Weekly Policy Report 2 – 6 January 2023 

New year, new us? Well, for most of us, January is an opportunity for a fresh start, for starting new projects, for finally committing to get good at excel or public speaking or organising computer files better, for setting new goals. But, like the Christmas turkey, there is still much unfinished business leftover from 2022 we are keen to see through…

The Outlook for 2023 – We have published a report on the outlook for business in 2023, based on our members’ top priorities. We include insight on the questions Directors have been asking us the most, key data from 2022 that is informing our policy asks, and our economic analysis moving into the new year. You can find that here.

Energy Bill Relief? – This week our Director General Jon Geldart met Chancellor Jeremy Hunt to discuss the future of the Energy Bill Relief Scheme when it ends in March, ahead of an announcement in the House of Commons next week. We’re expecting the scheme to be extended but at a lower level of support…

…Our view is while the Energy Bill Relief Scheme has been a crucial intervention, it would be a shame if the government is unable to find a way to target those sectors particularly exposed to volatile international energy markets. Read our analysis here.

Looking up – Our monthly director’s confidence tracker shows economic confidence rose from -64 in November to -58 in December. A slight improvement, but still low. Members cited ‘high inflation’ as the top issue for the government to address in 2023. Read more here.

Thing 1 – The Prime Minister gave a speech outlining his key priorities for 2023. Among other commitments, he made 5 key promises: to halve inflation, grow the economy, ensure national debt is falling, ensure NHS waiting lists are falling, and to stop illegal immigration into the UK. You can read the speech here.

Thing 2 – Sir Kier Starmer, Labour Leader, gave his own speech on Thursday. In it, he said he wants to modernise central government, and that real change comes from unlocking the pride and purpose of the British people. He will set out the policies that will make up Labour’s political manifesto in the coming weeks. You can read the full speech here.

Next week watch out for…

Wednesday 11 January

  • Prime Minister’s Questions at midday

Thursday 12 January

  • ONS will publish their monthly business insights and impact on the UK economy report.

Friday 13 January

  • ONS will publish their GDP monthly estimate for November 2022.

  • ONS will publish UK trade statistics for November 2022

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Browse valuable UK economy resources from the IoD.
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