Overview

The Economic Strategy Bill mandates the UK Secretary of State to support businesses, develop an industrial strategy, and create a retail strategy. These strategies will be reported on annually, outlining government plans to address economic challenges and support various sectors.

Description

This bill places a legal duty on the Secretary of State to support UK businesses in adapting to economic changes. This involves consulting with the business sector to identify risks to business prosperity and employee livelihoods. The bill further requires the publication of annual reports detailing:

Industrial Strategy Report:

• Long-term industry trends and government responses.
• Necessary financial support for each industrial sector.
• Impact of legislation and regulations on each industrial sector.
• Impact of economic and policy changes on businesses.
• Skills training needs and government plans to address skills shortages.

Retail Strategy Report:

• Impact of technology and automation on the retail sector.
• Changes in retail employment numbers and reasons for these changes.
• Competitiveness of the UK retail sector (in-store and online).
• Impact of taxation (particularly non-domestic rates) on the retail sector.
• Training and development opportunities within the retail sector.
• Skills needed to ensure retail sector competitiveness.

Government Spending

The bill does not specify exact figures for government spending. However, it mandates the Secretary of State to identify and provide financial support to various sectors, implying a potential increase in government expenditure, the exact amount of which is yet to be determined.

Groups Affected

• Businesses in the UK: Will be directly affected by government support, policies, and strategies outlined in the reports. Could experience both positive (financial support, policy changes) and negative (new regulations, taxation) impacts.
• Employees in the UK: Will be impacted by job security, skills training opportunities, and overall economic changes outlined in the reports and influenced by the bill's actions.
• Government: Will be responsible for developing and implementing the strategies, consulting with businesses, and allocating resources accordingly.
• Parliament: Will receive the annual reports and have the opportunity to scrutinize government actions related to the bill.

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