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172715

	registered interest
	date	08/01/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Finance
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what was the annual budget deficit and what was the structural deficit for each of the last 20 years; and what is their estimate of those figures for the current year and the next two years.
	tabling member printed	Lord Greaves
	uin	HL4035
	answer	answer is ministerial correction date of answer 14/01/2015 answer text <p>&quot;The independent Office for Budget Responsibility publishes this information in its ‘public finances databank’, the deficit being ‘Public sector net borrowing’ (PSNB) and the structural deficit being ‘Cyclically-adjusted net borrowing’ (CANB). The data are set out in the table below:</p><p> </p><p> </p><p> </p><table><tbody><tr><td><p>£bn</p></td><td><p>1994-95</p></td><td><p>1995-96</p></td><td><p>1996-97</p></td><td><p>1997-98</p></td><td><p>1998-99</p></td><td><p>1999-00</p></td><td><p>2000-01</p></td><td><p>2001-02</p></td></tr><tr><td><p>PSNB</p></td><td><p>43.8</p></td><td><p>35.3</p></td><td><p>27.7</p></td><td><p>5.8</p></td><td><p>-4.6</p></td><td><p>-14.8</p></td><td><p>-17.2</p></td><td><p>0.6</p></td></tr><tr><td><p>CANB</p></td><td><p>37.8</p></td><td><p>25.6</p></td><td><p>24</p></td><td><p>14.1</p></td><td><p>7.9</p></td><td><p>-1</p></td><td><p>-5.1</p></td><td><p>7.7</p></td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td><p>£bn</p></td><td><p>2002-03</p></td><td><p>2003-04</p></td><td><p>2004-05</p></td><td><p>2005-06</p></td><td><p>2006-07</p></td><td><p>2007-08</p></td><td><p>2008-09</p></td><td><p>2009-10</p></td></tr><tr><td><p>PSNB</p></td><td><p>26.6</p></td><td><p>31.5</p></td><td><p>43.6</p></td><td><p>41</p></td><td><p>36.3</p></td><td><p>40.3</p></td><td><p>100.3</p></td><td><p>153</p></td></tr><tr><td><p>CANB</p></td><td><p>27.2</p></td><td><p>36.4</p></td><td><p>52.3</p></td><td><p>48.8</p></td><td><p>44.7</p></td><td><p>58.3</p></td><td><p>99.5</p></td><td><p>121.9</p></td></tr><tr><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td><td> </td></tr><tr><td><p>£bn</p></td><td><p>2011-12</p></td><td><p>2012-13</p></td><td><p>2013-14</p></td><td><p>2014-15</p></td><td><p>2015-16</p></td><td><p>2016-17</p></td><td> </td><td> </td></tr><tr><td><p>PSNB</p></td><td><p>112.4</p></td><td><p>119.4</p></td><td><p>97.5</p></td><td><p>91.3</p></td><td><p>75.9</p></td><td><p>40.9</p></td><td> </td><td> </td></tr><tr><td><p>CANB</p></td><td><p>81.8</p></td><td><p>86.2</p></td><td><p>70.6</p></td><td><p>77.4</p></td><td><p>68</p></td><td><p>34.8</p></td><td> </td><td> </td></tr></tbody></table><p> </p><p> </p><p> </p><p>The outturn years are consistent with data published by the Office for National Statistics and the forecast years consistent with the ‘Economic and fiscal outlook’ published by the Office for Budget Responsibility in December 2014.</p><p> </p> answering member printed Lord Deighton question first answered 14/01/2015 17:34:10 answering member 4262 label Biography information for Lord Deighton
	tabling member	2569 label Biography information for Lord Greaves

1699276

	registered interest
	date	27/03/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Finance
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government whether any work is underway to prepare for a fiscal event outside of the usual Treasury timetable.
	tabling member printed	Lord Browne of Ladyton
	uin	HL3659
	answer	answer is ministerial correction date of answer 08/04/2024 answer text <p>The Treasury develops policy throughout the year, in line with the Chancellor’s priorities and regardless of whether a date for a fiscal event has been announced.</p><p>The government is required by law to commission the Office for Budget Responsibility (OBR) to produce two forecasts per year and to hold a Budget each fiscal year.</p><p>The Chancellor has not announced the date of the next fiscal event.</p> answering member printed Baroness Vere of Norbiton question first answered 08/04/2024 14:17:14 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	620 label Biography information for Lord Browne of Ladyton

