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1639576

registered interest
date	23/05/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Personal Savings: Inflation
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 trends in the level of inflation on the assets of long-term savers.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	186349
answer	answer is ministerial correction date of answer 01/06/2023 answer text <p>The government recognises the importance of getting inflation down, and there are three key things the government is doing to deliver on the plan to halve inflation.</p><p> </p><p>Firstly, remaining steadfast in our support for the independent MPC at the Bank of England, as they take action to return inflation to target. Secondly, making difficult but responsible decisions on tax and spending so we are not adding fuel to the fire. Third, tackling high energy prices by holding down energy bills for households and businesses, alongside investing in long-term energy security.</p><p> </p><p>Both the Bank of England and the Office for Budget Responsibility (OBR) forecast that inflation will fall notably this year. The government recognises the challenges faced by households due to elevated cost of living and has provided support worth £3,300 per household on average, across 2022-23 and 2023-24.</p><p>In addition, the Government has a number of savings tax reliefs to support to support savers.</p><p> </p><p>Individuals can save up to £20,000 into their ISA each year and coupled with the Personal Savings Allowance of up to £1,000 for basic rate taxpayers and up to £500 for higher rate taxpayers, around 95% of people with savings income pay no tax on that income. ISAs have been a well-regarded and highly utilised investment and savings vehicle for many. Around £72 billion was subscribed to Adult ISAs in 2020 to 2021.</p><p> </p><p>The government keeps ISA policy under review to ensure it remains and appropriate vehicle for savers.</p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 01/06/2023 11:00:43 answering member 4874 label Biography information for Andrew Griffith
tabling member	4131 label Biography information for Jim Shannon

1639723

registered interest
date	23/05/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Sewage: Waste Disposal
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many sewage leaks have been recorded within their Department's estate in the last twelve months.
tabling member constituency	North East Fife
tabling member printed	Wendy Chamberlain
uin	186479
answer	answer is ministerial correction date of answer 26/05/2023 answer text <p>HM Treasury’s offices are managed by government property services providers, either the Government Property Agency, HM Revenue and Customs or the Cabinet Office. This includes wastewater management and therefore HM Treasury does not hold this information.</p> answering member constituency Grantham and Stamford answering member printed Gareth Davies question first answered 26/05/2023 07:49:19 answering member 4850 label Biography information for Gareth Davies
tabling member	4765 label Biography information for Wendy Chamberlain

1639774

registered interest
date	23/05/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cash Dispensing: Nottingham East
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent assessment his Department has made of the adequacy of the availability of cash withdrawal facilities throughout the Nottingham East constituency.
tabling member constituency	Nottingham East
tabling member printed	Nadia Whittome
uin	186566
answer	answer is ministerial correction date of answer 05/06/2023 answer text <p>The government recognises that while the transition towards digital payments brings many opportunities, cash continues to be used by many people across the UK, including those who may be in vulnerable groups.</p><p> </p><p>The government is currently legislating to protect access to cash across the UK as part of the Financial Services and Markets Bill 2022. The Bill establishes the Financial Conduct Authority (FCA) as the lead regulator for access to cash with responsibility and powers to seek to ensure reasonable provision of withdrawal and deposit facilities. In recognition of the important role of cash for individuals, the government has tabled an amendment to the Bill that will require the FCA to seek to ensure that there is reasonable provision of free withdrawal and deposit facilities for holders of personal accounts.</p><p> </p><p>The ATM network also plays a critical role in the availability of cash withdrawal facilities. LINK (the scheme that runs the UK's largest ATM network) has made 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. According to LINK data for March 2023, there were around 39,000 free-to-use ATMs across the UK, including 53 free-to-use ATMs in the constituency of Nottingham East. Further information is available at: <a href="https://www.link.co.uk/initiatives/financial-inclusion-monthly-report/" target="_blank">https://www.link.co.uk/initiatives/financial-inclusion-monthly-report/</a></p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 05/06/2023 11:05:58 answering member 4874 label Biography information for Andrew Griffith
tabling member	4869 label Biography information for Nadia Whittome

1639784

registered interest
date	23/05/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to the consultation entitled Regulation of Buy-Now Pay Later: consultation on draft legislation, when he plans to (a) publish the outcome of that consultation and (b) lay any legislation required before Parliament.
tabling member constituency	Walthamstow
tabling member printed	Stella Creasy
uin	186384
answer	answer is ministerial correction date of answer 05/06/2023 answer text <p>The Government is working at pace to bring Buy-Now Pay-Later (BNPL) products into regulation. On 14 February 2023, the Government published a consultation on the draft legislation that will bring BNPL products into FCA regulation in a proportionate way. This consultation closed on 11 April. The Government is now carefully considering stakeholder feedback and is finalising policy positions.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 05/06/2023 12:49:38 answering member 4874 label Biography information for Andrew Griffith
tabling member	4088 label Biography information for Stella Creasy

