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1583669

registered interest
date	03/02/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Employment Schemes: Older Workers
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps his Department has taken to support people over the age of 50 to re-enter the employment market.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	139175
answer	answer is ministerial correction date of answer 09/02/2023 answer text <p>There does not appear to be one single cause driving older worker inactivity, and an ONS survey of recently inactive people aged over-50 highlighted retirement, redundancy, changes in lifestyle, caring responsibilities, and illness as some of the most common reasons.</p><p> </p><p>The Government has already announced a £1.3 billion support package to help those with health conditions or disabilities get into and thrive in work. This is alongside DWP’s 50PLUS: Choices offer, which provides support to help older workers remain in, or return to, work.</p><p> </p><p>To understand what further action should be taken as a result of the rise in economic inactivity, the Department for Work and Pensions is thoroughly reviewing workforce participation. The Government will respond in due course.</p> answering member constituency Salisbury answering member printed John Glen question first answered 09/02/2023 17:26:36 answering member 4051 label Biography information for John Glen
tabling member	4006 label Biography information for Dr Matthew Offord

1550597

registered interest
date	12/12/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit Rating: Africa
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the accuracy of credit rating agencies in assigning sovereign credit ratings to African countries.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	108176
answer	answer is ministerial correction date of answer 19/12/2022 answer text <p>Credit rating agencies have an important role in rating the investment risk of sovereigns. This allows lenders to assess risk and therefore supports the functioning and development of financial markets.</p><p> </p><p>The Credit Rating Agencies Regulation requires the ratings agencies to publish the methodologies used as well as the factors they have considered in producing the rating.</p> answering member constituency Salisbury answering member printed John Glen question first answered 19/12/2022 14:10:41 answering member 4051 label Biography information for John Glen
tabling member	4006 label Biography information for Dr Matthew Offord

1539070

registered interest
date	03/11/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Public Sector: Borrowing
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent estimate he has made of the cost to the public purse of additional short-term borrowing in the 2022-23 financial year.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	78678
answer	answer is ministerial correction date of answer 10/11/2022 answer text <p>The Treasury does not publish forecasts of the economy or the public finances; the Office for Budget Responsibility (OBR) is the UK’s official forecaster. In their March 2022 forecast, the OBR projected that Public Sector Net Borrowing (PSNB) for 2022-23 would be £99.1 billion or 3.9% of GDP. Latest outturn data from the Office for National Statistics (ONS) shows by the end of September, PSNB had reached £72.5bn.</p><p> </p><p>In terms of the costs of debt interest: rising inflation is pushing up our debt interest costs - in March the OBR forecast that government spending on debt interest would reach £83.0 billion in 2022-23. In September 2022, the interest payable on central government debt was £7.7 billion, 2.5bn higher than September 2021.</p><p> </p><p>The OBR will publish an updated fiscal forecast on 17 November, alongside the Autumn Statement, which will reflect the impact of any short-term additional borrowing on the economy and public finances.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 10/11/2022 16:17:54 answering member 4051 label Biography information for John Glen
tabling member	4006 label Biography information for Dr Matthew Offord

1461847

registered interest
date	11/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what progress he has made towards making the UK an attractive place for cryptocurrency companies to operate.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	701
answer	answer is ministerial correction date of answer 16/05/2022 answer text <p>The government set out at Fintech Week our firm ambition to make Britain a global hub for cryptoasset technology and investment. We want to ensure firms can invest, innovate and scale up in this country. And we have announced a number of reforms which will see the regulation and aspects of tax treatment of cryptoassets evolve – our clear message to cryptoasset firms is that the UK is open for business.</p><p> </p><p>These include committing to consult on a future regulatory regime later this year; legislating to bring stablecoins into payments regulation; setting up a ministerial-chaired Cryptoasset Engagement Group, bringing together key figures in industry; working with the Royal Mint to create a Non-Fungible Token; and exploring ways of enhancing the competitiveness of the UK tax system to encourage further development of the cryptoasset market in the UK.</p><p> </p><p>These commitments are in line with our objectives to create a regulatory environment in which firms can innovate, while crucially ensuring financial stability and high regulatory standards so that people can use new technologies both reliably and safely.</p> answering member constituency Salisbury answering member printed John Glen question first answered 16/05/2022 13:47:07 answering member 4051 label Biography information for John Glen
tabling member	4006 label Biography information for Dr Matthew Offord