172714

	registered interest
	date	08/01/2015
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Finance
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government how, for the purposes of official statistics, they define (1) the annual budget deficit, (2) the structural deficit, and (3) the cyclical deficit.
	tabling member printed	Lord Greaves
	uin	HL4034
	answer	answer is ministerial correction date of answer 15/01/2015 answer text <p>The annual budget deficit is also referred to as Public Sector Net Borrowing (PSNB). The Office for National Statistics (ONS) defines PSNB as the difference between public sector receipts and expenditure as measured by National Accounts. It also equals the net balance of the public sector’s net acquisition of financial liabilities less its acquisition of financial assets. In December 2009, the ONS defined an alternative measure of PSNB excluding the temporary effects of the financial sector interventions (PSNBex).</p><p> </p><p>Typically PSNB excluding banks (PSNBex) is the measure that is used to describe the public finances. Further information on ONS definitions of the Public Finances can be found in the latest Public Sector Finance (PSF) release from December 2014<sup><sup>[1]</sup></sup>.</p><p> </p><p>The cyclically adjusted deficit and cyclical deficit are not official statistics. These measures are estimates by the Office for Budget Responsibility (OBR) based on assessments of the output gap. Information on how these are derived can be found in the OBR’s Working Paper No. 3: Cyclically Adjusting the Public Finances which can be found on the OBR’s website<sup><sup>[2]</sup></sup>.</p><p> </p><p> </p><p>[1] <a href="http://www.ons.gov.uk/ons/rel/psa/public-sector-finances/november-2014/stb-nov-2014.html" target="_blank">http://www.ons.gov.uk/ons/rel/psa/public-sector-finances/november-2014/stb-nov-2014.html</a></p><p>[2] <a href="http://budgetresponsibility.org.uk/wordpress/docs/Working-paper-No3.pdf" target="_blank">http://budgetresponsibility.org.uk/wordpress/docs/Working-paper-No3.pdf</a></p><p> </p> answering member printed Lord Deighton question first answered 15/01/2015 17:45:51 answering member 4262 label Biography information for Lord Deighton
	tabling member	2569 label Biography information for Lord Greaves

1139077

	registered interest
	date	15/07/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Finance
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government, further to the Written Answer by Lord Young of Cookham on 8 July (HL16704), whether they will carry out a cumulative impact assessment of tax and spending decisions by gendered household type, which avoids the need to make assumptions about income sharing within households.
	tabling member printed	Baroness Lister of Burtersett
	uin	HL17162
	answer	answer is ministerial correction date of answer 22/07/2019 answer text <p>The government carefully considers the impact of its decisions on those sharing protected characteristics - including gender - in line with both its legal obligations and with its strong commitment to promoting fairness.</p><p>However, analysis of the impact of tax and spending decisions by gendered household type will present a partial picture of the impact of policy decisions on different genders as most people live in households with other people.</p> answering member printed Lord Young of Cookham question first answered 22/07/2019 12:57:39 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	4234 label Biography information for Baroness Lister of Burtersett

1149847

	registered interest
	date	15/10/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Finance
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of the prediction by the Institute for Fiscal Studies that a no-deal Brexit would increase borrowing to £92 billion a year and total debt as a share of national income would rise by 2024 to 83 per cent.
	tabling member printed	Lord Taylor of Warwick
	uin	HL139
	answer	answer is ministerial correction date of answer 22/10/2019 answer text <p>The government’s medium-term economic and fiscal forecasting is undertaken by the Office for Budget Responsibility in line with its statutory duty. In line with its remit, the OBR’s forecasts include the economic and fiscal impact of government policy on EU exit where the effects can be quantified with reasonable accuracy. The OBR has said that it will adjust its Brexit assumptions when more detail is available on the future trade and migration relationship between the UK and EU.</p><p> </p><p>The Office for Budget Responsibility will produce a new economic and fiscal forecast at the forthcoming Budget.</p> answering member printed The Earl of Courtown question first answered 22/10/2019 15:14:02 answering member 3359 label Biography information for The Earl of Courtown
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1677577

	registered interest
	date	12/12/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Finance
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what is their response to the Institute for Fiscal Studies' assessment that (1) the Autumn Statement has extended the squeeze on public service spending to 2028–29, (2) the growth outlook has weakened, and (3) inflation is expected to stay higher for longer.
	tabling member printed	Lord Hunt of Kings Heath
	uin	HL1106
	answer	answer is ministerial correction date of answer 21/12/2023 answer text <p>Total departmental spending in the next Parliament will continue to grow above inflation. Taken together with the significant increase (3.2% a year on average in real terms) in total departmental spending over the current Parliament, this means that total departmental spending will be £85 billion higher in real terms by 2028-29 than at the start of this Parliament (2019-20).</p><p> </p><p>Earlier in the year many were predicting a recession, now the economy is growing in every year of the OBR forecast and the GDP level throughout the forecast is higher than forecast at Spring. The combined impact of Autumn Statement and Spring Budget policies are expected to permanently increase the size of the economy by 0.5% by the end of the forecast.</p><p> </p><p>Inflation has been more persistent than the OBR forecast at Spring Budget 2023. The OBR has judged that high energy costs since Putin’s illegal invasion of Ukraine have had a more significant impact on inflation than it previously thought. However, we have met the PM’s priority to halve inflation this year, with inflation falling to 3.9% in November. The OBR says that Autumn Statement policies do not ‘have a material impact on the path of inflation’, and they slightly reduce inflation in 2024-25.</p> answering member printed Baroness Vere of Norbiton question first answered 21/12/2023 14:33:41 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	2024 label Biography information for Lord Hunt of Kings Heath

