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To ask the Secretary of State for Work and Pensions, what estimate he has made of the change in the real terms value of the maximum amount of benefit entitlement as a result of inflation since the introduction of the benefit cap in November 2016.
To ask the Secretary of State for Work and Pensions, what estimate he has made of the change in the real terms value of the maximum amount of benefit entitlement as a result of inflation since the introduction of the benefit cap in November 2016.
The Work and Pensions Secretary of State has a duty to review the Lower Benefit Cap levels once in each Parliament with regard to the national economic situation and any other matters he considers relevant, as set out in the 2016 Welfare Reform and Work Act. New lower and tiered Benefit Cap rates were introduced from November 2016 prior to the election in June 2017. We intend to review the Lower Benefit Cap during this Parliament.
For context, outside of London, around 4 in 10 households have net earnings less than the £20,000 cap level. In London around 4 in 10 households have net earnings of less than the £23,000 cap level.
To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential merits of increasing the contribution limits for (a) Share Incentive Plans and (b) Save As You Earn in line with inflation.
To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential merits of increasing the contribution limits for (a) Share Incentive Plans and (b) Save As You Earn in line with inflation.
In 2014 the government doubled the contribution limits for the Share Incentive Plans and Save As You Earn schemes from £250 to £500 per month. There are no current plans to change these limits. The government keeps all areas of the tax system under review.
Analysis of the latest key UK and international economic indicators.
Analysis of the latest key UK and international economic indicators.
To ask Her Majesty's Government, further to the answer by Lord Young of Cookham on 16 November (HL Deb, col 2187), whether they plan to revert to uprating working age benefits in line with inflation at the end of the current four-year freeze.
To ask Her Majesty's Government, further to the answer by Lord Young of Cookham on 16 November (HL Deb, col 2187), whether they plan to revert to uprating working age benefits in line with inflation at the end of the current four-year freeze.
The Welfare Reform and Work Act 2016 has frozen the majority of working-age benefits and tax credits for four tax years, from 2016-17 to 2019-20. These rates will therefore remain the same over this period.
Once these provisions cease to have effect, the pre-existing statutory obligations will re-apply, requiring the Government to undertake a review of the rates of tax credits and benefits in light of price inflation in the preceding year.
This House of Lords Library briefing has been written ahead of a debate in the House of Lords on 30 November 2017 on the impact of Her Majesty’s Government’s fiscal policies on the recruitment, retention and conditions of NHS staff.
This House of Lords Library briefing has been written ahead of a debate in the House of Lords on 30 November 2017 on the impact of Her Majesty’s Government’s fiscal policies on the recruitment, retention and conditions of NHS staff.
Analysis of the latest key UK and international economic indicators.
Analysis of the latest key UK and international economic indicators.
The briefing sets out the background to Autumn Budget 2017 which will take place on Wednesday 22 November 2017. The Office for Budget Responsibility (OBR) will publish revised forecasts for the economy and public finances on the same day.
The briefing sets out the background to Autumn Budget 2017 which will take place on Wednesday 22 November 2017. The Office for Budget Responsibility (OBR) will publish revised forecasts for the economy and public finances on the same day.
Analysis of the latest UK and international economic indicators
Analysis of the latest UK and international economic indicators
To ask Her Majesty's Government whether they have recently considered setting a temporary or permanent increase in the inflation target set for the Monetary Policy Committee.
To ask Her Majesty's Government whether they have recently considered setting a temporary or permanent increase in the inflation target set for the Monetary Policy Committee.
The Bank of England Act 1998 established that the objectives of the Monetary Policy Committee of the Bank of England are to maintain price stability and, subject to that, to support the economic policy of the Government.
The Chancellor reaffirmed at the Spring Budget 2017 that the committee will continue to target 2 per cent inflation as defined by the 12-month increase in the consumer prices index.
To ask the Secretary of State for Work and Pensions, whether the Government has made an assessment of the potential merits of lifting the freeze on benefits on account of changes to the level of inflation after the UK leaves the EU.
To ask the Secretary of State for Work and Pensions, whether the Government has made an assessment of the potential merits of lifting the freeze on benefits on account of changes to the level of inflation after the UK leaves the EU.
The Welfare Reform and Work Act 2016 has frozen the majority of working-age benefits for four tax years, from 2016-17 to 2019-20. The analysis published at the time of the 2015 Budget assesses the impact of the measures in the Welfare Reform and Work Act 2016. This includes an estimate that the benefit rate freeze would save £3.5 billion in 2019-20 (https://www.parliament.uk/documents/impact-assessments/IA15-006C.pdf).
The Chancellor acknowledged earlier that the fall in the exchange rate following the Brexit vote has pushed up inflation. What is the Treasury’s estimate of the impact of that on people’s standard of living?
The Chancellor acknowledged earlier that the fall in the exchange rate following the Brexit vote has pushed up inflation. What is the Treasury’s estimate of the impact of that on people’s standard of living?
The hon. Lady will be aware of the increase in inflation—CPI inflation stands at 3%. Most forecasts suggest that it might go 0.1% higher before falling steadily from late this year. Obviously any increase in inflation will have a negative impact on real wages, and we very much look forward to CPI inflation falling and real wage growth resuming in this country next year.
The hon. Lady will be aware of the increase in inflation—CPI inflation stands at 3%. Most forecasts suggest that it might go 0.1% higher before falling steadily from late this year. Obviously any increase in inflation will have a negative impact on real wages, and we very much look forward to CPI inflation falling and real wage growth resuming in this country next year.
The hon. Lady will be aware of the increase in inflation—CPI inflation stands at 3%. Most forecasts suggest that it might go 0.1% higher before falling steadily from late this year. Obviously any increase in inflation will have a negative impact on real wages, and we very much look forward to CPI inflation falling and real wage growth resuming in this country next year.
The Chancellor acknowledged earlier that the fall in the exchange rate following the Brexit vote has pushed up inflation. What is the Treasury’s estimate of the impact of that on people’s standard of living?
To ask the Secretary of State for Education, what her policy is on adjusting the total budget allocation for the early years national funding formula to take account of inflation in 2017.
To ask the Secretary of State for Education, what her policy is on adjusting the total budget allocation for the early years national funding formula to take account of inflation in 2017.
We are increasing spending on childcare to over £6 billion per year by 2019-20 which includes £1 billion a year to deliver 30 hours of free childcare and increase our hourly funding rates. Our new funding rates are based on our ‘Review of Childcare Costs’ which looked at both the current costs of childcare provision and the implications of future cost pressures facing the sector. The Review was described as “thorough and wide ranging” by the National Audit Office.
The Government’s total hourly funding rate for three- and four-year olds (national average to local authorities) increased from £4.56 to £4.94 in April 2017. This compares very favourably with research into the cost of childcare, published by Frontier Economics in July 2017, which shows that the mean hourly delivery cost of a three/four year old place was £3.72.
The Government has also increased Small Business Rate Relief and provided authorities with funding to support £300m of discretionary business rates relief, which could be used to support local nurseries.
Analysis of the latest UK and international economic indicators
Analysis of the latest UK and international economic indicators
To ask Her Majesty's Government whether they will continue to include figures relating to the Retail Price Index in the monthly press release on UK consumer price inflation issued by the Office for National Statistics.
To ask Her Majesty's Government whether they will continue to include figures relating to the Retail Price Index in the monthly press release on UK consumer price inflation issued by the Office for National Statistics.
The information requested falls within the responsibility of the UK Statistics Authority. I have asked the Authority to reply.
Letter dated 20/09/2017 from John Pullinger, National Statistician, to Lord Marlesford regarding the publication of figures relating to the Retail Price Index. 1p.
Letter dated 20/09/2017 from John Pullinger, National Statistician, to Lord Marlesford regarding the publication of figures relating to the Retail Price Index. 1p.
To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect of the UK leaving the EU on the Consumer Price Index rate of inflation.
To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect of the UK leaving the EU on the Consumer Price Index rate of inflation.
In their March 2017 Economic and Fiscal Outlook, the Office for Budget Responsibility (OBR) forecast that CPI inflation would be 2.4% in 2017, up from 0.5% in 2016 as the depreciation in sterling and rising commodity prices fed through to higher prices. The OBR forecast inflation to be 2.3% in 2018, before falling back to 2.0% in 2019.
The Government has taken action to support people with the cost of living by increasing the National Living Wage, raising the personal allowance, and freezing fuel duty.