The Chancellor has regular discussions on macroeconomic policy with European and G7 counterparts. They all recognise the significant challenges ahead of us in the months to come. The G7 has an important role to play in steering the global economy, and as Chair of the G7 Finance Track, the Chancellor has discussed with colleagues how best to shape and respond to the phases of the global recovery from Covid-19. This includes the short- and medium-term economic challenges relating to both fiscal and monetary policy. The Chancellor will continue to work with colleagues over the coming months to learn from each other\u2019s policy interventions, to recognise and manage spillover effects, and to support continued coordination on policy responses.<\/p>
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As highlighted in the Budget, while borrowing costs are affordable now, interest rates and inflation may not stay low forever. A sustained 1 percentage point increase in both interest rates and inflation would increase debt interest spending by £27.8bn in 2025-26.<\/p>
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It is important to take action as the economy durably recovers to limit the UK\u2019s exposure to this risk and to build fiscal resilience. The Office for Budget Responsibility\u2019s March 2021 forecast shows that the medium-term outlook for the public finances has returned to a more sustainable path, supported by the fiscal repair measures set out in the recent Budget.<\/p>
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Treasury Ministers have regular discussions with counterparts in the devolved administrations on matters of mutual interest.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"} } , "answeringMemberConstituency" : {"_value" : "Salisbury"} , "answeringMemberPrinted" : {"_value" : "John Glen"} , "dateOfAnswer" : {"_value" : "2021-03-23", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "169880"} , {"_value" : "169881"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2021-03-23T15:08:43.137Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2021-03-16", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Public Sector Debt"} , "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 discussions he has had with (a) Cabinet and (b) devolved administration colleagues on the effect of (i) increased inflation and (ii) normalisation of the Government bond yield on public borrowing costs.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4430", "label" : {"_value" : "Biography information for Alison Thewliss"} } , "tablingMemberConstituency" : {"_value" : "Glasgow Central"} , "tablingMemberPrinted" : [{"_value" : "Alison Thewliss"} ], "uin" : "169882"} , {"_about" : "http://data.parliament.uk/resources/964776", "AnsweringBody" : [{"_value" : "Department for Work and Pensions"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/964776/answer", "answerText" : {"_value" : "
The permitted work rules are intended to provide encouragement and help to enable people to make a gradual move into full-time work. Anyone claiming Employment and Support Allowance can do permitted work for fewer than 16 hours per week and earn up to £125.50 per week, for an indefinite period, without it affecting their benefit entitlement.<\/p>
<\/p>
There is no procedure in place which automatically links a request for permitted work to a Work Capability Assessment referral.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4071", "label" : {"_value" : "Biography information for Sarah Newton"} } , "answeringMemberConstituency" : {"_value" : "Truro and Falmouth"} , "answeringMemberPrinted" : {"_value" : "Sarah Newton"} , "dateOfAnswer" : {"_value" : "2018-09-11", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2018-09-11T12:11:09.147Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "29"} , "answeringDeptShortName" : {"_value" : "Work and Pensions"} , "answeringDeptSortName" : {"_value" : "Work and Pensions"} , "date" : {"_value" : "2018-09-03", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Employment and Support Allowance"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Secretary of State for Work and Pensions, what procedures her Department has put in place for a submission of a Permitted Work 1 form by a disabled benefit claimant in the Support Group of Employment and Support Allowance to result in the issue of an ESA50 form and a call up for a Work Capability Assessment.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4676", "label" : {"_value" : "Biography information for Marsha De Cordova"} } , "tablingMemberConstituency" : {"_value" : "Battersea"} , "tablingMemberPrinted" : [{"_value" : "Marsha De Cordova"} ], "uin" : "169882"} ], "itemsPerPage" : 10, "page" : 0, "startIndex" : 1, "totalResults" : 2, "type" : ["http://purl.org/linked-data/api/vocab#ListEndpoint", "http://purl.org/linked-data/api/vocab#Page"]} }