The Bank Resolution (Recapitalisation) Bill [HL] was announced as part of the King’s Speech on 17 July 2024. The bill seeks to enhance the UK’s regime for managing bank failures, by allowing the Bank of England to recover the costs associated with recapitalising failing small banks through a levy on the banking sector.
Bank Resolution (Recapitalisation) Bill [HL] (293 KB , PDF)
The Bank Resolution (Recapitalisation) Bill [HL] is a government bill. It was announced in the King’s Speech on 17 July 2024 and was introduced in the House of Lords the following day. The second reading of the bill is due to take place on 30 July 2024.
The bill seeks to enhance the UK’s regime for managing bank failures, termed resolution. Specifically, it would introduce a mechanism which would allow the Bank of England—the UK’s resolution authority—to recover the costs associated with recapitalising failing small banks through a levy on the banking sector.
The government has argued that this will provide the Bank of England with a more flexible toolkit when responding to the failure of small banks, while ensuring that the costs of managing such failure do not fall on taxpayers. Respondents to a consultation on the proposals were broadly supportive.
Bank Resolution (Recapitalisation) Bill [HL] (293 KB , PDF)
In the autumn budget the chancellor announced changes to inheritance tax reliefs. From April 2026, taxes would apply to agricultural assets over £1mn (or up to £3mn in certain circumstances). The government has said this would just affect the wealthiest landowners and disincentivise buying agricultural land to avoid tax. Farming groups have argued the policy is a threat to the future of family farming and the UK's food security.
In February 2024 the House of Lords Communications and Digital Committee published a report on large language models and generative AI. It highlighted the opportunities and risks this technology offers, and recommended actions the government should take to support the market while mitigating risks. The new government has said it will legislate to address safety risks arising from generative AI.
On 30 October 2024, Chancellor Rachel Reeves delivered her first budget which included the details of the settlement for the Department for Culture, Media and Sport. It also contained more general measures which relate to the cultural sector. This briefing gives an overview of how the cultural sector is currently funded, what was said in the budget in this area and what the sector has said in reaction to the announcements.
