Asked by: Lord McCrea of Magherafelt and Cookstown (Democratic Unionist Party - Life peer)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what further plans he has to protect vulnerable groups while tackling the deficit.
Answered by Priti Patel - Shadow Secretary of State for Foreign, Commonwealth and Development Affairs
The government is committed to a fair tax and benefit system where everyone contributes to reducing the deficit, and those with the most make the largest contribution. Our published distributional analysis confirms that the richest are continuing to contribute the most to consolidation, even as a share of income and benefits in kind. Our reforms to the tax and welfare system promote work and personal responsibility while protecting the most vulnerable members of society. For example, the government has protected people with disabilities by uprating disability benefits in line with CPI rather than 1 percent, has implemented the triple lock on the basic state pension to protect pensioner incomes throughout this parliament, and has implemented the pupil premium and extended the free school meals program to support disadvantaged children.
Asked by: Lord McCrea of Magherafelt and Cookstown (Democratic Unionist Party - Life peer)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what further steps he plans to take to encourage banks to lend money to small and medium-sized businesses.
Answered by Andrea Leadsom
The Government has taken significant action to increase bank lending to smaller businesses, such as through the Funding for Lending Scheme, and through supporting non-bank lending channels via the British Business Bank.
In Autumn 2013 a joint United Kingdom and Northern Ireland Ministerial Task Force was set up to look at ways to promote lending and increase support for businesses in Northern Ireland.
The Government is also implementing further major reforms to boost competition in the provision of smaller business finance through the Small Business, Enterprise and Employment Bill; these measures intend to improve access to SME Credit Information and to match SMEs rejected for SME finance with challenger banks and alternative finance providers that are looking to offer finance.
Asked by: Lord McCrea of Magherafelt and Cookstown (Democratic Unionist Party - Life peer)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what plans he has to decrease the price of fuel throughout the UK.
Answered by Priti Patel - Shadow Secretary of State for Foreign, Commonwealth and Development Affairs
Since 2011, the Government has taken action on fuel duty to support both households and businesses. As a result, pump prices will be nearly 20 pence per litre lower by the end of the parliament than they would have been under the previous government’s fuel duty plans.
In January 2013, the Office for Fair Trading published the results of a Call for Information to investigate whether or not competition problems existed in the road fuels market. This included investigating concerns that pump prices rise quickly when the wholesale price goes up but fall more slowly when it drops. Their analysis found very limited evidence of this, and in general, found that at a national level competition in the market is working well.
Asked by: Lord McCrea of Magherafelt and Cookstown (Democratic Unionist Party - Life peer)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what plans he has to increase opportunities for full-time employment across the UK.
Answered by Andrea Leadsom
The Government is committed to increasing the opportunities for full-time employment across the UK. That is why we introduced the Employment Allowance in April 2014 which entitles businesses and charities to a £2,000 allowance on their annual National Insurance contributions bill. The allowance is reducing the cost of employment, supporting small businesses aspiring to grow by hiring their first employee or expanding their workforce.
We are also abolishing Employer National Insurance contributions for under 21s on earnings up to £813 a week from April 2015 helping to support full-time employment for young people. The Government will of course continue to look at further ways to support full-time employment across the UK.
Asked by: Lord McCrea of Magherafelt and Cookstown (Democratic Unionist Party - Life peer)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will bring forward legislative proposals to permit parents to leave more of their own money to their children.
Answered by David Gauke
The Government has already taken steps to make it easier for parents to pass on more of their money to their children when the die.
From April 2015, individuals will be able to pass on their unused defined contribution pension to any nominated beneficiary when they die, rather than paying the 55% tax charge on inherited pensions which currently applies
If the individual dies before they reach the age of 75, the beneficiary will be able to access the funds completely tax free at any age. If the individual dies after they reach the age of 75, the beneficiary will be able to access the funds, at any age, subject their marginal rate of income tax. There will also be an option to receive the pension as a lump sum payment, subject to a tax charge of 45%.
These changes will be legislated for in the Taxation of Pensions Bill currently passing through the House.
Asked by: Lord McCrea of Magherafelt and Cookstown (Democratic Unionist Party - Life peer)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what proportion of self employed people are earning less than the personal allowance of £10,000.
Answered by David Gauke
Estimates for the number of self employed people earning less than the personal allowance of £10,000 for 2014-15 are not available.
The latest year for which estimates are available is 2011-12, where it is estimated that 1.94m (35%) of individuals with self employment income have total taxable income below the personal allowance of £7,475 for that tax year. These estimates are derived from table 3.6 and table 3.10 of the following publication, based on Survey of Personal Incomes (SPI) data for 2011-12.
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