Asked by: Taiwo Owatemi (Labour - Coventry North West)
Question to the Department for Education:
To ask the Secretary of State for Education, what steps she is taking to help improve the financial literacy of school children in Coventry North West constituency.
Answered by Nick Gibb
Education on financial matters helps to ensure that pupils are prepared to manage their money well, make sound financial decisions and know where to seek further information when needed.
Financial education forms part of the citizenship curriculum at Key Stages 3 and 4, but can be taught at all Key Stages. More information on the National Curriculum can be found here: https://www.gov.uk/national-curriculum. The subject covers the functions and uses of money, the importance of personal budgeting, money management and managing financial risk. At secondary school, pupils are taught content on income and expenditure, credit and debt, insurance, savings, pensions, financial products and services and how public money is raised and spent.
The mathematics curriculum includes an emphasis on the essential arithmetic that primary pupils should be taught. A strong grasp of mathematics will underpin pupils’ ability to manage budgets and money. The secondary mathematics curriculum develops pupils’ understanding in relation to more complex personal finance issues such as calculating loan repayments, interest rates and compound interest.
The Money and Pensions Service (MaPS) has published guidance to support head teachers to enhance their financial education provision. This is available here: https://maps.org.uk/2021/11/11/financial-education-guidance-for-primary-and-secondary-schools-in-england/.
The Department and MaPS are planning a series of joint financial education webinars during this academic year, aimed at promoting the importance of financial education, improving pupils’ knowledge and teachers’ confidence.
Asked by: Karin Smyth (Labour - Bristol South)
Question to the Department of Health and Social Care:
To ask the Secretary of State for Health and Social Care, if he will make an assessment of the impact of the (a) changes to national insurance and (b) rise in inflation on real terms funding for (i) the NHS and (ii) social care services in the next financial year.
Answered by Will Quince
The funding associated with the former Health and Social Care Levy continues to be available to the National Health Service and social care. This includes the plans to spend £8 billion over three years to help tackle elective backlogs in the NHS. However, Departmental budgets have been adjusted for the fact they are no longer paying the additional employer costs associated with the Levy.
We recognise that inflation will have an impact into future years and the Government is investing an additional £3.3 billion in each of 2023/24 and 2024/25 to support the NHS in England, enabling rapid action to improve emergency, elective and primary care performance. This means that the NHS’s budget in England will continue to grow in real terms by 1.9% in 2023/24. The NHS will set out full recovery plans for the urgent and emergency care and primary care systems and continue to deliver on the Elective Recovery Plan. In addition, the Chancellor announced up to £2.8 billion in 2023/24 in England and £4.7 billion in 2024/25 to support the adult social care sector. This includes £1 billion to directly support discharges from hospital into the community, to support the NHS.
We expect Local Authorities go beyond meeting inflationary pressures and use this historic funding boost to deliver tangible improvements in adult social care services. These improvements should address discharge delays, social care waiting times, low fee rates, and workforce pressures.
Asked by: Brandon Lewis (Conservative - Great Yarmouth)
Question to the Department for Education:
To ask the Secretary of State for Education, whether her Department is taking steps to help improve the financial literacy of (a) young people and (b) the wider population.
Answered by Nick Gibb
Financial education supports young people to manage their money well, make sound financial decisions, and know where to seek further information when needed.
Financial education is included in the National Curriculum at Key Stages 3 and 4 but can be taught by all schools at all Key Stages. Pupils should be taught the functions and uses of money, the importance of personal budgeting, money management, and managing financial risk. At secondary school, pupils should be educated on income and expenditure, credit and debt, insurance, savings and pensions, financial products and services, and the need to understand financial risk, including any emerging financial trends.
The mathematics curriculum includes an emphasis on the essential arithmetic that primary pupils should be taught. A grasp of mathematics underpins pupils’ ability to manage budgets and money. This includes, for example, using percentages. The secondary mathematics curriculum develops pupils’ understanding in relation to more complex personal finance issues, such as calculating loan repayments, interest rates, and compound interest.
In November 2021, the Money and Pensions Service published financial education guidance for primary and secondary schools in England to support head teachers. The guidance is available at: https://maps.org.uk/2021/11/11/financial-education-guidance-for-primary-and-secondary-schools-in-england/.
The Department and the Money and Pensions Service are planning a series of joint financial education webinars during this academic year. These are aimed at promoting the importance of financial education, improving pupils’ understanding, and improving teachers' confidence.
Asked by: Damian Green (Conservative - Ashford)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how much excise duty and VAT the Government collected from the sale of tobacco products in each financial year since 2018-19.
Answered by James Cartlidge - Minister of State (Ministry of Defence)
Data regarding receipts for tobacco duty can be found in the publication HMRC tax receipts and National Insurance contributions for the UK. Refer to column Y in the statistics table.
An extract is provided below showing Tobacco duties since 2018 to 2019. Figures are in £millions.
