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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Finance Bill: Briefing for Lords Stages (172 KB, PDF)
The Chancellor of the Exchequer, Rishi Sunak, presented the spring 2020 budget to the House of Commons on 11 March 2020. The Finance Bill is intended to give lasting statutory effect to the tax measures announced in that budget.
The bill falls within the category known formally as “bills of aids and supplies”, in which “aids” refers to taxation and “supplies” refers to government expenditure. The House of Commons has a special role in such bills, known as “financial privilege”. This means, in practice, that only the Commons can initiate such bills and Lords consideration is limited. In particular, the House of Lords may not amend such bills. While the Lords will have a debate at second reading, later stages will go through formally, without debate.
Although the budget deals with public spending as well as taxation, the procedure by which Parliament scrutinises and approves government expenditure is separate to the Finance Bill.
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Documents to download
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Finance Bill: Briefing for Lords Stages (172 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.
