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1490116

registered interest
date	18/07/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Unemployment: Mortality Rates
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential impact of unemployment on the mortality rate in England.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	38636
answer	answer is ministerial correction date of answer 25/07/2022 answer text <p>The government remains focussed on maintaining near record-low unemployment, whilst providing the necessary support to help the most vulnerable to find work.</p><p> </p><p>The unemployment rate has fallen to 3.8% in the three months to May and is close to historic lows. We are building on the success of the Plan for Jobs, investing a total of £6 billion for the three years from 2022-23 to 2024-25: providing targeted additional support to help at risk groups find work, including younger and older age groups, the long-term unemployed and people with disabilities.</p> answering member constituency Havant answering member printed Alan Mak question first answered 25/07/2022 09:06:44 answering member 4484 label Biography information for Alan Mak
tabling member	4006 label Biography information for Dr Matthew Offord

1539073

registered interest
date	03/11/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Taxation: G7
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 potential impact of tax rates in other G7 countries on economic growth in the UK since June 2021.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	78680
answer	answer is ministerial correction date of answer 10/11/2022 answer text <p>The UK is an open economy and so its economic growth will be affected by developments in its trading partners, including any impact from their fiscal policy. Despite global headwinds, the UK economy was the fasting growing economy in the G7 last year according to the IMF Global Outlook released in October. It suggested the annual Real GDP Growth Rate in the UK reached 7.4% last year, while France (the second fastest growing G7 economy in 2021) reached 6.8%.</p><p> </p><p>In the March 2022 Economic and Fiscal Outlook (EFO), the OBR projected the tax-to-GDP ratio to rise to 36.3% in 2026/27. Internationally, tax-to-GDP ratio in the UK is lower than in Germany (38.3%), France (45.4%) and Italy (42.9%) and higher than in the USA (24.5%), Japan (32.0%) and Canada (34.4%)</p><p><strong> <br> </strong></p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 10/11/2022 15:09:24 answering member 4874 label Biography information for Andrew Griffith
tabling member	4006 label Biography information for Dr Matthew Offord

1539076

registered interest
date	03/11/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Debts: G7
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what comparative assessment he has made of the level of debt as a proportion of GDP in the (a) UK and (b) other G7 countries.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	78681
answer	answer is ministerial correction date of answer 09/11/2022 answer text <p>The Office for National Statistics (ONS) have <a href="https://www.ons.gov.uk/economy/governmentpublicsectorandtaxes/publicspending/bulletins/ukgovernmentdebtanddeficitforeurostatmaast/june2022" target="_blank">published</a> estimates of the UK’s debt as a percentage of GDP which can be compared to G7 countries.</p><p> </p><p>At the end of December 2021, this estimates that the UK’s general government gross debt was 105.6% of GDP. The UK has the second lowest level of debt in the G7, 29.1 percentage points lower than the G7 average at the end of December 2021.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 09/11/2022 14:39:43 answering member 4874 label Biography information for Andrew Griffith
tabling member	4006 label Biography information for Dr Matthew Offord

1649600

registered interest
date	03/07/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank Services: Freedom of Expression
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will bring forward legislative proposals to prevent financial institutions ending financial contracts on the basis of their clients' beliefs.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	192069
answer	answer is ministerial correction date of answer 10/07/2023 answer text <p>The Government consulted in January-April 2023 specifically on the issue of contract termination and freedom of expression for payment service providers as part of its review of the relevant regulations – the Payment Services Regulations 2017 – and is currently reviewing the responses. The Government is committed to bringing a Written Ministerial Statement before the House to report on the Government’s findings on this matter, and to set out if any changes to regulation are necessary, ahead of its formal response to the Review.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 10/07/2023 15:36:30 answering member 4874 label Biography information for Andrew Griffith
tabling member	4006 label Biography information for Dr Matthew Offord

