Asked by: Andrea Jenkyns (Conservative - Morley and Outwood)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the implications for his Department's policies of comments by Lord King of Lothbury on the potential impact of the Bank of England's net zero policy on the level of inflation.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
The primary objective of the Monetary Policy Committee (MPC) is to maintain price stability. Its secondary objective, to support the economic policy of the Government, is subject to maintaining price stability.
Price stability is an essential pre-requisite for economic growth, and will remain the MPC’s primary objective when the Chancellor updates its remit alongside the Autumn Statement. It is for the MPC to judge how it sets monetary policy in line with its remit, and the MPC has our full support as it acts to return inflation to the 2% target.
Asked by: Andrea Jenkyns (Conservative - Morley and Outwood)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of simplifying tax rules to support subcontract use in the transport industry.
Answered by Jesse Norman
To maintain consistency and fairness across the tax system, subcontractors in the transport industry are subject to the same general tax rules as workers in other industries.
The Government keeps all parts of the tax system under review.
The Government has introduced a wider package of support worth billions to help businesses, including subcontractors, through the coronavirus period, which includes extensions to the furlough scheme; extensions to the COVID-19 loan schemes; grant support; enhanced Time to Pay for taxes; and VAT deferrals.
Asked by: Andrea Jenkyns (Conservative - Morley and Outwood)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many people in Morley and Outwood constituency have (a) applied for and (b) been successful in their application for the Self-Employed Income Support Scheme.
Answered by Jesse Norman
HMRC publish statistics on the Self-Employment Income Support Scheme (SEISS) on GOV.UK: https://www.gov.uk/government/statistics/self-employment-income-support-scheme-statistics-july-2021.
HMRC do not publish figures for the number of individuals that applied for the SEISS. As at 6 June 2021, 3,900 individuals successfully claimed a SEISS grant in Morley and Outwood constituency.
Asked by: Andrea Jenkyns (Conservative - Morley and Outwood)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many people were in receipt of support from the Coronavirus Job Retention Scheme in (a) Morley and Outwood constituency and (b) West Yorkshire as at 1 July 2021.
Answered by Jesse Norman
HM Revenue and Customs publish statistics on the Coronavirus Job Retention Scheme regularly. The latest statistics were published on 1 July 2021 and can be found on GOV.UK.
These statistics, the latest available, report that on 31 May 2021 there were (a) 3,200 employments on furlough where the employee was resident in Morley and Outwood constituency, and (b) 72,200 employments on furlough where the employee was resident in the West Yorkshire Metropolitan Area. Employees can have more than one furloughed employment. These are provisional figures.
Asked by: Andrea Jenkyns (Conservative - Morley and Outwood)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many businesses have received support through the Coronavirus Job Retention Scheme in Morley and Outwood constituency to date.
Answered by Jesse Norman
HM Revenue and Customs publish statistics on the Coronavirus Job Retention Scheme (CJRS) regularly. The latest statistics were published on 1 July 2021.
These statistics report that a cumulative total of 18,200 employments have been put on furlough at various times since the start of the CJRS where the employee was resident in Morley and Outwood constituency. This is based on claims made by 14 June 2021.
Figures for the number of businesses claiming support through the CJRS by Parliamentary constituency are not available. The registered address for PAYE schemes making CJRS claims is often different from the workplace, particularly for larger firms with a few PAYE schemes covering thousands of employees. Parliamentary constituency figures based on PAYE scheme addresses are therefore likely to be inaccurate.
Asked by: Andrea Jenkyns (Conservative - Morley and Outwood)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what progress his Department has made on pursuing reform of financial services regulation to support participation in growing markets in Asia.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
HM Treasury engages with a range of countries in Asia through established and regular economic and/or financial dialogues, where financial services regulation is a key theme. This encompasses Economic and Financial Dialogues with China and India, and Financial Dialogues with Hong Kong, Japan, Singapore and South Korea. Through these dialogues HM Treasury has built new and deeper financial services relationships with Asia’s financial centres, helping to facilitate the participation of firms in our respective jurisdictions and to agree new market connectivity initiatives. The UK’s cooperation with Japan has also been enhanced via the UK-Japan Comprehensive Economic Partnership. Where applicable additional information about these dialogues is published on www.gov.uk, including the via joint outcomes statements and in HM Treasury’s annual reports.
Asked by: Andrea Jenkyns (Conservative - Morley and Outwood)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what plans his Department has to simplify the tax code (a) in general and (b) for SMEs.
Answered by Jesse Norman
The Government is committed to a tax system that is simple to understand and easy to comply with for all its users, while also tackling avoidance and evasion and ensuring fairness.
Since 2010, the Office of Tax Simplification (OTS) has offered independent advice and recommendations on making the tax system simpler and easier to interact with for taxpayers. In March 2021, the Government commenced the first statutory five-year review of the OTS, to ensure it is as effective as possible.
Changes to the tax system can have a wide impact, and so any reform needs to be well planned, incorporating the wider views of its users. As such, the Government published a call for evidence in March 2021, seeking input on how to modernise the tax administration framework, as part of the 10-year Tax Administration Strategy.
Asked by: Andrea Jenkyns (Conservative - Morley and Outwood)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to support businesses with high capital investments apart from the super-deduction of capital gains tax.
Answered by Jesse Norman
The super-deduction reduces the corporation tax bill of companies that invest. Therefore, it is separate to the capital gains tax regime.
HM Treasury have published a factsheet on the super-deduction that also explains what capital expenditure qualifies for the different reliefs in the capital allowance regime. The factsheet can be found here: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/967202/Super_deduction_factsheet.pdf.
Asked by: Andrea Jenkyns (Conservative - Morley and Outwood)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of reintroducing the Eat Out to Help Out scheme, once hospitality businesses are allowed to reopen.
Answered by Kemi Badenoch - President of the Board of Trade
The Government understands this is a challenging time for the UK’s hospitality sector.
The best way the Government can support businesses in the hospitality sector, is by reopening businesses that are closed when it is safe to do so. However, the Government will continue to monitor developments, engage with the sector and keep under review the case for further interventions to support business growth and employment in the sector.
Asked by: Andrea Jenkyns (Conservative - Morley and Outwood)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to support money advice organisations in communities.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
In January 2019 the Government established the Money and Pensions Service (MaPS) with the objectives to simplify the existing public financial guidance landscape and offer more holistic support to consumers. MaPS brings together the functions of the three former organisations that provided free-to-use financial guidance: the Money Advice Service, The Pensions Advisory Service and Pension Wise.
The Government is committed to helping people access money guidance when they need it and recognises the impact of the pandemic on people’s personal finances.
MaPS partners with local money guidance organisations and signposts to them through its website and its online Money Navigator Tool. This tool was developed in response to the Covid-19 pandemic and was launched in June 2020; it provides financial guidance tailored to individual needs.