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1714013

	registered interest
	date	25/04/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	New Businesses
	house id	2
	legislature	25277 pref label House of Lords
	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.
	tabling member printed	Lord Taylor of Warwick
	uin	HL4120
	answer	answer is ministerial correction date of answer 01/05/2024 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> answering member printed Baroness Vere of Norbiton grouped question UIN HL4056 question first answered 01/05/2024 16:19:41 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1713314

	registered interest
	date	23/04/2024
	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 plans they have to address the impact of rising inflation on household budgets while stimulating consumer spending, given the stagnation of retail sales between February and March.
	tabling member printed	Lord Taylor of Warwick
	uin	HL4055
	answer	answer is ministerial correction date of answer 02/05/2024 answer text <p>The government is fully committed to supporting the Bank get inflation back down to the 2% target, including by keeping borrowing under control. Inflation has also come down significantly, to less than half its 2022 peak.</p><p> </p><p>Over the past two years, the government has provided support to help households with the cost of living totalling £96 billion – an average of £3400 per UK household. Further support announced by the government for 2024-25 includes extending the Household Support Fund, cutting National Insurance Contributions (NICs) and raising the National Living Wage (NLW).</p><p> </p><p> </p><p>ONS retail sales growth was flat in March, following growth of 0.1% in February. However, due to a significant rebound in January, retail sales increased by 1.9% on the quarter. This represents the strongest quarterly growth since Q2 2021.</p> answering member printed Baroness Vere of Norbiton question first answered 02/05/2024 11:29:03 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1713315

	registered interest
	date	23/04/2024
	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, 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.
	tabling member printed	Lord Taylor of Warwick
	uin	HL4056
	answer	answer is ministerial correction date of answer 01/05/2024 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> answering member printed Baroness Vere of Norbiton grouped question UIN HL4120 question first answered 01/05/2024 16:19:41 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1712655

	registered interest
	date	22/04/2024
	answering body	Department for Transport
	answering dept id	27
	answering dept short name	Transport
	answering dept sort name	Transport
	hansard heading	Cars: Insurance
	house id	2
	legislature	25277 pref label House of Lords
	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.
	tabling member printed	Lord Taylor of Warwick
	uin	HL4016
	answer	answer is ministerial correction date of answer 01/05/2024 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> answering member printed Lord Davies of Gower question first answered 01/05/2024 15:00:07 answering member 4499 label Biography information for Lord Davies of Gower
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1712656

	registered interest
	date	22/04/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Foreign Investment in UK
	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 delay of the Overseas Funds Regime on the UK's attractiveness to overseas asset managers; and what steps they are taking to mitigate any negative effects.
	tabling member printed	Lord Taylor of Warwick
	uin	HL4017
	answer	answer is ministerial correction date of answer 02/05/2024 answer text <p>The UK’s world-leading asset management sector is the second largest by assets under management, 48% of which are managed on behalf of overseas investors.</p><p> </p><p>The Overseas Funds Regime was legislated for in the Financial Services Act 2021, to create a more streamlined process for overseas investment funds to be sold to UK investors.</p><p> </p><p>On 30<sup>th</sup> January, the Economic Secretary to the Treasury announced that the Government had found the states in the European Economic Area, including the EU member states, equivalent under the Overseas Funds Regime, in respect of certain retail funds. This followed a detailed assessment of the states’ regulatory regimes.</p><p> </p><p>HM Treasury and the Financial Conduct Authority (FCA) jointly published a roadmap to equivalence on the 1<sup>st</sup> of May setting out the key milestones to implement this decision.</p><p> </p><p>Alongside this, the FCA published detailed guidance setting out that funds in scope of the OFR – but without temporary marketing access – will be able to apply to the FCA for recognition from September 2024. The FCA intends to invite funds with temporary marketing access to apply for recognition in tranches between October 2024 and September 2026.</p> answering member printed Baroness Vere of Norbiton question first answered 02/05/2024 11:28:09 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1702356

