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1678452

registered interest
date	18/12/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Non-fungible Tokens
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of using Non-Fungible Tokens in the (a) issuing and (b) tracking of government loans.
tabling member constituency	Shrewsbury and Atcham
tabling member printed	Daniel Kawczynski
uin	7302
answer	answer is ministerial correction date of answer 08/01/2024 answer text <p>The government is not pursuing the use of Non-Fungible Tokens for issuing and tracking government debt at this time, though all decisions in this regard remain under review.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 08/01/2024 17:35:03 answering member 4639 label Biography information for Bim Afolami
tabling member	1566 label Biography information for Daniel Kawczynski

1678459

registered interest
date	18/12/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Duty Free Allowances: Northern Ireland
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make it his policy to permit the sale of duty free goods to people on flights between Northern Ireland and EU airports.
tabling member constituency	East Londonderry
tabling member printed	Mr Gregory Campbell
uin	7290
answer	answer is ministerial correction date of answer 08/01/2024 answer text <p>The Government is committed to preserving frictionless movement of people and goods between Northern Ireland and Ireland. This is important to communities across Northern Ireland and would otherwise undermine the Belfast Good Friday Agreement.</p><p> </p><p>Enabling duty-free shopping between Northern Ireland and the EU (of which Ireland is a member) without also introducing border controls on the island of Ireland would lead to significant distortions of trade as well as a significant revenue loss for both UK and Ireland. This is because it would create a legal route for unlimited amounts of alcohol and tobacco to flow into the UK market duty-free.</p> answering member constituency Mid Worcestershire answering member printed Nigel Huddleston question first answered 08/01/2024 15:44:30 answering member 4407 label Biography information for Nigel Huddleston
tabling member	1409 label Biography information for Mr Gregory Campbell

1678465

registered interest
date	18/12/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	High Income Child Benefit Tax Charge
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, pursuant to the Answer of 16 November 2023 to Question 543 on High Income Child Benefit Tax Charge, if he will make an assessment of the implications for his policies of trends in the level of tax revenue received from the High Income Child Benefit Tax Charge since 2020-21.
tabling member constituency	Linlithgow and East Falkirk
tabling member printed	Martyn Day
uin	7371
answer	answer is ministerial correction date of answer 09/01/2024 answer text <p>The Government believes in having a fair taxation system which allows individuals to keep more of what they earn. The Government also needs to manage the public finances in a disciplined and responsible way in order to protect our vital public services. In 2020-2021 (the latest year that data is available), 99.7% of those liable for the High Income Child Benefit Charge (HICBC) paid income tax at the higher rate or above, and 88% of Child Benefit claimants were unaffected by the HICBC. The Government therefore currently considers that maintaining the threshold remains appropriate, but will keep this threshold under review in line with all other tax policy.</p> answering member constituency Mid Worcestershire answering member printed Nigel Huddleston question first answered 09/01/2024 14:30:28 answering member 4407 label Biography information for Nigel Huddleston
tabling member	4488 label Biography information for Martyn Day

1678489

registered interest
date	18/12/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Individual Savings Accounts: First Time Buyers
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the effectiveness of Lifetime ISAs for helping first-time buyers in London.
tabling member constituency	Hornsey and Wood Green
tabling member printed	Catherine West
uin	7375
answer	answer is ministerial correction date of answer 09/01/2024 answer text <p>The Government is committed to supporting people of all incomes and at all stages of life to save, and to making the aspiration of home ownership a reality for as many households as possible.</p><p> </p><p>The Lifetime ISA is intended to support younger people saving for their first home or for later life by offering a generous government bonus of 25% on up to £4,000 of savings each year. These funds, including the government bonus, can be used to purchase a first home up to the value of £450,000.</p><p> </p><p>The Government remains of the view that the property price cap is set at an appropriate level to support most first-time buyers across the UK while targeting households that may find it most difficult to get onto the property ladder. The withdrawal charge is needed to protect the LISA’s status as a long-term savings product. Reducing this and would encourage the use of LISAs in ways for which they were not intended.</p><p> </p><p>The Government does not undertake an assessment of the effectiveness of the LISA by region, however the Government regularly publishes annual savings statistics, which includes information on the LISA. (https://www.gov.uk/government/statistics/annual-savings-statistics-2022)</p><p> </p><p>The Government will continue to keep all aspects of savings tax policy under review and considers all representations made carefully, with any changes made as part of the Budget process.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 7376 7601 question first answered 09/01/2024 17:23:54 answering member 4639 label Biography information for Bim Afolami
tabling member	4523 label Biography information for Catherine West

