Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of the 12 per cent increase in house sales during April; and what steps they are taking to support first-time buyers.
Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)
The most comprehensive measure of UK property transactions is published by HMRC. According to this measure, residential property transactions rose by 1% in March 2024 compared to February, the third consecutive monthly increase.
The Government continues to monitor developments in the housing market closely and consider the implications.
Asked by: Lord Weir of Ballyholme (Democratic Unionist Party - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government by how much, and by what percentage, (1) resource funding, and (2) capital funding for the Northern Ireland Block Grant has increased from 2023–2024 to 2024–2025.
Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)
To accurately compare the Northern Ireland Executive's (NIE’s) funding between years, it is important to compare the same point in the financial year.
The most comparable figures are the 2021 Spending Review settlement for the NIE, which can be found in Table 4.19 here: https://assets.publishing.service.gov.uk/media/61c495ebe90e07196d2b8383/Budget_AB2021_Print.pdf
The (NIE) receives in-year funding through the operation of the Barnett Formula and non-Barnett funding provided at fiscal events and Main and Supplementary Estimates.
Asked by: Angela Eagle (Labour - Wallasey)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential impact of freezing of income tax thresholds on pensioners.
Answered by Nigel Huddleston - Financial Secretary (HM Treasury)
The Government is committed to ensuring that older people are able to live with the dignity and respect they deserve. The Personal Allowance has nearly doubled since 2010 and is currently set at a level high enough to ensure that those pensioners whose sole income is the full rate of the new State Pension or basic State Pension do not pay any income tax.
Asked by: Gregory Campbell (Democratic Unionist Party - East Londonderry)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 20 November 2023 to Question 1823 on Business: Insolvency, what steps his Department is taking to help tackle the trend in the number of companies declaring insolvency in that period.
Answered by Gareth Davies - Exchequer Secretary (HM Treasury)
The Government was pleased to see that the latest statistics reported by the Insolvency Service showed the number of corporate insolvencies in March 2024 had fallen by 28% compared to March 2023.
The Government continues to help businesses, including through a swathe of policy measures in the Autumn explicitly aimed at ‘Backing British business’. Recent and current policies supporting businesses include:
• Energy Bills Discount Scheme that provided discounts on high energy bills to eligible businesses and other non-domestic energy users from April 2023 to April 2024.
• Continued frozen small business rates multiplier and business rates relief for the Retail, Hospitality and Leisure sector, the latter policy supporting around 230,000 properties up to £110,000 per business.
• Payment and cashflow review outlining measures to combat late payments that can jeopardise stable cashflows.
The Government will continue to monitor the UK corporate sector, using official data and engaging with firms and business groups to inform policy decisions.
Asked by: Adam Holloway (Conservative - Gravesham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many referrals have been received by HMRC from trading standards since the commencement of the Tobacco Products (Traceability and Security Features) Regulations 2023; and how many penalties have been issued following such referrals.
Answered by Gareth Davies - Exchequer Secretary (HM Treasury)
In July 2023 new powers were given to Trading Standards to make referrals to HM Revenue and Customs (HMRC) where they find evidence of tobacco products that don’t comply with the UK Tobacco Track and Trace System. The referral process which practically implements these powers started in October 2023. HMRC periodically publishes outputs of its tobacco strategy, and will publish the outputs of its work with Trading Standards as part of future publications
Asked by: Fabian Hamilton (Labour - Leeds North East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the potential impact of changes to vehicle tax for electric and low emissions vehicles from 1 April 2025 on the number of purchases of those vehicles.
Answered by Gareth Davies - Exchequer Secretary (HM Treasury)
From April 2025, electric and hybrid cars, vans and motorcycles will begin to pay VED in the same way as petrol and diesel vehicles. The anticipated impact is summarised in the Policy Costings document that was published alongside Autumn Statement 2022, and can be found here: https://assets.publishing.service.gov.uk/media/6375caf8e90e072848403c47/Autumn_Statement_2022_Policy_Costings_.pdf (p. 24).
Asked by: Andrew Bridgen (Independent - North West Leicestershire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an estimate of the total tax revenue lost due to the smuggling of (a) alcohol and (b) tobacco since 2010.
Answered by Nigel Huddleston - Financial Secretary (HM Treasury)
HMRC does not estimate the tax gap due to the smuggling of alcohol and tobacco.
Asked by: Caroline Nokes (Conservative - Romsey and Southampton North)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has had recent discussions with the (a) insurance sector, (b) Financial Conduct Authority, (c) Financial Ombudsman and (d) Equality and Human Rights Commission on the ability of people in the Gypsy, Roma and Traveller community to obtain (i) buildings and (ii) contents insurance.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
Insurers make commercial decisions about the terms on which they will offer cover following an assessment of the relevant risks. However, the Government is determined that insurers treat customers fairly and insurers must comply with the relevant legislative and regulatory rules.
The Financial Conduct Authority’s rules require insurers to treat their customers fairly and the FCA has robust powers to act against firms that do not comply. The UK Government is also committed to tackling discrimination and the Equality Act 2010 providers legal protections from discrimination due to protected characteristics. This means insurers cannot use ethnicity as a risk factor when determining the price of insurance.
Customers who feel they have not been treated fairly by their insurer are able to complain to the Financial Ombudsman Service, the independent body established to provide arbitration in such cases.
Asked by: Neil Hudson (Conservative - Penrith and The Border)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to support agricultural businesses to access finance from banks.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
The Government recognises the vital role of agricultural businesses across the UK, and it is important they can access the finance they need.
The government’s Growth Guarantee Scheme supports smaller businesses, including agricultural businesses, to access the finance they need to invest and grow. The scheme extends the support previously offered under the Recovery Loan Scheme and provides a 70% government guarantee on lending to UK small and medium-sized enterprises. The scheme supports a wide range of products provided by different lenders such as loan terms, overdrafts, asset finance, invoice finance and asset-based lending.
The government has also supported farmers to adapt to the agricultural transition by providing them with free business advice. Advisers offered one to one consultations, farm visits and free workshops that helped support farming businesses to improve their financial viability, which will have made it easier for them to access finance.
Asked by: Neil Hudson (Conservative - Penrith and The Border)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to help preserve access to banking on high streets.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
It is important that all customers have appropriate access to banking and cash services and the Government is monitoring this situation closely.
Guidance from the FCA expects firms to carefully consider the impact of planned branch closures on customers’ everyday banking and cash access needs, and put in place alternatives, where reasonable. Alternative options to access everyday banking services on the high street include via the Post Office or Banking Hubs. Banking Hubs are an industry initiative to enable customers of participating banks to access cash and banking services in shared facilities.
UK Finance confirmed 225 Banking Hubs will be announced by the end of 2024. Furthermore, following my recent discussions with the UK high street banks, participating firms have also committed to improving Hubs by standardising the services available between firms, ensuring that customers do not require their own digital device to bank, trialling a ‘customer liaison service’ and trialling Saturday openings. The banks have agreed to keep services under review to ensure their effectiveness for all customers.