Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to support (a) low and (b) middle-income households with the cost of living.

Answered by James Murray - Exchequer Secretary (HM Treasury)

Living standards, as measured by Real Household Disposable Income per capita, are expected to increase by an annual average of 0.5% over this parliament (Q3 2024 – Q2 2029). This is in stark contrast to the previous parliament which was the worst for living standards growth since ONS records began in 1955.

The Government has set out a Plan for Change, outlining our ambitious yet achievable milestones, including raising living standards in every part of the United Kingdom to ensure working people have more money in their pockets.

Specific actions already taken by the Government include: increasing to the National Living Wage from April 2025; extension of the Household Support Fund and Discretionary Housing Payments in England and Wales in 2025-26; and introduction of a new Fair Repayment Rate from April 2025 to cap debt repayments made through Universal Credit.

Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, if he will make an assessment of the potential (a) costs and (b) merits of making internal audit functions a mandatory requirement for all contractors delivering public sector infrastructure projects.

Answered by Justin Madders - Parliamentary Under Secretary of State (Department for Business and Trade)

The Government announced that it would publish a draft audit reform and corporate governance bill in the King’s Speech, which is expected to include extending enhanced Public Interest Entity audit requirements to very large private companies. The financial resilience of major suppliers to government, including firms working on infrastructure projects, is monitored on an ongoing basis by the Crown Commercial Service.

Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, if he has made an assessment of the potential merits of giving the Audit, Reporting and Governance Authority the statutory power to sanction all company directors.

Answered by Justin Madders - Parliamentary Under Secretary of State (Department for Business and Trade)

As announced in the King’s speech, the Government intends to publish a draft Audit Reform and Corporate Governance Bill in due course. We expect the Bill to include further details on the proposed directors’ enforcement regime, including in respect of the scope of the regime.

Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, whether he has made an assessment of the potential merits of widening the definition of a public interest entity in the context of (a) BHS, (b) Bulb and (c) ISG.

Answered by Justin Madders - Parliamentary Under Secretary of State (Department for Business and Trade)

The Government’s plans to widen the definition of a Public Interest Entity were announced in the King’s Speech as part of the announcement on the draft Audit Reform and Corporate Governance Bill.

Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, if he will take steps to require the largest (a) public and (b) private companies to have (i) an Audit Committee and (ii) an internal audit function, in the context of the collapse of ISG.

Answered by Justin Madders - Parliamentary Under Secretary of State (Department for Business and Trade)

Companies whose securities are traded on the main market of the London Stock Exchange and banks, building societies and insurers are required to have an audit committee. Other private companies are not required to have an audit committee, but may choose to have one. Outside of the regulated financial sector, companies are not required to have an internal audit function. The Government plans to extend the scrutiny of the largest private companies’ external audits through the draft Audit and Corporate Governance bill and will set out full details of what that will include in due course.

Found: Watch the meeting Members present: Bob Blackman (Chair); Jess Brown-Fuller; Jonathan Davies; Mary Glindon

Found: Blair McDougall Martin Rhodes Alex Easton Sarah Champion Iqbal Mohamed Kirsteen Sullivan Mary Glindon

Found: Frank McNally Blair McDougall Martin Rhodes Sarah Champion Iqbal Mohamed Kirsteen Sullivan Mary Glindon

Found: Frank McNally Blair McDougall Martin Rhodes Sarah Champion Iqbal Mohamed Kirsteen Sullivan Mary Glindon

Found: _NC4 Mary Glindon .

Found: _NC4 Mary Glindon .

Found: Graeme Downie Frank McNally Blair McDougall Sarah Champion Iqbal Mohamed Kirsteen Sullivan Mary Glindon

Found: Graeme Downie Frank McNally Blair McDougall Sarah Champion Iqbal Mohamed Kirsteen Sullivan Mary Glindon

Found: _NC4 Mary Glindon .

Found: Fourteenth and Fifteenth Sittings Negatived on division_322 Daniel Francis Rachael Maskell Mary Glindon

Found: Douglas McAllister Graeme Downie Frank McNally Sarah Champion Iqbal Mohamed Kirsteen Sullivan Mary Glindon

Found: Douglas McAllister Graeme Downie Frank McNally Sarah Champion Iqbal Mohamed Kirsteen Sullivan Mary Glindon

Found: _NC4 Mary Glindon .

Found: Douglas McAllister Graeme Downie Frank McNally Sarah Champion Iqbal Mohamed Kirsteen Sullivan Mary Glindon

Found: Douglas McAllister Graeme Downie Frank McNally Sarah Champion Iqbal Mohamed Kirsteen Sullivan Mary Glindon

Found: _NC4 Mary Glindon .

Found: Campbell Douglas McAllister Graeme Downie Sarah Champion Iqbal Mohamed Kirsteen Sullivan Mary Glindon

Found: Campbell Douglas McAllister Graeme Downie Sarah Champion Iqbal Mohamed Kirsteen Sullivan Mary Glindon

Found: Duffield Irene Campbell Douglas McAllister Sarah Champion Iqbal Mohamed Kirsteen Sullivan Mary Glindon

Found: Elaine Stewart Catherine Fookes Rosie Duffield Sarah Champion Iqbal Mohamed Kirsteen Sullivan Mary Glindon

Found: Elaine Stewart Catherine Fookes Rosie Duffield Sarah Champion Iqbal Mohamed Kirsteen Sullivan Mary Glindon