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1504654

registered interest
date	05/09/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Monetary Policy
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what was the extent of quantitative easing for each quarter since the beginning of 2021.
tabling member printed	Lord Field of Birkenhead
uin	HL2100
answer	answer is ministerial correction date of answer 22/09/2022 answer text <p>In 2021, the total gilt purchases of the Asset Purchase Facility (APF), including purchases to redeem maturing assets, was £57.7bn in Q1, £49.7bn in Q2, £44.7bn in Q3 and £37.8bn in Q4 following a decision by the Monetary Policy Committee to increase its Quantitative Easing target stock to £875bn. As of Q1 2022, The Bank of England begun the process of unwinding QE by ceasing to reinvest in maturing assets or purchasing new assets. In March 2022, total size of the APF gilt holdings was £847bn by purchase value, a decrease of £27.9bn from the start of the quarter.</p> answering member printed Viscount Younger of Leckie question first answered 22/09/2022 10:10:51 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	478 label Biography information for Lord Field of Birkenhead

1504752

registered interest
date	05/09/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Buses and Large Goods Vehicles: Fuels
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what steps they plan to take, if any, to introduce a fuel duty rebate of 15 pence per litre for road haulage vehicles and coaches.
tabling member printed	Baroness Ritchie of Downpatrick
uin	HL2162
answer	answer is ministerial correction date of answer 22/09/2022 answer text <p>At Spring Statement 2022, in response to high fuel prices, the Government introduced a temporary 12-month cut to duty on petrol and diesel of 5p per litre.</p><p> </p><p>This represents a tax cut worth around £2.4 billion in 2022-23, benefiting anyone who consumes fuel across the UK – including the road haulage and coach sector.</p><p> </p><p>All taxes remain under review.</p> answering member printed Viscount Younger of Leckie question first answered 22/09/2022 09:50:10 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	4130 label Biography information for Baroness Ritchie of Downpatrick

1504872

registered interest
date	05/09/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Energy: Housing
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to remove the VAT on household energy bills.
tabling member printed	Lord Taylor of Warwick
uin	HL2189
answer	answer is ministerial correction date of answer 22/09/2022 answer text <p>The Government has announced a new ‘Energy Price Guarantee’ to limit the price suppliers can charge customers for units of gas and electricity. This will save the average household £1,000 a year based on current energy prices from October.</p><p> </p><p>In recognition of the fact that families should not have to bear all of the VAT costs they incur to meet their needs, domestic fuels such as gas, electricity and heating oil are already subject to the reduced rate of VAT at 5 per cent.</p> answering member printed Viscount Younger of Leckie question first answered 22/09/2022 09:49:21 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	1796 label Biography information for Lord Taylor of Warwick

1504873

registered interest
date	05/09/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Energy: Business
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to remove the VAT on business energy bills.
tabling member printed	Lord Taylor of Warwick
uin	HL2190
answer	answer is ministerial correction date of answer 22/09/2022 answer text <p>Most businesses that are VAT registered can normally reclaim any VAT incurred on energy, so a VAT cut would not benefit them. If a business is under the VAT registration threshold – the level at which they must register for VAT - they can choose to register for VAT voluntarily which would allow them to reclaim VAT on their supplies of energy, subject to the usual rules.</p><p> </p><p>Any businesses that use fuels for energy below a de minimis level are deemed to be in receipt of ‘domestic supplies’ and can therefore already benefit from the reduced rate of VAT for domestic fuel and power at 5%.</p> answering member printed Viscount Younger of Leckie question first answered 22/09/2022 09:59:44 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	1796 label Biography information for Lord Taylor of Warwick

1505087

registered interest
date	05/09/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Commodity Markets
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 lifting constraints on commodity market speculation introduced following the 2008 (a) finance and (b) food price crisis.
tabling member constituency	Ealing Central and Acton
tabling member printed	Dr Rupa Huq
uin	47615
answer	answer is ministerial correction date of answer 21/09/2022 answer text <p>The Government believes effective commodities markets regulation is a key part of ensuring economic stability. This is a lesson reinforced by both the food and financial crises in the 2000s. In response to G20 commitments, the EU put in place a regime that sets limits on the amounts of commodity derivatives that market participants can hold, to ensure speculation does not lead to economic harm.</p><p> </p><p>The Government supports the application of position limits to the most volatile commodities (including key energy and agricultural products). However, the regime that we have inherited from the EU is overly complicated, needlessly burdensome and poorly designed. In particular, it unnecessarily captures all exchange traded and economically equivalent over-the-counter commodity derivative contracts including those that have low levels of low volatility and risk. This undermines efficient pricing in many such contracts and creates burdens for firms.</p><p> </p><p>To address this, the Financial Services and Markets Bill will ensure exchanges can once again set position limits, within an FCA framework. Exchanges are well placed to ensure that such position limits only apply to contracts that are subject to high volatility. Agricultural products and other key physically settled contracts such as oil and gas will remain subject to position limits. The FCA will also powers to intervene to set position limits if need be.</p><p> </p><p>These changes were consulted on and received broad support[1] and is in line with the Government’s G20 commitments.</p><p> </p><p>[1] Wholesale Markets Review Consultation: <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/998165/WMR_condoc_FINAL_OFFICIAL_SENSITIVE_.pdf" target="_blank">https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/998165/WMR_condoc_FINAL_OFFICIAL_SENSITIVE_.pdf</a></p><p>Wholesale Markets Review Response: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1057897/Wholesale_Markets_Review_Consultation_Response.pdf</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 21/09/2022 07:12:13 answering member 4874 label Biography information for Andrew Griffith
tabling member	4511 label Biography information for Dr Rupa Huq

1504251

registered interest
date	02/09/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Electronic Funds Transfer: Fraud
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 which banks have been impacted by push payment fraud (a) as a percentage of the impact as a whole, (b) over each of the past five years, in terms of (i) being host to the accounts where funds have been lost to this fraud, and (ii) being the host bank of accounts perpetrating this fraud.
tabling member constituency	East Renfrewshire
tabling member printed	Kirsten Oswald
uin	45864
answer	answer is ministerial correction date of answer 20/09/2022 answer text <p>The Government recognises the growing threat posed to consumers by Authorised Push Payment (APP) fraud, with increasingly sophisticated scams that can be detrimental to people’s lives. The Government is committed to tackling fraud within payments networks. That is why the Government has introduced legislation as part of the Financial Services &amp; Markets Bill to enable the PSR to require payment service providers to reimburse APP scam victims. The Government believes this will ensure more consistent and comprehensive reimbursement for future APP scam victims.</p><p> </p><p>Currently, data relating to the amounts lost and returned following APP scams is collected by the Payment Systems Regulator (PSR) and by UK Finance. The latter regularly issues this data in publications such as its Annual Fraud Report: in 2021 for instance, UK Finance recorded gross annual losses of roughly £583 million, an increase of 39% by value over 2020, of which roughly £271 million (46%) was returned to victims. Due to changes in how APP scams are identified and reported, UK Finance note that data for years prior to 2020 is not directly comparable. More comprehensive data on APP scams can be found in UK Finance’s 2022 Fraud Report:</p><p> </p><p><a href="http://www.ukfinance.org.uk/policy-and-guidance/reports-and-publications/annual-fraud-report-2022" target="_blank">www.ukfinance.org.uk/policy-and-guidance/reports-and-publications/annual-fraud-report-2022</a></p><p> </p><p>More specific data regarding the impact of APP scams on individual payment service providers does not usually form a part of these publications. However, as detailed in its 2021 consultation on APP scams, the PSR has proposed requiring the 12 largest groups of UK payment service providers (including the main High Street banks) to publish a balanced scorecard of APP scam data on a six-monthly basis, setting out their individual performance in relation to APP scams. This would include their APP scam rates, their rates of reimbursement for customers scammed, as well as comparative data on the providers receiving APP scam payments. The PSR expect the provision of this data to provide strong reputational incentives on payment service providers to reduce APP scam losses incurred by consumers, both through preventing APP scams and reimbursing those who are scammed. The PSR will respond to this consultation in due course.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 44930 44931 question first answered 20/09/2022 13:31:38 answering member 4874 label Biography information for Andrew Griffith
tabling member	4413 label Biography information for Kirsten Oswald

1504362

registered interest
date	02/09/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Situation
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 strength of the UK economy.
tabling member constituency	Newport West
tabling member printed	Ruth Jones
uin	46118
answer	answer is ministerial correction date of answer 21/09/2022 answer text <p>The economy grew by 0.8% in Q1, faster than the United States, France, Germany and Italy.</p><p> </p><p>Unemployment is at a near 50-year low of 3.8% for the three months to June, with the total number of pay rolled employees consistently above pre-pandemic levels.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 21/09/2022 15:03:46 answering member 4874 label Biography information for Andrew Griffith
tabling member	4716 label Biography information for Ruth Jones

1504375

registered interest
date	02/09/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Debts: Southern Africa
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, in the context of remarks made by Anglican Bishops at the recent Lambeth Conference, what assessment he has made of the potential merits of cancelling debts owed by countries in southern Africa that are facing food shortages.
tabling member constituency	Glasgow North
tabling member printed	Patrick Grady
uin	45883
answer	answer is ministerial correction date of answer 20/09/2022 answer text <p>The Government recognises the significant debt vulnerabilities in developing countries and the critical challenge posed by food insecurity and is working closely with international partners to address these issues.</p><p> </p><p>The UK, along with the G20 and Paris Club, agreed a new Common Framework for Debt Treatments beyond the DSSI (CF), which was designed to help deliver a long-term, sustainable approach for supporting low-income countries facing debt vulnerabilities. 73 of the most vulnerable countries are eligible to request a debt treatment under the Framework and our priority is to work with our G20 partners to implement it quickly for those who have requested it and support new countries who come forward.</p><p> </p><p>The UK also continues to work with the international community to directly support countries affected by the food security crisis. For example, the UK played a leading role in securing the World Bank’s commitment of $12 billion of new projects in the next 15 months to respond to the food security crisis, on top of $18 billion of existing projects.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 20/09/2022 13:43:24 answering member 4874 label Biography information for Andrew Griffith
tabling member	4432 label Biography information for Patrick Grady

1504376

registered interest
date	02/09/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Debts: Zambia
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 UK-based private creditors and financial institutions that have bought debt owed by Zambia as part of its recent debt restructuring process.
tabling member constituency	Glasgow North
tabling member printed	Patrick Grady
uin	45884
answer	answer is ministerial correction date of answer 20/09/2022 answer text The Common Framework was agreed in November 2020 by the UK, along with the G20 and Paris Club, to help deliver a long-term, sustainable approach for supporting low-income countries to tackle their debt vulnerabilities. Zambia is one of three countries – along with Chad and Ethiopia - to have so far requested the Common Framework.<p> </p><p>Private sector participation in the Common Framework is critical. Under the terms of the Common Framework, a debtor country that signs an MoU with participating official creditors will be required to seek from all private creditors a treatment at least as favourable. Accordingly, once Zambia signs an MoU for its case it will need to engage its private creditors to ensure their participation on comparable terms.</p><p>The Government engages private sector creditors on international debt issues in a number of fora and will work closely with its international partners to ensure private creditors fully play their part in Zambia’s restructuring.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 20/09/2022 13:45:27 answering member 4874 label Biography information for Andrew Griffith
tabling member	4432 label Biography information for Patrick Grady

1504487

registered interest
date	02/09/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cash Dispensing
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will carry out regular assessments of (a) the adequacy of how the ATM network is funded and (b) the impact of the levels of funding of the ATM network on free access to cash.
tabling member constituency	Midlothian
tabling member printed	Owen Thompson
uin	45945
answer	answer is ministerial correction date of answer 20/09/2022 answer text <p>The Government recognises that cash will remain an important part of daily life for millions of people across the UK for many more years.</p><p> </p><p>Decisions regarding the operation and funding arrangements of the ATM network are taken by LINK (the scheme that runs the UK's largest ATM network). LINK has commitments to protect the broad geographic spread of free-to-use ATMs and is held to account against these commitments by the Payment Systems Regulator. LINK has committed to protect free-to-use ATMs more than one kilometre away from the next nearest free ATM or Post Office, and free access to cash on high streets (where there is a cluster of five or more retailers) that do not have a free-to-use ATM or a Post Office counter within one kilometre.</p><p> </p><p>The Government has introduced legislation to protect access to cash as part of the Financial Services and Markets Bill. The Bill will establish the Financial Conduct Authority as the lead regulator for cash access and provide it with appropriate powers to seek to ensure reasonable provision of withdrawal and deposit facilities. The powers provided to the FCA will allow it to determine standards to ensure reasonable access, reflecting factors such as cost for end users.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 20/09/2022 14:00:24 answering member 4874 label Biography information for Andrew Griffith
tabling member	4482 label Biography information for Owen Thompson