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ImageA round-up of parliamentary business during the week beginning 21 July:

 

The week has ended on a good note for George Osborne with the news that the IMF has raised its growth forecasts for the second time this year – 3.2% in 2014 and 2.7% in 2015 – which means Britain would maintain its status as one of the world's fastest expanding major economies.

However, in its sequel to its Mortgaged Future report, the Resolution Foundation has warned of the potential risk on the horizon of the impact of rising interest rates. Its new report, Hangover cure: dealing with the household debt overhang as interest rates rise, asserts that while borrowers have enjoyed low interest rates for a considerable period of time, the combination of unemployment, under-employment, falling earnings and cuts in state support has not facilitated the paying down of household debt – the ‘debt overhang’.

Meanwhile, an IPPR report looks at the role of housing in rebalancing the economy. It analyses the differences between cities and regions, and assesses how short, medium and long-term housing trends can influence economic performance at the subnational level.

Ed Miliband has begun his party’s summer campaign this week with a speech at the Royal Institute of British Architects. The campaign is intended to “highlight the choice” between Labour’s plans and “the threat of a Tory second term” in the run up to party conference season. So, we should expect speeches from the whole of the shadow cabinet over the summer period to remind us…

DEFRA published an open consultation on the regulations which will allow the insurance industry implement the Flood Re insurance scheme.

While the Treasury published a detailed written statement by the chancellor on its pension reforms, giving a high-level summary of its consultation response, information about the resource expenditure for the guidance guarantee and full details of the decisions with regard to private sector defined benefit pension schemes.

The compensation arrangements for home owners in respect of the first phase of HS2 were discussed during an oral evidence session held by the High Speed Rail Bill committee.

The House of Commons is now in recess until 1 September 2014. The House of Lords will rise on 30 June and return on 13 October 2014.


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