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1696556
star this property registered interest false more like this
star this property date less than 2024-03-18more like thismore than 2024-03-18
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
star this property hansard heading Financial Services: Compensation 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 His Majesty's Government what assessment they have made of the systemic impact from the Financial Conduct Authority’s crackdown on wealth management services under the Consumer Duty; what estimate they have made of the likely total compensation that will need to be paid by wealth management firms; and what other areas of the financial sector they expect to be impacted by the Consumer Duty. more like this
star this property tabling member printed
Baroness Bennett of Manor Castle more like this
star this property uin HL3313 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2024-03-28more like thismore than 2024-03-28
star this property answer text <p>Requirements regarding financial adviser ongoing services started in 2013 following the Retail Distribution Review, with additional requirements resulting from the Markets in Financial Instruments Directive in 2018.</p><p>In February, the FCA wrote to a number of financial adviser firms requesting information about their delivery of ongoing services, for which their clients continue to be charged. The FCA is collecting this information to assess what, if any, further regulatory work it may undertake in this area.</p><p>The FCA’s new Consumer Duty seeks to set a higher and clearer standard of care that firms owe their customers. The FCA is an independent non-governmental body and is responsible for determining the application of the relevant rules. The Government will continue to monitor the effectiveness of Consumer Duty rules, as they bed in and as industry becomes more familiar with them.</p> more like this
star this property answering member printed Baroness Vere of Norbiton more like this
star this property question first answered
less than 2024-03-28T12:40:27.463Zmore like thismore than 2024-03-28T12:40:27.463Z
star this property answering member
4580
star this property label Biography information for Baroness Vere of Norbiton more like this
star this property tabling member
4719
unstar this property label Biography information for Baroness Bennett of Manor Castle more like this
1696583
star this property registered interest false more like this
star this property date less than 2024-03-18more like thismore than 2024-03-18
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
star this property hansard heading Inflation: Employment and Pay 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 His Majesty's Government, following reports that public expectations for inflation have fallen to the lowest level in over two years, what assessment they have made of the impact of falling expectations on (1) wage growth trends, and (2) employment dynamics; and what steps they are taking to address any potential challenges in sustaining wage growth while maintaining price stability. more like this
star this property tabling member printed
Lord Taylor of Warwick more like this
star this property uin HL3340 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2024-03-28more like thismore than 2024-03-28
star this property answer text <p>Inflation has more than halved, falling from its peak of 11.1% in October 2022 to 3.4% in February 2024 and nominal whole economy total pay has fallen from a peak of 8.9% in the three months to June to 5.6% in the three months to January 2024.</p><p>In the three months to January 2024 the unemployment rate was 3.9%, up by 0.1ppt on the year but low by historical standards. The OBR forecast that there will be a moderate rise in unemployment to a peak of 4.5% in Q4 2024 before declining to 4.1% by 2028.</p><p>Whilst inflation has fallen it still remains above the 2% target. The Monetary Policy Committee (MPC) continues to have the government’s full support as it takes action to sustainably return it to target.</p> more like this
star this property answering member printed Baroness Vere of Norbiton more like this
star this property question first answered
less than 2024-03-28T12:45:55.397Zmore like thismore than 2024-03-28T12:45:55.397Z
star this property answering member
4580
star this property label Biography information for Baroness Vere of Norbiton more like this
star this property tabling member
1796
unstar this property label Biography information for Lord Taylor of Warwick more like this
1697296
star this property registered interest false more like this
star this property date less than 2024-03-19more like thismore than 2024-03-19
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
star this property hansard heading Foreign Investment in UK 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 His Majesty's Government, further to the announcement by the Chancellor of the Exchequer on 2 March concerning the requirement by 2027 for pension funds to disclose how much they invest in British businesses, what steps they are taking to assess the potential consequences on overall competitiveness and attractiveness of the UK as an investment destination. more like this
star this property tabling member printed
Lord Taylor of Warwick more like this
star this property uin HL3426 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2024-03-28more like thismore than 2024-03-28
