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1416154

	registered interest
	date	24/01/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Actuaries
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government when they will publish their proposals to reform the regulation of the actuarial profession.
	tabling member printed	Baroness Hayter of Kentish Town
	uin	HL5620
	answer	answer is ministerial correction date of answer 07/02/2022 answer text <p>HM Government consulted publicly on its proposals to reform the regulation of the actuarial profession in chapter 11.2 of its White Paper ‘Restoring trust in audit and corporate governance’. As part of the consultation process, the Government has held discussions with a range of actuarial stakeholders.</p><p>The Government is considering the responses to its consultation and will respond in due course.</p> answering member printed Baroness Penn grouped question UIN HL5621 HL5622 HL5623 question first answered 07/02/2022 16:42:15 answering member 4726 label Biography information for Baroness Penn
	tabling member	4159 label Biography information for Baroness Hayter of Kentish Town

1416155

	registered interest
	date	24/01/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Actuaries
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what discussions they have had with stakeholders to ensure the future governance of the proposed model for the Auditing, Reporting and Governance Authority (ARGA) takes account of the distinctness of the actuarial professional from the audit and accountancy profession.
	tabling member printed	Baroness Hayter of Kentish Town
	uin	HL5621
	answer	answer is ministerial correction date of answer 07/02/2022 answer text <p>HM Government consulted publicly on its proposals to reform the regulation of the actuarial profession in chapter 11.2 of its White Paper ‘Restoring trust in audit and corporate governance’. As part of the consultation process, the Government has held discussions with a range of actuarial stakeholders.</p><p>The Government is considering the responses to its consultation and will respond in due course.</p> answering member printed Baroness Penn grouped question UIN HL5620 HL5622 HL5623 question first answered 07/02/2022 16:42:15 answering member 4726 label Biography information for Baroness Penn
	tabling member	4159 label Biography information for Baroness Hayter of Kentish Town

1416156

	registered interest
	date	24/01/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Actuaries
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether a separate assessment has been made of the (1) proportionality, and (2) cost, of proposed reforms to actuarial regulation, distinct from the audit profession, in the transition from the Financial Reporting Council (FRC) to the Auditing, Reporting and Governance Authority (ARGA).
	tabling member printed	Baroness Hayter of Kentish Town
	uin	HL5622
	answer	answer is ministerial correction date of answer 07/02/2022 answer text <p>HM Government consulted publicly on its proposals to reform the regulation of the actuarial profession in chapter 11.2 of its White Paper ‘Restoring trust in audit and corporate governance’. As part of the consultation process, the Government has held discussions with a range of actuarial stakeholders.</p><p>The Government is considering the responses to its consultation and will respond in due course.</p> answering member printed Baroness Penn grouped question UIN HL5620 HL5621 HL5623 question first answered 07/02/2022 16:42:15 answering member 4726 label Biography information for Baroness Penn
	tabling member	4159 label Biography information for Baroness Hayter of Kentish Town

1416157

	registered interest
	date	24/01/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Actuaries
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what steps they have taken to ensure that the (1) definition, and (2) scope, of actuarial activities to be subject to proposed statutory regulation by the Auditing, Reporting and Governance Authority (ARGA) does not lead to regulatory duplication and regulatory arbitrage.
	tabling member printed	Baroness Hayter of Kentish Town
	uin	HL5623
	answer	answer is ministerial correction date of answer 07/02/2022 answer text <p>HM Government consulted publicly on its proposals to reform the regulation of the actuarial profession in chapter 11.2 of its White Paper ‘Restoring trust in audit and corporate governance’. As part of the consultation process, the Government has held discussions with a range of actuarial stakeholders.</p><p>The Government is considering the responses to its consultation and will respond in due course.</p> answering member printed Baroness Penn grouped question UIN HL5620 HL5621 HL5622 question first answered 07/02/2022 16:42:15 answering member 4726 label Biography information for Baroness Penn
	tabling member	4159 label Biography information for Baroness Hayter of Kentish Town

1416164

	registered interest
	date	24/01/2022
	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 Her Majesty's Government what assessment the Financial Conduct Authority has made of the reasons for the high levels of personal debt in the UK; and what independent evidential basis informs that assessment.
	tabling member printed	Lord McNicol of West Kilbride
	uin	HL5633
	answer	answer is ministerial correction date of answer 07/02/2022 answer text <p>The Financial Conduct Authority (FCA) is an independent public body responsible for regulating and supervising the financial services industry. As such, the Government is unable to comment on the FCA’s assessment of their consumer research work and the evidence base that impacts their assessment. The Government has therefore passed this enquiry on to them directly and they will respond to the noble Lord by letter.</p> answering member printed Baroness Penn grouped question UIN HL5775 question first answered 07/02/2022 17:51:02 answering member 4726 label Biography information for Baroness Penn
	tabling member	4702 label Biography information for Lord McNicol of West Kilbride

1416172

	registered interest
	date	24/01/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Expenditure
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what recent steps they have taken to help ensure value for money in public spending.
	tabling member printed	Baroness Ritchie of Downpatrick
	uin	HL5641
	answer	answer is ministerial correction date of answer 02/02/2022 answer text <p>Spending Review 2021 placed a renewed emphasis on ensuring that every pound of taxpayers’ money is spent well and focused on the areas that make the most difference to people’s daily lives.</p><p> </p><p>The government has set clear outcomes for what spending will buy; ensured that all decisions are informed by the best quality evidence; encouraged joint working between departments; and taken further action to drive out low value or inefficient spend.</p><p> </p><p>Following the efficiency and savings review last year, Spending Review 2021 confirmed savings of 5% against day-to-day central departments budgets in 2024-25.</p> answering member printed Baroness Penn question first answered 02/02/2022 14:11:05 answering member 4726 label Biography information for Baroness Penn
	tabling member	4130 label Biography information for Baroness Ritchie of Downpatrick

