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1678749

registered interest
date	18/12/2023
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 assessment they have made of reports of increasing consumer confidence and economic recovery in the coming months, as indicated by (1) the S&P Global/Cips Flash UK PMI composite output index, and (2) GfK’s Consumer Confidence Index, both published on 15 December; and what steps they are taking to support this.
tabling member printed	Lord Taylor of Warwick
uin	HL1308
answer	answer is ministerial correction date of answer 21/12/2023 answer text <p>Consumer confidence, as measured by GfK, reached a 3-month high in December, and its second-highest level since January 2022. The flash composite PMI for December rose to a six-month high.</p><p> </p><p>To sustain consumer and business confidence, consumers and businesses need to feel assured that their government is taking the long-term decisions necessary to strengthen the economy, promote macroeconomic stability, and build a brighter future.</p><p> </p><p>In January 2023 the Prime Minister set out three economic priorities: to halve inflation, grow the economy and reduce debt. Progress is being made against all three of these.</p><p> </p><p>Consumers are directly benefitting from the responsible approach taken to prioritise economic stability and make work pay. The cut in National Insurance contributions means the average worker on £35,400 will receive a tax cut in 2024-25 of over £450. From 1 April 2024, the National Living Wage (NLW) will increase by 9.8% to £11.44, representing an increase of over £1,800 to the annual earnings of a full-time worker on the NLW.</p><p> </p><p>The Autumn Statement included an ambitious package of measures to unlock business investment. Permanent full expensing, worth over £10 billion a year, is the biggest business tax cut in modern British history. The OBR expect it to unlock an additional £14 billion of investment over the forecast period. Together with submitted plans for investment in regulated utilities, the Autumn Statement measures could raise business investment by around £20 billion per year in a decade’s time.</p> answering member printed Baroness Vere of Norbiton question first answered 21/12/2023 10:18:44 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1673806

registered interest
date	28/11/2023
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 sustain and increase economic confidence among consumers.
tabling member printed	Lord Taylor of Warwick
uin	HL683
answer	answer is ministerial correction date of answer 08/12/2023 answer text <p>Consumer and business confidence is intrinsically linked to the broader economic outlook. To sustain consumer confidence, consumers need to feel assured that their government is taking the long-term decisions necessary to strengthen the economy and build a brighter future.</p><p>Promoting macroeconomic stability is central to the Government’s economic priorities. In January 2023 the Prime Minister set out three economic priorities: to halve inflation, grow the economy and reduce debt. Progress is being made against all three of these:</p><ul><li>Inflation is less than half its peak.</li><li>Economic growth has been resilient, and the economy is now expected to grow in every year of the forecast period, as assessed by the OBR in their recent forecast.</li><li>Debt is forecast to fall as a proportion of GDP over the medium term, with greater headroom than at Spring Budget 2023.</li></ul><p>Consumers are directly benefitting from the responsible approach taken to prioritising economic stability and making work pay. The cut in National Insurance contributions means the average worker on £35,400 will receive a tax cut in 2024-25 of over £450. From 1 April 2024, the National Living Wage (NLW) will increase by 9.8% to £11.44, representing an increase of over £1,800 to the annual earnings of a full-time worker on the NLW.</p> answering member printed Baroness Vere of Norbiton question first answered 08/12/2023 09:54:35 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

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

1470480

registered interest
date	14/06/2022
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 Organisation for Economic Co-operation and Development (OECD) report OECD Economic Outlook, published on 8 June; and what assessment they have made of the prediction in that report that Britain will experience zero economic growth in 2023.
tabling member printed	Lord Truscott
uin	HL972
answer	answer is ministerial correction date of answer 23/06/2022 answer text <p>The OECD’s latest Economic Outlook underlines the uncertainty around the global economic outlook. The OECD forecast global growth will slow sharply this year and to remain at a subdued pace in 2023 linked to the effects of Russia’s invasion of Ukraine, inflationary pressures across many economies and continuing effects of the Covid-19 pandemic. The OECD estimates global growth of 3.0% in 2022 and 2.8% in 2023.</p><p> </p><p>The OECD forecast that the UK economy will grow by 3.6% this year, the second fastest in the G7, while growth in 2021 was the highest of the G7 (7.4%). Looking ahead, we face challenges across the global economy – common challenges with other countries including high inflation. This is why we are taking significant action to support households with the cost of living totalling around £37bn this year. We also continue to make progress against our plan for growth to support the economy, including a landmark capital uplift in the Spending Review 2021, the creation of the UK Infrastructure Bank, more funding for apprenticeships and skills training, a commitment to double public investment in R&amp;D, and the launch of the UK-wide Help to Grow scheme.</p> answering member printed Baroness Penn question first answered 23/06/2022 14:31:09 answering member 4726 label Biography information for Baroness Penn
tabling member	3682 label Biography information for Lord Truscott

1441162

registered interest
date	15/03/2022
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	What recent assessment he has made of the strength of the UK economy.
tabling member constituency	Wallasey
tabling member printed	Dame Angela Eagle
uin	906080
answer	answer is ministerial correction date of answer 15/03/2022 answer text <p>Last year we saw a faster-than-previously-expected economic recovery, with the fastest growth in the G7.</p><p> </p><p>However, the conflict in Ukraine has affected the global economy. The government is closely monitoring developments and the channels which may impact the UK economy. The precise impacts will depend on the size and persistence of any shocks to trade, financial markets, and energy markets, which are highly uncertain.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 15/03/2022 16:41:45 answering member 4051 label Biography information for John Glen
tabling member	491 label Biography information for Dame Angela Eagle