Economy & Finance
59mentions · last 12 months↓
View full analysis →The Economic Affairs Committee scrutinises economic policy and financial matters affecting the UK. This Lords select committee conducts detailed inquiries through oral evidence sessions with senior figures from government, independent institutions, and specialist organisations. The committee has devoted substantial time to examining the UK's fiscal framework, hosting witnesses from the Office for Budget Responsibility, the Institute for Fiscal Studies, and Treasury officials to probe how fiscal rules operate and whether they support long-term sustainability. Recent sessions explored the Office for Budget Responsibility's assessment of long-term fiscal risks and the ageing population's impact on public finances, with committee members questioning Robert Chote and other economic experts on framework effectiveness. The committee has also examined evidence from think tanks and international fiscal specialists including Célestin Debrun and Ethan Ilzetzki to assess whether current rules balance short-term flexibility with fiscal discipline.
17 sessions published in the last 12 months
Click any cell in the heatmap to see the sessions held that day and the insights extracted from them.
234 insights
21 Jul 2026
The committee scrutinised the OBR’s Fiscal risks and sustainability report, focusing on the long-term drivers of unsustainable debt: health, pensions, social care and new defence pressures. Witnesses said current medium-term fiscal consolidation is necessary but not sufficient, and that further action on spending and/or taxation will be needed sooner rather than later. They also discussed policy levers and uncertainty around the triple lock, tax thresholds, inactivity, immigration, net zero, AI, devolution and shocks such as energy crises, while warning that productivity gains alone would not solve the problem unless Governments also choose to bank them rather than spend them.
07 Jul 2026
The committee scrutinised whether fiscal devolution can boost growth, and under what conditions. The witnesses argued that the strongest growth case is for giving strategic authorities more stable revenue and, potentially, a share of tax growth, rather than immediate broad tax-varying powers. They cautioned against a race to the bottom, stressed the need for equalisation and capacity, and said borrowing is the hardest unresolved issue because it clashes with central fiscal rules and debt measures. Both witnesses urged clarity on the aims of devolution, while Aditi Sriram identified borrowing design as the key political and technical question.
30 Jun 2026
The committee scrutinised whether England’s fiscal devolution should go beyond allocating national tax revenues to strategic authorities and extend to local authorities, alongside a wider reset of local government finance. Witnesses argued that devolution is justified not only by growth but by democratic accountability, public trust and local service reform; they also warned that equalisation, statutory service floors, and accountability arrangements must be designed carefully. They called for a broader review of council finance, council tax, statutory duties and capacity-building, and suggested the Government should publish a roadmap this autumn covering income tax, business rates retention and the longer-term role of local authorities.
23 Jun 2026
The committee examined what fiscal devolution in England should mean, with academic witnesses arguing for clearer local tax powers, stronger links between taxing and spending responsibilities, and an end to excessive central control. The main tensions were between growth incentives and equalisation, with witnesses debating whether property taxes, income tax assignment, tourism levies, congestion charging and other local revenues are suitable. They also discussed borrowing powers, the risks of local debt, the role of combined authorities versus district councils, and what England can learn from Scotland, Wales, Northern Ireland and international models such as Australia.
16 Jun 2026
The committee scrutinised international evidence on fiscal devolution in England, focusing on whether decentralisation improves growth, how to design accountability and legitimacy, and what makes equalisation and bailout rules work. Witnesses repeatedly stressed that outcomes depend on design: revenue powers must align with spending responsibilities; equalisation should not remove incentives to raise revenues; and clear, durable rules, intergovernmental councils and credible fiscal constraints are needed to avoid blame-shifting, central bailout expectations and political instability. The panel’s main policy positions were that England should proceed gradually, clarify responsibilities and equalisation early, and build institutionalised intergovernmental machinery rather than relying on ad hoc central government discretion.
09 Jun 2026
The committee scrutinised former Chancellor George Osborne on the purpose, limits and design of fiscal devolution in England, using Manchester and the northern powerhouse as the main test cases. Osborne argued for “earned” and piecemeal devolution to places with proven capability, backed by strong Treasury and prime ministerial support, and said the main prize is stronger sub-national growth rather than uniform local democracy. He endorsed more local retention of business rates and council tax uplift, floated options such as tourism tax, corporation tax, stamp duty and further NHS/social care devolution, but warned against over-neat national models, short rebaselining periods, and excessive Whitehall ring-fencing. He also stressed that the Treasury’s scepticism is useful, that borrowing powers and long-term infrastructure matter, and that the Labour Government has missed a major opportunity to set out a bigger devolution package.
14 Oct 2025
22 Jul 2025