1461850

registered interest
date	11/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Competition
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 support the financial sector to increase its competitiveness.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	703
answer	answer is ministerial correction date of answer 16/05/2022 answer text <p>In his Mansion House statement last July, the Chancellor set out the Government’s vision an open, competitive, green, and technologically advanced financial services.</p><p> </p><p>A sweeping set of reforms to sharpen the UK’s competitive advantage in financial services is already underway. As set out in the Queen's Speech, the upcoming Financial Services and Markets Bill will deliver on these commitments by implementing the outcomes of the Future Regulatory Framework (FRF) Review as well as a series of important initiatives underpinning the Government’s ambitious vision for the financial services sector.</p> answering member constituency Salisbury answering member printed John Glen question first answered 16/05/2022 13:42:05 answering member 4051 label Biography information for John Glen
tabling member	4006 label Biography information for Dr Matthew Offord

1461851

registered interest
date	11/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Motor Vehicles: Insurance
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 help reduce insurance premiums for motorists.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	704
answer	answer is ministerial correction date of answer 16/05/2022 answer text <p>Insurers use their claims experience and other industry-wide statistics to assess the risks posed by an individual and set the terms and price at which they will offer insurance cover. The Government does not generally intervene in these commercial decisions by insurers.</p><p> </p><p>However, the Government has made reforms to the whiplash claims process which came into force on 31 May 2021. This has reduced the financial burden on consumers. Further, motorists will be spared a possible £50 annual insurance hike, as the government continues to assist with cost-of-living pressures and uses post-Brexit freedoms to scrap the EU’s Vnuk motor insurance law.</p><p> </p><p>The FCA rules also now require insurers for motor insurance to offer renewing customers a price that is no higher than they would pay as a new customer.</p><p> </p><p> </p><p>In the first quarter of 2022, the average cost to motorists for their insurance fell to the lowest level in over six years, according to the Association of British Insurers latest Motor Insurance Premium Tracker.</p><p> </p><p>We continue to monitor this closely.</p> answering member constituency Salisbury answering member printed John Glen question first answered 16/05/2022 13:40:59 answering member 4051 label Biography information for John Glen
tabling member	4006 label Biography information for Dr Matthew Offord

1461310

registered interest
date	10/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Growth: Hendon
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 support economic growth in Hendon constituency.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	200
answer	answer is ministerial correction date of answer 16/05/2022 answer text <p>The Government published its Levelling Up White Paper in February. It sets out our missions as part of a decade long plan to see the potential of every corner of the United Kingdom fulfilled.</p><p> </p><p>In London, Transport for London will receive £1bn annually to invest in the capital’s transport network through Business Rates Retention. London will also benefit from its share of national programmes, including the recently announced Strategic Partnerships, forming part of the Affordable Homes Programme, which will build over 29,000 affordable homes in London with £3.4bn funding.</p><p> </p><p>Over 80,000 retail, hospitality and leisure properties in London could be among the c.400,000 eligible for almost £1.7bn of business rates relief in England this year, supporting the businesses that make our high streets successful to evolve and adapt to changing consumer demands, until the next revaluation.</p><p> </p><p>The Government is also Levelling Up London’s digital infrastructure. The £5bn national programme, Project Gigabit, will support the rollout of gigabit capable broadband to ensure no area will be left behind. This includes places in Greater London, which is currently in scope of the programme.</p> answering member constituency Salisbury answering member printed John Glen question first answered 16/05/2022 13:33:57 answering member 4051 label Biography information for John Glen
tabling member	4006 label Biography information for Dr Matthew Offord

