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1717442

registered interest
date	13/05/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Growth
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what steps they are taking to leverage the positive growth momentum reported in the first quarter of 2024, particularly in sectors such as housing and recreation, to stimulate further economic expansion and job creation.
tabling member printed	Lord Taylor of Warwick
uin	HL4607
answer	answer is ministerial correction date of answer 20/05/2024 answer text <p>The government continues to pursue an ambitious policy agenda to increase growth and productivity across the economy.</p><p> </p><p>Alongside wider pro-growth measures announced at recent fiscal events, the Government is taking action in relation to housing and recreation. To ensure that people can live where they want to and meet the needs of the UK’s growing, cutting-edge industries, the Spring Budget allocated over £260 million to build more homes now. The Government also set out further detail on plans to support growth in Cambridge with long-term funding at the next Spending Review, to build on the success of the UK’s third most productive city.</p><p> </p><p>The Government is also taking action to leverage growth in recreation. We have committed to the Creative Industries Sector Vision which sets out our vision for the sector to become an even greater growth engine, with a goal to support 1 million more creative jobs by 2030. At Spring Budget 2024, the Government announced a package that will provide over £1 billion in additional tax relief over the next five years.</p> answering member printed Baroness Vere of Norbiton question first answered 20/05/2024 13:56:57 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1717040

registered interest
date	09/05/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Small Businesses: Loans
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 bank loan application success rates of small and medium-sized enterprises.
tabling member printed	Lord Taylor of Warwick
uin	HL4546
answer	answer is ministerial correction date of answer 15/05/2024 answer text <p>The Government recognises the vital importance small and medium-sized enterprises (SMEs) and is committed to supporting SMEs grow and create jobs by providing an environment in which they can thrive.</p><p> </p><p>Access to finance for small businesses is important to drive growth. The government supports that access through the Recovery Loan Scheme, which offers a 70% government guarantee on loans to SMEs</p><p>of up to £2 million. The scheme has supported over £5.3 billion of finance to SMEs since its introduction in April 2021.</p><p> </p><p>At the 2024 Spring Budget, the Government announced that the Recovery Loan Scheme would be extended to the end of March 2026, and renamed as the Growth Guarantee Scheme.</p> answering member printed Baroness Vere of Norbiton question first answered 15/05/2024 16:00:39 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1715448

registered interest
date	01/05/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Foreign Investment in UK
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what steps they are taking to (1) retain, and (2) attract, foreign financial firms and jobs in the UK.
tabling member printed	Lord Taylor of Warwick
uin	HL4309
answer	answer is ministerial correction date of answer 15/05/2024 answer text <p>Financial and related professional services employ more than 2 million people in the UK and the Government is committed to ensuring the UK remains the location of choice for top talent from across the world. This is part of the Government’s mission to ensure the UK retains its position as one of the most innovative and competitive financial centres in the world. Most recently, at Spring Budget 2024, the Chancellor updated on the ambitious package of reforms which will help to deliver the Government’s vision for a financial sector that is open, sustainable, technologically innovative, and globally competitive.</p> answering member printed Baroness Vere of Norbiton question first answered 15/05/2024 16:00:12 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1715062

registered interest
date	30/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Housing: Sales
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 12 per cent increase in house sales during April; and what steps they are taking to support first-time buyers.
tabling member printed	Lord Taylor of Warwick
uin	HL4243
answer	answer is ministerial correction date of answer 14/05/2024 answer text <p>The most comprehensive measure of UK property transactions is published by HMRC. According to this measure, residential property transactions rose by 1% in March 2024 compared to February, the third consecutive monthly increase.</p><p> </p><p>The Government continues to monitor developments in the housing market closely and consider the implications.</p><p> </p> answering member printed Baroness Vere of Norbiton question first answered 14/05/2024 14:39:49 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1715064

registered interest
date	30/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Small Businesses: Taxation
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 impact of HMRC's reported customer service issues on tax compliance among small businesses; and what steps they are taking to mitigate this impact.
tabling member printed	Lord Taylor of Warwick
uin	HL4245
answer	answer is ministerial correction date of answer 09/05/2024 answer text <p>Small businesses play a vital role in the UK economy. The majority want to meet their obligations and pay their fair share of tax, but many struggle to understand tax rules, lack confidence and find the process of complying burdensome. In response, HMRC is investing in approaches to help support including simplifying guidance whilst Making Tax Digital for VAT and data analytics have helped reduce errors. HMRC is also targeting investigations at those who bend or break the rules to help create a level playing field for the honest majority.</p><p> </p> answering member printed Baroness Vere of Norbiton question first answered 09/05/2024 12:14:35 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1714633

