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1715157

	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	Banks: Closures
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential implications for her policies on small businesses of trends in the number of bank closures in the last two years.
	tabling member constituency	Strangford
	tabling member printed	Jim Shannon
	uin	24464
	answer	answer is ministerial correction date of answer 09/05/2024 answer text <p>Decisions to open or close a branch or mobile banking service are commercial decisions for firms and the Government does not intervene. However, it is imperative that banks and building societies recognise the needs of all their customers, including those who need to use in-person services. Banks and building societies occupy a privileged position in society and are essential to enabling businesses to manage their money on a day-to-day basis.</p><p> </p><p>Guidance from the FCA sets out its expectation of firms when they are deciding to reduce their physical branches. Firms are expected to carefully consider the impact of planned closures on their customers’ everyday banking and cash access needs, and put in place alternatives, where this is reasonable.</p><p> </p><p>Alternative options to access everyday banking services for small businesses can be via telephone banking, through digital means such as mobile or online banking, and via the Post Office or Banking Hubs.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 09/05/2024 11:53:22 answering member 4639 label Biography information for Bim Afolami
	tabling member	4131 label Biography information for Jim Shannon

1715160

	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	Disposable Income
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment has been made on the levels of household disposable income as a result of the potential impact of the OBR's forecasts on household income.
	tabling member constituency	Strangford
	tabling member printed	Jim Shannon
	uin	24467
	answer	answer is ministerial correction date of answer 09/05/2024 answer text <p>Since 2022, the government has demonstrated its commitment to households by providing one of the largest support packages in Europe. Support for households with the cost-of-living, from 2022-23 to 2023-24, totalled £96 billion – an average of £3400 per UK household.</p><p> </p><p>Real Household Disposable Income (RHDI) per capita has outperformed OBR expectations. RHDI per capita grew by 1.3% in 2023, rather than falling by 3.2% as predicted in the OBR’s March 2023 forecast. This means that, in 2023, RHDI per capita was over £1,200 higher than the OBR expected in their March 2023 forecast, when using 2019 prices.</p><p> </p><p>In the 2024 Spring Budget, the Chancellor announced a further 2 pence cut to the main rates of National Insurance Contributions. This adds to a boost of similar size from the National Insurance Contributions cut announced in the Autumn Statement 2023.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 09/05/2024 12:00:10 answering member 4639 label Biography information for Bim Afolami
	tabling member	4131 label Biography information for Jim Shannon

1715284

	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	Schools: Northern Ireland
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will have discussions with the Secretary of State for Education on the potential merits of increasing funding through the Barnett formula to assist schools in Northern Ireland with the cost of heating and electricity.
	tabling member constituency	Strangford
	tabling member printed	Jim Shannon
	uin	24476
	answer	answer is ministerial correction date of answer 13/05/2024 answer text <p>In the 2024 Northern Ireland Executive restoration financial package worth over £3.3 billion, the UK Government has committed to implement a 24% needs-based factor into the Barnett formula for the Northern Ireland Executive from 2024-25 onwards.</p><p> </p><p>Funding provided to the Northern Ireland Executive through the Barnett formula is not ringfenced. This provides the Executive with the flexibility to allocate resources in devolved areas as they see fit and assign funding in response to their priorities.</p><p> </p><p>The UK Government has no plans to replace the Barnett Formula</p> answering member constituency Sevenoaks answering member printed Laura Trott grouped question UIN 24477 question first answered 13/05/2024 16:30:14 answering member 4780 label Biography information for Laura Trott
	tabling member	4131 label Biography information for Jim Shannon

1715292

	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	Public Expenditure: Education
	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 potential merits of restructuring the Barnett Formula for education.
	tabling member constituency	Strangford
	tabling member printed	Jim Shannon
	uin	24477
	answer	answer is ministerial correction date of answer 13/05/2024 answer text <p>In the 2024 Northern Ireland Executive restoration financial package worth over £3.3 billion, the UK Government has committed to implement a 24% needs-based factor into the Barnett formula for the Northern Ireland Executive from 2024-25 onwards.</p><p> </p><p>Funding provided to the Northern Ireland Executive through the Barnett formula is not ringfenced. This provides the Executive with the flexibility to allocate resources in devolved areas as they see fit and assign funding in response to their priorities.</p><p> </p><p>The UK Government has no plans to replace the Barnett Formula</p> answering member constituency Sevenoaks answering member printed Laura Trott grouped question UIN 24476 question first answered 13/05/2024 16:30:14 answering member 4780 label Biography information for Laura Trott
	tabling member	4131 label Biography information for Jim Shannon

1713401

	registered interest
	date	24/04/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Interest Rates
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what recent discussions he has had with the Bank of England on bank rates.
	tabling member constituency	Strangford
	tabling member printed	Jim Shannon
	uin	23479
	answer	answer is ministerial correction date of answer 29/04/2024 answer text <p>Monetary policy is the responsibility of the independent Monetary Policy Committee of the Bank of England. This includes decisions on the Bank Rate.</p><p> </p><p>The Treasury meet with the Bank of England regularly to discuss their assessment of the economy and financial services. This includes regular meetings between the Chancellor and the Governor of the Bank of England.</p><p> </p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 29/04/2024 14:37:35 answering member 4639 label Biography information for Bim Afolami
	tabling member	4131 label Biography information for Jim Shannon

