Asked by: Lord Bourne of Aberystwyth (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of the impact of the availability of cash individual savings accounts offered by banks and building societies on mortgage rates.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
HM Treasury does not prepare forecasts for the UK economy. These forecasts, including assessments of the impact of policy decisions on the macroeconomy, are the responsibility of the independent Office for Budget Responsibility (OBR).
The OBR does not typically publish estimates of the impact of individual policies. Instead, the net effect of the government’s policy package is assessed by the OBR. The pricing and availability of mortgages is ultimately a commercial decision for lenders.
The Government is looking at options for reforms to Individual Savings Accounts (ISAs) that get the balance right between cash and equities to earn better return for savers, boost the culture of retail investment, and support the growth mission. The Government recognises that cash savings play an important role in helping households build a financial buffer for a rainy day.
Asked by: Lord Bourne of Aberystwyth (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government, further to the Written Answer by Lord Livermore on 18 June (HL8163), what steps they are taking to ensure that Mastercard provides details of the compensation scheme in an effective and timely way.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
In May, the Competition Appeal Tribunal approved a settlement which would allow consumers to claim compensation in relation to historical card fees. This is a settlement between those claimants that brought the case and Mastercard, in which government is not involved.
Asked by: Lord Bourne of Aberystwyth (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what steps they are taking to ensure that Mastercard publicises the right of Mastercard holders between June 1997 and June 2008 to claim up to £70 each in relation to fees wrongly levied against those cardholders.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The Government believes it is important for card fees to be set at an appropriate level for all parties.
In May, the Competition Appeal Tribunal approved a settlement which would allow consumers to claim compensation in relation to historical card fees. It will be for individuals to come forward and claim compensation once further information is made available.
Asked by: Lord Bourne of Aberystwyth (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government how much tax revenue they have collected from the vaping industry in each of the past three years for which figures are available.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
HM Revenue & Customs does not hold readily available tax revenue data from the vaping industry.
Asked by: Lord Bourne of Aberystwyth (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what consideration they have given to introducing a tourism tax.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
Tourism is a significant economic, cultural and social asset to the UK. The sector is a powerful engine for economic growth and job creation across all regions. Tourism contributes not only economically, but also in creating pride in local communities and contributing to the UK's soft power.
The Government regularly receives representations about visitor levies in England.
Asked by: Lord Bourne of Aberystwyth (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what steps they are taking to deliver major infrastructure projects to boost growth in the economy.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The Government announced its new fiscal rules at the Budget in October, including an investment rule. This rule keeps debt on a sustainable path while allowing the step change needed in investment, by targeting a measure of debt that captures not just the debt that government owes but also financial assets that are expected to generate future returns. This will deliver an additional £100 billion of growth-enhancing capital spending, which catalyses private sector investment in more housing, better transport links, and clean energy.
In January, the Chancellor also set out our support for private investment, including a third runway at Heathrow, a £10 billion in a data centre in Northumberland and a £1 billion advanced manufacturing investment in North Wales.
As part of the Government's growth agenda, we will publish a 10-year Infrastructure Strategy alongside the 2025 Spending Review, which seeks to reduce uncertainty by bringing together a long-term plan for the country’s social, economic, and housing infrastructure.
The newly created National Infrastructure and Service Transformation Authority will bring oversight of strategy and delivery under one roof, supporting the development and implementation of the 10-year infrastructure strategy in conjunction with industry.
The Planning and Infrastructure Bill, currently before Parliament, will streamline the planning system to deliver a faster and more certain consenting process for major infrastructure projects. This is part of the government's wider actions to deliver a pro-growth planning system, including revising the National Planning and Policy Framework and reviewing the role of statutory consultees.
Asked by: Lord Bourne of Aberystwyth (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what discussions they have had, or plan to have, with the Welsh Government or other interested parties concerning the operation of the Barnett formula with respect to Wales.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
There are currently no plans to modify the operation of the Barnett formula. The Barnett formula has stood the test of time because it is simple, efficient and provides a clear and certain outcome.
The Chief Secretary to the Treasury is in regular contact with his devolved government counterparts on matters of devolved government funding and the Barnett formula. Officials are also in regular dialogue on the operation of devolved government funding arrangements, including the Barnett formula.
Overall, the Welsh Government currently receives at least 20% more funding per person than equivalent UK Government spending in the rest of the UK. That translates into over £4 billion more in 2025-26.
Asked by: Lord Bourne of Aberystwyth (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government, further to the Written Answer by Baroness Vere of Norbiton on 13 February (HL2022), what discussions they have had with representatives of channel ports regarding the introduction of EU import controls, and (1) whether these were written or oral discussions; (2) what dates these discussions were held; (3) what points of concern were raised, if any; and (4) what their response was to those concerns.
Answered by Baroness Vere of Norbiton
Government officials conducted in-depth engagement to develop the Border Target Operating Model. A wide selection of stakeholders involved at the border were invited to contribute, including representatives of channel ports. There were over 10,000 registrations for workshops and seminars over the engagement period in spring and summer 2023 and over 200 stakeholders provided written feedback. This included a range of border locations and other stakeholders involved in movements of goods across the channel. The Government responded to a range of questions on the requirements for safety and security controls for EU imports, due to be introduced from 31 October 2024. The Government is continuing to engage with stakeholders across affected sectors in all parts of the United Kingdom and the EU to ensure that they understand the changes outlined in the Border Target Operating Model. Baroness Neville-Rolfe also met with members of the ports industry in November 2023 to discuss the Border Target Operating Model.
Asked by: Lord Bourne of Aberystwyth (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what discussions, if any, they have held with EU countries regarding the introduction of safety and security declaration requirements for EU imports on 31 October, and what were the contents of any such discussions.
Answered by Baroness Vere of Norbiton
Government officials engage regularly with officials from EU Member States to discuss new customs-related requirements, including safety and security declarations. This has included official visits to Belgium, France, the Netherlands, Denmark and Ireland with further engagement planned for Italy, Spain, Poland and Germany in 2024. Baroness Neville-Rolfe visited Belgium to discuss import controls with the Belgian Government and industry in early February 2024. Partners have been extremely helpful in communicating these requirements using their own stakeholder communication channels, and providing suggestions for further guidance that could be helpful. More formal communication of these changes to EU Member States took place in the Trade Specialised Committee on Customs Cooperation and Rules of Origin, the minutes of which can be found on gov.uk.
Asked by: Lord Bourne of Aberystwyth (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made, if any, of the economic impact of safety and security declaration requirements for EU imports.
Answered by Baroness Vere of Norbiton
As is standard for such changes, any necessary impact assessment of the changes will be published alongside the legislation.