Asked by: Steve Witherden (Labour - Montgomeryshire and Glyndwr)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential merits of widening the eligibility criteria for organisations seeking to engage with the HMRC Wealthy External Forum.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The Wealthy External Forum (WEF) is a joint forum between HMRC and a cross-section of professional bodies representing wealthy individuals.
The WEF is focused on discussing the operational processes and technical tax issues that impact wealthy customers. It is not a decision-making body.
Details of the forum, its membership and records of meetings are published on gov.uk: Wealthy External Forum - GOV.UK
The Wealthy External Forum is one of a number of HMRC Stakeholder Forums. This network of forums ensures that HMRC consults with a wide range of external stakeholders.
Asked by: Steve Witherden (Labour - Montgomeryshire and Glyndwr)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment her Department has made of the cost to (a) the public purse (b) businesses and (c) individual people from climate change.
Answered by Emma Reynolds - Economic Secretary (HM Treasury)
Illustrative analysis in the Office for Budget Responsibility's 2024 Fiscal Risks and Sustainability Report suggests that UK GDP could be around 3% lower by 2074 under a below 2°C warming scenario and around 5% lower under a below 3°C warming scenario. The publicly available report contains further analysis of the fiscal impact of climate change as well as impacts affecting businesses and individuals such as labour productivity and health.
This Government is committed to mitigating the negative impacts of climate change. The transition to net zero will support the creation of jobs across the UK, protect the economy from future price shocks and deliver a range of social and health benefits.
Asked by: Steve Witherden (Labour - Montgomeryshire and Glyndwr)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of climate change on economic growth.
Answered by Emma Reynolds - Economic Secretary (HM Treasury)
Illustrative analysis in the Office for Budget Responsibility's 2024 Fiscal Risks and Sustainability Report suggests that UK GDP could be around 3% lower by 2074 under a below 2°C warming scenario and around 5% lower under a below 3°C warming scenario. The publicly available report contains further analysis of the fiscal impact of climate change as well as impacts affecting businesses and individuals such as labour productivity and health.
This Government is committed to mitigating the negative impacts of climate change. The transition to net zero will support the creation of jobs across the UK, protect the economy from future price shocks and deliver a range of social and health benefits.
Asked by: Steve Witherden (Labour - Montgomeryshire and Glyndwr)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions she has had with the Welsh Government on the potential merits of providing support for the delivery of social homes in Wales through (a) increased capital funding and (b) expanded borrowing powers.
Answered by Darren Jones - Chief Secretary to the Treasury
We remain committed to working in partnership with the Welsh Government to ensure the Fiscal Framework, which sets out their borrowing arrangements, continues to deliver value for money while upholding our shared commitment to fiscal responsibility. Discussions regarding the Welsh Government’s request to amend the budget management tools outlined in the Framework are ongoing.
As set out in the Welsh Government Fiscal Framework agreed in 2016, a full review is triggered if the Welsh Government’s relative funding falls below 115% of equivalent UK Government spending per head in the rest of the UK.
The Welsh Government is currently receiving at least 20% more per person than equivalent UK Government spending in the rest of the UK. That translates into over £8.5 billion more in 2025-26.
It is for the Welsh Government to allocate its funding in devolved areas, including social housing, as it sees fit. It can therefore take its own decisions on managing and investing available resources, reflecting its own priorities and local circumstances, and it is accountable to the Senedd for these decisions.
Asked by: Steve Witherden (Labour - Montgomeryshire and Glyndwr)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the Carbon Border Adjustment Mechanism on foundry businesses (a) in Montgomeryshire and Glyndŵr constituency and (b) nationally.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The government will introduce the UK Carbon Border Adjustment Mechanism (CBAM) on 1 January 2027.
The UK CBAM will ensure highly traded, carbon intensive products from overseas face a comparable carbon price to those produced here so that UK decarbonisation efforts lead to a true reduction in global emissions rather than simply displacing carbon emissions overseas.
The CBAM will apply to all imports of relevant goods into the UK, and will have indirect differential regional impacts due to the location of impacted sectors. Both nationally and in Montgomeryshire and Glyndŵr, the CBAM will give industry confidence to invest in decarbonising knowing their efforts will not be undermined by carbon leakage. An assessment of CBAM impacts on the economy and businesses will be provided when the policy is final or near final, in the form of a tax information and impact note.
Asked by: Steve Witherden (Labour - Montgomeryshire and Glyndwr)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential merits of removing Value Added Tax from automated external defibrillators.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The Government currently provides VAT reliefs to aid the purchase of defibrillators. For example, when an AED is purchased with funds provided by a charity and then donated to an eligible body, no VAT is charged. Furthermore, all state schools in England have been fitted with AEDs.
A key consideration for any potential VAT relief is whether savings would be passed on to the consumer. Evidence suggests that businesses only partially pass on any savings from lower VAT rates.