Asked by: Mims Davies (Conservative - East Grinstead and Uckfield)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the potential impact of changes in the level of National Insurance contributions on victims support services.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The Government publishes Tax Information and Impact Notes (TIINs) for tax policy changes. TIINs give a clear explanation of the policy objective and an assessment of the impacts including on the Exchequer, individuals and families, businesses including civil society organisations and others. The TIIN for the employer NICs changes was published on 13 November 2024.
Asked by: Mims Davies (Conservative - East Grinstead and Uckfield)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential impact of changes to employers' National Insurance contributions on women-owned businesses.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The Government publishes Tax Information and Impact Notes (TIINs) for tax policy changes. TIINs give a clear explanation of the policy objective and an assessment of the impacts including on the Exchequer, individuals and families, businesses including civil society organisations and others. The TIIN for the employer NICs changes was published on 13 November 2024.
The Government is partnering with business to maximise women’s contribution to the economy. In line with the ambition of the Invest in Women Taskforce to expand access to funding for female entrepreneurs, the British Business Bank is investing £50 million in women-led funds. HMT’s Women in Finance Charter is supporting financial services firms to make the most of their female talent.
Asked by: Mims Davies (Conservative - East Grinstead and Uckfield)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, What assessment her Department has made of the potential impact of changes in the level of National Insurance contributions on young people in part time work.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The Office for Budget Responsibility’s October 2024 Economic and Fiscal Outlook expects that the Employer National Insurance Contributions package will lead to a reduction in the participation rate of 0.1 per cent from 2025-26 onwards. Overall, once the impact of all budget measures are taken into consideration, the OBR expect the employment level to increase from 33.1 million in 2024 to 34.3 million in 2029.
Employers have a choice about how they respond to the NICs increase. The Government recognises that employers may respond by increasing employees’ wages more slowly than they would have otherwise, alongside absorbing pressures through prices, efficiencies or lower profits.
Employers will also continue to benefit from employer NICs reliefs including for hiring under 21s and under 25 apprentices, where eligible.
Asked by: Mims Davies (Conservative - East Grinstead and Uckfield)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of proposed increases to employer National Insurance contributions on women in full-time work.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The Office for Budget Responsibility’s October 2024 Economic and Fiscal Outlook expects that the Employer National Insurance Contributions package will lead to a reduction in the participation rate of 0.1 per cent from 2025-26 onwards. Overall, once the impact of all budget measures are taken into consideration, the OBR expect the employment level to increase from 33.1 million in 2024 to 34.3 million in 2029.
Employers have a choice about how they respond to the NICs increase. The Government recognises that employers may respond by increasing employees’ wages more slowly than they would have otherwise, alongside absorbing pressures through prices, efficiencies or lower profits.
Employers will also continue to benefit from employer NICs reliefs including for hiring under 21s and under 25 apprentices, where eligible.
Asked by: Mims Davies (Conservative - East Grinstead and Uckfield)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of proposed increases to employer National Insurance contributions on women in part-time work.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The Office for Budget Responsibility’s October 2024 Economic and Fiscal Outlook expects that the Employer National Insurance Contributions package will lead to a reduction in the participation rate of 0.1 per cent from 2025-26 onwards. Overall, once the impact of all budget measures are taken into consideration, the OBR expect the employment level to increase from 33.1 million in 2024 to 34.3 million in 2029.
Employers have a choice about how they respond to the NICs increase. The Government recognises that employers may respond by increasing employees’ wages more slowly than they would have otherwise, alongside absorbing pressures through prices, efficiencies or lower profits.
Employers will also continue to benefit from employer NICs reliefs including for hiring under 21s and under 25 apprentices, where eligible.
Asked by: Mims Davies (Conservative - East Grinstead and Uckfield)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of the rise in National Insurance contributions on women’s charities.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The Government publishes Tax Information and Impact Notes (TIINs) for tax policy changes. TIINs give a clear explanation of the policy objective and an assessment of the impacts including on the Exchequer, individuals and families, businesses including civil society organisations and others. The TIIN for the employer NICs changes was published on 13 November 2024.
Asked by: Mims Davies (Conservative - East Grinstead and Uckfield)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of changes to the level of national insurance on women’s shelters.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The Government publishes Tax Information and Impact Notes (TIINs) for tax policy changes. TIINs give a clear explanation of the policy objective and an assessment of the impacts including on the Exchequer, individuals and families, businesses including civil society organisations and others. The TIIN for the employer NICs changes was published on 13 November 2024.
Asked by: Mims Davies (Conservative - East Grinstead and Uckfield)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what recent assessment he has made of the effect on the national economy of counterfeit coinage within general distribution.
Answered by David Gauke
Maintaining a coinage that is robust against the threat of counterfeiting is an important objective for HM Treasury as the issuing authority for UK coins. It is important to have a currency in which there is widespread confidence as well as protecting taxpayers and businesses from the cost of counterfeit coins.
HM Treasury and The Royal Mint work together to closely monitor the counterfeiting levels of UK coins.
On 28 March 2017, a new 12-sided £1 coin will be introduced to combat high levels of counterfeiting of the current £1 coin. Approximately one in thirty of the current £1 coins in circulation are counterfeits.
Asked by: Mims Davies (Conservative - East Grinstead and Uckfield)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will increase the Local Majors Fund.
Answered by David Gauke
The Local Majors Fund supports local transport scheme bids which are too big to receive support from the Local Growth Fund. At the Spending Review in 2015, the Government announced the Local Majors Fund would comprise £475 million of funding over this Parliament. This Fund forms part of the Government’s commitment to infrastructure – over 3000 infrastructure projects have been delivered across the country since 2010.