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820663
unstar this property registered interest false remove filter
star this property date less than 2018-01-11more like thismore than 2018-01-11
star this property answering body
HM Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Child Tax Credit more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government how many families have had their tax credits reduced by the two-child limit in each month since the introduction of the limit in April 2017; how many of those families had one or more parents in work; how many families were (1) lone parent families or (2) two-parent families; and what was the number of children per family involved. more like this
star this property tabling member printed
The Lord Bishop of Durham more like this
unstar this property uin HL4633 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2018-01-25more like thismore than 2018-01-25
star this property answer text <p>The government considers the impact of policies on different groups during their development. During the passage of the Welfare Reform and Work Act 2016 we published an Impact Assessment<sup><sup>[1]</sup></sup> for the policy of limiting support in tax credits and Universal Credit. The impact assessment shows the number of Child Tax Credit or Universal Credit claimants who were expected to be affected by the policy over the next five years.</p><p> </p><p>This does not include a number of groups who have received an exception to the policy of limiting support: statistics on these exceptions will be published in due course.</p><p> </p><p>[1] <strong><a href="https://www.parliament.uk/documents/impact-assessments/IA15-006E.pdf" target="_blank">https://www.parliament.uk/documents/impact-assessments/IA15-006E.pdf</a> </strong></p><p> </p> more like this
star this property answering member printed Lord Bates remove filter
star this property question first answered
less than 2018-01-25T16:09:14.073Zmore like thismore than 2018-01-25T16:09:14.073Z
star this property answering member
1091
unstar this property label Biography information for Lord Bates more like this
star this property attachment
1
star this property file name welfare reform document.pdf more like this
star this property title impact assessment more like this
star this property tabling member
4312
star this property label Biography information for The Lord Bishop of Durham more like this
796000
unstar this property registered interest false remove filter
star this property date less than 2017-11-28more like thismore than 2017-11-28
star this property answering body
HM Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Alcoholic Drinks: Excise Duties more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether, prior to the suspension of the alcohol duty escalator announced in the Budget Statement, they conducted a risk assessment of the effects and consequences for the NHS; and if so, what that risk assessment showed. more like this
star this property tabling member printed
Lord Brooke of Alverthorpe more like this
unstar this property uin HL3651 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2017-12-12more like thismore than 2017-12-12
star this property answer text <p>The government ended the alcohol duty escalator for beer in 2013, and for cider, wine and spirits in 2014.</p><p> </p><p>A Tax Impact and Information Note (TIIN) was published alongside these measures which set out the government’s assessment of the impacts of ending the beer duty escalator. The relevant TIINs for the 2013 changes are attached.</p><p> </p><p>For the 2014 changes please see Section A63 of the Overview of Tax Legislation and Rates document which is also attached.</p><p> </p><p>A separate assessment of the specific impact on the NHS was not undertaken.</p><p> </p> more like this
star this property answering member printed Lord Bates remove filter
star this property attachment
1
star this property file name tax and legislation rules .pdf more like this
star this property title Tax and legislation rules more like this
2
star this property file name beer duty rates .pdf more like this
star this property title Beer duty rates more like this
star this property question first answered
less than 2017-12-12T16:38:35.163Zmore like thismore than 2017-12-12T16:38:35.163Z
star this property answering member
1091
unstar this property label Biography information for Lord Bates more like this
star this property tabling member
3335
star this property label Biography information for Lord Brooke of Alverthorpe more like this
823218
unstar this property registered interest false remove filter
star this property date less than 2018-01-15more like thismore than 2018-01-15
star this property answering body
HM Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name CaTreasury more like this
star this property hansard heading Bank Cards: Surcharges more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what measures they are taking to address concerns highlighted by the Federation of Small Businesses regarding the impact of new rules making it unlawful to levy extra charges on customers who pay with credit or debit cards, on small businesses more like this
star this property tabling member printed
Lord Taylor of Warwick more like this
unstar this property uin HL4709 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2018-01-29more like thismore than 2018-01-29
star this property answer text <p>The Government recognises the pressures that small businesses are facing and that the new rules banning surcharging may have an impact on them.</p><p>The Department for Business, Energy and Industrial Strategy has published guidance on the ban, including on how retailers could manage an increase in their costs to accommodate the ban:</p><p><a href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/664065/payment-surcharges-guidance.pdf" target="_blank">https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/664065/payment-surcharges-guidance.pdf</a></p><p> </p><p>The surcharging ban should help to ensure prices are transparent and consumers will not face a hidden fee just for wanting to pay in a particular way. This should help consumers to pick the most competitive deals.</p> more like this
