IoD Week in Policy 11th–14th May
This week in policy – 11th May 2021
The Queen’s Speech – A conservative affair
- The Queen formally opened parliament with a speech that focused on building back bigger, better, safer, fairer, and greener.
- Important messages and policy pledges included the levelling up agenda, a focus on education and skills, and addressing issues surrounding social inequality.
- However, critics noted the lack of conviction and urgency in areas of health and social care, as well as energy and the environment.
Insolvency service resolve to solve the misuse of dissolve
- New legislation has given the Insolvency Service powers to investigate directors of companies that have been dissolved in order to counteract misuse of the dissolution process.
- Directors will no longer be able to dissolve their business for the purpose of avoiding repaying government loans given to them as Coronavirus support.
- Dr Roger Barker was quoted along side Business Secretary Kwasi Kwarteng stating, “using company dissolution as a mechanism for the evasion of a directors’ duties has no place in the governance of a responsible enterprise”.
- New powers to tackle unfit directors of dissolved companies – GOV.UK (www.gov.uk)
Q1 GDP figures – a slim start to the year, but we will begin to pile back on the pounds
- GDP figures decreased by 1.5% in Q1. GDP is now 8.7% below what it was pre-pandemic, at the end of 2019.
- Despite the contraction, IoD’s Chief Economist Tej Parikh commented that the only way from here is up in what will be a “bumper bounce back for the year ahead”.
Inquiry: Jobs, Growth, and Productivity after coronavirus – the economy unmasked
- The post-pandemic recovery being a regular conversation between the IoD and our members, this is a welcome inquiry from the Treasury Committee.
- IoD’s Chief Economist Tej Parikh shed some light on how economic damage can be mitigated; how the government can scale up productivity, and how the government can leverage economic opportunities.
- The IoD submission will be accessible soon.
Becoming accustomed or becoming bored-er?
- The IoD published a landmark report with the Confederation of Swedish Enterprise setting out a roadmap for a positive and cooperative trading relationship between the UK and EU.
- The report calls on governments and policy-makers across Britain, Sweden and the EU to work together to focus international trade policy on competitiveness and sustainability.
- In response, the Financial Times agreed that the IoD is one of the more constructive business associations in trade in recent years, and the report is a lot more constructive than what we’ve seen out of the UK and EU authorities: The Brexit divorce has left both sides worse off | Financial Times
- Updates from the IoD’s Brexit Hub focus on helping businesses better navigate the transition period: Navigating Brexit for Business | IoD
Week ahead in Policy
The long awaited May 17th is very soon upon us, and as restrictions ease there is much anticipation for the renaissance of normal life. However with the uncertainty of the ‘Indian variant’ hanging over us, and permission from the Government to return to hugging, the Health Minister has urgently reminded us all to be cautious.
As the economy continues to open, we are also hoping to hear more about how the Prime Minister’s ‘Levelling Up’ agenda and the ‘Plan for Growth’ takes shape, and whether they can lift us back to pre-pandemic levels of prosperity and beyond, or whether they are just more slogans…
Tuesday 18th May
- Labour Market statistics in the region of the UK May 2021 will reveal how jobs are holding up as the economy opens up
- UK productivity flash estimate January – March 2021
Wednesday 19th May
- Consumer Price Inflation Statistics April 2021 will highlight if shortages are pushing up prices
- Trade and investment core statistics book – a look into the UK’s trade and investment position
Thursday 20th May
- Business insights and impact of the UK economy
- Coronavirus and the latest indicators for the UK economy and society
Tuesday 11th May
- BEIS Committee oral evidence – post pandemic growth and levelling up
- APPG for entrepreneurship AGMWednesday 12th May
- Protocol on Ireland/Northern Ireland Sub Committee – introductory inquiry into the operation of the Northern Ireland Protocol
- APPG for family business – supporting family business beyond COVID-19 to drive economic recovery