commons has passed the bill and there are limitations on the powers of the House of Lords to amend or reject the measure. The House of Lords is scheduled to debate the bill at second reading and remaining stages on 11 October 2021.
In Focus
On 14 October 2021, the House of Lords is due to consider the free trade agreement between the UK and Iceland, Liechtenstein and Norway. This article examines the details of the agreement, as well as the parliamentary scrutiny it has received to date.
In Focus
In November 2020, the House of Lords Communications and Digital Committee published a report on the future of UK journalism. It made several recommendations, including that the Government should improve regulation of the online advertising market. The House of Lords is scheduled to debate the report on 13 October 2021.
Research Briefing
This proposed law seeks to reduce the scope for uncertainty and litigation arising from the withdrawal of a key interest rate from the UK financial system.
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