star this property answering member printed Lord Bates remove filter
star this property question first answered
less than 2018-01-29T12:46:40.643Zmore like thismore than 2018-01-29T12:46:40.643Z
star this property answering member
1091
unstar this property label Biography information for Lord Bates more like this
star this property attachment
1
star this property file name payment-surcharges-guidance.pdf more like this
star this property title payment surcharges guidance more like this
star this property tabling member
1796
star this property label Biography information for Lord Taylor of Warwick more like this
895203
unstar this property registered interest false remove filter
star this property date less than 2018-05-01more like thismore than 2018-05-01
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Social Security Benefits: Children more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government, further to the Written Answer by Lord Bates on 29 March (HL6647), whether they will now publish the outcome of the Family Test Assessment on the policy to limit Tax Credits and Universal Credit support to two children. more like this
star this property tabling member printed
Baroness Lister of Burtersett more like this
unstar this property uin HL7463 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2018-05-15more like thismore than 2018-05-15
star this property answer text <p>The government does not routinely publish the Family Test assessment of policies.</p><p> </p><p>An impact assessment of the policy of providing support for a maximum of two children in Child Tax Credits and Universal Credit was published and is available here and attached:</p><p> </p><p>https://www.parliament.uk/documents/impact-assessments/ia15-006e.pdf</p><p> </p><p>The impact assessment considered the impact of the policy on families and other protected groups.</p> more like this
star this property answering member printed Lord Bates remove filter
star this property question first answered
less than 2018-05-15T16:16:24.99Zmore like thismore than 2018-05-15T16:16:24.99Z
star this property answering member
1091
unstar this property label Biography information for Lord Bates more like this
star this property attachment
1
star this property file name ia15-006e.pdf more like this
star this property title impact assessment more like this
star this property tabling member
4234
star this property label Biography information for Baroness Lister of Burtersett more like this
911062
unstar this property registered interest false remove filter
star this property date less than 2018-05-24more like thismore than 2018-05-24
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Customs more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what analysis supports the view of the Chief Executive of Her Majesty's Revenue and Customs that the proposed maximum facilitation customs arrangement after the UK leaves the EU could cost businesses between £17 billion and £20 billion per year. more like this
star this property tabling member printed
Lord Macpherson of Earl's Court more like this
unstar this property uin HL8225 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2018-06-07more like thismore than 2018-06-07
star this property answer text <p>Analysis to support the numbers used by the Chief Executive of Her Majesty’s Revenue and Customs was outlined in a letter to the Chair of the Treasury Select Committee sent on 4 June 2018<sup><sup>[1]</sup></sup>. The letter is also attached.</p><p> </p><p>[1] https://www.parliament.uk/documents/commons-committees/treasury/Correspondence/2017-19/hmrc-customs-costs-040618.pdf</p> more like this
star this property answering member printed Lord Bates remove filter
star this property question first answered
less than 2018-06-07T16:36:12.573Zmore like thismore than 2018-06-07T16:36:12.573Z
star this property answering member
1091
unstar this property label Biography information for Lord Bates more like this
star this property attachment
1
star this property file name hmrc-customs-costs-040618.pdf more like this
star this property title HMRC letter more like this
star this property tabling member
4586
star this property label Biography information for Lord Macpherson of Earl's Court more like this
1064619
unstar this property registered interest false remove filter
star this property date less than 2019-02-20more like thismore than 2019-02-20
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Taxation: EU Action more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government, further to the Written Statement by Lord Bates on 19 January (HLWS1308) concerning the Economic and Financial Affairs Council meeting of 12 February, what position was taken by the UK during the exchange of views on the European Commission’s proposal to move to qualified majority voting in EU taxation policy. more like this
star this property tabling member printed
Lord Stoddart of Swindon more like this
unstar this property uin HL13938 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-03-06more like thismore than 2019-03-06
star this property answer text <p>As set out in an explanatory memorandum dated 5 February 2019,<sup><sup>[1]</sup></sup> the government does not support the use of qualified majority voting (QMV) in the field of taxation and this remains the case following the recent Economic and Financial Affairs Council (ECOFIN) discussion.</p><p> </p><p>[1] <a href="http://europeanmemoranda.cabinetoffice.gov.uk/files/2019/02/Scan.pdf" target="_blank">http://europeanmemoranda.cabinetoffice.gov.uk/files/2019/02/Scan.pdf</a></p> more like this
star this property answering member printed Lord Bates remove filter
star this property question first answered