1639822

registered interest
date	23/05/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	VAT: Tax Yields
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make an estimate of the potential impact of increasing the VAT registration threshold by the retail price index in each year to March 2026 on annual VAT revenues.
tabling member constituency	North West Norfolk
tabling member printed	James Wild
uin	186515
answer	answer is ministerial correction date of answer 01/06/2023 answer text <p>The UK has a higher VAT registration threshold than any EU member state and the second highest in the OECD at £85,000. This keeps the majority of businesses out of VAT altogether. Any business with turnover of £85,000 or less does not have to register for VAT.</p><p> </p><p> </p><p>At Autumn Statement 2022 the Government announced that the VAT Registration Threshold would be frozen for two further years until March 2026. The Exchequer impact of this measure is shown in Table 4.2, Spring Budget 2023: <a href="https://www.gov.uk/government/publications/spring-budget-2023" target="_blank"><em>Spring Budget 2023 - GOV.UK (www.gov.uk)</em></a>. This costing has been certified by the Office for Budget Responsibility.</p> answering member constituency Louth and Horncastle answering member printed Victoria Atkins question first answered 01/06/2023 08:16:09 answering member 4399 label Biography information for Victoria Atkins
tabling member	4787 label Biography information for James Wild

1639823

registered interest
date	23/05/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, on what date his Department plans to introduce the new method of calculating cash equivalent transfer value for pension benefits.
tabling member constituency	Richmond Park
tabling member printed	Sarah Olney
uin	186516
answer	answer is ministerial correction date of answer 05/06/2023 answer text <p>The government published the outcome of the public service pensions consultation on the methodology used to set the Superannuation Contributions Adjusted for Past Experience discount rate (SCAPE) on 30 March 2023. As a result, the previous guidance on setting the discount rates for calculating cash equivalent transfer values (CETV) payable by public service pensions schemes was suspended.</p><p> </p><p>Subsequently, on 27 April 2023 HM Treasury published new guidance for setting discount rates for calculating transfer values. It is now necessary for the Government Actuary’s Department (GAD) to calculate new actuarial factors to be used in the calculation of transfer values. GAD expects to provide these factors to administrators of public service pension schemes, by early summer. Schemes will then be able to carry out the calculations for transfer values.</p><p><strong> </strong></p><p>https://www.gov.uk/government/publications/basis-for-setting-the-discount-rates-for-calculating-cash-equivalent-transfer-values-payable-by-public-service-pension-schemes/basis-for-setting-the-discount-rates-for-calculating-cash-equivalent-transfer-values-payable-by-public-service-pension-schemes</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 05/06/2023 11:03:39 answering member 4051 label Biography information for John Glen
tabling member	4591 label Biography information for Sarah Olney

1639824

registered interest
date	23/05/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	VAT: Tax Thresholds
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will estimate the number of businesses that are not required to register for VAT at the current threshold that would be required to register if the threshold were increased to (a) £90,000 and (b) £100,000 as of 23 May 2023.
tabling member constituency	North West Norfolk
tabling member printed	James Wild
uin	186575
answer	answer is ministerial correction date of answer 01/06/2023 answer text <p>The numbers of VAT registered businesses in various turnover ranges can be found in Table 5a of this statistical publication on the GOV.UK website here: <a href="https://www.gov.uk/government/statistics/value-added-tax-vat-annual-statistics" target="_blank">https://www.gov.uk/government/statistics/value-added-tax-vat-annual-statistics</a>. Out of a total of 2,554,470 businesses registered for VAT in 2021-2022, a total of 1,222,240 were voluntarily registered below the threshold, representing slightly less than half the total.</p><p> </p> answering member constituency Louth and Horncastle answering member printed Victoria Atkins question first answered 01/06/2023 08:18:30 answering member 4399 label Biography information for Victoria Atkins
tabling member	4787 label Biography information for James Wild

1639825

registered interest
date	23/05/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Business Rates
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department has made a recent assessment of the extent to which business rates applicable to (a) small and (b) large businesses which mainly operate through physical premises adequately reflect their business costs.
tabling member constituency	Westmorland and Lonsdale
tabling member printed	Tim Farron
uin	186344
answer	answer is ministerial correction date of answer 05/06/2023 answer text <p>The recent revaluation of business rates, which came into effect on 1 April 2023, ensures rateable values, and therefore bills, more accurately reflect current market values. The Government is legislating for more frequent revaluations, from every 5 years to every 3 years, a key stakeholder ask which will permanently make the system fairer and more responsive for all ratepayers.</p><p> </p><p>The Government has also announced a package worth £13.6 billion over the next five years to support businesses with the revaluation, including:</p><ul><li>a freeze to the business rates multiplier for 2023-2024, a tax cut worth £9.3 billion over the next 5 years, meaning all bills are 6 per cent lower than without the freeze;</li><li>an increased 75 per cent relief for retail, hospitality and leisure properties, up to a cash cap of £110,000 per business for 2023-24. This is a tax cut worth over £2 billion for around 230,000 RHL businesses, to support the high street and protect small shops;</li><li>an Exchequer funded Transitional Relief scheme worth £1.6 billion to protect an estimated 700,000 ratepayers facing bill increases due to increases in rateable value;</li><li>£500 million of support over the next three years through a new Supporting Small Business scheme. This will cap bill increases to £50 per month for businesses losing some or all of their Small Business or Rural Rate Relief due to the revaluation.</li></ul><p> </p><p>Regarding small businesses, the Government has continued its generous Small Business Rate Relief scheme which means over a third of properties (720,000) pay no business rates at all, with an additional 76,000 in the taper benefitting from reduced bills.</p> answering member constituency Louth and Horncastle answering member printed Victoria Atkins question first answered 05/06/2023 11:08:01 answering member 4399 label Biography information for Victoria Atkins
tabling member	1591 label Biography information for Tim Farron

1639850

registered interest
date	23/05/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Higher Education: Finance
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 the decision not to provide Higher Education Institutions with additional funding support from 2024 on the financial sustainability of (a) individual Institutions and( b) the sector; if he will make it his policy to fully fund the costs to such Institutions of the Superannuation Contributions Adjusted for Past Experience discount rate; and if he will make a statement.
tabling member constituency	Brighton, Pavilion
tabling member printed	Caroline Lucas
uin	186400
answer	answer is ministerial correction date of answer 01/06/2023 answer text <p>In recognition of the cost pressure a potential increase to employer contribution rates would bring to existing departmental budgets, the Government announced on 30 March its commitment to providing funding for employers whose employment costs are centrally funded. Higher education (HE) providers are not covered by this commitment. To not provide financial support is consistent with the decision to not fund a similar Teachers' Pension Scheme cost increase in 2019.</p><p> </p><p>Nevertheless, I do recognise that while the Office for Students’ (OfS) annual report on financial sustainability finds that university finances generally remain in good shape, there remains a wide spread of financial performance across the sector. The Department for Education and HMT recognise the importance of this issue and will continue discussions about the implications for HE providers. The Government will confirm its position on this issue in due course.</p> answering member constituency Grantham and Stamford answering member printed Gareth Davies grouped question UIN 186401 question first answered 01/06/2023 12:47:09 answering member 4850 label Biography information for Gareth Davies
tabling member	3930 label Biography information for Caroline Lucas

1639851

registered interest
date	23/05/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Higher Education: Workplace Pensions
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 the Secretary of State for Education on the costs to the higher education sector of participation in the Teachers' Pension Scheme; if he will make it his policy to work with the sector to develop financial mechanisms to help higher education institutions manage those costs in the long-term; and if he will make a statement.
tabling member constituency	Brighton, Pavilion
tabling member printed	Caroline Lucas
uin	186401
answer	answer is ministerial correction date of answer 01/06/2023 answer text <p>In recognition of the cost pressure a potential increase to employer contribution rates would bring to existing departmental budgets, the Government announced on 30 March its commitment to providing funding for employers whose employment costs are centrally funded. Higher education (HE) providers are not covered by this commitment. To not provide financial support is consistent with the decision to not fund a similar Teachers' Pension Scheme cost increase in 2019.</p><p> </p><p>Nevertheless, I do recognise that while the Office for Students’ (OfS) annual report on financial sustainability finds that university finances generally remain in good shape, there remains a wide spread of financial performance across the sector. The Department for Education and HMT recognise the importance of this issue and will continue discussions about the implications for HE providers. The Government will confirm its position on this issue in due course.</p> answering member constituency Grantham and Stamford answering member printed Gareth Davies grouped question UIN 186400 question first answered 01/06/2023 12:47:09 answering member 4850 label Biography information for Gareth Davies
tabling member	3930 label Biography information for Caroline Lucas