Insurers make commercial decisions about the pricing of insurance following their assessment of the relevant risks. Currently premiums are being affected by specific economic factors that are increasing the cost of claims, such as the rising cost of replacement parts and materials. The Government does not generally intervene in these decisions as this could damage competition in the market.<\/p>
<\/p>
However, the Government is determined that insurers treat customers fairly and firms are required to do under Financial Conduct Authority (FCA) rules. The FCA requires firms to ensure their products offer fair value (i.e. if the price a consumer pays for a product or service is reasonable compared to the overall benefits they can expect to receive).<\/p>
<\/p>
On 16 October, the FCA announced a package of work in the insurance market amid concerns about rising prices. This includes a market study on premium finance \u2013 a form of credit that allows insurance customers to spread the upfront annual cost of their premium \u2013 for both home and motor insurance products.<\/p>
<\/p>
On the same day, the Government launched a cross-Government taskforce on motor insurance. This Taskforce has a strategic remit to set the direction for UK Government policy, identifying short- and long-term actions for departments that may contribute to stabilising or reducing premiums, while maintaining appropriate levels of cover.<\/p>
<\/strong><\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4559", "label" : {"_value" : "Biography information for Lord Livermore"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Livermore"}
, "dateOfAnswer" : {"_value" : "2024-10-29", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : {"_value" : "HL1857"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2024-10-29T15:58:03.5Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2024-10-21", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Home Insurance"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask His Majesty's Government what steps they taking to protect consumers from rising home insurance prices.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1796", "label" : {"_value" : "Biography information for Lord Taylor of Warwick"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Taylor of Warwick"}
], "uin" : "HL1833"}
, {"_about" : "http://data.parliament.uk/resources/1735577", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1735577/answer", "answerText" : {"_value" : " Revenue from motoring taxes and associated VAT ensures that the Government can continue to fund the vital public services and infrastructure that people and families across the UK expect.<\/p> <\/p> Following the spending audit, the Chancellor has been clear that difficult decisions lie ahead on spending, welfare and tax to fix the foundations of our economy and address the £22 billion hole the government has inherited. Decisions on how to do that will be taken at the Budget in the round; the Chancellor makes decisions on tax policy at fiscal events.<\/p> <\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4559", "label" : {"_value" : "Biography information for Lord Livermore"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Livermore"}
, "dateOfAnswer" : {"_value" : "2024-10-29", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2024-10-29T15:57:37.563Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2024-10-21", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Fuels: Excise Duties"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask His Majesty's Government what consideration they have given to maintaining the temporary cut in fuel duty.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1796", "label" : {"_value" : "Biography information for Lord Taylor of Warwick"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Taylor of Warwick"}
], "uin" : "HL1834"}
, {"_about" : "http://data.parliament.uk/resources/1735322", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1735322/answer", "answerText" : {"_value" : " The Government recognises that the creative industries, including the video games sector, play a key role in driving economic growth. As part of the Government\u2019s Industrial Strategy, a creative industries sector plan will be developed, working with business, local leaders, and sector experts.<\/p> <\/p> The UK already provides generous support to the video games sector through the tax system and through funding. Video games companies benefit from the Video Games Expenditure Credit (VGEC), which provides a generous tax credit of 34% on UK video games development costs.<\/p> <\/p> In addition, companies may benefit from the UK Games Fund, which helps high-potential start-ups scale-up.<\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4559", "label" : {"_value" : "Biography information for Lord Livermore"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Livermore"}
, "dateOfAnswer" : {"_value" : "2024-10-29", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2024-10-29T15:55:33.297Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2024-10-17", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Video Games: Tax Allowances"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask His Majesty's Government, further to the Ukie report Supercharged: Powering the future of the UK video game and interactive entertainment industry, published on 11 September, what assessment they have made of the recommendation contained in that report to offer competitive tax reliefs for the video game sector.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1796", "label" : {"_value" : "Biography information for Lord Taylor of Warwick"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Taylor of Warwick"}