less than 2019-03-06T12:34:25.37Zmore like thismore than 2019-03-06T12:34:25.37Z
star this property answering member
1091
unstar this property label Biography information for Lord Bates more like this
star this property attachment
1
star this property file name hl13938.pdf more like this
star this property title EM attached. more like this
star this property tabling member
950
star this property label Biography information for Lord Stoddart of Swindon more like this
1011269
unstar this property registered interest false remove filter
star this property date less than 2018-11-20more like thismore than 2018-11-20
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Social Security Benefits: Children more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government, further to the Written Answer by Lord Bates on 5 February (HL5370), whether they have applied the Family Test to the policy to provide support to a maximum of two children; and if so, how the potential impacts on families are being taken into account. more like this
star this property tabling member printed
The Lord Bishop of Portsmouth more like this
unstar this property uin HL11630 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2018-12-04more like thismore than 2018-12-04
star this property answer text <p>The government is committed to supporting families. To achieve this, we introduced the Family Test, which aims to ensure that impacts on family relationships and functioning are recognised early on during the process of policy development and help inform the policy decisions made by Minsters. The Family Test was introduced in 2014, and remains official government policy. The guidance for implementing the Family Test can be found here and is also attached :</p><p><a href="https://www.gov.uk/government/publications/family-test-assessing-the-impact-of-policies-on-families" target="_blank">https://www.gov.uk/government/publications/family-test-assessing-the-impact-of-policies-on-families</a></p><p>The Family Test was considered during the development of the policy to provide support for a maximum of two children in Child Tax Credit and Universal Credit. The published Impact Assessment shows the measure will have a positive impact on overall family stability. The Impact Assessment is attached.</p><p> </p><p> </p><p> </p>
star this property answering member printed Lord Bates remove filter
star this property attachment
1
star this property file name family-test-guidance.pdf more like this
star this property title Family test more like this
2
star this property file name ia15-006e.pdf more like this
star this property title impact asessment more like this
star this property question first answered
less than 2018-12-04T17:09:30.833Zmore like thismore than 2018-12-04T17:09:30.833Z
star this property answering member
1091
unstar this property label Biography information for Lord Bates more like this
star this property tabling member
4314
star this property label Biography information for The Lord Bishop of Portsmouth more like this
1059220
unstar this property registered interest false remove filter
star this property date less than 2019-02-11more like thismore than 2019-02-11
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading National Savings Certificates more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government why they are changing the index on NS&amp;I Index-linked Savings Certificates bought between 2 June 1975 and 7 October 1996 from RPI to CPI; and what is the legal base that enables this change to be made. more like this
star this property tabling member printed
Lord Sharkey more like this
unstar this property uin HL13605 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-02-25more like thismore than 2019-02-25
star this property answer text <p>Index-linked Savings Certificates (ILSCs) have not been on sale since 2011. Customers who purchased ILSCs between 2 June 1975 and 7 October 1996 (Issues 1-9), and who did not provide instructions at maturity to withdraw their funds, subsequently had their funds mature into ‘Index-linked Extension Terms’ (ILETs). ILETs act as a holding account for customers until they request the return of their investment.</p><p> </p><p>The number of ILET holders and total value of ILETs since 2012 and forecasts for the next 10 years are provided in the first attachment.. NS&amp;I undertook a data migration in 2012 therefore data is provided from that point forward.</p><p> </p><p> </p><p> </p><p>Interest earned on ILETs is normally held separately to the investment and paid out when customers claim their funds. However, in 2012 NS&amp;I capitalised interest into accounts. Therefore, the figures in the table do not include interest earned since 2012 (totalling c£30 million).</p><p> </p><p>ILETs currently earn interest equal to RPI. Starting 1 May 2019, from the day and month the original investment was made (the ‘anniversary date’), each ILET will earn interest based on CPI. On this day, outstanding interest will be capitalised into the account, with interest earned after this date continuing to be held separately. NS&amp;I does not hold an anniversary date for the oldest investments (Issues 1 and 2). For these issues, an anniversary date of 11 November has been set. This corresponds with the date in 2012 that NS&amp;I last capitalised interest into these accounts.</p><p> </p><p>NS&amp;I has the right to change the terms and conditions of ILETs at any time after the expiration of the original term. Customers are being notified at least 60 days in advance of the change taking effect, via correspondence and public notices published in the Daily Express, Daily Mail, Daily Telegraph and The Times on 8 February 2019.</p><p> </p><p>The forecast reduction in interest payments caused by the change in the index from RPI to CPI of Index-linked Extension Terms is provided in the second attachment.