IoD Week in Policy 10-14 July 2023
This week was all about the money. Well, maybe more than most weeks anyway. With companies not having much confidence in the economy at the moment, it’s a top priority. But, at least the Chancellor has promised to do something about it...
On Monday the Chancellor gave his annual Mansion House speech on the state of the UK economy. He announced some reforms aimed at financial services, which he is hoping will unlock capital for the UK’s most promising industries, increase returns for savers and support growth across the economy. More here.
The Labour Market
The ONS released statistics that unpick the state of the employment market and it’s not the prettiest picture: wage inflation is sticking, skills shortages are impacting all sectors, and rising interest rates are starting to take their toll. Still, the one positive is that vacancies are falling as more people are returning to the labour market. Read our analysis here.
GDP fell by 0.1% in May, a slight fall that we can possibly attribute to the King’s coronation. The data suggests the extra bank holiday in May reduced manufacturing output, but on the other hand increased leisure spending. Sounds like a successful bank holiday to me… Here’s a deeper analysis of the data.
We have a Policy Voice survey live. We are interested in your views on whether high inflation or interest rates are more challenging. In addition, we want to hear your thoughts on changes to the UK Corporate Governance Code. The Financial Reporting Council is currently undertaking a consultation on revisions to the Code, and your answers will feed directly into our response. Your invitation lies in your inbox…
Next week watch out for…
Tuesday 18 July
- The House of Commons Business and Trade Committee will take oral evidence on the 2026 review of the UK-EU Trade and Cooperation Agreement
- Sir Keir Starmer will give a speech on his political agenda at the Future of Britain Conference
Wednesday 19 July
- The ONS will publish inflation statistics for June 2023. The market is hoping it will be lower than the 8.7% recorded in the last two months.
Thursday 20 July
- Parliamentary by-elections in the constituencies of Selby and Ainsty, Somerton and Frome, and Uxbridge and South Ruislip
- Parliament rises for the summer
Friday 21 July
- UK consumer confidence and retail sales data is released.