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1698300

registered interest
date	25/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Consumer Prices Index
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 factors contributing to the recent decline in consumer prices inflation.
tabling member printed	Lord Taylor of Warwick
uin	HL3604
answer	answer is ministerial correction date of answer 08/04/2024 answer text <p>The Monetary Policy Committee (MPC) has raised interest rates, which is helping to bring inflation down and return to the 2% target sustainably. The Government's responsible approach to borrowing has helped support the MPC as it brings inflation down.</p><p>The Office for Budget Responsibility expects CPI inflation to fall to the 2% target in the second quarter of 2024, a year earlier than they expected in November.</p> answering member printed Baroness Vere of Norbiton question first answered 08/04/2024 14:00:51 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1698301

registered interest
date	25/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Consumers: Expenditure
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of recent trends in consumer spending; and what assessment they have made of the impact of this on (1) the retail sector, and (2) the wider economy.
tabling member printed	Lord Taylor of Warwick
uin	HL3605
answer	answer is ministerial correction date of answer 08/04/2024 answer text <p>Consumer confidence has strengthened considerably over the past year. The March 2024 release of the GfK index indicated that consumer confidence was 15 points stronger than in March 2023. <br> <br>Government continues to back consumers and retailers. With the economy beginning to turn a corner, we are now able to make responsible tax cuts to boost growth while meeting the fiscal rules to ensure sustainable public finances. These include cutting the employee main rate of National Insurance to 8%, which will make an average worker on £35,400 over £900 a year better off than before.</p><p>At Autumn Statement 2023 we extended Retail, Hospitality and Leisure relief for 2024-5, a tax cut worth £2.4 billion, and froze the small business multiplier for a fourth consecutive year. At Spring Budget 2024, the government went further still by supporting small retailers by increasing the VAT registration threshold to £90,000 and extending the Recovery Loan Scheme, now the Growth Guarantee Scheme.</p><p>Consumer confidence is intrinsically linked to inflation, household finances and the broader economic outlook. To sustain consumer confidence, consumers need to feel assured that their government is taking the long-term decisions necessary to strengthen the economy and build a brighter future.</p><p>Combined, recent policy measures will place more money in people’s pockets, helping boost consumer confidence, and strengthen the UK’s retail sector.</p> answering member printed Baroness Vere of Norbiton question first answered 08/04/2024 14:00:30 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1698049

registered interest
date	21/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Growth
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, following reports that the economy returned to growth in January after entering a recession in the second half of 2023, what steps they are taking to (1) support, and (2) sustain positive momentum in, sectors of the economy which have shown signs of growth in 2024.
tabling member printed	Lord Taylor of Warwick
uin	HL3543
answer	answer is ministerial correction date of answer 28/03/2024 answer text <p>The government is pursuing an ambitious policy agenda to increase growth and productivity across the economy. This includes making full expensing permanent, a tax cut to companies of over £10 billion a year, to ensure the UK has one of the most generous capital allowances regimes in the world and backing the UK’s priority growth sectors. At Spring Budget 2024, the government set out the next steps in delivering a £4.5 billion funding package for strategic manufacturing sectors over the five years to 2030 and announced over £1 billion of new tax reliefs for creative industries.</p><p> </p><p>The IMF forecasts that the UK will have the third fastest cumulative growth in the G7 over the 2024-2028 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 question first answered 28/03/2024 16:09:13 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1697686

registered interest
date	20/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pay: Inflation
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what steps they are considering to mitigate the potential inflationary effects of the increase in the National Living Wage and the National Minimum Wage.
tabling member printed	Lord Taylor of Warwick
uin	HL3492
answer	answer is ministerial correction date of answer 28/03/2024 answer text <p>In March 2020 the Office for Budget Responsibility estimated that meeting the National Living Wage target of 2/3rds of median earnings by 2024 would increase the level of consumer price inflation by less than 0.1 per cent across that period. Evidence shows employers respond to minimum wage increases in a variety of ways, most commonly by absorbing the additional cost and accepting lower profits.</p><p> </p><p>Inflation reduces real incomes, creates uncertainty, and slows economic growth. It’s essential that the government continues with its efforts to keep inflation down. Inflation has more than halved, falling from its peak of 11.1% in October 2022 to 3.4% in February. The OBR forecasts that inflation will return to the 2% target in the second quarter of this year, a year earlier than forecast in November.</p> answering member printed Baroness Vere of Norbiton question first answered 28/03/2024 12:48:13 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1697296

registered interest
date	19/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Foreign Investment in UK
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, further to the announcement by the Chancellor of the Exchequer on 2 March concerning the requirement by 2027 for pension funds to disclose how much they invest in British businesses, what steps they are taking to assess the potential consequences on overall competitiveness and attractiveness of the UK as an investment destination.
tabling member printed	Lord Taylor of Warwick
uin	HL3426
answer	answer is ministerial correction date of answer 28/03/2024 answer text <p>The Chancellor announced at Spring Budget that the government will introduce new requirements for Defined Contribution pension funds to disclose publicly their level of UK equity investments, working closely with the Financial Conduct Authority (the FCA) who share responsibility for setting requirements for the market. The FCA will consult in the Spring. The government will introduce equivalent requirements for Local Government Pension Scheme funds in England &amp; Wales. The government will review what further action should be taken if the data does not demonstrate that UK equity allocations are increasing.</p><p> </p><p>This complements the wider reforms that the Government and regulators are already undertaking to boost UK markets.</p><p> </p> answering member printed Baroness Vere of Norbiton question first answered 28/03/2024 12:46:56 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1697330

