Asked by: Kieran Mullan (Conservative - Bexhill and Battle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what progress his Department has made on supporting young people into high-skilled jobs.
Answered by Simon Clarke
The Treasury continues to work to support young people into high-skilled jobs.
Spending Review 2021 delivered the biggest long-term settlement for post-16 education in England since 2015. It delivered on the government’s commitment to invest an additional £500m per annum (£2.5bn total) in adult skills through the National Skills Fund, including continuing to offer free Level 3 courses for adults aged 19 and over in high value subjects, quadrupling the current annual scale of skills bootcamps, and delivering 24,000 traineeships for 16-24-year-olds a year.
These actions will help young people access high-quality training suitable to their needs and career goals.
For 16-19 education, Spending Review 2021 doubles the investment we made through Spending Reviews 2019 and 2020, giving young people more money for the high value subjects that matter most for their future careers. In addition, we have invested further in T Levels, which offer young people the opportunity to experience a mix of classroom learning and on-the-job training via an industry placement.
Apprenticeships are the government’s premier in-work training offer, providing learners of all ages and at all stages of their careers the opportunity to learn new skills, retrain or upskill. In academic year 2020/21, almost 50% of apprenticeship starts were by under 25s. Spending Review 2021 announced the first increase to apprenticeship funding since 2019, with funding rising to £2.7bn by 2024-25.
In addition to this Government’s support for post-16 education and apprenticeships, over 122,000 Kickstart jobs have been started by young people across Great Britain. Kickstart gives young people the chance to build their confidence and skills in the workplace, and to gain experience that will improve their chances of finding long-term, sustainable work. As well as Kickstart, DWP’s Youth Offer provides a guaranteed foundation of support to young people on Universal Credit in the Intensive Work Search group, ensuring they can access the right support, education or training to support their work and career ambitions.
Asked by: Kieran Mullan (Conservative - Bexhill and Battle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to support the financial services sector’s competitiveness.
Answered by John Glen
In his Mansion House statement last July, the Chancellor set out the Government’s vision for an open, competitive, green, and technologically advanced financial services sector.
A sweeping set of reforms to sharpen the UK’s competitive advantage in financial services is already underway. In November, the Government published the second consultation in its Future Regulatory Framework Review. This provides a once in a generation opportunity to ensure that, having left the EU, the UK establishes a coherent, agile, and internationally respected approach to financial services regulation that is right for the UK.
Asked by: Kieran Mullan (Conservative - Bexhill and Battle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what impact the net zero review has had on his Department's policies.
Answered by Helen Whately - Shadow Secretary of State for Work and Pensions
As outlined in the Net Zero Review final report, HM Treasury is building its governance, capabilities, and processes to support our transition to net zero. That includes developing our analytical capability for assessing and reporting on our net zero transition and the impact of policies and projects. For instance, there is an ongoing process of building macroeconomic modelling capability. As set out in Annex C of the Net Zero Review, some activities involved in this work are complete while the majority are ongoing.
Asked by: Kieran Mullan (Conservative - Bexhill and Battle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to manage the public finances effectively.
Answered by Simon Clarke
The government is committed to ensuring that the public finances are managed effectively and that we are delivering value for taxpayers' money across government spending.
At the Autumn Budget and Spending Review 2021, the Chancellor confirmed new fiscal rules which will ensure that the public finances are on a stable footing in the years to come. The Office for Budget Responsibility confirm we are on track to get debt falling by 2024-25 and meet all our fiscal rules.
Asked by: Kieran Mullan (Conservative - Bexhill and Battle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to support public services.
Answered by Simon Clarke
The Autumn Budget and Spending Review 2021 confirmed the largest real-terms increase in overall departmental spending for any Parliament this century. This record level of investment will be targeted where it will deliver improved outcomes and value for money for the taxpayer.
The government is investing in the public services people rely on, to ensure they are fit for the future and to drive up standards across the country.
HM Treasury has also taken further action to drive out low value or inefficient spend, to ensure that government continues to deliver the best value services to the public. Following the efficiency and savings review last year, Spending Review 2021 confirmed savings of 5% against day-to-day central departments budgets in 2024-25. Departmental savings will be reinvested into the government’s priorities.
Asked by: Kieran Mullan (Conservative - Bexhill and Battle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to incentivise businesses to invest in new equipment or infrastructure.
Answered by Kemi Badenoch - Leader of HM Official Opposition
Stimulating business investment will be key for our economic recovery.
Under the super-deduction we announced at Budget 2021, for every pound a company invests in qualifying plant and machinery, their taxes are cut by up to 25p.
We have also just launched the new UK Infrastructure Bank, which will partner with the private sector and local government, supporting more than £40bn of infrastructure investment overall.
Asked by: Kieran Mullan (Conservative - Bexhill and Battle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what progress he has made with his G7 counterparts on establishing a global minimum corporation tax rate.
Answered by Jesse Norman - Shadow Leader of the House of Commons
OECD proposals to update the international tax framework have been under negotiation for a number of years and the UK has an established record of being at the forefront of these talks.
The package being developed by the OECD includes two pillars; a change in the allocation of taxing rights over business profit, and a global minimum tax. That is something the UK strongly supports; the UK’s consistent position has been that it matters where tax is paid as well as the rate at which it is paid.
On 5 June the G7 finance ministers, meeting in London as part of the UK’s G7 Presidency, confirmed their commitment to a solution containing both pillars. The Government is delighted the G7 has come together to back the proposals developed by the OECD to reform the international tax framework.
Reaching final agreement on a two-pillar solution with the G20 and 139 members of the OECD Inclusive Framework would be a major multilateral achievement that introduces stability into the international tax landscape.
Asked by: Kieran Mullan (Conservative - Bexhill and Battle)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he is taking to ensure multinational companies pay tax in the countries they operate in.
Answered by Jesse Norman - Shadow Leader of the House of Commons
OECD proposals to update the international tax framework have been under negotiation for a number of years and the UK has an established record of being at the forefront of these talks.
The package being developed by the OECD includes two pillars; a change in the allocation of taxing rights over business profit, and a global minimum tax. That is something the UK strongly supports; the UK’s consistent position has been that it matters where tax is paid as well as the rate at which it is paid.
On 5 June the G7 finance ministers, meeting in London as part of the UK’s G7 Presidency, confirmed their commitment to a solution containing both pillars. The Government is delighted the G7 has come together to back the proposals developed by the OECD to reform the international tax framework.
Reaching final agreement on a two-pillar solution with the G20 and 139 members of the OECD Inclusive Framework would be a major multilateral achievement that introduces stability into the international tax landscape.