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1466395

	registered interest
	date	26/05/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Debts Written Off: Zambia
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps her Department is taking to assist Zambia in its attempts to be the first nation to benefit from the Common Framework debt cancellation programme.
	tabling member constituency	Chesterfield
	tabling member printed	Mr Toby Perkins
	uin	9870
	answer	answer is ministerial correction date of answer 06/06/2022 answer text Zambia is one of three countries – along with Chad and Ethiopia - to have so far requested the Common Framework.<p> </p><p>The Common Framework was agreed in November 2020 by the UK, along with the G20 and Paris Club, to help deliver a long-term, sustainable approach for supporting low-income countries to tackle their debt vulnerabilities.</p><p> </p><p>In its February 2022 communique, the G20 reiterated its commitment to step up efforts to implement the Common Framework in a timely, orderly and coordinated manner. Progress in implementing the Common Framework has been a regular feature in the Chancellor’s discussions in the G7 and G20 and - as a creditor to Zambia - it is a priority to work with our international partners to ensure swift progress on the debt treatment.</p> answering member constituency Salisbury answering member printed John Glen question first answered 06/06/2022 08:51:43 answering member 4051 label Biography information for John Glen
	tabling member	3952 label Biography information for Mr Toby Perkins

1466525

	registered interest
	date	26/05/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Inflation: Coventry
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what recent assessment he has made of the impact of inflation on living standards in (a) Coventry North East constituency and (b) Coventry.
	tabling member constituency	Coventry North East
	tabling member printed	Colleen Fletcher
	uin	9901
	answer	answer is ministerial correction date of answer 06/06/2022 answer text The Government recognises the challenges of high inflation and its impact on the cost of living across the country and is providing targeted support for the cost of living totalling over £37bn. This includes support for all domestic electricity customers in Great Britain, with £400 off their bills from October through the expansion of the Energy Bills Support Scheme (EBSS). It also includes support for over 8 million households across the UK in receipt of means tested benefits with a one-off Cost of Living Payment of £650, additional one-off payments of £150 to support disabled people with extra costs they face, and one-off payments of £300 to help over eight million pensioner households with the costs of energy. For families that still need additional support; the government is providing an extra £500 million of local support, via the Household Support Fund. answering member constituency Salisbury answering member printed John Glen question first answered 06/06/2022 08:49:47 answering member 4051 label Biography information for John Glen
	tabling member	4378 label Biography information for Colleen Fletcher

1466495

	registered interest
	date	26/05/2022
	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, if his Department will place in the Library a revised forecast of the expected level of public sector net borrowing in the 2022-23 financial year, incorporating the impact of announcements made by the Chancellor to the House on 26 May 2022.
	tabling member constituency	Wolverhampton South East
	tabling member printed	Pat McFadden
	uin	9863
	answer	answer is ministerial correction date of answer 06/06/2022 answer text The Chancellor will in due course commission a forecast from the Office for Budget Responsibility (OBR), as set out by the Charter for Budget Responsibility. The OBR will incorporate the impact of new policy in their next economic and fiscal forecast, including measures that have been announced since the last forecast event. answering member constituency Salisbury answering member printed John Glen grouped question UIN 9864 question first answered 06/06/2022 09:05:14 answering member 4051 label Biography information for John Glen
	tabling member	1587 label Biography information for Pat McFadden

1466497

	registered interest
	date	26/05/2022
	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, if his Department will direct the Office for Budget Responsibility to produce a revised forecast of growth in real gross domestic product, consumer price inflation and public sector net borrowing for the 2022-23 financial year, incorporating the impact of announcements he made to the House on 26 May 2022.
	tabling member constituency	Wolverhampton South East
	tabling member printed	Pat McFadden
	uin	9864
	answer	answer is ministerial correction date of answer 06/06/2022 answer text The Chancellor will in due course commission a forecast from the Office for Budget Responsibility (OBR), as set out by the Charter for Budget Responsibility. The OBR will incorporate the impact of new policy in their next economic and fiscal forecast, including measures that have been announced since the last forecast event. answering member constituency Salisbury answering member printed John Glen grouped question UIN 9863 question first answered 06/06/2022 09:05:14 answering member 4051 label Biography information for John Glen
	tabling member	1587 label Biography information for Pat McFadden

