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1655168

registered interest
date	25/07/2023
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 enhance the UK's economic competitiveness and resilience.
tabling member printed	Lord Taylor of Warwick
uin	HL9722
answer	answer is ministerial correction date of answer 08/08/2023 answer text <p><strong></strong>At the Spring Budget, the Chancellor announced a package of measures to increase the labour supply, incentivize business investment and improve productivity. The Chancellor has a plan to drive economic growth and boost competitiveness, centred on the 4Es of enterprise, education, employment and everywhere. UK businesses enjoy the lowest tax burden in the G7 and the most generous capital allowances regimes in the OECD. As a result, the World Bank ranks the UK as the best place to do business amongst large European nations and second in the G7.</p><p> </p><p>The Government remains committed to tackling risks and vulnerabilities and published its Resilience Framework in December 2022.</p> answering member printed Baroness Penn question first answered 08/08/2023 10:53:39 answering member 4726 label Biography information for Baroness Penn
tabling member	1796 label Biography information for Lord Taylor of Warwick

1653622

registered interest
date	17/07/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Situation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make an assessment of whether the economy will experience deflation in the next five years.
tabling member constituency	Slough
tabling member printed	Mr Tanmanjeet Singh Dhesi
uin	194523
answer	answer is ministerial correction date of answer 25/07/2023 answer text <p>The independent Office for Budget Responsibility (OBR) are the government’s official forecaster.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 25/07/2023 08:51:00 answering member 4874 label Biography information for Andrew Griffith
tabling member	4638 label Biography information for Mr Tanmanjeet Singh Dhesi

1610352

registered interest
date	14/04/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Situation
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 implications for his policies of (a) the world economic outlook published by the IMF in April 2023 and (b) the projections for the UK economy included in that publication.
tabling member constituency	Slough
tabling member printed	Mr Tanmanjeet Singh Dhesi
uin	180485
answer	answer is ministerial correction date of answer 19/04/2023 answer text <p>The IMF growth forecast for the UK 2023 has been upgraded by more than any other G7 country. The IMF say we are on the right track for economic growth.</p><p> </p><p>As well as increasing growth in the medium term, reforms in the Spring Budget also boost sustainable economic growth over the long term – the impact of which will not have been included within the IMF’s forecast horizon of 2024.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 19/04/2023 15:03:10 answering member 4874 label Biography information for Andrew Griffith
tabling member	4638 label Biography information for Mr Tanmanjeet Singh Dhesi

1546656

registered interest
date	29/11/2022
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 support households using a wellbeing economy approach given the increased cost of living.
tabling member printed	Lord Taylor of Warwick
uin	HL3862
answer	answer is ministerial correction date of answer 05/12/2022 answer text <p>The government understands that people are worried about the cost of living challenges ahead. That’s why decisive action has been taken to support households across the UK through cost of living challenges ahead, whilst remaining fiscally responsible.</p><p> </p><p>On 17th November, the Government has announced further support for next year designed to target the most vulnerable households. This cost of living support is worth £26 billion in 2023-24, in addition to benefits uprating, which is worth £11 billion to working age households and people with disabilities. This support for 2023-24 is in addition to the generous support already in place to support households this winter.</p><p> </p><p>A 'wellbeing economy' starts from the idea that public interests should determine economics. The government is continuing to invest in the UK’s human and environmental capital to support individual wellbeing and societal strength. To help key public services continue to deliver, the government is prioritising further funding in the next two years to support the healthcare system and schools. The government has also recommitted to tackling climate change and delivering our net zero emissions targets by 2050.</p> answering member printed Baroness Penn question first answered 05/12/2022 16:42:01 answering member 4726 label Biography information for Baroness Penn
tabling member	1796 label Biography information for Lord Taylor of Warwick

1504362

registered interest
date	02/09/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Situation
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 strength of the UK economy.
tabling member constituency	Newport West
tabling member printed	Ruth Jones
uin	46118
answer	answer is ministerial correction date of answer 21/09/2022 answer text <p>The economy grew by 0.8% in Q1, faster than the United States, France, Germany and Italy.</p><p> </p><p>Unemployment is at a near 50-year low of 3.8% for the three months to June, with the total number of pay rolled employees consistently above pre-pandemic levels.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 21/09/2022 15:03:46 answering member 4874 label Biography information for Andrew Griffith
tabling member	4716 label Biography information for Ruth Jones

1489777

registered interest
date	15/07/2022
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 Her Majesty's Government what assessment they have made of the effects of total global debt reaching 352 per cent of Gross Domestic Product in the first quarter of this year; and what steps they will take in response.
tabling member printed	Baroness Bennett of Manor Castle
uin	HL1789
answer	answer is ministerial correction date of answer 22/07/2022 answer text <p>HM Government continually monitors developments in the global economy, including public and private debt levels, interest rates and the growth outlook, among other macroeconomic indicators.</p><p> </p><p>Total global debt increased following the onset of the pandemic in 2020, reflecting a rise in public and private debt. Public debt increased as governments introduced fiscal support to mitigate the impact of the pandemic on livelihoods, whilst revenues fell in line with the broader decline in economic activity. This fiscal support helped maintain living standards and support global growth. Private debt has also increased, with government policies helping to maintain private access to credit to mitigate a more severe downturn.</p><p> </p><p>Higher global debt levels can increase financial fragilities and lower growth by reducing investment. Against a backdrop of higher debt levels, rapidly rising global interest rates and higher energy and food prices may worsen balance of payment and fiscal pressures and increase risks of debt distress, particularly for some emerging and developing economies.</p><p> </p><p>HMG works closely with major international organisations, including the IMF, World Bank, to understand how debt levels are changing, and on necessary international policy responses, including appropriate support for economies experiencing debt distress. For example, the UK has committed to channelling circa up to 20% of its allocation of Special Drawing Rights (SDRs) from the IMF’s 2021 general allocation of SDRs to those countries most in need; and is driving forward the implementation of the G20/Paris Club Common Framework for debt treatment to support eligible low-income countries with unsustainable debt.</p><p> </p><p>In the April World Economic Outlook the IMF emphasised the need for guaranteeing an orderly system for resolving debt, including the continued application of the Common Framework, where liquidity support alone is not sufficient. In the UK, public debt increased during the pandemic, in line with other countries around the world. In recognition of the risks of high debt, the UK government has already made responsible decisions which return public debt levels to a sustainable path, supported by fiscal rules which require debt to fall as a proportion of GDP over the medium-term.</p> answering member printed Baroness Penn question first answered 22/07/2022 09:55:38 answering member 4726 label Biography information for Baroness Penn
tabling member	4719 label Biography information for Baroness Bennett of Manor Castle