This Library Note provides background reading in advance of the debate in the House of Lords on 21 June on the Government’s growth strategy for the UK economy, summarising the measures so far announced by the Government and commentary on these measures and the UK economic situation from a range of commentators and observers.
Debate on 21 June: Economic Growth Strategy (847 KB , PDF)
This Library Note provides background reading for the debate to be held on 21 June on ‘The Importance of the Government’s Growth Strategy for the UK Economy’. Sections 1 to 5 provide an overview of the Government’s published plan for growth and the main policies and announcements made to date. Section 6 outlines the Office for Budget Responsibility’s latest economic forecasts. Section 7 summarises recent reaction and comment on the UK’s economy, prospects for growth and policies to achieve growth, expressed by a range of observers and organisations. Section 8 outlines the results of business confidence and consumer surveys. The Note concludes with a summary of the Governor of the Bank of England’s and Chancellor of the Exchequer’s Mansion House speeches.
Debate on 21 June: Economic Growth Strategy (847 KB , PDF)
This briefing is the fifth of a series on the post-war history of the UK economy. The series proceeds decade-by-decade from the 1950s onwards, providing an overview of the key macroeconomic developments of each decade. This fifth briefing looks at the 1990s. In this decade the UK economy settled into a period of low inflation and steady growth; however, living standards growth was lower and more regionally concentrated than in previous decades.
The Budget Responsibility Bill would require ministers to request an assessment from the Office for Budget Responsibility (OBR) for every major fiscal announcement and give the OBR the power to decide to publish one if the minister failed to request it. This follows the September 2022 ‘mini-budget’. The statement included plans that would have resulted in a projected £45bn reduction in tax income. It did not have an accompanying OBR assessment.
In November 2023, the Harrington review of foreign direct investment made recommendations about how the UK could attract more cross-border investment. The new Labour government has said tackling barriers to investment is a priority.
