Asked by: Rachel Reeves (Labour - Leeds West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what projection his Department has made of the number of households on the electricity grid in Great Britain in (a) 2022-23, (b) 2023-24, (c) 2024-25, (d) 2025-26, (e) 2027-28 and (f) 2028-29.
Answered by Helen Whately - Minister of State (Department of Health and Social Care)
Based on ONS Household projects, the number of domestic energy customers is expected to grow by around 200,000 per year up to 2029.
Asked by: Rachel Reeves (Labour - Leeds West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate he has made of how much a single household of four people in 2022-23 would receive from the Energy Bill Discount Scheme in that year; and if that household subsequently split into four households of one person each from financial year 2023-24 onward, how much they would be paying in that year and each subsequent year via the increase in standing charge.
Answered by Helen Whately - Minister of State (Department of Health and Social Care)
In recognition of the increase in energy costs and the impact this will have on households, the government is providing significant financial support – up to £350 – to the majority of households. One element of this is the £200 reduction for every electricity customer in Great Britain delivered via their energy bill this autumn.
We expect households will pay this back from 2023 – when energy prices are expected to be lower - through an increase to standing charges on their bills of around £40 per annum over five years.
This approach is fiscally responsible while also helping customers manage the unprecedented increase in energy bills by spreading the increased costs of global prices over time. The policy will provide a significant reduction to bills this year whilst gas prices are at historic highs.
There will be cases where changes in people’s personal circumstances at the time mean they may not directly be the recipient of the reduction, but still see increases in future bills. The government will look at these issues further through a public consultation run by the Department for Business Energy and Industrial Strategy (BEIS) in the spring, but to spread the cost of the reduction as widely as possible, all domestic energy consumers are expected to contribute to future repayments.
Asked by: Rachel Reeves (Labour - Leeds West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate he has made of the amount that a household of two people would receive from the energy bill discount scheme in 2022-23; what estimate he has made of the amount that they would pay in (a) 2022-23 and (b) in each of the next five years in respect of the increase in standing charge in the event that they subsequently split into two households of one person from the financial year 2023-24 onwards.
Answered by Helen Whately - Minister of State (Department of Health and Social Care)
In recognition of the increase in energy costs and the impact this will have on households, the government is providing significant financial support – up to £350 – to the majority of households. One element of this is the £200 reduction for every electricity customer in Great Britain delivered via their energy bill this autumn.
We expect households will pay this back from 2023 – when energy prices are expected to be lower - through an increase to standing charges on their bills of around £40 per annum over five years.
This approach is fiscally responsible while also helping customers manage the unprecedented increase in energy bills by spreading the increased costs of global prices over time. The policy will provide a significant reduction to bills this year whilst gas prices are at historic highs.
There will be cases where changes in people’s personal circumstances at the time mean they may not directly be the recipient of the reduction, but still see increases in future bills. The government will look at these issues further through a public consultation run by the Department for Business Energy and Industrial Strategy (BEIS) in the spring, but to spread the cost of the reduction as widely as possible, all domestic energy consumers are expected to contribute to future repayments.
Asked by: Rachel Reeves (Labour - Leeds West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate his Department has made of the number of households that will receive support via the £144 million of discretionary funding for people not automatically eligible for the council tax rebate announced on the 3 February 2022, in total and broken down by those living in (a) council tax band E to H and (b) council tax bands A to D who are exempt from council tax.
Answered by Simon Clarke
The government recognises that local authorities are best placed to determine who requires further support – that is why we are giving them the flexibility to determine how to target support within the £144m of discretionary funding. This is in addition to the 80% of households supported by the Council Tax Energy Rebate for council tax billpayers in bands A-D.
Asked by: Rachel Reeves (Labour - Leeds West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment his Department has made of the estimated value of cryptocurrencies and other cryptoassets held in the UK by (a) households, (b) non-financial businesses, (c) financial businesses and (d) other organisations; and if he will place a copy of those estimates in the Library.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Bank of England’s Financial Policy Committee (FPC) noted in its December 2021 Financial Stability Report that direct risks to the stability of the UK financial system from cryptoassets are currently limited. However, it also noted at the current rapid pace of growth, and as these assets become more interconnected with the wider financial system, cryptoassets will present a number of financial stability risks.
The Chancellor laid the Financial Stability report in Parliament on the 14th December.
