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1714013
registered interest false more like this
date less than 2024-04-25more like thismore than 2024-04-25
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading New Businesses more like this
house id 2 more like this
legislature
25277
pref label House of Lords remove filter
question text To ask His Majesty's Government, further to recent data released by S&P Global showing that April had the fastest rise in business activity since last May, what steps they are taking to sustain this momentum and ensure continued economic growth. more like this
tabling member printed
Lord Taylor of Warwick more like this
uin HL4120 more like this
answer
answer
is ministerial correction false more like this
date of answer remove maximum value filtermore like thismore than 2024-05-01
answer text <p>The government is continuing to pursue an ambitious policy agenda to increase sustainable economic growth and productivity across the economy. This includes making full expensing permanent, announcing measures to boost labour supply, backing the UK’s priority growth sectors, and addressing long-term barriers to investment through planning and grid connection reforms.</p><p> </p><p>The IMF forecasts that the UK will have the third fastest cumulative growth in the G7 over the 2024-2029 period and the OBR expects that policies announced in the previous three fiscal events will increase the size of the economy by 0.7% by 2028-29.</p> more like this
answering member printed Baroness Vere of Norbiton more like this
grouped question UIN HL4056 more like this
question first answered
less than 2024-05-01T16:19:41.387Zmore like thismore than 2024-05-01T16:19:41.387Z
answering member
4580
label Biography information for Baroness Vere of Norbiton more like this
tabling member
1796
label Biography information for Lord Taylor of Warwick remove filter
1713315
registered interest false more like this
date less than 2024-04-23more like thismore than 2024-04-23
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Inflation more like this
house id 2 more like this
legislature
25277
pref label House of Lords remove filter
question text To ask His Majesty's Government, following recent remarks from the deputy governor of the Bank of England, Dave Ramsden, that inflation could remain around the two per cent target for the next three years, what steps they are taking to ensure sustainable economic growth in this environment. more like this
tabling member printed
Lord Taylor of Warwick more like this
uin HL4056 more like this
answer
answer
is ministerial correction false more like this
date of answer remove maximum value filtermore like thismore than 2024-05-01
answer text <p>The government is continuing to pursue an ambitious policy agenda to increase sustainable economic growth and productivity across the economy. This includes making full expensing permanent, announcing measures to boost labour supply, backing the UK’s priority growth sectors, and addressing long-term barriers to investment through planning and grid connection reforms.</p><p> </p><p>The IMF forecasts that the UK will have the third fastest cumulative growth in the G7 over the 2024-2029 period and the OBR expects that policies announced in the previous three fiscal events will increase the size of the economy by 0.7% by 2028-29.</p> more like this
answering member printed Baroness Vere of Norbiton more like this
grouped question UIN HL4120 more like this
question first answered
less than 2024-05-01T16:19:41.337Zmore like thismore than 2024-05-01T16:19:41.337Z
answering member
4580
label Biography information for Baroness Vere of Norbiton more like this
tabling member
1796
label Biography information for Lord Taylor of Warwick remove filter
1712655
registered interest false more like this
date less than 2024-04-22more like thismore than 2024-04-22
answering body
Department for Transport more like this
answering dept id 27 more like this
answering dept short name Transport more like this
answering dept sort name Transport more like this
hansard heading Motor Insurance: Fees and Charges more like this
house id 2 more like this
legislature
25277
pref label House of Lords remove filter
question text To ask His Majesty's Government, following a 43 per cent increase in car insurance prices compared to this time last year, what steps they are taking to address the underlying factors that contribute to those high premiums, such as rising claims costs and inflation. more like this
tabling member printed
Lord Taylor of Warwick more like this
uin HL4016 more like this
answer
answer
is ministerial correction false more like this
date of answer remove maximum value filtermore like thismore than 2024-05-01
answer text <p>Whilst it is the responsibility of individual motor insurers to set their premiums and the terms and conditions of their policies, and the Government does not intervene or seek to control the market, we are engaging directly with the sector at an official and Ministerial level, with HMT Ministers who lead on this issue, to help us to establish if there are potential solutions within our power which will benefit motorists.</p><p> </p><p>The Government is determined that insurers should treat customers fairly and firms are required to do so under the Financial Conduct Authority rules.</p><p>The FCA has been clear it will be monitoring firms to make sure they provide products that are fair value, and, where necessary, it will act.</p><p> </p><p> </p><p><strong> </strong></p> more like this
