Catch up on economics articles you may have missed from September and October 2020. This month we look at household savings during the Covid-19 pandemic, and whether the furlough scheme is discriminatory.
Documents to download
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Bank of England and Financial Services Bill (305 KB, PDF)
The Bank of England and Financial Services Bill [HL] is a government bill prepared by the Cabinet Office. The Bill received its first reading in the House of Lords on 14 October 2015, and is due to be read a second time on 26 October 2015. As set out in the Bill’s Explanatory Notes, it seeks to:
[A]mend governance and accountability arrangements at the Bank of England (the Bank), expand the scope of and make changes to the Senior Managers and Certification Regime, permit the extension of the Government’s Pension Wise service, and allow for some flexibility to change which legal entities are authorised to issue commercial banknotes in Scotland and Northern Ireland.
The Bill is split into three main parts. The first sets out the proposed changes to the Bank of England’s governance and to procedures connected to its accountability. The second includes a number of provisions linked to the regulation of financial services, particularly the introduction of the Senior Managers and Certification Regime (SM&CR). The third part of the Bill contains provisions on the issuing of banknotes in Scotland and Northern Ireland. This Library Note discusses some of the changes in parts one and two of the Bill in further detail, particularly those related to the Bank’s governance, the new accountability arrangements, and the changes to the SM&CR.
Documents to download
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Bank of England and Financial Services Bill (305 KB, PDF)
Related posts
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The House of Lords is scheduled to debate four statutory instruments relating to the financial services and markets sector on 10 November 2020. Three of them relate to the UK’s withdrawal from the European Union. The House of Lords Secondary Legislation Scrutiny Committee has not raised concerns about any of the regulations. The House of Commons is yet to consider them.
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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.