], "uin" : "HL1738"}
, {"_about" : "http://data.parliament.uk/resources/1735323", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1735323/answer", "answerText" : {"_value" : " Stamp Duty and Stamp Duty Reserve Tax collectively raise between £3.2 billion and £4.4 billion per year, providing vital revenue which helps to fund key public services.<\/p> <\/p> The existing framework already provides an exemption for trades taking place on recognised growth markets, which small companies on growth markets can benefit from.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4559", "label" : {"_value" : "Biography information for Lord Livermore"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Livermore"}
, "dateOfAnswer" : {"_value" : "2024-10-29", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2024-10-29T15:56:25.017Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2024-10-17", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Shares: Stamp Duties"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask His Majesty's Government what assessment they have made of calls for a reduction in stamp duty tax on shares in small companies.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1796", "label" : {"_value" : "Biography information for Lord Taylor of Warwick"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Taylor of Warwick"}
], "uin" : "HL1739"}
, {"_about" : "http://data.parliament.uk/resources/1734603", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1734603/answer", "answerText" : {"_value" : " The Office for National Statistics (ONS) measure of whole economy total pay growth was 3.8% in the three months to August 2024, having fallen from 8.0% in the three months to August 2023. Whole economy regular pay growth (which excludes bonus payments) was 4.9% in the three months to August 2024, having fallen from 7.9% in the three months to August 2023.<\/p> <\/p> Real total and regular pay growth (adjusted for Consumer Price Inflation) remained positive in the three months to August 2024 at 1.7% and 2.6% respectively.<\/p> <\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4559", "label" : {"_value" : "Biography information for Lord Livermore"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Livermore"}
, "dateOfAnswer" : {"_value" : "2024-10-29", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2024-10-29T11:51:55.883Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2024-10-15", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Pay"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask His Majesty's Government what assessment they have made of reports of slowing wage growth.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1796", "label" : {"_value" : "Biography information for Lord Taylor of Warwick"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Taylor of Warwick"}
], "uin" : "HL1653"}
, {"_about" : "http://data.parliament.uk/resources/1734112", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1734112/answer", "answerText" : {"_value" : " The government is committed to delivering a fairer business rates system by levelling the playing field between the high street and online giants, better incentivising investment, tackling empty properties and supporting entrepreneurship.<\/p> <\/p> Any decisions on future tax policy will be announced by the Chancellor at the Budget.<\/p> <\/p> <\/strong><\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4559", "label" : {"_value" : "Biography information for Lord Livermore"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Livermore"}
, "dateOfAnswer" : {"_value" : "2024-10-28", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2024-10-28T11:56:12.367Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2024-10-14", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Retail Trade: Urban Areas"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask His Majesty's Government what steps they are taking to protect high street businesses when the business rates tax relief scheme ends in March 2025.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1796", "label" : {"_value" : "Biography information for Lord Taylor of Warwick"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Taylor of Warwick"}
], "uin" : "HL1594"}
, {"_about" : "http://data.parliament.uk/resources/1733116", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1733116/answer", "answerText" : {"_value" : " The UK\u2019s Corporation Tax rate remains supportive of growth and internationally competitive \u2013 25% is the lowest rate in the G7. The Chancellor also confirmed that generous tax reliefs including Full Expensing, the Annual Investment Allowance and R&D will be maintained.<\/p> <\/p> Maintaining these policies and a predictable tax environment for businesses is the most effective way for encouraging investment overall. The Government keeps all tax policy under review and regularly receives proposals for sector-specific tax reliefs.\u202fWhen considering a\u202fnew tax relief, the Government must ensure it supports businesses in a fair way and that taxpayer money is effectively targeted.<\/p> <\/p> There are already government incentives that support green investment in these sectors. The Heat Pump Investment Accelerator Competition, worth up to £30 million, aims to bring forward investment in the UK heat pump manufacturing supply chain. The Green Gas Support Scheme also provides tariff support to support the building of new infrastructure to produce biomethane.<\/p> <\/p> The Department for Business and Trade\u2019s Automotive programmes also continue to support the development and commercialisation of cutting-edge automotive technologies to support the EV transition and the wider UK supply chain.<\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4559", "label" : {"_value" : "Biography information for Lord Livermore"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Livermore"}
