Asked by: Adam Afriyie (Conservative - Windsor)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of recent trends in the employment rate in the UK.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The employment rate is currently at a record high of 75.8%.
There are currently a record 32.5 million people in work. Over the last year, employment growth has been driven almost entirely by high skilled jobs and full-time workers.
Since the 2010 election we’ve seen over 3.5 million more people in employment – equivalent to an average of over 1,000 extra people in work every single day.
This is alongside an unemployment rate which has not been lower since 1975, wages growing at the fastest pace in over a decade, and 9 consecutive months of real wage growth.
Asked by: Adam Afriyie (Conservative - Windsor)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent steps he has taken to increase the level of Foreign Direct Investment into the UK.
Answered by Robert Jenrick
Since 2010 we have significantly lowered the headline rate of Corporation Tax from 28% down to 19% today – the lowest in the G20, with further cuts to 17% legislated by 2020.
We have also created a world-leading offer on creative sector tax reliefs, given significant support for R&D investment through the tax system, and introduced the Patent Box regime to attract international investment in intellectual property to the UK.
These steps have helped to create a highly competitive and FDI-friendly business environment.
Asked by: Adam Afriyie (Conservative - Windsor)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he has taken to increase the productivity of the UK economy.
Answered by Robert Jenrick
Autumn Budget announced the next steps we are taking to boost productivity. This includes increasing the National Productivity Investment Fund to more than £37bn to fund important investments in our infrastructure. We are also setting up the National Roads Fund which will provide vital improvements to our road network, piloting new approaches to rural fibre rollout, and supporting new technologies such as artificial intelligence.
Asked by: Adam Afriyie (Conservative - Windsor)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of recent trends in economic productivity in the UK.
Answered by Robert Jenrick
The only sustainable way to raise wages, boost living standards, and increase growth is to boost UK productivity.
Since 2010 we have provided over half a trillion pounds in capital investment, increased investment in skills, and reduced taxes for businesses. At the Autumn Budget, we took further action to increase productivity.
Productivity grew by 0.2% in the last quarter (Q4 2018) and is now 1.9% above its pre-crisis peak. Slow productivity growth since the crisis has not been a phenomenon exclusive to the UK, but across the G7.
Asked by: Adam Afriyie (Conservative - Windsor)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to Budget 2018 paragraph 5.10 on mental health funding, what estimate he has made of the savings that will accrue to the public purse as a result of pressure being taken off (a) accident and emergency, (b) police, (c) probation and (d) social services by 2023-24.
Answered by Elizabeth Truss
The government is committed to ensuring that high quality mental health support is available for those that need it, in appropriate, safe settings. Investing in the quality and integration of mental health services will reduce pressure on the NHS and other public services. As announced at Autumn Budget 2018, funding for mental health services will grow as a share of the overall NHS budget over the next five years. Further detail will be set out in the NHS long-term plan in due course.
Asked by: Adam Afriyie (Conservative - Windsor)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to Budget 2018 paragraph 4.26 on Cryptoassets Taskforce, if he will list those actions that will allow innovators to thrive in the cryptoasset sector.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Cryptoassets Taskforce published its full report on Budget day. The report is available at: https://www.gov.uk/government/publications/cryptoassets-taskforce.
The Cryptoassets Taskforce sets out actions on page 48 to 49 that HM Treasury, the Financial Conduct Authority and the Bank of England will take to protect consumers, allow innovation to thrive, and maintain the UK’s international reputation as a safe and transparent place to do business in financial services, with high regulatory standards.
Asked by: Adam Afriyie (Conservative - Windsor)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department has made an assessment of the dynamic effect on tax receipts of the New Enterprise Allowance.
Answered by Elizabeth Truss
The New Enterprise Allowance (NEA) supports people on eligible benefits who want to move into self-employment. The NEA, alongside all government policies, are costed with a central estimate of the impact on the Exchequer where possible. In the case of the NEA, responsibility for this assessment is with the Department for Work and Pensions as the lead department who are also responsible for evaluating the impact of the policy.
Asked by: Adam Afriyie (Conservative - Windsor)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent steps his Department has taken to simplify the system of National Insurance payments for self-employed people.
Answered by Mel Stride - Secretary of State for Work and Pensions
The government is committed to simplifying the tax system and supporting the self-employed.
To support everyone, including the self-employed, the government has committed to raise the income tax Personal Allowance to £12,500, and the higher rate threshold to £50,000. By 2020-21, the government will have increased the Personal Allowance by over 90%, completing a decade’s worth of sustained increases.
The government has reduced the administration burden on the self-employed by £19 million a year by ensuring Class 2 NICs can be paid online via self-assessment. This has modernised the way Class 2 NICs is assessed and collected, making the system simpler and more straight-forward on the self-employed.
Asked by: Adam Afriyie (Conservative - Windsor)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has had discussions with the US Administration on establishing a FinTech bridge agreement between the UK and the USA.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
UK and US government officials and regulators continue to engage on a range of financial services policy, including FinTech. There are no current plans for a UK-US FinTech Bridge.
Asked by: Adam Afriyie (Conservative - Windsor)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has had discussions with the Bank of England on the establishment of a state-backed digital currency.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Chancellor has not had any formal discussions with the Bank of England about a state-backed digital currency. Whilst the Bank of England is not planning to create a central bank-issued digital currency, it has been carrying out research to understand any potential implications. For more information on this research, please visit this page: https://www.bankofengland.co.uk/research/digital-currencies