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1667043

registered interest
date	25/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Public Sector: Borrowing
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 cost of UK state borrowing; and what steps they are taking in response to any challenges arising from those costs.
tabling member printed	Lord Taylor of Warwick
uin	HL10816
answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>Responding to compounding shocks has meant that borrowing and debt levels are high by historical standards. In its March forecast, the independent Office for Budget Responsibility, the OBR, forecast spending on debt interest will reach £94.0 billion in 2023-24.<strong> </strong></p><p> </p><p>The government is committed to getting debt falling – reducing debt will reduce spending on debt interest that could otherwise be spent on public services, while providing the foundations for sustainable growth.</p><p> </p><p>In its March forecast, the OBR confirmed that the Government is on track to deliver this, with underlying debt falling as a percentage of GDP in 2027-28, and borrowing falling year-on-year across the whole five year forecast.</p> answering member printed Baroness Penn question first answered 26/10/2023 12:37:27 answering member 4726 label Biography information for Baroness Penn
tabling member	1796 label Biography information for Lord Taylor of Warwick

1667044

registered interest
date	25/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Situation: Interest Rates
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what steps they are taking to minimise the impact of changing interest rates on the economic climate.
tabling member printed	Lord Taylor of Warwick
uin	HL10817
answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>Like other countries the UK faces global economic challenges that contribute to inflation and weigh on growth. High inflation is bad for growth, so sticking to our plan to halve inflation, on the path back to the 2% target, is the right priority to tackle inflation and help the economy grow. The Spring Budget set out an ambitious package of measures to drive economic growth without irresponsibly fueling inflation, and revisions to ONS data show that we recovered from the pandemic far quicker than first thought, growing faster than Germany and France over this period.</p><p> </p> answering member printed Baroness Penn question first answered 26/10/2023 12:38:15 answering member 4726 label Biography information for Baroness Penn
tabling member	1796 label Biography information for Lord Taylor of Warwick

1666825

registered interest
date	24/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Hospitality Industry: Northern Ireland
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make an assessment of the potential impact of increased alcohol duties on the hospitality industry in Northern Ireland.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	204018
answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>The Government publishes tax information and impact notes (TIINs) for tax policy changes when the policy is final or near final. The summary of impacts from the latest changes to alcohol duty at Spring Budget 2023 can be found here: <a href="https://www.gov.uk/government/publications/changes-to-alcohol-duty-rates/alcohol-duty-rate-changes#:~:text=At%20the%20current%20VAT%20rate,will%20be%202%20pence%20higher" target="_blank">https://www.gov.uk/government/publications/changes-to-alcohol-duty-rates/alcohol-duty-rate-changes#:~:text=At%20the%20current%20VAT%20rate,will%20be%202%20pence%20higher</a></p> answering member constituency Grantham and Stamford answering member printed Gareth Davies question first answered 26/10/2023 08:49:45 answering member 4850 label Biography information for Gareth Davies
tabling member	4131 label Biography information for Jim Shannon

1666841

registered interest
date	24/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Government Securities
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent discussions he has had with industry stakeholders on the issuing of a digital gilt.
tabling member constituency	East Ham
tabling member printed	Sir Stephen Timms
uin	203991
answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>The government has spoken to numerous industry participants who have supported the development of the government’s practical understanding of the potential advantages of digital ledger technology (DLT) to financial markets, the design choices around the technology’s implementation, and the legal considerations associated with digital securities.</p><p> </p><p>We are not actively pursuing an issuance of a DLT sovereign debt instrument at this time. We will continue to monitor market developments relating to the use of DLT within capital markets, including how these may impact the government as a market participant in future.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 26/10/2023 09:47:14 answering member 4874 label Biography information for Andrew Griffith
tabling member	163 label Biography information for Sir Stephen Timms

1666857

registered interest
date	24/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Beer
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what fiscal steps his Department is taking to support pubs and small breweries.
tabling member constituency	Penrith and The Border
tabling member printed	Dr Neil Hudson
uin	204062
answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>I refer the hon member to the answer I gave on 20 October 2023 to PQ UIN 203159.</p> answering member constituency Louth and Horncastle answering member printed Victoria Atkins question first answered 26/10/2023 07:50:44 answering member 4399 label Biography information for Victoria Atkins
tabling member	4853 label Biography information for Dr Neil Hudson

