Asked by: Ruth Jones (Labour - Newport West and Islwyn)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the impact of increases in mortgage interest rates on homeowners in Newport West.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
The pricing and availability of mortgages is a commercial decision for lenders in which the Government does not intervene. However, we recognise this is a concerning time for mortgage borrowers.
The Prime Minister has been clear, the best and most important way that we can keep costs and interest rates down for people is to halve inflation, and then return it to the 2% target.
On Friday 23 June the Chancellor met with mortgage lenders, UK Finance and the Financial Conduct Authority (FCA) to discuss how lenders will provide support for those who encounter problems keeping up with their mortgage payments. At this meeting, lenders agreed to a new Mortgage Charter to support borrowers struggling with their mortgage payments that was published on 26 June. The Charter sets out the standards signatory lenders will adopt when helping their customers, including new flexibilities to help customers manage their mortgage payments over a short period.
The Charter is in addition to the significant safeguards already in place for consumers in the mortgage market. Financial Conduct Authority rules require lenders to engage individually with their customers who are struggling or who are worried about their payments in order to provide tailored support. The Government has also taken measures aimed at helping people to avoid repossession, including Support for Mortgage Interest (SMI) loans, protection in the courts through the Pre-Action Protocol, and the Housing Loss Prevention Advice Service (HLPAS).
Asked by: Ruth Jones (Labour - Newport West and Islwyn)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he is taking to implement the recommendations of the G20 Independent Review of Multilateral Development Banks’ Capital Adequacy Frameworks.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
The Government is highly supportive of the recommendations of the G20 Independent Review of Multilateral Development Banks’ (MDBs) Capital Adequacy Frameworks, which is expected to unlock hundreds of billions of dollars of additional financing for developing countries, vital in helping to deliver against the Sustainable Development Goals and climate change objectives. Alongside FCDO ministerial colleagues, the Chancellor has been working closely with G20 counterparts to ensure that MDBs begin to analyse and agree reforms. In July, the Chancellor was pleased to endorse the G20 Roadmap for implementing these reforms, drawing attention to the initial $200bn of additional lending headroom which could be unlocked over the next 10 years from reforms agreed or being considered this year, whilst encouraging further ambitious implementation beyond this. We have seen some excellent progress, but more must be done to achieve the significant potential of this review and the Government will continue to pursue this.
Asked by: Ruth Jones (Labour - Newport West and Islwyn)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he plans to publish the consultation on mass balance and calculating recycled content within the Plastic Packaging Tax before 20 July 2023.
Answered by Gareth Davies - Shadow Minister (Business and Trade)
To signal support for the developing chemical recycling sector, at Tax Administration and Maintenance Day the government announced a consultation on allowing a mass balance approach for calculating recycled content in packaging made from chemically recycled plastic, for the purposes of the Plastic Packaging Tax. The government also confirmed the consultation would be published this year and will provide further information in due course.
The government is committed to developing an approach which supports the commercialisation of the UK chemical recycling sector, whilst maintaining the integrity and supporting the objectives of the Plastic Packaging Tax.
Asked by: Ruth Jones (Labour - Newport West and Islwyn)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when he plans to launch a consultation on mass balance and calculating recycled content within the Plastic Packaging Tax.
Answered by Gareth Davies - Shadow Minister (Business and Trade)
The government announced it will consult on allowing a mass balance approach for calculating the proportion of recycled content in chemically recycled plastics, for the purposes of the Plastic Packaging Tax.
This demonstrates the government’s commitment to developing the tax to ensure it supports the commercialisation of the UK chemical recycling sector, whilst continuing to encourage manufacturers and importers to use more recycled plastic in packaging.
The consultation will be published later this year.
Asked by: Ruth Jones (Labour - Newport West and Islwyn)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent fiscal steps he has taken to support businesses in Newport West constituency.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
Businesses in Newport West, as well as those across Wales and the UK, stand to gain significantly from the numerous business support measures announced at Spring Budget.
In particular, full expensing for investment in qualifying plant and machinery investment, until March 2026, amounts to a £27 billion tax cut for companies. Approximately 220,000 Welsh SMEs could also benefit from the government's plans to simplify the tax system. This is on top of the additional £180 million in Welsh Government funding through the Barnett formula, which can be used to support businesses.
The Government is committed to making the UK the best place to do business in the world and Newport West’s businesses stand to benefit from these fiscal steps.
Asked by: Ruth Jones (Labour - Newport West and Islwyn)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent discussions he has had with His Majesty’s Revenue and Customs on ensuring effective delivery of the Single Trade Window.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
HM Treasury has worked closely with HMRC on the design and delivery of the new Single Trade Window and the timetable for its implementation. Further details on the delivery of the service, and its role in supporting trade and the wider economy, is set out in the Border Target Operating Model, published on 5 April 2023.
Asked by: Ruth Jones (Labour - Newport West and Islwyn)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will publish his Department's rationale for instigating the development of a Royal Mint non-fungible token.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
The Royal Mint is not proceeding with the launch of an NFT at this time but will keep this proposal under review.
The Royal Mint operates as a commercial business and any cost associated with developing the project was met entirely out of the Royal Mint’s own revenues. No taxpayer money has been directly used to fund the project.
Asked by: Ruth Jones (Labour - Newport West and Islwyn)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how much the Treasury spent in total on the creation of a Royal Mint non-fungible token.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
The Royal Mint is not proceeding with the launch of an NFT at this time but will keep this proposal under review.
The Royal Mint operates as a commercial business and any cost associated with developing the project was met entirely out of the Royal Mint’s own revenues. No taxpayer money has been directly used to fund the project.
Asked by: Ruth Jones (Labour - Newport West and Islwyn)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to paragraph 4.152 of the Spring Budget 2023, HC1183, published on 15 March 2023, what assessment he has made of the impact of the budget's measures on helping people into employment on labour shortages in the retrofit sector.
Answered by James Cartlidge - Shadow Secretary of State for Defence
At Spring Budget 2023 the Government announced a comprehensive package to help increase employment through tackling inactivity, removing barriers that prevent people from working, and supporting them into the labour force.
The Office for Budget Responsibility (OBR) expects this package to result in 110,000 more individuals in the labour market by the end of the forecast period in 2027/28. Helping more individuals into employment will help address labour shortages across all UK sectors and industries.
Also in March, the Department for Energy Security and Net Zero announced a new £5 million Heat Training Grant to support 10,000 trainees over the next 2 years to become low carbon heating experts.
Asked by: Ruth Jones (Labour - Newport West and Islwyn)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent discussions he has had with Ministers in the Welsh Government on ensuring adequate levels of funding for public services in Wales; and if he will make a statement.
Answered by John Glen
The Welsh Government is well-funded to deliver public services in Wales. The 2021 Spending Review set the largest annual block grants, in real terms, of any spending review settlement since the devolution Acts. This provided £18 billion per year for the Welsh Government. This settlement is still growing in real terms this year, and over the three-year spending review period, despite inflation being higher than expected.
In addition, Autumn Statement decisions are increasing Welsh Government funding by around £1.2 billion over 2023-24 and 2024-25. This means the Welsh Government is receiving around 20% more funding per person than equivalent UK Government spending in other parts of the UK. The Welsh Government also has its own tax powers if it wants to increase spending further.
The Welsh Government and HM Treasury regularly discuss funding issues throughout the year. I have met with the Welsh Government’s Minister for Finance and Local Government three times since I have been in post, most recently on Thursday 17 November.