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1464948

registered interest
date	23/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Monetary Policy
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 (a) effectiveness of money supply figures (i) six-month real, (ii) M1, (iii) M3, (iv) M4 in determining the state of the economy and (b) potential merits of more or less monetary tightening.
tabling member constituency	Bognor Regis and Littlehampton
tabling member printed	Nick Gibb
uin	6669
answer	answer is ministerial correction date of answer 26/05/2022 answer text <p>The Government continually monitors a range of economic indicators and developments to consider the impact of these on businesses and households.</p><p> </p><p>Monetary policy is the responsibility of the independent Monetary Policy Committee (MPC) of the Bank of England and this includes decisions on Bank Rate and the assets held in the Asset Purchase Facility (APF). The separation of fiscal and monetary policy is a key feature of the UK’s economic framework, and essential for the effective delivery of monetary policy, so the Government does not comment on the conduct or effectiveness of monetary policy.</p> answering member constituency Salisbury answering member printed John Glen question first answered 26/05/2022 10:19:31 answering member 4051 label Biography information for John Glen
tabling member	111 label Biography information for Nick Gibb

1464971

registered interest
date	23/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will take steps to help ensure that high street bank branches remain open.
tabling member constituency	Bury North
tabling member printed	James Daly
uin	6961
answer	answer is ministerial correction date of answer 26/05/2022 answer text <p>The Government recognises the importance of appropriate access to banking. However, decisions on opening and closing branches are a commercial decision for banks and building societies.</p><p /><p>The largest banks and building societies have been signed up to the Access to Banking Standard since 2017, which commits them to ensure that customers are well informed about branch closures, the bank’s reasons for closure and options for continued access to banking services.</p><p /><p>Guidance from the Financial Conduct Authority also sets out its expectation of firms when they are deciding to reduce their physical branches or the number of free-to-use ATMs. Firms are expected to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and consider possible alternative access arrangements. This ensures that the implementation of closure decisions is undertaken in a way that treats customers fairly.</p><p /><p>Alternative options for access can be via telephone banking, through digital means such as mobile or online banking, and the Post Office. The Post Office Banking Framework allows 99% of personal banking and 95% of business banking customers to deposit cheques, check their balance and withdraw and deposit cash at 11,500 Post Office branches in the UK.</p> answering member constituency Salisbury answering member printed John Glen question first answered 26/05/2022 10:16:37 answering member 4051 label Biography information for John Glen
tabling member	4854 label Biography information for James Daly

1465033

registered interest
date	23/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Families: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps he is taking to reduce the tax burden on families.
tabling member constituency	Bolton West
tabling member printed	Chris Green
uin	6797
answer	answer is ministerial correction date of answer 30/05/2022 answer text <p>The Chancellor’s Tax Plan cut the burden on working families by raising the threshold at which people pay National Insurance contributions from July 2022 and by cutting fuel duty by 5 pence for 12 months.</p><p> </p><p>This plan will also spread the benefit of economic growth by cutting the basic rate of Income Tax from April 2024.</p><p> </p><p>The Government has also provided at least £1200 to the most vulnerable households this year to help with the cost of living.</p> answering member constituency South East Cambridgeshire answering member printed Lucy Frazer question first answered 30/05/2022 13:08:47 answering member 4517 label Biography information for Lucy Frazer
tabling member	4398 label Biography information for Chris Green

1465035

registered interest
date	23/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Married People: Tax Allowances
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 potential merits of increasing the Marriage Allowance.
tabling member constituency	Bolton West
tabling member printed	Chris Green
uin	6798
answer	answer is ministerial correction date of answer 30/05/2022 answer text <p>The Government introduced the Marriage Allowance (MA) in April 2015 to recognise marriage and civil partnerships in the tax system. It allows a spouse or civil partner to transfer 10 per cent of their Personal Allowance (PA) if their partner is a basic rate taxpayer.</p><p> </p><p>At Spring Budget 2021, the Chancellor announced that the PA would be maintained from the years 2022-23 to 2025-26. The transferable tax allowance of £1,260 provided through the MA will remain at its current level until 2025-26.</p><p> </p><p>As with all elements of Income Tax, the Government keeps this under review as part of the annual Budget process.</p> answering member constituency South East Cambridgeshire answering member printed Lucy Frazer question first answered 30/05/2022 13:11:48 answering member 4517 label Biography information for Lucy Frazer
tabling member	4398 label Biography information for Chris Green

