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1702576

	registered interest
	date	19/04/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Motor Vehicles: Insurance
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what discussions they have with the Competition and Markets Authority on the recent increases in car insurance premiums and access to car insurance for motorists on lower incomes.
	tabling member printed	Lord Jackson of Peterborough
	uin	HL3978
	answer	answer is ministerial correction date of answer 02/05/2024 answer text <p>Treasury Ministers and officials have regular meetings with a wide variety of organisations in the public and private sectors, including the financial services regulators, on an ongoing basis.</p><p /><p>The Government does not prescribe the terms, conditions or price that insurance companies set when offering insurance. Insurers make commercial decisions about the pricing of insurance following their assessment of the relevant risks. The Government does not intervene in these decisions as this could damage competition in the market.</p><p> </p><p>The Financial Conduct Authority (FCA) is the independent regulator responsible for supervising the insurance industry. Alongside the Competition and Markets Authority, the FCA can enforce against breaches of competition law for the provision of financial services.</p><p> </p><p>The FCA also requires firms to ensure their products offer fair value (i.e. if the price a consumer pays for a product or service is reasonable compared to the overall benefits they can expect to receive). The FCA has been clear that it will be monitoring firms to ensure they are providing products that are fair value, and, where necessary, it will take action.</p> answering member printed Baroness Vere of Norbiton question first answered 02/05/2024 08:59:00 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	1551 label Biography information for Lord Jackson of Peterborough

1712656

	registered interest
	date	22/04/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Foreign Investment in UK
	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 the delay of the Overseas Funds Regime on the UK's attractiveness to overseas asset managers; and what steps they are taking to mitigate any negative effects.
	tabling member printed	Lord Taylor of Warwick
	uin	HL4017
	answer	answer is ministerial correction date of answer 02/05/2024 answer text <p>The UK’s world-leading asset management sector is the second largest by assets under management, 48% of which are managed on behalf of overseas investors.</p><p> </p><p>The Overseas Funds Regime was legislated for in the Financial Services Act 2021, to create a more streamlined process for overseas investment funds to be sold to UK investors.</p><p> </p><p>On 30<sup>th</sup> January, the Economic Secretary to the Treasury announced that the Government had found the states in the European Economic Area, including the EU member states, equivalent under the Overseas Funds Regime, in respect of certain retail funds. This followed a detailed assessment of the states’ regulatory regimes.</p><p> </p><p>HM Treasury and the Financial Conduct Authority (FCA) jointly published a roadmap to equivalence on the 1<sup>st</sup> of May setting out the key milestones to implement this decision.</p><p> </p><p>Alongside this, the FCA published detailed guidance setting out that funds in scope of the OFR – but without temporary marketing access – will be able to apply to the FCA for recognition from September 2024. The FCA intends to invite funds with temporary marketing access to apply for recognition in tranches between October 2024 and September 2026.</p> answering member printed Baroness Vere of Norbiton question first answered 02/05/2024 11:28:09 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1713314

	registered interest
	date	23/04/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Inflation
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what plans they have to address the impact of rising inflation on household budgets while stimulating consumer spending, given the stagnation of retail sales between February and March.
	tabling member printed	Lord Taylor of Warwick
	uin	HL4055
	answer	answer is ministerial correction date of answer 02/05/2024 answer text <p>The government is fully committed to supporting the Bank get inflation back down to the 2% target, including by keeping borrowing under control. Inflation has also come down significantly, to less than half its 2022 peak.</p><p> </p><p>Over the past two years, the government has provided support to help households with the cost of living totalling £96 billion – an average of £3400 per UK household. Further support announced by the government for 2024-25 includes extending the Household Support Fund, cutting National Insurance Contributions (NICs) and raising the National Living Wage (NLW).</p><p> </p><p> </p><p>ONS retail sales growth was flat in March, following growth of 0.1% in February. However, due to a significant rebound in January, retail sales increased by 1.9% on the quarter. This represents the strongest quarterly growth since Q2 2021.</p> answering member printed Baroness Vere of Norbiton question first answered 02/05/2024 11:29:03 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1713712

	registered interest
	date	24/04/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Goldman Sachs
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government whether they have assessed the consequences for the UK economy of Goldman Sachs moving its head of financial institutions for Europe, the Middle East and Africa from London to Paris.
	tabling member printed	Lord Birt
	uin	HL4062
	answer	answer is ministerial correction date of answer 02/05/2024 answer text Financial and related professional services employ more than 2 million people in the UK and the Government is committed to ensuring the UK remains the location of choice for leading talent from across the world. This is part of the Government’s mission to ensure the UK retains its position as one of the most innovative and competitive financial centres in the world. Most recently, at Spring Budget 2024, the Chancellor updated on the ambitious package of reforms which will help to deliver the Government’s vision for a financial sector that is open, sustainable, technologically innovative, and globally competitive. answering member printed Baroness Vere of Norbiton question first answered 02/05/2024 11:29:40 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	2533 label Biography information for Lord Birt

1714523

	registered interest
	date	29/04/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Defence: Finance
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, with reference to the Prime Minister’s speech in Warsaw on 23 April 2024, whether his Department has (a) conducted an assessment of costings and (b) developed proposals for how to fund the commitment to spend 2.5% of gross domestic product on defence by 2030.
	tabling member constituency	Wentworth and Dearne
	tabling member printed	John Healey
	uin	23982
	answer	answer is ministerial correction date of answer 02/05/2024 answer text <p>We have made a commitment to steadily increase defence spending, reaching 2.5% of GDP in 2030. We have also set out how we are fully funding this increase in defence spending.</p><p> </p> answering member constituency Sevenoaks answering member printed Laura Trott grouped question UIN 23991 question first answered 02/05/2024 14:39:02 answering member 4780 label Biography information for Laura Trott
	tabling member	400 label Biography information for John Healey

1714726

	registered interest
	date	29/04/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Defence: Finance
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, with reference to the Prime Minister’s speech in Warsaw on 23 April 2024, whether the commitment to spend 2.5% of gross domestic product on defence by 2030 will be require additional funding streams other than through reductions to (a) the civil service and (b) research and development budgets.
	tabling member constituency	Wentworth and Dearne
	tabling member printed	John Healey
	uin	23991
	answer	answer is ministerial correction date of answer 02/05/2024 answer text <p>We have made a commitment to steadily increase defence spending, reaching 2.5% of GDP in 2030. We have also set out how we are fully funding this increase in defence spending.</p><p> </p> answering member constituency Sevenoaks answering member printed Laura Trott grouped question UIN 23982 question first answered 02/05/2024 14:39:02 answering member 4780 label Biography information for Laura Trott
	tabling member	400 label Biography information for John Healey

1714727

	registered interest
	date	29/04/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Military Aid: Ukraine
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether he plans to allocate at least £3 billion for military support to Ukraine in each year between 2024 and 2030.
	tabling member constituency	Wentworth and Dearne
	tabling member printed	John Healey
	uin	23992
	answer	answer is ministerial correction date of answer 02/05/2024 answer text The Government remains committed to supporting Ukraine to defend itself in response to Putin’s illegal invasion. This year we are providing an additional £500 million to Ukraine, on top of the £2.5 billion we have already announced. Our fully funded increase in defence spending enables us to commit to providing support to Ukraine at the current level for as long as required. answering member constituency Sevenoaks answering member printed Laura Trott question first answered 02/05/2024 14:41:58 answering member 4780 label Biography information for Laura Trott
	tabling member	400 label Biography information for John Healey

1714781

	registered interest
	date	29/04/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Inheritance Tax: Agriculture
	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 impact of deferring eligibility for Agricultural Property Relief for all environmental land management schemes on the estates of (a) landowners and (b) farmers who will die prior to 6 April 2025.
	tabling member constituency	North Shropshire
	tabling member printed	Helen Morgan
	uin	24166
	answer	answer is ministerial correction date of answer 02/05/2024 answer text <p>Spring Budget 2024 announced that the government will introduce legislation to extend the existing scope of agricultural property relief from 6 April 2025 to land managed under an environmental agreement with, or on behalf of, the UK government, Devolved Administrations, public bodies, local authorities, or approved responsible bodies.</p><p> </p><p>The date of implementation is consistent with the normal tax-policy making process and with previous changes to the inheritance tax system.</p> answering member constituency Mid Worcestershire answering member printed Nigel Huddleston question first answered 02/05/2024 11:39:42 answering member 4407 label Biography information for Nigel Huddleston
	tabling member	4934 label Biography information for Helen Morgan

1714782

	registered interest
	date	29/04/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Self-assessment
	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 impact of Basis Period Reform on the availability of accounting resources for (a) sole traders and (b) partnerships.
	tabling member constituency	North Shropshire
	tabling member printed	Helen Morgan
	uin	24167
	answer	answer is ministerial correction date of answer 02/05/2024 answer text <p>Basis period reform is an important simplification to the tax system. The government introduced this reform in Finance Act 2022 to create a simpler, fairer, and more transparent set of rules for the allocation of self-employment and partnership income to tax years.</p><p> </p><p>The reform simplifies tax computations for businesses, making it easier to complete self assessment tax returns and reducing administrative burdens. Basis period reform has no effect on the availability of accounting resources for the self-employed or partnerships.</p> answering member constituency Mid Worcestershire answering member printed Nigel Huddleston question first answered 02/05/2024 11:37:39 answering member 4407 label Biography information for Nigel Huddleston
	tabling member	4934 label Biography information for Helen Morgan

1713315

	registered interest
	date	23/04/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Inflation
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government, following recent remarks from the deputy governor of the Bank of England, Dave Ramsden, that inflation could remain around the two per cent target for the next three years, what steps they are taking to ensure sustainable economic growth in this environment.
	tabling member printed	Lord Taylor of Warwick
	uin	HL4056
	answer	answer is ministerial correction date of answer 01/05/2024 answer text <p>The government is continuing to pursue an ambitious policy agenda to increase sustainable economic growth and productivity across the economy. This includes making full expensing permanent, announcing measures to boost labour supply, backing the UK’s priority growth sectors, and addressing long-term barriers to investment through planning and grid connection reforms.</p><p> </p><p>The IMF forecasts that the UK will have the third fastest cumulative growth in the G7 over the 2024-2029 period and the OBR expects that policies announced in the previous three fiscal events will increase the size of the economy by 0.7% by 2028-29.</p> answering member printed Baroness Vere of Norbiton grouped question UIN HL4120 question first answered 01/05/2024 16:19:41 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	1796 label Biography information for Lord Taylor of Warwick