The path to lower interest rates is through low inflation, and the Government is fully committed to supporting the Bank of England to get inflation back down to the 2% target, including by keeping borrowing under control.<\/p>
<\/p>
The pricing and availability of mortgages is ultimately a commercial decision for lenders, in which the Government does not intervene. But our plan to bring inflation down is working. Average offered mortgage rates on 2-year and 5-year fixed rates have fallen from their peak in Summer 2023.<\/p>
<\/p>
The most comprehensive measure of average house prices in the UK is published by the Office for National Statistics. In November 2023 the average house price in the UK was assessed to be £285,000. That leaves average UK house prices 24% higher than their average level in 2019.<\/p>
<\/p>
The Government continues to monitor developments in the housing market closely and consider the implications for its policies.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4580", "label" : {"_value" : "Biography information for Baroness Vere of Norbiton"} } , "answeringMemberPrinted" : {"_value" : "Baroness Vere of Norbiton"} , "dateOfAnswer" : {"_value" : "2024-02-21", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-02-21T17:03:57.507Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-02-08", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Mortgages: Interest Rates"} , "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 the role of reduced mortgage rates in the recent increase in house 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" : "HL2351"} , {"_about" : "http://data.parliament.uk/resources/1688746", "AnsweringBody" : [{"_value" : "Department for Science, Innovation and Technology"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1688746/answer", "answerText" : {"_value" : "
Regulators are already using their existing remits to implement the AI principles. In parallel, we are reviewing their powers and remits to ensure they are fully equipped to address AI risks and opportunities in their domains.<\/p>
<\/p>
However, in our WP response we lay out a pro-innovation case for considering targeted binding requirements on organisations developing highly capable general-purpose AI systems, to ensure they are accountable for making these technologies sufficiently safe.<\/p>
<\/p>
Legislation should only be introduced when understanding of risks has matured, and there is clear evidence these risks cannot be effectively mitigated using voluntary measures or existing legal powers.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4939", "label" : {"_value" : "Biography information for Viscount Camrose"} } , "answeringMemberPrinted" : {"_value" : "Viscount Camrose"} , "dateOfAnswer" : {"_value" : "2024-02-22", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-02-22T12:21:56.72Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "216"} , "answeringDeptShortName" : {"_value" : "Science, Innovation and Technology"} , "answeringDeptSortName" : {"_value" : "Science, Innovation and Technology"} , "date" : {"_value" : "2024-02-08", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Artificial Intelligence"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask His Majesty's Government what plans they have to introduce binding requirements for artificial intelligence.", "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" : "HL2352"} , {"_about" : "http://data.parliament.uk/resources/1688747", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1688747/answer", "answerText" : {"_value" : "
The UK has one of the world\u2019s most robust regulatory regimes for central counterparties, and the government has taken forward work to further strengthen that regime, given our commitment to high regulatory standards.<\/p>
<\/p>
It is an international norm for jurisdictions to rely on each other\u2019s market infrastructure. The government therefore sees no reason of substance why the UK cannot or should not continue to provide clearing services for countries in the EU and around the world.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4580", "label" : {"_value" : "Biography information for Baroness Vere of Norbiton"} } , "answeringMemberPrinted" : {"_value" : "Baroness Vere of Norbiton"} , "dateOfAnswer" : {"_value" : "2024-02-21", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-02-21T17:08:01.583Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-02-08", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Financial Services"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask His Majesty's Government, following the revision of the rules agreed by Brussels on derivatives trading, what assessment they have made on the impact this will have on the UK's financial services market.", "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" : "HL2353"} , {"_about" : "http://data.parliament.uk/resources/1688340", "AnsweringBody" : [{"_value" : "Department for Energy Security and Net Zero"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1688340/answer", "answerText" : {"_value" : "
The UK has halved its emissions, ahead of every other major economy. The transitions set out in the Net Zero Strategy for every sector of the UK economy keep it on track for Carbon Budgets 4, 5 and 6, the 2030 Nationally Determined Contribution, and net zero by 2050.<\/p>
<\/p>
The Government has consistently seized the opportunity to attract investment in renewables, with around £120 billion of new investment since 2010 alongside around £80 billion of UK levy funded support. For example, it continues to support new renewable deployment through the Contracts for Difference Scheme, which now runs on an annual basis.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4336", "label" : {"_value" : "Biography information for Lord Callanan"} } , "answeringMemberPrinted" : {"_value" : "Lord Callanan"} , "dateOfAnswer" : {"_value" : "2024-02-16", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-02-16T11:54:54.307Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "215"} , "answeringDeptShortName" : {"_value" : "Energy Security and Net Zero"} , "answeringDeptSortName" : {"_value" : "Energy Security and Net Zero"} , "date" : {"_value" : "2024-02-07", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Environment Protection: Climate Change"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask His Majesty's Government what steps they are taking (1) to ensure that climate policies remain effective in driving emission reductions, and (2) to promote investment into renewable energy.", "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" : "HL2310"} , {"_about" : "http://data.parliament.uk/resources/1688341", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1688341/answer", "answerText" : {"_value" : "
Household consumption is the largest component of expenditure in the economy, accounting for around 60% of GDP. In Q3 2023, household consumption was 0.8% higher than in the same quarter of 2022, while consumer confidence reached a two-year high in January 2024. In the Office for Budget Responsibility\u2019s (OBR) November 2023 forecast, consumption was forecast to grow by 0.5% in 2024.<\/p>
<\/p>
Inflation has more than halved, but it remains a challenge. Inflation reduces real incomes, creates uncertainty, and threatens our growth outlook so it\u2019s essential that the government continues with its efforts to drive it down and not fuel it further.<\/p>
<\/p>
The OBR are the government\u2019s official forecaster. They will update their economy forecast, including an assessment of changes in consumption and inflation, on 6 March.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4580", "label" : {"_value" : "Biography information for Baroness Vere of Norbiton"} } , "answeringMemberPrinted" : {"_value" : "Baroness Vere of Norbiton"} , "dateOfAnswer" : {"_value" : "2024-02-21", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-02-21T12:02:28.44Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-02-07", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Economic Situation"} , "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 the impact of (1) current consumer spending, and (2) the declining inflation, on the economy.", "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" : "HL2311"} , {"_about" : "http://data.parliament.uk/resources/1688064", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1688064/answer", "answerText" : {"_value" : "
The UK Government are providing the newly restored Northern Ireland Executive with a financial package worth over £3.3 billion to support a restored Executive with the immediate and unique challenges facing the people of Northern Ireland, and to provide the necessary tools to deliver long-term sustainability.<\/p>
<\/p>
As committed to in the financial package, we will engage with the Northern Ireland Executive on a long-term fiscal framework for Northern Ireland.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4580", "label" : {"_value" : "Biography information for Baroness Vere of Norbiton"} } , "answeringMemberPrinted" : {"_value" : "Baroness Vere of Norbiton"} , "dateOfAnswer" : {"_value" : "2024-02-19", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-02-19T16:22:09.413Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-02-06", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Public Expenditure: 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, following a request from the Northern Ireland Executive for increased funding from Britain, what steps they are taking, if any, to (1) review their current funding offer, and (2) negotiate a new offer.", "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" : "HL2263"} , {"_about" : "http://data.parliament.uk/resources/1688065", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1688065/answer", "answerText" : {"_value" : "
The path to lower interest rates is through low inflation, and the government is fully committed to supporting the Bank of England get inflation back down to the 2% target, including by keeping borrowing under control.<\/p>
<\/p>
The pricing and availability of mortgages is ultimately a commercial decision for lenders, in which the Government does not intervene. But our plan to bring inflation down is working. Average offered mortgage rates on 2-year and 5-year fixed rates have also fallen from their peak in Summer 2023.<\/p>
<\/p>
The Bank of England has outlined some of the links between interest rates, housing markets and wider economic activity in its November 2023 and February 2024 Monetary Policy Reports.<\/p>
<\/strong><\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4580", "label" : {"_value" : "Biography information for Baroness Vere of Norbiton"}
}
, "answeringMemberPrinted" : {"_value" : "Baroness Vere of Norbiton"}
, "dateOfAnswer" : {"_value" : "2024-02-19", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2024-02-19T16:21:40.08Z", "_datatype" : "dateTime"}
