Asked by: Bill Esterson (Labour - Sefton Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what progress he has made on the reform of the Consumer Credit Act 1974 announced on 16 June 2022.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
On 16th June, the government announced its intention to reform the Consumer Credit Act 1974 to ensure it remains fit for purpose and keeps pace with technological advancements and changing consumer needs.
Since this announcement, officials have engaged with a wide range of stakeholders across industry and consumer groups to seek initial views about the direction of reform. The government is currently working towards a public consultation on the approach to reform of the CCA, which it expects to be publish soon.
This will be followed by a period of policy development and further consultation with stakeholders. Implementation of the final approach will likely require primary legislation. This will be brought forward when parliamentary time allows.
Asked by: Bill Esterson (Labour - Sefton Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will bring forward legislative proposals to introduce tax credits for businesses that invest in research and development.
Answered by Lucy Frazer
The Government offers two separate Research and Development (R&D) tax reliefs, the Research and Development Expenditure Credit (RDEC) and an additional Corporation Tax deduction for Small and Medium-sized enterprises. Both are available to loss-makers as well as profit-makers.
The estimated total number of R&D tax credit claims for the year ending March 2020 was 85,900, with total support claimed £7.4 billion. This corresponds to £47.5 billion of R&D expenditure.
The Government is currently undertaking a review of the reliefs. The objectives of the review are to ensure the UK remains a competitive location for cutting edge research, that the reliefs continue to be fit for purpose, and that taxpayer money is effectively targeted.
Asked by: Bill Esterson (Labour - Sefton Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what plans he has to bring forward legislative proposals to introduce tax credits for Research and Development.
Answered by Lucy Frazer
The Government offers two separate Research and Development (R&D) tax reliefs, the Research and Development Expenditure Credit (RDEC) and an additional Corporation Tax deduction for Small and Medium-sized enterprises. Both are available to loss-makers as well as profit-makers.
The estimated total number of R&D tax credit claims for the year ending March 2020 was 85,900, with total support claimed £7.4 billion. This corresponds to £47.5 billion of R&D expenditure.
The Government is currently undertaking a review of the reliefs. The objectives of the review are to ensure the UK remains a competitive location for cutting edge research, that the reliefs continue to be fit for purpose, and that taxpayer money is effectively targeted.
Asked by: Bill Esterson (Labour - Sefton Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the effect of the suspension of trading shares in China's Evergrande on the global economy.
Answered by John Glen
I refer the Hon. Member to the answer that I gave on 22 September to the Hon. Member for Midlothian.Asked by: Bill Esterson (Labour - Sefton Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the effect of China's Evergrande suspending shares from trading and the potential collapse of the company on British businesses.
Answered by John Glen
I refer the Hon. Member to the answer that I gave on 22 September to the Hon. Member for Midlothian.