, "dateOfAnswer" : {"_value" : "2024-10-23", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2024-10-23T13:52:54.13Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2024-10-09", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Environmental Protection: Taxation"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask His Majesty's Government what assessment they have made of the recommendations from the Confederation of British Industry to implement tax cuts for the manufacturers of (1) electric cars, (2) heat pumps, and (3) biofuel.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1796", "label" : {"_value" : "Biography information for Lord Taylor of Warwick"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Taylor of Warwick"}
], "uin" : "HL1481"}
, {"_about" : "http://data.parliament.uk/resources/1731841", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1731841/answer", "answerText" : {"_value" : " The government does not comment on speculation around tax policy, which is a matter for the Budget.<\/p> <\/p> The government is committed to fixing the foundations, and providing economic stability so that businesses can take long-term decisions.<\/p> <\/p> We will outline a tax roadmap for business at the upcoming budget; this will be focussed on tax stability and certainty, and will confirm our commitment to cap the 25% rate of corporation tax for the duration of the parliament.<\/p> <\/p> The Chancellor will announce any changes to tax policy at the Budget alongside the OBR\u2019s economic and fiscal forecast.<\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4559", "label" : {"_value" : "Biography information for Lord Livermore"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Livermore"}
, "dateOfAnswer" : {"_value" : "2024-10-21", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2024-10-21T13:48:08.59Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2024-10-07", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Business: Recruitment"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask His Majesty's Government what assessment they have made of reports that businesses have reduced their hiring rates because of uncertainty over taxation in the upcoming Budget.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1796", "label" : {"_value" : "Biography information for Lord Taylor of Warwick"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Taylor of Warwick"}
], "uin" : "HL1335"}
, {"_about" : "http://data.parliament.uk/resources/1729087", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1729087/answer", "answerText" : {"_value" : " Achieving sustained economic growth is the priority mission of this government. The government is focused on fixing the foundations of the UK\u2019s economy.<\/p> <\/p> Having launched the Growth Mission in July 2024, the government has already taken several steps including planning reforms to get Britain building, establishing the National Wealth Fund, announcing a Pensions Review, and launching Skills England. The government is under no illusion of the scale of the challenge, however, given the difficult economic inheritance.<\/p> <\/p> HM Treasury does not prepare formal forecasts for the UK economy, which are the responsibility of the independent Office for Budget Responsibility (OBR). In its March forecast, the OBR expects that GDP per capita will surpass its pre-pandemic peak in 2025. Further details can be found in Table 1.5 of the OBR\u2019s latest Economic and Fiscal Outlook published in March 2024: https://obr.uk/efo/economic-and-fiscal-outlook-march-2024/<\/a>.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4559", "label" : {"_value" : "Biography information for Lord Livermore"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Livermore"}
, "dateOfAnswer" : {"_value" : "2024-09-20", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : {"_value" : "HL1085"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2024-09-20T11:19:51.027Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2024-09-11", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Economic Growth"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask His Majesty's Government what steps they are taking to improve GDP growth.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1796", "label" : {"_value" : "Biography information for Lord Taylor of Warwick"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Taylor of Warwick"}
], "uin" : "HL1006"}
, {"_about" : "http://data.parliament.uk/resources/1728732", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1728732/answer", "answerText" : {"_value" : " HMRC is committed to tackling all forms of non-compliance, including evasion. Each year HMRC makes an annual assessment of the tax gap, which is the difference between the amount of tax that should, in theory, be paid, and the amount that is actually paid. The latest published tax gap is for 2022-23 and was 4.8% of theoretical liabilities, or £39.8bn. The element attributable to small businesses is 60% (£24.1bn) of that overall tax gap.<\/p> <\/p>