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1652386

registered interest
date	12/07/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Energy: Profits
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps the Government is taking to tackle excess profits in the energy sector.
tabling member constituency	Easington
tabling member printed	Grahame Morris
uin	193580
answer	answer is ministerial correction date of answer 17/07/2023 answer text <p>The Government introduced the Energy Profits Levy (EPL) to respond the exceptional profits being made by the oil and gas sector driven by global circumstances. The EPL is a temporary 35 per cent surcharge on the exceptional profits being made by the sector and comes on top of the default 40 per cent headline tax rate applied to profits from UK oil and gas production, bringing the overall combined tax rate to 75 per cent. The EPL will end in 2028 if the Energy Security Investment Mechanism (ESIM) is not triggered.</p><p>Additionally, the Government introduced the Electricity Generator Levy (EGL), a temporary 45% tax on extraordinary returns made by some UK electricity generators from 1 January 2023. The levy will end in 2028. EGL is applied to extraordinary returns defined as selling electricity for a period at an average price of more than £75/MWh, which is approximately 1.5 times the average price of electricity over the last decade and well beyond pre-crisis expectations.</p><p>At its most recent forecast, the OBR forecasted that together, the EPL and EGL would raise approximately £40 billion while in force. This significant source of tax revenue has helped fund vital cost of living support.</p><p> </p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 193800 question first answered 17/07/2023 11:40:34 answering member 4051 label Biography information for John Glen
tabling member	3973 label Biography information for Grahame Morris

1652447

registered interest
date	12/07/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Central Bank Digital Currencies: Public Consultation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, when he expects to publish the findings of the consultation on the digital pound.
tabling member constituency	Ceredigion
tabling member printed	Ben Lake
uin	193753
answer	answer is ministerial correction date of answer 17/07/2023 answer text <p>HM Treasury and the Bank of England judge that a UK central bank digital currency (CBDC), the “digital pound”, is likely to be needed in the future. However, a final decision on its introduction has not yet been made and will be informed by public consultation and future work.</p><p> </p><p>On 7 February 2023, HM Treasury and the Bank of England published a joint consultation paper setting out analysis on the case for the digital pound and consulting on the key features of a potential model. The consultation closed on 30 June, and we are now assessing the responses. We are committed to being transparent about the views and issues raised by respondents and we will publish a consultation response publication in due course.</p><p> </p><p>As we enter the design phase of work following the closure of the consultation, HM Treasury and the Bank of England will continue to engage with a wide range of stakeholders across the United Kingdom, including with civil society groups and consumer representatives, on the digital pound proposal and as part of our efforts to have an open and national conversation about the future of our money.</p><p> </p><p>The CBDC Engagement Forum consists of senior stakeholders from industry, civil society including consumer groups, and academia to gather strategic input on policy considerations and functional requirements pertaining to the digital pound. The Forum will continue to play an important role in the design phase, helping the Bank and HM Treasury understand the practical challenges of designing, implementing and operating a digital pound. The Technology Forum engages stakeholders and gathers input on all technology aspects of CBDC from a diverse cross-section of expertise and perspectives. The Forum helps the Bank to understand the technological challenges of designing, implementing and operating a digital pound. The membership of these Forums is available on the Bank of England website.</p><p> </p><p>The digital pound would sit alongside cash, not replace cash, and would be subject to rigorous standards of privacy and data protection. UK authorities remain committed to protecting access to cash. In recognition that cash continues to be relied on and used by many people, including vulnerable groups and the elderly, the Government has legislated to protect access to cash across the UK as part of the Financial Services and Markets Act 2023. The Act establishes the Financial Conduct Authority as the lead regulator for access to cash with responsibility and powers to seek to ensure reasonable provision of withdrawal and deposit facilities.</p><p> </p><p>Regarding costs associated with the digital pound, further work will be undertaken through the design phase to evaluate the commercial proposition. The digital pound would be widely accessible to the public, and exist alongside and be easily exchangeable with cash and bank deposits. We would therefore expect there to be no additional costs to consumers accessing a digital pound compared to existing payment methods.</p><p> </p><p>Financial inclusion will continue to be an important consideration for HM Treasury and the Bank as the next phase of work on the digital pound begins. We have consulted and will continue to engage with a wide range of organisations, including those representing vulnerable groups, in order to get their feedback on the proposal. We understand that not everyone has access to a stable internet connection or smartphone, or that some people may find smartphones difficult to use. We are therefore looking at how the digital pound could be delivered through options such as physical cards, in a way that would help to support financial inclusion and accessibility. We will also continue to explore options for offline payments.</p><p>The Government’s ambition is to connect at least 85% of UK premises to gigabit-capable broadband by 2025, and for nationwide connectivity (at least 99%) to be realised by 2030. Project Gigabit is the government’s £5bn programme that will ensure the whole of the UK benefits from gigabit connectivity by providing subsidy to deliver gigabit-capable connectivity to uncommercial premises, which are typically in rural or remote locations. The Government is also ensuring that very hard to reach areas will have access to improved broadband, even where gigabit is not possible, with an £8m fund for new satellite connectivity connecting 35,000 of the most remote premises.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 193754 193755 193756 193757 193758 193759 question first answered 17/07/2023 11:45:11 answering member 4874 label Biography information for Andrew Griffith
tabling member	4630 label Biography information for Ben Lake

