Asked by: Jack Lopresti (Conservative - Filton and Bradley Stoke)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate he has made of the UK's (a) payments to the EU, (b) receipts through EU schemes and (c) receipts through the UK rebate in each year between 2020 and 2030.
Answered by David Gauke
HM Treasury’s approach to estimating the net cost of the EU budget to the UK over the long term is set out in Annex B of HM Treasury Analysis: the long-term economic impact of EU membership and the alternatives, publicly available at the following link:
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/517415/treasury_analysis_economic_impact_of_eu_membership_web.pdf
Asked by: Jack Lopresti (Conservative - Filton and Bradley Stoke)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how many officials work in his Department's Referendum Unit; and what the estimated cost of that unit is.
Answered by David Gauke
The Treasury does not have a Referendum Unit. The Treasury is appropriately resourced to support the Government’s priorities in Europe.
Asked by: Jack Lopresti (Conservative - Filton and Bradley Stoke)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential effect on the UK public finances of fluctuations in the Pound Sterling-Euro exchange rate causing a decrease in funding received by the UK from EU funding schemes; and what contingencies he has arranged for such circumstances.
Answered by David Gauke
HM Treasury receives no funds from the EU budget. A portion of the overall EU funding received by the UK is paid through government bodies. Managing the impact of exchange rate fluctuations is part of the normal responsibilities of the relevant managing authorities, following standard practice laid out by HM Treasury in Managing Public Money. Further detail on managing risk relating to foreign exchange is available on page 173 of that document, available online: www.gov.uk/government/uploads/system/uploads/attachment_data/file/454191/Managing_Public_Money_AA_v2_-jan15.pdf.”
Asked by: Jack Lopresti (Conservative - Filton and Bradley Stoke)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential effect on the UK public finances of fluctuations in the Pound Sterling-Euro exchange rate causing an increase in the amount of the UK's contribution to the EU budget; and what contingencies he has arranged for such circumstances.
Answered by David Gauke
Member States’ contributions to the EU Budget are made in national currency based on an exchange rate fixed on the last working day before the start of the EU Budget year. There are no subsequent fluctuations to that exchange rate.
Asked by: Jack Lopresti (Conservative - Filton and Bradley Stoke)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what fiscal steps he is taking to help people keep more of their earnings.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
At Budget 2016 the Government increased the personal allowance to £11,500 and raised the higher rate threshold to £45,000 in 2017-18.
31 million people will pay less tax after these changes, with a typical basic rate taxpayer paying over £1,000 less income tax in 2017-18 than in 2010-11.