Asked by: Steve Baker (Conservative - Wycombe)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will take further steps to assist commuters with the rising cost of petrol.
Answered by Alan Mak - Minister of State (Department for Business and Trade) (jointly with the Cabinet Office)
At Spring Statement 2022 in response to fuel prices reaching record levels, the government announced a temporary 12-month cut to duty on petrol and diesel of 5p per litre.
This is the largest cash-terms cut across all fuel duty rates at once, ever, and is only the second time in 20 years that main rates of petrol and diesel have been cut. This cut represents savings for households and businesses worth around £2.4 billion in 2022-23.
The Government has been clear that it expects those in the supply chain to pass the fuel duty cut through to consumers as promptly as possible. Following a request from the Business Secretary, the Competition and Markets Authority will undertake a short and focused review of the fuel market and will provide advice to the Government on steps that could be taken to improve outcomes for consumers.
All taxes, including fuel duty, remain under review.
Asked by: Steve Baker (Conservative - Wycombe)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will take further steps to support households at risk of fuel poverty.
Answered by Alan Mak - Minister of State (Department for Business and Trade) (jointly with the Cabinet Office)
The Government recognises that millions of households across the UK have been impacted by rising energy bills and the wider cost of living. That is why the Government is providing over £15 billion in further support, targeted particularly on those with the greatest need. This package is in addition to the over £22 billion announced previously, with government support for the cost of living now totalling over £37 billion this year. The package includes:
The Government has also expanded and increased the Warm Home Discount. Three million vulnerable households will now receive £150 each year. The Government’s objective for the Warm Home Discount is to focus the support towards those on the lowest incomes and in, or at greatest risk of, fuel poverty.
The Government has robust plans in place to improve the efficiency of peoples’ homes. The Heat and Buildings Strategy, published in October, detailed the £3.9 billion committed over the Spending Review period to improve the energy efficiency of our building stock and help to reduce bills.
We are also expanding the Energy Company Obligation, which places an obligation on larger energy suppliers to provide energy efficiency and heating measures for fuel poor households across Great Britain, to £1 billion per year from 2022-2026. This will help 133,000 low-income households annually to improve their energy efficiency.
The Government will continue to monitor how global events affect energy bills and the cost of living into the winter.
Asked by: Steve Baker (Conservative - Wycombe)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make it his policy to ensure that children in care receive National Insurance numbers at the same time as children living with their biological parents; and if she will make a statement.
Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport
It is HMRC policy to issue National Insurance numbers to all children where HMRC hold current personal details. For some children who are in care, a special process exists for social workers to confirm the details so that the young person can receive their National Insurance number on time.Asked by: Steve Baker (Conservative - Wycombe)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the report published by Lloyds Bank entitled Black. British. In Business & Proud, if he will take steps to work with the banking sector on creating a bespoke mentoring programme for Black-owned businesses.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
On 17 March, the Government published “Inclusive Britain” in response to the independent report by the Commission on Race and Ethnic Disparities, setting out a ground-breaking action plan to tackle negative disparities, promote unity and build a fairer Britain for all. The Government has responded in detail to each of the Commission’s 24 recommendations from its report. In some cases, The Government’s response has gone further than the report envisaged, to ensure that our action plan is as wide-reaching as possible and builds a fairer and more inclusive society in the long-term.
The Government is very supportive of the Race At Work Charter, which over 100 financial services firms have already signed up to. The Charter commits firms that sign up to take practical steps to tackle barriers that ethnic minority people face in recruitment and progression.
We are also supporting entrepreneurs through the Start-Up Loans scheme, which offers businesses 12 months of free mentoring. Of all loans issued up to December 2021, 20% went to Asian people, Black people, or people from other Ethnic Minorities (excluding White minorities). At the end of December 2021, the programme had delivered more than 90,000 loans, providing more than £819m of funding to entrepreneurs.
In March 2021, the Parker Review published statistics showing that significant progress has been made on improving ethnic diversity of UK boards, with 89 out of 100 FTSE 100 companies reporting they had appointed a director from a minority ethnic group.
