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1713401

registered interest
date	24/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Interest Rates
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent discussions he has had with the Bank of England on bank rates.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	23479
answer	answer is ministerial correction date of answer 29/04/2024 answer text <p>Monetary policy is the responsibility of the independent Monetary Policy Committee of the Bank of England. This includes decisions on the Bank Rate.</p><p> </p><p>The Treasury meet with the Bank of England regularly to discuss their assessment of the economy and financial services. This includes regular meetings between the Chancellor and the Governor of the Bank of England.</p><p> </p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 29/04/2024 14:37:35 answering member 4639 label Biography information for Bim Afolami
tabling member	4131 label Biography information for Jim Shannon

1713404

registered interest
date	24/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensioners: Tax Allowances
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of increasing the personal allowance threshold for pensioners to £15,000.
tabling member constituency	Preston
tabling member printed	Sir Mark Hendrick
uin	23388
answer	answer is ministerial correction date of answer 29/04/2024 answer text <p>As with all aspects of the tax system, the Government keeps the Personal Allowance under review and any decisions on future changes will be taken by the Chancellor in the context of the wider public finances.</p> answering member constituency Mid Worcestershire answering member printed Nigel Huddleston question first answered 29/04/2024 14:33:33 answering member 4407 label Biography information for Nigel Huddleston
tabling member	473 label Biography information for Sir Mark Hendrick

1713691

registered interest
date	24/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages: Interest Rates
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has made an assessment of the impact of interest rate rises on the affordability of mortgages for low-income mortgage holders.
tabling member constituency	Cynon Valley
tabling member printed	Beth Winter
uin	23654
answer	answer is ministerial correction date of answer 29/04/2024 answer text <p>The path to lower interest rates is through low inflation, and the Government is fully committed to supporting the Bank of England get inflation back down to the 2% target, including by keeping borrowing under control.</p><p> </p><p>While the pricing of mortgages is ultimately a commercial decision for lenders in which the Government does not intervene, our plan is working, and the average offered mortgage rates on 2-year and 5-year fixed rates are lower compared to their peak in Summer 2023.</p><p> </p><p>The Government’s Mortgage Charter - in addition to the significant safeguards already in place - is providing support to vulnerable households; and mortgage arrears and repossessions remain low.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 23655 question first answered 29/04/2024 14:35:48 answering member 4639 label Biography information for Bim Afolami
tabling member	4809 label Biography information for Beth Winter

1713692

registered interest
date	24/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, pursuant to the Answer of 28 March 2024 to Question 20114 on Mortgages, whether he has made an assessment of the potential implications for his policies of the Financial Conduct Authority's report entitled, Mortgage Charter uptake data, published on 22 March 2024.
tabling member constituency	Cynon Valley
tabling member printed	Beth Winter
uin	23655
answer	answer is ministerial correction date of answer 29/04/2024 answer text <p>The path to lower interest rates is through low inflation, and the Government is fully committed to supporting the Bank of England get inflation back down to the 2% target, including by keeping borrowing under control.</p><p> </p><p>While the pricing of mortgages is ultimately a commercial decision for lenders in which the Government does not intervene, our plan is working, and the average offered mortgage rates on 2-year and 5-year fixed rates are lower compared to their peak in Summer 2023.</p><p> </p><p>The Government’s Mortgage Charter - in addition to the significant safeguards already in place - is providing support to vulnerable households; and mortgage arrears and repossessions remain low.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 23654 question first answered 29/04/2024 14:35:48 answering member 4639 label Biography information for Bim Afolami
tabling member	4809 label Biography information for Beth Winter

1713231

registered interest
date	23/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Offshore Industry: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent estimate he has made of the revenue that will be raised by the Energy Profits Levy by March 2029.
tabling member constituency	North Devon
tabling member printed	Selaine Saxby
uin	23331
answer	answer is ministerial correction date of answer 30/04/2024 answer text Forecasts for government revenues from oil and gas production, including for Energy Profits Levy, are provided by the Office for Budget Responsibility (OBR). Their most recent published forecast, provided for Spring Budget 2024 on 6 March, is available on the OBR website at the following link <a href="https://obr.uk/efo/economic-and-fiscal-outlook-march-2024/" target="_blank">https://obr.uk/efo/economic-and-fiscal-outlook-march-2024/</a>.<p> </p><p> </p> answering member constituency Grantham and Stamford answering member printed Gareth Davies question first answered 30/04/2024 09:41:09 answering member 4850 label Biography information for Gareth Davies
tabling member	4863 label Biography information for Selaine Saxby

