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1607753

registered interest
date	27/03/2023
answering body	Department for Work and Pensions
answering dept id	29
answering dept short name	Work and Pensions
answering dept sort name	Work and Pensions
hansard heading	Support for Mortgage Interest
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Work and Pensions, what assessment he has made of the impact of the Bank of England Base Rate increases on the Support for Mortgage Interest Scheme (SMI); and whether he plans to uprate the interest rate of 2.09 per cent on which the SMI payments are calculated.
tabling member constituency	Gateshead
tabling member printed	Ian Mearns
uin	174269
answer	answer is ministerial correction date of answer 30/03/2023 answer text <p>The interest rate we pay for SMI is based on the Bank of England published average mortgage rate.  We do not align payment to the base rate because this would lead to uncertainty for both borrower and lender as well as increasing the administrative burden.</p><p> </p><p>An increase to the rate paid through the SMI scheme was triggered on Wednesday 29th March 2023.This rate increased from 2.09% to 2.65% and will be implemented on 10<sup>th</sup> May 2023. Any further changes to the standard interest rate will only occur when the Bank of England average mortgage rate differs by 0.5 percentage points or more from the rate in payment.</p><p> </p><p>We currently have no plans to amend the calculation of SMI. We have selected the Bank of England’s published average rate because it is the average interest rate that applies to outstanding mortgages, including fixed and variable mortgages. The Bank of England data is the most reliable as it is based on information that covers over 75% of all banks and building societies’ mortgage business. It is also updated on a regular (monthly) basis.</p><p> </p><p>If we were to base the rate we pay on the Bank of England Base rate, we would pay over and above the average interest rate paid by fixed rate mortgage holders. Conversely, the rate would be too low when the base rate is set at a low level such as the 0.1 base rate between March 2020 and December 2021.</p> answering member constituency Mid Sussex answering member printed Mims Davies grouped question UIN 174270 question first answered 30/03/2023 16:41:25 answering member 4513 label Biography information for Mims Davies
tabling member	4000 label Biography information for Ian Mearns

1305019

registered interest
date	23/03/2021
answering body	Ministry of Defence
answering dept id	11
answering dept short name	Defence
answering dept sort name	Defence
hansard heading	Nuclear Submarines: Devonport Dockyard
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Defence, with reference to the Integrated Review, published on 16 March 2021, when he plans the first retired Devonport-based nuclear submarine to be recycled.
tabling member constituency	Plymouth, Sutton and Devonport
tabling member printed	Luke Pollard
uin	174269
answer	answer is ministerial correction date of answer 31/03/2021 answer text <p>The Ministry of Defence is a responsible nuclear operator and remains committed to the cost effective, safe and secure full dismantling of our decommissioned nuclear submarines as soon as practicably possible. As set out in the United Kingdom’s future nuclear deterrent: the 2020 update to Parliament, progress continues with the delivery of this complex initiative, working closely with UK industry partners and the civil nuclear sector, supporting key engineering skills and nuclear expertise.</p><p> </p> answering member constituency Horsham answering member printed Jeremy Quin question first answered 31/03/2021 16:28:08 answering member 4507 label Biography information for Sir Jeremy Quin
tabling member	4682 label Biography information for Luke Pollard