HMRC Self-assessment Helpline
Debate between Baroness Vere of Norbiton and Baroness Altmann(8 months ago)
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Baroness Vere of Norbiton (Con)
I accept that that can be the case. There is a digital assistant in the first instance, which is like a chatbot which can help with very simple inquiries; then it goes on to web chat; and then if the person on the other end of the web chat says that they cannot help, of course one is then able to phone HMRC. HMRC monitors all its channels for levels of confidence, levels of access, emotional state, mental health capability, comprehension and disability, and those people are referred to the extra support service team.
Baroness Altmann (Con)
My Lords, will my noble friend consider the increasing number of pensioners being dragged into the tax net as the tax threshold is frozen and the state pension has increased significantly? Many more will go into the tax zone and many will have never filled out a tax return in their life and have no idea that they are in line to pay tax. Yet, when they get a demand and a potential penalty, they will have nobody to phone; many of them will be unable to get online, and increasingly all it takes is a state pension plus a small extra income for them to come over the limit. Will the department consider some special measures to help those pensioners who are never going to get online? I would be grateful if the Minister would take that back to the department.
Baroness Vere of Norbiton (Con)
I accept that some pensioners will not be online but the vast majority are and will be able to access HMRC’s services. As I said previously, HMRC is trying to focus its resources on precisely the people that the noble Baroness is concerned about—those who are digitally excluded, whether they be pensioners or not, and those who are more vulnerable, again whether they be pensioners or not.
Climate Risk Models
Debate between Baroness Vere of Norbiton and Baroness Altmann(10 months ago)
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Baroness Vere of Norbiton (Con)
As the noble Lord is aware, our financial regulators are of course independent of government. However, the Government are clear in their annual letters to the various regulators that climate risk is a key part of all the elements they must consider when considering financial stability in the UK and, indeed, globally.
Baroness Altmann (Con)
My Lords, the climate models currently used by the Bank of England and pension schemes have been shown by the Institute and Faculty of Actuaries, the Pensions Regulator, and even the coalition of central banks that developed them, to be deeply flawed, yet the Bank of England remains publicly committed to them. What are Ministers doing urgently to learn from academic and climate science, and to make recommendations to the Bank under Section 30B of the Bank of England Act to help it improve the financial modelling of climate risk? Also, what is my noble friend’s department doing to ensure that pension schemes invest more in our solar farms and wind farms, particularly, for example, via investment trust portfolios?
Baroness Vere of Norbiton (Con)
Goodness—that is a very wide-ranging question from my noble friend. I do not think it quite right to say that the Bank of England is committed to the scenarios it used back in 2021. For example, as my noble friend will have seen, two more scenarios were published fairly recently. The Government are not, for example, going to mandate a particular model or scenario for the pensions industry or indeed any part of it, because there are different scenarios out there. They are not forecasts but scenarios, and different groups will feel that different scenarios will come into play. Most pension schemes now have to follow the TCFD requirements, which came into force substantially in October 2022. That will really focus the pension schemes on their climate risks but also the climate opportunities.
Pension Investments
Debate between Baroness Vere of Norbiton and Baroness Altmann(10 months ago)
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Baroness Altmann
To ask His Majesty’s Government whether they plan to encourage UK pension investors to increase support for (1) long-term UK growth, and (2) UK financial markets.
The Parliamentary Secretary, HM Treasury (Baroness Vere of Norbiton) (Con)
My Lords, the Government are delivering a series of measures to reform pension fund investment, strengthen the UK’s competitive position as a leading financial centre and support long-term UK growth, building on the Chancellor’s Mansion House package of reforms. These measures include an industry-led compact whereby 11 of our largest defined contribution schemes have committed to the objective of allocating at least 5% of their default funds to unlisted equities by 2030.
Baroness Altmann (Con)
I thank my noble friend for her Answer. However, the Mansion House reforms focus only on unlisted companies and do not require the investing of a penny in the UK itself. Will my noble friend agree to meet with me and like-minded peers, who are concerned that there are ready-made portfolios in UK-listed investment companies, trusts and REITs that are already investing in wind farms, solar farms, sustainable energy projects and other infrastructure that could be used for pension investments to support UK growth and revive confidence in UK markets? Does she agree that the current problems with charges disclosure have driven pension funds to invest in overseas infrastructure rather than our own and we urgently need to address that, either through a statutory instrument or my Private Member’s Bill?