registered interest
date	29/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Companies: Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, following the recent decline in corporate insolvencies, what steps they are taking to (1) identify the factors they believe contributed to this reduction, and (2) ensure this trend continues.
tabling member printed	Lord Taylor of Warwick
uin	HL4182
answer	answer is ministerial correction date of answer 13/05/2024 answer text <p>The Government was pleased to see that statistics reported by the Insolvency Service showed the number of corporate insolvencies in March 2024 had fallen by 28% compared to March 2023.</p><p>The Government continues to help businesses, including through a swathe of policy measures in the Autumn explicitly aimed at ‘Backing British business’. Recent and current Government policies supporting businesses include:</p><p>· Energy Bills Discount Scheme that provided discounts on high energy bills to eligible businesses and other non-domestic energy users from April 2023 to April 2024, with higher support to businesses in energy / trade intensive sectors.</p><p>· Continued frozen small business rates multiplier and business rates relief for the Retail, Hospitality and Leisure sector, the latter policy supporting around 230,000 properties up to £110,000 per business. Transitional Relief to protect ratepayers facing bill increases due to rising rateable value and scrapping ‘downwards caps’.</p><p>· Payment and cashflow review outlining measures to combat late payments that can jeopardise stable cashflows, and penalising late paying firms by exempting those paying invoices after an average of 55 days from bidding for Government contracts worth over £5mn.</p><p>The Government will continue to monitor the UK corporate sector, including insolvency trends, using official data and engaging with firms and business groups to inform policy decisions.</p> answering member printed Baroness Vere of Norbiton question first answered 13/05/2024 15:54:57 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1714013

registered interest
date	25/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	New Businesses
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, further to recent data released by S&P Global showing that April had the fastest rise in business activity since last May, what steps they are taking to sustain this momentum and ensure continued economic growth.
tabling member printed	Lord Taylor of Warwick
uin	HL4120
answer	answer is ministerial correction date of answer 01/05/2024 answer text <p>The government is continuing to pursue an ambitious policy agenda to increase sustainable economic growth and productivity across the economy. This includes making full expensing permanent, announcing measures to boost labour supply, backing the UK’s priority growth sectors, and addressing long-term barriers to investment through planning and grid connection reforms.</p><p> </p><p>The IMF forecasts that the UK will have the third fastest cumulative growth in the G7 over the 2024-2029 period and the OBR expects that policies announced in the previous three fiscal events will increase the size of the economy by 0.7% by 2028-29.</p> answering member printed Baroness Vere of Norbiton grouped question UIN HL4056 question first answered 01/05/2024 16:19:41 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1713736

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	Public Sector Debt
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what steps they are taking to reduce public sector debt from its current level of 98.3 per cent of GDP.
tabling member printed	Lord Taylor of Warwick
uin	HL4086
answer	answer is ministerial correction date of answer 09/05/2024 answer text <p>The government is committed to sustainable public finances and reducing debt, while cutting taxes and boosting economic growth. This will involve managing public spending responsibly and increasing productivity through the Public Sector Productivity Programme, while maintaining high-quality public services.</p><p> </p><p>The government’s fiscal mandate is for Public Sector Net Debt excluding the Bank of England to fall as a percentage of GDP by the fifth year of the rolling forecast. In March, the independent Office for Budget Responsibility confirmed the government is on track to meet this rule, with debt falling from 93.2% (2027-28) to 92.9% (2028-29). Public sector net debt (“headline debt”) is also forecast to fall from 98.3% of GDP this year, to 94.3% in 2028-29.</p> answering member printed Baroness Vere of Norbiton question first answered 09/05/2024 15:27:06 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1713737

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	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what steps they are taking to support the extension of long-term fixed-rate mortgage options to borrowers.
tabling member printed	Lord Taylor of Warwick
uin	HL4087
answer	answer is ministerial correction date of answer 09/05/2024 answer text <p>The pricing and availability of mortgages is a commercial decision for lenders in which the Government does not intervene.</p><p> </p><p>However, lenders in the UK already do offer this type of mortgage product, and those looking to take out a long-term fixed rate mortgage are encouraged to shop around and speak to a broker to find the best possible product for them.</p> answering member printed Baroness Vere of Norbiton question first answered 09/05/2024 15:26:45 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1713314

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	Inflation
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what plans they have to address the impact of rising inflation on household budgets while stimulating consumer spending, given the stagnation of retail sales between February and March.
tabling member printed	Lord Taylor of Warwick
uin	HL4055
answer	answer is ministerial correction date of answer 02/05/2024 answer text <p>The government is fully committed to supporting the Bank get inflation back down to the 2% target, including by keeping borrowing under control. Inflation has also come down significantly, to less than half its 2022 peak.</p><p> </p><p>Over the past two years, the government has provided support to help households with the cost of living totalling £96 billion – an average of £3400 per UK household. Further support announced by the government for 2024-25 includes extending the Household Support Fund, cutting National Insurance Contributions (NICs) and raising the National Living Wage (NLW).</p><p> </p><p> </p><p>ONS retail sales growth was flat in March, following growth of 0.1% in February. However, due to a significant rebound in January, retail sales increased by 1.9% on the quarter. This represents the strongest quarterly growth since Q2 2021.</p> answering member printed Baroness Vere of Norbiton question first answered 02/05/2024 11:29:03 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick