This Library Note provides information in support of the House of Lords consideration of the Bank of England and Financial Services Bill [HL].
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.
Bank of England and Financial Services Bill (305 KB , PDF)
Assessing Scotland’s contribution to the wider UK economy and to UK wellbeing is complex. This article presents information on factors involved in this relationship, including data on the Scottish and UK economies and the effect of devolution on the UK economy as a whole. It also summarises surveys of peoples’ wellbeing in the UK.
What institutions and arrangements will govern the UK’s post-Brexit relationship with the EU? And what will be the implications of Brexit for UK-EU trade in services and trade in goods? This article summarises the findings of three reports from a House of Lords committee that addressed these questions, as well as the Government’s responses. The House of Lords is due to debate the reports on 6 December 2021.
In November 2021, the National Infrastructure Commission published the baseline report from its forthcoming second National Infrastructure Assessment. The baseline report evaluates the current state of the UK’s economic infrastructure and identifies key challenges for the coming decades, informing recommendations in the full assessment in 2023. The baseline report found that there has been significant progress in some areas such as gigabit broadband since the last Assessment in 2018. However, it added much more was required, particularly in areas such as electricity emissions and water pollution.