Baroness Vere of Norbiton (Con)
I should be delighted to meet with my noble friend to discuss these matters further. The UK has a world-leading investment trust sector representing over £250 billion of assets and is highly aligned with the Government’s priority to promote long-term productive investment. She will know that at the Autumn Statement, the Government published draft legislation to replace the packaged retail and insurance-based investment products, or PRIIPs, regulations. We also announced that we will bring forward the repeal of the relevant provisions of the Markets in Financial Instruments Directive. This will enable the FCA to put in place more proportionate cost disclosures.
Britain’s Railways
Debate between Baroness Vere of Norbiton and Baroness Altmann(3 years, 6 months ago)
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Baroness Vere of Norbiton (Con)
My Lords, shortly is shortly. I, too, am optimistic about the railways and all forms of transport because they are the great connector. The noble Lord asks about branding. Branding is important because having a coherent, consistent and clearly branded rail network gives passengers greater confidence in using it. Great British Railways will use an updated version of the classic double arrow logo. We also have an updated version of the font, which I think will be widely recognised across the system. However, variants of the national brand will be developed to reflect the English regions and Scotland and Wales, while emphasising that the railway is one network serving the whole of Great Britain. It may well be that, as the noble Lord suggests, there will be slight variants depending on which part of the country the train operates in.
Baroness Altmann (Con) [V]
My Lords, are there any plans for environmental targets for Great British Railways, such as carbon emission reductions or progress towards net zero, and incentives for them?
Baroness Vere of Norbiton (Con)
The Government are committed to decarbonising the railway as part of our wider, legally binding target of reaching net zero emissions across the whole UK economy by 2050. Our forthcoming transport decarbonisation plan will set out the scale and pace of rail decarbonisation that is necessary for us to achieve that. The rail network enhancements pipeline—the RNEP—will be updated soon, and in that we will have various schemes which will lead to decarbonisation. Indeed, we are working very closely on research to look at how we can also decarbonise the vehicles themselves; for example, by looking at hydrogen trains. The new industry structure, including Great British Railways, will ensure a more co-ordinated approach to delivering our carbon emissions commitments.
Belfast International Airport
Debate between Baroness Vere of Norbiton and Baroness Altmann(3 years, 11 months ago)
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Baroness Vere of Norbiton (Con)
My Lords, I am not able to provide any further details of the timing of the APD consultation. However, I recognise the noble Baroness’s point that aviation connectivity is important. That is why it will be an important part of the union connectivity review, which was announced on 30 June and will be led by Sir Peter Hendy. This will look at connectivity across all modes, including aviation, across the four parts of the United Kingdom.
Baroness Altmann (Con) [V]
My Lords, I congratulate the Government on the measures they have introduced, such as business rates relief and the other facilities that my noble friend mentioned, of which small airports can avail themselves. Will my noble friend tell the House what impact the Government expect on Belfast International Airport if we were to leave the EU without a deal at the end of December?
Baroness Vere of Norbiton (Con)
I am not aware that the Government have done any specific assessment of Belfast International Airport. It may be the case that the Northern Ireland Executive have, and perhaps I will ask them to be in touch if they have any further details.
Honda in Swindon
Debate between Baroness Vere of Norbiton and Baroness Altmann
Baroness Vere of Norbiton
While I would love to give my noble friend that assurance, it is clearly not possible for me to do so from the Dispatch Box. The number of new diesel cars is declining at the moment, although it should be pointed out that the proportion of diesel cars that Honda was making in Swindon was only around 10%, which is not a huge proportion in the context of its total production. However, there has to be a balance and the move to electric cars is a good thing, once we can improve their range. We should focus our energies on making sure that electric vehicles are the sort of vehicles that consumers need.
Baroness Altmann (Con)
My Lords, I completely support my noble friend’s view that electric vehicles are important for the future of our industrial strategy. But can she explain why, this year, the company car electric vehicle tax has gone up from 13% to 16%? That will clearly put people off buying an electric vehicle. Furthermore, I implore her to go back to the department and echo the calls from around the House for the Government to take no deal off the table. It may be the legal default but there is a legal mechanism for withdrawing our notification to leave, by revoking Article 50 unilaterally.
Baroness Vere of Norbiton
My noble friend is right to say that the electric car tax increases from 13% to 16% but it will then drop from 2020, so the effect will be short-term. However, if I get any more information on that, I will certainly share it with her.