UK Economy
Lord Berkeley of Knighton Excerpts(9 months, 1 week ago)
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Baroness Vere of Norbiton (Con)
The noble Lord well knows that inflation is caused by a vast amount of different factors. When we announced our interventions at the Autumn Statement, the OBR said that they were not inflationary. That is another way in which the Government put downward pressure on inflation. As we have seen, the proof is in the pudding; we have gone from 11% in October 2022 to 4% in January 2024.
Lord Berkeley of Knighton (CB)
My Lords, I am glad that the Minister feels encouraged by the latest figures. Can she understand why some people who have inflated mortgages feel they have them because of the antics of Liz Truss and Kwasi Kwarteng—which is admittedly not the responsibility of the noble Baroness?
Baroness Vere of Norbiton (Con)
As the noble Lord will be aware, the reason interest rates are particularly high is to control inflation. The Bank of England now expects inflation to get back to the target of around 2% in the early summer. If that can happen, then of course interest rates would be able to come down.
Self-employment: A1 Forms
Lord Berkeley of Knighton Excerpts(9 months, 3 weeks ago)
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Lord Berkeley of Knighton (CB)
My Lords, as the singer Rachel Nicholls has documented, the problems over visas for musicians and singers are now compounded by the fact that foreign opera houses and festivals are beginning to boycott British artists. Has the Treasury made any assessment of how these post-Brexit arrangements are affecting the economy, and if not, please can it do so?
Baroness Vere of Norbiton (Con)
I know that obviously the DCMS and colleagues across government are working very closely with the EU and indeed with individual member states to support musicians, and 23 out of 27 member states have clarified their arrangements or introduced easements to allow visa or work-permit-free routes for short-term touring. France, Germany and the Netherlands have all stepped up early on in the process, and Spain recently changed its requirements after intervention from His Majesty’s Government. Obviously, we will continue to address challenges where we see them.