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1489777

	registered interest
	date	15/07/2022
	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 assessment they have made of the effects of total global debt reaching 352 per cent of Gross Domestic Product in the first quarter of this year; and what steps they will take in response.
	tabling member printed	Baroness Bennett of Manor Castle
	uin	HL1789
	answer	answer is ministerial correction date of answer 22/07/2022 answer text <p>HM Government continually monitors developments in the global economy, including public and private debt levels, interest rates and the growth outlook, among other macroeconomic indicators.</p><p> </p><p>Total global debt increased following the onset of the pandemic in 2020, reflecting a rise in public and private debt. Public debt increased as governments introduced fiscal support to mitigate the impact of the pandemic on livelihoods, whilst revenues fell in line with the broader decline in economic activity. This fiscal support helped maintain living standards and support global growth. Private debt has also increased, with government policies helping to maintain private access to credit to mitigate a more severe downturn.</p><p> </p><p>Higher global debt levels can increase financial fragilities and lower growth by reducing investment. Against a backdrop of higher debt levels, rapidly rising global interest rates and higher energy and food prices may worsen balance of payment and fiscal pressures and increase risks of debt distress, particularly for some emerging and developing economies.</p><p> </p><p>HMG works closely with major international organisations, including the IMF, World Bank, to understand how debt levels are changing, and on necessary international policy responses, including appropriate support for economies experiencing debt distress. For example, the UK has committed to channelling circa up to 20% of its allocation of Special Drawing Rights (SDRs) from the IMF’s 2021 general allocation of SDRs to those countries most in need; and is driving forward the implementation of the G20/Paris Club Common Framework for debt treatment to support eligible low-income countries with unsustainable debt.</p><p> </p><p>In the April World Economic Outlook the IMF emphasised the need for guaranteeing an orderly system for resolving debt, including the continued application of the Common Framework, where liquidity support alone is not sufficient. In the UK, public debt increased during the pandemic, in line with other countries around the world. In recognition of the risks of high debt, the UK government has already made responsible decisions which return public debt levels to a sustainable path, supported by fiscal rules which require debt to fall as a proportion of GDP over the medium-term.</p> answering member printed Baroness Penn question first answered 22/07/2022 09:55:38 answering member 4726 label Biography information for Baroness Penn
	tabling member	4719 label Biography information for Baroness Bennett of Manor Castle

1678749

	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	Economic Situation
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what assessment they have made of reports of increasing consumer confidence and economic recovery in the coming months, as indicated by (1) the S&P Global/Cips Flash UK PMI composite output index, and (2) GfK’s Consumer Confidence Index, both published on 15 December; and what steps they are taking to support this.
	tabling member printed	Lord Taylor of Warwick
	uin	HL1308
	answer	answer is ministerial correction date of answer 21/12/2023 answer text <p>Consumer confidence, as measured by GfK, reached a 3-month high in December, and its second-highest level since January 2022. The flash composite PMI for December rose to a six-month high.</p><p> </p><p>To sustain consumer and business confidence, consumers and businesses need to feel assured that their government is taking the long-term decisions necessary to strengthen the economy, promote macroeconomic stability, and build a brighter future.</p><p> </p><p>In January 2023 the Prime Minister set out three economic priorities: to halve inflation, grow the economy and reduce debt. Progress is being made against all three of these.</p><p> </p><p>Consumers are directly benefitting from the responsible approach taken to prioritise economic stability and make work pay. The cut in National Insurance contributions means the average worker on £35,400 will receive a tax cut in 2024-25 of over £450. From 1 April 2024, the National Living Wage (NLW) will increase by 9.8% to £11.44, representing an increase of over £1,800 to the annual earnings of a full-time worker on the NLW.</p><p> </p><p>The Autumn Statement included an ambitious package of measures to unlock business investment. Permanent full expensing, worth over £10 billion a year, is the biggest business tax cut in modern British history. The OBR expect it to unlock an additional £14 billion of investment over the forecast period. Together with submitted plans for investment in regulated utilities, the Autumn Statement measures could raise business investment by around £20 billion per year in a decade’s time.</p> answering member printed Baroness Vere of Norbiton question first answered 21/12/2023 10:18:44 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1688884

	registered interest
	date	14/02/2024
	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 His Majesty's Government what assessment they have made of the analysis by Goldman Sachs which found that the economy is five per cent smaller than it would have been if the UK had remained within the European Union.
	tabling member printed	Lord Birt
	uin	HL2463
	answer	answer is ministerial correction date of answer 27/02/2024 answer text <p>It is for the Office for Budget Responsibility (OBR) to provide independent and authoritative analysis and forecasting for the UK public finances. The Government makes no assessment of analysis conducted by banks or other independent organisations.</p> answering member printed Baroness Vere of Norbiton question first answered 27/02/2024 15:44:20 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	2533 label Biography information for Lord Birt

