Asked by: Alison Thewliss (Scottish National Party - Glasgow Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he is has contingency plans to reinstate the Coronavirus Job Retention Scheme in response to the spread of the omicron covid-19 variant.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
As we have done throughout the pandemic, we are closely monitoring the impact of COVID-19 on the economy. We will continue to respond proportionately to the changing path of the virus.
Since the start of the pandemic, the Government has a strong track record of responding quickly, flexibly, and comprehensively in supporting jobs, businesses, individuals, and families when needed.
The effectiveness of our £400 billion package of interventions since the start of the pandemic and the strength of the recovery that we have seen from previous waves means the economy is in a different place now.
Employee numbers are above February 2020 levels in every part of the country and have grown consistently through this year.
So, it is right that our economic response in the face of Omicron adapts too, and that our support is better targeted at the businesses that need it the most, providing better value for taxpayers and helping the economy to bounce back more quickly.
However, we recognise the impact that Omicron and Government guidance is having on businesses and individuals, which is why on 21 December 2021 we announced £1 billion of new grant support for the hospitality, leisure, and cultural sectors, and reintroduced the Statutory Sick Pay Rebate Scheme. This is on top of the existing package of support, in place through to Spring 2022, which includes the Recovery Loan Scheme, business rates relief, VAT reduction, and the ongoing commercial rent moratorium.
Asked by: Alison Thewliss (Scottish National Party - Glasgow Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what funding will be allocated to each of the devolved Administrations to help tackle the omicron covid-19 variant.
Answered by Simon Clarke
At Autumn Budget the UK Government confirmed the devolved administrations were receiving an extra £12.6 billion of Barnett-based funding this year.
On top of this, the UK Government has now confirmed a further £860 million to help the devolved administrations tackle the Omicron variant. This provides the devolved administrations with the certainty they requested to spend more money in advance of the usual process for confirming final Barnett consequentials in the coming weeks.
We have already doubled this new funding, from £430 million, and will continue to keep this under review.
Asked by: Alison Thewliss (Scottish National Party - Glasgow Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 10 November 2021 to Questions 68337 and 68338 on Banks: Corporation Tax, whether his Department has made an estimate of the potential impact of the increase in corporation tax on receipts solely from banks.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
No separate assessment of the increase in corporation tax receipts solely from banks has been made. HMRC does publish statistics on corporation tax receipts from banks, which can be found at this link:
https://www.gov.uk/government/collections/paye-and-corporation-tax-receipts-from-the-banking-sector
Asked by: Alison Thewliss (Scottish National Party - Glasgow Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the impact of the decrease in the bank surcharge on bank profits in each of the next ten financial years.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Exchequer impacts of the decrease in the Bank Surcharge rate announced 2021 Autumn Budget are set out in table 5.1 of the Autumn Budget and Spending Review document 2021.
https://www.gov.uk/government/publications/autumn-budget-and-spending-review-2021-documents
The Exchequer impacts assume that changing the tax rate will increase the incentive on banking companies to shift profits into the UK.
Asked by: Alison Thewliss (Scottish National Party - Glasgow Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the impact of the decrease in the bank surcharge on revenue in each of the next ten financial years.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Exchequer impacts of the decrease in the Bank Surcharge rate announced 2021 Autumn Budget are set out in table 5.1 of the Autumn Budget and Spending Review document 2021.
https://www.gov.uk/government/publications/autumn-budget-and-spending-review-2021-documents
The Exchequer impacts assume that changing the tax rate will increase the incentive on banking companies to shift profits into the UK.
Asked by: Alison Thewliss (Scottish National Party - Glasgow Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the potential impact of the decrease in the Bank Corporation Tax Surcharge in each of the next 10 financial years.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Exchequer impacts of the decrease in the Bank Surcharge rate announced 2021 Autumn Budget are set out in table 5.1 of the Autumn Budget and Spending Review document 2021.
https://www.gov.uk/government/publications/autumn-budget-and-spending-review-2021-documents
The Exchequer impacts assume that changing the tax rate will increase the incentive on banking companies to shift profits into the UK.
Asked by: Alison Thewliss (Scottish National Party - Glasgow Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the impact of the increase in corporation tax on UK bank profits in each of the next ten financial years.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Exchequer impacts of the increase in corporation taxes announced in the 2021 Spring Budget are set out in table 5.2 of the Autumn Budget and Spending Review document.
https://www.gov.uk/government/publications/autumn-budget-and-spending-review-2021-documents
Asked by: Alison Thewliss (Scottish National Party - Glasgow Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the impact of the increase in corporation tax on the revenue of UK banks in each of the next ten financial years.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Exchequer impacts of the increase in corporation taxes announced in the 2021 Spring Budget are set out in table 5.2 of the Autumn Budget and Spending Review document.
https://www.gov.uk/government/publications/autumn-budget-and-spending-review-2021-documents
Asked by: Alison Thewliss (Scottish National Party - Glasgow Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of cross-jurisdictional consistency when the Government implements the UK’s sustainability disclosure requirements.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Chancellor used his 2021 Mansion House speech to announce economy-wide Sustainability Disclosure Requirements for businesses and investment products to report on their impact on climate and the environment – and the risks and opportunities these pose to their business.
Cross-jurisdictional consistency and adopting international standards will form a key component of these requirements, which will streamline and build on existing sustainability reporting requirements such as our commitment to mandatory economy-wide disclosures aligned with the recommendations of the Task Force on Climate-related Financial Disclosures, where the UK is already a world-leader. The regime will also incorporate considerations around adopting the global corporate reporting standard for sustainability being developed by the International Financial Reporting Standards (IFRS) Foundation.
The Government intends to legislate to deliver this and will publish a Roadmap setting out its approach to green finance regulation ahead of COP26.
Asked by: Alison Thewliss (Scottish National Party - Glasgow Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when he plans to publish further detail on the UK sustainable fund disclosure framework, announced in his Mansion House Speech on 1 July 2021.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Chancellor used his 2021 Mansion House speech to announce economy-wide Sustainability Disclosure Requirements for businesses and investment products to report on their impact on climate and the environment – and the risks and opportunities these pose to their business.
Cross-jurisdictional consistency and adopting international standards will form a key component of these requirements, which will streamline and build on existing sustainability reporting requirements such as our commitment to mandatory economy-wide disclosures aligned with the recommendations of the Task Force on Climate-related Financial Disclosures, where the UK is already a world-leader. The regime will also incorporate considerations around adopting the global corporate reporting standard for sustainability being developed by the International Financial Reporting Standards (IFRS) Foundation.
The Government intends to legislate to deliver this and will publish a Roadmap setting out its approach to green finance regulation ahead of COP26.