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A Treasury led 'dash for gas' could make the UK's carbon targets under the Climate Change Act unachievable. The Committee is calling on the Government to restore investor confidence in the future direction of energy policy by setting a clear decarbonisation objective in the forthcoming Energy Bill to clean up the power sector by 2030. Ongoing policy uncertainty could mean that the UK loses out on millions of pounds of green investment. Global competition for green growth is fierce and the UK is competing with other countries to secure renewables investment. The Committee heard a variety of suggestions to boost take-up of energy efficiency measures in its inquiry on the Autumn Statement and received suggestions for new environmental taxes that could be implemented to help deliver the Coalition Agreement commitment to increase the proportion of tax revenues accounted for by environmental taxes
The Treasury should re-establish the annual Budget as the main focus of fiscal and economic policy making. The Autumn Statement is not, nor should it be, a second Budget. An additional budget can create uncertainty and carries an economic cost. Treasury and business managers also need to ensure that there is adequate Parliamentary time to allow proper scrutiny of the Finance Bill. About half of general government expenditure is to be protected from the new spending cuts but the complete protection of ring-fenced departmental budgets will be difficult to sustain while other departments are substantially affected. The Committee also intends to question the future Governor of the Bank of England, Dr Mark Carney, on possible alternatives to the inflation targeting that currently underpins the work of the Monetary Policy Committee of the Bank. The Treasury and to some extent the Bank were at fault for failing to coordinate the announcement of the Asset Purchase Facility transfer with that of the November MPC press release. It is vital that the MPC fulfils its duty to demonstrate its independence.There is concern at reports that the Funding for Lending Scheme may be biased in favouring lending for mortgages rather than lending to SMEs. The sums expected from the sale of the 4G spectrum and Swiss tax repatriation represent the majority of the additional receipts the Treasury intends to offset against the tax reductions and investment but both are uncertain. The Chancellor must also use the 2013 Budget to set out a clearer strategy for fuel duty over at least the medium term
The volume examines why young people from poorer families are less likely to go to university than their counterparts in richer families, the impact of the 2006 and 2012 reforms, who does best at university once they are there, and who succeeds in the labour market following graduation.
Also includes information paragraphs on 8 instruments
The Autumn Statement sets out the Government's actions in three areas: protecting the economy; building a stronger economy for the future; and fairness. This document details plans for: public spending in 2015-16 and 2016-17; raising state pension age to 67 between 2026 and 2028; setting public sector pay awards at an average of one per cent for each of the two years after current pay freeze ends; £21 billion credit easing measures to support smaller and mid-sized businesses. To build a stronger economy, the Government is funding £6.3 billion of additional infrastructure spending, £1 billion of private sector investment in regulated industries will be supported by Government guarantee, and the Regional Growth Fund for England will be increased by £1 billion. Other measures on credit easing and enterprise include: up to £20 billion National Loan guarantee Scheme; investigation of alternatives to tribunal hearings; possible changes to collective redundancy processes; two proposals for radical reform of employment law; a Seed Enterprise Investment Scheme offering 50 per cent income tax relief on investments. Education will see an extra £600 million to fund 100 more free schools, and £600 million for local authorities with the greatest demographic pressures. Housing support includes a new build indemnity scheme to increase the supply of affordable mortgage finance and a revised right to buy scheme. Fairness measures cover fuel duty, rail fares, a Youth Contract worth £940 million, and extending the offer of 15 hours free education and care a week for disadvantaged two year olds.
The Review Body was asked to consider wide ranging changes to the teacher pay framework, focusing on three issues: market facing pay; more effectively linking pay progression and performance; and wider reforms to support the recruitment and retention of high quality teachers. The package of recommendations propose: (i) a pay framework that seeks to raise the status of the profession, support professional development and reward individuals in line with their contribution to improving pupil outcomes; (ii) greater autonomy for schools to set teachers pay, and (iii) recognised career stages for teachers alongside increased accountability for high professional standards and contribution to pupil progress. These changes are designed to encourage high calibre graduates and career changers to come into teaching and to help schools facing the greatest challenges. They are also intended to enable existing teachers to develop and improve their teaching skills. Among the key recommendations for change are: replacement of increments based on length of service by differentiated progression through the main scale to reward excellence and performance improvement; extension to all teachers of pay progression linked to annual appraisal (already established for senior teachers); abolition of mandatory pay points with the pay scales for classroom teachers to enable individual pay decisions but retaining present of points for reference only in the main scale to guide career expectations for entrants; retention of a broad national framework; local flexibility to pay salaries above the upper pay scale; more discretion in the use of allowances; a simplified pay and conditions document.

Roads to Success

Great Britain: Parliament: House of Lords: Select Committee on Small and Medium Sized Enterprises

Published: 2013-03-08

Total Pages: 136


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There are nearly 5 million SMEs in the UK and they have a crucial role to play if the UK is to achieve export-led recovery. Only a very small number of SMEs have been helped by UK Export Finance (UKEF) with only 21 receiving help from the agency up to August 2012. UKEF services need to be better promoted both to SMEs and banks who act as the gatekeeper to the scheme. The Committee say that unless banks are prepared to take on some of the risks of lending to exporters then UKEF's programmes are 'dead in the water'. More generally, the transition from loan decisions being made by local bank managers to a centralised process driven by formulae has weakened SME access to bank finance. Local bank managers are much better placed to make informed decisions about loan applications from small local businesses. SMEs must also do more to explore alternative sources of finance to invest in export efforts including non-clearing banks, equity funding and crowd sourcing and UK Trade and Industry (UKTI) must to do more to raise awareness of these sources of alternative funding. UKTI do a good job with companies they support but awareness of UKTI is low. The Committee also consider the impact of the Bribery Act 2010 in deterring UK exporters. They say the Act has led to confusion and uncertainty and call for detailed post-legislative scrutiny of the Act
These notes refer to the Finance Act 2012 (c. 14) (ISBN 9780105414124) which received Royal assent on 17 July 2012
In this 22nd report the Review Body was asked to consider how to apply teachers' pay the Government's "average 1 percent" pay uplift policy which applies across the public sector. This remit follows a two year pay freeze and the Government has made clear there will be two further years of pay restraint for the public sector as a whole.In light of the Review Body's 21st report the Education Department published advice to schools on revising their approach to pay. September 2013 will be the last time annual pay increments will be awarded to teachers based on length of service. Thereafter schools will be free to make individual progression decisions based on appraisal with points retained for reference only on the main pay scale. The Department has said there was no additional funding for schools to cover the 2013 pay award. In the area of recruitment and retention the Body suggested there were some emerging areas of concern, including competitive pressures, especially in urban areas. The Review Body has given particular weight to the need for simplicity so schools can concentrate on preparing for implementation of proposals in the last report, and also the need to provide some underpinning support for the teacher labour market as a whole. They recommend an increase of 1 percent from September 2013
This report is a response to the Government's request to consider whether pay for very senior managers in the NHS in England should be made more market-facing at local level. The review was complicated by the fact the NHS is currently undergoing reorganisation. The conclusions must therefore be subject to the caveat that better information is needed, Three recommendations however are put forward: that no additional locality pay measures be added to the new NHS very senior managers' pay framework; that the Department of Health collect and provide information on recruitment, retention and motivation of NHS very senior managers; and that all NHS very senior managers be assimilated into and paid according to the new pay framework, on the basis of job weight, once the current reforms have been fully implemented