July 4 Election: effect on current Bills?

A general election has been called for 4 July 2024.  Parliament (including the House of Lords) will be dissolved on 30 May 2024.  We are now therefore in the ‘wash-up’ period which will last for only 2 days, as Parliament is prorogued on 24 May, before being dissolved on 30 May.  Any laws in progress but not passed before the end of the wash-up period will not enter into law and will not be continued into the next parliament.  The Institute for Government website explains the process.

Two important AI Bills form are currently going through the parliamentary process and it is highly doubtful that they will complete in that time. It seems most unlikely that the Data Protection and Digital Information Bill will pass in this time.  The Digital Markets, Competition and Consumers Bill could potentially pass through since it is closer to being finalised and less contentious.

From a financial services perspective, there are fewer critical Bills in progress, but many initiatives that are underway and which require further legislation or government action, such as legislating for BNPL and bringing into force the failure to prevent fraud offence.