1688341

	registered interest
	date	07/02/2024
	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 His Majesty's Government what assessment they have made of the impact of (1) current consumer spending, and (2) the declining inflation, on the economy.
	tabling member printed	Lord Taylor of Warwick
	uin	HL2311
	answer	answer is ministerial correction date of answer 21/02/2024 answer text <p>Household consumption is the largest component of expenditure in the economy, accounting for around 60% of GDP. In Q3 2023, household consumption was 0.8% higher than in the same quarter of 2022, while consumer confidence reached a two-year high in January 2024. In the Office for Budget Responsibility’s (OBR) November 2023 forecast, consumption was forecast to grow by 0.5% in 2024.</p><p> </p><p>Inflation has more than halved, but it remains a challenge. Inflation reduces real incomes, creates uncertainty, and threatens our growth outlook so it’s essential that the government continues with its efforts to drive it down and not fuel it further.</p><p> </p><p>The OBR are the government’s official forecaster. They will update their economy forecast, including an assessment of changes in consumption and inflation, on 6 March.</p> answering member printed Baroness Vere of Norbiton question first answered 21/02/2024 12:02:28 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1690244

	registered interest
	date	19/02/2024
	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 His Majesty's Government what steps they are taking to monitor and mitigate the impact of potential recessionary pressures on household finances and consumer confidence.
	tabling member printed	Lord Taylor of Warwick
	uin	HL2583
	answer	answer is ministerial correction date of answer 28/02/2024 answer text <p>According to the latest data from the Office for National Statistics, economic output contracted in Q3 and Q4 of 2023. Consumer confidence has since strengthened, and in January 2024 it reached its highest level since January 2022.</p><p>The OBR has forecast growth in each year of its November 2023 forecast, and confirmed that the combined impact of the Autumn Statement and Spring budget policies provides a permanent 0.5% increase in the level of potential output by the end of the forecast.</p><p>Since 2022, the government has demonstrated its commitment to supporting the most vulnerable by providing one of the largest support packages in Europe. Support for households to help with the cost of living is worth £104 billion over 2022-23 to 2024-25, or £3,700 per household on average.</p><p>The government continues to monitor developments in the economy and consider the implications for its policies.</p> answering member printed Baroness Vere of Norbiton question first answered 28/02/2024 13:11:50 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1546656

	registered interest
	date	29/11/2022
	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 His Majesty's Government what steps they are taking to support households using a wellbeing economy approach given the increased cost of living.
	tabling member printed	Lord Taylor of Warwick
	uin	HL3862
	answer	answer is ministerial correction date of answer 05/12/2022 answer text <p>The government understands that people are worried about the cost of living challenges ahead. That’s why decisive action has been taken to support households across the UK through cost of living challenges ahead, whilst remaining fiscally responsible.</p><p> </p><p>On 17th November, the Government has announced further support for next year designed to target the most vulnerable households. This cost of living support is worth £26 billion in 2023-24, in addition to benefits uprating, which is worth £11 billion to working age households and people with disabilities. This support for 2023-24 is in addition to the generous support already in place to support households this winter.</p><p> </p><p>A 'wellbeing economy' starts from the idea that public interests should determine economics. The government is continuing to invest in the UK’s human and environmental capital to support individual wellbeing and societal strength. To help key public services continue to deliver, the government is prioritising further funding in the next two years to support the healthcare system and schools. The government has also recommitted to tackling climate change and delivering our net zero emissions targets by 2050.</p> answering member printed Baroness Penn question first answered 05/12/2022 16:42:01 answering member 4726 label Biography information for Baroness Penn
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1701639

