Asked by: Justin Tomlinson (Conservative - North Swindon)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what effect changes to fuel duty have had on the price of petrol in the last five years.
Answered by Priti Patel
Since 2011, the Government has abolished the previous government’s fuel duty escalator, cut fuel duty by 1 pence per litre in March 2011 and scrapped four planned increases over the parliament. As a result of this Government’s actions, average pump prices are currently 16 pence per litre lower than they would have been under the previous Government’s fuel duty plans, and will be nearly 20 pence per litre lower by the end of the parliament.
Asked by: Justin Tomlinson (Conservative - North Swindon)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what recent assessment he has made of the potential merits of introducing real-time credit checking for lenders.
Answered by Andrea Leadsom - Parliamentary Under-Secretary (Department of Health and Social Care)
Credit data sharing is key to allowing lenders to make proper affordability assessments and promoting a competitive market. Having access to comprehensive data about their customers’ outstanding commitments may help lenders avoid making loans to customers who cannot afford to repay them.
Since 1 April 2014, credit reference agencies (CRAs) are regulated for their consumer credit activities by the Financial Conduct Authority (FCA).
The Government has made clear to payday lenders and CRAs that they must identify and remove any blockages involving real-time data sharing between payday lenders as a matter of urgency. The FCA has committed to prioritising improvements in this area, and has said it expects to see over 90% of payday firms participating in real-time data sharing and over 90% of loans being reported in real time by this November.
Asked by: Justin Tomlinson (Conservative - North Swindon)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what steps the Government has taken to promote competition in the market for business banking; and what the effect of those steps has been.
Answered by Andrea Leadsom - Parliamentary Under-Secretary (Department of Health and Social Care)
Budget 2014 set out details of the action Government has taken to support competition in banking and access to finance for businesses, and also detailed a package of new measures to build on these reforms.
This included: confirmation that the Government will legislate to require banks to share more information on their smaller business customers with other lenders through credit reference agencies, levelling the playing field for challenger and non-bank lenders; and consulting on whether to legislate to require SME lenders to release details on businesses that they reject for finance so these business can be linked up alternative finance providers.
The Government has also commissioned a major new biannual survey which allows for a public ranking of UK banks based on the services and products they provide to SMEs, the first set of results of which were published in May, and an independently reviewed Appeals Process is ensuring that SMEs declined for finance can appeal that decision.
Asked by: Justin Tomlinson (Conservative - North Swindon)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what steps his Department is taking to promote the video games tax relief to video games producers.
Answered by David Gauke
The video games tax relief came into effect from 1 April 2014. This generous new relief will provide support for the growing video games sector in the UK.
HM Revenue & Customs (HMRC) are currently presenting a series of events across the country to promote and explain the new relief to the industry. A specialist unit has been provided to assist businesses with making claims. Guidance is available on HMRC's website to explain the relief and help businesses decide whether they are eligible for relief. HMRC are working closely with the video games industry to develop more detailed guidance, which will be published shortly.
Asked by: Justin Tomlinson (Conservative - North Swindon)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he plans to display changes to the amount of income tax levied on an individual on their end of year statement.
Answered by David Gauke
From October 2014 around 24 million people will receive a personal tax summary from HMRC setting out how their income tax and National Insurance contributions have been calculated for the previous year (2013-14) and how it contributed to public expenditure. Tax summaries will also show taxpayers their taxable income and average tax rate, allowing the individual in future to compare one year's tax record with another.
Asked by: Justin Tomlinson (Conservative - North Swindon)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will take steps to mandate that APR figures be displayed in cash terms.
Answered by Andrea Leadsom - Parliamentary Under-Secretary (Department of Health and Social Care)
The Government believes it is important for consumers to be able to compare the cost of credit products easily.
The Consumer Credit Directive (CCD) requires the APR to be stated in pre-contract credit information and in the credit agreement itself, as well as in advertising where triggered. In addition, firms must state the total amount payable (TAP), which is the sum of the amount borrowed and the total charge for credit (TCC).
As the CCD is full harmonisation in the relevant areas, it is not open to Member States to require disclosure of the TCC in addition – although the consumer can work this out as the difference between the TAP and the amount borrowed. Lenders can also include the TCC on a voluntary basis.
As previously shared with the Public Accounts Committee, the Government raised the issue of how to present cost information with the European Commission as part of its current review into the implementation of the CCD.