Asked by: Nick Timothy (Conservative - West Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what timescales her Department uses to assess public investment in energy infrastructure in (a) oil and gas, (b) wind, (c) solar, (d) hydropower and (e) nuclear.
Answered by Darren Jones - Minister for Intergovernmental Relations
The costs and benefits of a proposal should be calculated over its entire lifetime. The Green Book states that an appraisal period of 60 years is a standard measure for infrastructure projects. However, it is customary for departments to discuss and agree a suitable appraisal period with the Treasury in advance, based on the lifetime of the proposal.
Asked by: Nick Timothy (Conservative - West Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will take steps to simplify the process for requesting a credit freeze from consumer credit reporting companies.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
The Financial Conduct Authority (FCA) recently conducted a study on the credit information market — the Credit Information Market Study — to understand how this market operates and assess whether it is working effectively for consumers and lenders.
In December 2023, the FCA published the final report for this study, proposing twelve remedies to improve the market. One of the remedies recommends that credit reference agencies (CRAs) streamline the process for consumers to add ‘credit freeze’ markers to their credit reports and ensure these markers are automatically registered across all CRAs. The FCA and industry are jointly establishing a new Credit Reporting Governance Body, which will be responsible for overseeing the sharing of credit information and implementing this recommendation.
Asked by: Nick Timothy (Conservative - West Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 17 January to Question 23520 on Ambulance Services: Vehicles, for what reason HMRC issues guidance that ambulance services must sign up to a maintenance package in order to reclaim VAT in relation to the leasing of vehicles.
Answered by James Murray - Chief Secretary to the Treasury
The government departments’ refund scheme applies to certain specified services that qualifying bodies choose to contract out rather than supply in-house. Where there is a single contract for the hire of a vehicle which includes repair and maintenance, recovery of VAT is allowed where the contract is for more than 30 days. VAT charged on the contracting out of repair and maintenance as a stand-alone service is also recoverable. The hire of vehicles is not a service provided in-house and VAT on the hire alone is not recoverable under the government departments’ refund scheme.
Asked by: Nick Timothy (Conservative - West Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she plans to decolonise the (a) artwork and (b) heritage assets in (i) her Department, (ii) HMRC, (iii) the Valuation Office Agency and (iv) the other arm’s length bodies in her Department.
Answered by James Murray - Chief Secretary to the Treasury
There has been no change in HM Treasury’s management of artwork or heritage assets since the previous administration.
The responsibility for creating policy and guidance for artwork sits with HMRC, the VOA and each individual arm’s length body, rather than HMT.
Asked by: Nick Timothy (Conservative - West Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if her Department will publish an impact assessment for a Carbon Border Adjustment Mechanism on UK exporters.
Answered by James Murray - Chief Secretary to the Treasury
The aim of the UK CBAM is to ensure imported products are subject to a carbon price comparable to that incurred by UK production, mitigating the risk of carbon leakage. By its very nature, a CBAM can only apply to imported goods, so it cannot mitigate any risk of carbon leakage in export markets.
The government will continue to consider whether there is a role for existing or future carbon leakage policies to address the risk associated with exports. Any policies applied to exported products would need to be compliant with the UK’s WTO obligations and our commitment to free and open trade.
A more detailed assessment of CBAM impacts on the economy and carbon leakage will be provided before legislation is introduced.
Asked by: Nick Timothy (Conservative - West Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will have discussions with representatives from the banking sector on the adequacy of property valuations for mortgage applications.
Answered by Tulip Siddiq
The Government is regularly in contact with mortgage lenders on all aspects of their business, including the mortgage application process.
The specific details of how property valuations are carried out for mortgage applications is a commercial decision for lenders in which the Government does not intervene.
Asked by: Nick Timothy (Conservative - West Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the adequacy of the regulation of mortgage brokers.
Answered by Tulip Siddiq
The Financial Conduct Authority (FCA), which is independent of Government, is responsible for the regulation of mortgage brokers in the UK. Mortgage brokers must either be authorised by the FCA or become an appointed representative of another firm that has the relevant permissions.
The FCA is also responsible for monitoring authorised firms, including mortgage brokers, to ensure they comply with its rules and has powers to take action if necessary.
Asked by: Nick Timothy (Conservative - West Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the impact of increasing employer’s National Insurance contributions on charities in (a) the East of England and (b) the rest of the UK.
Answered by James Murray - Chief Secretary to the Treasury
The Government recognises the important role charities play in our society, and has made it a priority to reset the relationship with civil society by developing a Civil Society Covenant.
To repair the public finances and help raise the revenue required to increase funding for public services, the government has taken the difficult decision to increase employer National Insurance.
The Government recognises the need to protect the smallest businesses and charities, which is why we have more than doubled the Employment Allowance to £10,500, meaning more than half of employers with NICs liabilities either gain or see no change next year. Charities will still be able to claim employer NICs reliefs including those for under 21s and under 25 apprentices, where eligible.
More broadly, within the tax system, we provide support to charities through a range of reliefs and exemptions, including reliefs for charitable giving, with more than £6 billion in charitable reliefs provided to charities, CASCs and their donors in 2023 to 2024.
Asked by: Nick Timothy (Conservative - West Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the memo to item 26 on page 118 of the Autumn Budget 2024, HC 295, what methodology she used to calculate the public sector compensation amount for the increase to employer National Insurance contributions.
Answered by James Murray - Chief Secretary to the Treasury
The amount of public sector support was based on an estimate of the proportion of employer NICs receipts paid by public sector organisations, using the Office for National Statistics (ONS) classification of the public sector boundary. The Treasury routinely uses the Office for National Statistics (ONS) classification of the public sector boundary, for example in relation to public sector spending, public sector borrowing and public sector debt.
Asked by: Nick Timothy (Conservative - West Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to item 26 on page 118 of the Autumn Budget 2024, HC 295, how she defines public sector organisations.
Answered by Darren Jones - Minister for Intergovernmental Relations
For the purposes of defining support for Employer NICs costs, the Government has used the Office for National Statistics (ONS) classification of the public sector boundary. This is the usual approach for classification of the public sector boundary, for example in relation to public sector spending, public sector borrowing and public sector debt.