Glossary
This section explains key parliamentary and government terms.
Business and Trade Committee
A Commons select committee that scrutinises the Department for Business and Trade.
Competition and Markets Authority
Abbreviation: CMA
The UK regulator responsible for competition and consumer protection enforcement.
Consumer Prices Index
Abbreviation: CPI
A measure of inflation based on changes in consumer prices.
Copyright
A legal right that protects original creative works from being copied or used without permission.
Creative Industries
Sectors of the economy based on creative work, such as film, music, publishing, design and the arts.
Department for Business and Trade
Abbreviation: DBT
The UK Government department responsible for business, trade, investment and economic growth policy.
Department for Culture, Media and Sport
Abbreviation: DCMS
The UK Government department responsible for culture, media, sport, tourism and parts of the creative economy.
Finance Bill
A bill used to give legal effect to tax changes announced by the government.
Gross Domestic Product
Abbreviation: GDP
A measure of the total value of goods and services produced in an economy.
HM Revenue and Customs
Abbreviation: HMRC
The UK tax authority responsible for collecting taxes and administering customs and some benefits.
Office for Product Safety and Standards
Abbreviation: OPSS
The public body responsible for product safety and standards policy and enforcement support.
Retail Prices Index
Abbreviation: RPI
An older measure of inflation that is still used in some contracts and uprating calculations.
Small and Medium-sized Enterprise
Abbreviation: SME
A business below a certain size, often used in policy about smaller firms.
Spending Review
A government process setting departmental spending plans over a future period.
Spring Statement
A fiscal statement usually delivered by the Chancellor outside the main Budget.
Universal Credit
Abbreviation: UC
A working-age benefit that brings together several forms of income-related support.