Asked by: Mike Amesbury (Independent - Runcorn and Helsby)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of limiting the amount of money that the Bank of England can pay in interest to commercial banks.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
The Bank of England has operational independence from the government to carry out its statutory responsibilities for monetary policy and financial stability. Monetary policy, including quantitative easing, is the responsibility of the independent Monetary Policy Committee at the Bank of England.
There are no plans to change the way reserves are remunerated at the Bank of England. The government continues to support the Bank to bring inflation in line with its target, including by managing the public finances responsibly.
Asked by: Mike Amesbury (Independent - Runcorn and Helsby)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she has made an assessment of the potential merits of increasing tax allowance rates to £20,000.
Answered by James Murray - Chief Secretary to the Treasury
The Government is committed to not raising taxes on working people, which is why we are not increasing the basic, higher, or additional rates of income tax, employee National Insurance contributions, or VAT.
The previous Government made the decision to freeze the income tax Personal Allowance at its current level of £12,570 until April 2028. The current Government is committed to keeping taxes for working people as low as possible while ensuring fiscal responsibility and so, at our first Budget, we decided not to extend the freeze on personal tax thresholds. As a result, they will rise with inflation from April 2028, meaning working people will keep more of their earnings.
Asked by: Mike Amesbury (Independent - Runcorn and Helsby)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of halting changes to the threshold for agricultural property relief and business property relief.
Answered by James Murray - Chief Secretary to the Treasury
The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms.
In 2021-22, the most recent year for which data is available, the median value of assets qualifying for agricultural property relief was £486,000 and three-quarters of estates claimed for agricultural property below £1 million. The data also shows that a very small number of claimants each year claim a very significant amount of relief – 40 per cent of the total Exchequer cost of the relief went to the top seven per cent of claims. It is not fair to maintain such a significant relief for a very small number of claimants, when this money could better be used to fund our public services.
Asked by: Mike Amesbury (Independent - Runcorn and Helsby)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the adequacy of Government support for debt advisory services.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
The Government currently provides national and community-based debt advice services, through the Money and Pensions Service, to hundreds of thousands of individuals and families in need across England. The Government also provides funding for debt advice in Scotland, Wales, and Northern Ireland. As debt advice is a devolved matter, responsibility for delivering these services rests with those devolved governments.
Funding levels for both the Money and Pensions Service and the devolved governments are regularly reviewed to reflect demand, inflation, and evolving needs.
Asked by: Mike Amesbury (Independent - Runcorn and Helsby)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what her planned timetable is for permanent reform of business rates.
Answered by James Murray - Chief Secretary to the Treasury
Over the Parliament, we will create a fairer business rates system that protects the high street, supports investment, and is fit for the 21st century.
At Autumn Budget 2024, the Government announced that it intends to introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties from 2026-27 for properties with Rateable Values below £500,000. Ahead of these changes being made, we have prevented RHL relief from ending in April 2025 by extending it for one year at 40 per cent up to a cash cap of £110,000 per business and frozen the small business multiplier.
These announcements reflect the Government’s first steps to support the high street. We want to go further to modernise the system, and so, we have published a Discussion Paper setting out priority areas for reform. This paper invites industry to help co-design a fairer business rates system over the course of this Parliament.
Asked by: Mike Amesbury (Independent - Runcorn and Helsby)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, for what reason Agricultural Property Relief will be reduced by 50% for farms worth more than £1 million.
Answered by James Murray - Chief Secretary to the Treasury
At Autumn Budget 2024, the Government took a number of difficult but necessary decisions on tax, welfare, and spending to restore economic stability, fix the public finances, and support public services.
The Government published information about the reforms to agricultural property relief and business property relief at www.gov.uk/government/publications/agricultural-property-relief-and-business-property-relief-reforms, and further explanatory information at https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief.
The government believes this approach strikes the right balance between protecting family farms and fixing the public finances in a fair way. The government’s commitment to farmers and the vital role they play in feeding our nation remains steadfast.
Asked by: Mike Amesbury (Independent - Runcorn and Helsby)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of enabling institutional pension funds to invest in (a) temporary family accommodation and (b) homes for social rent.
Answered by Tulip Siddiq
In one of the first major acts of this Government, the Chancellor launched a landmark pensions review, dedicated to unlocking billions of pounds of investments to boost growth and make every part of Britain better off. The review is consulting widely and a recent call for evidence sought feedback on the role of pension schemes in investing in different asset classes. The first phase of the review will conclude in the coming months.
Asked by: Mike Amesbury (Independent - Runcorn and Helsby)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of a moratorium on evictions for mortgage prisoners.
Answered by Tulip Siddiq
This Government understands the challenges that mortgage prisoners face and will work with regulators and the industry to ensure that this issue is properly considered.
There are significant measures in place to protect vulnerable mortgage borrowers across the mortgage market, including mortgage prisoners. Financial Conduct Authority (FCA) rules require lenders to engage individually with their customers who are struggling or who are worried about their payments in order to provide tailored support. Closed book lenders must also comply with the FCA’s Consumer Duty, which ensures firms prioritise fair treatment and good outcomes for their customers.
The Government also has a number of measures in place to help people to avoid repossession, including Support for Mortgage Interest (SMI) loans for those in receipt of an income-related benefit; the Housing Loss Prevention Advice Service (HLPAS); and protection in the courts through the Pre-Action Protocol, which makes it clear that repossession must always be the last resort for lenders.
Asked by: Mike Amesbury (Independent - Runcorn and Helsby)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will take steps to support mortgage prisoners.
Answered by Tulip Siddiq
This Government understands the challenges that mortgage prisoners face and will work with regulators and the industry to ensure that this issue is properly considered.
There are significant measures in place to protect vulnerable mortgage borrowers across the mortgage market, including mortgage prisoners. Financial Conduct Authority (FCA) rules require lenders to engage individually with their customers who are struggling or who are worried about their payments in order to provide tailored support. Closed book lenders must also comply with the FCA’s Consumer Duty, which ensures firms prioritise fair treatment and good outcomes for their customers.
The Government also has a number of measures in place to help people to avoid repossession, including Support for Mortgage Interest (SMI) loans for those in receipt of an income-related benefit; the Housing Loss Prevention Advice Service (HLPAS); and protection in the courts through the Pre-Action Protocol, which makes it clear that repossession must always be the last resort for lenders.
Asked by: Mike Amesbury (Independent - Runcorn and Helsby)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of raising the rates of travel mileage and fuel allowances; and what assessment he has made of the impact of those rates on the income of low-paid workers.
Answered by Gareth Davies - Shadow Minister (Business and Trade)
Approved Mileage Allowance Payments (AMAPs) are used by employers to reimburse an employee’s expenses for business mileage in their private vehicle. AMAPs are intended to create administrative simplicity and certainty by using an average rate.
As with all taxes and allowances, the Government keeps the AMAP rate under review. In considering changes to the AMAP rate, the Government has to balance the responsible management of public finances, which fund our essential public services, with support for individuals.
At Spring Budget 2023, the government announced continued support for households and businesses by maintaining the rates of fuel duty at the levels set on 23 March 2022 for an additional 12 months, by extending the temporary 5p fuel duty cut and cancelling the planned inflation increase for 2023-24. That represents a saving for all drivers this year of overall around £5bn and for the average car driver around £100.