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, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2024-02-06", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Mortgages: Interest Rates"}
, "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 impact of the recent fall in mortgage rates on the wider UK economy.", "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" : "HL2264"}
, {"_about" : "http://data.parliament.uk/resources/1688066", "AnsweringBody" : [{"_value" : "Department for Energy Security and Net Zero"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1688066/answer", "answerText" : {"_value" : " Hinkley Point C is not a Government project. The financing of Hinkley Point C is a matter for EDF and its shareholders.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4336", "label" : {"_value" : "Biography information for Lord Callanan"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Callanan"}
, "dateOfAnswer" : {"_value" : "2024-02-13", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2024-02-13T14:53:28.037Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "215"}
, "answeringDeptShortName" : {"_value" : "Energy Security and Net Zero"}
, "answeringDeptSortName" : {"_value" : "Energy Security and Net Zero"}
, "date" : {"_value" : "2024-02-06", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Hinkley Point C Power Station: France"}
, "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, following reports that the government of France are seeking a loan guarantee from Hinkley Point C, what steps they are taking to provide details on (1) the terms and conditions of this loan, and (2) its potential impact on UK taxpayers.", "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" : "HL2265"}
, {"_about" : "http://data.parliament.uk/resources/1687688", "AnsweringBody" : [{"_value" : "Department for Environment, Food and Rural Affairs"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1687688/answer", "answerText" : {"_value" : " I am very mindful that consumers are concerned about their bills. For this reason, the Government expects all water companies to ensure customers are aware of the support schemes available \u2013 including bill discount schemes, payment holidays, adjusting payment plans and support for customers in managing their personal finances.<\/p> <\/p> I encourage customers to access the Consumer Council for Water\u2019s Advice Hub, which has information and useful tools to help customers reduce their bills or access financial support.<\/p> <\/p> To support people with the cost of living, the Government has put in place a substantial package of support. Further information can be found at GOV.UK.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/5006", "label" : {"_value" : "Biography information for Lord Douglas-Miller"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Douglas-Miller"}
, "dateOfAnswer" : {"_value" : "2024-02-14", "_datatype" : "dateTime"}
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, "questionFirstAnswered" : [{"_value" : "2024-02-14T17:19:33.137Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "13"}
, "answeringDeptShortName" : {"_value" : "Environment, Food and Rural Affairs"}
, "answeringDeptSortName" : {"_value" : "Environment, Food and Rural Affairs"}
, "date" : {"_value" : "2024-02-05", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Water Charges: Disadvantaged"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask His Majesty's Government, following reports that water bills are due to rise by an average of six per cent from April, what steps they are taking to provide additional support to households facing financial pressures.", "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" : "HL2210"}
, {"_about" : "http://data.parliament.uk/resources/1687689", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1687689/answer", "answerText" : {"_value" : " The number and proportion of people who haven\u2019t filed on time this year is similar to last year. This year, 11.5m customers filed their returns by close on 31st January compared to 11.4 million last year.<\/p> 1.1 million customers did not file their return by the filing date and we are currently evaluating why this might be the case, although the number is similar to last year. We will be working to improve our understanding of customers who did not file on time before considering if there are opportunities to influence that group in future campaigns.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4580", "label" : {"_value" : "Biography information for Baroness Vere of Norbiton"}
}
, "answeringMemberPrinted" : {"_value" : "Baroness Vere of Norbiton"}
, "dateOfAnswer" : {"_value" : "2024-02-13", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2024-02-13T11:59:18.123Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2024-02-05", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Taxation: Self-assessment"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask His Majesty's Government, following reports of a 10 per cent increase in UK taxpayers missing the self-assessment filing deadline, what steps they are taking to identify the factors that may have contributed to this increase.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/1796", "label" : {"_value" : "Biography information for Lord Taylor of Warwick"}
}
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], "uin" : "HL2211"}
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