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1675025

registered interest
date	04/12/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Rents: Inflation
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what steps they are taking to address challenges that may arise from the new methodology for assessing rental prices in inflation data.
tabling member printed	Lord Taylor of Warwick
uin	HL845
answer	answer is ministerial correction date of answer 15/12/2023 answer text <p>The independent Office for National Statistics (ONS) is responsible for measuring rents and inflation. The government takes note of ONS’s plans to improve the measurement of rental prices.</p> answering member printed Baroness Vere of Norbiton question first answered 15/12/2023 14:29:52 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1675042

registered interest
date	04/12/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Central Bank Digital Currencies: Bank of England
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of the risks and benefits of introducing the digital pound, including on financial stability.
tabling member printed	Lord Taylor of Warwick
uin	HL847
answer	answer is ministerial correction date of answer 15/12/2023 answer text <p>HM Treasury and the Bank of England will conduct a full examination of the costs and benefits of introducing a digital pound, including an assessment of any potential financial stability impacts. This assessment will be made before any decision is taken.</p> answering member printed Baroness Vere of Norbiton question first answered 15/12/2023 14:30:12 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1674228

registered interest
date	29/11/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Debts
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of the risk of an increase in unaffordable consumer debt, including credit-card debt, in the new year.
tabling member printed	Lord Taylor of Warwick
uin	HL741
answer	answer is ministerial correction date of answer 12/12/2023 answer text The Government regularly engages with the Bank of England, Financial Conduct Authority (FCA) and the Money and Pensions Service (MaPS) to monitor personal finances.<p> </p><p>The Government remains committed to helping people in problem debt access the support they need to get their finances back on track. This is why the Government continues to maintain record levels of debt advice funding for MaPS to provide debt advice in England, bringing their debt advice budget to £92.7 million in 2023/24.</p> answering member printed Baroness Vere of Norbiton question first answered 12/12/2023 17:47:47 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1673806

registered interest
date	28/11/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Situation
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what steps they are taking to sustain and increase economic confidence among consumers.
tabling member printed	Lord Taylor of Warwick
uin	HL683
answer	answer is ministerial correction date of answer 08/12/2023 answer text <p>Consumer and business confidence is intrinsically linked to the broader economic outlook. To sustain consumer confidence, consumers need to feel assured that their government is taking the long-term decisions necessary to strengthen the economy and build a brighter future.</p><p>Promoting macroeconomic stability is central to the Government’s economic priorities. In January 2023 the Prime Minister set out three economic priorities: to halve inflation, grow the economy and reduce debt. Progress is being made against all three of these:</p><ul><li>Inflation is less than half its peak.</li><li>Economic growth has been resilient, and the economy is now expected to grow in every year of the forecast period, as assessed by the OBR in their recent forecast.</li><li>Debt is forecast to fall as a proportion of GDP over the medium term, with greater headroom than at Spring Budget 2023.</li></ul><p>Consumers are directly benefitting from the responsible approach taken to prioritising economic stability and making work pay. The cut in National Insurance contributions means the average worker on £35,400 will receive a tax cut in 2024-25 of over £450. From 1 April 2024, the National Living Wage (NLW) will increase by 9.8% to £11.44, representing an increase of over £1,800 to the annual earnings of a full-time worker on the NLW.</p> answering member printed Baroness Vere of Norbiton question first answered 08/12/2023 09:54:35 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1673018