1678490

registered interest
date	18/12/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Individual Savings Accounts: First Time Buyers
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 potential merits of reducing the penalty charge to 20% for people (a) with Lifetime ISAs and (b) whose first property costs more than £450,000.
tabling member constituency	Hornsey and Wood Green
tabling member printed	Catherine West
uin	7376
answer	answer is ministerial correction date of answer 09/01/2024 answer text <p>The Government is committed to supporting people of all incomes and at all stages of life to save, and to making the aspiration of home ownership a reality for as many households as possible.</p><p> </p><p>The Lifetime ISA is intended to support younger people saving for their first home or for later life by offering a generous government bonus of 25% on up to £4,000 of savings each year. These funds, including the government bonus, can be used to purchase a first home up to the value of £450,000.</p><p> </p><p>The Government remains of the view that the property price cap is set at an appropriate level to support most first-time buyers across the UK while targeting households that may find it most difficult to get onto the property ladder. The withdrawal charge is needed to protect the LISA’s status as a long-term savings product. Reducing this and would encourage the use of LISAs in ways for which they were not intended.</p><p> </p><p>The Government does not undertake an assessment of the effectiveness of the LISA by region, however the Government regularly publishes annual savings statistics, which includes information on the LISA. (https://www.gov.uk/government/statistics/annual-savings-statistics-2022)</p><p> </p><p>The Government will continue to keep all aspects of savings tax policy under review and considers all representations made carefully, with any changes made as part of the Budget process.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 7375 7601 question first answered 09/01/2024 17:23:54 answering member 4639 label Biography information for Bim Afolami
tabling member	4523 label Biography information for Catherine West

1678492

registered interest
date	18/12/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Government Securities
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how much money his Department has sent the Bank of England to cover its losses on bonds in the 2023-24 financial year to date.
tabling member constituency	Wokingham
tabling member printed	John Redwood
uin	7235
answer	answer is ministerial correction date of answer 09/01/2024 answer text <p>So far in financial year 2023-24, HM Treasury has transferred £33,196 million to the Bank of England to cover losses arising from the Asset Purchase Facility in line with the indemnity provided by HM Treasury. This covers losses incurred from net interest costs and the sale and redemption of bonds.</p><p> </p><p>Data on these quarterly cash transfers between HM Treasury and the Bank of England are made publicly available by the Office for National Statistics (ONS) in their monthly Public Sector Finances publication. The data is available at the following link under the ONS series ID MF7A in worksheet PSA9B:</p><p> </p><p><a href="https://www.ons.gov.uk/economy/governmentpublicsectorandtaxes/publicsectorfinance/datasets/publicsectorfinancesappendixatables110" target="_blank">https://www.ons.gov.uk/economy/governmentpublicsectorandtaxes/publicsectorfinance/datasets/publicsectorfinancesappendixatables110</a></p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 09/01/2024 17:26:08 answering member 4639 label Biography information for Bim Afolami
tabling member	14 label Biography information for Sir John Redwood

1678493

registered interest
date	18/12/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Public Sector: Productivity
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what comparative estimate he has made of the cost of delivering public services due to changes in productivity levels in the 2019-20 and 2023-24 financial years.
tabling member constituency	Wokingham
tabling member printed	John Redwood
uin	7236
answer	answer is ministerial correction date of answer 09/01/2024 answer text <p>Efficiency and productivity are at the heart of the government’s approach to public spending. In June, the Chancellor announced<sup>1</sup> a major public sector productivity programme across all government departments, and set out that if productivity growth in the public sector increased by 0.5% a year, we would stabilise the proportion of GDP consumed by the state by closing the gap between anticipated growth and anticipated spending up to 2050.</p><p> </p><p>No comparative estimate has been made of the cost of delivering public services based on historic changes in productivity.</p><p> </p> answering member constituency Sevenoaks answering member printed Laura Trott question first answered 09/01/2024 14:40:09 answering member 4780 label Biography information for Laura Trott
tabling member	14 label Biography information for Sir John Redwood

