Asked by: Gareth Bacon (Conservative - Orpington)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will take steps to incentivise companies to remain listed in London.
Answered by Tulip Siddiq - Economic Secretary (HM Treasury)
The Government is committed to reinvigorating our capital markets to ensure they deliver for investors and firms to support global and UK growth.
The UK is Europe’s leading hub for investment, and the Government is taking forward reforms to build on these strong foundations by boosting the competitiveness of UK markets and optimising the capital raising process for large and small companies.
This includes a once in a generation reform to our listings rulebook which will revolutionise our markets, directly align us with leading international counterparts and providing greater flexibility to firms and founders raising capital on UK markets.
The Chancellor has also announced a landmark review into pension fund investments which will explicitly consider the role of pension funds in capital and financial markets to boost returns and UK growth.
Asked by: Gareth Bacon (Conservative - Orpington)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps her Department is taking to help increase (a) investment and (b) listings for small and medium-sized businesses.
Answered by Tulip Siddiq - Economic Secretary (HM Treasury)
The Government is committed to reinvigorating our capital markets to ensure they deliver for investors and firms to support global and UK growth.
The UK is Europe’s leading hub for investment, and the Government is taking forward reforms to build on these strong foundations by boosting the competitiveness of UK markets and optimising the capital raising process for large and small companies.
This includes a once in a generation reform to our listings rulebook which will revolutionise our markets, directly align us with leading international counterparts and providing greater flexibility to firms and founders raising capital on UK markets.
The Chancellor has also announced a landmark review into pension fund investments which will explicitly consider the role of pension funds in capital and financial markets to boost returns and UK growth.
Asked by: Gareth Bacon (Conservative - Orpington)
Question to the HM Treasury:
What recent assessment she has made of the impact of levels of borrowing on public finances.
Answered by Tulip Siddiq - Economic Secretary (HM Treasury)
Borrowing for the first four months of the financial year was £51.4bn, £4.7bn higher than the OBR forecast in March. This adds to the challenging fiscal position the government has inherited, with debt at its highest level since the 1960s. The Chancellor has commissioned a full economic and fiscal forecast from the Office for Budget Responsibility for the Budget on 30th October.
Asked by: Gareth Bacon (Conservative - Orpington)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the Autumn Statement 2022, pg. 60, Line 33, what calculations his Department used to establish the figure of £2.11 billion of revenue in 2024-25 from implementation of the global minimum corporate tax reforms; and if he will place a copy of those calculations in the Library of the House.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
The process for estimating the Exchequer yield from implementation of Pillar 2 policy in the UK can be found in the Autumn Budget 2022: Policy Costings, available at https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1118364/Autumn_Statement_2022_Policy_Costings_.pdf.
Asked by: Gareth Bacon (Conservative - Orpington)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the policy paper entitled Multinational top-up tax: UK adoption of Organisation for Economic Co-operation and Development Pillar 2 published on 20 July 2022, by what calculations the estimate of an ongoing annual administrative burden on UK businesses of £8.2m was arrived at; and if he will place a copy of those calculations in the library of the House.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
Pillar 2 rules: UK implementation of global minimum corporate tax reforms from 31 December 2023 was announced at Autumn Budget 2022 and is projected to raise over £8.9 billion over the next 5 years.
The £8.2 million average reoccurring annual impact cost was calculated based on HMRC’s Standard Cost Model methodology for determining the administrative impacts of compliant, efficient businesses complying with new measures.
Asked by: Gareth Bacon (Conservative - Orpington)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to page 58 of the Autumn Statement 2022, published on 17 November 2022, what account has been taken of potential behaviour change in the estimates of revenue arising from implementation of the global minimum corporate tax reforms.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
The UK implementation of the Pillar 2 Global Minimum Tax was scored at Autumn Statement 2022.
The process for estimating the Exchequer yield from implementation of Pillar 2 policy in the UK can be found on gov.uk at https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1118364/Autumn_Statement_2022_Policy_Costings_.pdf
Asked by: Gareth Bacon (Conservative - Orpington)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether it is his policy that Pillar 2 of the Organisation for Economic Cooperation and Development’s Base Erosion and Profit Shifting 2.0 proposals will not become operational in the UK if international agreement is not reached on Pillar 1.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
At Autumn Statement 2022, the Government confirmed that Pillar 2 will be implemented in the UK from 31 December 2023. This can be viewed on page 51 of the Autumn Statement document on gov.uk https://www.gov.uk/government/publications/autumn-statement-2022-documents
Alongside this the Government remains focused on delivering a Multilateral Convention on Pillar 1 by mid-2023, in line with the aim set out in the OECD’s Progress Report on Pillar 1 in July 2022, with the aim of that agreement then coming into force as soon as possible.
Asked by: Gareth Bacon (Conservative - Orpington)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the consultation on implementation of OECD Pillar 2 published 11 January 2022, and the statement in paragraph 3.6 that the effectiveness of the global rules also depends on a high degree of consistency in the implementation in different jurisdictions, what assessment his Department has made of the progress being made towards the consistent implementation of the rules in the United States; and if he will make a statement.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
The international group representing more than 135 countries that are collaborating to tackle tax avoidance (known as the ‘Inclusive Framework’) have agreed that Pillar 2 implementation is subject to a ‘common approach’. This means that countries that implement Pillar 2 must do so in line with the intended outcomes of the rules, ensuring consistency in implementation. A qualification process for each country that implements Pillar 2 is under discussion by the Inclusive Framework.
The United States have already implemented a tax on low taxed foreign profits called Global Intangible Low Taxed Income (GILTI). The Government recognises that the US has committed to reforming the GILTI rules so that they align with the Pillar 2 rules. How GILTI and Pillar 2 will interact, pending such reform, is being agreed internationally.
Asked by: Gareth Bacon (Conservative - Orpington)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what plans the Government has to implement the findings of the fundamental review of business rates.
Answered by Lucy Frazer
Following the review of business rates the government announced measures worth £7 billion for businesses over the next 5 years.
We have already started implementing the findings from the review, by freezing the multiplier in 2022/23, introducing a 50 per cent retail relief, and introducing new plant and machinery and heat networks reliefs.
Other reforms, including the new improvement relief, will be implemented from April 2023.
Asked by: Gareth Bacon (Conservative - Orpington)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the Answer of 9 March 2022 to Question 132402 on civil service staff networks, what information he holds on (a) FTE staff time and (b) budgets available to recognised staff groups within his Department in each of the last three years.
Answered by Helen Whately - Shadow Secretary of State for Work and Pensions
With reference to the answer of 9 March 2022, HM Treasury has several staff networks.
Network activities are voluntary and are carried out in addition to the individuals’ normal role.
There is no allocated budget available for networks within the Department.
Staff networks and societies provide valuable support to staff, they promote activities and opportunities for talented civil servants encouraging an inclusive work culture.