1465036

registered interest
date	23/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Child Benefit
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 potential merits of calculating child benefit on household rather than individual income.
tabling member constituency	Bolton West
tabling member printed	Chris Green
uin	6799
answer	answer is ministerial correction date of answer 31/05/2022 answer text <p>Child Benefit remains a universal benefit. The High Income Child Benefit Charge (HICBC) is a tax charge which applies to anyone with an income of over £50,000 who gets Child Benefit, or whose partner gets it. HICBC is calculated on an individual rather than a household basis, in line with other income tax policy.</p><p> </p><p>Basing HICBC on household incomes would mean finding out the incomes of everyone in each of the 7.7 million households currently registered for Child Benefit. This would effectively introduce a new means test, which would be costly to administer and create burdens on the majority of families who receive Child Benefit. The Government decided that charging HICBC to those on higher incomes ensures that everyone makes a fair contribution, while those with the lowest incomes continue to be supported.</p> answering member constituency South East Cambridgeshire answering member printed Lucy Frazer question first answered 31/05/2022 10:36:35 answering member 4517 label Biography information for Lucy Frazer
tabling member	4398 label Biography information for Chris Green

1465057

registered interest
date	23/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Energy Bills Rebate: Pensioners
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what estimate he has made of the number of people of state pension age who will not be eligible for the £150 council tax rebate because they live in properties with tax bands E to H; and what assessment the Government made of the potential impact on that group before restricting eligibility to people in properties in Council Tax bands A to D.
tabling member constituency	Falkirk
tabling member printed	John McNally
uin	6802
answer	answer is ministerial correction date of answer 30/05/2022 answer text <p>The Government understands the pressures that people across the UK are facing with the cost of living. This is why the Government is providing over £15 billion in further support targeted towards those with the greatest need. From the Autumn, over eight million pensioner households who receive the winter fuel payment, will receive an extra one-off pensioner cost-of-living payment of £300 this year to help cover the rising cost of energy this winter.</p><p> </p><p>Local authorities in England have received £144 million of discretionary funding to support households that are not eligible for the council tax rebate, including households in bands E-H. Local authorities are best-placed to determine how this support should be targeted, informed by guidance from the Department for Levelling Up, Housing and Communities.</p><p>Devolved governments in Scotland, Wales and Northern Ireland are receiving Barnett funding as a result of the council tax rebate and associated discretionary funding in England.</p> answering member constituency Faversham and Mid Kent answering member printed Helen Whately question first answered 30/05/2022 15:35:26 answering member 4527 label Biography information for Helen Whately
tabling member	4424 label Biography information for John McNally

1465085

registered interest
date	23/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Public Sector: Workplace Pensions
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 potential merits of reintroducing the cost control mechanism for public service pensions.
tabling member constituency	Nottingham North
tabling member printed	Alex Norris
uin	6887
answer	answer is ministerial correction date of answer 30/05/2022 answer text <p>The cost control mechanism was introduced following the recommendations of the Independent Public Service Pensions Commission in 2011. Whilst the Commission recommended a mechanism to protect the Exchequer from increased costs, the Government went a step further and introduced a mechanism that is symmetrical and so also maintains the value of pensions to members when costs fall.</p><p> </p><p>The mechanism still operates with respect to the main public service pension schemes and so is not in need of reintroduction. It was tested for the first time at the 2016 valuations, but the process was paused before results were finalised due to uncertainty regarding the value of pension schemes following the McCloud judgment. The Government subsequently published amending Directions in October 2021 which enable schemes to complete the cost control element of the 2016 valuations. Most schemes have now finalised their results and those that haven’t will do so shortly.</p><p> </p><p>The mechanism will be tested again at the next scheme valuations (“the 2020 valuations”). The Government previously announced that, following a review by the Government Actuary and a full public consultation, it will implement three reforms to the cost control mechanism for the 2020 valuations onwards to ensure it is operating more in line with its objectives. All three changes are expected to make the mechanism more stable, meaning changes to member benefits or contributions become less likely. The reforms thus help provide greater certainty regarding members’ projected retirement incomes and level of contributions.</p> answering member constituency Middlesbrough South and East Cleveland answering member printed Mr Simon Clarke question first answered 30/05/2022 10:59:41 answering member 4655 label Biography information for Sir Simon Clarke
tabling member	4641 label Biography information for Alex Norris

