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1696583

	registered interest
	date	18/03/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Inflation: Employment and Pay
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government, following reports that public expectations for inflation have fallen to the lowest level in over two years, what assessment they have made of the impact of falling expectations on (1) wage growth trends, and (2) employment dynamics; and what steps they are taking to address any potential challenges in sustaining wage growth while maintaining price stability.
	tabling member printed	Lord Taylor of Warwick
	uin	HL3340
	answer	answer is ministerial correction date of answer 28/03/2024 answer text <p>Inflation has more than halved, falling from its peak of 11.1% in October 2022 to 3.4% in February 2024 and nominal whole economy total pay has fallen from a peak of 8.9% in the three months to June to 5.6% in the three months to January 2024.</p><p>In the three months to January 2024 the unemployment rate was 3.9%, up by 0.1ppt on the year but low by historical standards. The OBR forecast that there will be a moderate rise in unemployment to a peak of 4.5% in Q4 2024 before declining to 4.1% by 2028.</p><p>Whilst inflation has fallen it still remains above the 2% target. The Monetary Policy Committee (MPC) continues to have the government’s full support as it takes action to sustainably return it to target.</p> answering member printed Baroness Vere of Norbiton question first answered 28/03/2024 12:45:55 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1696556

	registered interest
	date	18/03/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Compensation
	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 systemic impact from the Financial Conduct Authority’s crackdown on wealth management services under the Consumer Duty; what estimate they have made of the likely total compensation that will need to be paid by wealth management firms; and what other areas of the financial sector they expect to be impacted by the Consumer Duty.
	tabling member printed	Baroness Bennett of Manor Castle
	uin	HL3313
	answer	answer is ministerial correction date of answer 28/03/2024 answer text <p>Requirements regarding financial adviser ongoing services started in 2013 following the Retail Distribution Review, with additional requirements resulting from the Markets in Financial Instruments Directive in 2018.</p><p>In February, the FCA wrote to a number of financial adviser firms requesting information about their delivery of ongoing services, for which their clients continue to be charged. The FCA is collecting this information to assess what, if any, further regulatory work it may undertake in this area.</p><p>The FCA’s new Consumer Duty seeks to set a higher and clearer standard of care that firms owe their customers. The FCA is an independent non-governmental body and is responsible for determining the application of the relevant rules. The Government will continue to monitor the effectiveness of Consumer Duty rules, as they bed in and as industry becomes more familiar with them.</p> answering member printed Baroness Vere of Norbiton question first answered 28/03/2024 12:40:27 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	4719 label Biography information for Baroness Bennett of Manor Castle

1696820

	registered interest
	date	18/03/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	National Insurance Contributions: Personal Income
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether his Department conducted distributional analysis of the impact of the reduction to National Insurance contributions announced in the Spring Budget 2024 on people in different income brackets.
	tabling member constituency	Portsmouth South
	tabling member printed	Stephen Morgan
	uin	19161
	answer	answer is ministerial correction date of answer 26/03/2024 answer text <p>HM Treasury published distributional analysis at Spring Budget 2024, which can be found here:</p><p><a href="https://assets.publishing.service.gov.uk/media/65e83ed008eef600115a5660/Impact_on_households_-_SB24_FINAL.pdf" target="_blank">https://assets.publishing.service.gov.uk/media/65e83ed008eef600115a5660/Impact_on_households_-_SB24_FINAL.pdf</a></p> answering member constituency Mid Worcestershire answering member printed Nigel Huddleston question first answered 26/03/2024 10:16:24 answering member 4407 label Biography information for Nigel Huddleston
	tabling member	4653 label Biography information for Stephen Morgan

1696654

	registered interest
	date	18/03/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Holiday Accommodation: Taxation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what data his Department used to estimate the number of short-term lets that would be suitable for primary residences when the furnished holiday let tax regime has ended.
	tabling member constituency	Newton Abbot
	tabling member printed	Anne Marie Morris
	uin	19067
	answer	answer is ministerial correction date of answer 25/03/2024 answer text <p>The Government has announced that it will abolish the Furnished Holiday Lettings (FHL) tax regime, equalising the tax treatment of landlords with short-term holiday lets and those with standard residential properties. This will make the taxation of property fairer and simpler while raising revenue for public services. The changes will not penalise or prohibit the provision of FHLs more widely.</p><p> </p><p>The Government keeps all aspects of tax policy under review and any decisions on future changes will be taken by the Chancellor in the context of the wider public finances.</p><p> </p> answering member constituency Mid Worcestershire answering member printed Nigel Huddleston question first answered 25/03/2024 17:10:19 answering member 4407 label Biography information for Nigel Huddleston
	tabling member	4249 label Biography information for Anne Marie Morris

1696770

	registered interest
	date	18/03/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Climate Change: Investment
	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 (a) the economy-wide investment needs for adapting the UK to climate change and (b) the current funding gap.
	tabling member constituency	Brighton, Pavilion
	tabling member printed	Caroline Lucas
	uin	19040
	answer	answer is ministerial correction date of answer 25/03/2024 answer text <p>The Government is taking action to respond to climate risks and their impacts on our economy and way of life. The Third National Adaptation Programme (NAP3) was published in July 2023. It set out policies and actions to respond to the 61 climate risks and opportunities identified in the Third Climate Change Risk Assessment (CCRA3).</p><p>There is significant public investment underpinning the policies and actions in NAP3, with the Government having committed a record-breaking £5.2 billion investment in flood and coastal schemes in England between 2021 and 2027, helping to better protect hundreds of thousands of properties and avoid £32 billion of wider economic damages. However, adaptation actions cannot be funded through public spending alone, and additional investment from the private sector will therefore be required to support adaptation action over the coming decades. The Government has committed to support the flow of this private finance into adaptation through the 2023 Green Finance Strategy.</p> answering member constituency Grantham and Stamford answering member printed Gareth Davies question first answered 25/03/2024 15:02:48 answering member 4850 label Biography information for Gareth Davies
	tabling member	3930 label Biography information for Caroline Lucas

1696665

	registered interest
	date	18/03/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Mortgages: Interest Rates
	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 (a) help ensure mortgage rate stability and (b) support the housing market.
	tabling member constituency	Slough
	tabling member printed	Mr Tanmanjeet Singh Dhesi
	uin	19136
	answer	answer is ministerial correction date of answer 25/03/2024 answer text <p>The path to lower interest rates is through low inflation, and the Government is fully committed to supporting the Bank of England get inflation back down to the 2% target, including by keeping borrowing under control.</p><p> </p><p>While the pricing of mortgages is ultimately a commercial decision for lenders in which the Government does not intervene, our plan is working, and the average offered mortgage rates on 2-year and 5-year fixed rates are now lower compared to their peak in Summer 2023. The Government’s Mortgage Charter - in addition to the significant safeguards already in place - is providing support to vulnerable households; and mortgage arrears and repossessions remain low.</p><p> </p><p>Housebuilding is a priority for this Government. At SR21, we demonstrated the Government’s commitment to investing in safe and affordable housing by confirming a settlement of nearly £24 billion up to 2025-26.</p><p> </p><p>In 2022-2023, more than 230,000 net additional dwellings were delivered and government is on track to meet our commitment to deliver one million additional homes across this Parliament.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 25/03/2024 13:55:48 answering member 4639 label Biography information for Bim Afolami
	tabling member	4638 label Biography information for Mr Tanmanjeet Singh Dhesi

1696819

	registered interest
	date	18/03/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cost of Living
	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 impact of his measures introduced in the Spring Budget 2024 on the cost of living.
	tabling member constituency	Portsmouth South
	tabling member printed	Stephen Morgan
	uin	19160
	answer	answer is ministerial correction date of answer 25/03/2024 answer text <p>The government has demonstrated its commitment to supporting the most vulnerable at Spring Budget 2024 – including the extension of the Household Support Fund, freezing fuel duty, and helping households in debt.</p><p> </p><p>The measures introduced by this government to support households have contributed to real incomes being stronger than expected this year. Real wages are now higher than pre-pandemic level.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 25/03/2024 13:54:01 answering member 4639 label Biography information for Bim Afolami
	tabling member	4653 label Biography information for Stephen Morgan

1696821

	registered interest
	date	18/03/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Companies: Cost of Living and Inflation
	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 impact of the level of profits made by companies outside the oil and gas industries on (a) the cost of living and (b) inflation.
	tabling member constituency	Portsmouth South
	tabling member printed	Stephen Morgan
	uin	19162
	answer	answer is ministerial correction date of answer 25/03/2024 answer text <p>The Government monitors UK corporates’ performance on an ongoing basis. Profits as a share of GDP (Gross Domestic Product) for UK private non-financial corporations excluding firms in the UK Continental Shelf have been relatively stable since 2000.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 25/03/2024 13:52:12 answering member 4639 label Biography information for Bim Afolami
	tabling member	4653 label Biography information for Stephen Morgan

1696667

	registered interest
	date	18/03/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Debt Collection
	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 ensure that companies in the (a) finance and (b) utility sectors use best practice when collecting debts from vulnerable customers.
	tabling member constituency	Slough
	tabling member printed	Mr Tanmanjeet Singh Dhesi
	uin	19138
	answer	answer is ministerial correction date of answer 25/03/2024 answer text <p>The Government wants to see fair treatment of individuals in problem debt, and there is a range of work underway across government and regulators to promote responsible debt collection practices.</p><p> </p><p>In June 2023 the FCA, Ofgem, Ofwat and Ofcom published a joint letter via the UK Regulators’ Network (UKRN) setting out how firms in their respective sectors should support customers in financial difficulty. On 18 March 2024, the same group of regulators issued further guidance, setting out their shared expectations on firms’ debt collection practices. This is to ensure that firms support customers in debt and that firms’ collection practices are not causing harm to customers.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 25/03/2024 13:50:26 answering member 4639 label Biography information for Bim Afolami
	tabling member	4638 label Biography information for Mr Tanmanjeet Singh Dhesi

1696660

	registered interest
	date	18/03/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Treasury: Legal Costs
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what the total cost to the public purse was of legal (a) support and (b) representation to Ministers in his Department in relation to their official conduct in each of the last three years.
	tabling member constituency	Torfaen
	tabling member printed	Nick Thomas-Symonds
	uin	19109
	answer	answer is ministerial correction date of answer 25/03/2024 answer text <p>Such information is not centrally recorded or collated in the form requested.</p> answering member constituency Grantham and Stamford answering member printed Gareth Davies question first answered 25/03/2024 13:45:21 answering member 4850 label Biography information for Gareth Davies
	tabling member	4479 label Biography information for Nick Thomas-Symonds