The Financial Conduct Authority (FCA) published consumer research in June 2021, which offered insight into the cryptoassets market in the UK. The FCA found that 4.4% of UK adults currently hold cryptocurrency, or approximately 2.3 million consumers. The FCA also found that the median value of holdings of crypto owners was £300, and 47% of crypto owners (who chose to declare their holdings) had £260 or less in crypto.
According to the December 2021 Financial Stability Report, no major UK banks have reported having direct exposures to cryptoassets as yet, some UK and global banks are starting to offer a variety of services, such as cryptoasset derivatives trading, and custody services.
The UK authorities continue to monitor developments in this area very closely and have already taken a series of actions to support innovation while mitigating risks to stability and market integrity. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020; consulting on proposals to ensure cryptoasset promotions are fair, clear and not misleading; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue responses to the consultations shortly.
Asked by: Rachel Reeves (Labour - Leeds West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential risks to financial stability of the growth in cryptocurrency and other cryptoasset holdings; and if he will place a copy of that assessment in the Library.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Bank of England’s Financial Policy Committee (FPC) noted in its December 2021 Financial Stability Report that direct risks to the stability of the UK financial system from cryptoassets are currently limited. However, it also noted at the current rapid pace of growth, and as these assets become more interconnected with the wider financial system, cryptoassets will present a number of financial stability risks.
The Chancellor laid the Financial Stability report in Parliament on the 14th December.
The Financial Conduct Authority (FCA) published consumer research in June 2021, which offered insight into the cryptoassets market in the UK. The FCA found that 4.4% of UK adults currently hold cryptocurrency, or approximately 2.3 million consumers. The FCA also found that the median value of holdings of crypto owners was £300, and 47% of crypto owners (who chose to declare their holdings) had £260 or less in crypto.
According to the December 2021 Financial Stability Report, no major UK banks have reported having direct exposures to cryptoassets as yet, some UK and global banks are starting to offer a variety of services, such as cryptoasset derivatives trading, and custody services.
The UK authorities continue to monitor developments in this area very closely and have already taken a series of actions to support innovation while mitigating risks to stability and market integrity. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020; consulting on proposals to ensure cryptoasset promotions are fair, clear and not misleading; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue responses to the consultations shortly.
Asked by: Rachel Reeves (Labour - Leeds West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many individual (a) supermarket, (b) retail warehouse and parks, (c) shopping centre and (d) shops properties there are in (i) each English region and (b) England; and what the rateable value is of those properties is.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
Data broken down into each of the specific categories requested is not available. However, the Valuation Office Agency publishes its non-domestic stock of properties here: http://www.gov.uk/government/statistics/non-domestic-rating-stock-of-properties-including-business-floorspace-2021
Relevant data by Special Category (SCAat) Code for retail premises, large food stores/superstores and shops can be found here: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/992133/NDR_Stock_of_Properties_Tables_RV_bands_by_area_2021.zip
This links to a number of files, including two which provide relevant data by SCat code for English region, and for England:
Asked by: Rachel Reeves (Labour - Leeds West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what the changes in total rateable values were between the 2010 and 2017 rating lists (a) in total, (b) for retail, (c) for office and (d) for warehouse, industrial and factory properties in (i) each standard English region and (ii) England as a whole.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
Data showing changes in the rateable values of non-domestic business properties by region, billing authority, and sector, resulting from work carried out for Revaluation 2017, is available here: www.gov.uk/government/statistics/non-domestic-rating-change-in-rateable-value-of-rating-lists-england-and-wales-2017-revaluation.
Asked by: Rachel Reeves (Labour - Leeds West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an estimate of at what percentage of turnover the estimated receipts to the Exchequer for an Online Sales Tax would equal the total business rates payable on retail property.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
At Autumn Budget 2021, the Government announced that it will continue to explore the arguments for and against an Online Sales Tax, the revenue from which would be used to provide business rates relief for in-store retail. The consultation will launch in the new year.
If the Government decides to proceed with such a tax, it will assess any effects on the public finances, including business rates, once the final policy decisions have been reached.
Asked by: Rachel Reeves (Labour - Leeds West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate he has made of the percentage changes in the rateable values between 1 April 2015 and 1 April 2021 on average for the same (a) warehouse, industrial and factory, (b) office, (c) retail, (d) hospitality and (e) leisure properties on both of those dates in England.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
The Valuation Office Agency (VOA) is currently collecting information and assessing valuations for the 2023 Rating List. As this work is ongoing, the VOA does not yet hold estimates on the percentage changes in rateable values. Once the revaluation exercise is complete, a draft Rating List will be published. This is expected to be published in late 2022.