1047677

	registered interest
	date	24/01/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Finance
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, how much of the national insurance surplus has been spent on reducing national debt in each year since 2015.
	tabling member constituency	Cardiff South and Penarth
	tabling member printed	Stephen Doughty
	uin	212370
	answer	answer is ministerial correction date of answer 29/01/2019 answer text <p>The National Insurance Fund (NIF) is financed on a pay-as-you-go basis with receipts collected in one year used to pay for contributory benefits paid out in the same year. Surplus funds are transferred to the NIF Investment Account. The NIF Accounts present the receipts, payments and balance of the NIF at the end of each financial year. The accounts are available here: https://www.gov.uk/government/publications/national-insurance-fund-accounts</p> answering member constituency Central Devon answering member printed Mel Stride question first answered 29/01/2019 16:06:17 answering member 3935 label Biography information for Mel Stride
	tabling member	4264 label Biography information for Stephen Doughty

1455425

	registered interest
	date	29/03/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Finance
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, for what reason his Department's distributional analysis accompanying the Spring Statement 2022 combined all tax, welfare and public service spending decisions since the Spending Round 2019; and what plans his Department has to publish a separate distributional analysis for each fiscal event during that period.
	tabling member constituency	Oxford East
	tabling member printed	Anneliese Dodds
	uin	149356
	answer	answer is ministerial correction date of answer 06/04/2022 answer text <p>At each fiscal event HM Treasury has regularly published distributional analysis of the impact of tax, welfare and spending decisions on households.</p><p> </p><p>The aim of the government’s distributional analysis is to present a comprehensive picture of the net effect of tax or welfare changes on household incomes, as well as the impact of public spending decisions, in the round. As each policy decision will have a different effect on households, presenting the total impact over a relatively long time period provides a more robust, comprehensive and stable approach than looking at every policy individually.</p><p> </p><p>Distributional analysis published at Spring Statement 2022 shows that in 2024-25, the tax, welfare and spending decisions made since Spending Round 2019 (SR19) will have benefitted the poorest households most (as a percentage of income). The impact of government policy since SR19 on the bottom four deciles is expected to be worth more than £1,000 a year, while there will have been a net benefit on average for the poorest 80% of households.</p><p> </p> answering member constituency Middlesbrough South and East Cleveland answering member printed Mr Simon Clarke question first answered 06/04/2022 10:22:22 answering member 4655 label Biography information for Sir Simon Clarke
	tabling member	4657 label Biography information for Anneliese Dodds

1455283

	registered interest
	date	29/03/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Finance
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the regional distribution of measures announced in the 2022 Spring Statement; and if he will place a copy of that assessment in the Library.
	tabling member constituency	Leeds West
	tabling member printed	Rachel Reeves
	uin	149226
	answer	answer is ministerial correction date of answer 19/04/2022 answer text <p>The Chancellor’s Spring Statement on 23 March 2022 announced a number of measures to support households and businesses in every region and nation of the UK and to relieve the immediate pressure on our cost of living. This includes cutting National Insurance by aligning the Primary Threshold and Lower Profits Limit with the income tax personal allowance from July 2022 – a tax cut worth over £6 billion – and cutting the duty rate on petrol and diesel by 5p per litre for a year, saving the average UK car driver around £100.</p><p> </p><p>It sets out that taxes are being cut, debt is falling and public spending is increasing, for the benefit of every region and nation in the UK.</p> answering member constituency Middlesbrough South and East Cleveland answering member printed Mr Simon Clarke grouped question UIN 151089 151090 151091 question first answered 19/04/2022 14:40:51 answering member 4655 label Biography information for Sir Simon Clarke
	tabling member	4031 label Biography information for Rachel Reeves

1455535

	registered interest
	date	29/03/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Finance
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment she has made of the distributional impact of financial decisions announced since the Spending Round 2019 on households in 2024-25, excluding benefits-in-kind from public services.
	tabling member constituency	Erith and Thamesmead
	tabling member printed	Abena Oppong-Asare
	uin	149419
	answer	answer is ministerial correction date of answer 19/04/2022 answer text <p>The Chancellor’s assessment of the cash impact of tax and welfare decisions is shown in Chart 1.C, of “Impact on households: distributional analysis to accompany Spring Statement 2022”, where it is presented alongside the impact of benefits-in-kind from public services.</p><p> </p><p>Taking into account spending on public services provides a more complete picture of Government policy, as it is an important element of the overall support provided by the government to households.</p> answering member constituency Middlesbrough South and East Cleveland answering member printed Mr Simon Clarke question first answered 19/04/2022 07:19:55 answering member 4655 label Biography information for Sir Simon Clarke
	tabling member	4820 label Biography information for Abena Oppong-Asare