1466337

	registered interest
	date	26/05/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	BlackRock: Zambia
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what discussions the Government has had with BlackRock on participating in internationally agreed debt relief in Zambia.
	tabling member constituency	Glasgow North
	tabling member printed	Patrick Grady
	uin	9912
	answer	answer is ministerial correction date of answer 06/06/2022 answer text <p>Zambia is one of three countries – along with Chad and Ethiopia - to have so far requested the Common Framework, which was agreed between the G20 and Paris Club to help deliver a long-term, sustainable approach for supporting low-income countries to tackle their debt vulnerabilities.</p><p> </p><p>Under the terms of the Common Framework, a debtor country that signs an MoU with participating official creditors will be required to seek from all private creditors a treatment at least as favourable. Accordingly, once Zambia signs an MoU for its case it will need to engage its private creditors to ensure their participation on comparable terms.</p><p> </p><p>The UK is fully committed to ensuring the private sector plays its part and the Government engages private sector creditors on international debt issues in a number of fora.</p> answering member constituency Salisbury answering member printed John Glen question first answered 06/06/2022 09:34:07 answering member 4051 label Biography information for John Glen
	tabling member	4432 label Biography information for Patrick Grady

1466303

	registered interest
	date	26/05/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Philips Trust Corporation: Insolvency
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of providing support for those who held policies with the Philips Trust Corporation Limited, following the company going into administration on 22 April 2022.
	tabling member constituency	Halifax
	tabling member printed	Holly Lynch
	uin	9936
	answer	answer is ministerial correction date of answer 07/06/2022 answer text <p>The administrators of Philips Trust Corporation are working to secure the best results for customers and creditors.</p><p> </p><p>As the Philips Trust Corporation was not a regulated firm, any losses are unlikely to be covered by the Financial Services Compensation Scheme, except in limited circumstances.</p> answering member constituency Salisbury answering member printed John Glen question first answered 07/06/2022 14:13:44 answering member 4051 label Biography information for John Glen
	tabling member	4472 label Biography information for Holly Lynch

1466336

	registered interest
	date	26/05/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Debts: Developing Countries
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of bringing forward legislative proposals to require lenders to take part in internationally agreed debt relief.
	tabling member constituency	Glasgow North
	tabling member printed	Patrick Grady
	uin	9911
	answer	answer is ministerial correction date of answer 06/06/2022 answer text <p>The Government does not currently have any intention to pursue a legislative approach that would force private lenders to participate in debt relief initiatives.</p><p> </p><p>Any legislative approach would need to address a number of challenges. For example, legislating may increase the cost of finance for low-income countries or reduce the availability of finance to meet wider development goals.</p><p> </p><p>The Government is instead prioritising the implementation of the Common Framework for Debt Treatments beyond the DSSI. The UK, along with the G20 and Paris Club, agreed the Common Framework to deliver a long-term, sustainable approach to dealing with debt vulnerabilities. Private sector participation on at least as favourable terms as bilateral creditors is a fundamental principle of the Common Framework. We are fully focused on ensuring that the private sector plays its part in any debt treatments under the Framework.</p> answering member constituency Salisbury answering member printed John Glen question first answered 06/06/2022 09:25:46 answering member 4051 label Biography information for John Glen
	tabling member	4432 label Biography information for Patrick Grady

1466481

	registered interest
	date	26/05/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Zambia: Common Frameworks
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what recent discussions he has had with his G20 counterparts on the effectiveness of the Common Framework process; and what assessment he has made of Zambia application under that framework.
	tabling member constituency	Arfon
	tabling member printed	Hywel Williams
	uin	9848
	answer	answer is ministerial correction date of answer 06/06/2022 answer text <p>The Common Framework, agreed between the G20 and the Paris Club, represents the first time that all G20 creditors and the Paris Club have committed to work together to coordinate debt treatments. The Framework is intended to deliver a longer-term, more sustainable approach to dealing with debt vulnerabilities for countries that request it. Progress in implementing the Common Framework has been a regular feature in the Chancellor’s discussions in the G20 and in its February 2022 communique, the G20 reiterated its commitment to step up efforts to implement the Framework in a timely, orderly and coordinated manner.</p><p> </p><p>Zambia is one of three countries – along with Chad and Ethiopia - to have requested the Common Framework. Zambia reached a Staff-Level Agreement with the IMF in December, marking a step forward. At Spring Meetings, the IMF managing director indicated that China had agreed to join the creditor committee for Zambia. As a creditor to Zambia, it is a priority to work with our G20 partners to ensure swift progress on the debt treatment.</p> answering member constituency Salisbury answering member printed John Glen question first answered 06/06/2022 08:54:13 answering member 4051 label Biography information for John Glen
	tabling member	1397 label Biography information for Hywel Williams