Budgets: Disclosure of Information

Treasury written question – answered on 29th October 2021.

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Photo of Bridget Phillipson Bridget Phillipson Shadow Chief Secretary to the Treasury

To ask the Chancellor of the Exchequer, what steps he has taken to ensure staff employed as special advisors in his Department, and in his Press Office, are familiar with the findings of Sir Nicholas Macpherson's 2013 review into pre-budget announcements; whether the review's recommendation that the Treasury introduces a ban on the pre-release of the core of the Budget (and Autumn Statement), that is: the economic and fiscal projections, the fiscal judgement and individual tax rates, reliefs and allowances, remains his Department's policy; and if he will make a statement.

Photo of Bridget Phillipson Bridget Phillipson Shadow Chief Secretary to the Treasury

To ask the Chancellor of the Exchequer, with reference to the recommendation made by Sir Nicholas Macpherson in his 2013 review of pre-Budget announcements, that the Treasury introduces a ban on the pre-release of the core of the Budget (and Autumn Statement), that is: the economic and fiscal projections, the fiscal judgement and individual tax rates, reliefs and allowances, what assessment he has made of the potential effect on share values or market sentiment of his decision to release to the Telegraph before announcing to the House that Shipping firms flying the Red Ensign will stand a better chance from April 2022 of being accepted when applying for the UK’s tonnage tax regime; and if he will make a statement.

Photo of Bridget Phillipson Bridget Phillipson Shadow Chief Secretary to the Treasury

To ask the Chancellor of the Exchequer, with reference to the recommendation of Sir Nicholas Macpherson's 2013 review of pre-Budget announcements that the Treasury introduces a ban on the pre-release of the core of the Budget (and Autumn Statement), that is: the economic and fiscal projections, the fiscal judgement and individual tax rates, reliefs and allowances, what assessment he has made of the potential effect on share values or market sentiment of his decision to release to the Telegraph before announcing to the House that companies investing in greener environmentally-friendly ships will also be prioritised for the tax regime; and if he will make a statement.

Photo of Bridget Phillipson Bridget Phillipson Shadow Chief Secretary to the Treasury

To ask the Chancellor of the Exchequer, with reference to the recommendation of Sir Nicholas Macpherson's 2013 review of pre-Budget announcements that the Treasury introduces a ban on the pre-release of the core of the Budget (and Autumn Statement), that is: the economic and fiscal projections, the fiscal judgement and individual tax rates, reliefs and allowances, for what reason his Department disclosed to the Telegraph ahead of the 2021 Budget that shipping firms flying the Red Ensign will stand a better chance from April next year of being accepted when applying for the UK’s tonnage tax regime; and if he will make a statement.

Photo of Bridget Phillipson Bridget Phillipson Shadow Chief Secretary to the Treasury

To ask the Chancellor of the Exchequer, with reference to the recommendation of Sir Nicholas Macpherson's 2013 review of pre-Budget announcements that the Treasury introduces a ban on the pre-release of the core of the Budget (and Autumn Statement), that is: the economic and fiscal projections, the fiscal judgement and individual tax rates, reliefs and allowances, for what reason his Department disclosed to the Telegraph, ahead of the 2021 Budget, plans to announce in the Budget that companies investing in greener environmentally-friendly ships will also be prioritised for the tax regime; and if he will make a statement.

Photo of Simon Clarke Simon Clarke The Chief Secretary to the Treasury

HM Treasury takes the recommendations of the Macpherson review seriously, and has followed these in full.

The reforms to the UK’s Tonnage Tax regime which the Honourable lady has asked about have been announced months before they come into force in April 2022.

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