	registered interest
	date	16/04/2024
	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 His Majesty's Government what steps they are taking to sustain the momentum of the economic recovery following indications that GDP increased in January and February.
	tabling member printed	Lord Taylor of Warwick
	uin	HL3870
	answer	answer is ministerial correction date of answer 24/04/2024 answer text <p>To sustain economic growth momentum, the government is continuing to pursue an ambitious policy agenda to increase growth and productivity across the economy. The OBR expects that policies announced at the previous three fiscal events will increase the size of the economy by 0.7% by 2028-29.</p><p> </p><p>In addition to making full expensing permanent, a tax cut to companies of over £10 billion a year, the government has announced measures to boost labour supply, which the OBR predicts will increase the number of hours worked by the equivalent of over 300,000 full-time workers by the end of the forecast period.</p> answering member printed Baroness Vere of Norbiton question first answered 24/04/2024 11:42:00 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1655168

	registered interest
	date	25/07/2023
	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 His Majesty's Government what steps they are taking to enhance the UK's economic competitiveness and resilience.
	tabling member printed	Lord Taylor of Warwick
	uin	HL9722
	answer	answer is ministerial correction date of answer 08/08/2023 answer text <p><strong></strong>At the Spring Budget, the Chancellor announced a package of measures to increase the labour supply, incentivize business investment and improve productivity. The Chancellor has a plan to drive economic growth and boost competitiveness, centred on the 4Es of enterprise, education, employment and everywhere. UK businesses enjoy the lowest tax burden in the G7 and the most generous capital allowances regimes in the OECD. As a result, the World Bank ranks the UK as the best place to do business amongst large European nations and second in the G7.</p><p> </p><p>The Government remains committed to tackling risks and vulnerabilities and published its Resilience Framework in December 2022.</p> answering member printed Baroness Penn question first answered 08/08/2023 10:53:39 answering member 4726 label Biography information for Baroness Penn
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1673806

	registered interest
	date	28/11/2023
	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 His Majesty's Government what steps they are taking to sustain and increase economic confidence among consumers.
	tabling member printed	Lord Taylor of Warwick
	uin	HL683
	answer	answer is ministerial correction date of answer 08/12/2023 answer text <p>Consumer and business confidence is intrinsically linked to the broader economic outlook. To sustain consumer confidence, consumers need to feel assured that their government is taking the long-term decisions necessary to strengthen the economy and build a brighter future.</p><p>Promoting macroeconomic stability is central to the Government’s economic priorities. In January 2023 the Prime Minister set out three economic priorities: to halve inflation, grow the economy and reduce debt. Progress is being made against all three of these:</p><ul><li>Inflation is less than half its peak.</li><li>Economic growth has been resilient, and the economy is now expected to grow in every year of the forecast period, as assessed by the OBR in their recent forecast.</li><li>Debt is forecast to fall as a proportion of GDP over the medium term, with greater headroom than at Spring Budget 2023.</li></ul><p>Consumers are directly benefitting from the responsible approach taken to prioritising economic stability and making work pay. The cut in National Insurance contributions means the average worker on £35,400 will receive a tax cut in 2024-25 of over £450. From 1 April 2024, the National Living Wage (NLW) will increase by 9.8% to £11.44, representing an increase of over £1,800 to the annual earnings of a full-time worker on the NLW.</p> answering member printed Baroness Vere of Norbiton question first answered 08/12/2023 09:54:35 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1699252

	registered interest
	date	26/03/2024
	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 His Majesty's Government, following the revision to the UK's sovereign credit outlook by global ratings agency Fitch from negative to stable, what assessment they have made of the impact of this on the UK's standing in (1) global trade, and (2) investment markets.
	tabling member printed	Lord Taylor of Warwick
	uin	HL3642
	answer	answer is ministerial correction date of answer 08/04/2024 answer text <p>On the 22nd of March 2024 Fitch returned the UK’s rating to AA- with a stable outlook, meaning all three major credit ratings agencies now indicate that the UK has a stable outlook.</p><p>This is further evidence that the economy is turning a corner. Inflation has fallen from over 11% to 3.4% and is forecast to fall back to target in a few months’ time. The economy has grown so far this year, with growth forecast to pick up both this year and next. Debt is falling in the final year of the forecast, meeting our fiscal rules.</p><p>Underlying demand for the UK’s sovereign debt remains strong and is supported by a generally well-diversified investor base. This reflects the UK’s central position in global trade and investment markets.</p> answering member printed Baroness Vere of Norbiton question first answered 08/04/2024 14:04:56 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	1796 label Biography information for Lord Taylor of Warwick