Asked by: Lisa Cameron (Conservative - East Kilbride, Strathaven and Lesmahagow)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department has made an assessment of the potential merits of using a potential digital pound for its own disbursements and cash management.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
No decision has yet been made to issue a digital pound. HM Treasury and the Bank of England continue to explore the feasibility and potential design choices of a digital pound as part of the current design phase. The exploration of a digital pound considers the future of central bank money, meaning that this project supports the Bank of England’s primary objectives on monetary and financial stability.
Asked by: Lisa Cameron (Conservative - East Kilbride, Strathaven and Lesmahagow)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department has made an assessment of the fiscal impact of a potential digital pound by way of increased seigniorage revenue.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
No decision has yet been made to issue a digital pound. HM Treasury and the Bank of England continue to explore the feasibility and potential design choices of a digital pound as part of the current design phase. The exploration of a digital pound considers the future of central bank money, meaning that this project supports the Bank of England’s primary objectives on monetary and financial stability.
Asked by: Lisa Cameron (Conservative - East Kilbride, Strathaven and Lesmahagow)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of removing VAT on veterinary (a) services and (b) medicines for 12 months and then undertaking a review of that policy; and if he will make an assessment of the potential impact of that policy on costs for pet owners.
Answered by Victoria Atkins - Secretary of State for Health and Social Care
VAT has been designed as a broad-based tax on consumption, and the twenty per cent standard rate applies to most goods and services, including veterinary medicines and veterinary services. While there are exceptions to the standard rate, these have always been strictly limited by both legal and fiscal considerations.
Although all taxes are kept under review, the Government has no plans to change the VAT treatment of veterinary services or medicines.