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1720004

registered interest
date	22/05/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cost of Living
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what steps they are taking to (1) address, and (2) mitigate, the ongoing increased cost-of-living.
tabling member printed	Lord Taylor of Warwick
uin	HL4882
answer	answer is ministerial correction date of answer 24/05/2024 answer text <p>Over the last two years, the government has provided support to households to help with the cost of living worth over £90 billion.</p><p> </p><p>This year, this government has raised working age benefits by 6.7%, supporting 5.5 million households on Universal Credit, with an average gain of £470 this year. The government has also frozen fuel duty and raised the Local Housing Allowance rates to the 30<sup>th</sup> percentile of local market rates.</p><p> </p><p>The government believes that the best way of boosting living standards is by supporting people into work. The government has introduced other policies that will support over 200,000 additional people into work by 2028/29, according to the independent Office for Budget Responsibility. The government has also raised the National Living Wage (NLW) by 9.8%, ending low hourly pay for those on the NLW.</p> answering member printed Baroness Vere of Norbiton question first answered 24/05/2024 11:49:33 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1719908

registered interest
date	21/05/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	UK Trade with EU: Carbon Emissions
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what plans they have to align the UK's carbon border tax with the EU's mechanism to ensure that the UK steel industry is not adversely affected by the delayed implementation.
tabling member printed	Lord Taylor of Warwick
uin	HL4831
answer	answer is ministerial correction date of answer 24/05/2024 answer text <p>A Carbon Border Adjustment Mechanism (CBAM) is a novel mechanism yet to be fully implemented anywhere in the world.</p><p>Implementation of the UK CBAM by 2027 will allow government to consult fully with those affected throughout the design and implementation phases. It will also give those affected in the UK and overseas more time to prepare for the changes and put appropriate processes in place with their supply chains to enable them to comply.</p><p>The effective EU CBAM charge will be introduced gradually from 2026 to 2034 to match their phase out of free allowances for sectors covered by the CBAM, including iron &amp; steel. In 2026, only a relatively small amount of the emissions embodied in CBAM goods will face the EU CBAM charge when they are imported to the EU.</p> answering member printed Baroness Vere of Norbiton question first answered 24/05/2024 11:43:21 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1719190

registered interest
date	20/05/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages: Interest Rates
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, in the light of the fluctuations in mortgage rates, what steps they are taking to ensure guidance and support is available to help homebuyers when deciding their mortgage options.
tabling member printed	Lord Taylor of Warwick
uin	HL4797
answer	answer is ministerial correction date of answer 24/05/2024 answer text <p>Those looking to take out a mortgage or remortgage are encouraged to shop around and speak to a broker to find the best possible product for them. Homeowners and prospective homeowners may also find it helpful to contact MoneyHelper, which has been set up by the Government to support consumers with comprehensive guidance for every stage of their financial lives.</p><p> </p> answering member printed Baroness Vere of Norbiton question first answered 24/05/2024 11:45:59 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1718972

registered interest
date	16/05/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Interest Rates
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what steps they are taking to (1) address, and (2) mitigate, any potential risks associated with falling interest rates; and what assessment they have made of the impact on (a) inflation, (b) consumer spending, (c) and financial market stability.
tabling member printed	Lord Taylor of Warwick
uin	HL4753
answer	answer is ministerial correction date of answer 24/05/2024 answer text <p>Monetary policy is the responsibility of the independent Monetary Policy Committee (MPC), so the Government rightly doesn’t comment on the conduct of monetary policy. The Government fully supports the MPC as it acts to return inflation to target.</p><p>The Financial Policy Committee (FPC) is responsible for identifying, monitoring and addressing systemic risks to the UK financial system. Its assessment of the resilience of the system is regularly communicated through the Financial Policy Summary and Record (published quarterly), and Financial Stability Report (published biannually).</p><p>The Government constantly monitors the UK economy’s performance and considers its impact on households and businesses.</p> answering member printed Baroness Vere of Norbiton question first answered 24/05/2024 09:12:41 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1717440

registered interest
date	13/05/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Labour Market: Databases
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 potential impact of unreliable labour market data on the accuracy of inflation forecasts and other economic indicators used for policy formulation.
tabling member printed	Lord Taylor of Warwick
uin	HL4605
answer	answer is ministerial correction date of answer 24/05/2024 answer text <p>Falling response rates have caused concern over the quality of Labour Force Survey (LFS) data and led to its suspension in October 2023. Following the return of the LFS in February, these figures are still volatile and, although the Office for National Statistics (ONS) expects to see improvements to survey quality following planned improvements, the estimates will continue to be badged as ‘official statistics in development’ until further review. The ONS recommends using a suite of labour market indicators alongside the LFS estimates.</p> answering member printed Baroness Vere of Norbiton question first answered 24/05/2024 09:12:26 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1717441

registered interest
date	13/05/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Stock Market
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 potential impact of the recent performance of the UK stock market on (1) investor confidence, and (2) economic recovery.
tabling member printed	Lord Taylor of Warwick
uin	HL4606
answer	answer is ministerial correction date of answer 24/05/2024 answer text <p>The Government does not comment on the day to day performance of the UK’s public markets.</p> answering member printed Baroness Vere of Norbiton question first answered 24/05/2024 09:11:03 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1717442

registered interest
date	13/05/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Growth
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what steps they are taking to leverage the positive growth momentum reported in the first quarter of 2024, particularly in sectors such as housing and recreation, to stimulate further economic expansion and job creation.
tabling member printed	Lord Taylor of Warwick
uin	HL4607
answer	answer is ministerial correction date of answer 20/05/2024 answer text <p>The government continues to pursue an ambitious policy agenda to increase growth and productivity across the economy.</p><p> </p><p>Alongside wider pro-growth measures announced at recent fiscal events, the Government is taking action in relation to housing and recreation. To ensure that people can live where they want to and meet the needs of the UK’s growing, cutting-edge industries, the Spring Budget allocated over £260 million to build more homes now. The Government also set out further detail on plans to support growth in Cambridge with long-term funding at the next Spending Review, to build on the success of the UK’s third most productive city.</p><p> </p><p>The Government is also taking action to leverage growth in recreation. We have committed to the Creative Industries Sector Vision which sets out our vision for the sector to become an even greater growth engine, with a goal to support 1 million more creative jobs by 2030. At Spring Budget 2024, the Government announced a package that will provide over £1 billion in additional tax relief over the next five years.</p> answering member printed Baroness Vere of Norbiton question first answered 20/05/2024 13:56:57 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1717040

registered interest
date	09/05/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Small Businesses: Loans
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 bank loan application success rates of small and medium-sized enterprises.
tabling member printed	Lord Taylor of Warwick
uin	HL4546
answer	answer is ministerial correction date of answer 15/05/2024 answer text <p>The Government recognises the vital importance small and medium-sized enterprises (SMEs) and is committed to supporting SMEs grow and create jobs by providing an environment in which they can thrive.</p><p> </p><p>Access to finance for small businesses is important to drive growth. The government supports that access through the Recovery Loan Scheme, which offers a 70% government guarantee on loans to SMEs</p><p>of up to £2 million. The scheme has supported over £5.3 billion of finance to SMEs since its introduction in April 2021.</p><p> </p><p>At the 2024 Spring Budget, the Government announced that the Recovery Loan Scheme would be extended to the end of March 2026, and renamed as the Growth Guarantee Scheme.</p> answering member printed Baroness Vere of Norbiton question first answered 15/05/2024 16:00:39 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1715448

registered interest
date	01/05/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Foreign Investment in UK
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what steps they are taking to (1) retain, and (2) attract, foreign financial firms and jobs in the UK.
tabling member printed	Lord Taylor of Warwick
uin	HL4309
answer	answer is ministerial correction date of answer 15/05/2024 answer text <p>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 top 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.</p> answering member printed Baroness Vere of Norbiton question first answered 15/05/2024 16:00:12 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1715062

registered interest
date	30/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Housing: Sales
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 12 per cent increase in house sales during April; and what steps they are taking to support first-time buyers.
tabling member printed	Lord Taylor of Warwick
uin	HL4243
answer	answer is ministerial correction date of answer 14/05/2024 answer text <p>The most comprehensive measure of UK property transactions is published by HMRC. According to this measure, residential property transactions rose by 1% in March 2024 compared to February, the third consecutive monthly increase.</p><p> </p><p>The Government continues to monitor developments in the housing market closely and consider the implications.</p><p> </p> answering member printed Baroness Vere of Norbiton question first answered 14/05/2024 14:39:49 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick