Insurers make commercial decisions about the pricing of insurance following their assessment of the relevant risks. Currently premiums are being affected by specific economic factors that are increasing the cost of claims, such as the rising cost of replacement parts and materials. The Government does not generally intervene in these decisions as this could damage competition in the market.<\/p>
<\/p>
However, the Government is determined that insurers treat customers fairly and firms are required to do under Financial Conduct Authority (FCA) rules. The FCA requires firms to ensure their products offer fair value (i.e. if the price a consumer pays for a product or service is reasonable compared to the overall benefits they can expect to receive).<\/p>
<\/p>
On 16 October, the FCA announced a package of work in the insurance market amid concerns about rising prices. This includes a market study on premium finance \u2013 a form of credit that allows insurance customers to spread the upfront annual cost of their premium \u2013 for both home and motor insurance products.<\/p>
<\/p>
On the same day, the Government launched a cross-Government taskforce on motor insurance. This Taskforce has a strategic remit to set the direction for UK Government policy, identifying short- and long-term actions for departments that may contribute to stabilising or reducing premiums, while maintaining appropriate levels of cover.<\/p>
<\/strong><\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4559", "label" : {"_value" : "Biography information for Lord Livermore"}
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, "answeringMemberPrinted" : {"_value" : "Lord Livermore"}
, "dateOfAnswer" : {"_value" : "2024-10-29", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : {"_value" : "HL1833"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2024-10-29T15:58:03.533Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2024-10-22", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Home Insurance and Motor Insurance: Fees and Charges"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
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], "questionText" : "To ask His Majesty's Government what assessment they have made of the increase of insurance premiums for motor vehicles and dwellings.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4367", "label" : {"_value" : "Biography information for Lord Elliott of Ballinamallard"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Elliott of Ballinamallard"}
], "uin" : "HL1857"}
, {"_about" : "http://data.parliament.uk/resources/1735576", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1735576/answer", "answerText" : {"_value" : " Insurers make commercial decisions about the pricing of insurance following their assessment of the relevant risks. Currently premiums are being affected by specific economic factors that are increasing the cost of claims, such as the rising cost of replacement parts and materials. The Government does not generally intervene in these decisions as this could damage competition in the market.<\/p> <\/p> However, the Government is determined that insurers treat customers fairly and firms are required to do under Financial Conduct Authority (FCA) rules. The FCA requires firms to ensure their products offer fair value (i.e. if the price a consumer pays for a product or service is reasonable compared to the overall benefits they can expect to receive).<\/p> <\/p> On 16 October, the FCA announced a package of work in the insurance market amid concerns about rising prices. This includes a market study on premium finance \u2013 a form of credit that allows insurance customers to spread the upfront annual cost of their premium \u2013 for both home and motor insurance products.<\/p> <\/p> On the same day, the Government launched a cross-Government taskforce on motor insurance. This Taskforce has a strategic remit to set the direction for UK Government policy, identifying short- and long-term actions for departments that may contribute to stabilising or reducing premiums, while maintaining appropriate levels of cover.<\/p> <\/strong><\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4559", "label" : {"_value" : "Biography information for Lord Livermore"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Livermore"}
, "dateOfAnswer" : {"_value" : "2024-10-29", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : {"_value" : "HL1857"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2024-10-29T15:58:03.5Z", "_datatype" : "dateTime"}
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, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2024-10-21", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Home Insurance"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
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], "questionText" : "To ask His Majesty's Government what steps they taking to protect consumers from rising home insurance prices.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1796", "label" : {"_value" : "Biography information for Lord Taylor of Warwick"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Taylor of Warwick"}
], "uin" : "HL1833"}
, {"_about" : "http://data.parliament.uk/resources/1735577", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1735577/answer", "answerText" : {"_value" : " Revenue from motoring taxes and associated VAT ensures that the Government can continue to fund the vital public services and infrastructure that people and families across the UK expect.<\/p> <\/p> Following the spending audit, the Chancellor has been clear that difficult decisions lie ahead on spending, welfare and tax to fix the foundations of our economy and address the £22 billion hole the government has inherited. Decisions on how to do that will be taken at the Budget in the round; the Chancellor makes decisions on tax policy at fiscal events.<\/p> <\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4559", "label" : {"_value" : "Biography information for Lord Livermore"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Livermore"}
