Asked by: Matt Vickers (Conservative - Stockton South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment his Department has made of the cost of the downwards phasing of business rates transitional relief on retail businesses since the last revaluation in 2017.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
At Autumn Budget 2021, the Government announced a one-year extension to Transitional Relief, restricting bill increases to 15 per cent for small properties (up to £20k Rateable Values (RVs)) and 25 per cent for medium properties (up to £100,000 RVs), subject to subsidy control limits.
The Government recognises that Transitional Relief arrangements, particularly ‘downward caps’, can mean some bills take longer to reach their new level. These ‘downward caps’ pay for protection for businesses seeing large increases in their bills.
The extension of Transitional Relief and the Supporting Small Business Scheme in 2022-23 for small and medium businesses will save businesses an estimated £30 million, protecting small businesses from significant bill increases.
Asked by: Matt Vickers (Conservative - Stockton South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to help make insurance coverage more accessible to low-income households.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government wants to ensure that people, regardless of their background or income, have access to useful and affordable financial products and services.
There are wider initiatives that low-income households will benefit from when accessing insurance. For example, from 1 January 2022, new FCA rules for home and motor insurance will require insurers to offer renewing customers a price that is no higher than they would pay as a new customer.
Additionally, since 2012, the Government has engaged in a voluntary signposting agreement with the Association of British Insurers (ABI) and the British Insurance Brokers Association (BIBA) for motor and travel insurance. Where an insurer or insurance broker cannot offer cover due to upper age limits on their policies, it will refer the customer to another insurer who can provide cover, or an appropriate signposting service.
The Government also continues to engage closely with the sector, including the insurtech sector, on products available in the market to ensure that consumers can benefit from a wide range of products suited to their needs.
Asked by: Matt Vickers (Conservative - Stockton South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what (a) retail, (b) hospitality and (c) leisure properties will be eligible for the temporary business rates relief as announced in the Autumn Budget 2021.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
Guidance setting out eligibility for the 2022-23 retail, hospitality and leisure relief will be published by the Department for Levelling Up, Housing and Communities in due course.
Asked by: Matt Vickers (Conservative - Stockton South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what heat networks will be eligible for the 100 per cent business rates relief as announced in the Autumn Budget 2021.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
Further details on the eligibility for the improvement relief, heat networks relief, and green plant and machinery exemptions will be set out in a technical consultation later this year.
Asked by: Matt Vickers (Conservative - Stockton South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what plant and machinery used in onsite renewable energy generation and storage will be eligible for the targeted business rate exemptions as announced in the Autumn Budget 2021.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
Further details on the eligibility for the improvement relief, heat networks relief, and green plant and machinery exemptions will be set out in a technical consultation later this year.
Asked by: Matt Vickers (Conservative - Stockton South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what rateable value-increasing improvements to existing properties will be eligible for the 100 per cent improvement relief, as announced in the Autumn Budget 2021.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
Further details on the eligibility for the improvement relief, heat networks relief, and green plant and machinery exemptions will be set out in a technical consultation later this year.
Asked by: Matt Vickers (Conservative - Stockton South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will publish the procedures by which the UK Infrastructure Bank will be allocated the £12 billion of equity and debt capital.
Answered by Jesse Norman
The Government published further details on the design of the UK Infrastructure Bank alongside Budget in March. This can be found at https://www.gov.uk/government/publications/policy-design-of-the-uk-infrastructure-bank.
In total, the Bank will have £22 billion of financial capacity to deliver on its objectives:
The Bank will have significant flexibility as to when it draws down its equity capital and be able to borrow up to £1.5bn a year. The Government will publish a framework document ahead of the Bank’s launch, setting out further details on governance and the relationship with government.
Asked by: Matt Vickers (Conservative - Stockton South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what plant and machinery will qualify for the super-deduction.
Answered by Jesse Norman
All new main rate plant and machinery is eligible for the super-deduction, save assets purchased for leasing. HM Treasury have published more detail in the super-deduction factsheet, available at: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/967202/Super_deduction_factsheet.pdf.
Asked by: Matt Vickers (Conservative - Stockton South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether indoor cleaning companies will be given financial compensation for bookings that have been cancelled due to covid-19 restrictions.
Answered by Kemi Badenoch - President of the Board of Trade
The Government recognises the disruption that the necessary restrictions to protect public health have had on businesses across the UK. That is why we have provided one of the most comprehensive packages of support globally.
Indoor cleaning companies and other businesses who cannot trade or have suffered reduced demand can access the government backed loan schemes, which are open until 31 March 2021, and both the Coronavirus Job Retention Scheme and the Self-Employment Income Support Scheme remain open until the 30 April 2021. The Government has also provided a total of £1.6 billion of discretionary funding to local authorities in England to enable them to provide grants to local businesses who have been affected by restrictions.
The Government is continuing to collect evidence on the impact of the pandemic on businesses to ensure the support provided is appropriate.
Asked by: Matt Vickers (Conservative - Stockton South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to support the hospitality sector during the covid-19 outbreak.
Answered by Kemi Badenoch - President of the Board of Trade
The Government understands that this is a very challenging time for the UK’s hospitality sector and night-time businesses, and recognises that the hospitality sector has been significantly impacted by the pandemic. Throughout the crisis the Government’s priority has been to protect lives and livelihoods. The Government is delivering support to this sector and these businesses through:
The Government is continuing to collect evidence on the impact of the pandemic on the hospitality industry and work with businesses and representative groups to ensure that support provided is right for this industry and the economy as a whole.