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1256942

registered interest
date	01/12/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Personal Income: Coronavirus
house id	1
legislature	25259 pref label House of Commons
question text	What recent comparative assessment his Department has made of the effect on regional economies of the Government's covid-19 financial support package.
tabling member constituency	Newcastle upon Tyne North
tabling member printed	Catherine McKinnell
uin	909619
answer	answer is ministerial correction date of answer 01/12/2020 answer text <p>The government recognises that every region is feeling the impact of this crisis, and has taken unprecedented steps to support people and businesses across the country.</p><p> </p><p>For example, the government has helped over a million employers furlough 9.6 million employments, including 350,700 in the North East, and supported over 60 billion pounds of loans, including £1.4bn for over 40,000 businesses in the North East. Regional breakdowns are published regularly on gov.uk.</p> answering member constituency Salisbury answering member printed John Glen question first answered 01/12/2020 14:24:14 answering member 4051 label Biography information for John Glen
tabling member	4125 label Biography information for Catherine McKinnell

1256820

registered interest
date	30/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Workplace Pensions: Uprating
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 effect of the proposed changes to the formula for calculating the Retail Price Index, set out in his Department's response to the Consultation on the Reform of RPI Methodology, on the risk of insolvency for employers, as a result of the need to address the shortfall in funding of their workplace pension schemes.
tabling member constituency	Carmarthen East and Dinefwr
tabling member printed	Jonathan Edwards
uin	122661
answer	answer is ministerial correction date of answer 03/12/2020 answer text <p>On 25 November, the Government and UK Statistics Authority (UKSA) published their response to the consultation on the timing of reform to the Retail Prices Index (RPI). Owing to shortcomings in its calculation, UKSA intends to bring the methods and data sources of the Consumer Prices Index including owner occupiers’ housing costs (CPIH) into RPI.</p><p> </p><p>The consultation launched at the Budget on 11 March 2020. Originally, the consultation was set to run for six weeks, closing on 22 April 2020. However, due to the impacts of the coronavirus (COVID-19) pandemic, the Chancellor and UKSA Board decided to extend the consultation to 21 August 2020. At the close of the consultation, the Government and UKSA had received 831 written responses. As Economic Secretary to the Treasury, in July 2020 I chaired two roundtables comprising representatives of index-linked gilt holders, to hear their views on the impact of the timing of reform. The details of these meetings can be found in Annex D of the response document.</p><p> </p><p>As detailed in the response document, the holders of a majority of index-linked gilts are seeking to match inflation-linked liabilities. This means that they use the returns from index-linked gilts to hedge against inflation-linked liabilities. Such investors include some defined benefit (DB) pension schemes. How such schemes’ funding positions will be impacted by reform will depend on the extent to which they are hedged and the nature of their liabilities. For some DB pension schemes, a deterioration in their funding position means that existing deficits may increase, or that surpluses may be reduced. The vast majority of index-linked gilt investors who responded to the consultation noted a strong preference for UKSA’s proposal to be implemented as late as possible, i.e. in 2030, in order to allow index-linked gilt holders as much time as possible to adjust to the reform of the RPI and to minimise any potential negative impacts they may face.</p><p> </p><p>As part of the response, the Chancellor announced that while he sees the statistical arguments of UKSA’s intended approach to reform, in order to minimise the impact of reform on the holders of index-linked gilts, he will be unable to offer his consent to the implementation of such a proposal before the maturity of the final specific index-linked gilt in 2030. As it stated in the response, it is UKSA policy to address the shortcomings of RPI in full at the earliest practical time. The change proposed can legally and practically be made by UKSA in February 2030.</p><p> </p><p>For further information please see the consultation response at: <a href="https://www.gov.uk/government/consultations/a-consultation-on-the-reform-to-retail-prices-index-rpi-methodology" target="_blank">https://www.gov.uk/government/consultations/a-consultation-on-the-reform-to-retail-prices-index-rpi-methodology</a>.</p> answering member constituency Salisbury answering member printed John Glen question first answered 03/12/2020 15:22:18 answering member 4051 label Biography information for John Glen
tabling member	3943 label Biography information for Jonathan Edwards

1256823

registered interest
date	30/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Uprating
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps his Department is taking to ensure that people entering into new index-linked deals are made aware of the proposed changes to the formula for calculating the Retail Price Index, set out in his Department's response to the Consultation on the Reform of RPI Methodology.
tabling member constituency	Carmarthen East and Dinefwr
tabling member printed	Jonathan Edwards
uin	122662
answer	answer is ministerial correction date of answer 03/12/2020 answer text <p>On 25 November, the Government and UK Statistics Authority (UKSA) published their response to the consultation on the timing of reform to the Retail Prices Index (RPI). Owing to shortcomings in its calculation, UKSA intends to bring the methods and data sources of the Consumer Prices Index including owner occupiers’ housing costs (CPIH) into RPI.</p><p> </p><p>The Government and UKSA engaged directly with a number of users and stakeholders to discuss the consultation. The consultation response document has been published and is available on the Government and UKSA’s websites, as below:</p><p>- <a href="https://www.gov.uk/government/consultations/a-consultation-on-the-reform-to-retail-prices-index-rpi-methodology" target="_blank">https://www.gov.uk/government/consultations/a-consultation-on-the-reform-to-retail-prices-index-rpi-methodology</a></p><p>- <a href="https://uksa.statisticsauthority.gov.uk/news/response-to-the-joint-consultation-on-reforming-the-methodology-of-the-retail-prices-index/" target="_blank">https://uksa.statisticsauthority.gov.uk/news/response-to-the-joint-consultation-on-reforming-the-methodology-of-the-retail-prices-index/</a></p><p> </p><p>Under legislation, how RPI is changed is a matter for UKSA alone. This reflects the important principle established in the Act that UKSA’s judgement on statistics should be independent of Government. After expert advice from the National Statistician and following public consultation, UKSA intends to address the shortcomings in RPI by bringing in the methods and data sources of CPIH. This intended approach was made public in September 2019. Following consultation, UKSA confirmed publicly that the change proposed can legally and practically be made by UKSA in February 2030. It is the role of UKSA – as set out in legislation - to promote and safeguard official statistics.</p> answering member constituency Salisbury answering member printed John Glen question first answered 03/12/2020 15:24:16 answering member 4051 label Biography information for John Glen
tabling member	3943 label Biography information for Jonathan Edwards

1256330

registered interest
date	27/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Northern Rock
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what plans he has to provide financial support or compensation to homeowners who are mortgage prisoners with Northern Rock Asset Management.
tabling member constituency	North Ayrshire and Arran
tabling member printed	Patricia Gibson
uin	121859
answer	answer is ministerial correction date of answer 02/12/2020 answer text <p>We remain committed to supporting as many borrowers as possible with inactive lenders move to a cheaper deal. The government has worked with the FCA to implement rule changes to its mortgage lending rules, removing the regulatory barrier that prevented some customers, who otherwise may have been able to switch, from accessing new products. Inactive lenders have now started contacting borrowers who have been struggling to switch, setting out that options may be available for them on the active market. I will monitor the situation and hope to see even more options available over the coming months.</p><p> </p><p>The FCA recently confirmed additional options to support borrowers, including making intragroup switching easier and extending the window in which interest-only borrowers coming to the end of their term can continue making interest payments, without paying down the capital. These modified rules came into force on 23 October 2020. More information can be found here: <a href="https://www.fca.org.uk/news/press-releases/fca-confirms-measures-support-closed-book-and-interest-only-part-and-part-mortgage-borrowers" target="_blank">https://www.fca.org.uk/news/press-releases/fca-confirms-measures-support-closed-book-and-interest-only-part-and-part-mortgage-borrowers</a>.</p><p> </p><p>UK Asset Resolution (UKAR) – the owner of the Northern Rock Asset Management mortgage portfolio - has worked to help customers looking for a better deal with another lender by;</p><ul><li>waiving all early redemption charges;</li><li>providing an online ‘Deal Finder’ tool which allows customers to search the market to find and compare mortgages from other lenders;</li><li>partnering with Mortgage Force who have a panel of brokers who can give impartial, whole of market mortgage advice; and</li><li>referring customers to specialist brokers, such as HUB Financial Solutions, where advice fees are waived.</li></ul><p> </p><p>It is also worth noting that Norther Rock Asset Management’s Standard Variable Rate (SVR) has always been set in line with the SVRs of active lenders.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 02/12/2020 15:20:52 answering member 4051 label Biography information for John Glen
tabling member	4435 label Biography information for Patricia Gibson