</p><p>As NS&amp;I announced at Budget 2018, from 1 May 2019 holders of ILSCs who chose to renew their investments into a new term would also receive interest based on CPI rather than RPI. The changes to ILETs and ILSCs recognise the reduced use of RPI by successive governments and is in line with NS&amp;I’s need to balance the interests of its savers, the cost to the taxpayer, and the stability of the broader financial services sector.</p><p> </p><p>The Government issues wholesale gilts through the Debt Management Office. In the past 10 years, the only index-linked products issued by the Debt Management Office have been Index Linked Gilts, which are linked to RPI. The Government recognises the flaws in the way RPI is measured and have made progress in moving away from using it. However, given the extensive use of RPI across the public and private sectors, further moves away from the measure are complex and potentially costly. As set out at Budget, the government’s objective is that it will reduce the use of RPI when and where practicable. At the present time there are no current plans to stop issuing RPI-linked gilts.</p><p><strong> </strong></p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p>
star this property answering member printed Lord Bates remove filter
star this property attachment
1
star this property file name Number of ILET holders.docx more like this
star this property title Attachment 1 more like this
2
star this property file name Interest saving.docx more like this
star this property title Attachment 2 more like this
star this property grouped question UIN
HL13606 more like this
HL13607 more like this
HL13608 more like this
HL13609 more like this
HL13610 more like this
star this property question first answered
less than 2019-02-25T14:20:35.227Zmore like thismore than 2019-02-25T14:20:35.227Z
star this property answering member
1091
unstar this property label Biography information for Lord Bates more like this
star this property tabling member
4196
star this property label Biography information for Lord Sharkey more like this
1059221
unstar this property registered interest false remove filter
star this property date less than 2019-02-11more like thismore than 2019-02-11
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading National Savings Certificates more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what estimate they have made of the benefit that will accrue to HM Treasury from the change in the index from RPI to CPI of NS&amp;I Index-linked Savings Certificates bought between 2 June 1975 and 7 October 1996. more like this
star this property tabling member printed
Lord Sharkey more like this
unstar this property uin HL13606 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-02-25more like thismore than 2019-02-25
star this property answer text <p>Index-linked Savings Certificates (ILSCs) have not been on sale since 2011. Customers who purchased ILSCs between 2 June 1975 and 7 October 1996 (Issues 1-9), and who did not provide instructions at maturity to withdraw their funds, subsequently had their funds mature into ‘Index-linked Extension Terms’ (ILETs). ILETs act as a holding account for customers until they request the return of their investment.</p><p> </p><p>The number of ILET holders and total value of ILETs since 2012 and forecasts for the next 10 years are provided in the first attachment.. NS&amp;I undertook a data migration in 2012 therefore data is provided from that point forward.</p><p> </p><p> </p><p> </p><p>Interest earned on ILETs is normally held separately to the investment and paid out when customers claim their funds. However, in 2012 NS&amp;I capitalised interest into accounts. Therefore, the figures in the table do not include interest earned since 2012 (totalling c£30 million).</p><p> </p><p>ILETs currently earn interest equal to RPI. Starting 1 May 2019, from the day and month the original investment was made (the ‘anniversary date’), each ILET will earn interest based on CPI. On this day, outstanding interest will be capitalised into the account, with interest earned after this date continuing to be held separately. NS&amp;I does not hold an anniversary date for the oldest investments (Issues 1 and 2). For these issues, an anniversary date of 11 November has been set. This corresponds with the date in 2012 that NS&amp;I last capitalised interest into these accounts.</p><p> </p><p>NS&amp;I has the right to change the terms and conditions of ILETs at any time after the expiration of the original term. Customers are being notified at least 60 days in advance of the change taking effect, via correspondence and public notices published in the Daily Express, Daily Mail, Daily Telegraph and The Times on 8 February 2019.</p><p> </p><p>The forecast reduction in interest payments caused by the change in the index from RPI to CPI of Index-linked Extension Terms is provided in the second attachment.</p><p>As NS&amp;I announced at Budget 2018, from 1 May 2019 holders of ILSCs who chose to renew their investments into a new term would also receive interest based on CPI rather than RPI. The changes to ILETs and ILSCs recognise the reduced use of RPI by successive governments and is in line with NS&amp;I’s need to balance the interests of its savers, the cost to the taxpayer, and the stability of the broader financial services sector.</p><p> </p><p>The Government issues wholesale gilts through the Debt Management Office. In the past 10 years, the only index-linked products issued by the Debt Management Office have been Index Linked Gilts, which are linked to RPI. The Government recognises the flaws in the way RPI is measured and have made progress in moving away from using it. However, given the extensive use of RPI across the public and private sectors, further moves away from the measure are complex and potentially costly. As set out at Budget, the government’s objective is that it will reduce the use of RPI when and where practicable. At the present time there are no current plans to stop issuing RPI-linked gilts.</p><p><strong> </strong></p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p>
