Attendees at a United Nations (UN) summit more than 25 years ago defined an inclusive society as a “society for all”. Policy responses have been introduced in the years since, though questions remain about how progress can be measured. The Covid-19 pandemic has represented a setback towards realising the goal in many areas, but some have identified an opportunity to redouble efforts towards achieving ambitions in the pandemic’s wake.
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.
The budget set out the Government’s plans for taxation and spending over the next five years. It also included the Office for Budget Responsibility’s assessment of the economy and forecasts for growth, the public sector finances, unemployment and inflation. It illustrated the effect of coronavirus on the economy and described how the Government aims to deal with the recovery from the pandemic.
In Focus
Women have been specifically affected by the economic impacts of the coronavirus pandemic. Reasons for this include that they are over-represented in some of the worst-hit sectors, and that they do a greater share of unpaid care. The Government has said it wants women’s economic empowerment to be a focus in the post-pandemic recovery period. But it has faced criticism for not taking enough account of gender equality in its approach.
Current Affairs Digest
Catch up on economics articles you may have missed. This month we take an in-depth look at the economics of Scottish independence.
Current Affairs Digest
Catch up on the world of economics with a selection of articles you may have missed. This month we take a look at whether the state should take equity shares in private companies needing support through the pandemic.
In Focus
The draft Social Security (Contributions) (Rates, Limits and Thresholds Amendments and National Insurance Funds Payments) Regulations 2021 would set the national insurance contributions rates, limits and thresholds for the upcoming 2021/22 tax year. They must be approved by both Houses of Parliament before becoming law. The House of Lords is due to debate the regulations on 8 February 2021.
Research Briefing
The aim of the National Security and Investment Bill is to reform how inward investment in the UK is investigated to ensure hostile governments or other entities do not use this to undermine the UK’s national security. The second reading of the bill is scheduled to take place in the House of Lords on 4 February 2021. This briefing provides a summary of the bill and its passage through the House of Commons.
In Focus
The House of Lords will soon debate a report by the former Intergenerational Fairness and Provision Committee. Now dissolved, this special inquiry committee published a report on tackling intergenerational unfairness in April 2019. It alleged that the “action and inaction” of successive governments had risked undermining fairness between generations and called for improvements in six areas to tackle this: accounting for policies and data; housing; education; work; communities; and tax and benefits.
Research Briefing
This bill proposes changes to the financial services regulatory regime.
In Focus
The campaign organisation Church Action for Tax Justice published two reports entitled Tax for the Common Good and Fair Tax Now, containing proposals on creating a fairer tax system. The House of Lords will debate these reports on 21 January 2021. This article summarises the reports' recommendations, the Government’s current tax policies and the impact of Covid-19 on fiscal policy.
In Focus
These coronavirus regulations reduced the length of the self-isolation period from 14 days down to 10 and added new areas, including London, to the list of places in tier 3. They are part of the Government’s ongoing strategy to control the spread of coronavirus. The regulations need to be approved by both Houses of Parliament or they will cease to be law.
In Focus
The Government has implemented new regulations to suspend wrongful trading liability rules for a time-limited period to assist businesses during the coronavirus pandemic. They must be approved by both Houses of Parliament to remain in force.
In Focus
The House of Lords is due to consider the Taxation (Post-transition Period) Bill on 16 December 2020. The Lords is debarred from amending it as it is a supply bill. The bill would implement customs, VAT and excise obligations arising under the Northern Ireland Protocol.
Current Affairs Digest
Catch up on economics articles you may have missed. This month we take a look at local lockdown support funding, and the role artificial intelligence could play in economic forecasting.
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