Asked by: Jim Cunningham (Labour - Coventry South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent assessment his Department has made of trends in the levels of pay since 2010.
Answered by John Glen
The level of pay has continually increased since 2010, with average weekly earnings increasing by 20% over this period. Regular wages are currently growing at their fastest pace in over a decade and have outstripped inflation for 11 consecutive months. We’ve just seen another above inflation increase in the National Living Wage, to £8.21, meaning a full-time worker on the NLW will be earning £690 more over the coming year.
Asked by: Jim Cunningham (Labour - Coventry South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he is taking to increase consumer awareness of the potential advantages and disadvantages of investing in cryptoassets.
Answered by John Glen
The Government has considered its approach to cryptoassets through the Cryptoassets Taskforce - comprised of the Treasury, the Bank of England, and the Financial Conduct Authority (FCA)[1]. The Government will be consulting on its approach to cryptoassets this year.
The FCA has issued consumer warnings highlighting the risks of cryptoassets and warning that any individual investing in cryptoassets should be prepared to lose money. Cryptoassets have also been added to the FCA’s ScamSmart website, which helps consumers to avoid falling victim to common types of scams and investment fraud.
[1] https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/752070/cryptoassets_taskforce_final_report_final_web.pdf
Asked by: Jim Cunningham (Labour - Coventry South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent estimate his Department has made of the number of grey fleet vehicles that (a) are in use and (b) will be in use after the introduction of Worldwide Harmonised Light Vehicle Test Procedure for tax purposes in April 2020.
Answered by Robert Jenrick
As the Worldwide harmonised Light vehicles Test Procedure (WLTP) aims to replicate real-world driving conditions more closely, it is expected that reported CO2 values will increase.
Through the review of WLTP and vehicle taxes, the government has engaged with stakeholders to determine the impact on tax liabilities and the UK’s environmental objectives, including the role of company cars in reducing CO2 emissions from road transport.
The review closed on 17 February and the responses are currently being analysed. The government has committed to publishing a response in the spring.
Asked by: Jim Cunningham (Labour - Coventry South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent assessment his Department has made of the potential financial effect of the introduction of the Worldwide Harmonised Light Vehicles Test Procedure on company car drivers.
Answered by Robert Jenrick
As the Worldwide harmonised Light vehicles Test Procedure (WLTP) aims to replicate real-world driving conditions more closely, it is expected that reported CO2 values will increase.
Through the review of WLTP and vehicle taxes, the government has engaged with stakeholders to determine the impact on tax liabilities and the UK’s environmental objectives, including the role of company cars in reducing CO2 emissions from road transport.
The review closed on 17 February and the responses are currently being analysed. The government has committed to publishing a response in the spring.