Asked by: Baroness McGregor-Smith (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government why they are increasing the income threshold for high net worth individuals from £100,000 to £170,000; what forecast they have made of the impact of these changes on the numbers of women who may qualify; and what forecast they have made of the impact of these changes on women’s economic parity in the UK.
Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)
The changes to the financial promotion exemptions that came into force on 31 January 2024 were subject to a public consultation which closed in March 2022. Impacts of the proposals were considered, and a consultation response and de minimis impact assessment were published alongside the final reforms. The changes made aimed to both reduce the risk of consumer detriment and preserve the ability of SMEs to raise finance under the exemptions.
However, the Government recognises the significant concerns that have been raised recently about these changes. The Economic Secretary met last week with the angel investing sector and listened carefully to the representations made, and the Government is working closely with the sector to address the concerns raised.
Asked by: Baroness McGregor-Smith (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government what assessment they have made of the economic impact of the Health Protection (Coronavirus, Restrictions) (England) (No.4) Regulations 2020.
Answered by Lord Agnew of Oulton
As the Chancellor said in his letter to the TSC on 4 November, HM Treasury does not prepare formal forecasts for the UK economy, which are the responsibility of the independent OBR. They will publish their next forecast on 25 November.
In addition, within their statutory mandates, the Bank of England’s Monetary Policy Committee (MPC) produce analysis which reflect their independent judgements regarding the impact of Covid-19 on the likely path of the economy. They updated their projections in their Monetary Policy Report published on 5 November. This reflected UK restrictions announced up to 31 October, including “heightened England-wide measures for the period 5 November to 2 December”. In this scenario, GDP was revised downwards and is now expected to contract by 2% in Q4 reflecting the impact of stricter measures to control Covid-19.
Asked by: Baroness McGregor-Smith (Non-affiliated - Life peer)
Question to the HM Treasury:
Her Majesty's Government whether the pay cap for civil service employees will be lifted; and if so, when this will happen.
Answered by Lord Young of Cookham
I refer to exchanges in the other place made by the Chancellor regarding the public sector pay cap during the debate on the Queen’s speech on 29th June (HC Deb, 29 June 2017, vol. 626, cols 788-789). During those exchanges, the Chancellor stated that the Government’s public sector pay policy remains unchanged. The pay policy has always been designed to strike the right balance between being fair to our public servants and being fair to those who pay for them. That approach has not changed and we continually assess that balance.