Economy

Reducing the number of road casualties is one of the targets of sustainable development goal 3.

Spending reviews set out the Government’s plan for much of its expenditure over the following few years. This article summarises the current position in the spending review cycle. It also describes how reviews relate to budgets, which take place more frequently, and to fiscal rules, which set targets for overall government debt and deficit. Finally, it considers the possible impact of coronavirus on these three elements of fiscal policy.

Is it possible to grow the economy and protect the environment?

Many countries, including the UK, have developed ways of measuring national wellbeing to complement gross domestic product as the main indicator of national performance. Proponents argue wellbeing data can help in identifying government spending priorities and evaluating which interventions are successful in improving people’s lives. There are calls for a wellbeing approach to be better embedded in policymaking.

This House of Lords Library briefing provides information on the Wellbeing of Future Generations Bill [HL] in advance of its second reading, due to take place in the House of Lords on 13 March 2020.

Fiscal rules aim to keep public spending and the national debt sustainable by setting limits on, for example, the budget deficit. This article considers the history of fiscal rules in the UK, and criticisms of them. It also looks at the new Government’s possible approach, given statements in election manifesto and the December 2019 Queen’s Speech. The budget, on 11 March 2020, may set out the new fiscal rules.

Catch-up on economic articles you may have missed from February 2020, including on the link between quality of work and health.

This House of Lords Library Briefing has been prepared ahead of a debate on 5 March 2020 in the House of Lords on the following motion: Lord Young of Norwood Green to move that this House takes note of the role of the BBC and public service broadcasting to the United Kingdom’s economy and creative culture.

This House of Lords Library Briefing provides information on the NHS Funding Bill in advance of its second reading and remaining stages, due to take place in the House of Lords on 26 February 2020.

This House of Lords Library Briefing contains a selection of material relevant for the forthcoming question for short debate on the Cairncross Review on 6 February 2020.

This article provides a summary of statistics on the UK rural economy, including: how many people live rural communities; what types of business operate in rural areas and how much does the rural economy contribute to UK economic output overall.

The Bank of England operates monetary policy in the UK. This article describes how, for much of its history, this involving maintaining the convertibility of the currency into bullion—the gold standard. More recently, the aims of policy have shifted, with the current target being to control inflation. However, debates continue about the appropriate targets of monetary policy, its links with fiscal policy and other aspects of the Bank’s operations.