1695226

	registered interest
	date	12/03/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Sector: Northern Ireland
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps he is taking to ensure that public sector workers in Northern Ireland are able to receive a pay award that is equal to levels in England and Wales.
	tabling member constituency	Strangford
	tabling member printed	Jim Shannon
	uin	18166
	answer	answer is ministerial correction date of answer 19/03/2024 answer text <p>The UK Government is providing the Northern Ireland Executive with a comprehensive £3.3 billion spending settlement to stabilise public services, better manage public finances and pave the way for transformation of public services.</p><p>Within this package, the UK Government provided £846 million to support the Northern Ireland Executive’s budget pressures in 2023-24, including public sector pay pressures</p><p><br>It is the Executive’s responsibility to decide on the level of public sector pay awards for devolved areas in Northern Ireland and to balance these costs against other priorities.</p> answering member constituency Sevenoaks answering member printed Laura Trott question first answered 19/03/2024 12:13:05 answering member 4780 label Biography information for Laura Trott
	tabling member	4131 label Biography information for Jim Shannon

1691083

	registered interest
	date	22/02/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	First Time Buyers: Mortgages
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether he has had discussions with major banks on the accessibility of mortgages for first time buyers.
	tabling member constituency	Strangford
	tabling member printed	Jim Shannon
	uin	15279
	answer	answer is ministerial correction date of answer 28/02/2024 answer text <p>The Government is regularly in contact with mortgage lenders on all aspects of their business, including the provision of finance to first time buyers.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 28/02/2024 10:22:06 answering member 4639 label Biography information for Bim Afolami
	tabling member	4131 label Biography information for Jim Shannon

1689338

	registered interest
	date	16/02/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Companies: Northern Ireland
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will have discussions with his counterpart in the Department of Economy on helping to ensure that Northern Ireland is an attractive place for companies to invest in.
	tabling member constituency	Strangford
	tabling member printed	Jim Shannon
	uin	14078
	answer	answer is ministerial correction date of answer 26/02/2024 answer text <p>The UK Government is committed to promoting Northern Ireland as an attractive place for foreign direct investment (FDI), and we look forward to working closely with the restored Northern Ireland Executive on ensuring that Northern Ireland is an attractive place for companies to invest in.</p><p> </p><p>The Northern Ireland Investment Summit in September 2023 brought together over 100 international investors and businesses, and profiled Northern Ireland’s innovative and technological strengths. Northern Ireland has been successful in attracting FDI, particularly in financial services, and Belfast is the world’s number one city for FinTech inward investment.</p><p> </p><p>The UK Government is taking steps to improve the investment support offer to foreign investors following the Harrington Review, including making investment ambition a priority across government through the new Ministerial Investment Group, reviewing the grants landscape to make it simple and streamlined for investors, and increasing the resource available to the Office for Investment.</p> answering member constituency Grantham and Stamford answering member printed Gareth Davies question first answered 26/02/2024 09:49:14 answering member 4850 label Biography information for Gareth Davies
	tabling member	4131 label Biography information for Jim Shannon

1689339

	registered interest
	date	16/02/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Small Businesses: Strangford
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will have discussions with local authorities in Northern Ireland on the potential merits of allocating additional funding to support SMEs in Strangford constituency.
	tabling member constituency	Strangford
	tabling member printed	Jim Shannon
	uin	14079
	answer	answer is ministerial correction date of answer 26/02/2024 answer text <p>The allocation of funding to support Small and Medium Enterprises (SMEs) in Northern Ireland is the responsibility of the Northern Ireland Executive. We look forward to working closely with the restored Executive on a wide range of issues, including support for businesses in Northern Ireland.</p><p> </p><p>The UK Government provides tax reliefs benefiting SMEs such as the Annual Investment Allowance and Employment Allowance, supports investment in SMEs through British Business Bank programmes, and offers the Help to Grow: Management training scheme which is delivered through business schools in Northern Ireland.</p><p> </p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 26/02/2024 10:30:06 answering member 4639 label Biography information for Bim Afolami
	tabling member	4131 label Biography information for Jim Shannon

1687731

	registered interest
	date	06/02/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Bank Services: Northern Ireland
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether he has had discussions with the authorities in Northern Ireland on rural banking services.
	tabling member constituency	Strangford
	tabling member printed	Jim Shannon
	uin	13265
	answer	answer is ministerial correction date of answer 13/02/2024 answer text <p>The Treasury engages with a range of different stakeholders to discuss policy matters. We look forward to working with the restored Executive to deliver for the people of Northern Ireland.</p><p>It is imperative that banks and building societies recognise the needs of all their customers, including those who need to use in-person services.</p><p>UK customers can access banking services through a number of different channels. This includes in branches, Post Offices or Banking Hubs, as well as via telephone banking and through digital means such as mobile or online banking.</p><p>The Post Office allows personal and business customers to carry out everyday banking services at 11,500 Post Office branches across the UK. The Post Office is required by the Department for Business &amp; Trade to ensure that 95% of the total rural population across the UK is within 3 miles of their nearest Post Office.</p><p>Moreover, Banking Hubs are an initiative which enable customers of participating banks to access cash and banking services in shared facilities. Over 100 Banking Hubs have been announced so far, and the Government hopes to see these Hubs open as soon as possible across all four nations of the United Kingdom. To date, 5 Hubs have been announced in Northern Ireland, with Kilkeel already open.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 13/02/2024 15:03:45 answering member 4639 label Biography information for Bim Afolami
	tabling member	4131 label Biography information for Jim Shannon