Show Search Form

Search Results

registered interest	true false
date	exactly: or between: and
answering body
answering dept id
answering dept short name
answering dept sort name
hansard heading
house id
legislature	pref label
question text
tabling member printed
uin
answer	is ministerial correction true false date of answer exactly: or between: and answer text answering member printed question first answered answering member label
tabling member	label

Search

1701603

registered interest
date	16/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank of England: Forecasts
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 review of Bank of England forecasting led by Ben Bernanke.
tabling member printed	Lord Allen of Kensington
uin	HL3834
answer	answer is ministerial correction date of answer 24/04/2024 answer text <p>The Bank of England has operational independence from the government to carry out its statutory responsibilities for monetary policy and financial stability. The government’s commitment to this independence remains absolute.</p><p> </p> answering member printed Baroness Vere of Norbiton question first answered 24/04/2024 11:40:35 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4304 label Biography information for Lord Allen of Kensington

1690166

registered interest
date	19/02/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	National Income
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have of the underlying cause of the fall in gross domestic product per head in every quarter of 2023, as reported by the Office for National Statistics on 15 February, and what action they are taking to reverse this trend.
tabling member printed	Lord Allen of Kensington
uin	HL2511
answer	answer is ministerial correction date of answer 29/02/2024 answer text <p>The economy has faced an unprecedented series of shocks, including the Covid-19 pandemic and the impact of Russia’s illegal invasion of Ukraine. These have led to challenging economic circumstances.</p><p> </p><p>Looking over a longer timeframe, since 2010 GDP per capita has increased by 12%. Real household disposable income per capita - a more comprehensive measure of household living standards - has grown more than France and Italy since 2010.</p> answering member printed Baroness Vere of Norbiton question first answered 29/02/2024 11:37:45 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4304 label Biography information for Lord Allen of Kensington

1682841

registered interest
date	17/01/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Inflation
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what steps they are taking to bring inflation back to the target of two per cent; and when they expect that to be achieved.
tabling member printed	Lord Allen of Kensington
uin	HL1669
answer	answer is ministerial correction date of answer 31/01/2024 answer text <p>Inflation has halved and was lower in Q4 2023 than had been forecast by the Office for Budget Responsibility (OBR) in the Autumn. Despite the progress there are four key things the government is doing to reduce it further.</p><p> </p><ul><li>Remaining steadfast in our support for the Monetary Policy Committee of the Bank of England as it takes action to return inflation sustainably to the 2% target.</li><li>Keeping borrowing under control. Borrowing is lower this year and next than it was forecast to be in the Spring and the OBR has forecast that government policies in the Autumn Statement will reduce inflation next year.</li><li>Boosting labour supply. Labour market conditions are a key problem affecting UK businesses’ growth, as well as a significant driver of domestic inflation. Together, the packages at Autumn Statement and Spring Budget 2023 were the two largest increases to labour supply and potential GDP resulting from policy the OBR has ever scored.</li><li>Introducing ambitious supply-side measures to support non-inflationary growth, including delivering full expensing to boost investment.</li></ul> answering member printed Baroness Vere of Norbiton question first answered 31/01/2024 12:14:36 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4304 label Biography information for Lord Allen of Kensington

1668141

registered interest
date	07/11/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	VAT: Registration
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what plans they have to increase the threshold for compulsory registration for VAT; and what plans they have to reinstate the policy of annually updating the threshold in line with inflation.
tabling member printed	Lord Allen of Kensington
uin	HL1
answer	answer is ministerial correction date of answer 21/11/2023 answer text <p>Views on the VAT registration threshold are divided and the case for change has been regularly reviewed over the years.</p><p>In 2018, the Government consulted on how the design of the VAT registration threshold could better incentivise growth. However, there was no clear option for reform.</p><p>While the Government keeps all taxes under review, it was announced at Autumn Budget 2022 that the VAT threshold will be maintained at its current level of £85,000 until 31 March 2026.</p> answering member printed Baroness Vere of Norbiton question first answered 21/11/2023 12:00:13 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4304 label Biography information for Lord Allen of Kensington

1668142

registered interest
date	07/11/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Exports: VAT
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 impact of the withdrawal of the VAT Retail Export Scheme; and if they have any plans to reintroduce the scheme.
tabling member printed	Lord Allen of Kensington
uin	HL2
answer	answer is ministerial correction date of answer 21/11/2023 answer text <p>The Government’s assessment of the anticipated impact of the withdrawal of the VAT Retail Export Scheme (VAT RES) was set out in the original policy costing note which can be found in the Policy costings document from November 2020 p42-43.</p><p>Government analysis conducted in 2022 found that introducing a worldwide scheme could come at a fiscal cost of around £2 billion each year. This figure consists of the cost from EU and non-EU visitors and is calculated based on methodology signed off and certified by the OBR in 2020.</p><p>Whilst there are no current plans to re-introduce VAT RES, this Government keeps all tax policy under review, and we are very grateful to industry for their contribution to our invitation to provide evidence on this matter.</p> answering member printed Baroness Vere of Norbiton question first answered 21/11/2023 12:28:43 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4304 label Biography information for Lord Allen of Kensington

1668144

registered interest
date	07/11/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Training: Tax Allowances
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what plans they have to regularise the treatment of training expenses against profits subject to Schedule D income tax and profits subject to corporation tax.
tabling member printed	Lord Allen of Kensington
uin	HL3
answer	answer is ministerial correction date of answer 21/11/2023 answer text <p>In calculating taxable business profits, expenditure on training to update existing skills would be a deductible business expense when the expenditure is incurred wholly and exclusively for the purposes of the business and is not capital in nature. The treatment of these training expenses is the same irrespective of whether the taxpayer pays income tax or corporation tax.</p><p> </p><p>Any changes to tax policy are a matter for future Budgets and it would not be appropriate to comment on tax measures at this stage of the policy development cycle.</p> answering member printed Baroness Vere of Norbiton question first answered 21/11/2023 13:55:00 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4304 label Biography information for Lord Allen of Kensington

1645480

registered interest
date	19/06/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages: Government Assistance
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 Mortgage Crunch report, published by the Resolution Foundation on 17 June; and what plans they have, if any, to assist mortgage holders affected by rising mortgage costs.
tabling member printed	Lord Allen of Kensington
uin	HL8577
answer	answer is ministerial correction date of answer 03/07/2023 answer text <p>The Government does not set mortgage or interest rates. The Bank Rate - which is one factor that lenders use to set mortgage and retail interest rates - is set by the Monetary Policy Committee (MPC) of the Bank of England, which is independent of Government. Commercial Banks and Building Societies also make other commercial judgements that influence the degree of pass‐through from changes in Bank Rate into mortgage and retail interest rates. The Government does not seek to intervene in these commercial decisions.</p><p> </p><p>However, we recognise this will be a concerning time for mortgage holders, particularly those who are due to come to the end of their existing deal in the immediate future. The Prime Minister has been clear, the best and most important way that we can keep costs and interest rates down for people is to halve inflation, and then return it to the 2% target.</p><p> </p><p>On Friday 23 June the Chancellor met with mortgage lenders, UK Finance and the FCA to discuss a new package of support for those who encounter problems keeping up with their mortgage payments. These commitments include an agreement permitting customers to switch to an interest only mortgage, or extend their mortgage term, for 6 months, after which they can switch back without a new affordability check or it affecting their credit score. Lenders also agreed borrowers won’t have their home repossessed within 12 months from a first missed payment without their consent or unless in exceptional circumstances.</p><p> </p><p>If mortgage holders are concerned about making their mortgage repayment, they must speak to their lender as soon as possible. Contacting them will not affect their credit score.</p><p> </p><p>The Government has also already taken a number of measures aimed at helping people to avoid repossession, including Support for Mortgage Interest (SMI) loans for those in receipt of an income-related benefit, and protection in the courts through the Pre-Action Protocol, which makes it clear that repossession must always be the last resort for lenders.</p><p> </p> answering member printed Baroness Penn question first answered 03/07/2023 11:55:24 answering member 4726 label Biography information for Baroness Penn
tabling member	4304 label Biography information for Lord Allen of Kensington