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1701603

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	Bank of England: Forecasts
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 review of Bank of England forecasting led by Ben Bernanke.
tabling member printed	Lord Allen of Kensington
uin	HL3834
answer	answer is ministerial correction date of answer 24/04/2024 answer text <p>The Bank of England has operational independence from the government to carry out its statutory responsibilities for monetary policy and financial stability. The government’s commitment to this independence remains absolute.</p><p> </p> answering member printed Baroness Vere of Norbiton question first answered 24/04/2024 11:40:35 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4304 label Biography information for Lord Allen of Kensington

1701638

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	Cost of Living
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 findings of the Financial Conduct Authority survey indicating an increase in adults across the UK struggling to pay bills due to the high cost of living, and what steps they are taking to help individuals and families facing financial difficulties.
tabling member printed	Lord Taylor of Warwick
uin	HL3869
answer	answer is ministerial correction date of answer 24/04/2024 answer text <p>The FCA’s 2024 Cost of Living survey found a reduction in the number of people finding it hard to manage higher costs of living since January 2023.</p><p> </p><p>The government has already provided support to help with the cost of living totalling £96 billion from 2022-23 to 2023-2024 – an average of £3400 per UK household.</p><p> </p><p>Further actions taken by the government in 2024-25 include: a rise in the National Living Wage (NLW) by 9.8% - ending low hourly pay for workers on the NLW, raising Local Housing Allowance to the 30<sup>th</sup> percentile of market rents, uprating working-age benefits by 6.7%, freezing fuel duty, removing Debt Relief Order fees, and doubling the Budgeting Advance Loan repayment period.</p> answering member printed Baroness Vere of Norbiton question first answered 24/04/2024 11:42:45 answering member 4580 label Biography information for Baroness Vere of Norbiton
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

1700781

registered interest
date	15/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Multiple Occupation: Stamp Duty Land Tax
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what discussions they had with the "build to rent" sector to understand the impact of the proposed abolition of the Stamp Duty Land Tax Multiple Dwellings Relief announced in the Spring Budget, beyond the consultation from November 2021 to February 2022.
tabling member printed	Lord Moylan
uin	HL3777
answer	answer is ministerial correction date of answer 23/04/2024 answer text <p>The abolition of Multiple Dwellings Relief follows an external evaluation which found no strong evidence the relief is meeting its original objectives of supporting investment in the private rented sector.</p><p>Larger investors who purchase 6 or more properties in a single transaction can still continue to benefit from the non-residential rates of Stamp Duty Land Tax.</p><p>The government will continue to engage with stakeholders in the build to rent sector to understand any concerns.</p> answering member printed Baroness Vere of Norbiton question first answered 23/04/2024 11:35:03 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4883 label Biography information for Lord Moylan

1699276

registered interest
date	27/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Public Finance
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government whether any work is underway to prepare for a fiscal event outside of the usual Treasury timetable.
tabling member printed	Lord Browne of Ladyton
uin	HL3659
answer	answer is ministerial correction date of answer 08/04/2024 answer text <p>The Treasury develops policy throughout the year, in line with the Chancellor’s priorities and regardless of whether a date for a fiscal event has been announced.</p><p>The government is required by law to commission the Office for Budget Responsibility (OBR) to produce two forecasts per year and to hold a Budget each fiscal year.</p><p>The Chancellor has not announced the date of the next fiscal event.</p> answering member printed Baroness Vere of Norbiton question first answered 08/04/2024 14:17:14 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	620 label Biography information for Lord Browne of Ladyton

1699290

registered interest
date	27/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	UK Internal Trade: Northern Ireland
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, following the commencement of section 45B of the UK Internal Market Act 2020, what export procedures will apply to goods moving from Northern Ireland to Great Britain when placed under a procedure listed in Article 210 of Regulation (EU) No 952/2013; what is a practical example of what a business moving a good in this context will encounter in terms of paperwork and checks; when the export procedure will be commenced; and how they plan to apply the procedure if there is no Border Control Post at Cairnryan.
tabling member printed	Lord Morrow
uin	HL3687
answer	answer is ministerial correction date of answer 08/04/2024 answer text <p>The Windsor Framework removes the requirement for export procedures that existed under the original Protocol and the subsequent 2020 agreement on the need for &quot;equivalent information&quot;, with such controls only applying to a niche set of goods. Consistent with this, we have now laid domestic legislation under the Safeguarding the Union package that expressly prohibits export procedures applying to goods moving Northern Ireland to Great Britain, restoring our unfettered access safeguards. Detailed guidance on the treatment of relevant goods where exceptions apply is available on gov.uk.</p> answering member printed Baroness Vere of Norbiton grouped question UIN HL3665 HL3666 HL3667 HL3688 question first answered 08/04/2024 14:10:26 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	3795 label Biography information for Lord Morrow

