Bim Afolami: When we are talking about people at the bottom end of the income scale, it is important to note that those on the full-time national living wage—which we will be increasing by the largest ever amount in April this year—will be 30% better off than they were in 2010.
Bim Afolami: As I have said many times this afternoon, inflation is a target for this Government: we aim to ensure that we continue to bring it down, and indeed we expect it to get to 2% in the coming months. In relation to food inflation specifically, at the last fiscal event we introduced full expensing, which will enable food manufacturers, supermarkets and others to increase their investment hugely,...
Bim Afolami: All I would say to the hon. Gentleman is that we are in a very challenging international context and we have performed better than the international forecasts. We had high inflation, which really bedevilled this economy a couple of years ago, but we have more than halved it. We have a plan to grow our way out of this, as was shown by the last fiscal event, where we unveiled, I think, 110...
Bim Afolami: No, I would not.
Bim Afolami: I believe that the right hon. Lady asked a similar question of the Chancellor at the last Treasury questions, and the Chancellor responded by saying that he was absolutely clear about the need to compensate people in the way that she has described. He will update the House in due course and indeed update her with further details in response to her question.
Bim Afolami: To increase investment we brought in full expensing at the last fiscal event, which should represent an increase over the forecast period of £14 billion of investment and deal with the chronic weakness of our economy over generations. That is what we are doing to increase investment. In relation to green investment in particular, what we are not doing is having a huge unfunded £28 billion...
Bim Afolami: The Prime Minister and the whole Government are committed to reducing debt as we get to the end of this economic forecast period, which is what we are doing.
Bim Afolami: I will have to take the hon. Gentleman’s criticism of my self-awareness on the chin, but his broader point is serious. He is asking whether the Government and I are light-hearted or think that everything in the economy is absolutely fantastic, but it is not. That is why we have taken the measures that we have. It is why we cut tax for working people, beginning in January. It is why we are...
Bim Afolami: I do not agree with the hon. Lady. I will not repeat everything I just said to the hon. Member for Ellesmere Port and Neston (Justin Madders), but this Government and this Treasury are sticking to our plan for growth. That is all put at risk by the Labour party.
Bim Afolami: We built on the trade and co-operation agreement through the Windsor framework, and the Opposition do not propose to change it. Indeed, the TCA is fundamental to the stability of our relationship with the European Union, and I do not think the country would benefit from unpicking it once again.
Bim Afolami: I have already laid out the steps that we are taking, and there is a critical need to make sure that all the regions of our country benefit from those steps. That is one of the reasons why we put so much effort and focus into investment zones over the last couple of years. We hope that these investment zones will continue to increase growth in the economy, not only at a macro level, but for...
Bim Afolami: HM Treasury regularly monitors the consumer credit market as part of its normal process of policy development. The department does not hold precise information on the number of consumers who used Buy-Now Pay-Later (BNPL) products in (a) 2022 and (b) 2023. Instead, HM Treasury draws on the research of various stakeholders to inform policy development. The Financial Conduct Authority’s...
Bim Afolami: The Government allocated £1.5 billion to the Equitable Life Payment Scheme. Before it ceased operations in 2016, the Scheme issued £1.12 billion in tax-free payments to nearly 933,000 policyholders. The remainder of the £1.5 billion has been set aside for future payments to the With-Profits Annuitants. Further information is available in the Final Report on the Scheme...
Bim Afolami: The Government allocated £1.5 billion to the Equitable Life Payment Scheme. Before it ceased operations in 2016, the Scheme issued £1.12 billion in tax-free payments to nearly 933,000 policyholders. The remainder of the £1.5 billion has been set aside for future payments to the With-Profits Annuitants. Further information is available in the Final Report on the Scheme....
Bim Afolami: The government recognises that cash continues to be used by millions of people across the UK, including those who may be in vulnerable groups. The government legislated through the Financial Services and Markets Act 2023 to establish a new legislative framework to protect access to cash. This establishes the Financial Conduct Authority (FCA) as the lead regulator for access to cash and...
Bim Afolami: Insurers make commercial decisions about the pricing of insurance based on their assessment on the likelihood and expected cost of a claim. The Government does not intervene in these commercial decisions by insurers as this could damage competition in the market. The Financial Conduct Authority (FCA) is the independent regulator and responsible for supervising the insurance industry. The FCA...
Bim Afolami: The Treasury engages with a range of different stakeholders to discuss policy matters. We look forward to working with the restored Executive to deliver for the people of Northern Ireland. It is imperative that banks and building societies recognise the needs of all their customers, including those who need to use in-person services. UK customers can access banking services through a number...
Bim Afolami: The Government believes that all customers, wherever they live, should have appropriate access to banking and cash services, and I would like to assure you that I am monitoring the issue of branch closures closely. Whilst decisions to open or close a branch are commercial decisions for banks, it is imperative that banks and building societies recognise the needs of all their customers,...
Bim Afolami: The UK has a world-leading record on animal welfare, and the government has introduced a range of measures to ensure animals receive the care, respect, and protection they deserve. This includes providing grants to farmers towards capital equipment that improves animal welfare and banning the export of live animals for fattening and slaughter. The government has recently announced its...
Bim Afolami: It is a pleasure to speak to the Bill and, as always, to serve under your chairmanship, Mr Hosie. I congratulate the hon. Member for Sunderland Central on introducing it and on reaching Committee stage, which is no mean feat in this place for a private Member’s Bill. It is clear from the hon. Member’s remarks that the Bill has the noble aim of supporting the future growth and success of...