Asked by: Kevin Bonavia (Labour - Stevenage)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what economic steps she has taken against Russia since its invasion of Ukraine.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
We have stood shoulder to shoulder with the people of Ukraine and against Putin’s illegal invasion. This government has significantly increased our economic pressure on Russia. This includes our recent sanctions against Lukoil and Rosneft last October, which means the largest Russian oil companies are now sanctioned. This action was closely followed by the US. We also recently announced a maritime services ban on Russian Liquefied Natural Gas (LNG), in parallel with the EU, which will ban the involvement of UK service providers in the global trade of Russian LNG. We will use all the economic tools at our disposal to stand up for what is right.
Asked by: Kevin Bonavia (Labour - Stevenage)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of implementing an adjusted rate of tax for army reservists that is separate to their civilian incomes.
Answered by James Murray - Chief Secretary to the Treasury
The Government fully supports Reservists in volunteering for service alongside their regular employment. Accordingly, Reservists are eligible for an annual tax-free lump sum. Information on this can be found on the Army Reserves pay and benefits webpage. We keep our policies and processes under constant review, to ensure that they attract people to serve and incentivise them to stay.
Introducing a separate, adjusted rate of tax for army reservists’ income would add complexity to the tax system and be costly at a time when the Government has already had to take a number of difficult but necessary decisions on tax, welfare, and spending to restore economic stability, fix the public finances, and support public services.