1416173

	registered interest
	date	24/01/2022
	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 Her Majesty's Government what recent assessment they have made of the strength of the UK economy.
	tabling member printed	Baroness Ritchie of Downpatrick
	uin	HL5642
	answer	answer is ministerial correction date of answer 07/02/2022 answer text <p>Last year we saw a faster-than-previously-expected economic recovery, with output in November above pre-crisis levels for the first time, and, in their latest forecast, the IMF expect the UK to be the fastest growing G7 economy this year. Our Plan for Jobs is working.</p><p> </p><p>However, global supply chain disruptions and higher energy prices represent challenges that are driving higher inflation. These are global problems which we are working with our international partners on, and we are supporting households with the cost of living, providing support worth around £12bn this financial year and next alongside an announced £9.1bn package to help households with rising energy bills in 2022-23.</p> answering member printed Baroness Penn question first answered 07/02/2022 17:51:29 answering member 4726 label Biography information for Baroness Penn
	tabling member	4130 label Biography information for Baroness Ritchie of Downpatrick

1416174

	registered interest
	date	24/01/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Economic Situation: Northern Ireland
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what recent assessment they have made of the strength of the economy in Northern Ireland.
	tabling member printed	Baroness Ritchie of Downpatrick
	uin	HL5643
	answer	answer is ministerial correction date of answer 08/02/2022 answer text <p>The latest official estimate of regional GDP produced by the Office for National Statistics indicates that Northern Ireland real GDP increased by 0.3% in 2019.</p><p> </p><p>The Northern Ireland Statistics and Research Agency publish an experimental quarterly Composite Economic Index, which provides a more recent measure of economic activity. The Northern Ireland Composite Economic Index was 2.3% above average 2019 levels in 2021 Q3. By comparison, UK GDP was 1.3% lower in 2021Q3 than average 2019 levels, although the measures are not produced on a fully equivalent basis.</p><p> </p><p>The labour market data from HRMC’s PAYE RTI provides a timelier and more comparable indicator of economic performance across areas of the UK. In December 2021, the number of paid employees in Northern Ireland was 2.7% above February 2020 levels, an increase of 20,000 employees. This is above the average UK employee growth of 1.4% and is the highest growth rate out of all 12 nations and regions in the UK.</p><p> </p><p> </p><p>The latest data also indicates that the unemployment rate for Northern Ireland in the 3 months to November 2021 was 3.1%, lower than the UK unemployment rate of 4.1%.</p><p> </p><p>Northern Ireland will also continue to benefit from the UK wide Covid-19 Government support, including: a reduced rate of VAT for tourism and hospitality until 31 March 2022; continued access to Government-guaranteed finance for small and medium sized businesses via the Recovery Loan scheme in place to 30 June 2022; and the reintroduction of the Statutory Sick Pay Rebate Scheme (SSPRS) for small and medium-sized employers.</p><p> </p><p>The UK Government is also providing substantial funding to the Northern Ireland Executive. At Autumn Budget we confirmed the NI Executive was receiving an extra £2.3 billion of Barnett-based funding this year – taking total block grant funding for the Northern Ireland Executive in 2021-22 to £15.9 billion. On top of this, we have now confirmed a further £150 million so the Executive have the certainty they requested to spend more money this year in advance of the usual process for confirming final Barnett consequentials. Over the next three years, the 2021 Spending Review provided the Executive with the largest real terms block grants since devolution.</p> answering member printed Baroness Penn question first answered 08/02/2022 17:46:44 answering member 4726 label Biography information for Baroness Penn
	tabling member	4130 label Biography information for Baroness Ritchie of Downpatrick

1416175

	registered interest
	date	24/01/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Standard of Living
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what recent assessment they have made of the impact of their taxation policy on living standards.
	tabling member printed	Baroness Ritchie of Downpatrick
	uin	HL5644
	answer	answer is ministerial correction date of answer 02/02/2022 answer text <p>Treasury analysis published alongside Autumn Budget 21 shows that tax changes announced by this government are progressive, with high-income households on average paying most as a share of income. The analysis also shows that the lowest income households will on average receive more than £4 in public spending for every £1 paid in tax.</p> answering member printed Baroness Penn question first answered 02/02/2022 14:09:47 answering member 4726 label Biography information for Baroness Penn
	tabling member	4130 label Biography information for Baroness Ritchie of Downpatrick

1416176

	registered interest
	date	24/01/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Standard of Living
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what recent assessment they have made of the impact of inflation on living standards.
	tabling member printed	Baroness Ritchie of Downpatrick
	uin	HL5645
	answer	answer is ministerial correction date of answer 02/02/2022 answer text <p>We understand that inflation, if higher than income growth, can reduce households’ real income, and that higher prices can increase the cost of living for people and households.</p><p> </p><p>The government is working with international partners to tackle global supply chain disruption and providing support worth around £12 billion this financial year and next to help people with the cost of living. This includes cutting the Universal Credit taper rate to make sure work pays, freezing alcohol and fuel duties to keep costs down, and providing targeted support to help vulnerable households with their energy bills and other essentials.</p> answering member printed Baroness Penn question first answered 02/02/2022 14:10:49 answering member 4726 label Biography information for Baroness Penn
	tabling member	4130 label Biography information for Baroness Ritchie of Downpatrick