1461313

registered interest
date	10/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insurance: Investment
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the impact of reforms to insurance sector regulation on the creation of investment opportunities for UK businesses.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	203
answer	answer is ministerial correction date of answer 16/05/2022 answer text <p>The Treasury has published a consultation on the prudential regulatory regime for insurers known as Solvency II. That consultation, which closes on 21 July 2022, includes questions seeking evidence of the impact the reforms would have on investment decisions. The Government will set out its assessment of this evidence when it publishes a response to the consultation in due course.</p><p> </p><p>The Solvency II consultation document can be found here: <a href="https://www.gov.uk/government/consultations/solvency-ii-review-consultation" target="_blank">https://www.gov.uk/government/consultations/solvency-ii-review-consultation</a></p> answering member constituency Salisbury answering member printed John Glen question first answered 16/05/2022 13:36:27 answering member 4051 label Biography information for John Glen
tabling member	4006 label Biography information for Dr Matthew Offord

1461314

registered interest
date	10/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Sanctions: Russia
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the effectiveness of UK financial sanctions relating to Russia following the invasion of Ukraine.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	204
answer	answer is ministerial correction date of answer 17/05/2022 answer text <p>The UK has imposed the most severe package of financial sanctions in history in response to Russia’s unprovoked and illegal invasion of Ukraine. Working with partners, we are effectively isolating Russia from the global economy, and making it far more difficult for Russian oligarchs and businesses to operate outside their own borders.</p><p><br>Our sanctions are having an impact on Russia’s economy; Putin has acknowledged the “problems and difficulties” caused by sanctions and the IMF has estimated Russia’s GDP will shrink by 8.5 percent this year.</p><p><br>We are cutting off Russia’s access to finance – with asset freezes on major banks - including Russia’s largest bank Sberbank - and the removal of selected banks from SWIFT. We have sanctioned Russia’s largest banks with global assets worth £500bn pre-invasion. Over 3 million Russian companies are now barred from raising money on UK capital markets. The Russian state cannot raise funds in the UK.</p><p><br>Sanctions on Russia’s central bank, in concert with international partners, prevent it from liquidating or moving its foreign currency reserves and assets, and undercut its ability to engage in foreign exchange transactions to support the rouble.</p><p><br>We will go broader, we will go deeper, and we will close loopholes. We are united with the G7 to bring this war to an end. And, together, we will encourage the widest possible set of countries to act with us, with a focus on those who can have the biggest impact on Putin and his war machine.</p> answering member constituency Salisbury answering member printed John Glen question first answered 17/05/2022 15:03:44 answering member 4051 label Biography information for John Glen
tabling member	4006 label Biography information for Dr Matthew Offord

1461539

registered interest
date	10/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what estimate his Department has made of the number of people in the UK who do not have an active bank account.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	207
answer	answer is ministerial correction date of answer 16/05/2022 answer text <p>The Government does not make direct assessments of the number of bank accounts. The Financial Conduct Authority conducts a biennial Financial Lives Survey, which provides a comprehensive insight into the finances of the adult UK population. The latest findings showed that in February 2020, 97.7% of UK adults had a current account or e-money account, with 1.2 million UK adults being ‘unbanked’.</p><p> </p><p>The Government is committed to improving access to financial services and recognises that access to a transactional bank account is key to enabling people to manage their money on a day-to-day basis effectively, securely and confidently. That’s why the nine largest personal current account providers in the UK are legally required to offer basic bank accounts to customers who do not have a bank account or who are not eligible for a bank’s standard current account. As of June 2021, there were 7.2 million basic bank accounts open in the UK. The Government continues to work with the banking sector and other key stakeholders to identify and address any potential barriers to accessing bank accounts.</p> answering member constituency Salisbury answering member printed John Glen question first answered 16/05/2022 13:35:06 answering member 4051 label Biography information for John Glen
tabling member	4006 label Biography information for Dr Matthew Offord