1678519

registered interest
date	18/12/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Business: Government Assistance
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has made a recent assessment of the adequacy of the granularity of data produced by the ONS for the purposes of policy decisions relating to support for businesses.
tabling member constituency	Dwyfor Meirionnydd
tabling member printed	Liz Saville Roberts
uin	7373
answer	answer is ministerial correction date of answer 08/01/2024 answer text <p>The government is committed to working closely with the Office for National Statistics (ONS) to ensure continued improvements to data and statistics.</p><p> </p><p>In 2016, Sir Charles Bean published an independent review of economic statistics. This made several recommendations, including to make data more granular and timely through greater use of large scale datasets. The government fully supported those recommendations and has since provided the ONS with £25m to implement them, which led to improvements such as use of VAT data in National Accounts estimates, and the publication of monthly GDP.</p><p> </p><p>Subsequently, at Spending Review 2021, the government funded ONS to undertake a further ambitious programme of improvements to its suite of economic statistics. This includes introducing scanner data into price statistics and further upgrades to the granularity of business statistics through greater use of administrative data.</p> answering member constituency Grantham and Stamford answering member printed Gareth Davies question first answered 08/01/2024 15:00:02 answering member 4850 label Biography information for Gareth Davies
tabling member	4521 label Biography information for Liz Saville Roberts

1678547

registered interest
date	18/12/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Interest Rates: Warwick and Leamington
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 impact of trends in the level of interest rates on homeowners in Warwick and Leamington constituency.
tabling member constituency	Warwick and Leamington
tabling member printed	Matt Western
uin	7378
answer	answer is ministerial correction date of answer 08/01/2024 answer text <p>The pricing and availability of mortgages is a commercial decision for lenders in which the Government does not intervene. However, the Government recognises this is a concerning time for mortgage borrowers.</p><p>Rising interest rates are in part driven by Bank Rate. Monetary policy is the responsibility of the independent Monetary Policy Committee (MPC) of the Bank of England. The MPC continues to have the Government’s full support as it takes action to return inflation to target through its independent monetary policy decisions.</p><p>The average offered mortgage rates on 2-year and 5-year fixed rates have now fallen from their peak in the Summer.</p><p>The Government has taken steps to limit the impact of rising interest rates on mortgage holders, through the Mortgage Charter. This Charter sets out the standards that signatory lenders – who represent over 90% of the UK mortgage market – will adopt when helping their customers.</p><p>We have also taken a number of measures aimed at helping people to avoid repossession, including protection in the courts through the Pre-Action Protocol, the Housing Loss Prevention Advice Service (HLPAS), and Support for Mortgage Interest (SMI) loans. Accordingly, arrears and repossessions remain low by historical standards, despite the rise in interest costs.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 7602 question first answered 08/01/2024 08:15:21 answering member 4639 label Biography information for Bim Afolami
tabling member	4617 label Biography information for Matt Western

1678548

registered interest
date	18/12/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages: Warwick and Leamington
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what information his Department holds on what the average monthly mortgage payment was in Warwick and Leamington constituency in each year since 2010.
tabling member constituency	Warwick and Leamington
tabling member printed	Matt Western
uin	7379
answer	answer is ministerial correction date of answer 08/01/2024 answer text <p>There is a wide variety of data and statistics about the mortgage market in the UK available from the Bank of England (https://www.bankofengland.co.uk/statistics), the Financial Conduct Authority (https://www.fca.org.uk/data) and UK Finance (https://www.ukfinance.org.uk/data-and-research/data).</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 08/01/2024 08:12:27 answering member 4639 label Biography information for Bim Afolami
tabling member	4617 label Biography information for Matt Western