1652449

registered interest
date	12/07/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Central Bank Digital Currencies: Wales
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 help ensure that the (a) the Welsh Government and (b) stakeholders representing those who rely on access to cash are engaged through the (i) Central Bank Digital Taskforce, (ii) the Central Bank Digital Currency Engagement Forum and (iii) The Central Bank Digital Currency technology forum on issues relating to a Central Bank Digital Currency.
tabling member constituency	Ceredigion
tabling member printed	Ben Lake
uin	193754
answer	answer is ministerial correction date of answer 17/07/2023 answer text <p>HM Treasury and the Bank of England judge that a UK central bank digital currency (CBDC), the “digital pound”, is likely to be needed in the future. However, a final decision on its introduction has not yet been made and will be informed by public consultation and future work.</p><p> </p><p>On 7 February 2023, HM Treasury and the Bank of England published a joint consultation paper setting out analysis on the case for the digital pound and consulting on the key features of a potential model. The consultation closed on 30 June, and we are now assessing the responses. We are committed to being transparent about the views and issues raised by respondents and we will publish a consultation response publication in due course.</p><p> </p><p>As we enter the design phase of work following the closure of the consultation, HM Treasury and the Bank of England will continue to engage with a wide range of stakeholders across the United Kingdom, including with civil society groups and consumer representatives, on the digital pound proposal and as part of our efforts to have an open and national conversation about the future of our money.</p><p> </p><p>The CBDC Engagement Forum consists of senior stakeholders from industry, civil society including consumer groups, and academia to gather strategic input on policy considerations and functional requirements pertaining to the digital pound. The Forum will continue to play an important role in the design phase, helping the Bank and HM Treasury understand the practical challenges of designing, implementing and operating a digital pound. The Technology Forum engages stakeholders and gathers input on all technology aspects of CBDC from a diverse cross-section of expertise and perspectives. The Forum helps the Bank to understand the technological challenges of designing, implementing and operating a digital pound. The membership of these Forums is available on the Bank of England website.</p><p> </p><p>The digital pound would sit alongside cash, not replace cash, and would be subject to rigorous standards of privacy and data protection. UK authorities remain committed to protecting access to cash. In recognition that cash continues to be relied on and used by many people, including vulnerable groups and the elderly, the Government has legislated to protect access to cash across the UK as part of the Financial Services and Markets Act 2023. The Act establishes the Financial Conduct Authority as the lead regulator for access to cash with responsibility and powers to seek to ensure reasonable provision of withdrawal and deposit facilities.</p><p> </p><p>Regarding costs associated with the digital pound, further work will be undertaken through the design phase to evaluate the commercial proposition. The digital pound would be widely accessible to the public, and exist alongside and be easily exchangeable with cash and bank deposits. We would therefore expect there to be no additional costs to consumers accessing a digital pound compared to existing payment methods.</p><p> </p><p>Financial inclusion will continue to be an important consideration for HM Treasury and the Bank as the next phase of work on the digital pound begins. We have consulted and will continue to engage with a wide range of organisations, including those representing vulnerable groups, in order to get their feedback on the proposal. We understand that not everyone has access to a stable internet connection or smartphone, or that some people may find smartphones difficult to use. We are therefore looking at how the digital pound could be delivered through options such as physical cards, in a way that would help to support financial inclusion and accessibility. We will also continue to explore options for offline payments.</p><p>The Government’s ambition is to connect at least 85% of UK premises to gigabit-capable broadband by 2025, and for nationwide connectivity (at least 99%) to be realised by 2030. Project Gigabit is the government’s £5bn programme that will ensure the whole of the UK benefits from gigabit connectivity by providing subsidy to deliver gigabit-capable connectivity to uncommercial premises, which are typically in rural or remote locations. The Government is also ensuring that very hard to reach areas will have access to improved broadband, even where gigabit is not possible, with an £8m fund for new satellite connectivity connecting 35,000 of the most remote premises.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 193753 193755 193756 193757 193758 193759 question first answered 17/07/2023 11:45:11 answering member 4874 label Biography information for Andrew Griffith
tabling member	4630 label Biography information for Ben Lake

1652450

registered interest
date	12/07/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Central Bank Digital Currencies: Wales
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions he has had with his counterparts in the Welsh Government on the potential implications of a Central Bank Digital Currency on Welsh citizens in the context of (a) areas with poor digital connectivity and (b) Wales’ age demographics.
tabling member constituency	Ceredigion
tabling member printed	Ben Lake
uin	193755
answer	answer is ministerial correction date of answer 17/07/2023 answer text <p>HM Treasury and the Bank of England judge that a UK central bank digital currency (CBDC), the “digital pound”, is likely to be needed in the future. However, a final decision on its introduction has not yet been made and will be informed by public consultation and future work.</p><p> </p><p>On 7 February 2023, HM Treasury and the Bank of England published a joint consultation paper setting out analysis on the case for the digital pound and consulting on the key features of a potential model. The consultation closed on 30 June, and we are now assessing the responses. We are committed to being transparent about the views and issues raised by respondents and we will publish a consultation response publication in due course.</p><p> </p><p>As we enter the design phase of work following the closure of the consultation, HM Treasury and the Bank of England will continue to engage with a wide range of stakeholders across the United Kingdom, including with civil society groups and consumer representatives, on the digital pound proposal and as part of our efforts to have an open and national conversation about the future of our money.</p><p> </p><p>The CBDC Engagement Forum consists of senior stakeholders from industry, civil society including consumer groups, and academia to gather strategic input on policy considerations and functional requirements pertaining to the digital pound. The Forum will continue to play an important role in the design phase, helping the Bank and HM Treasury understand the practical challenges of designing, implementing and operating a digital pound. The Technology Forum engages stakeholders and gathers input on all technology aspects of CBDC from a diverse cross-section of expertise and perspectives. The Forum helps the Bank to understand the technological challenges of designing, implementing and operating a digital pound. The membership of these Forums is available on the Bank of England website.</p><p> </p><p>The digital pound would sit alongside cash, not replace cash, and would be subject to rigorous standards of privacy and data protection. UK authorities remain committed to protecting access to cash. In recognition that cash continues to be relied on and used by many people, including vulnerable groups and the elderly, the Government has legislated to protect access to cash across the UK as part of the Financial Services and Markets Act 2023. The Act establishes the Financial Conduct Authority as the lead regulator for access to cash with responsibility and powers to seek to ensure reasonable provision of withdrawal and deposit facilities.</p><p> </p><p>Regarding costs associated with the digital pound, further work will be undertaken through the design phase to evaluate the commercial proposition. The digital pound would be widely accessible to the public, and exist alongside and be easily exchangeable with cash and bank deposits. We would therefore expect there to be no additional costs to consumers accessing a digital pound compared to existing payment methods.</p><p> </p><p>Financial inclusion will continue to be an important consideration for HM Treasury and the Bank as the next phase of work on the digital pound begins. We have consulted and will continue to engage with a wide range of organisations, including those representing vulnerable groups, in order to get their feedback on the proposal. We understand that not everyone has access to a stable internet connection or smartphone, or that some people may find smartphones difficult to use. We are therefore looking at how the digital pound could be delivered through options such as physical cards, in a way that would help to support financial inclusion and accessibility. We will also continue to explore options for offline payments.</p><p>The Government’s ambition is to connect at least 85% of UK premises to gigabit-capable broadband by 2025, and for nationwide connectivity (at least 99%) to be realised by 2030. Project Gigabit is the government’s £5bn programme that will ensure the whole of the UK benefits from gigabit connectivity by providing subsidy to deliver gigabit-capable connectivity to uncommercial premises, which are typically in rural or remote locations. The Government is also ensuring that very hard to reach areas will have access to improved broadband, even where gigabit is not possible, with an £8m fund for new satellite connectivity connecting 35,000 of the most remote premises.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 193753 193754 193756 193757 193758 193759 question first answered 17/07/2023 11:45:11 answering member 4874 label Biography information for Andrew Griffith
tabling member	4630 label Biography information for Ben Lake

1652453

registered interest
date	12/07/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Central Bank Digital Currencies
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 ensure that stakeholders who (a) rely on cash and (b) choose to use cash are engaged in the next steps following the publication of the Government’s response to the consultation on the digital pound.
tabling member constituency	Ceredigion
tabling member printed	Ben Lake
uin	193756
answer	answer is ministerial correction date of answer 17/07/2023 answer text <p>HM Treasury and the Bank of England judge that a UK central bank digital currency (CBDC), the “digital pound”, is likely to be needed in the future. However, a final decision on its introduction has not yet been made and will be informed by public consultation and future work.</p><p> </p><p>On 7 February 2023, HM Treasury and the Bank of England published a joint consultation paper setting out analysis on the case for the digital pound and consulting on the key features of a potential model. The consultation closed on 30 June, and we are now assessing the responses. We are committed to being transparent about the views and issues raised by respondents and we will publish a consultation response publication in due course.</p><p> </p><p>As we enter the design phase of work following the closure of the consultation, HM Treasury and the Bank of England will continue to engage with a wide range of stakeholders across the United Kingdom, including with civil society groups and consumer representatives, on the digital pound proposal and as part of our efforts to have an open and national conversation about the future of our money.</p><p> </p><p>The CBDC Engagement Forum consists of senior stakeholders from industry, civil society including consumer groups, and academia to gather strategic input on policy considerations and functional requirements pertaining to the digital pound. The Forum will continue to play an important role in the design phase, helping the Bank and HM Treasury understand the practical challenges of designing, implementing and operating a digital pound. The Technology Forum engages stakeholders and gathers input on all technology aspects of CBDC from a diverse cross-section of expertise and perspectives. The Forum helps the Bank to understand the technological challenges of designing, implementing and operating a digital pound. The membership of these Forums is available on the Bank of England website.</p><p> </p><p>The digital pound would sit alongside cash, not replace cash, and would be subject to rigorous standards of privacy and data protection. UK authorities remain committed to protecting access to cash. In recognition that cash continues to be relied on and used by many people, including vulnerable groups and the elderly, the Government has legislated to protect access to cash across the UK as part of the Financial Services and Markets Act 2023. The Act establishes the Financial Conduct Authority as the lead regulator for access to cash with responsibility and powers to seek to ensure reasonable provision of withdrawal and deposit facilities.</p><p> </p><p>Regarding costs associated with the digital pound, further work will be undertaken through the design phase to evaluate the commercial proposition. The digital pound would be widely accessible to the public, and exist alongside and be easily exchangeable with cash and bank deposits. We would therefore expect there to be no additional costs to consumers accessing a digital pound compared to existing payment methods.</p><p> </p><p>Financial inclusion will continue to be an important consideration for HM Treasury and the Bank as the next phase of work on the digital pound begins. We have consulted and will continue to engage with a wide range of organisations, including those representing vulnerable groups, in order to get their feedback on the proposal. We understand that not everyone has access to a stable internet connection or smartphone, or that some people may find smartphones difficult to use. We are therefore looking at how the digital pound could be delivered through options such as physical cards, in a way that would help to support financial inclusion and accessibility. We will also continue to explore options for offline payments.</p><p>The Government’s ambition is to connect at least 85% of UK premises to gigabit-capable broadband by 2025, and for nationwide connectivity (at least 99%) to be realised by 2030. Project Gigabit is the government’s £5bn programme that will ensure the whole of the UK benefits from gigabit connectivity by providing subsidy to deliver gigabit-capable connectivity to uncommercial premises, which are typically in rural or remote locations. The Government is also ensuring that very hard to reach areas will have access to improved broadband, even where gigabit is not possible, with an £8m fund for new satellite connectivity connecting 35,000 of the most remote premises.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 193753 193754 193755 193757 193758 193759 question first answered 17/07/2023 11:45:11 answering member 4874 label Biography information for Andrew Griffith
tabling member	4630 label Biography information for Ben Lake

1652454

registered interest
date	12/07/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Central Bank Digital Currencies: Wales
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make it his policy that a Central Bank Digital Currency will not be rolled out until all (a) households and (b) businesses in Wales have the ability to access a stable internet connection.
tabling member constituency	Ceredigion
tabling member printed	Ben Lake
uin	193757
answer	answer is ministerial correction date of answer 17/07/2023 answer text <p>HM Treasury and the Bank of England judge that a UK central bank digital currency (CBDC), the “digital pound”, is likely to be needed in the future. However, a final decision on its introduction has not yet been made and will be informed by public consultation and future work.</p><p> </p><p>On 7 February 2023, HM Treasury and the Bank of England published a joint consultation paper setting out analysis on the case for the digital pound and consulting on the key features of a potential model. The consultation closed on 30 June, and we are now assessing the responses. We are committed to being transparent about the views and issues raised by respondents and we will publish a consultation response publication in due course.</p><p> </p><p>As we enter the design phase of work following the closure of the consultation, HM Treasury and the Bank of England will continue to engage with a wide range of stakeholders across the United Kingdom, including with civil society groups and consumer representatives, on the digital pound proposal and as part of our efforts to have an open and national conversation about the future of our money.</p><p> </p><p>The CBDC Engagement Forum consists of senior stakeholders from industry, civil society including consumer groups, and academia to gather strategic input on policy considerations and functional requirements pertaining to the digital pound. The Forum will continue to play an important role in the design phase, helping the Bank and HM Treasury understand the practical challenges of designing, implementing and operating a digital pound. The Technology Forum engages stakeholders and gathers input on all technology aspects of CBDC from a diverse cross-section of expertise and perspectives. The Forum helps the Bank to understand the technological challenges of designing, implementing and operating a digital pound. The membership of these Forums is available on the Bank of England website.</p><p> </p><p>The digital pound would sit alongside cash, not replace cash, and would be subject to rigorous standards of privacy and data protection. UK authorities remain committed to protecting access to cash. In recognition that cash continues to be relied on and used by many people, including vulnerable groups and the elderly, the Government has legislated to protect access to cash across the UK as part of the Financial Services and Markets Act 2023. The Act establishes the Financial Conduct Authority as the lead regulator for access to cash with responsibility and powers to seek to ensure reasonable provision of withdrawal and deposit facilities.</p><p> </p><p>Regarding costs associated with the digital pound, further work will be undertaken through the design phase to evaluate the commercial proposition. The digital pound would be widely accessible to the public, and exist alongside and be easily exchangeable with cash and bank deposits. We would therefore expect there to be no additional costs to consumers accessing a digital pound compared to existing payment methods.</p><p> </p><p>Financial inclusion will continue to be an important consideration for HM Treasury and the Bank as the next phase of work on the digital pound begins. We have consulted and will continue to engage with a wide range of organisations, including those representing vulnerable groups, in order to get their feedback on the proposal. We understand that not everyone has access to a stable internet connection or smartphone, or that some people may find smartphones difficult to use. We are therefore looking at how the digital pound could be delivered through options such as physical cards, in a way that would help to support financial inclusion and accessibility. We will also continue to explore options for offline payments.</p><p>The Government’s ambition is to connect at least 85% of UK premises to gigabit-capable broadband by 2025, and for nationwide connectivity (at least 99%) to be realised by 2030. Project Gigabit is the government’s £5bn programme that will ensure the whole of the UK benefits from gigabit connectivity by providing subsidy to deliver gigabit-capable connectivity to uncommercial premises, which are typically in rural or remote locations. The Government is also ensuring that very hard to reach areas will have access to improved broadband, even where gigabit is not possible, with an £8m fund for new satellite connectivity connecting 35,000 of the most remote premises.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 193753 193754 193755 193756 193758 193759 question first answered 17/07/2023 11:45:11 answering member 4874 label Biography information for Andrew Griffith
tabling member	4630 label Biography information for Ben Lake

1652455

registered interest
date	12/07/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Central Bank Digital Currencies
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether any costs will be associated with accessing the proposed Central Bank Digital Currency; and if he will make a statement.
tabling member constituency	Ceredigion
tabling member printed	Ben Lake
uin	193758
answer	answer is ministerial correction date of answer 17/07/2023 answer text <p>HM Treasury and the Bank of England judge that a UK central bank digital currency (CBDC), the “digital pound”, is likely to be needed in the future. However, a final decision on its introduction has not yet been made and will be informed by public consultation and future work.</p><p> </p><p>On 7 February 2023, HM Treasury and the Bank of England published a joint consultation paper setting out analysis on the case for the digital pound and consulting on the key features of a potential model. The consultation closed on 30 June, and we are now assessing the responses. We are committed to being transparent about the views and issues raised by respondents and we will publish a consultation response publication in due course.</p><p> </p><p>As we enter the design phase of work following the closure of the consultation, HM Treasury and the Bank of England will continue to engage with a wide range of stakeholders across the United Kingdom, including with civil society groups and consumer representatives, on the digital pound proposal and as part of our efforts to have an open and national conversation about the future of our money.</p><p> </p><p>The CBDC Engagement Forum consists of senior stakeholders from industry, civil society including consumer groups, and academia to gather strategic input on policy considerations and functional requirements pertaining to the digital pound. The Forum will continue to play an important role in the design phase, helping the Bank and HM Treasury understand the practical challenges of designing, implementing and operating a digital pound. The Technology Forum engages stakeholders and gathers input on all technology aspects of CBDC from a diverse cross-section of expertise and perspectives. The Forum helps the Bank to understand the technological challenges of designing, implementing and operating a digital pound. The membership of these Forums is available on the Bank of England website.</p><p> </p><p>The digital pound would sit alongside cash, not replace cash, and would be subject to rigorous standards of privacy and data protection. UK authorities remain committed to protecting access to cash. In recognition that cash continues to be relied on and used by many people, including vulnerable groups and the elderly, the Government has legislated to protect access to cash across the UK as part of the Financial Services and Markets Act 2023. The Act establishes the Financial Conduct Authority as the lead regulator for access to cash with responsibility and powers to seek to ensure reasonable provision of withdrawal and deposit facilities.</p><p> </p><p>Regarding costs associated with the digital pound, further work will be undertaken through the design phase to evaluate the commercial proposition. The digital pound would be widely accessible to the public, and exist alongside and be easily exchangeable with cash and bank deposits. We would therefore expect there to be no additional costs to consumers accessing a digital pound compared to existing payment methods.</p><p> </p><p>Financial inclusion will continue to be an important consideration for HM Treasury and the Bank as the next phase of work on the digital pound begins. We have consulted and will continue to engage with a wide range of organisations, including those representing vulnerable groups, in order to get their feedback on the proposal. We understand that not everyone has access to a stable internet connection or smartphone, or that some people may find smartphones difficult to use. We are therefore looking at how the digital pound could be delivered through options such as physical cards, in a way that would help to support financial inclusion and accessibility. We will also continue to explore options for offline payments.</p><p>The Government’s ambition is to connect at least 85% of UK premises to gigabit-capable broadband by 2025, and for nationwide connectivity (at least 99%) to be realised by 2030. Project Gigabit is the government’s £5bn programme that will ensure the whole of the UK benefits from gigabit connectivity by providing subsidy to deliver gigabit-capable connectivity to uncommercial premises, which are typically in rural or remote locations. The Government is also ensuring that very hard to reach areas will have access to improved broadband, even where gigabit is not possible, with an £8m fund for new satellite connectivity connecting 35,000 of the most remote premises.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 193753 193754 193755 193756 193757 193759 question first answered 17/07/2023 11:45:12 answering member 4874 label Biography information for Andrew Griffith
tabling member	4630 label Biography information for Ben Lake

1652514

registered interest
date	12/07/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Energy: Profits
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps the Government is taking to tackle excess profits in the energy sector.
tabling member constituency	Warrington North
tabling member printed	Charlotte Nichols
uin	193800
answer	answer is ministerial correction date of answer 17/07/2023 answer text <p>The Government introduced the Energy Profits Levy (EPL) to respond the exceptional profits being made by the oil and gas sector driven by global circumstances. The EPL is a temporary 35 per cent surcharge on the exceptional profits being made by the sector and comes on top of the default 40 per cent headline tax rate applied to profits from UK oil and gas production, bringing the overall combined tax rate to 75 per cent. The EPL will end in 2028 if the Energy Security Investment Mechanism (ESIM) is not triggered.</p><p>Additionally, the Government introduced the Electricity Generator Levy (EGL), a temporary 45% tax on extraordinary returns made by some UK electricity generators from 1 January 2023. The levy will end in 2028. EGL is applied to extraordinary returns defined as selling electricity for a period at an average price of more than £75/MWh, which is approximately 1.5 times the average price of electricity over the last decade and well beyond pre-crisis expectations.</p><p>At its most recent forecast, the OBR forecasted that together, the EPL and EGL would raise approximately £40 billion while in force. This significant source of tax revenue has helped fund vital cost of living support.</p><p> </p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 193580 question first answered 17/07/2023 11:40:34 answering member 4051 label Biography information for John Glen
tabling member	4799 label Biography information for Charlotte Nichols

1651555

registered interest
date	10/07/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Childcare: Tax Allowances
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many claimants made claims under the Tax Free Childcare Scheme in each financial year since 2017; and how much funding was claimed under the scheme for children aged (a) under one year old, (b) one year old, (c) two years old and (d) three to four years old in each financial year since 2017.
tabling member constituency	Walthamstow
tabling member printed	Stella Creasy
uin	193116
answer	answer is ministerial correction date of answer 13/07/2023 answer text <p>Statistics relating to Tax-Free Childcare account use are published quarterly in “Tax-Free Childcare Statistics” on the gov.uk website. The latest publication, containing information up to March 2023 is here:</p><p><a href="https://www.gov.uk/government/collections/tax-free-childcare-quarterly-statistics" target="_blank">https://www.gov.uk/government/collections/tax-free-childcare-quarterly-statistics</a></p> answering member constituency Salisbury answering member printed John Glen question first answered 13/07/2023 13:55:32 answering member 4051 label Biography information for John Glen
tabling member	4088 label Biography information for Stella Creasy

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registered interest
date	10/07/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Taxation: Inflation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he has made an assessment of the potential merits of adjusting (a) Income Tax rates and (b) Personal Allowances in line with inflation.
tabling member constituency	Solihull
tabling member printed	Julian Knight
uin	193118
answer	answer is ministerial correction date of answer 13/07/2023 answer text <p>The UK's Personal Allowance (PA) is high by international standards – one of the most generous in the OECD and the most generous in the G7. Thanks to the PA, around 30 per cent of individuals do not pay tax.</p><p>Due to the significant real term increases to the PA, it is estimated there will be over 3 million people taken out of tax by 2023-2024, compared to the threshold rising in line with inflation from 2010-2011.</p><p>The income tax higher rate threshold is still high enough to protect the vast majority of people from paying the higher rate of income tax. Around 80 per cent of taxpayers pay tax at the basic rate.</p> answering member constituency Louth and Horncastle answering member printed Victoria Atkins question first answered 13/07/2023 15:42:48 answering member 4399 label Biography information for Victoria Atkins
tabling member	4410 label Biography information for Julian Knight