star this property answer text <p>The Chancellor announced at Spring Budget that the government will introduce new requirements for Defined Contribution pension funds to disclose publicly their level of UK equity investments, working closely with the Financial Conduct Authority (the FCA) who share responsibility for setting requirements for the market. The FCA will consult in the Spring. The government will introduce equivalent requirements for Local Government Pension Scheme funds in England &amp; Wales. The government will review what further action should be taken if the data does not demonstrate that UK equity allocations are increasing.</p><p> </p><p>This complements the wider reforms that the Government and regulators are already undertaking to boost UK markets.</p><p> </p> more like this
star this property answering member printed Baroness Vere of Norbiton more like this
star this property question first answered
less than 2024-03-28T12:46:56.947Zmore like thismore than 2024-03-28T12:46:56.947Z
star this property answering member
4580
star this property label Biography information for Baroness Vere of Norbiton more like this
star this property tabling member
1796
unstar this property label Biography information for Lord Taylor of Warwick more like this
1697670
star this property registered interest false more like this
star this property date less than 2024-03-20more like thismore than 2024-03-20
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
star this property hansard heading Individual Savings Accounts 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 His Majesty's Government what is the timetable for the launch of the British ISA announced by the Chancellor of the Exchequer in the Budget Statement on 6 March. more like this
star this property tabling member printed
Lord Kempsell more like this
star this property uin HL3462 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2024-03-28more like thismore than 2024-03-28
star this property answer text <p>At Spring Budget 2024, the Chancellor announced the creation of a UK ISA. Alongside this, the Government published a consultation seeking responses on the policy design and implementation. The consultation closes on 6<sup>th</sup> June 2024, after which we will consider responses and next steps.</p> more like this
star this property answering member printed Baroness Vere of Norbiton more like this
star this property question first answered
less than 2024-03-28T12:47:20.137Zmore like thismore than 2024-03-28T12:47:20.137Z
star this property answering member
4580
star this property label Biography information for Baroness Vere of Norbiton more like this
star this property tabling member
4988
unstar this property label Biography information for Lord Kempsell more like this
1697686
star this property registered interest false more like this
star this property date less than 2024-03-20more like thismore than 2024-03-20
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
star this property hansard heading Pay: Inflation 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 His Majesty's Government what steps they are considering to mitigate the potential inflationary effects of the increase in the National Living Wage and the National Minimum Wage. more like this
star this property tabling member printed
Lord Taylor of Warwick more like this
star this property uin HL3492 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2024-03-28more like thismore than 2024-03-28
star this property answer text <p>In March 2020 the Office for Budget Responsibility estimated that meeting the National Living Wage target of 2/3rds of median earnings by 2024 would increase the level of consumer price inflation by less than 0.1 per cent across that period. Evidence shows employers respond to minimum wage increases in a variety of ways, most commonly by absorbing the additional cost and accepting lower profits.</p><p> </p><p>Inflation reduces real incomes, creates uncertainty, and slows economic growth. It’s essential that the government continues with its efforts to keep inflation down. Inflation has more than halved, falling from its peak of 11.1% in October 2022 to 3.4% in February. The OBR forecasts that inflation will return to the 2% target in the second quarter of this year, a year earlier than forecast in November.</p> more like this
star this property answering member printed Baroness Vere of Norbiton more like this
star this property question first answered
less than 2024-03-28T12:48:13.423Zmore like thismore than 2024-03-28T12:48:13.423Z
star this property answering member
4580
star this property label Biography information for Baroness Vere of Norbiton more like this
star this property tabling member
1796
unstar this property label Biography information for Lord Taylor of Warwick more like this
1698012
star this property registered interest false more like this
star this property date less than 2024-03-21more like thismore than 2024-03-21
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
star this property hansard heading State Retirement Pensions: British National (Overseas) 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 His Majesty's Government whether they will allow British National (Overseas) visa holders to voluntarily pay up to 15 years' worth of Class 3 national insurance contributions towards a state pension, in cases where such visa holders have been denied access to their Mandatory Provident Fund pension savings by HSBC. more like this