	registered interest
	date	18/04/2024
	answering body	Department for Levelling Up, Housing and Communities
	answering dept id	211
	answering dept short name	Levelling Up, Housing and Communities
	answering dept sort name	Levelling Up, Housing and Communities
	hansard heading	Rents: Increases
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what assessment they have made of figures released by the Office for National Statistics showing an average increase of 9.2 per cent in monthly rental costs in the UK in the 12 months to March; and what steps they are taking to mitigate any negative effects on (1) landlords, and (2) tenants.
	tabling member printed	Lord Taylor of Warwick
	uin	HL3967
	answer	answer is ministerial correction date of answer 02/05/2024 answer text <p>The Government recognises the cost-of-living pressures that tenants are facing, and that paying rent is likely to be a tenant’s biggest monthly expense. To help households with these cost-of-living pressures the government will provide support worth a total of £108 billion between 2022 and 2025– an average of £3,800 per UK household.</p><p> </p><p>Individuals who need help to make their rent payments may be eligible for a range of financial support through the welfare system. The Government is investing £1.2 billion restoring Local Housing Allowance (LHA) rates to the 30th percentile of local market rents. This significant investment will mean 1.6 million low-income households will gain, on average, nearly £800 per year in additional help towards their rental costs in 2024/25. For those who face a shortfall in meeting their housing costs and need more support, Discretionary Housing Payments and Household Support Fund grants are also available from local authorities.</p><p> </p><p>Housebuilding is a priority for this Government to help create a more sustainable and affordable housing market over the long term.</p><p> </p><p>The pricing of mortgages is a commercial decision for lenders in which the government does not intervene. Ultimately, the path to lower interest rates is though low inflation, which is why the Government is fully committed to supporting the Bank of England to get inflation back down to the 2% target, and our plan is working.</p> answering member printed Baroness Swinburne question first answered 02/05/2024 11:46:00 answering member 4985 label Biography information for Baroness Swinburne
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1702357

	registered interest
	date	18/04/2024
	answering body	Department for Energy Security and Net Zero
	answering dept id	215
	answering dept short name	Energy Security and Net Zero
	answering dept sort name	Energy Security and Net Zero
	hansard heading	Renewable Energy: Supply Chains
	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 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.
	tabling member printed	Lord Taylor of Warwick
	uin	HL3968
	answer	answer is ministerial correction date of answer 01/05/2024 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> answering member printed Lord Callanan question first answered 01/05/2024 10:02:58 answering member 4336 label Biography information for Lord Callanan
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1702358

	registered interest
	date	18/04/2024
	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	Business: Economic Situation
	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 Quarterly Economic Survey by the British Chambers of Commerce, published on 11 April; and what steps they are taking to address and mitigate the challenges in relation to wages, bills and other expenses faced by businesses, particularly small and medium-sized enterprises.
	tabling member printed	Lord Taylor of Warwick
	uin	HL3969
	answer	answer is ministerial correction date of answer 02/05/2024 answer text <p>The Department continuously monitors and works to improve our offer to help businesses access the finance and support they need.</p><p> </p><p>Government works with the British Business Bank to help SMEs access finance. The Recovery Loan scheme, renamed the ‘Growth Guarantee Scheme’, was extended, which offers a 70% government guarantee on loans to SMEs. The VAT registration threshold was also raised, keeping more SMEs out of VAT.</p><p> </p><p>Additional support also includes raising the Employment Allowance to £5,000, and a business rates package to support small businesses, worth £4.3 billion.</p> answering member printed Lord Offord of Garvel question first answered 02/05/2024 14:44:15 answering member 4931 label Biography information for Lord Offord of Garvel
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1702002

	registered interest
	date	17/04/2024
	answering body	Home Office
	answering dept id	1
	answering dept short name	Home Office
	answering dept sort name	Home Office
	hansard heading	UK Border Force: Heathrow Airport
	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 economic impact of the upcoming strikes by Border Force officers at Heathrow Airport on (1) businesses, and (2) tourism.
	tabling member printed	Lord Taylor of Warwick
	uin	HL3917
	answer	answer is ministerial correction date of answer 30/04/2024 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> answering member printed Lord Sharpe of Epsom question first answered 30/04/2024 13:44:09 answering member 4888 label Biography information for Lord Sharpe of Epsom
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1702003

	registered interest
	date	17/04/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	New Businesses: Capital Investment
	house id	2
	legislature	25277 pref label House of Lords
	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.
	tabling member printed	Lord Taylor of Warwick
	uin	HL3918
	answer	answer is ministerial correction date of answer 30/04/2024 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 question first answered 30/04/2024 10:37:03 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	1796 label Biography information for Lord Taylor of Warwick