1655957

registered interest
date	01/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	UK Debt Management Office
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 the abolition of the Debt Management Office on the independent oversight of the UK debt market.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	196017
answer	answer is ministerial correction date of answer 11/09/2023 answer text <p>The UK Debt Management Office (DMO) is an Executive Agency of HM Treasury and therefore not independent.</p><p> </p><p>The DMO is the government’s actor in wholesale debt and cash markets, with the operational responsibility for implementing and delivering the government’s debt and cash management remits. More details on the main aims of the DMO are available in its Executive Agency Framework Document (available at: <a href="https://www.dmo.gov.uk/media/dtkpands/fwork040405.pdf" target="_blank">https://www.dmo.gov.uk/media/dtkpands/fwork040405.pdf</a>)</p><p> </p><p> </p><p>There are no plans to abolish the DMO.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 11/09/2023 13:21:26 answering member 4874 label Biography information for Andrew Griffith
tabling member	4006 label Biography information for Dr Matthew Offord

1655958

registered interest
date	01/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Government Securities
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what his Departments policy is on issuing more index-linked gilts in the next 12 months.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	196018
answer	answer is ministerial correction date of answer 11/09/2023 answer text <p>Index-linked gilts are planned to account for around 11% of gilt sales in 2023-24. The government’s decisions on the amount of index-linked (and conventional) gilt issuance are taken as part of the annual financing remit, and in consultation with market participants. In practice, the share of total issuance will vary from year to year depending on factors including the size of the financing requirement, demand, and market conditions.</p><p> </p><p>Index-linked gilts remain a key part of the UK’s financing programme, as they have for over four decades. They have historically brought cost advantages for the government due to strong demand from, for example, the domestic pension fund industry, and they continue to do so based on current inflation expectations implied by the difference between nominal and real yields.</p><p> </p><p>At Budget 2018, the government announced that it would look to reduce the proportion of index-linked gilt issuance in a measured fashion over the medium term, to manage the inflation exposure in the debt portfolio. Since then, the proportion of index-linked gilts in the debt portfolio has fallen from 28.4% at the end of 2019 to 25.3% at the end of 2022. As set out in the 2022-23 Debt Management Report, the government is no longer looking to reduce index-linked gilt issuance as a share of total issuance on a year-on-year basis over the medium term. The 2023-24 financing remit is consistent with this.</p><p> </p><p>The proportion of index-linked gilts in the government’s wholesale debt portfolio remains consistently higher than across the G7 group of advanced economies and is around twice as large as the second highest G7 country. This is largely owing to the high level of structural demand in the UK, as a number of institutional investors hold index-linked gilts to hedge long-term inflation-linked liabilities.</p><p> </p><p>The government does not comment on specific financial market movements. Real yields have been low by historical standards over the last decade. It is normal for the yields of index-linked (and conventional) gilts to vary when there are wider movements in financial markets. The government is ultimately a price-taker, with the price of government debt determined by the market.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 196019 196020 196021 196022 question first answered 11/09/2023 13:01:43 answering member 4874 label Biography information for Andrew Griffith
tabling member	4006 label Biography information for Dr Matthew Offord

1655959

registered interest
date	01/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Government Securities
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department has made an assessment of the potential impact of issuing longer gilts on the number of index-linked gilts issued.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	196019
answer	answer is ministerial correction date of answer 11/09/2023 answer text <p>Index-linked gilts are planned to account for around 11% of gilt sales in 2023-24. The government’s decisions on the amount of index-linked (and conventional) gilt issuance are taken as part of the annual financing remit, and in consultation with market participants. In practice, the share of total issuance will vary from year to year depending on factors including the size of the financing requirement, demand, and market conditions.</p><p> </p><p>Index-linked gilts remain a key part of the UK’s financing programme, as they have for over four decades. They have historically brought cost advantages for the government due to strong demand from, for example, the domestic pension fund industry, and they continue to do so based on current inflation expectations implied by the difference between nominal and real yields.</p><p> </p><p>At Budget 2018, the government announced that it would look to reduce the proportion of index-linked gilt issuance in a measured fashion over the medium term, to manage the inflation exposure in the debt portfolio. Since then, the proportion of index-linked gilts in the debt portfolio has fallen from 28.4% at the end of 2019 to 25.3% at the end of 2022. As set out in the 2022-23 Debt Management Report, the government is no longer looking to reduce index-linked gilt issuance as a share of total issuance on a year-on-year basis over the medium term. The 2023-24 financing remit is consistent with this.</p><p> </p><p>The proportion of index-linked gilts in the government’s wholesale debt portfolio remains consistently higher than across the G7 group of advanced economies and is around twice as large as the second highest G7 country. This is largely owing to the high level of structural demand in the UK, as a number of institutional investors hold index-linked gilts to hedge long-term inflation-linked liabilities.</p><p> </p><p>The government does not comment on specific financial market movements. Real yields have been low by historical standards over the last decade. It is normal for the yields of index-linked (and conventional) gilts to vary when there are wider movements in financial markets. The government is ultimately a price-taker, with the price of government debt determined by the market.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 196018 196020 196021 196022 question first answered 11/09/2023 13:01:43 answering member 4874 label Biography information for Andrew Griffith
tabling member	4006 label Biography information for Dr Matthew Offord

1655960

registered interest
date	01/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Government Securities
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, for what reasons his Department issued more inflation-linked gilts in 2023 than than other G7 countries.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	196020
answer	answer is ministerial correction date of answer 11/09/2023 answer text <p>Index-linked gilts are planned to account for around 11% of gilt sales in 2023-24. The government’s decisions on the amount of index-linked (and conventional) gilt issuance are taken as part of the annual financing remit, and in consultation with market participants. In practice, the share of total issuance will vary from year to year depending on factors including the size of the financing requirement, demand, and market conditions.</p><p> </p><p>Index-linked gilts remain a key part of the UK’s financing programme, as they have for over four decades. They have historically brought cost advantages for the government due to strong demand from, for example, the domestic pension fund industry, and they continue to do so based on current inflation expectations implied by the difference between nominal and real yields.</p><p> </p><p>At Budget 2018, the government announced that it would look to reduce the proportion of index-linked gilt issuance in a measured fashion over the medium term, to manage the inflation exposure in the debt portfolio. Since then, the proportion of index-linked gilts in the debt portfolio has fallen from 28.4% at the end of 2019 to 25.3% at the end of 2022. As set out in the 2022-23 Debt Management Report, the government is no longer looking to reduce index-linked gilt issuance as a share of total issuance on a year-on-year basis over the medium term. The 2023-24 financing remit is consistent with this.</p><p> </p><p>The proportion of index-linked gilts in the government’s wholesale debt portfolio remains consistently higher than across the G7 group of advanced economies and is around twice as large as the second highest G7 country. This is largely owing to the high level of structural demand in the UK, as a number of institutional investors hold index-linked gilts to hedge long-term inflation-linked liabilities.</p><p> </p><p>The government does not comment on specific financial market movements. Real yields have been low by historical standards over the last decade. It is normal for the yields of index-linked (and conventional) gilts to vary when there are wider movements in financial markets. The government is ultimately a price-taker, with the price of government debt determined by the market.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 196018 196019 196021 196022 question first answered 11/09/2023 13:01:43 answering member 4874 label Biography information for Andrew Griffith
tabling member	4006 label Biography information for Dr Matthew Offord

1655961

registered interest
date	01/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Government Securities: Financial Markets
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential impact of reducing the amount of issue index-linked gilts on financial markets.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	196021
answer	answer is ministerial correction date of answer 11/09/2023 answer text <p>Index-linked gilts are planned to account for around 11% of gilt sales in 2023-24. The government’s decisions on the amount of index-linked (and conventional) gilt issuance are taken as part of the annual financing remit, and in consultation with market participants. In practice, the share of total issuance will vary from year to year depending on factors including the size of the financing requirement, demand, and market conditions.</p><p> </p><p>Index-linked gilts remain a key part of the UK’s financing programme, as they have for over four decades. They have historically brought cost advantages for the government due to strong demand from, for example, the domestic pension fund industry, and they continue to do so based on current inflation expectations implied by the difference between nominal and real yields.</p><p> </p><p>At Budget 2018, the government announced that it would look to reduce the proportion of index-linked gilt issuance in a measured fashion over the medium term, to manage the inflation exposure in the debt portfolio. Since then, the proportion of index-linked gilts in the debt portfolio has fallen from 28.4% at the end of 2019 to 25.3% at the end of 2022. As set out in the 2022-23 Debt Management Report, the government is no longer looking to reduce index-linked gilt issuance as a share of total issuance on a year-on-year basis over the medium term. The 2023-24 financing remit is consistent with this.</p><p> </p><p>The proportion of index-linked gilts in the government’s wholesale debt portfolio remains consistently higher than across the G7 group of advanced economies and is around twice as large as the second highest G7 country. This is largely owing to the high level of structural demand in the UK, as a number of institutional investors hold index-linked gilts to hedge long-term inflation-linked liabilities.</p><p> </p><p>The government does not comment on specific financial market movements. Real yields have been low by historical standards over the last decade. It is normal for the yields of index-linked (and conventional) gilts to vary when there are wider movements in financial markets. The government is ultimately a price-taker, with the price of government debt determined by the market.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 196018 196019 196020 196022 question first answered 11/09/2023 13:01:43 answering member 4874 label Biography information for Andrew Griffith
tabling member	4006 label Biography information for Dr Matthew Offord

1655962

registered interest
date	01/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Government Securities
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential reasons for the rise in index-linked gilt yields.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	196022
answer	answer is ministerial correction date of answer 11/09/2023 answer text <p>Index-linked gilts are planned to account for around 11% of gilt sales in 2023-24. The government’s decisions on the amount of index-linked (and conventional) gilt issuance are taken as part of the annual financing remit, and in consultation with market participants. In practice, the share of total issuance will vary from year to year depending on factors including the size of the financing requirement, demand, and market conditions.</p><p> </p><p>Index-linked gilts remain a key part of the UK’s financing programme, as they have for over four decades. They have historically brought cost advantages for the government due to strong demand from, for example, the domestic pension fund industry, and they continue to do so based on current inflation expectations implied by the difference between nominal and real yields.</p><p> </p><p>At Budget 2018, the government announced that it would look to reduce the proportion of index-linked gilt issuance in a measured fashion over the medium term, to manage the inflation exposure in the debt portfolio. Since then, the proportion of index-linked gilts in the debt portfolio has fallen from 28.4% at the end of 2019 to 25.3% at the end of 2022. As set out in the 2022-23 Debt Management Report, the government is no longer looking to reduce index-linked gilt issuance as a share of total issuance on a year-on-year basis over the medium term. The 2023-24 financing remit is consistent with this.</p><p> </p><p>The proportion of index-linked gilts in the government’s wholesale debt portfolio remains consistently higher than across the G7 group of advanced economies and is around twice as large as the second highest G7 country. This is largely owing to the high level of structural demand in the UK, as a number of institutional investors hold index-linked gilts to hedge long-term inflation-linked liabilities.</p><p> </p><p>The government does not comment on specific financial market movements. Real yields have been low by historical standards over the last decade. It is normal for the yields of index-linked (and conventional) gilts to vary when there are wider movements in financial markets. The government is ultimately a price-taker, with the price of government debt determined by the market.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 196018 196019 196020 196021 question first answered 11/09/2023 13:01:43 answering member 4874 label Biography information for Andrew Griffith
tabling member	4006 label Biography information for Dr Matthew Offord