Financial year | Tobacco Duties (£m) |
2018 to 2019 | 9,290 |
2019 to 2020 | 8,804 |
2020 to 2021 | 9,964 |
2021 to 2022 | 10,278 |
With regards to VAT receipts on tobacco products, the information is not available. HMRC does not hold information on VAT revenue from specific products or services, including VAT on tobacco products. This is because businesses are not required to provide figures at a product level within their VAT returns, as this would impose an excessive administrative burden.
Asked by: Alex Cunningham (Labour - Stockton North)
Question to the Department for Education:
To ask the Secretary of State for Education, whether her Department is taking steps to provide young people with education on buy-now-pay-later schemes.
Answered by Nick Gibb
Education on financial matters helps to ensure that young people are prepared to manage their money well, make sound financial decisions and know where to seek further information where needed.
Financial education is included in the National Curriculum at Key Stages 3 and 4 but can be taught by all schools at all Key Stages. Pupils should be taught the functions and uses of money, the importance of personal budgeting, money management, and managing financial risk. At secondary school, pupils should be educated on income and expenditure, credit and debt, insurance, savings and pensions, financial products and services, and the need to understand financial risk, including any emerging financial trends. Further information can be found here: https://www.gov.uk/national-curriculum.
The mathematics curriculum includes a strong emphasis on the essential arithmetic that primary pupils should be taught. A strong grasp of mathematics will underpin pupils’ ability to manage budgets and money.
The Money and Pensions Service (MaPS) published financial education guidance for primary and secondary schools in England in November 2021, to support school leaders to enhance their financial education provision. The guidance is available at: https://maps.org.uk/2021/11/11/financial-education-guidance-for-primary-and-secondary-schools-in-england/. This guidance includes links to quality assured resources for schools, including content and activities on cryptocurrencies and buy now, pay later schemes. It also sets out the knowledge pupils need to protect their personal data, critically evaluate online content and identify scams.
The Department is working with MaPS on a series of joint financial education webinars during the 2022/23 academic year to help both primary and secondary schools, to improve pupils’ knowledge and build teachers’ confidence in this area.
Asked by: Alex Cunningham (Labour - Stockton North)
Question to the Department for Education:
To ask the Secretary of State for Education, whether her Department is taking steps to provide young people with education on credit products.
Answered by Nick Gibb
Education on financial matters helps to ensure that young people are prepared to manage their money well, make sound financial decisions and know where to seek further information where needed.
Financial education is included in the National Curriculum at Key Stages 3 and 4 but can be taught by all schools at all Key Stages. Pupils should be taught the functions and uses of money, the importance of personal budgeting, money management, and managing financial risk. At secondary school, pupils should be educated on income and expenditure, credit and debt, insurance, savings and pensions, financial products and services, and the need to understand financial risk, including any emerging financial trends. Further information can be found here: https://www.gov.uk/national-curriculum.
The mathematics curriculum includes a strong emphasis on the essential arithmetic that primary pupils should be taught. A strong grasp of mathematics will underpin pupils’ ability to manage budgets and money.
The Money and Pensions Service (MaPS) published financial education guidance for primary and secondary schools in England in November 2021, to support school leaders to enhance their financial education provision. The guidance is available at: https://maps.org.uk/2021/11/11/financial-education-guidance-for-primary-and-secondary-schools-in-england/. This guidance includes links to quality assured resources for schools, including content and activities on cryptocurrencies and buy now, pay later schemes. It also sets out the knowledge pupils need to protect their personal data, critically evaluate online content and identify scams.
The Department is working with MaPS on a series of joint financial education webinars during the 2022/23 academic year to help both primary and secondary schools, to improve pupils’ knowledge and build teachers’ confidence in this area.
Asked by: Jonathan Edwards (Independent - Carmarthen East and Dinefwr)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has had recent discussions with (a) regulators and (b) other relevant stakeholders on (i) the use of tracking apps by car insurance companies and (ii) ensuring that consumers are able to identify which products require the use of such apps when procuring car insurance products.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
Insurers should treat customers fairly and firms are required to do so under Financial Conduct Authority (FCA) rules. The FCA is an independent body responsible for regulating and supervising the financial services industry, including insurance.
The FCA requires that an insurer must give information to a consumer about the terms and conditions of insurance products in a comprehensible form to enable them to make an informed purchasing decision.
The Government regularly engages with both the FCA and insurance industry stakeholders.
Asked by: Christian Wakeford (Labour - Bury South)
Question to the Department for Education:
To ask the Secretary of State for Education, what steps she is taking to help improve young people’s understanding of buy-now-pay-later schemes.
Answered by Nick Gibb
Education on financial matters helps to ensure that young people are prepared to manage their money well, make sound financial decisions and know where to seek further information when needed.
Finance education forms part of the citizenship National Curriculum, at Key Stages 3 and 4, but can be taught by all schools at all Key Stages. Citizenship covers the functions and uses of money; the importance of personal budgeting; money management; and managing financial risk. At secondary school, pupils are taught information on income and expenditure; credit and debt; insurance, savings and pensions; financial products and services and the need to understand financial risk, including any emerging financial trends. Further information can be found here: https://www.gov.uk/national-curriculum.
The current mathematics curriculum at primary level includes financial education and relevant skills, including calculations with money and using percentages, which provides young people with the knowledge and financial skills to make important financial decisions. The secondary mathematics curriculum develops pupils’ understanding and skills in relation to more complex personal finance issues, such as calculating loan repayments, interest rates and compound interest.
The Money and Pensions Service (MaPS) published financial education guidance for primary and secondary schools in England in November 2021, to support school leaders to enhance their financial education provision. The guidance is available at: https://maps.org.uk/2021/11/11/financial-education-guidance-for-primary-and-secondary-schools-in-england/. This guidance includes links to quality assured resources for schools, including content and activities on cryptocurrencies and buy now, pay later schemes. It also sets out the knowledge and skills pupils need to protect their personal data, critically evaluate online content and identify scams.
The Department is working with MaPS on a series of joint financial education webinars during the 2022/23 academic year, to help both primary and secondary schools, to improve pupils’ skills and knowledge and build teachers’ confidence in this area.
Asked by: Christian Wakeford (Labour - Bury South)
Question to the Department for Education:
To ask the Secretary of State for Education, what steps she is taking to improve young people’s understanding of credit products; and if she will make a statement.
Answered by Nick Gibb
Education on financial matters helps to ensure that young people are prepared to manage their money well, make sound financial decisions and know where to seek further information when needed.
Finance education forms part of the citizenship National Curriculum, at Key Stages 3 and 4, but can be taught by all schools at all Key Stages. Citizenship covers the functions and uses of money; the importance of personal budgeting; money management; and managing financial risk. At secondary school, pupils are taught information on income and expenditure; credit and debt; insurance, savings and pensions; financial products and services and the need to understand financial risk, including any emerging financial trends. Further information can be found here: https://www.gov.uk/national-curriculum.
The current mathematics curriculum at primary level includes financial education and relevant skills, including calculations with money and using percentages, which provides young people with the knowledge and financial skills to make important financial decisions. The secondary mathematics curriculum develops pupils’ understanding and skills in relation to more complex personal finance issues, such as calculating loan repayments, interest rates and compound interest.
The Money and Pensions Service (MaPS) published financial education guidance for primary and secondary schools in England in November 2021, to support school leaders to enhance their financial education provision. The guidance is available at: https://maps.org.uk/2021/11/11/financial-education-guidance-for-primary-and-secondary-schools-in-england/. This guidance includes links to quality assured resources for schools, including content and activities on cryptocurrencies and buy now, pay later schemes. It also sets out the knowledge and skills pupils need to protect their personal data, critically evaluate online content and identify scams.
The Department is working with MaPS on a series of joint financial education webinars during the 2022/23 academic year, to help both primary and secondary schools, to improve pupils’ skills and knowledge and build teachers’ confidence in this area.
Asked by: Stephen Morgan (Labour - Portsmouth South)
Question to the Department for Education:
To ask the Secretary of State for Education, what plans she has to help improve young people’s understanding of the way in which buy-now-pay-later schemes operate; and if she will make a statement.
Answered by Nick Gibb
Education on financial matters helps to ensure that young people are prepared to manage their money well, make sound financial decisions and know where to seek further information when needed.
Finance education forms part of the citizenship National Curriculum, at Key Stages 3 and 4, but can be taught by all schools at all Key Stages. Citizenship covers the functions and uses of money; the importance of personal budgeting; money management; and managing financial risk. At secondary school, pupils are taught information on income and expenditure; credit and debt; insurance, savings and pensions; financial products and services and the need to understand financial risk, including any emerging financial trends. Further information can be found here: https://www.gov.uk/national-curriculum.
The current mathematics curriculum at primary level includes financial education and relevant skills, including calculations with money and using percentages, which provides young people with the knowledge and financial skills to make important financial decisions. The secondary mathematics curriculum develops pupils’ understanding and skills in relation to more complex personal finance issues, such as calculating loan repayments, interest rates and compound interest.
The Money and Pensions Service (MaPS) published financial education guidance for primary and secondary schools in England in November 2021, to support school leaders to enhance their financial education provision. The guidance is available at: https://maps.org.uk/2021/11/11/financial-education-guidance-for-primary-and-secondary-schools-in-england/. This guidance includes links to quality assured resources for schools, including content and activities on cryptocurrencies and buy now, pay later schemes. It also sets out the knowledge and skills pupils need to protect their personal data, critically evaluate online content and identify scams.
The Department is working with MaPS on a series of joint financial education webinars during the 2022/23 academic year, to help both primary and secondary schools, to improve pupils’ skills and knowledge and build teachers’ confidence in this area.