star this property tabling member printed
Lord Alton of Liverpool more like this
star this property uin HL3506 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2024-03-28more like thismore than 2024-03-28
star this property answer text <p>British National Overseas individuals who live or work abroad (or have previously) are usually able to make backdated voluntary National Insurance contributions payments for the previous six tax years where they have either previously lived in the UK for three years in a row or paid at least three years of contributions.</p><p> </p><p>For the tax years 2016 to 2017 and 2017 to 2018 the government has extended the deadline for paying voluntary contributions to 5 April 2025.</p><p> </p><p>The deadline has also been extended to 5 April 2025 for eligible customers to pay voluntary contributions for the tax years 6 April 2006 to 5 April 2016. Further guidance on the eligibility and deadlines for making voluntary contributions, including for those living or working abroad is published online at <a href="https://www.gov.uk/voluntary-national-insurance-contributions" target="_blank">https://www.gov.uk/voluntary-national-insurance-contributions(opens in a new tab)</a>.</p><p> </p><p>The Government keeps all taxes under review.</p>
star this property answering member printed Baroness Vere of Norbiton more like this
star this property question first answered
less than 2024-03-28T12:39:24.127Zmore like thismore than 2024-03-28T12:39:24.127Z
star this property answering member
4580
star this property label Biography information for Baroness Vere of Norbiton more like this
star this property tabling member
738
unstar this property label Biography information for Lord Alton of Liverpool more like this
1698017
star this property registered interest false more like this
star this property date less than 2024-03-21more like thismore than 2024-03-21
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
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 His Majesty's Government whether the UK can apply any duty rate on alcoholic beverages in Northern Ireland which are below the EU minimum rate. more like this
star this property tabling member printed
Lord Dodds of Duncairn more like this
star this property uin HL3511 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2024-03-28more like thismore than 2024-03-28
star this property answer text <p>The same alcohol duty rates apply across the whole UK. The new alcohol duty system was implemented on 1 August 2023 and moves all alcohol to taxation by strength for the first time. The rates were set at the right level to support businesses and meet public health objectives.</p><p> </p><p>We have implemented these broad reforms across the whole of the UK: taxation by strength, Draught Relief, and Small Producer Relief. This was impossible in Northern Ireland under the original Protocol. The Windsor Framework secured substantive, legally binding changes to ensure that Northern Ireland benefits from the same VAT and alcohol taxes as apply in the rest of the United Kingdom.</p> more like this
star this property answering member printed Baroness Vere of Norbiton more like this
star this property question first answered
less than 2024-03-28T16:12:32.52Zmore like thismore than 2024-03-28T16:12:32.52Z
star this property answering member
4580
star this property label Biography information for Baroness Vere of Norbiton more like this
star this property tabling member
1388
unstar this property label Biography information for Lord Dodds of Duncairn more like this
1698049
star this property registered interest false more like this
star this property date less than 2024-03-21more like thismore than 2024-03-21
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
star this property hansard heading Economic Growth 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 His Majesty's Government, following reports that the economy returned to growth in January after entering a recession in the second half of 2023, what steps they are taking to (1) support, and (2) sustain positive momentum in, sectors of the economy which have shown signs of growth in 2024. more like this
star this property tabling member printed
Lord Taylor of Warwick more like this
star this property uin HL3543 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2024-03-28more like thismore than 2024-03-28
star this property answer text <p>The government is pursuing an ambitious policy agenda to increase growth and productivity across the economy. This includes making full expensing permanent, a tax cut to companies of over £10 billion a year, to ensure the UK has one of the most generous capital allowances regimes in the world and backing the UK’s priority growth sectors. At Spring Budget 2024, the government set out the next steps in delivering a £4.5 billion funding package for strategic manufacturing sectors over the five years to 2030 and announced over £1 billion of new tax reliefs for creative industries.</p><p> </p><p>The IMF forecasts that the UK will have the third fastest cumulative growth in the G7 over the 2024-2028 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> more like this
star this property answering member printed Baroness Vere of Norbiton more like this
star this property question first answered
less than 2024-03-28T16:09:13.593Zmore like thismore than 2024-03-28T16:09:13.593Z
