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1718972

	registered interest
	date	16/05/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Interest Rates
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what steps they are taking to (1) address, and (2) mitigate, any potential risks associated with falling interest rates; and what assessment they have made of the impact on (a) inflation, (b) consumer spending, (c) and financial market stability.
	tabling member printed	Lord Taylor of Warwick
	uin	HL4753
	answer	answer is ministerial correction date of answer 24/05/2024 answer text <p>Monetary policy is the responsibility of the independent Monetary Policy Committee (MPC), so the Government rightly doesn’t comment on the conduct of monetary policy. The Government fully supports the MPC as it acts to return inflation to target.</p><p>The Financial Policy Committee (FPC) is responsible for identifying, monitoring and addressing systemic risks to the UK financial system. Its assessment of the resilience of the system is regularly communicated through the Financial Policy Summary and Record (published quarterly), and Financial Stability Report (published biannually).</p><p>The Government constantly monitors the UK economy’s performance and considers its impact on households and businesses.</p> answering member printed Baroness Vere of Norbiton question first answered 24/05/2024 09:12:41 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1718605

	registered interest
	date	15/05/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Money
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what steps they are taking to protect the use of cash in the purchasing of everyday goods and services.
	tabling member printed	The Lord Bishop of St Albans
	uin	HL4706
	answer	answer is ministerial correction date of answer 24/05/2024 answer text <p>In recognition that cash continues to be used by millions of people across the UK, including those in vulnerable circumstances, the government legislated through the Financial Services and Markets Act 2023 to establish a new legislative framework to protect access to cash. This establishes the Financial Conduct Authority (FCA) as the lead regulator for access to cash and provides it with responsibility and powers to seek to ensure reasonable provision of cash withdrawal and deposit facilities.</p><p><strong> </strong></p><p>Following this legislation, the government published a Cash Access Policy Statement. This set out that the vast majority of people should be no further than 1 mile from access to cash deposit and withdrawal services in predominately urban areas, and no further than 3 miles in predominately rural areas. The FCA is required to have regard to this statement when exercising its access to cash powers.</p><p> </p><p>The government believes it should remain the choice of individual businesses as to whether to accept or decline any form of payment, including cash or card, based on their consideration of factors such as customer preference and cost. However, the government considers that its legislation will indirectly support cash acceptance in the wider economy, enabling businesses to continue accepting cash by ensuring they have reasonable access to deposit facilities.</p> answering member printed Baroness Vere of Norbiton question first answered 24/05/2024 09:10:38 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	4308 label Biography information for The Lord Bishop of St Albans

1718134

	registered interest
	date	14/05/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Broadcasting Programmes and Film: Tax Allowances
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what consideration they have given to incorporating health and safety requirements into tax incentives for film and television productions, similar to those implemented recently in California.
	tabling member printed	Baroness Smith of Basildon
	uin	HL4646
	answer	answer is ministerial correction date of answer 21/05/2024 answer text <p>The Government is not currently considering incorporating health and safety requirements into tax incentives for film and television productions, however the Government keeps the tax system under review.</p> answering member printed Baroness Vere of Norbiton question first answered 21/05/2024 11:17:15 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	4170 label Biography information for Baroness Smith of Basildon

1717440

	registered interest
	date	13/05/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Labour Market: Databases
	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 potential impact of unreliable labour market data on the accuracy of inflation forecasts and other economic indicators used for policy formulation.
	tabling member printed	Lord Taylor of Warwick
	uin	HL4605
	answer	answer is ministerial correction date of answer 24/05/2024 answer text <p>Falling response rates have caused concern over the quality of Labour Force Survey (LFS) data and led to its suspension in October 2023. Following the return of the LFS in February, these figures are still volatile and, although the Office for National Statistics (ONS) expects to see improvements to survey quality following planned improvements, the estimates will continue to be badged as ‘official statistics in development’ until further review. The ONS recommends using a suite of labour market indicators alongside the LFS estimates.</p> answering member printed Baroness Vere of Norbiton question first answered 24/05/2024 09:12:26 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1717441

	registered interest
	date	13/05/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Stock Market
	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 potential impact of the recent performance of the UK stock market on (1) investor confidence, and (2) economic recovery.
	tabling member printed	Lord Taylor of Warwick
	uin	HL4606
	answer	answer is ministerial correction date of answer 24/05/2024 answer text <p>The Government does not comment on the day to day performance of the UK’s public markets.</p> answering member printed Baroness Vere of Norbiton question first answered 24/05/2024 09:11:03 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1717442

	registered interest
	date	13/05/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Economic Growth
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what steps they are taking to leverage the positive growth momentum reported in the first quarter of 2024, particularly in sectors such as housing and recreation, to stimulate further economic expansion and job creation.
	tabling member printed	Lord Taylor of Warwick
	uin	HL4607
	answer	answer is ministerial correction date of answer 20/05/2024 answer text <p>The government continues to pursue an ambitious policy agenda to increase growth and productivity across the economy.</p><p> </p><p>Alongside wider pro-growth measures announced at recent fiscal events, the Government is taking action in relation to housing and recreation. To ensure that people can live where they want to and meet the needs of the UK’s growing, cutting-edge industries, the Spring Budget allocated over £260 million to build more homes now. The Government also set out further detail on plans to support growth in Cambridge with long-term funding at the next Spending Review, to build on the success of the UK’s third most productive city.</p><p> </p><p>The Government is also taking action to leverage growth in recreation. We have committed to the Creative Industries Sector Vision which sets out our vision for the sector to become an even greater growth engine, with a goal to support 1 million more creative jobs by 2030. At Spring Budget 2024, the Government announced a package that will provide over £1 billion in additional tax relief over the next five years.</p> answering member printed Baroness Vere of Norbiton question first answered 20/05/2024 13:56:57 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1717203

