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Written Question
Personal Savings
Monday 18th March 2024

Asked by: Mark Hendrick (Labour (Co-op) - Preston)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps his Department is taking to help increase the level of average savings of households.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

The government’s plan is working, with inflation down and growth forecast to improve. This allowed the government, at Spring Budget 2024, to cut taxes further for working people. These are the most important things that the government can do to support households to save.

At Spring Budget 2024, the Chancellor also set out further measures to support and encourage a savings culture across the UK and increase opportunities for people to save for the longer term. This included launching a consultation to introduce a new UK ISA with a £5,000 allowance for investments in UK assets and funds, in addition to the existing £20,000 ISA allowance, and the launch of British Savings Bonds, delivered through National Savings & Investment.

These measures sit alongside existing policies such as Help to Save, which supports people on low incomes to save, and the Lifetime ISA, which supports people to save for a first home or later life

The retail savings market currently offers a range of options to savers, who can access competitive rates on a variety of instant access and fixed-term products.


Written Question
Car Allowances
Tuesday 21st March 2023

Asked by: Mark Hendrick (Labour (Co-op) - Preston)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will review the Approved Mileage Allowance Payments rates in the context of increases in the cost of living and fuel prices.

Answered by James Cartlidge - Minister of State (Ministry of Defence)

The Government recognises that transport is a major cost for individuals. At Spring Statement 2022 the Government announced a temporary 12-month cut to duty on petrol and diesel of 5p per litre. In order to continue supporting all motorists, it will extend the 5p fuel duty cut, which is worth £100 to the average driver over the next year.

The Government has to balance support for individuals with the responsible management of public finances, which fund our essential public services. The AMAP rate is intended to create administrative simplicity and certainty by using an average rate. It will therefore necessarily be more appropriate for some drivers than others. It’s ultimately up to employers to choose what they reimburse.

As with all taxes, the AMAP rate is kept under review and any changes are considered and announced by the Chancellor.


Speech in Public Bill Committees - Wed 30 Nov 2022
Co-operatives, Mutuals and Friendly Societies Bill (First sitting)

Speech Link

View all Mark Hendrick (LAB - Preston) contributions to the debate on: Co-operatives, Mutuals and Friendly Societies Bill (First sitting)

Speech in Public Bill Committees - Wed 30 Nov 2022
Co-operatives, Mutuals and Friendly Societies Bill (First sitting)

Speech Link

View all Mark Hendrick (LAB - Preston) contributions to the debate on: Co-operatives, Mutuals and Friendly Societies Bill (First sitting)

Speech in Public Bill Committees - Wed 30 Nov 2022
Co-operatives, Mutuals and Friendly Societies Bill (First sitting)

Speech Link

View all Mark Hendrick (LAB - Preston) contributions to the debate on: Co-operatives, Mutuals and Friendly Societies Bill (First sitting)

Speech in Public Bill Committees - Wed 30 Nov 2022
Co-operatives, Mutuals and Friendly Societies Bill (First sitting)

Speech Link

View all Mark Hendrick (LAB - Preston) contributions to the debate on: Co-operatives, Mutuals and Friendly Societies Bill (First sitting)

Speech in Public Bill Committees - Wed 30 Nov 2022
Co-operatives, Mutuals and Friendly Societies Bill (First sitting)

Speech Link

View all Mark Hendrick (LAB - Preston) contributions to the debate on: Co-operatives, Mutuals and Friendly Societies Bill (First sitting)

Speech in Public Bill Committees - Wed 30 Nov 2022
Co-operatives, Mutuals and Friendly Societies Bill (First sitting)

Speech Link

View all Mark Hendrick (LAB - Preston) contributions to the debate on: Co-operatives, Mutuals and Friendly Societies Bill (First sitting)

Speech in Public Bill Committees - Wed 30 Nov 2022
Co-operatives, Mutuals and Friendly Societies Bill (First sitting)

Speech Link

View all Mark Hendrick (LAB - Preston) contributions to the debate on: Co-operatives, Mutuals and Friendly Societies Bill (First sitting)

Speech in Commons Chamber - Fri 28 Oct 2022
Co-operatives, Mutuals and Friendly Societies Bill

Speech Link

View all Mark Hendrick (LAB - Preston) contributions to the debate on: Co-operatives, Mutuals and Friendly Societies Bill