Asked by: Calum Miller (Liberal Democrat - Bicester and Woodstock)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the level of (a) physical and (b) social infrastructure needed for the Oxford-Cambridge Growth Corridor to achieve its aims.
Answered by Darren Jones - Chief Secretary to the Treasury
The Oxford-Cambridge region is home to world leading universities and globally renowned science and technology firms. But the region's true potential is being held back by constraints, including unaffordable housing and transport constraints. The Government is taking action to drive sustainable growth across this key region which, according to experts, could boost the UK economy by £78 billion by 2035.
The Government believes additional action can maximise the economic performance of the wider Oxford-Cambridge region. This is why Lord Vallance has been appointed as Oxford-Cambridge Growth Champion, to identify, coordinate and promote further interventions linked to the EWR route and drive growth across the region.
The Government is already investing in East West Rail (EWR), which will deliver much needed transport connections between Oxford and Cambridge, and other communities along the route. In the Autumn Budget, the Chancellor also committed £10m of funding to enable the Cambridge Growth Company to develop an ambitious plan for the housing, transport, water, and wider infrastructure Cambridge needs to realise its full potential. In her speech of 29 January, the Chancellor confirmed that a new Cambridge Cancer Research Hospital is being prioritised for investment as part of wave 1 of the New Hospital Programme. In the wider corridor, we will target investment in R&D clusters, including the AI Growth Zone in Culham.
The Government will deliver Phase 2 of the Spending Review and the 10 Year Infrastructure Strategy later this year, to support delivery of the Government’s plans for a decade of national renewal. Any further Government support for infrastructure in the region will be assessed and agreed through the formal Spending Review process.
Asked by: Calum Miller (Liberal Democrat - Bicester and Woodstock)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to her speech entitled Chancellor vows to go further and faster to kickstart economic growth on 29 January 2025, which Minister is responsible for the Oxford-Cambridge Growth Corridor.
Answered by Darren Jones - Chief Secretary to the Treasury
The Chancellor of the Exchequer has announced Lord Patrick Vallance as a Ministerial champion for the Oxford-Cambridge Growth Corridor.
Lord Vallance brings extensive experience across life sciences, business, academia and government. Whilst responsibility for specific levers will remain within respective departments, Lord Vallance will work closely with local experts and across government to unblock and identify growth-focused interventions across the Oxford-Cambridge Growth Corridor, so world-class talent can live and work in a local area that is closely connected to world-class companies delivering innovative growth.
Asked by: Calum Miller (Liberal Democrat - Bicester and Woodstock)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she has had discussions with Cabinet colleagues on the property price limit on Help to Buy ISAs.
Answered by Tulip Siddiq
This Government is committed to helping first time buyers own their own home, and will do this by building 1.5 million more homes.
The Government keeps savings policy under review, any changes of this kind would be made at a relevant fiscal event.
Asked by: Calum Miller (Liberal Democrat - Bicester and Woodstock)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate she has made of the amount of Russian assets held by sanctioned individuals in the UK; and how much and what proportion of those assets have been recovered.
Answered by Tulip Siddiq
The Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, announced in December that £22.7 billion in Russian Assets has been reported as frozen as of October 2023. This figure is provided in aggregate so as not to disclose the value of any funds held by particular designated persons and is a cumulative total of assets reported.
An asset freeze does not involve a change in ownership of the frozen funds or economic resources, nor are they transferred to HM Treasury. Any interest accrued on these assets is subject to the asset freeze, to be frozen immediately by the person in possession or control of them.