The government recognises the importance of getting inflation down, and there are three key things the government is doing to deliver on the plan to halve inflation.<\/p>
<\/p>
Firstly, remaining steadfast in our support for the independent MPC at the Bank of England, as they take action to return inflation to target. Secondly, making difficult but responsible decisions on tax and spending so we are not adding fuel to the fire. Third, tackling high energy prices by holding down energy bills for households and businesses, alongside investing in long-term energy security.<\/p>
<\/p>
Both the Bank of England and the Office for Budget Responsibility (OBR) forecast that inflation will fall notably this year. The government recognises the challenges faced by households due to elevated cost of living and has provided support worth £3,300 per household on average, across 2022-23 and 2023-24.<\/p>
In addition, the Government has a number of savings tax reliefs to support to support savers.<\/p>
<\/p>
Individuals can save up to £20,000 into their ISA each year and coupled with the Personal Savings Allowance of up to £1,000 for basic rate taxpayers and up to £500 for higher rate taxpayers, around 95% of people with savings income pay no tax on that income. ISAs have been a well-regarded and highly utilised investment and savings vehicle for many. Around £72 billion was subscribed to Adult ISAs in 2020 to 2021.<\/p>
<\/p>
The government keeps ISA policy under review to ensure it remains and appropriate vehicle for savers.<\/p>
<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4874", "label" : {"_value" : "Biography information for Andrew Griffith"} } , "answeringMemberConstituency" : {"_value" : "Arundel and South Downs"} , "answeringMemberPrinted" : {"_value" : "Andrew Griffith"} , "dateOfAnswer" : {"_value" : "2023-06-01", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2023-06-01T11:00:43.26Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2023-05-23", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Personal Savings: Inflation"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, if he will make an assessment of the potential impact of trends in the level of inflation on the assets of long-term savers.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4131", "label" : {"_value" : "Biography information for Jim Shannon"} } , "tablingMemberConstituency" : {"_value" : "Strangford"} , "tablingMemberPrinted" : [{"_value" : "Jim Shannon"} ], "uin" : "186349"} , {"_about" : "http://data.parliament.uk/resources/1639723", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1639723/answer", "answerText" : {"_value" : "
HM Treasury\u2019s offices are managed by government property services providers, either the Government Property Agency, HM Revenue and Customs or the Cabinet Office. This includes wastewater management and therefore HM Treasury does not hold this information.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4850", "label" : {"_value" : "Biography information for Gareth Davies"} } , "answeringMemberConstituency" : {"_value" : "Grantham and Stamford"} , "answeringMemberPrinted" : {"_value" : "Gareth Davies"} , "dateOfAnswer" : {"_value" : "2023-05-26", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2023-05-26T07:49:19.97Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2023-05-23", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Sewage: Waste Disposal"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, how many sewage leaks have been recorded within their Department's estate in the last twelve months.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4765", "label" : {"_value" : "Biography information for Wendy Chamberlain"} } , "tablingMemberConstituency" : {"_value" : "North East Fife"} , "tablingMemberPrinted" : [{"_value" : "Wendy Chamberlain"} ], "uin" : "186479"} , {"_about" : "http://data.parliament.uk/resources/1639774", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1639774/answer", "answerText" : {"_value" : "
The government recognises that while the transition towards digital payments brings many opportunities, cash continues to be used by many people across the UK, including those who may be in vulnerable groups.<\/p>
<\/p>
The government is currently legislating to protect access to cash across the UK as part of the Financial Services and Markets Bill 2022. The Bill establishes the Financial Conduct Authority (FCA) as the lead regulator for access to cash with responsibility and powers to seek to ensure reasonable provision of withdrawal and deposit facilities. In recognition of the important role of cash for individuals, the government has tabled an amendment to the Bill that will require the FCA to seek to ensure that there is reasonable provision of free withdrawal and deposit facilities for holders of personal accounts.<\/p>
<\/p>
The ATM network also plays a critical role in the availability of cash withdrawal facilities. LINK (the scheme that runs the UK's largest ATM network) has made commitments to protect the broad geographic spread of free-to-use ATMs and is held to account against these commitments by the Payment Systems Regulator. According to LINK data for March 2023, there were around 39,000 free-to-use ATMs across the UK, including 53 free-to-use ATMs in the constituency of Nottingham East. Further information is available at: https://www.link.co.uk/initiatives/financial-inclusion-monthly-report/<\/a><\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4874", "label" : {"_value" : "Biography information for Andrew Griffith"}
}
, "answeringMemberConstituency" : {"_value" : "Arundel and South Downs"}
, "answeringMemberPrinted" : {"_value" : "Andrew Griffith"}
, "dateOfAnswer" : {"_value" : "2023-06-05", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2023-06-05T11:05:58.777Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2023-05-23", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Cash Dispensing: Nottingham East"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, what recent assessment his Department has made of the adequacy of the availability of cash withdrawal facilities throughout the Nottingham East constituency.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4869", "label" : {"_value" : "Biography information for Nadia Whittome"}
}
, "tablingMemberConstituency" : {"_value" : "Nottingham East"}
, "tablingMemberPrinted" : [{"_value" : "Nadia Whittome"}
], "uin" : "186566"}
, {"_about" : "http://data.parliament.uk/resources/1639784", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1639784/answer", "answerText" : {"_value" : " The Government is working at pace to bring Buy-Now Pay-Later (BNPL) products into regulation. On 14 February 2023, the Government published a consultation on the draft legislation that will bring BNPL products into FCA regulation in a proportionate way. This consultation closed on 11 April. The Government is now carefully considering stakeholder feedback and is finalising policy positions.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4874", "label" : {"_value" : "Biography information for Andrew Griffith"}
}
, "answeringMemberConstituency" : {"_value" : "Arundel and South Downs"}
, "answeringMemberPrinted" : {"_value" : "Andrew Griffith"}
, "dateOfAnswer" : {"_value" : "2023-06-05", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2023-06-05T12:49:38.29Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2023-05-23", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Credit: Regulation"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, with reference to the consultation entitled Regulation of Buy-Now Pay Later: consultation on draft legislation, when he plans to (a) publish the outcome of that consultation and (b) lay any legislation required before Parliament.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4088", "label" : {"_value" : "Biography information for Stella Creasy"}
}
, "tablingMemberConstituency" : {"_value" : "Walthamstow"}
, "tablingMemberPrinted" : [{"_value" : "Stella Creasy"}
], "uin" : "186384"}
, {"_about" : "http://data.parliament.uk/resources/1639822", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1639822/answer", "answerText" : {"_value" : " The UK has a higher VAT registration threshold than any EU member state and the second highest in the OECD at £85,000. This keeps the majority of businesses out of VAT altogether. Any business with turnover of £85,000 or less does not have to register for VAT.<\/p> <\/p> <\/p>