registered interest
date	27/11/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Lloyds Bank: Redundancy
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, further to recent reports concerning job cuts at Lloyd's Bank, what steps they are taking to address challenges in the financial sector and mitigate the impact on employees.
tabling member printed	Lord Taylor of Warwick
uin	HL635
answer	answer is ministerial correction date of answer 08/12/2023 answer text <p>The government is committed to ensuring the continued global success of the financial services sector. At the Autumn Statement, the government set out further progress in delivering on the Edinburgh and Mansion House reforms, taking ambitious steps to increase the flow of capital going to our more promising growth companies whilst further enhancing the financial services regulatory environment.</p><p> </p><p>Decisions on how firms like Lloyds Banking Group manage their workforce is a commercial consideration for the firms themselves. However, this government is committed to creating the right environment for businesses to invest, expand, and increase the number of high-quality jobs for people and this remains at the centre of the government’s economic policy. For example, at the Autumn Statement the government announced that full expensing for qualifying business investments would be made permanent, giving the UK one of the most generous capital allowances regimes in the OECD on a net present value basis.</p><p> </p> answering member printed Baroness Vere of Norbiton question first answered 08/12/2023 09:49:37 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1672789

registered interest
date	23/11/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cost of Living
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, further to the Autumn Statement made by the Chancellor of the Exchequer on 22 November (HC Deb cols 325–57), what assessment they have made of impact of the level of taxation on individuals struggling with the increased cost of living.
tabling member printed	Lord Taylor of Warwick
uin	HL575
answer	answer is ministerial correction date of answer 30/11/2023 answer text <p>In recent years the government has taken significant action to support lower earners through the tax system. The significant increase to the NICs starting thresholds in July 2022 means that all workers can now earn £1,000 a month before paying any tax. A UK employee can earn more money before paying income tax and Social Security Contributions than an employee in any other G7 country.</p><p> </p><p>At Autumn Statement 2023, the Government cut the main rate of employee National Insurance by 2pp from January 2024, as well as cutting and reforming taxes for the self-employed from April 2024. As a result of above-inflation increases to thresholds since 2010, and the Autumn Statement 2023 NICs cut, an average worker in 2024-25 will pay over £1,000 less in personal taxes than they otherwise would have done. From April, a full time National Living Wage worker’s take home pay will be 30% greater in real terms than it was in 2010, due to successive increases in the National Living Wage and changes to personal tax rates and thresholds.</p> answering member printed Baroness Vere of Norbiton question first answered 30/11/2023 14:24:50 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1671265

registered interest
date	20/11/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Inflation
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what steps they are taking to maintain consistency in the recent downward trajectory of inflation.
tabling member printed	Lord Taylor of Warwick
uin	HL441
answer	answer is ministerial correction date of answer 30/11/2023 answer text <p>Although recent data shows inflation has halved since it’s peak in October 2022, it remains the biggest challenge to the economy. There are three key things the government is doing to further reduce inflation:</p><ul><li>Remaining steadfast in our support for the Monetary Policy Committee of the Bank of England as it takes action to return inflation sustainably to the 2% target.</li><li>Taking difficult, but responsible fiscal decisions by resisting calls for reckless spending that would make inflation worse, reducing borrowing and introducing ambitious measures to support growth. This includes ambitious measures to help people get back into work, investing in clean, home-grown energy, and encouraging banks to pass on higher savings rates.</li><li>Boosting labour supply, as labour market conditions are a key problem affecting UK businesses’ growth, as well as a significant driver of domestic inflation. Together, the packages at Autumn Statement and Spring Budget 2023 were the two largest increases to labour supply and potential GDP resulting from policy the OBR has ever scored.</li></ul><p> </p><p>The IMF said in May that, in response to last year’s inflation shock, the government took “decisive and responsible” action to prioritise restoring price stability and achieve the right balance of fiscal and monetary response, while also focusing on growing the economy. The government remain committed to seeking the right balance between fiscal and monetary policy as the UK continues to navigate challenging circumstances.</p><p> </p><p>The OBR confirms policies at the Autumn Statement do not materially impact inflation or demand as we continue to support the MPC to return inflation to the 2% target.</p> answering member printed Baroness Vere of Norbiton question first answered 30/11/2023 15:30:44 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1670465

