Asked by: Danny Kruger (Conservative - East Wiltshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of Autumn Budget 2024 on trends in the level of household income.
Answered by Tulip Siddiq - Economic Secretary (HM Treasury)
UK living standards, as measured by Real Household Disposable Income (RHDI) per capita, have not grown at the pace many would have hoped for over recent years. If RHDI per capita had grown at the same rate between 2010 and 2023 as it did between 1997 and 2010, people’s incomes would have been over £4,000 higher in 2023.
The 2019-2024 parliament was the worst for living standards growth since ONS records began in the 1950s, with average annual growth of just 0.2%.
In their October 2024 Economic and Fiscal Outlook, the OBR forecast living standards to grow by an annual average of 0.5% over this parliament. This is more than double the pace of living standards growth observed in the 2019-2024 parliament.
GDP per capita, an alternative measure of living standards that captures higher spending on public services, is set to grow even faster, at an annual average of 1.1% over this parliament. This compares to a 0.1% annual average decline in GDP per capita over the 2019-2024 parliament.
Through the growth mission, the government is restoring stability, increasing investment, and reforming the economy to drive up prosperity and living standards across the UK.
Asked by: Danny Kruger (Conservative - East Wiltshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 25 April to Question 181066 on Cryptocurrencies, if he will provide a timeframe for when the Government will (a) conduct and (b) publish an assessment of the impact of a central bank digital currency on the commercial banking sector.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
In February 2023, HM Treasury and the Bank of England published a joint consultation on a UK central bank digital currency (CBDC).
A response to this consultation will be issued in due course following the close of the consultation on 30 June 2023.
Asked by: Danny Kruger (Conservative - East Wiltshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 25 April to Question 181066 on Cryptocurrencies, whether he plans to publish a response to the consultation on the digital pound.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
In February 2023, HM Treasury and the Bank of England published a joint consultation on a UK central bank digital currency (CBDC).
A response to this consultation will be issued in due course following the close of the consultation on 30 June 2023.
Asked by: Danny Kruger (Conservative - East Wiltshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential impact of the introduction of a central bank digital currency on retail funding for commercial banks.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
In February 2023, HM Treasury and the Bank of England published a joint consultation on a UK central bank digital currency (CBDC). The consultation noted that a UK CBDC, or ‘digital pound’, is likely to be needed in the future. However, a final decision has not yet been made and will be informed by this consultation and future work.
As part of this consultation period, HM Treasury and the Bank of England will carefully consider how the digital pound could impact the commercial banking sector, as well as any potential deposit outflows and any substantial shift in retail banks’ funding models.
A response to this consultation will be issued in due course.
Asked by: Danny Kruger (Conservative - East Wiltshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential impact of the introduction of a central bank digital currency on deposit outflows for commercial banks.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
In February 2023, HM Treasury and the Bank of England published a joint consultation on a UK central bank digital currency (CBDC). The consultation noted that a UK CBDC, or ‘digital pound’, is likely to be needed in the future. However, a final decision has not yet been made and will be informed by this consultation and future work.
As part of this consultation period, HM Treasury and the Bank of England will carefully consider how the digital pound could impact the commercial banking sector, as well as any potential deposit outflows and any substantial shift in retail banks’ funding models.
A response to this consultation will be issued in due course.
Asked by: Danny Kruger (Conservative - East Wiltshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential impact of the introduction of a central bank digital currency on the commercial banking sector.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
In February 2023, HM Treasury and the Bank of England published a joint consultation on a UK central bank digital currency (CBDC). The consultation noted that a UK CBDC, or ‘digital pound’, is likely to be needed in the future. However, a final decision has not yet been made and will be informed by this consultation and future work.
As part of this consultation period, HM Treasury and the Bank of England will carefully consider how the digital pound could impact the commercial banking sector, as well as any potential deposit outflows and any substantial shift in retail banks’ funding models.
A response to this consultation will be issued in due course.