1666878

registered interest
date	24/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Childcare: Tax Allowances
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor for the Exchequer, what assessment he has made of the potential merits of increasing the tax-free childcare allowance, in the the context of increases in the cost of living.
tabling member constituency	Ellesmere Port and Neston
tabling member printed	Justin Madders
uin	204026
answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>Tax-Free Childcare provides financial support for working parents with their childcare costs. For every £8 parents pay into their childcare account, the Government adds £2 up to a maximum of £2,000 in top up per year for each child up to age 11 and up to £4,000 per disabled child until they are 17.</p><p> </p><p>The £2,000 Tax-Free Childcare top up has been set at this level because the Government believes it strikes the right balance between helping parents with their childcare costs, and managing the public finances in a responsible way.</p><p> </p><p>The Government is committed to supporting parents with their childcare costs. At Spring Budget 2023, the Government announced that it will expand the free childcare hours offer, so that eligible working parents in England will be able to access 30 hours of free childcare per week for 38 weeks per year from when their child is 9 months old, to when they start school. Through this expansion, the government will be more than doubling its spend on free hours.</p> answering member constituency Salisbury answering member printed John Glen question first answered 26/10/2023 10:19:54 answering member 4051 label Biography information for John Glen
tabling member	4418 label Biography information for Justin Madders

1666938

registered interest
date	24/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgage Guarantee Scheme
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what plans they have to extend the mortgage guarantee scheme for first-time buyers.
tabling member printed	Lord Taylor of Warwick
uin	HL10793
answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>The Mortgage Guarantee Scheme (launched in April 2021) continues to support homebuyers and movers with deposits as small as 5%. As of March 2023, the scheme has helped over 37,376 households to buy their homes, 86% of which have been first-time buyers.</p><p> </p><p>The Government remains committed to supporting first-time buyers in making home ownership a reality for as many households as possible.</p><p> </p> answering member printed Baroness Penn question first answered 26/10/2023 10:31:59 answering member 4726 label Biography information for Baroness Penn
tabling member	1796 label Biography information for Lord Taylor of Warwick

1666446

registered interest
date	23/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Duty Free Allowances
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 behavioural changes of travellers as a result of the withdrawal of tax-free shopping for international visitors.
tabling member printed	Baroness Doocey
uin	HL10721
answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>The Government’s assessment of the anticipated behavioural changes as a result of tax-free shopping (covering the VAT Retail Export Scheme and the airside scheme) was set out in the original policy costing note which can be found in the Policy costings document from November 2020 p42-43. The government followed the same methodology when calculating costings for the 2022 Growth Plan, which can be found in the Growth Plan documents paragraph 4.19 and Table 4.2 from September 2022.</p><p>Whilst there are no current plans to re-introduce tax-free shopping for international visitors, the government keeps all tax policy under review, and we are very grateful to industry for their contribution to our invitation to provide evidence on this matter.</p> answering member printed Baroness Penn question first answered 26/10/2023 10:37:18 answering member 4726 label Biography information for Baroness Penn
tabling member	4197 label Biography information for Baroness Doocey

1666492

registered interest
date	23/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Interest Rates
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent discussions his Department has had with business on interest rates.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	203838
answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>Treasury ministers and officials hold regular discussions with businesses, both individually and through their representative organisations such as the Federation of Small Businesses, the Institute of Directors, The 100 Group and the British Chambers of Commerce, on a range of issues affecting businesses including interest rates.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 26/10/2023 09:59:16 answering member 4874 label Biography information for Andrew Griffith
tabling member	4131 label Biography information for Jim Shannon

1666499

registered interest
date	23/10/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Personal Savings: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps he is taking to ensure consistency of collection of tax on the interest of savings that are not due until maturity of the savings bond.
tabling member constituency	Warrington South
tabling member printed	Andy Carter
uin	203964
answer	answer is ministerial correction date of answer 26/10/2023 answer text <p>The taxation of interest arising on savings bonds depends on the terms and conditions applying to each and may differ as not all savings bonds are the same.</p><p> </p><p>Income tax is charged on the full amount of interest ‘arising’ to a person in a tax year and interest normally ‘arises’ when the amount is received or is credited to an account on which the holder is free to draw.</p><p> </p><p>The terms of a savings bond may be that interest is credited each year and, once credited, the bondholder is able to draw on it. In this case, the interest arises each year and is taxed each year as it is credited.</p><p> </p><p>On the other hand, it is possible that interest may be credited each year, but the terms of the bond may mean the bondholder cannot draw on it or benefit from it until the end of the term. In that case all the interest paid on the bond would be regarded as ‘arising’ when it became available to the bondholder on maturity of the bond.</p><p> </p><p>This long-standing position is explained in HMRC’s guidance at <a href="https://www.gov.uk/hmrc-internal-manuals/savings-and-investment-manual/saim2440#:~:text=Interest%20'arises'%20when%20it%20is,when%20interest%20arises%20see%20SAIM2400." target="_blank">SAIM2440</a>, and there have been no recent changes.</p><p> </p><p>In either case, to the extent that the interest arising in any year is not covered by personal allowances, such as the Personal Savings Allowance, the tax will be collected in the same way, usually through a taxpayer’s PAYE code or a self-assessment tax return.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 26/10/2023 10:56:17 answering member 4874 label Biography information for Andrew Griffith
tabling member	4791 label Biography information for Andy Carter