1712895

registered interest
date	22/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Hybrid Vehicles: Fuels
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has plans to introduce a specific advisory fuel rate for hybrid vehicles.
tabling member constituency	Warrington South
tabling member printed	Andy Carter
uin	23054
answer	answer is ministerial correction date of answer 30/04/2024 answer text <p>Advisory Fuel Rates apply when an employer reimburses an employee for business travel in a company car, or when an employee reimburses an employer for the cost of fuel used for private travel. Rates vary by engine size and fuel type and are reviewed quarterly. There are no current plans to introduce a specific advisory rate for hybrid vehicles.</p><p> </p><p>The Advisory Fuel Rates are not mandatory. Employers and employees can instead agree to reimburse different amounts, subject to certain tax conditions.</p> answering member constituency Grantham and Stamford answering member printed Gareth Davies question first answered 30/04/2024 08:28:44 answering member 4850 label Biography information for Gareth Davies
tabling member	4791 label Biography information for Andy Carter

1702003

registered interest
date	17/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	New Businesses: Capital Investment
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of reports of a decline in venture capital investment in UK start-ups in the first quarter of 2024; and what steps they are taking to support the growth of the UK's innovation ecosystem.
tabling member printed	Lord Taylor of Warwick
uin	HL3918
answer	answer is ministerial correction date of answer 30/04/2024 answer text <p>The government notes that while there have been reports of a decline in venture capital (VC) investment in UK start-ups, this has been broad based and global in nature. We also note that because of the nature of private markets, there is a lag in data reporting for VC deals, meaning that final data on investments made in Q1 2024 will not be available until later in the year.</p><p> </p><p>The BBB’s Small Business Finance Monitor 2024, which covers data up to the end of Q3 2023, found that there has been a “slowdown in activity that has occurred in the market since Q2 2022” and that the market decline over the past 18 months is not unique to the UK and can be seen across other global regions.</p><p> </p><p>However, we also note that VC funding in the UK has reduced from record levels in 2021/2022, and that despite this slowdown, early stage/seed funding has remained robust, indicating that there is a pipeline of future investment opportunities still being created.</p><p> </p><p>The government recognises that VC funding is an important source of finance for innovative companies and is proud of the fact that the UK has the third largest VC market in the world, behind only the US and China. The government is backing British business by tackling barriers to investment, cutting taxes and rewarding work, and by supporting the priority growth sectors, including digital technology, which are helping to turn the UK into the world’s next Silicon Valley.</p><p> </p><p>This includes making over £3.5 billion of public investment in the AI ecosystem since 2014, extending the sunset clause for the Enterprise Investment Scheme and the Venture Capital Trust scheme to 6 April 2035, making changes to simplify and improve R&amp;D tax reliefs, extending the British Business Bank’s Future Fund: Breakthrough investment programme, and implementing the measures the Chancellor announced at last year’s Mansion House speech to reform the pensions market to unlock investment into high growth sectors and generate increased returns for savers.</p> answering member printed Baroness Vere of Norbiton question first answered 30/04/2024 10:37:03 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1700718

registered interest
date	15/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Premium Bonds
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what is their estimate for each of the past three years of their returns from retaining the proceeds of cashed-in Premium Bonds for up to six days before they are transferred to the holder’s bank account.
tabling member printed	Lord Wills
uin	HL3827
answer	answer is ministerial correction date of answer 29/04/2024 answer text <p>NS&amp;I raises cost effective finance for government from the retail savings market. It does this through offering savings products to consumers, including Premium Bonds. Funds raised by NS&amp;I from these products, including Premium Bonds, flow to the National Loans Fund (NLF). The NLF is the government’s main borrowing and lending account, and to this end, it undertakes borrowing (primarily by issuing gilts via the Debt Management Office) and uses proceeds and other central government surplus balances, including funds from NS&amp;I’s Premium Bonds, to manage its cash needs day-to-day.</p><p> </p><p>The Exchequer’s cash needs are managed on an aggregate basis, meaning funds raised from Premium Bonds are not held in a separate account and do not receive a separate rate of return (which in any case is determined by the market as the government is ultimately a price taker). Therefore, there is not a single rate of return on NS&amp;I proceeds and it would not be possible to provide an estimate of returns from retaining the proceeds of Premium Bonds.</p><p> </p><p>When a customer divests their holdings of Premium Bonds, these repayments are also funded via the NLF’s activities and are typically processed within three working days. However, in exceptional circumstances, such as Bank Holidays, this may take longer. This process allows HM Treasury to manage Exchequer cashflows in a cost effective manner.</p> answering member printed Baroness Vere of Norbiton question first answered 29/04/2024 14:32:57 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	260 label Biography information for Lord Wills