IoD Week in Policy 7th–11th June
This week in Policy – 7th June 2021
The lack of noise coming from Parliament at the start of this week might have something to do with the anticipated build up to the G7 summit taking place in Cornwall this weekend. With much to be discussed, and many tensions to cut through, Boris began his day with a dip in the Atlantic. We hope the rest of the weekend will go just as swimmingly. Who knows what will be said behind closed doors, but so far the images circling the media have shown various elbow ‘handshakes’, matching black masks, and smiles all round. True collaboration. The real question is will there be a swear jar for Brexit mentions?
An Englishman, Frenchman, German, Italian, Japanese, Canadian and American walk into a bar…
– Today, the leaders of the G7 countries will meet in Carbis Bay, Cornwall, along with special guests South Africa, South Korea, Australia, and India.
– They will discuss crucial policy priorities such as the COVID-19 recovery, the response to climate change, and the much debated corporation tax reform proposal put forward by President Biden.
– The central theme to this meeting is that of building back better, and paving the way for a fair and prosperous future for all. This will require setting aside any political tension and focusing on forward looking global cooperation.
Time to get on board
– This week, the Financial Times revealed that “women made up more than half of the FTSE 350 boardroom directors last year”, a figure that the IoD greatly welcomes.
– However, despite that being an improvement, there is still progress to be made in terms of ethnic minorities, with the report stating only 3% of the FTSE 350 boardroom directors were black.
– Joe Fitzsimons, Senior Policy Advisor, commented, “organisations must address these imbalances and operate as inclusive and diverse decision-making entities”.
The Carbon Battle Bus, driving change
– We are proud to be working with Planet Mark in the #ZeroCarbonTour.
– This is a partnership that will fully show off what businesses have been doing to contribute to the effort of tackling climate change.
– The Tour will take place on a big blue bus, the ‘Carbon Battle Bus’, that will start its journey in London, before making its way down to Carbis Bay for the G7 Summit, and will make its final stop in Glasgow for COP26 in November. Don’t worry, you can be assured that the bus is 100% electric, and the wheels do go round and round.
– Zero Carbon Tour | Institute of Directors | IoD
There’s no one as Irish as Barack Obama Joe Biden
– Yesterday, ahead of the G7 summit, President Joe Biden and Prime Minister Boris Johnson met on the cliff tops to discuss the Northern Ireland Protocol in what was their first face to face meeting. A fitting location, considering the situation has reached something of a cliff edge, and it really is leaving businesses hanging.
– Despite being born in Pennsylvania, Biden is very proud of his Irish roots, which appear a few great grandparents down the line, and is one of the reasons why he is taking such a hard line on the issue of the Protocol.
– He has continually expressed concern over the matter, and has urged Britain to come to a settlement even if that requires compromise, ending the dispute with the EU in favour of keeping the peace.
Brits on board
– Today, the Department for Culture, Media and Sport released their plan to ‘drive rapid recovery of the tourism sector’ that will include a new rail pass and vouchers for popular UK tourist attractions.
– The plan aims to recover domestic tourism to pre-pandemic levels by 2022, and international tourism by 2023.
– The new rail pass will be available later this year, and will provide an easier and much more sustainable route across the country.
– Popular holidays include Greek Island hopping (Cornwall and Scilly Isles), the City and Beach combination in the Costa Del Sol (Brighton), an Alpine walking adventure (Lake/Peak District or Snowdonia), and an Eastern European booze cruise (Newcastle).
– New plan to drive rapid recovery of tourism sector – GOV.UK (www.gov.uk)
Please also take the time to listen to the webinar about the Audit and Corporate Governance White Paper the IoD recorded in collaboration with Addleshaw Goddard.
Week ahead in Policy
Next week, it is all happening on Wednesday. Once we have had time to digest this weekend of G7 news and Roland Garros finals (a 14th victory for Rafa?), we can focus on the plethora of APPGs occurring on the 16th. From Fair Business Banking, to ESG issues, trade justice, and taxation, the busiest day of next week will provide interesting insight into how businesses will fare moving forward into the green economy, and what can be done to support them.
But of course, the day we have all been waiting for is Monday 14th, when the government will release evidence on the COVID-19 situation that will determine if we can reopen on the 21st. Solid strategies will have to be put into place regarding matters such as returning to the office, social distancing rules, and regional hotspots, as complications keep surfacing due to the pesky Delta variant. Well, it’s all Greek to me.
Tuesday 15th June
– Labour Market Statistics June 2021 will show estimates of data regarding the workforce, unemployment, vacancies, inactivity, and average weekly earnings.
– Monthly insolvency statistics for May 2021.
Wednesday 16th June
– Inflation statistics for May 2021 for both consumer and producer price.
Thursday 17th June
– Business insights and impact on the UK economy 17th June will show the fortnightly data on financial performance, workforce, prices, trade, and business resilience.
Friday 18th June
– Department for International Trade statistics on UK trade and investment with overseas partners.
Parliamentary Activity and Events
Wednesday 16th June
– Northern Ireland Affairs Committee oral evidence on Brexit and the Northern Ireland Protocol.
– International Trade Committee oral evidence on inward foreign direct investment.
– All Party Parliamentary Group (APPG) on Fair Business Banking will discuss support for SMEs in the new net zero economy, and how SMEs can transition to green finance.
– APPG on Environmental, Social and Governance (ESG) will discuss Parliament’s engagement with investors and industry in strengthening British business’ ESG goals.
– APPG on Trade Justice will consider the risks and opportunities of a Free Trade Agreement with Australia.
– APPG on Taxation, from Labour’s perspective.