star this property answering member printed Lord Bates remove filter
star this property attachment
1
star this property file name Number of ILET holders.docx more like this
star this property title Attachment 1 more like this
2
star this property file name Interest saving.docx more like this
star this property title Attachment 2 more like this
star this property grouped question UIN
HL13605 more like this
HL13607 more like this
HL13608 more like this
HL13609 more like this
HL13610 more like this
star this property question first answered
less than 2019-02-25T14:20:35.31Zmore like thismore than 2019-02-25T14:20:35.31Z
star this property answering member
1091
unstar this property label Biography information for Lord Bates more like this
star this property tabling member
4196
star this property label Biography information for Lord Sharkey more like this
1059222
unstar this property registered interest false remove filter
star this property date less than 2019-02-11more like thismore than 2019-02-11
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading National Savings Certificates more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what is the total outstanding value of, and interest credited on, NS&amp;I Index-linked Savings Certificates bought between 2 June 1975 and 7 October 1996 for each of the last 10 years; and what projections have been made for outstanding value and interest credited for each of the next 10 years. more like this
star this property tabling member printed
Lord Sharkey more like this
unstar this property uin HL13607 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-02-25more like thismore than 2019-02-25
star this property answer text <p>Index-linked Savings Certificates (ILSCs) have not been on sale since 2011. Customers who purchased ILSCs between 2 June 1975 and 7 October 1996 (Issues 1-9), and who did not provide instructions at maturity to withdraw their funds, subsequently had their funds mature into ‘Index-linked Extension Terms’ (ILETs). ILETs act as a holding account for customers until they request the return of their investment.</p><p> </p><p>The number of ILET holders and total value of ILETs since 2012 and forecasts for the next 10 years are provided in the first attachment.. NS&amp;I undertook a data migration in 2012 therefore data is provided from that point forward.</p><p> </p><p> </p><p> </p><p>Interest earned on ILETs is normally held separately to the investment and paid out when customers claim their funds. However, in 2012 NS&amp;I capitalised interest into accounts. Therefore, the figures in the table do not include interest earned since 2012 (totalling c£30 million).</p><p> </p><p>ILETs currently earn interest equal to RPI. Starting 1 May 2019, from the day and month the original investment was made (the ‘anniversary date’), each ILET will earn interest based on CPI. On this day, outstanding interest will be capitalised into the account, with interest earned after this date continuing to be held separately. NS&amp;I does not hold an anniversary date for the oldest investments (Issues 1 and 2). For these issues, an anniversary date of 11 November has been set. This corresponds with the date in 2012 that NS&amp;I last capitalised interest into these accounts.</p><p> </p><p>NS&amp;I has the right to change the terms and conditions of ILETs at any time after the expiration of the original term. Customers are being notified at least 60 days in advance of the change taking effect, via correspondence and public notices published in the Daily Express, Daily Mail, Daily Telegraph and The Times on 8 February 2019.</p><p> </p><p>The forecast reduction in interest payments caused by the change in the index from RPI to CPI of Index-linked Extension Terms is provided in the second attachment.</p><p>As NS&amp;I announced at Budget 2018, from 1 May 2019 holders of ILSCs who chose to renew their investments into a new term would also receive interest based on CPI rather than RPI. The changes to ILETs and ILSCs recognise the reduced use of RPI by successive governments and is in line with NS&amp;I’s need to balance the interests of its savers, the cost to the taxpayer, and the stability of the broader financial services sector.</p><p> </p><p>The Government issues wholesale gilts through the Debt Management Office. In the past 10 years, the only index-linked products issued by the Debt Management Office have been Index Linked Gilts, which are linked to RPI. The Government recognises the flaws in the way RPI is measured and have made progress in moving away from using it. However, given the extensive use of RPI across the public and private sectors, further moves away from the measure are complex and potentially costly. As set out at Budget, the government’s objective is that it will reduce the use of RPI when and where practicable. At the present time there are no current plans to stop issuing RPI-linked gilts.</p><p><strong> </strong></p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p>
star this property answering member printed Lord Bates remove filter
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star this property file name Number of ILET holders.docx more like this
star this property title Attachment 1 more like this
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star this property file name Interest saving.docx more like this
star this property title Attachment 2 more like this
star this property grouped question UIN
HL13605 more like this
HL13606 more like this
HL13608 more like this
HL13609 more like this
HL13610 more like this
star this property question first answered
less than 2019-02-25T14:20:35.387Zmore like thismore than 2019-02-25T14:20:35.387Z
star this property answering member
1091
unstar this property label Biography information for Lord Bates more like this
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4196
star this property label Biography information for Lord Sharkey more like this