registered interest
date	19/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Tourism: VAT
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 (1) costs, and (2) benefits, of reintroducing tax-free shopping for international visitors, including the impact on (a) retail sales, (b) employment levels, and (c) economic recovery.
tabling member printed	Lord Taylor of Warwick
uin	HL3428
answer	answer is ministerial correction date of answer 27/03/2024 answer text <p>As set out at Spring Budget 2024, the government is considering the findings of the OBR’s review of the original costing of the withdrawal of tax-free shopping, published in the Economic and Fiscal Outlook on 6 March, alongside industry representations and broader data. The government welcomes further submissions in response to the OBR’s findings.</p> answering member printed Baroness Vere of Norbiton question first answered 27/03/2024 15:29:26 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1696583

registered interest
date	18/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Inflation: Employment and Pay
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, following reports that public expectations for inflation have fallen to the lowest level in over two years, what assessment they have made of the impact of falling expectations on (1) wage growth trends, and (2) employment dynamics; and what steps they are taking to address any potential challenges in sustaining wage growth while maintaining price stability.
tabling member printed	Lord Taylor of Warwick
uin	HL3340
answer	answer is ministerial correction date of answer 28/03/2024 answer text <p>Inflation has more than halved, falling from its peak of 11.1% in October 2022 to 3.4% in February 2024 and nominal whole economy total pay has fallen from a peak of 8.9% in the three months to June to 5.6% in the three months to January 2024.</p><p>In the three months to January 2024 the unemployment rate was 3.9%, up by 0.1ppt on the year but low by historical standards. The OBR forecast that there will be a moderate rise in unemployment to a peak of 4.5% in Q4 2024 before declining to 4.1% by 2028.</p><p>Whilst inflation has fallen it still remains above the 2% target. The Monetary Policy Committee (MPC) continues to have the government’s full support as it takes action to sustainably return it to target.</p> answering member printed Baroness Vere of Norbiton question first answered 28/03/2024 12:45:55 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1696357

registered interest
date	14/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Payments: Regulation
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, following the publication of the draft Payment Services (Amendment) Regulations 2024, what steps they are taking to introduce legal safeguards to protect consumer rights and ensure transparency in the process of delaying payments for further investigation.
tabling member printed	Lord Taylor of Warwick
uin	HL3303
answer	answer is ministerial correction date of answer 27/03/2024 answer text <p>The government takes the issue of fraud very seriously and is dedicated to protecting the public from this devastating crime.</p><p>The government has published draft legislation that allows the sending of payments to be delayed where there are reasonable grounds to suspect fraud or dishonesty, and more time is needed to contact the customer or relevant third parties.</p><p>Subject to some exceptions to ensure Payment Service Providers (PSPs) meet other legal obligations, for example around tackling financial crime, PSPs will be obliged to inform the customer, set out the reasoning behind a delay, and what information or actions are needed to enable the PSP to decide whether to execute the payment.</p><p>The government intends to introduce this legislation in summer 2024 and, subject to Parliamentary approval, for it to come into force on 7 October 2024.</p> answering member printed Baroness Vere of Norbiton question first answered 27/03/2024 11:34:25 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1695979

registered interest
date	13/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pay
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 slowing wage growth on household finances and consumer spending; and what steps they are taking to mitigate any negative impact.
tabling member printed	Lord Taylor of Warwick
uin	HL3264
answer	answer is ministerial correction date of answer 27/03/2024 answer text <p>Real wages have increased for seven consecutive months and are 1.1% above their pre-pandemic level.</p><p>ONS retail sales volumes increased by 3.4% on the month in January, representing a full recovery of the decline seen in December 2023.</p> answering member printed Baroness Vere of Norbiton question first answered 27/03/2024 11:35:26 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1695572

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	Exchange Rates
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 recent strengthening in sterling on inflation in the UK; and what assessment they have made of the effect this may have on the timing and magnitude of monetary policy adjustments made by the Bank of England.
tabling member printed	Lord Taylor of Warwick
uin	HL3222
answer	answer is ministerial correction date of answer 25/03/2024 answer text <p>The Office for Budget Responsibility (OBR) is the government’s official forecaster. They published their latest assessment of the economic and fiscal outlook (EFO) on 6<sup>th</sup> March. The OBR noted that the trade weighted sterling effective exchange rate had strengthened by around 2 per cent since their November 2023 forecast. Inflation has halved since its peak in October 2022 and was 4.0% in January 2024. In the March EFO, the OBR note that inflation has fallen more sharply than they expected in November, and now expect inflation to fall below 2% in Q2 2024 – a year earlier than previously expected.</p><p>Monetary Policy is the responsibility of the independent Monetary Policy Committee of the Bank of England. Therefore, it is right the Government does not comment on the conduct of monetary policy.</p> answering member printed Baroness Vere of Norbiton question first answered 25/03/2024 17:32:53 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick