Asked by: Lord Weir of Ballyholme (Democratic Unionist Party - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government by how much, and by what percentage, (1) resource funding, and (2) capital funding for the Northern Ireland Block Grant has increased from 2023–2024 to 2024–2025.
Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)
To accurately compare the Northern Ireland Executive's (NIE’s) funding between years, it is important to compare the same point in the financial year.
The most comparable figures are the 2021 Spending Review settlement for the NIE, which can be found in Table 4.19 here: https://assets.publishing.service.gov.uk/media/61c495ebe90e07196d2b8383/Budget_AB2021_Print.pdf
The (NIE) receives in-year funding through the operation of the Barnett Formula and non-Barnett funding provided at fiscal events and Main and Supplementary Estimates.
Asked by: Baroness Ritchie of Downpatrick (Labour - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what discussions they have had with the Northern Ireland Executive, since the restoration of devolved institutions in Northern Ireland on 3 February, about financial allocations from the Treasury.
Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)
The UK Government has regular discussions with its devolved administration counterparts, including the Northern Ireland Executive.
Since the restoration of the Northern Ireland Executive, the Chief Secretary to the Treasury has met with the Northern Ireland Finance Minister on three occasions.
UK Government officials continue to engage regularly with the Northern Ireland Executive on the implementation of all aspects of the UK Government’s £3.3 billion restoration financial package which will stabilise and transform Northern Ireland’s public finances.
Asked by: Lord Weir of Ballyholme (Democratic Unionist Party - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of whether the resource funding provided in the Northern Ireland Block Grant for 2024–2025 falls below a needs-based assessment of funding.
Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)
As committed to in the 2024 Northern Ireland Executive restoration financial package, the UK Government will also agree a Fiscal Framework with the Northern Ireland Executive which will outline Northern Ireland’s long-term funding arrangements.
Asked by: Baroness Goudie (Labour - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of efforts in New York State to ensure private creditor debtor terms are equal to those of other creditors to lower and middle-income countries; and what plans they have, if any, to enact similar legislation in the UK.
Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)
The UK, alongside the G20 and Paris Club, expects creditors, including private creditors, to participate in debt restructurings on comparable terms.
At this stage, the Government is not pursuing a legislative approach that would force private or other lenders to participate in debt restructurings. The Government is focused on delivering a market-based (contractual) approach to private sector participation, including taking the lead in developing Majority Voting Provisions for private syndicated loans. These promote more efficient restructurings and reduce the ability for creditors to hold out.
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of the 12 per cent increase in house sales during April; and what steps they are taking to support first-time buyers.
Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)
The most comprehensive measure of UK property transactions is published by HMRC. According to this measure, residential property transactions rose by 1% in March 2024 compared to February, the third consecutive monthly increase.
The Government continues to monitor developments in the housing market closely and consider the implications.
Asked by: Alistair Strathern (Labour - Mid Bedfordshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will have discussions with the Secretary of State for Levelling Up, Housing and Communities on the potential merits of increasing the purchase price limits on ISAs to exceed £250,000.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
The Government keeps all aspects of savings policy under review, and any changes of this kind would be made at a relevant fiscal event.
Asked by: Earl of Clancarty (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask His Majesty's Government, further to the remarks by Baroness Vere of Norbiton on 12 February (HL Deb col 10) that HMRC expects processing times for A1 forms to return to normal by April, what assessment they have made of progress so far, and what steps they are taking to improve processing times.
Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)
HMRC has taken steps to address the backlog of A1 applications, have achieved their recovery strategy ahead of time and they are now achieving service levels. Since September 2023 the processing times for online applications have decreased to 6 days from 15 weeks previously, and for post applications, it is now also 6 days, down from 33 weeks. The Standard Level of Service Agreement targets for both are 15 days and 40 days respectively. As of 3rd May, HMRC has reduced the number of cases on hand to approximately 2500.
Asked by: Lord Leigh of Hurley (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government, further to the Written Answer by Baroness Vere of Norbiton on 25 April (HL3766), when they sought permission from the EU to extend the sunset clause for enterprise investment schemes and venture capital trust schemes.
Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)
The government’s engagement with the EU Commission on the extension of the Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) sunset clauses is ongoing.
The government believes the schemes continue to be consistent with subsidy control principles and address an evidenced market failure.
Asked by: Earl of Clancarty (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask His Majesty's Government, further to the remarks by Baroness Vere of Norbiton on 12 February (HL Deb col 10) that HMRC expected processing times for A1 forms to return to normal by April, what are the "normal" target processing times.
Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)
HMRC processing timescales for A1 forms are to clear 75% of online applications within 15 working-days, for postal applications it is to clear 75% within 40 working-days.
Asked by: Jamie Stone (Liberal Democrat - Caithness, Sutherland and Easter Ross)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions he has had with banks on the potential impact of the removal of mobile bank services on people in (a) Bonar Bridge, (b) Lairg, (c) Helmsdale and (d) Dornoch.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
Decisions to open or close a branch or mobile banking service are commercial decisions for firms and the Government does not intervene. However, it is imperative that banks and building societies recognise the needs of all customers, including those who need to use in-person services.
Guidance from the FCA sets out its expectation of firms when they are deciding to reduce their physical branches, including mobile branches, or the number of free-to-use ATMs. Firms are expected to carefully consider the impact of planned closures on their customers’ everyday banking and cash access needs, and put in place alternatives, where this is reasonable.
Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office or Banking Hubs.