The Treasury remains committed to supporting individuals and businesses of all backgrounds to access the finance they need and continues to engage with the private sector and other government departments including BEIS and Cabinet Office on this important issue.
Asked by: Steve Baker (Conservative - Wycombe)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the report published by Lloyds Bank entitled Black. British. In Business & Proud, what steps he is taking to increase (a) cultural awareness and (b) Black representation in the banking sector.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
On 17 March, the Government published “Inclusive Britain” in response to the independent report by the Commission on Race and Ethnic Disparities, setting out a ground-breaking action plan to tackle negative disparities, promote unity and build a fairer Britain for all. The Government has responded in detail to each of the Commission’s 24 recommendations from its report. In some cases, The Government’s response has gone further than the report envisaged, to ensure that our action plan is as wide-reaching as possible and builds a fairer and more inclusive society in the long-term.
The Government is very supportive of the Race At Work Charter, which over 100 financial services firms have already signed up to. The Charter commits firms that sign up to take practical steps to tackle barriers that ethnic minority people face in recruitment and progression.
We are also supporting entrepreneurs through the Start-Up Loans scheme, which offers businesses 12 months of free mentoring. Of all loans issued up to December 2021, 20% went to Asian people, Black people, or people from other Ethnic Minorities (excluding White minorities). At the end of December 2021, the programme had delivered more than 90,000 loans, providing more than £819m of funding to entrepreneurs.
In March 2021, the Parker Review published statistics showing that significant progress has been made on improving ethnic diversity of UK boards, with 89 out of 100 FTSE 100 companies reporting they had appointed a director from a minority ethnic group.
The Treasury remains committed to supporting individuals and businesses of all backgrounds to access the finance they need and continues to engage with the private sector and other government departments including BEIS and Cabinet Office on this important issue.
Asked by: Steve Baker (Conservative - Wycombe)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the report published by Lloyds Bank entitled Black. British. In Business & Proud, what steps he is taking to increase the confidence of the UK's Black business community in the banking and financial services sector.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
On 17 March, the Government published “Inclusive Britain” in response to the independent report by the Commission on Race and Ethnic Disparities, setting out a ground-breaking action plan to tackle negative disparities, promote unity and build a fairer Britain for all. The Government has responded in detail to each of the Commission’s 24 recommendations from its report. In some cases, The Government’s response has gone further than the report envisaged, to ensure that our action plan is as wide-reaching as possible and builds a fairer and more inclusive society in the long-term.
The Government is very supportive of the Race At Work Charter, which over 100 financial services firms have already signed up to. The Charter commits firms that sign up to take practical steps to tackle barriers that ethnic minority people face in recruitment and progression.
We are also supporting entrepreneurs through the Start-Up Loans scheme, which offers businesses 12 months of free mentoring. Of all loans issued up to December 2021, 20% went to Asian people, Black people, or people from other Ethnic Minorities (excluding White minorities). At the end of December 2021, the programme had delivered more than 90,000 loans, providing more than £819m of funding to entrepreneurs.
In March 2021, the Parker Review published statistics showing that significant progress has been made on improving ethnic diversity of UK boards, with 89 out of 100 FTSE 100 companies reporting they had appointed a director from a minority ethnic group.
The Treasury remains committed to supporting individuals and businesses of all backgrounds to access the finance they need and continues to engage with the private sector and other government departments including BEIS and Cabinet Office on this important issue.
Asked by: Steve Baker (Conservative - Wycombe)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment his Department has made of the impact of buy now, pay later products on the UK’s retail industry.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Woolard Review into the unsecured credit market found several potential risks of consumer detriment from interest-free Buy-Now Pay-Later (BNPL) products. The Government recognises those risks, but also notes that as an interest-free product, BNPL can often be lower-risk than other forms of borrowing and a useful tool to help consumers manage their finances. That is why on 2 February 2021 the Government announced its intention to regulate BNPL products in a proportionate manner.
