Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to (1) ensure that stabilising mortgage rates contribute to sustained growth in the housing market, and (2) address challenges faced by homebuyers concerning the increased cost of living.

Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)

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.

While the pricing of mortgages is ultimately a commercial decision for lenders in which the Government does not intervene, our plan is working, and the average offered mortgage rates on 2-year and 5-year fixed rates are now lower compared to their peak in Summer 2023.

The Government is committed to making the aspiration of homeownership a reality for as many households as possible and consequently operates a range of schemes that aim to increase the supply of low-deposit mortgages for credit-worthy households, including first-time buyers, increase the availability of new housing, and stimulate economic growth. These include the Mortgage Guarantee Scheme, which is open until the end of June 2025. We also help first-time buyers to save for a deposit through the Lifetime ISA and Help to Buy: ISA.

Over 876,000 households have been helped to purchase a home since spring 2010 through government-backed schemes.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the impact of the easing grocery price inflation on (1) consumer spending habits, and (2) household budgets.

Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)

Inflation reduces real incomes, creates uncertainty, and threatens our growth outlook so it’s essential that the government continues with its efforts to keep inflation down. The government remains steadfast in our support for the Monetary Policy Committee of the Bank of England.

Food inflation has fallen from a peak of 19.6% in March 2023 to 5.0% in February 2024.

The latest data suggests real household disposable income per capita was 1.4% higher in Q4 2023 than in Q4 2022.

ONS retail sales remained unchanged on the month in February. This followed an increase in retail sales volumes of 3.6% on the month in January, fully offsetting the decline in December. Food store sales were 2.8% higher in February than in December.

Question to the HM Treasury:

To ask His Majesty's Government what consideration they gave to the Report from the Communications and Digital Committee Digital exclusion (3rd Report, Session 2022–23, HL Paper 219) when removing the postal address for HMRC from tax code notices.

Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)

HMRC could not have considered the 2022-23 Communications and Digital Committee Report on Digital Exclusion when removing the postal address from tax code notices, as this change occurred over 5 years ago. In keeping with the HMRC Charter principles, the Department aims to balance digital initiatives with accessibility for those facing digital exclusion.

Question to the HM Treasury:

To ask His Majesty's Government whether any work is underway to prepare for a fiscal event outside of the usual Treasury timetable.

Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)

The Treasury develops policy throughout the year, in line with the Chancellor’s priorities and regardless of whether a date for a fiscal event has been announced.

The government is required by law to commission the Office for Budget Responsibility (OBR) to produce two forecasts per year and to hold a Budget each fiscal year.

The Chancellor has not announced the date of the next fiscal event.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of recent trends in consumer spending; and what assessment they have made of the impact of this on (1) the retail sector, and (2) the wider economy.

Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)

Consumer confidence has strengthened considerably over the past year. The March 2024 release of the GfK index indicated that consumer confidence was 15 points stronger than in March 2023.

Government continues to back consumers and retailers. With the economy beginning to turn a corner, we are now able to make responsible tax cuts to boost growth while meeting the fiscal rules to ensure sustainable public finances. These include cutting the employee main rate of National Insurance to 8%, which will make an average worker on £35,400 over £900 a year better off than before.

At Autumn Statement 2023 we extended Retail, Hospitality and Leisure relief for 2024-5, a tax cut worth £2.4 billion, and froze the small business multiplier for a fourth consecutive year. At Spring Budget 2024, the government went further still by supporting small retailers by increasing the VAT registration threshold to £90,000 and extending the Recovery Loan Scheme, now the Growth Guarantee Scheme.

Consumer confidence is intrinsically linked to inflation, household finances and the broader economic outlook. To sustain consumer confidence, consumers need to feel assured that their government is taking the long-term decisions necessary to strengthen the economy and build a brighter future.

Combined, recent policy measures will place more money in people’s pockets, helping boost consumer confidence, and strengthen the UK’s retail sector.

Question to the HM Treasury:

To ask His Majesty's Government, following the commencement of section 45B of the UK Internal Market Act 2020, what export procedures will apply to goods moving from Northern Ireland to Great Britain that are subject to provisions of Union law falling within the second sentence of Article 6(1) of the Windsor Framework, which prohibit or restrict the exportation of goods; what is a practical example of what a business moving a good in this context will encounter in terms of paperwork and checks; when the export procedure will be commenced; and how they plan to apply the procedure if there is no Border Control Post at Cairnryan.

Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)

The Windsor Framework removes the requirement for export procedures that existed under the original Protocol and the subsequent 2020 agreement on the need for "equivalent information", with such controls only applying to a niche set of goods. Consistent with this, we have now laid domestic legislation under the Safeguarding the Union package that expressly prohibits export procedures applying to goods moving Northern Ireland to Great Britain, restoring our unfettered access safeguards. Detailed guidance on the treatment of relevant goods where exceptions apply is available on gov.uk.

Question to the HM Treasury:

To ask His Majesty's Government, following the commencement of section 45B of the UK Internal Market Act 2020, what export procedures will apply to goods moving from Northern Ireland to Great Britain that are placed under the export procedure within the Union in accordance with Title V and Title VIII of Regulation (EU) 952/2013, what is a practical example of what a business moving a good in this context will encounter in terms of paperwork and checks; when the export procedure will be commenced; and how they plan to apply the procedure if there is no Border Control Post at Cairnryan.

Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)

The Windsor Framework removes the requirement for export procedures that existed under the original Protocol and the subsequent 2020 agreement on the need for "equivalent information", with such controls only applying to a niche set of goods. Consistent with this, we have now laid domestic legislation under the Safeguarding the Union package that expressly prohibits export procedures applying to goods moving Northern Ireland to Great Britain, restoring our unfettered access safeguards. Detailed guidance on the treatment of relevant goods where exceptions apply is available on gov.uk.

Question to the HM Treasury:

To ask His Majesty's Government, following the revision to the UK's sovereign credit outlook by global ratings agency Fitch from negative to stable, what assessment they have made of the impact of this on the UK's standing in (1) global trade, and (2) investment markets.

Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)

On the 22nd of March 2024 Fitch returned the UK’s rating to AA- with a stable outlook, meaning all three major credit ratings agencies now indicate that the UK has a stable outlook.

This is further evidence that the economy is turning a corner. Inflation has fallen from over 11% to 3.4% and is forecast to fall back to target in a few months’ time. The economy has grown so far this year, with growth forecast to pick up both this year and next. Debt is falling in the final year of the forecast, meeting our fiscal rules.

Underlying demand for the UK’s sovereign debt remains strong and is supported by a generally well-diversified investor base. This reflects the UK’s central position in global trade and investment markets.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the factors contributing to the recent decline in consumer prices inflation.

Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)

The Monetary Policy Committee (MPC) has raised interest rates, which is helping to bring inflation down and return to the 2% target sustainably. The Government's responsible approach to borrowing has helped support the MPC as it brings inflation down.

The Office for Budget Responsibility expects CPI inflation to fall to the 2% target in the second quarter of 2024, a year earlier than they expected in November.

Question to the HM Treasury:

To ask His Majesty's Government, further to the remarks of Baroness Vere of Norbiton on 18 March (HL Deb col 82), what is their assessment of the implications for calculating entitlement to contributory working age benefits and pensions of abolishing national insurance contributions.

Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)

Cutting NICs does not affect anyone’s entitlement to the State Pension or contributory benefits.

Question to the HM Treasury:

To ask His Majesty's Government, following the commencement of section 45B of the UK Internal Market Act 2020, what export procedures will apply to goods moving from Northern Ireland to Great Britain that do not exceed 3,000 euros in value and are packed or loaded for export shipment within the Union, in accordance with Article 221 of Regulation (EU) 2015/2447, what is a practical example of what a business moving a good in this context will encounter in terms of paperwork and checks; when the export procedure will be commenced; and how they plan to apply the procedure if there is no Border Control Post at Cairnryan.

Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)

The Windsor Framework removes the requirement for export procedures that existed under the original Protocol and the subsequent 2020 agreement on the need for "equivalent information", with such controls only applying to a niche set of goods. Consistent with this, we have now laid domestic legislation under the Safeguarding the Union package that expressly prohibits export procedures applying to goods moving Northern Ireland to Great Britain, restoring our unfettered access safeguards. Detailed guidance on the treatment of relevant goods where exceptions apply is available on gov.uk.

Question to the HM Treasury:

To ask His Majesty's Government, following the commencement of section 45B of the UK Internal Market Act 2020, what export procedures will apply to goods moving from Northern Ireland to Great Britain to goods that are in temporary storage in accordance with Article 144 of Regulations (EU) No 952/2013; what is a practical example of what a business moving a good in this context will encounter in terms of paperwork and checks; when the export procedure will be commenced; and how they plan to apply the procedure if there is no Border Control Post at Cairnryan.

Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)

The Windsor Framework removes the requirement for export procedures that existed under the original Protocol and the subsequent 2020 agreement on the need for "equivalent information", with such controls only applying to a niche set of goods. Consistent with this, we have now laid domestic legislation under the Safeguarding the Union package that expressly prohibits export procedures applying to goods moving Northern Ireland to Great Britain, restoring our unfettered access safeguards. Detailed guidance on the treatment of relevant goods where exceptions apply is available on gov.uk.

Question to the HM Treasury:

To ask His Majesty's Government, following the commencement of section 45B of the UK Internal Market Act 2020, what export procedures will apply to goods moving from Northern Ireland to Great Britain when placed under a procedure listed in Article 210 of Regulation (EU) No 952/2013; what is a practical example of what a business moving a good in this context will encounter in terms of paperwork and checks; when the export procedure will be commenced; and how they plan to apply the procedure if there is no Border Control Post at Cairnryan.

Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)

The Windsor Framework removes the requirement for export procedures that existed under the original Protocol and the subsequent 2020 agreement on the need for "equivalent information", with such controls only applying to a niche set of goods. Consistent with this, we have now laid domestic legislation under the Safeguarding the Union package that expressly prohibits export procedures applying to goods moving Northern Ireland to Great Britain, restoring our unfettered access safeguards. Detailed guidance on the treatment of relevant goods where exceptions apply is available on gov.uk.

Question to the HM Treasury:

To ask His Majesty's Government how many companies were registered on the UK Trader Scheme at the highest point of its operation.

Answered by Lord Roborough - Lord in Waiting (HM Household) (Whip)

As of 30 September 2023, when the UK Trader Scheme was replaced by the UK Internal Market Scheme, 5,700 businesses were authorised on the UK Trader Scheme. Around 3,800 businesses were actively using their authorisation in 2023.

Question to the HM Treasury:

To ask His Majesty's Government how many companies are registered on the UK Internal Market Scheme which are based in Northern Ireland.

Answered by Lord Roborough - Lord in Waiting (HM Household) (Whip)

As of April 2024, over 7,800 businesses are authorised under the UK Internal Market Scheme, including over 4,100 which are established in Northern Ireland.

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Question to the Department for Education:

To ask His Majesty's Government, further to the Written Answer by Baroness Barran on 19 February (HL2185), whether they plan to undertake a detailed review of the teaching of financial literacy in Denmark, Norway and Sweden with a view to updating the mathematics national curriculum.

Answered by Baroness Barran - Parliamentary Under-Secretary (Department for Education)

The department has no plans to undertake a detailed review of the teaching of financial literacy in Denmark, Norway and Sweden. The department continues to work closely with HM Treasury and the Money and Pensions Service to monitor the evidence base for financial education to understand what works and what further support schools may need.

In order to provide stability for schools and to enable them to remain focused on raising standards of literacy and numeracy and recovery from the pandemic, the government has committed to making no changes to the national curriculum for the remainder of the Parliament.

The current mathematics curriculum in England already provides young people with the mathematical knowledge that underpins their ability to make important financial decisions. Mathematics is compulsory in maintained schools and academies must teach a broad and balanced curriculum, including mathematics. Since 2014, the department has reformed the mathematics curriculum and examinations system, bringing teaching practice from high-performing jurisdictions from across East Asia to primary and secondary schools in England.

International comparison studies of school-aged pupils show that England performs above the international averages for mathematics for all age groups. Before the pandemic, England achieved its highest ever mathematics score in the 2019 Trends in International Mathematics and Science Study international test for year five pupils.

Ofsted’s latest mathematical subject report in 2023 stated that primary mathematics education has seen "a resounding, positive shift" with curriculum sitting "at the heart of leaders' decisions and actions", whilst secondary mathematics education has seen "notable improvements" in curriculum guidance and professional development.

Question to the Department for Transport:

To ask His Majesty's Government when the Euston ministerial task force was created; what are its terms of reference; who are its members; on what dates has it met; and whether it intends to publish minutes of its meetings or other relevant papers.

Answered by Lord Davies of Gower - Parliamentary Under-Secretary (Department for Transport)

The establishment of the Euston Quarter Ministerial Task Force was announced at Spring Budget on 6 March 2024. It will oversee the next stages of delivery at Euston, set strategic direction and facilitate decision making. Membership of the Task Force will include Ministers from the Department for Transport, HM Treasury and the Department for Levelling Up, Housing and Communities. Officials from these Government Departments and the Infrastructure and Projects Authority will also attend. Further details will be confirmed in due course.

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