answering member printed Lord Davies of Gower more like this
question first answered
less than 2024-05-01T15:00:07.24Zmore like thismore than 2024-05-01T15:00:07.24Z
answering member
4499
label Biography information for Lord Davies of Gower more like this
tabling member
1796
label Biography information for Lord Taylor of Warwick remove filter
1702357
registered interest false more like this
date less than 2024-04-18more like thismore than 2024-04-18
answering body
Department for Energy Security and Net Zero more like this
answering dept id 215 more like this
answering dept short name Energy Security and Net Zero more like this
answering dept sort name Energy Security and Net Zero more like this
hansard heading Renewable Energy: Supply Chains more like this
house id 2 more like this
legislature
25277
pref label House of Lords remove filter
question text To ask His Majesty's Government what assessment they have made of the UK renewables deployment supply chain readiness study, published on 17 April; and what steps they are taking to address the UK’s renewable energy supply chain constraints. more like this
tabling member printed
Lord Taylor of Warwick more like this
uin HL3968 more like this
answer
answer
is ministerial correction false more like this
date of answer remove maximum value filtermore like thismore than 2024-05-01
answer text <p>The global renewables sector is growing at unprecedented rate putting extreme pressure on supply chains across the world. HM Government has chosen to invest in developing and maintaining a supply chain to support British renewables growth.</p><p> </p><p>This includes over £1 billion of funding through the Green Industries Growth Accelerator to support investments in manufacturing capabilities for key clean energy sectors.</p><p> </p><p>In addition, Government has recently announced the introduction of Sustainable Industry Rewards through the Contracts for Difference (CfD) scheme as well as the ‘primary list’ projects for the £160m Floating Offshore Wind Manufacturing Investment Scheme.</p> more like this
answering member printed Lord Callanan more like this
question first answered
less than 2024-05-01T10:02:58.39Zmore like thismore than 2024-05-01T10:02:58.39Z
answering member
4336
label Biography information for Lord Callanan more like this
tabling member
1796
label Biography information for Lord Taylor of Warwick remove filter
1702002
registered interest false more like this
date less than 2024-04-17more like thismore than 2024-04-17
answering body
Home Office more like this
answering dept id 1 more like this
answering dept short name Home Office more like this
answering dept sort name Home Office more like this
hansard heading UK Border Force: Heathrow Airport more like this
house id 2 more like this
legislature
25277
pref label House of Lords remove filter
question text To ask His Majesty's Government what assessment they have made of the potential economic impact of the upcoming strikes by Border Force officers at Heathrow Airport on (1) businesses, and (2) tourism. more like this
tabling member printed
Lord Taylor of Warwick more like this
uin HL3917 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2024-04-30more like thismore than 2024-04-30
answer text <p>Border Force has made no such assessment as to the strikes’ impact on tourism and business, as this is not within Border Force’s remit. Border Force will continue to work closely with Heathrow Airport to ensure we have robust plans in place to minimise any delays if strike action goes ahead. We will deploy suitable resources to meet critical demand and support the flow of passengers and goods through our border. Border Force’s priority during industrial action, as with at any other time, is to maintain the security of the UK border and nothing will compromise this.</p> more like this
answering member printed Lord Sharpe of Epsom more like this
question first answered
less than 2024-04-30T13:44:09.113Zmore like thismore than 2024-04-30T13:44:09.113Z
answering member
4888
label Biography information for Lord Sharpe of Epsom more like this
tabling member
1796
label Biography information for Lord Taylor of Warwick remove filter
1702003
registered interest false more like this
date less than 2024-04-17more like thismore than 2024-04-17
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading New Businesses: Capital Investment more like this
house id 2 more like this
legislature
25277
pref label House of Lords remove filter
question text To ask His Majesty's Government what assessment they have made of reports of a decline in venture capital investment in UK start-ups in the first quarter of 2024; and what steps they are taking to support the growth of the UK's innovation ecosystem. more like this