The Government published a consultation on policy proposals for the regulation of BNPL on 21 October 2021, which closed on 6 January. The consultation sought stakeholder views on how to define the scope of regulation and how to draw boundaries in legislation between different types of credit agreements that make use of the exemption from consumer credit regulation that is currently used by BNPL products.
The Government is now reviewing responses to this consultation and considering next steps and intends to publish a consultation response in the spring.
HMT does not hold information regarding the savings to consumers resulting from the use of BNPL products in 2021, or the impact of BNPL on the UK’s retail industry. Instead, HMT draws on the research of various stakeholders, including consumer groups and the wider financial services industry, to inform policy development.
Asked by: Steve Baker (Conservative - Wycombe)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate his Department has made of the savings to consumers resulting from the use of buy now, pay later low interest credit schemes in 2021.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Woolard Review into the unsecured credit market found several potential risks of consumer detriment from interest-free Buy-Now Pay-Later (BNPL) products. The Government recognises those risks, but also notes that as an interest-free product, BNPL can often be lower-risk than other forms of borrowing and a useful tool to help consumers manage their finances. That is why on 2 February 2021 the Government announced its intention to regulate BNPL products in a proportionate manner.
The Government published a consultation on policy proposals for the regulation of BNPL on 21 October 2021, which closed on 6 January. The consultation sought stakeholder views on how to define the scope of regulation and how to draw boundaries in legislation between different types of credit agreements that make use of the exemption from consumer credit regulation that is currently used by BNPL products.
The Government is now reviewing responses to this consultation and considering next steps and intends to publish a consultation response in the spring.
HMT does not hold information regarding the savings to consumers resulting from the use of BNPL products in 2021, or the impact of BNPL on the UK’s retail industry. Instead, HMT draws on the research of various stakeholders, including consumer groups and the wider financial services industry, to inform policy development.
Asked by: Steve Baker (Conservative - Wycombe)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what plans his Department has to create a definition of buy now, pay later in statute; and whether he has made an assessment of the potential impact of establishing that definition.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Woolard Review into the unsecured credit market found several potential risks of consumer detriment from interest-free Buy-Now Pay-Later (BNPL) products. The Government recognises those risks, but also notes that as an interest-free product, BNPL can often be lower-risk than other forms of borrowing and a useful tool to help consumers manage their finances. That is why on 2 February 2021 the Government announced its intention to regulate BNPL products in a proportionate manner.
The Government published a consultation on policy proposals for the regulation of BNPL on 21 October 2021, which closed on 6 January. The consultation sought stakeholder views on how to define the scope of regulation and how to draw boundaries in legislation between different types of credit agreements that make use of the exemption from consumer credit regulation that is currently used by BNPL products.
The Government is now reviewing responses to this consultation and considering next steps and intends to publish a consultation response in the spring.
HMT does not hold information regarding the savings to consumers resulting from the use of BNPL products in 2021, or the impact of BNPL on the UK’s retail industry. Instead, HMT draws on the research of various stakeholders, including consumer groups and the wider financial services industry, to inform policy development.
Asked by: Steve Baker (Conservative - Wycombe)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to regulate buy now, pay later products.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Woolard Review into the unsecured credit market found several potential risks of consumer detriment from interest-free Buy-Now Pay-Later (BNPL) products. The Government recognises those risks, but also notes that as an interest-free product, BNPL can often be lower-risk than other forms of borrowing and a useful tool to help consumers manage their finances. That is why on 2 February 2021 the Government announced its intention to regulate BNPL products in a proportionate manner.
The Government published a consultation on policy proposals for the regulation of BNPL on 21 October 2021, which closed on 6 January. The consultation sought stakeholder views on how to define the scope of regulation and how to draw boundaries in legislation between different types of credit agreements that make use of the exemption from consumer credit regulation that is currently used by BNPL products.
The Government is now reviewing responses to this consultation and considering next steps and intends to publish a consultation response in the spring.
HMT does not hold information regarding the savings to consumers resulting from the use of BNPL products in 2021, or the impact of BNPL on the UK’s retail industry. Instead, HMT draws on the research of various stakeholders, including consumer groups and the wider financial services industry, to inform policy development.