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.
In Focus
Countries in Latin America are reported to have remained economically resilient over recent years, during a challenging set of global economic conditions. Nevertheless, growth in the region is expected to remain weak, contributing to a challenging environment for political incumbents. The UK government has stated its intention to increase its engagement with Latin America, strengthen trade and investment relations, and help the region amplify its voice in multilateral forums.
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
The Independent Care (Education) and Treatment Review (IC(E)TR) programme, chaired by Baroness Hollins, reviewed the care and treatment of 191 people who were detained in long-term segregation between November 2019 and March 2023. On 8 November 2023 a report outlining the review’s findings was published highlighting concerns about the practice of long-term segregation, including a lack of therapeutic benefit. The government’s response to the report was published on the same day. This briefing considers the findings ahead of a debate in the House of Lords.
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
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.
In Focus
Climate change is likely to increase migration flows over the coming decades. Increasingly frequent and severe extreme weather events are expected to increase “forcible displacements”, and the “slow-onset” impacts of climate change are expected to make the hardest hit regions uninhabitable. The UK is involved with several international forums which aim to discuss and cooperate on these issues.
In Focus
The government has outlined its ambitions to significantly increase the UK’s nuclear power capacity, arguing it is the only reliable energy technology available that is able to provide a baseload level of low-carbon electricity on a large scale. However, such plans have faced criticism, particularly regarding the cost and deliverability challenges associated with large-scale nuclear projects. This article considers the debate around the future of nuclear power ahead of a House of Lords debate on the subject on 7 September 2023.
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
The 75th anniversary of the NHS’s foundation was on 5 July 2023. This article considers how spending on the NHS has changed since its inception and the debate about its funding model going forwards.
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
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 Science and Technology Committee conducted an inquiry into the government’s stated ambition to make the UK a “science and technology superpower” by 2030. This briefing provides a summary of the committee’s findings and the government’s response, ahead of a debate in the House of Lords on 7 June 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
The House of Lords is to debate the financial pressures on higher education on 30 March 2023. This article looks at how the higher education system is funded and the financial challenges it faces. This includes long-term pressures, such as the decreasing real-terms value of tuition fees, and short-term issues linked to the pandemic and cost of living.
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