Economy and business by topic
Economy and business includes the following topic areas. Please click the links to access lists of publications by topic:
Business
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Finance Bill
The Finance Bill is a government bill intended to give lasting statutory effect to the tax measures announced in the March 2021 budget. The bill underwent a series of changes in its passage through the House of Commons. The House of Lords Economic Affairs Finance Bill Sub-Committee criticised a draft of the bill in some specific areas. The Government accepted some of the committee’s recommendations but rejected others.
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Queen’s Speech 2021: UK-EU relationship
The UK-EU Trade and Cooperation Agreement formally entered into force on 1 May 2021, having applied provisionally since the start of the year. However, there are still aspects of the post-Brexit relationship between the UK and the EU that remain to be settled or fully implemented. This article looks at some key dates and deadlines likely to come up in the new parliamentary session.
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UK-Turkey Free Trade Agreement
On 27 April 2021, the House of Lords is due to take note of the UK-Turkey free trade agreement. The agreement sets out the future trading relationship between the UK and Turkey. This article considers the details of the agreement, as well as scrutiny it has received from the House of Lords International Agreements Committee.
Economy
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Telecommunications (Security) Bill: Briefing for Lords Stages
The Telecommunications (Security) Bill is a government bill to improve the regulation of the UK telecoms market in order to protect the security of the UK’s telecoms infrastructure. Second reading of the Telecommunications (Security) Bill is scheduled to take place in the House of Lords on 29 June 2021. This briefing provides a summary of the bill and its passage through the House of Commons.
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Finance Bill
The Finance Bill is a government bill intended to give lasting statutory effect to the tax measures announced in the March 2021 budget. The bill underwent a series of changes in its passage through the House of Commons. The House of Lords Economic Affairs Finance Bill Sub-Committee criticised a draft of the bill in some specific areas. The Government accepted some of the committee’s recommendations but rejected others.
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New powers for HMRC
The Government has proposed new powers for Her Majesty’s Revenue and Customs (HMRC) to address tax avoidance, enhance information gathering, and improve tax compliance. These measures were the subject of a report from the House of Lords Economic Affairs Finance Bill subcommittee, which found that some of these powers were both disproportionate and poorly targeted.
Employment
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Meeting the demand for nurses: looking abroad?
The UK has significant unmet demand for nurses. This country has a history of recruiting nurses from overseas, and the Government aims to encourage more nurses trained abroad to come to work in the UK. However, the Government also takes into account ethical considerations relating to the recruitment of nurses from countries which themselves have a shortage of healthcare staff.
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Covid-19: protecting jobs and livelihoods as the UK economy recovers
The coronavirus pandemic and the restrictions introduced to manage it has had a large impact on the UK economy, jobs and businesses. On 20 April 2021, the House of Lords will debate the steps being taken to protect jobs and livelihoods as the economy recovers. This article provides links to related reading material.
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Government investment programmes: the ‘green book’
The Government’s ‘green book’ describes how major public sector investment projects are assessed. In March 2020, the Government announced a review of the approach, to improve how the green book supports strategic priorities such as its ‘levelling up’ agenda and the transition to net zero greenhouse gas emissions. The review’s conclusions were published in November 2020, followed by a revised green book in December 2020.
International trade
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Queen’s Speech 2021: international trade
Ahead of the Queen’s Speech on 11 May 2021, this In Focus sets out some of the Government’s current trade priorities and summarises policy issues that may be expected to develop over the next parliamentary session. This includes current trade negotiations, parliamentary scrutiny of agreements and the potential need for implementing legislation.
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Queen’s Speech 2021: UK-EU relationship
The UK-EU Trade and Cooperation Agreement formally entered into force on 1 May 2021, having applied provisionally since the start of the year. However, there are still aspects of the post-Brexit relationship between the UK and the EU that remain to be settled or fully implemented. This article looks at some key dates and deadlines likely to come up in the new parliamentary session.
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UK-Turkey Free Trade Agreement
On 27 April 2021, the House of Lords is due to take note of the UK-Turkey free trade agreement. The agreement sets out the future trading relationship between the UK and Turkey. This article considers the details of the agreement, as well as scrutiny it has received from the House of Lords International Agreements Committee.
Transport
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Environment Bill: Briefing for Lords Stages
The Environment Bill would establish a new environmental governance system, including the setting of long-term targets and the creation of an Office for Environmental Protection. It also includes measures on improving air quality, waste management and recycling, water management, biodiversity and conservation covenants. The bill is due to have it second reading in the House of Lords on 7 June 2021, having been carried over from the last session.
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Queen’s Speech 2021: transport
This In Focus has been prepared in advance of the Queen’s Speech, taking place on 11 May 2021. It discusses previous government policy commitments on railways and airlines, in addition to other possible measures that may be introduced in the forthcoming parliamentary session.
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HGV drivers: temporary relaxation of driving hours limits and minimum rest period rules
Due to concerns about disruptions to supply chains resulting from Brexit and the coronavirus pandemic, the Government has introduced the Drivers’ Hours and Tachographs (Temporary Exceptions) Regulations 2021 (SI 2021/58) to relax the rules governing maximum driving hours and minimum rest periods. It has stated that the exceptions should only be used where necessary and not at the expense of safety. The House of Lords is due to debate the regulations on 18 March 2021.