tabling member printed
Lord Taylor of Warwick more like this
uin HL3918 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2024-04-30more like thismore than 2024-04-30
answer text <p>The government notes that while there have been reports of a decline in venture capital (VC) investment in UK start-ups, this has been broad based and global in nature. We also note that because of the nature of private markets, there is a lag in data reporting for VC deals, meaning that final data on investments made in Q1 2024 will not be available until later in the year.</p><p> </p><p>The BBB’s Small Business Finance Monitor 2024, which covers data up to the end of Q3 2023, found that there has been a “slowdown in activity that has occurred in the market since Q2 2022” and that the market decline over the past 18 months is not unique to the UK and can be seen across other global regions.</p><p> </p><p>However, we also note that VC funding in the UK has reduced from record levels in 2021/2022, and that despite this slowdown, early stage/seed funding has remained robust, indicating that there is a pipeline of future investment opportunities still being created.</p><p> </p><p>The government recognises that VC funding is an important source of finance for innovative companies and is proud of the fact that the UK has the third largest VC market in the world, behind only the US and China. The government is backing British business by tackling barriers to investment, cutting taxes and rewarding work, and by supporting the priority growth sectors, including digital technology, which are helping to turn the UK into the world’s next Silicon Valley.</p><p> </p><p>This includes making over £3.5 billion of public investment in the AI ecosystem since 2014, extending the sunset clause for the Enterprise Investment Scheme and the Venture Capital Trust scheme to 6 April 2035, making changes to simplify and improve R&amp;D tax reliefs, extending the British Business Bank’s Future Fund: Breakthrough investment programme, and implementing the measures the Chancellor announced at last year’s Mansion House speech to reform the pensions market to unlock investment into high growth sectors and generate increased returns for savers.</p>
answering member printed Baroness Vere of Norbiton more like this
question first answered
less than 2024-04-30T10:37:03.053Zmore like thismore than 2024-04-30T10:37:03.053Z
answering member
4580
label Biography information for Baroness Vere of Norbiton more like this
tabling member
1796
label Biography information for Lord Taylor of Warwick remove filter
1702004
registered interest false more like this
date less than 2024-04-17more like thismore than 2024-04-17
answering body
Department for Work and Pensions more like this
answering dept id 29 more like this
answering dept short name Work and Pensions more like this
answering dept sort name Work and Pensions more like this
hansard heading Unemployment more like this
house id 2 more like this
legislature
25277
pref label House of Lords remove filter
question text To ask His Majesty's Government what assessment they have made of the rise in (1) unemployment, and (2) economic inactivity, highlighted in the Office for National Statistics data, published on 16 April; and what steps they are taking to support individuals transitioning back into employment. more like this
tabling member printed
Lord Taylor of Warwick more like this
uin HL3919 more like this
answer
answer
is ministerial correction false more like this
date of answer remove maximum value filtermore like thismore than 2024-05-01
answer text <p>The Department monitors a wide range of indicators to understand trends in employment, unemployment and inactivity. This is in line with advice from the ONS who say “we would advise caution when interpreting short-term changes in headline rates and recommend using them as part of our suite of labour market indicators” given the recent volatility in Labour Force Survey (LFS) estimates.</p><p> </p><p>DWP supports people across the country to move into and progress in work and is committed to reducing economic inactivity. The Department delivers comprehensive employment support including through face-to-face time with Work Coaches in our Jobcentres and via more intensive contracted employment programmes. Last year we also announced a wide range of additional support via the Spring Budget and the Back to Work Plan including extending and expanding our Restart scheme, announcing our new WorkWell service and expanding Additional Jobcentre Support.</p><p><strong> </strong></p> more like this
answering member printed Viscount Younger of Leckie more like this
question first answered
less than 2024-05-01T13:12:58.257Zmore like thismore than 2024-05-01T13:12:58.257Z
answering member
4169
label Biography information for Viscount Younger of Leckie more like this
tabling member
1796
label Biography information for Lord Taylor of Warwick remove filter
1701638
registered interest false more like this
date less than 2024-04-16more like thismore than 2024-04-16
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Cost of Living more like this
house id 2 more like this
legislature
25277
pref label House of Lords remove filter
question text To ask His Majesty's Government what assessment they have made of the findings of the Financial Conduct Authority survey indicating an increase in adults across the UK struggling to pay bills due to the high cost of living, and what steps they are taking to help individuals and families facing financial difficulties. more like this
tabling member printed
Lord Taylor of Warwick more like this
uin HL3869 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2024-04-24more like thismore than 2024-04-24
answer text <p>The FCA’s 2024 Cost of Living survey found a reduction in the number of people finding it hard to manage higher costs of living since January 2023.</p><p> </p><p>The government has already provided support to help with the cost of living totalling £96 billion from 2022-23 to 2023-2024 – an average of £3400 per UK household.</p><p> </p><p>Further actions taken by the government in 2024-25 include: a rise in the National Living Wage (NLW) by 9.8% - ending low hourly pay for workers on the NLW, raising Local Housing Allowance to the 30<sup>th</sup> percentile of market rents, uprating working-age benefits by 6.7%, freezing fuel duty, removing Debt Relief Order fees, and doubling the Budgeting Advance Loan repayment period.</p> more like this
answering member printed Baroness Vere of Norbiton more like this
question first answered
less than 2024-04-24T11:42:45.47Zmore like thismore than 2024-04-24T11:42:45.47Z
answering member
4580
label Biography information for Baroness Vere of Norbiton more like this
tabling member
1796
label Biography information for Lord Taylor of Warwick remove filter
1701639
registered interest false more like this
date less than 2024-04-16more like thismore than 2024-04-16
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Economic Situation more like this
house id 2 more like this
legislature
25277
pref label House of Lords remove filter
question text To ask His Majesty's Government what steps they are taking to sustain the momentum of the economic recovery following indications that GDP increased in January and February. more like this
tabling member printed
Lord Taylor of Warwick more like this
uin HL3870 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2024-04-24more like thismore than 2024-04-24
answer text <p>To sustain economic growth momentum, the government is continuing to pursue an ambitious policy agenda to increase growth and productivity across the economy. The OBR expects that policies announced at the previous three fiscal events will increase the size of the economy by 0.7% by 2028-29.</p><p> </p><p>In addition to making full expensing permanent, a tax cut to companies of over £10 billion a year, the government has announced measures to boost labour supply, which the OBR predicts will increase the number of hours worked by the equivalent of over 300,000 full-time workers by the end of the forecast period.</p> more like this
answering member printed Baroness Vere of Norbiton more like this
question first answered
less than 2024-04-24T11:42:00.807Zmore like thismore than 2024-04-24T11:42:00.807Z
answering member
4580
label Biography information for Baroness Vere of Norbiton more like this
tabling member
1796
label Biography information for Lord Taylor of Warwick remove filter
1701640
registered interest false more like this
date less than 2024-04-16more like thismore than 2024-04-16
answering body
Department for Levelling Up, Housing and Communities more like this
answering dept id 211 more like this
answering dept short name Levelling Up, Housing and Communities more like this
answering dept sort name Levelling Up, Housing and Communities more like this
hansard heading Housing Market more like this
house id 2 more like this
legislature
25277
pref label House of Lords remove filter
question text To ask His Majesty's Government what assessment they have made of the findings of the Royal Institution of Chartered Surveyors survey indicating a third consecutive monthly increase in demand in the housing market. more like this
tabling member printed
Lord Taylor of Warwick more like this
uin HL3871 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2024-04-30more like thismore than 2024-04-30
answer text <p>The Government closely monitors the state of the market and was pleased to see an increase in buyer demand in the latest RICS UK Residential Survey. We have taken a number of steps to support the market in recent months including extending the Mortgage Guarantee Scheme, introducing the Mortgage Charter, reducing stamp duty and continuing our home ownership schemes such as First Homes, Shared Ownership and Lifetime ISA and our support for housebuilding.</p><p> </p> more like this
answering member printed Baroness Swinburne more like this
question first answered
less than 2024-04-30T16:26:55.94Zmore like thismore than 2024-04-30T16:26:55.94Z
answering member
4985
label Biography information for Baroness Swinburne more like this
tabling member
1796
label Biography information for Lord Taylor of Warwick remove filter