Asked by: Margaret Hodge (Labour - Barking)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will list the organisations that attended HMRC Stakeholder Conference 2024.
Answered by Nigel Huddleston - Financial Secretary (HM Treasury)
The HMRC Stakeholder Conference was attended by 184 external stakeholders from a range of sectors and organisations, including professional bodies, agents, business representative organisations, businesses, customs, and the voluntary and community sector.
Asked by: Clive Lewis (Labour - Norwich South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department has had discussions with the Bank of England on incorporating the impact of climate change in inflation modelling.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
The Treasury meet with the Bank of England regularly to discuss their assessment of the economy, inflation and the impact of shocks and structural trends, including climate change.
The Office for Budget Responsibility (OBR) is the government’s official forecaster. They published their latest assessment of the economic and fiscal outlook (EFO) which includes inflation on 6th March. The Fiscal risks and sustainability report, published in July 2023, included discussion of the long-term impact of climate change on the fiscal position.
The Bank of England has operational independence over monetary policy and publishes its own forecasts, including for inflation, in its quarterly Monetary Policy Report.
Asked by: Jonathan Gullis (Conservative - Stoke-on-Trent North)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what guidance HM Revenue and Customs has issued on to the sale of Right to Buy properties.
Answered by Nigel Huddleston - Financial Secretary (HM Treasury)
HMRC capital gains tax (CGT) guidance in connection with selling a home is available on GOV.UK at www.gov.uk/tax-sell-home.
Self-assessment Helpsheets 281 and 283 also contain information about the amount of CGT private residence relief available when a person sells a property that has been their only or main residence at some time during their ownership, including how the relief applies to married couples and civil partnerships. These are available, respectively, at www.gov.uk/government/publications/husband-and-wife-civil-partners-divorce-dissolution-and-separation-hs281-self-assessment-helpsheet and www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet.
More detailed information on CGT is available in HMRC’s Capital Gains Tax Manual at www.gov.uk/hmrc-internal-manuals/capital-gains-manual.
There are no separate CGT rules for properties acquired under the Right to Buy arrangements.
Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential impact of the conflict between Iran and Israel on (a) global economic stability, (b) oil prices and (c) inflation.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
HM Treasury is monitoring the situation closely following Iran’s attack against Israel. The UK is working urgently with our allies to de-escalate the situation.
The Office for Budget Responsibility (OBR) estimated the potential UK economic impacts of a widening of conflict in the Middle East in their March 2024 Economic and Fiscal Outlook (https://obr.uk/efo/economic-and-fiscal-outlook-march-2024/ ).
Asked by: Mark Pritchard (Conservative - The Wrekin)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will hold discussions with the Financial Conduct Authority on the additional costs to consumers of paying (a) vehicle and (b) household insurance in monthly instalments; and if he will make an assessment of the potential impact of such costs on people on lower incomes.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
Treasury Ministers and officials have regular meetings with a wide variety of organisations in the public and private sectors, including the financial services regulators, on an ongoing basis.
The Government does not prescribe the terms, conditions or price that insurance companies set when offering insurance. Insurers make commercial decisions about the pricing of insurance following their assessment of the relevant risks. The Government does not intervene in these decisions as this could damage competition in the market.
The Financial Conduct Authority (FCA) is the independent regulator responsible for supervising the insurance industry. The FCA requires firms to ensure their products offer fair value (i.e. if the price a consumer pays for a product or service is reasonable compared to the overall benefits they can expect to receive). The FCA has been clear that it will be monitoring firms to ensure they are providing products that are fair value, and, where necessary, it will take action.
Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to help ensure that the new regulatory framework for crypto assets and stablecoins will (a) enhance the UK's global competitiveness in fintech and (b) protect consumers from the volatility and risks associated with digital currencies.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what regulatory measures are in place to ensure the stability and security of investments in cryptocurrencies; and whether any additional measures are being considered.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he plans to issue any (a) guidance or (b) resources to help potential investors understand the risks and benefits associated with cryptocurrency investments.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department has made an estimate of (a) the role and (b) trends in the value of (i) bitcoin and (ii) other major cryptocurrencies in the economy in the next (A) five and (B) 10 years.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department has taken to support innovation in blockchain and cryptocurrency technologies while ensuring robust consumer protections.
Answered by Bim Afolami - Economic Secretary (HM Treasury)