	registered interest
	date	10/05/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Apprentices: Taxation
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government how much money (1) was raised by the apprenticeships levy, and (2) was passed onto the devolved nations from levy receipts, in each financial year since 2017–18.
	tabling member printed	Lord Blunkett
	uin	HL4557
	answer	answer is ministerial correction date of answer 24/05/2024 answer text <p>Monthly receipts data for the Apprenticeship Levy is published by HM Revenue and Customs in their Tax and NIC Receipts publication which can be found online[1] at: <a href="https://www.gov.uk/government/statistics/hmrc-tax-and-nics-receipts-for-the-uk" target="_blank">https://www.gov.uk/government/statistics/hmrc-tax-and-nics-receipts-for-the-uk</a></p><p>While the Apprenticeship Levy is UK wide, apprenticeship policy and spending is devolved. From FY2017-18 to FY2019-20, the devolved administrations received a population share of the Office for Budget Responsibility’s apprenticeship Levy forecast. Beyond 2019-20, the devolved administrations received funding through the Barnett formula in relation to English apprenticeship spending. The Block Grant Transparency publication which is available on GOV.UK sets out all Barnett consequentials generated at both departmental and programme level. It is for the devolved administrations to allocate their funding in devolved areas as they see fit, including investing in their skills programmes.</p><p> </p><p>[1] HM Revenue &amp; Customs (2024), <a href="https://www.gov.uk/government/statistics/hmrc-tax-and-nics-receipts-for-the-uk" target="_blank">HMRC tax receipts and National Insurance contributions for the UK</a></p> answering member printed Baroness Vere of Norbiton question first answered 24/05/2024 11:42:03 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	395 label Biography information for Lord Blunkett

1717037

	registered interest
	date	09/05/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Revenue and Customs: Pay
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government, further to oral evidence by officials on the work of HMRC given to the Treasury Select Committee on 24 April, how many HMRC employees on 1 January had earnings at or below the national minimum wage.
	tabling member printed	Lord Sikka
	uin	HL4543
	answer	answer is ministerial correction date of answer 16/05/2024 answer text <p>HMRC complies with the statutory requirement and all colleagues are paid the National Living Wage rate or above.</p><p><strong> </strong></p> answering member printed Baroness Vere of Norbiton question first answered 16/05/2024 12:58:35 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	4885 label Biography information for Lord Sikka

1717040

	registered interest
	date	09/05/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Small Businesses: Loans
	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 bank loan application success rates of small and medium-sized enterprises.
	tabling member printed	Lord Taylor of Warwick
	uin	HL4546
	answer	answer is ministerial correction date of answer 15/05/2024 answer text <p>The Government recognises the vital importance small and medium-sized enterprises (SMEs) and is committed to supporting SMEs grow and create jobs by providing an environment in which they can thrive.</p><p> </p><p>Access to finance for small businesses is important to drive growth. The government supports that access through the Recovery Loan Scheme, which offers a 70% government guarantee on loans to SMEs</p><p>of up to £2 million. The scheme has supported over £5.3 billion of finance to SMEs since its introduction in April 2021.</p><p> </p><p>At the 2024 Spring Budget, the Government announced that the Recovery Loan Scheme would be extended to the end of March 2026, and renamed as the Growth Guarantee Scheme.</p> answering member printed Baroness Vere of Norbiton question first answered 15/05/2024 16:00:39 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1717043

	registered interest
	date	09/05/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what plans they have to improve the speed and efficiency of the Financial Conduct Authority's authorisation process for financial services firms.
	tabling member printed	Baroness Verma
	uin	HL4549
	answer	answer is ministerial correction date of answer 23/05/2024 answer text <p>The Financial Conduct Authority (FCA) is operationally independent from Government, and is responsible for the authorisation processes for financial services firms. It is fully accountable to Parliament and the Treasury for how it discharges its statutory functions.</p><p> </p><p>Both the government and the FCA are committed to ensuring the FCA has world-leading levels of operational effectiveness. The Government wrote to the FCA in December 2022 to highlight the importance of operational effectiveness for UK competitiveness. The FCA started publishing operating service metrics relating to authorisation processing on a quarterly basis in May 2023; these can be accessed on the FCA’s website.</p><p> </p><p>Following the Government’s Call for Proposals last year, the FCA will start publishing additional operating metrics this summer, to support further scrutiny. These metrics will initially be published as part of the FCA’s Annual Report, and the report it is required to make on its implementation of its new secondary objective to facilitate the growth and competitiveness of the UK economy.</p><p> </p> answering member printed Baroness Vere of Norbiton question first answered 23/05/2024 15:06:07 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	3790 label Biography information for Baroness Verma