Osborne presents Autumn Statement 2011
With the objective to stabilise the UK economy, Chancellor of the Exchequer George Osborne announced to Parliament the Government’s revised plans in the ‘Autumn Statement 2011’ (Cm. 8231).
Actions outlined in the document cover three target areas: protecting the economy; building a stronger economy for the future; and fairness.
Decline in economic growth expectations until 2017
The Office for Budget Responsibility (OBR) has lowered its expectations up until 2017 as the UK economy has strengthened at a slower rate than anticipated this year.
In the report 'Economic and Fiscal Outlook: November 2011’ (Cm. 8218) the OBR forecasts less probability of growth for the period to 2016-17 impacted by inflation and the eurozone crisis.
500 projects planned to strengthen UK infrastructure
After conducting comprehensive cross-sectoral analysis of the UK’s infrastructure networks, the Government plans to implement over 500 projects to ensure it is maintained and improved over time.
The Treasury and Infrastructure UK sets out the three-tiered strategy for meeting the infrastructure needs of the UK economy in the ‘National Infrastructure Plan 2011’:
UK egg producers under threat from European imports
By 2012 caged hen farmers will be required to provide the animals with better living conditions which could affect their sales if cheaper alternatives are imported to the UK from other European countries.
In the report 'The Welfare of Laying Hens Directive - Implications for the Egg Industry’ (HC 830) the Environment, Food and Rural Affairs Committee warns of a potential commercial disaster over animal welfare regulations that could result in unfair competition for UK egg producers.
Consumers must be protected against unfair treatment
The unfair treatment of consumers by businesses is not successfully regulated as responsibility is widespread among numerous departments and is irregularly examined, a report has found.
The National Audit Office (NAO) report 'Protecting Consumers - The System for Enforcing Consumer Law: Department for Business, Innovation and Skills, the Office of Fair Trading and Local Authority Trading Standards Services’ (HC 1087) details that consumer detriment is costing billions of pounds each year but the system for enforcing consumer law is not delivering value for money.
Plans for financial system reform outlined
In 'A New Approach to Financial Regulation: The Blueprint for Reform’ (Cm. 8083), the Government outlines ambitious plans to reform UK financial regulation through the creation of specialist regulatory bodies.
Following on from consultation in February and with continuing policy development by the Treasury, the Bank of England and Financial Services Authority, the Government intends to promote the role of judgement and expertise with new regulators.
MPs sceptical about Kraft’s Cadbury takeover
A Committee has criticised Kraft’s decision to manage globally recognised chocolate brand Cadbury outside of the UK and concerns have been raised about a downfall in employee work conditions.
The Business, Innovation and Skills Committee looks into the undertakings agreed upon by Kraft in the previous parliament on manufacturing and job retention in the report 'Is Kraft working for Cadbury?’ (HC 871).
Economic recovery is notably stronger than predicted in June 2010 forecast
Official fiscal forecasters have revealed that the UK is recovering from the hard-hitting recession more strongly than originally predicted at the time of the Coalition Government’s first Budget.
'Economic and Fiscal Outlook' (Cm. 7979), the report from the Office for Budget Responsibility (OBR), found that the gross domestic product (GDP) growth was greater than expected in both the second and third quarters of 2010 and employment has risen to levels exceeding expectations forecast for the middle of 2012.
Secretary of State aims to protect the postal service
The Department for Business, Innovation and Skills (BIS) has outlined Government proposals to preserve the universal postal service in the report, 'Delivering for the Future: A Universal Mail Service and Community Post Offices in the Digital Age’ (Cm. 7946).
In the digital age, the two cornerstones of our society: Royal Mail and the Post Office are facing increasing pressure to stay afloat as the internet and email provides such instant access to effective communication.
Business rate supplements proposed
‘Business
Rate Supplements: A White Paper’ (Cm. 7230) sets out the Government's
proposal to introduce a power for local authorities and the Greater London
Authority (GLA) to raise and retain local supplements on the national business
rate.
Restructuring the Post Office
The Government believes that the current network of Post
Offices is unsustainable and has outlined plans for restructuring, which
involve closures, relocations and new delivery mechanisms.
This Report
‘Stamp
of Approval? Restructuring the Post Office Network’ (HC 276) examines
this proposed restructuring strategy.
UK minimum wage to rise to £5.52
In this report,
'National
Minimum Wage' (Cm. 7056), the Low Pay Commission recommends a 3.2% increase
in the minimum wage for adults to £5.52 in October 2007, which is a moderate
increase compared with the past two years.
Discrimination ban welcomed
The Government intends to use its powers in Part 3 of the
Equality Act 2006 to make regulations prohibiting discrimination on the grounds
of sexual orientation in the provision of goods, facilities and services in
education and in the exercise of public functions.
Gowers Review on importance of intellectual property
This Report examines the importance of intellectual property (IP) - ranging from patents, copyright and design to trade marks.
"Banking the unbanked": promoting financial
inclusion
Financial exclusion can impose significant costs on
individuals and be a barrier to employment and enterprise.
Many people
are still facing problems in opening basic bank accounts and operating them to
maximise their value.
Major changes in company law reform
The Companies Act 2006 makes it easier to set up and run a
company. Small businesses will benefit and, for the first time, a statutory
statement of directors' duties has been created.
15m mail items lost, stolen or damaged a year
In March 2006, Royal Mail accepted a new quality of service and price control regime proposed by Postcomm, the regulator of mail services in the UK. The new arrangements run from April 2006 to March 2010.
In addition to allowing Royal Mail to raise the price of first- and second-class stamps, Royal Mail also has new quality of service targets and associated financial incentives aimed at improving mail services.
£1.8bn spent on public sector consulting
In 2005-06, central government spent £1.8 billion on consulting, while an estimated £2.8 billion public sector funding in total was spent on consultants. This Report examines the use of consultants in central government during 2005-06.