1465086

registered interest
date	23/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Public Sector: Pay
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 potential merits of a real terms pay increase for public sector workers.
tabling member constituency	Nottingham North
tabling member printed	Alex Norris
uin	6888
answer	answer is ministerial correction date of answer 30/05/2022 answer text <p>The Government recognises that public sector workers play a vital role in the running of our economy, and in delivering our world class public services.</p><p> </p><p>Spending Review 2021 confirmed that public sector workers will see pay rises across the whole Spending Review period (22/23-24/25).</p><p>Pay for most frontline workforces - including nurses, teachers and armed forces - is set through an independent Pay Review Body (PRB) process. They will consider a range of evidence when forming their recommendations, including the need to recruit, retain and motivate suitably able and qualified people; the financial circumstances of government; the government’s policies for improving public services; and the government’s inflation target. They will consider the whole remuneration package of those working in the public sector when forming their recommendations, including substantially more generous pensions.</p><p> </p><p>The Government will carefully consider all recommendations from the Pay Review Bodies once their final reports are submitted.</p> answering member constituency Middlesbrough South and East Cleveland answering member printed Mr Simon Clarke question first answered 30/05/2022 11:01:00 answering member 4655 label Biography information for Sir Simon Clarke
tabling member	4641 label Biography information for Alex Norris

1465114

registered interest
date	23/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Consumers: Protection
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 impact on UK competitiveness of the Financial Conduct Authority's recently consulted proposals entitled A New Consumer Duty; and what cost benefit analysis he has done of those proposals.
tabling member constituency	West Worcestershire
tabling member printed	Harriett Baldwin
uin	6751
answer	answer is ministerial correction date of answer 26/05/2022 answer text <p>The Government is committed to ensuring that all consumers of financial services are appropriately protected.</p><p> </p><p>That is why the Government legislated in the Financial Services Act 2021 to require the Financial Conduct Authority (FCA) to consult on whether it should make rules, giving regulated financial service providers a duty of care over their customers. This was in response to concerns from Parliamentarians, who wanted to reduce levels of consumer harm in financial services.</p><p> </p><p>In response, the FCA has proposed a new Consumer Duty, which seeks to clarify and raise expectations for the standard of care that should be provided by financial services firms to consumers, and ensure consumers benefit from a higher level of care from financial services firms.</p><p> </p><p>The FCA has published a cost benefit analysis covering its proposed Consumer Duty which is available on its website.</p><p> </p><p>The FCA, as an operationally independent regulator, is responsible for carrying out its Consumer Duty consultation including assessing the potential costs and benefits of the proposals and for making any new rules which it considers appropriate following that consultation.</p> answering member constituency Salisbury answering member printed John Glen question first answered 26/05/2022 10:23:49 answering member 4051 label Biography information for John Glen
tabling member	4107 label Biography information for Dame Harriett Baldwin

1465115

registered interest
date	23/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services Compensation Scheme: Cost of Living
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 the impact on the cost of living of the twentyfold increase since 2017 in the levy paid by investment managers for the Financial Services Compensation Scheme.
tabling member constituency	West Worcestershire
tabling member printed	Harriett Baldwin
uin	6752
answer	answer is ministerial correction date of answer 26/05/2022 answer text <p>Under the Financial Services and Markets Act 2000 (FSMA), the Financial Conduct Authority (FCA) is responsible for setting the rules of the compensation framework of the Financial Services Compensation Scheme (FSCS) in relation to the levy paid by investment managers.</p><p> </p><p>The FCA recently published a discussion paper <a href="https://www.fca.org.uk/publication/discussion/dp21-5.pdf" target="_blank">DP21/5</a> in December 2021 which explored ways in which aspects of the compensation framework which the FCA is responsible for could be improved. This paper invited responses from stakeholders and those responses are now being considered by the FCA.</p><p> </p><p>The FSCS provides important protection for consumers by allowing them access compensation where a firm has failed. This is important to maintaining overall confidence in the financial system.</p> answering member constituency Salisbury answering member printed John Glen question first answered 26/05/2022 10:25:40 answering member 4051 label Biography information for John Glen
tabling member	4107 label Biography information for Dame Harriett Baldwin