, "dateOfAnswer" : {"_value" : "2024-10-29", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2024-10-29T15:57:37.563Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2024-10-21", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Fuels: Excise Duties"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask His Majesty's Government what consideration they have given to maintaining the temporary cut in fuel duty.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1796", "label" : {"_value" : "Biography information for Lord Taylor of Warwick"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Taylor of Warwick"}
], "uin" : "HL1834"}
, {"_about" : "http://data.parliament.uk/resources/1735484", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1735484/answer", "answerText" : {"_value" : " All the requirements contained in the Duchy of Lancaster and Cornwall Accounts Act 1838 have been met in each of the past ten years, with one exception. The exception was the Duchy of Cornwall Accounts for 2023-24, which could not be presented to Parliament by the 30 June 2024 deadline, due to Parliament having been dissolved ahead of the 2024 General Election. Those accounts were instead presented to the new Parliament on 23 July 2024.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4559", "label" : {"_value" : "Biography information for Lord Livermore"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Livermore"}
, "dateOfAnswer" : {"_value" : "2024-10-29", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2024-10-29T11:59:25.98Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2024-10-18", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Duchy of Cornwall and Duchy of Lancaster"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask His Majesty's Government whether they have received, in each of the past 10 years, accounts for the Duchy of Cornwall and the Duchy of Lancaster, as required under the Duchy of Lancaster and Cornwall Accounts Act 1838.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/3526", "label" : {"_value" : "Biography information for Lord Berkeley"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Berkeley"}
], "uin" : "HL1753"}
, {"_about" : "http://data.parliament.uk/resources/1735297", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1735297/answer", "answerText" : {"_value" : " As set out in the Safeguarding the Union Command Paper, more than 80% of all freight movements from Great Britain to Northern Ireland will be treated as not at risk and will move within the UK internal market system. That commitment will be monitored by the Independent Monitoring Panel and will take effect once the internal market system comes into force fully next year.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4559", "label" : {"_value" : "Biography information for Lord Livermore"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Livermore"}
, "dateOfAnswer" : {"_value" : "2024-10-31", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2024-10-31T15:20:04.377Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2024-10-17", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "UK Internal Trade: Northern Ireland"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask His Majesty's Government what is the proportion of goods moving into Northern Ireland from Great Britain that are deemed to be at risk and are therefore subject to full EU compliance requirements.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1388", "label" : {"_value" : "Biography information for Lord Dodds of Duncairn"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Dodds of Duncairn"}
], "uin" : "HL1712"}
, {"_about" : "http://data.parliament.uk/resources/1735322", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1735322/answer", "answerText" : {"_value" : " The Government recognises that the creative industries, including the video games sector, play a key role in driving economic growth. As part of the Government\u2019s Industrial Strategy, a creative industries sector plan will be developed, working with business, local leaders, and sector experts.<\/p> <\/p> The UK already provides generous support to the video games sector through the tax system and through funding. Video games companies benefit from the Video Games Expenditure Credit (VGEC), which provides a generous tax credit of 34% on UK video games development costs.<\/p> <\/p> In addition, companies may benefit from the UK Games Fund, which helps high-potential start-ups scale-up.<\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4559", "label" : {"_value" : "Biography information for Lord Livermore"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Livermore"}
, "dateOfAnswer" : {"_value" : "2024-10-29", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2024-10-29T15:55:33.297Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2024-10-17", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Video Games: Tax Allowances"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask His Majesty's Government, further to the Ukie report Supercharged: Powering the future of the UK video game and interactive entertainment industry, published on 11 September, what assessment they have made of the recommendation contained in that report to offer competitive tax reliefs for the video game sector.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1796", "label" : {"_value" : "Biography information for Lord Taylor of Warwick"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Taylor of Warwick"}
], "uin" : "HL1738"}