star this property answering member
4580
star this property label Biography information for Baroness Vere of Norbiton more like this
star this property tabling member
1796
unstar this property label Biography information for Lord Taylor of Warwick more like this
1695974
star this property registered interest false more like this
star this property date less than 2024-03-13more like thismore than 2024-03-13
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
star this property hansard heading EU Budget: Contributions 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 His Majesty's Government, further to the answer by Lord Cameron of Chipping Norton on 12 March (HL Deb col 1905), how much money the United Kingdom pays to the European Union annually; on what that money is spent; and what plans they have, and to what timescale, for its reduction. more like this
star this property tabling member printed
Lord Pearson of Rannoch more like this
star this property uin HL3259 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2024-03-27more like thismore than 2024-03-27
star this property answer text <p>Details of how much money the UK has paid the EU under the Withdrawal Agreement, its purposes, forecasts of future payments and timings are set out in the annual European Union Finances Statement. The most recent version covers payments made in 2023 and is available in the library of the House and on Gov.uk.</p> more like this
star this property answering member printed Baroness Vere of Norbiton more like this
star this property question first answered
less than 2024-03-27T13:46:29.6Zmore like thismore than 2024-03-27T13:46:29.6Z
star this property answering member
4580
star this property label Biography information for Baroness Vere of Norbiton more like this
star this property tabling member
3153
unstar this property label Biography information for Lord Pearson of Rannoch more like this
1695976
star this property registered interest false more like this
star this property date less than 2024-03-13more like thismore than 2024-03-13
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
star this property hansard heading Bank of England 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 His Majesty's Government what, if any, statutory powers they have to issue binding directions to the Bank of England; and on how many occasions in each year since 2007 they have been exercised. more like this
star this property tabling member printed
Lord Sharkey more like this
star this property uin HL3261 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2024-03-27more like thismore than 2024-03-27
star this property answer text <p>The Treasury has statutory powers to issue directions to the Bank of England, which can only be used under specific conditions or circumstances. None of the powers outlined below have ever been used.</p><p> </p><ul><li>Under section 4 of the Bank of England Act 1946, the Treasury may direct the Bank, after consultation with the Governor, to action that is deemed to be necessary in the public interest. This power of direction applies to all of the Bank’s activities, with the exception of monetary policy and the exercise of the Bank’s functions as the Prudential Regulation Authority (PRA).</li></ul><p> </p><ul><li>Under section 19 of the Bank of England Act 1998, the Treasury may by order, after consultation with the Governor, direct the Bank with respect to monetary policy if it is deemed to be in the public interest and required by extreme economic circumstances.</li></ul><p> </p><ul><li>Under section 410 of the Financial Services and Markets Act 2000, the Treasury may direct the PRA and the Bank to not take an action that would be incompatible with the UK’s international obligations.</li></ul><p> </p><ul><li>Under Section 61 of the Financial Services Act 2012, the Treasury may direct the Bank on specific measures relating to the assistance to or stabilisation of financial institutions.</li></ul><p> </p><p> </p><p>The Bank of England also has powers to direct the Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR).</p><p> </p><ul><li>Under section 9H of the Bank of England Act 1998, the Bank of England’s Financial Policy Committee (FPC) has powers of direction over the PRA and FCA (limited to the use of specific macroprudential tools). To date, the FPC has only ever used this power to implement the Leverage Ratio.</li></ul><p> </p><ul><li>Under sections 9Y and 9Z of the Bank of England Act 1998, the Bank may direct the FCA to provide documents or information that the Bank reasonably requires for its financial stability functions. This power has never been used.</li></ul><p> </p><ul><li>Under section 100 of the Financial Services (Banking Reform) Act 2013, the Bank has the power to direct the PSR not to exercise its powers, under specific circumstances. This power has never been used.</li></ul><p> </p>
star this property answering member printed Baroness Vere of Norbiton more like this
star this property grouped question UIN HL3262 more like this
star this property question first answered
less than 2024-03-27T11:34:54.07Zmore like thismore than 2024-03-27T11:34:54.07Z
star this property answering member
4580
star this property label Biography information for Baroness Vere of Norbiton more like this
star this property tabling member
4196
unstar this property label Biography information for Lord Sharkey more like this