Asked by: Fleur Anderson (Labour - Putney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what fiscal steps his Department is taking to help support people on lower incomes.
Answered by Nigel Huddleston - Shadow Secretary of State for Culture, Media and Sport
The government has supported people on lower incomes by increasing working age benefits by 6.7%; raising Local Housing Allowance to the 30th percentile of market rents with an average gain of £800, extending the Household Support Fund and increasing the National Living Wage by 9.8%.
The government has also maintained the triple lock, frozen fuel duty, removed Debt Relief Order fees and doubled the Budgeting Advance Loan repayment period.
Over 2022-23 and 2023-24, the government has provided support to help households with the cost of living totalling over £90 billion.
Asked by: Fleur Anderson (Labour - Putney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an estimate of the number of people who will need to sell their home to pay the loan charge.
Answered by Nigel Huddleston - Shadow Secretary of State for Culture, Media and Sport
HMRC will not force anyone to sell their main home or access their pension funds early to pay their Loan Charge or disguised remuneration debts.
Anyone who is concerned about their ability to pay what they owe should contact HMRC as soon as possible. HMRC can agree an affordable and sustainable instalment plan based on taxpayers’ specific circumstances and for as long as they need. HMRC can also refer taxpayers for free debt advice that is independent from HMRC.
Asked by: Fleur Anderson (Labour - Putney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many (a) promoters and (b) operators of schemes subject to the loan charge have been prosecuted.
Answered by Nigel Huddleston - Shadow Secretary of State for Culture, Media and Sport
I refer the hon. Member for Putney to the answer given on 8 February 2024 to Question UIN 12466.
Asked by: Fleur Anderson (Labour - Putney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, What recent steps his Department has taken to ensure that Equitable Life policyholders are reimbursed.
Answered by Bim Afolami
The Equitable Life Payment Scheme has been fully wound down and closed since 2016 and there are no plans to reopen any previous decisions relating to the Payment Scheme or review the £1.5 billion funding allocation previously made to it. Further guidance on the status of the Payment Scheme after closure is available at: https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme.
Asked by: Fleur Anderson (Labour - Putney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent assessment he has made with Cabinet colleagues of the potential impact of a central bank digital currency on (a) national security and (b) digital exclusion.
Answered by Bim Afolami
HM Treasury and the Bank of England will conduct a full examination of the benefits and risks of introducing a digital pound, including an assessment of any potential national security and digital exclusion impacts. This assessment will be made before any decision is taken on whether to build and introduce the digital pound, over the coming years.
Asked by: Fleur Anderson (Labour - Putney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if his Department will make an assessment of the potential merits of increasing the Lifetime ISA cap in line with increases in house prices since April 2017.
Answered by Bim Afolami
The Government is committed to supporting people of all incomes and at all stages of life to save, and to making the aspiration of home ownership a reality for as many households as possible.
If you are referring to the Lifetime ISA property price cap, the Government currently remains of the view that the Lifetime ISA property price cap is set at an appropriate level to support most first-time buyers across the UK while targeting households that may find it most difficult to get onto the property ladder.
Data from the latest UK House Price Index demonstrates that the average price paid by first-time buyers is below the LISA property price cap in all regions of the UK.
The Government keeps all aspects of savings tax policy under review and considers all representations made carefully, with any changes made as part of the Budget process.
Asked by: Fleur Anderson (Labour - Putney)
Question to the HM Treasury:
What recent assessment he has made of the potential impact of the Growth Plan of 23 September 2022 on mortgage rates.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
Over the course of 2022 high inflation from Putin’s illegal invasion of Ukraine saw interest rates increase across most Western Economies.
This is why the Prime Minister made halving inflation one of the Government’s five priorities this year. The latest Bank of England forecast shows we are on track to halve by the end of the year.
Asked by: Fleur Anderson (Labour - Putney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps HM Revenue and Customs is taking to reduce (a) the number of lost records, (b) other administrative errors and (c) IT problems.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
HMRC have IT programmes underway which will increase security, resiliency as well as providing stability and increase performance which will address any IT issues.
Asked by: Fleur Anderson (Labour - Putney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether the Government is taking steps to encourage private lenders to contribute to debt relief efforts for low-income countries facing debt crises.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
The UK, alongside the G20 and Paris Club, has been clear that private creditors are expected to participate in debt treatments on terms at least as favourable as bilateral (i.e. country) creditors.
More broadly, the UK has led on innovations to enhance the market-based approach to private debt restructuring, for example by developing new model ‘majority voting provisions’ for private syndicated loans. These promote more efficient restructurings and reduce the ability for creditors to hold out.
Asked by: Fleur Anderson (Labour - Putney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent steps the Government has taken to reduce the risk of money laundering through UK property ownership.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
The government recognises the money laundering risk associated with UK property, and since 2017 has required Estate Agents and legal professionals involved in the buying and selling of property to register for supervision under money laundering regulations.
Last year saw the UK take further significant action by introducing the Register of Overseas Entities, which requires overseas companies who own UK property to reveal their real identities.
Through the second Economic Crime Plan, the government has committed to taking further coordinated steps using our enhanced regulatory, supervisory and enforcement toolkit, to identify criminals more quickly and effectively and do more to hold them to account.