1699291

registered interest
date	27/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	UK Internal Trade: Northern Ireland
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, following the commencement of section 45B of the UK Internal Market Act 2020, what export procedures will apply to goods moving from Northern Ireland to Great Britain to goods that are in temporary storage in accordance with Article 144 of Regulations (EU) No 952/2013; what is a practical example of what a business moving a good in this context will encounter in terms of paperwork and checks; when the export procedure will be commenced; and how they plan to apply the procedure if there is no Border Control Post at Cairnryan.
tabling member printed	Lord Morrow
uin	HL3688
answer	answer is ministerial correction date of answer 08/04/2024 answer text <p>The Windsor Framework removes the requirement for export procedures that existed under the original Protocol and the subsequent 2020 agreement on the need for &quot;equivalent information&quot;, with such controls only applying to a niche set of goods. Consistent with this, we have now laid domestic legislation under the Safeguarding the Union package that expressly prohibits export procedures applying to goods moving Northern Ireland to Great Britain, restoring our unfettered access safeguards. Detailed guidance on the treatment of relevant goods where exceptions apply is available on gov.uk.</p> answering member printed Baroness Vere of Norbiton grouped question UIN HL3665 HL3666 HL3667 HL3687 question first answered 08/04/2024 14:10:26 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	3795 label Biography information for Lord Morrow

1699301

registered interest
date	27/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Food: Prices
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 the easing grocery price inflation on (1) consumer spending habits, and (2) household budgets.
tabling member printed	Lord Taylor of Warwick
uin	HL3698
answer	answer is ministerial correction date of answer 08/04/2024 answer text <p>Inflation reduces real incomes, creates uncertainty, and threatens our growth outlook so it’s essential that the government continues with its efforts to keep inflation down. The government remains steadfast in our support for the Monetary Policy Committee of the Bank of England.</p><p>Food inflation has fallen from a peak of 19.6% in March 2023 to 5.0% in February 2024.</p><p>The latest data suggests real household disposable income per capita was 1.4% higher in Q4 2023 than in Q4 2022.</p><p>ONS retail sales remained unchanged on the month in February. This followed an increase in retail sales volumes of 3.6% on the month in January, fully offsetting the decline in December. Food store sales were 2.8% higher in February than in December.</p> answering member printed Baroness Vere of Norbiton question first answered 08/04/2024 14:20:44 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1699302

registered interest
date	27/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Housing Market
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) ensure that stabilising mortgage rates contribute to sustained growth in the housing market, and (2) address challenges faced by homebuyers concerning the increased cost of living.
tabling member printed	Lord Taylor of Warwick
uin	HL3699
answer	answer is ministerial correction date of answer 08/04/2024 answer text <p>The path to lower interest rates is through low inflation, and the Government is fully committed to supporting the Bank of England get inflation back down to the 2% target, including by keeping borrowing under control.</p><p>While the pricing of mortgages is ultimately a commercial decision for lenders in which the Government does not intervene, our plan is working, and the average offered mortgage rates on 2-year and 5-year fixed rates are now lower compared to their peak in Summer 2023.</p><p>The Government is committed to making the aspiration of homeownership a reality for as many households as possible and consequently operates a range of schemes that aim to increase the supply of low-deposit mortgages for credit-worthy households, including first-time buyers, increase the availability of new housing, and stimulate economic growth. These include the Mortgage Guarantee Scheme, which is open until the end of June 2025. We also help first-time buyers to save for a deposit through the Lifetime ISA and Help to Buy: ISA.</p><p>Over 876,000 households have been helped to purchase a home since spring 2010 through government-backed schemes.</p> answering member printed Baroness Vere of Norbiton question first answered 08/04/2024 14:20:20 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1699322

registered interest
date	27/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	UK Internal Trade: Northern Ireland
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, following the commencement of section 45B of the UK Internal Market Act 2020, what export procedures will apply to goods moving from Northern Ireland to Great Britain that are subject to provisions of Union law falling within the second sentence of Article 6(1) of the Windsor Framework, which prohibit or restrict the exportation of goods; what is a practical example of what a business moving a good in this context will encounter in terms of paperwork and checks; when the export procedure will be commenced; and how they plan to apply the procedure if there is no Border Control Post at Cairnryan.
tabling member printed	Lord Dodds of Duncairn
uin	HL3665
answer	answer is ministerial correction date of answer 08/04/2024 answer text <p>The Windsor Framework removes the requirement for export procedures that existed under the original Protocol and the subsequent 2020 agreement on the need for &quot;equivalent information&quot;, with such controls only applying to a niche set of goods. Consistent with this, we have now laid domestic legislation under the Safeguarding the Union package that expressly prohibits export procedures applying to goods moving Northern Ireland to Great Britain, restoring our unfettered access safeguards. Detailed guidance on the treatment of relevant goods where exceptions apply is available on gov.uk.</p> answering member printed Baroness Vere of Norbiton grouped question UIN HL3666 HL3667 HL3687 HL3688 question first answered 08/04/2024 14:10:26 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1388 label Biography information for Lord Dodds of Duncairn