Asked by: Priti Patel (Conservative - Witham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he is taking to protect small businesses from being de-banked.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
The Government recognises the vital role SMEs play in fuelling economic growth, and it is important they can access the banking services they need. However, the decisions about what products are offered to individual businesses remain commercial decisions for banks and building societies.
Last year the Chancellor asked the FCA to collect evidence to help the Government understand where account closures and refusals are happening and why. The FCA published their initial findings on 19 September, and are doing further work with firms to verify the data and to better understand the reasons behind account refusals. In addition, the Treasury is continuing to engage with industry to understand any existing or emerging issues regarding bank account access for businesses.
On 21 July, the Government published a policy statement setting out its plans to strengthen requirements relating to users’ payment service framework contract terminations. This will increase the minimum notice period in cases of contract termination to 90 days – giving customers more time to challenge a decision through the Financial Ombudsman Service, or find a replacement service. Providers will also be required to spell out to the affected customer why they are terminating their contract – increasing transparency and aiding customers’ ability to appeal decisions. Both requirements will be subject to certain exceptions, including if to do so would be unlawful.
Asked by: Priti Patel (Conservative - Witham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate he has made of the future revenue to the Exchequer from the lease of the seabed by the Crown Estate for offshore wind farms.
Answered by Gareth Davies - Exchequer Secretary (HM Treasury)
The Crown Estate returns its Annual Net Revenue Profit to the Exchequer for the benefit of the nation’s finances. The Crown Estate’s Net Revenue Profit for 2022-23 was £442.6 million (as noted on page 116 of its 2022-2023 annual report).
Like any commercial business, The Crown Estate does not provide forecasts of its future profits.
Asked by: Priti Patel (Conservative - Witham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the performance of HMRC in answering telephone enquiries.
Answered by Nigel Huddleston - Financial Secretary (HM Treasury)
HMRC takes the quality of customer service very seriously.
HMRC is making strong progress improving its customer services, with a focus on encouraging people to deal with them online where they can, by providing quicker, easier and always available digital services.
HMRC performance, including adviser attempts handled and average speed to answer calls, are published on a quarterly basis and can be accessed at: https://www.gov.uk/government/collections/hmrc-quarterly-performance-updates
Asked by: Priti Patel (Conservative - Witham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent assessment he has made of the impact of the introduction of the Pillar 2 OECD global minimum income tax on the UK economy.
Answered by Nigel Huddleston - Financial Secretary (HM Treasury)
Pillar 2 will protect the UK tax base against aggressive tax planning and reinforce the competitiveness of the UK, boosting the UK’s attractiveness as a place to do business, and raising over £12bn in the UK over the next 6 years.Asked by: Priti Patel (Conservative - Witham)
Question to the HM Treasury:
What recent assessment he has made of the impact of his fiscal policies on levels of foreign direct investment into the UK.
Answered by Gareth Davies - Exchequer Secretary (HM Treasury)
The UK has the second highest level of greenfield inward investment in the world, behind only the US. The UK remains an attractive destination thanks to our competitive tax regime, world-leading regulatory and legal system, and exemplary academic institutions.
This success was demonstrated at last year’s Global Investment Summit, where the PM announced £29.5bn of investment into the UK.
Asked by: Priti Patel (Conservative - Witham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 5 December 2023 to Question 3785 on Corporation Tax: International Cooperation, when he next plans to (a) review and (b) make an assessment of the potential impact on (i) UK-based businesses and (ii) foreign direct investment of implementation of the OECD Pillar 2 minimum corporation tax measures.
Answered by Gareth Davies - Exchequer Secretary (HM Treasury)
Tax Information and Impact notes will be published alongside any future legislation on Pillar 2 in a Finance Bill.
As set out in my answer on 5 December, a Tax Information and Impact note was published in March 2023 which set out the impact on UK businesses of the current legislation.
Asked by: Priti Patel (Conservative - Witham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent progress his Department has made on implementing the Government Efficiency Framework; and if he will make an estimate of the impact of that framework on costs to the public purse (i) so far and (ii) in each of the next three financial years.
Answered by Laura Trott - Chief Secretary to the Treasury
All departments are expected to use the framework to measure and categorise efficiencies.
The framework aims to standardise and simplify definitions and processes across the finance function, building on work already being done by departments as part of business as usual budgeting and financial management processes. As such, we do not expect there to be any direct implementation costs.
Asked by: Priti Patel (Conservative - Witham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he plans to take to reduce costs across Government departments in each of the next five years; and what estimate he has made of the resulting annual savings, by department.
Answered by Laura Trott - Chief Secretary to the Treasury
Spending Review 2021 set UK Government Departmental budgets for the rest of this Parliament (up to 2024-25).
Individual Departmental budgets beyond 2024-25 will be set at the next Spending Review.
To control spending and reduce debt in accordance with the fiscal rules, the government is maintaining a consistent focus on tackling productivity across the public sector. I am leading an ambitious Public Sector Productivity Programme, which will reduce costs across government by changing the way we deliver public services, cutting down waste and reducing the amount of time spent on administrative tasks.
Asked by: Priti Patel (Conservative - Witham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department holds information on the countries that will implement the OECD Pillar 2 minimum corporation tax measures from 31 December 2023; and what discussions he has had with (a) the OECD and (b) his counterparts in other countries on the implementation of that measure.
Answered by Gareth Davies - Exchequer Secretary (HM Treasury)
Countries that have committed to apply Pillar 2 from 31 December 2023 or 1 January 2024 include: Australia, Austria, Belgium, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Liechtenstein, Luxembourg, Netherlands, New Zealand, Norway, Poland, Portugal, Romania, Slovenia, South Korea, Spain, Sweden, Switzerland and Vietnam. Japan are implementing for 1 April 2024.
Guernsey, Isle of Man, Jersey, Hong-Kong and Singapore have committed to implement for 1 January 2025.
There are many other jurisdictions that have taken steps towards Pillar 2 implementation.
There are regular multilateral discussions at Ministerial level, including at the level of the G20, on how to ensure swift and coordinated implementation of Pillar 2, as well as the support that can be provided to developing countries in that regard.
Asked by: Priti Patel (Conservative - Witham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the impact on (a) UK based businesses and (b) foreign direct investment of implementation of the OECD Pillar 2 minimum corporation tax measures.
Answered by Gareth Davies - Exchequer Secretary (HM Treasury)
A Tax Information and Impact Note was published in March 2023 which sets out the impact on business of complying with Pillar 2.