registered interest
date	15/11/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Industry: 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 the letter from the Capital Markets Industry Taskforce to the Chancellor of the Exchequer, as reported by Sky News on 14 November, which stated that Britain has lower domestic investments than other G7 countries; and what steps they are taking in response.
tabling member printed	Lord Taylor of Warwick
uin	HL369
answer	answer is ministerial correction date of answer 29/11/2023 answer text <p>The government welcomes representations from industry relating to capital markets and will continue to engage with a wide range of organisations on these issues.</p><p> </p><p>At Autumn Statement, the Chancellor updated on his comprehensive package of ongoing regulatory reforms to support our capital markets and make the UK one of the most attractive places to start, grow and list a company. This includes: delivering Lord Hill’s central recommendation, laying legislation to fundamentally overhaul the UK’s prospectus regime; putting in place a consolidated tape to improve market data; launching a financial market infrastructure sandbox to test distributed ledger technology and; making fundamental changes to short selling. The FCA and government are also engaging industry stakeholders to take forward the recommendations of the Investment Research Review.</p><p> </p><p>Supporting these capital market reforms, the Chancellor also announced that the government will explore options for a NatWest retail share offer in the next 12 months, subject to supportive market conditions and achieving value for money.</p><p> </p><p>Together with the pension investment package announced at Autumn Statement, the government’s actions will boost growth in the UK’s capital markets and high-growth companies, while improving savers outcomes and investment.</p> answering member printed Baroness Vere of Norbiton question first answered 29/11/2023 11:46:44 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1670143

registered interest
date	14/11/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cost of Living
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what steps they are taking to support people struggling to pay their bills given the increased cost of living.
tabling member printed	Lord Taylor of Warwick
uin	HL329
answer	answer is ministerial correction date of answer 28/11/2023 answer text <p>The Government announced further policies at Autumn Statement 2023 to support the most vulnerable: From 1 April 2024, the Government is increasing the NLW by 9.8% for 2.7 million low paid workers. Local Housing Allowance rates will rise to the 30th percentile of local market rents in April 2024 for 1.6 million households. The government will also uprate all working age benefits in full by September 2023 CPI of 6.7%, benefitting 5.5 million households in 2024-25. This brings the total support over 2022-2025 to help households with the high cost of living to £104 billion – an average of £3,700 per UK household.</p><p> </p><p>As part of the Government’s long-term plan to grow the economy and reform the tax system, employees will see their main National Insurance Contribution (NICs) rate cut from 12% to 10% from January 2024 onwards, and the main rate of Class 4 NICs for the self-employed will be reduced from 9% to 8% from April 2024. This is a tax cut worth over £9bn per year, the largest ever cut to employee and self-employed National Insurance.</p> answering member printed Baroness Vere of Norbiton question first answered 28/11/2023 16:12:50 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1669368

registered interest
date	13/11/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Interest Rates: Property
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what plans they have to mitigate the impact of increased interest rates on the residential property market.
tabling member printed	Lord Taylor of Warwick
uin	HL260
answer	answer is ministerial correction date of answer 22/11/2023 answer text <p>The Government is addressing the impact of increased interest rates on the residential property market listening to the needs of all stakeholders in the market, including first-time buyers, homeowners, and housebuilders.</p><p> </p><p>The Prime Minister has been clear, the best and most important way that we can keep costs and interests down for people is to halve inflation, and then return it to the 2% target.</p><p> </p><p>For example, the government is supporting homeowners to manage with increased interest rates. In June, lenders representing over 90% of the market agreed to our new Mortgage Charter, which includes new flexibilities to help customers manage their mortgage payments over a short period. This charter builds on existing safeguards for consumers in the mortgage market.</p><p> </p><p>The government also continues to provide extensive support to first-time buyers, including through the £11.5 billion 2021-26 Affordable Homes Programme and our new First Homes Scheme which offers discounts of at least 30% to first-time buyers.</p> answering member printed Baroness Vere of Norbiton question first answered 22/11/2023 16:56:01 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick