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1685215

registered interest
date	25/01/2024
answering body	Department for Business and Trade
answering dept id	214
answering dept short name	Business and Trade
answering dept sort name	Business and Trade
hansard heading	Piracy: Red Sea
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what steps they are taking to support the manufacturing sector in the light of increased inflationary pressure as a result of supply disruptions in the Red Sea.
tabling member printed	Lord Taylor of Warwick
uin	HL1945
answer	answer is ministerial correction date of answer 07/02/2024 answer text <p>The Department is monitoring the situation closely, engaging with businesses, stakeholders and across government to identify and mitigate supply chain issues.</p><p> </p><p>In November 2023 my department published our Advanced Manufacturing Plan which included measures to support the resilience of the UK’s manufacturing supply chain. More recently we published our Critical Import and Supply Chain Strategy, which will help build secure and reliable supply chains vital to the UK economy – including in advanced manufacturing. The Advanced Manufacturing Plan and our Critical Import and Supply Chain Strategy also build on our semiconductor, battery and critical minerals strategies.</p> answering member printed Lord Johnson of Lainston question first answered 07/02/2024 13:19:14 answering member 4949 label Biography information for Lord Johnson of Lainston
tabling member	1796 label Biography information for Lord Taylor of Warwick

1685216

registered interest
date	25/01/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Annuities: Pensions
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of bulk annuity deals and their impact on pension schemes.
tabling member printed	Lord Taylor of Warwick
uin	HL1946
answer	answer is ministerial correction date of answer 08/02/2024 answer text <p>The Bulk Purchase Annuity (BPA) market allows Defined Benefit (DB) pension schemes to guarantee full benefits for their members whilst transferring the risk to insurers. The BPA market enables trustees and scheme sponsors to manage their balance sheets, reduce exposure to market fluctuations and life expectancy increases, and in some cases, wind up the scheme. There has been increased activity in the BPA market due to the improved funding position of DB schemes.</p><p> </p><p>A full buyout is the ultimate goal for many DB pension schemes, but these are decisions for the trustees of a scheme.</p><p> </p><p>The Prudential Regulation Authority (PRA) is responsible for regulating insurance firms and closely monitors the activity and development of the market. The Pensions Regulator (TPR) is responsible for regulating DB pension schemes.</p> answering member printed Baroness Vere of Norbiton question first answered 08/02/2024 12:16:08 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1685217

registered interest
date	25/01/2024
answering body	Department for Work and Pensions
answering dept id	29
answering dept short name	Work and Pensions
answering dept sort name	Work and Pensions
hansard heading	Employment: Poverty
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) tackle in-work poverty, and (2) create more job opportunities across the UK.
tabling member printed	Lord Taylor of Warwick
uin	HL1947
answer	answer is ministerial correction date of answer 07/02/2024 answer text <p>The Government believes that work is the best way to boost living standards and reduce poverty. Jobcentres across Great Britain provide personalised interventions to support those both in and out of work, including helping low-paid earners to increase their earnings.</p><p> </p><p>We are also making work pay. On 1 April 2024, the Government will increase the National Living Wage (NLW) for workers aged 21 years and over by 9.8% to £11.44 per hour, representing an increase of over £1,800 to the gross annual earnings of a full-time worker on the NLW.</p><p> </p><p>Ensuring a strong economy with a diverse and vibrant jobs market allows everyone to use their talents to the full.</p> answering member printed Viscount Younger of Leckie question first answered 07/02/2024 16:04:39 answering member 4169 label Biography information for Viscount Younger of Leckie
tabling member	1796 label Biography information for Lord Taylor of Warwick