The bill would provide for the next business rates revaluation to take effect from 1 April 2023. This briefing considers: the background to the bill, including recent government proposals to change the frequency of revaluation; what the bill would do; and what happened to it during its passage through the House of Commons.
Documents to download
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Financial Services (Banking Reform) Bill (352 KB, PDF)
The Financial Services (Banking Reform) Bill seeks to make a number of changes to the banking and financial services sector. The Bill builds on the recommendations of the Independent Commission on Banking (the Vickers Commission) and the Parliamentary Commission on Banking Standards and follows a series of Acts passed since the financial crisis of 2008, such as the Financial Services Act 2012. The Bill sets out a new structure for banking with a central element being the ‘ring-fencing’ of banks which separates retail deposit and lending from investment banking operations. This Library Note provides a précis of the report stage and third reading of the Bill in the House of Commons. The Note should be read in conjunction with two House of Commons Library Research Papers: Financial Services (Banking Reform) Bill (28 February 2013, RP 13/15), which contains more detailed information on the background to the Bill, and Financial Services (Banking Reform) Bill: Committee Stage Report (25 June 2013, RP 13/40), which summarises the second reading and committee stage in the House of Commons. House of Commons Library Standard Note, LIBOR, Public Inquiries & FSA Disciplinary Powers (2 May 2013, SN/BT/6376), also offers useful background commentary relevant to the Bill.
Documents to download
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Financial Services (Banking Reform) Bill (352 KB, PDF)
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Since 2009 the UK bank base rate has been below 1%, and it was cut to 0.1% in March 2020 in response to the coronavirus pandemic. With the economy remaining weak, commentators have debated whether there should be further cuts, taking the interest rate negative for the first time. This article summarises the policy debate.
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The United Kingdom Internal Market Bill is a government bill that would make provision for the continuation of the UK’s single market when the transition period ends on 31 December 2020. As part of this it would provide for the ‘market access principles’ of mutual recognition and non-discrimination to apply to the sale of goods and the provision of services within the UK. It also seeks to provide unfettered access for qualifying Northern Ireland goods to the market in Great Britain. It contains provisions that seek to give ministers the power to unilaterally interpret, modify the application of or disapply parts of the Northern Ireland Protocol, notwithstanding their obligations under relevant international and domestic law.
