Asked by: Claire Hanna (Social Democratic & Labour Party - Belfast South and Mid Down)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions she has had with regulators on ensuring that the insurance industry treats consumers equally in all regions.
Answered by Tulip Siddiq - Economic Secretary (HM Treasury)
Treasury Ministers and officials have regular meetings with a wide variety of organisations in the public and private sectors on an ongoing basis.
The Government is determined that insurers should treat all customers fairly and insurance companies are required to do so under the Financial Conduct Authority’s (FCA) rules.
The FCA is an independent body responsible for regulating and supervising the financial services industry across the United Kingdom and has robust powers to act against firms that fail to comply with its rules.
Asked by: Claire Hanna (Social Democratic & Labour Party - Belfast South and Mid Down)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she plans to review Insurance Premium Tax for car insurance.
Answered by Tulip Siddiq - Economic Secretary (HM Treasury)
IPT is a tax on general insurance premiums currently charged at two rates: a standard rate at 12%, including car insurance, and a higher rate at 20%.
The Chancellor makes decisions on tax policy at fiscal events.
Asked by: Claire Hanna (Social Democratic & Labour Party - Belfast South and Mid Down)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of establishing a (a) public banking ecosystem and (b) regional development bank in Northern Ireland.
Answered by Tulip Siddiq - Economic Secretary (HM Treasury)
There are no current plans for a regional development bank in Northern Ireland, however we look forward to working closely with the Northern Ireland Executive on our mission to deliver growth across the United Kingdom.
The Chancellor last week announced new plans to align key institutions under the National Wealth Fund that will boost growth and unlock investment. The National Wealth Fund will operate across the United Kingdom and Northern Ireland, and create a step change in our ability to mobilise private capital in the UK’s most important sectors and assets, supporting thousands of jobs across the country, and playing a central role in the government’s industrial strategy.
To ensure investments can start immediately, the National Wealth Fund will deploy funding through the UK Infrastructure Bank and draw on the capability of the British Business Bank, expanding its remit and providing an additional £7.3 billion to catalyse private investment at an even greater scale. Since inception, UKIB has successfully delivered many projects, for example, providing investment to support thousands of rural homes to access ultrafast broadband. The National Wealth Fund will continue to build on this excellent work.
Asked by: Claire Hanna (Social Democratic & Labour Party - Belfast South and Mid Down)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answers of 17 April 2024 to Question 21426 and 24 April 2024 to Question 22418 on Childcare: Taxation, if he will make a (a) comparative assessment of the average cost of childcare (i) when the tax-free childcare cap was set and (ii) at 24 April 2024 and (b) impact of that change on the effectiveness of tax-free childcare in supporting parents with costs.
Answered by Laura Trott - Shadow Chief Secretary to the Treasury
For Tax-Free Childcare, the £2 Government top-up for every £8 parents pay in, and the £2,000 cap on Government support which can be claimed per year and per child, were set at these levels because the Government believes they strike the right balance between helping parents with their childcare costs, and managing the public finances in a responsible way.
The Government keeps all aspects of childcare policy under review.
Asked by: Claire Hanna (Social Democratic & Labour Party - Belfast South and Mid Down)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what his planned timetable is for agreeing a new fiscal framework for Northern Ireland.
Answered by Laura Trott - Shadow Chief Secretary to the Treasury
As committed to in the financial package for the restored Northern Ireland Executive, the UK Government will agree a Fiscal Framework with the Northern Ireland Executive which will outline Northern Ireland’s long-term funding arrangements.
Since the restoration of the Northern Ireland Executive, constructive engagement on the Executive’s Fiscal Framework has taken place between HM Treasury and the Northern Ireland Department of Finance officials, and between myself and the Northern Ireland Finance Minister. My officials and I will continue this regular engagement to progress these negotiations at pace.
Asked by: Claire Hanna (Social Democratic & Labour Party - Belfast South and Mid Down)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when his Department commenced negotiations with the Northern Ireland Minister of Finance on a new fiscal framework for Northern Ireland.
Answered by Laura Trott - Shadow Chief Secretary to the Treasury
As committed to in the financial package for the restored Northern Ireland Executive, the UK Government will agree a Fiscal Framework with the Northern Ireland Executive which will outline Northern Ireland’s long-term funding arrangements.
Since the restoration of the Northern Ireland Executive, constructive engagement on the Executive’s Fiscal Framework has taken place between HM Treasury and the Northern Ireland Department of Finance officials, and between myself and the Northern Ireland Finance Minister. My officials and I will continue this regular engagement to progress these negotiations at pace.
Asked by: Claire Hanna (Social Democratic & Labour Party - Belfast South and Mid Down)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 17 April 2024 to Question 21426 on Childcare: Taxation, if he will make it his policy to increase the childcare tax free cap in line with inflation.
Answered by Laura Trott - Shadow Chief Secretary to the Treasury
The £2,000 Tax-Free Childcare top-up, which can be claimed per year and per child, was set at this level because the Government believes it strikes the right balance between helping parents with their childcare costs, and managing the public finances in a responsible way.
Asked by: Claire Hanna (Social Democratic & Labour Party - Belfast South and Mid Down)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make it his policy to review the (a) rate of and (b) threshold for Stamp Duty Land Tax in Northern Ireland in the context of trends in average house prices.
Answered by Nigel Huddleston - Shadow Financial Secretary (Treasury)
The government keeps all tax policy under review and changes are announced at a fiscal event as part of the normal tax policy making process.
Asked by: Claire Hanna (Social Democratic & Labour Party - Belfast South and Mid Down)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of increasing the childcare tax free cap.
Answered by Laura Trott - Shadow Chief Secretary to the Treasury
Tax-Free Childcare provides financial support for working parents with their childcare costs. For every £8 parents pay into their childcare account, the Government adds £2 up to a maximum of £2,000 in top up per year for each child up to age 11 and up to £4,000 per disabled child until they’re 17.
The Government recognizes the importance of supporting parents with the costs of childcare and continues to support families with a range of other childcare offers, including the free hours offer, and support through Universal Credit childcare.
Asked by: Claire Hanna (Social Democratic & Labour Party - Belfast South and Mid Down)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what capital projects supporting shared and integrated education have been agreed between the UK Government and the Northern Ireland Executive between 3 February and 24 February 2024.
Answered by Laura Trott - Shadow Chief Secretary to the Treasury
The release of UK Government capital funding to support shared and integrated education and housing is subject to individual projects being agreed between the Northern Ireland Executive and the UK Government.
HM Treasury continues to work with the Northern Ireland Executive on such projects.