Asked by: Baroness McIntosh of Pickering (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government what assessment they have made of the impact of the volatility of sterling on savers, pensioners and other investments generally.
Answered by Lord Young of Cookham
The Government does not have a target for the sterling exchange rate and does not comment on currency movements. Instead the exchange rate is allowed to adjust flexibly in response to economic conditions, and movements in sterling are determined by market forces.
We are going through a period of adjustment as the economy responds to the vote to leave the European Union. The fundamental strength of the UK economy means that it is well-placed to deal with the challenges and take advantage of the opportunities that lie ahead. The Government is working hard to lay the foundations for stable long term growth which will benefit savers, pensioners and all other groups.
Asked by: Baroness McIntosh of Pickering (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government whether they will permit zero rating for church repairs following the decision of the EU Council to allow member states to set a VAT rate of zero.
Answered by Lord O'Neill of Gatley
Under consecutive governments renovations and repairs have been subject to the standard rate of VAT.
The government provides grant aid to support certain church repairs and maintenance projects through the Listed Places of Worship grant scheme which makes £42 million of government support available per year and the Listed Places of Worship roof repair fund worth £55 million in total. More details of these are available online.
Asked by: Baroness McIntosh of Pickering (Conservative - Life peer)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what forecasts he has made of economic growth in the next 12 months; and if he will make a statement.
Answered by Andrea Leadsom - Parliamentary Under-Secretary (Department of Health and Social Care)
The Treasury no longer provides forecasts after the Office for Budget Responsibility was created by this government in 2010 to provide independent and authoritative analysis of the UK’s public finances. Their next set of forecasts will be released on 18th March; the Chancellor will make a statement on them in his budget speech.
The UK economy grew by 2.6 per cent in 2014, the fastest of any major advanced nation in 2014, and forecasts are for robust growth to continue in 2015: the IMF, Bank of England, the OECD and the CBI all forecast the UK economy will grow by between 2.6 per cent and 2.9 per cent in 2015.
Asked by: Baroness McIntosh of Pickering (Conservative - Life peer)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what progress he has made on his long-term economic plan.
Answered by Andrea Leadsom - Parliamentary Under-Secretary (Department of Health and Social Care)
The government’s long-term economic plan is working, and the UK is expected by the IMF to grow faster than any other G7 country this year. Inflation is below target, the deficit is forecast to have halved as a share of GDP in 2014-15, and there are record numbers of people in work. But the job is not yet done and the biggest risk now to the recovery would be abandoning the plan that is delivering a brighter economic future.