, {"_about" : "http://data.parliament.uk/resources/1735323", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1735323/answer", "answerText" : {"_value" : " Stamp Duty and Stamp Duty Reserve Tax collectively raise between £3.2 billion and £4.4 billion per year, providing vital revenue which helps to fund key public services.<\/p> <\/p> The existing framework already provides an exemption for trades taking place on recognised growth markets, which small companies on growth markets can benefit from.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4559", "label" : {"_value" : "Biography information for Lord Livermore"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Livermore"}
, "dateOfAnswer" : {"_value" : "2024-10-29", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2024-10-29T15:56:25.017Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2024-10-17", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Shares: Stamp Duties"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask His Majesty's Government what assessment they have made of calls for a reduction in stamp duty tax on shares in small companies.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1796", "label" : {"_value" : "Biography information for Lord Taylor of Warwick"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Taylor of Warwick"}
], "uin" : "HL1739"}
, {"_about" : "http://data.parliament.uk/resources/1735334", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1735334/answer", "answerText" : {"_value" : " In 2019-20, 30,600 employers paid the apprenticeship levy, and in 2022-23, 34,200 employers paid the apprenticeship levy.<\/p> <\/strong><\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4559", "label" : {"_value" : "Biography information for Lord Livermore"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Livermore"}
, "dateOfAnswer" : {"_value" : "2024-10-29", "_datatype" : "dateTime"}
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, "questionFirstAnswered" : [{"_value" : "2024-10-29T11:58:54.777Z", "_datatype" : "dateTime"}
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, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
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, "date" : {"_value" : "2024-10-17", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Apprentices: Taxation"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
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], "questionText" : "To ask His Majesty's Government how many organisations were liable to pay the apprenticeship levy in (1) 2019\u20132020 and (2) 2022\u20132023.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4347", "label" : {"_value" : "Biography information for Baroness Wolf of Dulwich"}
}
, "tablingMemberPrinted" : [{"_value" : "Baroness Wolf of Dulwich"}
], "uin" : "HL1750"}
, {"_about" : "http://data.parliament.uk/resources/1734970", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1734970/answer", "answerText" : {"_value" : " The Government has carefully considered the impact that changes to the tax treatment of private schools will have on state and private schools. Following scrutiny of the Government\u2019s costing by the independent Office for Budget Responsibility, the Government will confirm its approach to these reforms at the Budget on 30 October, and set out its assessment of the expected impacts of these policy changes the usual way.<\/p> <\/p> <\/strong><\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4559", "label" : {"_value" : "Biography information for Lord Livermore"}
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, "answeringMemberPrinted" : {"_value" : "Lord Livermore"}
, "dateOfAnswer" : {"_value" : "2024-10-29", "_datatype" : "dateTime"}
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, "questionFirstAnswered" : [{"_value" : "2024-10-29T15:07:29.187Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2024-10-16", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Private Education: Overseas Students"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
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], "questionText" : "To ask His Majesty's Government what estimate they have made of the amount of revenue that will be lost by overseas pupils choosing not to study in the UK as a result of VAT being added to independent schools.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4171", "label" : {"_value" : "Biography information for Lord Black of Brentwood"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Black of Brentwood"}
], "uin" : "HL1665"}
, {"_about" : "http://data.parliament.uk/resources/1734971", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1734971/answer", "answerText" : {"_value" : " Structural differences in countries\u2019 education systems mean that there are limited meaningful comparisons that can be drawn between the UK and other nations. For example, comparatively high fees in the UK mean that private school participation in the UK is particularly concentrated in the wealthiest families relative to countries such as Germany, France, or the US.<\/p> <\/p> <\/p> <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4559", "label" : {"_value" : "Biography information for Lord Livermore"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Livermore"}
, "dateOfAnswer" : {"_value" : "2024-10-29", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2024-10-29T15:05:57.747Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2024-10-16", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Private Education: VAT"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
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], "questionText" : "To ask His Majesty's Government which other countries in (1) the EU, and (2) the rest of the world, charge VAT or equivalent on school fees.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4171", "label" : {"_value" : "Biography information for Lord Black of Brentwood"}
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