Asked by: John Glen (Conservative - Salisbury)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the UK Government Green Financing Framework, published in June 2021, whether it remains her Department's policy that funding should not be provided for the development of green technologies in the defence industry.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
The principles of the Green Financing Programme are set out in the Green Financing Framework, published in June 2021. The Framework explains how proceeds from green gilts and NS&I’s retail Green Savings Bonds will finance green expenditures to help tackle climate change, biodiversity loss, and other environmental challenges, while creating green jobs across the UK. It also includes guidelines on the types of expenditures that can be included in the Programme.
The previous Government decided to exclude financing weapons in its Green Financing Framework, alongside other named exclusions. The international convention is to exclude weapons for green bond frameworks. In line with other sovereign green bond issuers and international best practices, the UK Government Green Financing Framework was designed to align with the International Capital Markets Association (ICMA) Green Bond Principles. This approach enables the UK’s green gilts to be accessible to the greatest possible pool of investors, improving value-for-money.
Green gilts and Green Savings Bonds finance public expenditures that can demonstrate a direct and positive environmental impact. Eligible expenditures are drawn from departments’ confirmed settlements in the Spending Review and assessed on the basis of their contribution to the Government’s climate and environmental objectives.
The Green Financing Framework does not underpin how Government expenditure decisions are made. As the PM has announced to Parliament on Tuesday 25 February, we will reach 2.5% of GDP expenditure on defence in 27-28.
Asked by: John Glen (Conservative - Salisbury)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what role management consultants will play in determining efficiency savings for phase 2 of the Spending Review.
Answered by Darren Jones - Minister for Intergovernmental Relations
There is no formal role for management consultants in determining efficiency savings.
In developing their plans for the forthcoming Spending Review departments will need to find 5% savings and efficiencies against their current budgets, to help drive out waste and ensure all funding is focused on the Government’s priorities.
The Government will set out its spending plans in the multi-year Spending Review in June 2025.
Asked by: John Glen (Conservative - Salisbury)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 5 December 2024 to Question 16601 on Employer’s Contributions: Public Sector, what her planned timetable is to update Parliament on allocations by department.
Answered by Darren Jones - Minister for Intergovernmental Relations
Allocations of support for additional Employer National Insurance Contributions costs by department will be published alongside spending estimates at Main Estimate.
Asked by: John Glen (Conservative - Salisbury)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 22 January 2025 to Question 23883, on Public Finance: Brexit, if she will make a comparative estimate of the net difference between the two invoices from the European Union relating to the Financial Settlement under the Withdrawal Agreement and the annual payments when the United Kingdom was a member of the European Union.
Answered by Darren Jones - Minister for Intergovernmental Relations
It is not possible to meaningfully compare the net payments under the Financial Settlement and the UK's financial contributions during its time as a Member State poses substantial analytical issues. The former relates to historic liabilities of and receipts due to the UK, while payments to the EU budget cover participation in the EU’s ongoing activities.
The UK’s contributions and receipts to and from the EU as a Member State, as well as those made under the Financial Settlement are detailed in the annual European Union Finances Statement (available in the library of the House and on Gov.uk).
Asked by: John Glen (Conservative - Salisbury)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what meetings representatives from Shein have had with her Department since the 4 July 2024; on what dates these meetings took place; and what was discussed.
Answered by James Murray - Chief Secretary to the Treasury
All meetings held by departments senior civil servants and Ministers are published to Gov.uk in line with Cabinet Office reporting and timetable guidance. Please follow the link below for visibility of HMT’s publications:
Asked by: John Glen (Conservative - Salisbury)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions Ministers in her Department had on government business at Labour Party Conference; whether such meetings and engagement will be recorded in government transparency returns; and whether these discussions were reported back to civil servants.
Answered by James Murray - Chief Secretary to the Treasury
All Ministers' meetings in an official capacity are recorded and published on gov.uk as part of the department’s quarterly transparency return.
The guidance acknowledges that meetings with external organisations at party conferences will generally be in a political capacity. As a result, they do not expect these meetings to be declared, unless a senior media figure was also present.
Asked by: John Glen (Conservative - Salisbury)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department has a theory of economic growth it uses when formulating (a) fiscal and (b) economic policy.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
The Government’s growth mission is its central mission. Its plan for growth is built around the three essential elements of stability, investment, and reform. The work of the growth mission can be structured into seven pillars, as set out in the Autumn Budget document. This approach is informed by economic analysis and will deliver a decade of national renewal by fixing the foundations of the economy and rebuilding Britain, making every part of the country better off.
The Government's fiscal policy objective is to support sustainable economic growth and provision high-quality public services and investment across the UK, by effectively managing public finances and ensuring taxes and borrowing are sustainable.
Economic and fiscal stability are prerequisites for the economy to grow, as they give UK businesses and households the confidence to make decisions on future investments and consumption. This encourages innovation and growth over the long term.
Asked by: John Glen (Conservative - Salisbury)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 13 January 2025 to Question 22013 on Economic Situation, whether bond yields will be included in the other metrics of financial market indicators in relation to economic stability.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
As the Prime Minister set out in the Plan for Change document, the Government’s milestones for change can only be delivered on the foundations of a stable economy, secure borders, and national security. Economic stability requires concerted action to ensure macroeconomic stability, financial stability, fiscal stability, and long-term policy stability.
The commitment to our tough fiscal rules is non-negotiable, and we will meet the fiscal rules at all times.
HM Treasury considers a wide range of information to assess financial conditions, including a range of financial market indicators, and works with the financial sector regulators to monitor markets.
Asked by: John Glen (Conservative - Salisbury)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what information her Department holds on when the Financial Conduct Authority plans to respond to its consultation entitled Proposed amendments to Guidance on the treatment of politically exposed persons, published on 18 July 2024.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
The Government has been working closely with the FCA to follow up on the findings of its review into the treatment of Politically Exposed Persons (PEPs) by financial institutions and to ensure firms improve their practices where necessary. The FCA expects that the revised guidance will be published and brought into effect in the first half of 2025.
Asked by: John Glen (Conservative - Salisbury)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 12 November 2024, to Question 12389 on Civil Servants and Ministers: Workplace Pensions, whether the automatic lump sum death benefits under the Civil Service Classic scheme is subject to inheritance tax.
Answered by James Murray - Chief Secretary to the Treasury
As announced at Autumn Budget 2024, from 6 April 2027 most unused pension funds and death benefits will be included within the value of a person’s estate for Inheritance Tax purposes.
Some lump some death benefits from pension schemes are already within scope of Inheritance Tax. As with other registered schemes, lump sum death benefits under the Civil Service Classic scheme will be subject to Inheritance Tax from 6 April 2027.