Asked by: Wes Streeting (Labour - Ilford North)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what the (a) total cost and (b) estimated financial benefit to doctors is of the policy to abolish the lifetime allowance on pension savings.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
As published on Budget Day, the total cost of the removal of the lifetime allowance charge from April 2023 and full abolition from April 2024 will be £2.75 billion over the scorecard period. This can be found on page 14 of the Policy Costings document.
Asked by: Wes Streeting (Labour - Ilford North)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential impact of the planned increase in National Insurance contributions on child poverty.
Answered by Simon Clarke
The government published distributional analysis on its plan for health and social care, alongside the announcement on 7 September. This showed that lower-income households will be large net beneficiaries from this package, with the poorest households gaining most (as a proportion of income).
Asked by: Wes Streeting (Labour - Ilford North)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate he has made of the amount of additional revenue that will be received as a result of his planned increase to National Insurance Contributions from (a) businesses and (b) individuals in Ilford North constituency.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
The final costing of the policy, as well as the impacts on individuals and businesses, are due to be set out in the upcoming Autumn Budget.
Asked by: Wes Streeting (Labour - Ilford North)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate he made of the number of (a) individuals and (b) businesses in Ilford North constituency that will be affected by the planned increase to National Insurance Contributions.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
The final costing of the policy, as well as the impacts on individuals and businesses, are due to be set out in the upcoming Autumn Budget.