Asked by: Lord Allen of Kensington (Labour - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government when they will publish their Industrial Strategy; and whether it will include a road map for improved economic growth.
Answered by Baroness Gustafsson
The Industrial Strategy will be published in spring 2025, aligned with the multi-year Spending Review.
The Industrial Strategy will set out a credible, 10-year plan to deliver higher growth – and improved living standards – by targeting growth-driving sectors and places with the greatest potential for growth.
Asked by: Lord Allen of Kensington (Labour - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of the potential impact of the recently announced Mansion House Accord on economic growth.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
Seventeen of the largest workplace pension providers in the UK have signed the Mansion House Accord, a voluntary commitment which will see signatories allocating at least 10 per cent to private markets across all main defined contribution (DC) default funds by 2030, with at least half (5 per cent) of the total invested in the UK.
The Government welcomes the Accord which, via more diverse portfolios, can improve outcomes for savers and boost growth for Britain with greater investment in the likes of infrastructure and fast-growing businesses across the country.
Asked by: Lord Allen of Kensington (Labour - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what plans they have to review their ISA scheme; what the rationale for any review would be; and whether improving UK economic growth would be an objective of the review.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The Government is committed to incentivising greater savings and investment.
As set out at the Spring Statement, the Government is looking at options for reforms to Individual Savings Accounts that get the balance right between cash and equities to earn better returns for savers, boost the culture of retail investment, and support the growth mission.
Asked by: Lord Allen of Kensington (Labour - Life peer)
Question to the Department for Work and Pensions:
To ask His Majesty's Government when they plan to publish new rules on accessing surpluses in defined benefit pension schemes to allow companies to access £160 billion in corporate defined benefit schemes; and what assessment they have made of the potential effect the changes will have on UK growth.
Answered by Baroness Sherlock - Minister of State (Department for Work and Pensions)
We have set out that pension scheme trustees should have greater flexibilities to be able to release DB scheme surplus to benefit employers and members, where it is safe to do so. We will publish the Government’s response to the “Options for Defined Benefit Schemes” consultation in the coming weeks and this will set out the detail of the DB surplus policy. A full impact assessment will be published in due course.