1255918

registered interest
date	26/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Personal Income: Coronavirus
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 effect of the covid-19 outbreak on household incomes in (a) Coventry (b) the West Midlands and (c) England.
tabling member constituency	Coventry North East
tabling member printed	Colleen Fletcher
uin	121271
answer	answer is ministerial correction date of answer 01/12/2020 answer text <p>The Office for National Statistics (ONS) produce estimates of household income in the UK. The latest available data indicates that in 2018, gross household disposable income (GHDI) per head was £15,353 in Coventry and £18,222 in the West Midlands. GHDI per head in England was £21,609 and £21,109 in the UK as a whole.</p><p> </p><p>GHDI per head for the UK was 3.2% lower in 2020 Q2 than in 2019 Q4.</p> answering member constituency Salisbury answering member printed John Glen question first answered 01/12/2020 14:53:49 answering member 4051 label Biography information for John Glen
tabling member	4378 label Biography information for Colleen Fletcher

1255919

registered interest
date	26/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Debts: Coronavirus
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 effect of the covid-19 outbreak on levels of household debt in (a) Coventry, (b) the West Midlands and (c) England.
tabling member constituency	Coventry North East
tabling member printed	Colleen Fletcher
uin	121272
answer	answer is ministerial correction date of answer 01/12/2020 answer text <p>The Office for National Statistics (ONS) produce estimates of household debt in the UK. In the UK as a whole, household debt-to-income increased from 133% in 2019 Q4 to 135% in 2020 Q2. It remains significantly below its pre-financial crisis peak of 160% in 2008 Q1.</p><p> </p><p>The latest available data for household debt in the West Midlands relates to the period between April 2016 and March 2018. The data indicates that median household non-mortgage debt in the West Midlands over this period was £4,300, which was the fourth lowest of any English region. The ONS does not produce estimates of the level of household debt in Coventry and England.</p> answering member constituency Salisbury answering member printed John Glen question first answered 01/12/2020 14:55:28 answering member 4051 label Biography information for John Glen
tabling member	4378 label Biography information for Colleen Fletcher

1255977

registered interest
date	26/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Conduct Authority and Prudential Regulation Authority: Credit Unions
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he plans to require the (a) Prudential Regulation Authority and (b) Financial conduct Authority to provide a payroll deduction service to allow staff to save more easily with a credit union; and if he will make a statement.
tabling member constituency	Harrow West
tabling member printed	Gareth Thomas
uin	121120
answer	answer is ministerial correction date of answer 04/12/2020 answer text <p>The Government recognises the vital role credit unions play in the financial wellbeing of their communities, providing an ethical home for their members’ savings, and affordable loans to those who may otherwise have to resort to high-cost lenders.</p><p> </p><p>The legislative framework provides for the regulators to be operationally independent from Government, and HMT has no role in setting employee policies.</p> answering member constituency Salisbury answering member printed John Glen question first answered 04/12/2020 10:51:18 answering member 4051 label Biography information for John Glen
tabling member	177 label Biography information for Gareth Thomas

1256033

registered interest
date	26/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Debts: Coronavirus
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps he will take to reduce levels of household debt resulting from the covid-19 outbreak.
tabling member constituency	Warrington North
tabling member printed	Charlotte Nichols
uin	121395
answer	answer is ministerial correction date of answer 02/12/2020 answer text <p>The Government has delivered unprecedented support for living standards during this challenging time, protecting livelihoods with the Self-Employment Income Support Scheme, the Coronavirus Job Retention Scheme, and with temporary welfare measures.</p><p> </p><p>With the resurgence of COVID-19, the Government has extended the Coronavirus Jobs Retention Scheme until 31 March 2021. Eligible employees will continue to receive 80% of their usual salary for hours not worked, up to a maximum of £2,500 per month. The Government has increased the overall level of the third grant under the Self-Employment Income Support Scheme to 80 per cent of average trading profits, meaning that the maximum grant available has now increased to £7,500.</p><p> </p><p>The Government has provided Local Authorities with £500 million to support people who may struggle to meet their council tax payments this year. The Government expects that this will provide all recipients of working age local council tax support with a further reduction in their annual council tax bill of £150 this financial year.</p><p> </p><p>These measures are in addition to the changes this Government has made to make the welfare system more generous, worth over £7 billion according to recent OBR estimates. This includes a £20 per week increase to the Universal Credit standard allowance and Working Tax Credit basic element, and a nearly £1 billion increase in support for renters through increases to Local Housing Allowance rates.</p><p> </p><p>We have also worked with mortgage lenders, credit providers and the Financial Conduct Authority to ensure the financial sector provides support for people across the UK to manage their finances by providing payment holidays on mortgages and consumer credit products.</p><p> </p><p>The Government has also provided unprecedented support for businesses impacted by the COVID-19 pandemic. This support includes the Coronavirus Business Interruption Scheme, Coronavirus Large Business Interruption Scheme, Bounce Back Loan Scheme and the Future Fund which, as of 15th November, have collectively supported over 1.4 million businesses with facilities worth more than £65 billion. The Chancellor has announced that the Government has extended the application deadline for these schemes to a single date, 31 January 2020, meaning that even more businesses will have access to financial support.</p><p> </p><p>The Government recognises that some people are struggling with their finances at this challenging time. To help people in problem debt get their finances back on track, an extra £37.8 million support package is being made available to debt advice providers this financial year, bringing this year's budget for free debt advice in England to over £100 million.</p><p> </p><p>In May, the Government also announced the immediate release of £65 million dormant assets funding to Fair4All Finance, an independent organisation that has been founded to support the financial wellbeing of people in vulnerable circumstances. The funding is used to increase access to fair, affordable and appropriate financial products and services for those in financial difficulties.</p><p> </p><p> </p><p>From May 2021 the Breathing Space scheme will offer people in problem debt a pause of up to 60 days on most enforcement action, interest, fees and charges, and will encourage them to seek professional debt advice.</p> answering member constituency Salisbury answering member printed John Glen question first answered 02/12/2020 15:36:38 answering member 4051 label Biography information for John Glen
tabling member	4799 label Biography information for Charlotte Nichols

1255509

registered interest
date	25/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Uprating
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 effect of the proposed changes to the formula for calculating the Retail Price Index, set out in his Department's response to the Consultation on the Reform of RPI Methodology, on the remuneration of members of defined benefits pension schemes.
tabling member constituency	Carmarthen East and Dinefwr
tabling member printed	Jonathan Edwards
uin	120841
answer	answer is ministerial correction date of answer 30/11/2020 answer text <p>On 25 November, the Government and UK Statistics Authority (UKSA) published their response to the consultation on the timing of reform to the Retail Prices Index (RPI). Owing to shortcomings in its calculation, UKSA intends to bring the methods and data sources of the Consumer Prices Index including owner occupiers’ housing costs (CPIH) into RPI.</p><p>The Government and UKSA are mindful of the widespread use of RPI in the economy, and, as such, sought views in the consultation on the broader impacts of reform. The Government and UKSA received approximately 550 responses from members of defined benefit (DB) pension schemes whose benefits are linked to RPI.</p><p>It is apparent that some DB pension scheme members will be affected by UKSA’s reform of RPI. The effect of reform on the members of such schemes will depend on whether their benefits are linked to RPI under the trust deed and rules of the scheme.</p><p>The announcement in the response by the Chancellor and Authority Chair means that reform will not be implemented before 2030. The Government keeps the occupational pensions system under review and will continue to do so.</p><p>For further information please see the consultation response at: https://www.gov.uk/government/consultations/a-consultation-on-the-reform-to-retail-prices-index-rpi-methodology.</p> answering member constituency Salisbury answering member printed John Glen question first answered 30/11/2020 13:56:15 answering member 4051 label Biography information for John Glen
tabling member	3943 label Biography information for Jonathan Edwards

1254848

registered interest
date	24/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bounce Back Loan Scheme
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what guidance he plans to issue to banks for companies wanting to apply for an extension to the Bounce Back Loan Scheme which need a higher level of finance than they required in March 2020.
tabling member constituency	Liverpool, Riverside
tabling member printed	Kim Johnson
uin	120161
answer	answer is ministerial correction date of answer 30/11/2020 answer text <p>The Government launched the Bounce Back Loan Scheme (BBLS) to ensure that the smallest businesses could access loans of up to £50,000 in a matter of just days. As of 15 November, the scheme had supported nearly 1.4 million businesses with facilities totaling over £42 billion.</p><p>On 2 November, the Government adjusted the BBLS rules to allow those businesses who have borrowed less than their maximum (i.e. the lower of £50,000 or 25% of their turnover) to top-up their existing loan to this maximum. Businesses will be able to make use of this option once. We understand that some businesses did not anticipate the disruption to their business from the pandemic would go on for this long. This change will ensure that they are able to benefit from the loan scheme as intended. Those businesses that require finance of over £50,000 should discuss alternative options with their lenders, including the possibility of refinancing into a loan under the Coronavirus Business Interruption Loan Scheme.</p><p> </p><p>The Government has also announced the extension of the application deadline for all Covid-19 business loan schemes, including BBLS to 31 January 2021. This extension ensures that businesses have more time to make loan applications, supporting them through the pandemic.</p> answering member constituency Salisbury answering member printed John Glen question first answered 30/11/2020 14:07:17 answering member 4051 label Biography information for John Glen
tabling member	4824 label Biography information for Kim Johnson