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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

1699252

registered interest
date	26/03/2024
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, following the revision to the UK's sovereign credit outlook by global ratings agency Fitch from negative to stable, what assessment they have made of the impact of this on the UK's standing in (1) global trade, and (2) investment markets.
tabling member printed	Lord Taylor of Warwick
uin	HL3642
answer	answer is ministerial correction date of answer 08/04/2024 answer text <p>On the 22nd of March 2024 Fitch returned the UK’s rating to AA- with a stable outlook, meaning all three major credit ratings agencies now indicate that the UK has a stable outlook.</p><p>This is further evidence that the economy is turning a corner. Inflation has fallen from over 11% to 3.4% and is forecast to fall back to target in a few months’ time. The economy has grown so far this year, with growth forecast to pick up both this year and next. Debt is falling in the final year of the forecast, meeting our fiscal rules.</p><p>Underlying demand for the UK’s sovereign debt remains strong and is supported by a generally well-diversified investor base. This reflects the UK’s central position in global trade and investment markets.</p> answering member printed Baroness Vere of Norbiton question first answered 08/04/2024 14:04:56 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1690244

registered interest
date	19/02/2024
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 monitor and mitigate the impact of potential recessionary pressures on household finances and consumer confidence.
tabling member printed	Lord Taylor of Warwick
uin	HL2583
answer	answer is ministerial correction date of answer 28/02/2024 answer text <p>According to the latest data from the Office for National Statistics, economic output contracted in Q3 and Q4 of 2023. Consumer confidence has since strengthened, and in January 2024 it reached its highest level since January 2022.</p><p>The OBR has forecast growth in each year of its November 2023 forecast, and confirmed that the combined impact of the Autumn Statement and Spring budget policies provides a permanent 0.5% increase in the level of potential output by the end of the forecast.</p><p>Since 2022, the government has demonstrated its commitment to supporting the most vulnerable by providing one of the largest support packages in Europe. Support for households to help with the cost of living is worth £104 billion over 2022-23 to 2024-25, or £3,700 per household on average.</p><p>The government continues to monitor developments in the economy and consider the implications for its policies.</p> answering member printed Baroness Vere of Norbiton question first answered 28/02/2024 13:11:50 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1688884

registered interest
date	14/02/2024
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 assessment they have made of the analysis by Goldman Sachs which found that the economy is five per cent smaller than it would have been if the UK had remained within the European Union.
tabling member printed	Lord Birt
uin	HL2463
answer	answer is ministerial correction date of answer 27/02/2024 answer text <p>It is for the Office for Budget Responsibility (OBR) to provide independent and authoritative analysis and forecasting for the UK public finances. The Government makes no assessment of analysis conducted by banks or other independent organisations.</p> answering member printed Baroness Vere of Norbiton question first answered 27/02/2024 15:44:20 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	2533 label Biography information for Lord Birt

1688341

registered interest
date	07/02/2024
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 assessment they have made of the impact of (1) current consumer spending, and (2) the declining inflation, on the economy.
tabling member printed	Lord Taylor of Warwick
uin	HL2311
answer	answer is ministerial correction date of answer 21/02/2024 answer text <p>Household consumption is the largest component of expenditure in the economy, accounting for around 60% of GDP. In Q3 2023, household consumption was 0.8% higher than in the same quarter of 2022, while consumer confidence reached a two-year high in January 2024. In the Office for Budget Responsibility’s (OBR) November 2023 forecast, consumption was forecast to grow by 0.5% in 2024.</p><p> </p><p>Inflation has more than halved, but it remains a challenge. Inflation reduces real incomes, creates uncertainty, and threatens our growth outlook so it’s essential that the government continues with its efforts to drive it down and not fuel it further.</p><p> </p><p>The OBR are the government’s official forecaster. They will update their economy forecast, including an assessment of changes in consumption and inflation, on 6 March.</p> answering member printed Baroness Vere of Norbiton question first answered 21/02/2024 12:02:28 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1683178

registered interest
date	17/01/2024
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 information his Department holds on the economic output of (a) Rother Valley constituency (b) South Yorkshire and (c) the UK in each year since 1994.
tabling member constituency	Rother Valley
tabling member printed	Alexander Stafford
uin	10329
answer	answer is ministerial correction date of answer 25/01/2024 answer text <p>The Office for National Statistics publishes estimates of Gross Value Added (GVA). GVA data for Rother Valley and South Yorkshire is published by the ONS from 1998 onwards, and can be found on the ONS website, as follows:</p><p>- Rother Valley Parliamentary Constituency [ <a href="https://www.ons.gov.uk/economy/grossvalueaddedgva/articles/disaggregatingannualsubnationalgrossvalueaddedgvatolowerlevelsofgeography/latest" target="_blank">Disaggregating UK annual subnational gross value added (GVA) to lower levels of geography - Office for National Statistics (ons.gov.uk)</a> ].</p><p>- South Yorkshire [<a href="https://gbr01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.ons.gov.uk%2Feconomy%2Fgrossdomesticproductgdp%2Fbulletins%2Fregionaleconomicactivitybygrossdomesticproductuk%2Flatest&amp;data=05%7C02%7CEvelyna.Krasnova%40hmtreasury.gov.uk%7Ca787e4b160fc4dc9550908dc1b69f199%7Ced1644c505e049e6bc39fcf7ac51c18c%7C0%7C0%7C638415389042068691%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&amp;sdata=JxOIXb%2FVHJGaLBsxpE85hDPGRTOTLxbzjjX2lSsg%2FMo%3D&amp;reserved=0" target="_blank">Regional economic activity by gross domestic product, UK - Office for National Statistics (ons.gov.uk)</a>].</p><p> </p><p>The ONS publishes UK Gross Domestic Product. This is available from 1955 at: [<a href="https://www.ons.gov.uk/economy/grossdomesticproductgdp/timeseries/abmi/ukea" target="_blank">Gross Domestic Product: chained volume measures: Seasonally adjusted £m - Office for National Statistics (ons.gov.uk) </a></p><p> </p> answering member constituency Grantham and Stamford answering member printed Gareth Davies question first answered 25/01/2024 09:34:19 answering member 4850 label Biography information for Gareth Davies
tabling member	4866 label Biography information for Alexander Stafford

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