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.
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.
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.
In Focus
On 8 December 2020, the House of Lords will debate government proposals to further amend the rules that will govern the domestic regime for regulating the chemicals industry following the end of the Brexit transition period. Concerns have been raised regarding the administration of this new system and its impact on UK businesses. This article summarises the new draft regulations and the reaction to the Government’s proposals.
In Focus
The Chancellor of the Exchequer, Rishi Sunak, delivered a spending review statement on 25 November 2020. The Government said the review’s priorities were “to support the Government’s response to Covid-19, invest in the UK’s recovery and deliver on promises to the British people”. Alongside the spending review, the Office for Budget Responsibility set out its latest forecasts for the economy and for the public finances.
Current Affairs Digest
Catch up on economics articles you may have missed from September and October 2020. This month we look at household savings during the Covid-19 pandemic, and whether the furlough scheme is discriminatory.
In Focus
The House of Lords is scheduled to debate four statutory instruments relating to the financial services and markets sector on 10 November 2020. Three of them relate to the UK’s withdrawal from the European Union. The House of Lords Secondary Legislation Scrutiny Committee has not raised concerns about any of the regulations. The House of Commons is yet to consider them.
Research Briefing
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.
In Focus
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.
Research Briefing
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.
Current Affairs Digest
Catch up on economics articles you may have missed from September 2020. This month we take an in-depth look at the issue of race and economic inequality.
In Focus
The UK’s arts and entertainment sector has been one of the areas worst affected by the coronavirus pandemic. The decline in revenues and the number of workers furloughed over the past few months is second only to the accommodation and food sector. This article examines the impact of the pandemic on the UK’s cultural industry and the Government’s recently announced support package worth £1.57 billion aimed at helping the sector recover.
In Focus
The coronavirus lockdown was introduced to reduce the spread of the disease. However, it also gave rise to substantial costs, both to the economy and in areas such as health, education, domestic violence and inequality. This article considers one analysis of these costs and how they compare to the benefits of the lockdown. This is the subject of an oral question in the House of Lords on 28 July 2020.
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