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Before my hon. Friend goes on to talk about the kind of economy we want to see, will she make the observation that in an important debate on the cost of living and its evil twin Brexit, on the day after an urgent question on the Tories’ mortgage crisis, we...
Before my hon. Friend goes on to talk about the kind of economy we want to see, will she make the observation that in an important debate on the cost of living and its evil twin Brexit, on the day after an urgent question on the Tories’ mortgage crisis, we...
That this House condemns the announced plans by the UK’s largest telecoms companies for above-inflation mid-contract price increases; highlights reports that O2 plans to increase prices by 17.3 per cent while BT, EE, Vodafone, Three, Plusnet Mobile and Talkmobile plan to increase prices by 14.4 per cent and Virgin Media plans to increase prices by an average of 13.8 per cent; emphasises that this comes following Ofcom saying in September 2022 that a record eight million UK households were already facing problems paying mobile, broadband, pay-TV and streaming bills; further highlights that Ofcom has expressed concern about the level of uncertainty customers face about future price rises; notes that Ofcom has launched a review into this; would welcome urgent action by Ofcom; and calls on telecoms companies to reconsider these significant price increases at a time when millions are already struggling with the cost of living.
That this House condemns the announced plans by the UK’s largest telecoms companies for above-inflation mid-contract price increases; highlights reports that O2 plans to increase prices by 17.3 per cent while BT, EE, Vodafone, Three, Plusnet Mobile and Talkmobile plan to increase prices by 14.4 per cent and Virgin Media...
I have a constituent with a number of shops. He has seen his four-weekly energy costs rise from £12,000 last October to £27,000 today. Moving on to lower tariffs, but with the reduced energy support, he will still see that £12,000 every four weeks doubled, to £24,000. What advice would the Minister give to my constituent? How would he find the £140,000 off the bottom line in a business already operating on tight margins?
I have a constituent with a number of shops. He has seen his four-weekly energy costs rise from £12,000 last October to £27,000 today. Moving on to lower tariffs, but with the reduced energy support, he will still see that £12,000 every four weeks doubled, to £24,000. What advice would the Minister give to my constituent? How would he find the £140,000 off the bottom line in a business already operating on tight margins?
With great respect to the right hon. Gentleman, he was there when I gave the statement about the new scheme. I was clear with him about the fiscal position overall. He is welcome to write to me on that specific case. Obviously, I cannot comment on the detail of that individual case. What I can say is that we continue to put in place up to £5.5 billion of support with the energy bills discount scheme. That is a significant intervention and it remains a universal scheme with targeted support for the most energy and trade-intensive sectors.
Therein lies the problem: this will go to high energy users. The Federation of Small Businesses described the changes as “catastrophic” and
the beginning of the end for tens of thousands of small businesses”,
the British Chambers of Commerce said that
“an 85% drop in the financial envelope of support will fall short for thousands of UK businesses who are seriously struggling”,
and UKHospitality criticised the sudden and sharp drop in support, estimating the move would cost that sector £4.5 billion in the next 12 months. Why does the Minister think they were all wrong and he is right?
Therein lies the problem: this will go to high energy users. The Federation of Small Businesses described the changes as “catastrophic” and
the beginning of the end for tens of thousands of small businesses”,
the British Chambers of Commerce said that
“an 85% drop in the financial envelope of support will fall short for thousands of UK businesses who are seriously struggling”,
and UKHospitality criticised the sudden and sharp drop in support, estimating the move would cost that sector £4.5 billion in the next 12 months. Why does the Minister think they were all wrong and he is right?
As I said to the hon. Member for Airdrie and Shotts (Ms Qaisar), we were clear when we created the scheme to support businesses with their energy bills that it had to be time limited because of the generosity of the support—£18 billion over six months.
We were absolutely transparent about that. But we have maintained a universal scheme covering businesses, charities and the public sector. Yes, it is less generous, but it remains significant. As I said, he is welcome to write to me with the specific case he raised.
That this House applauds the excellent end of life care and support provided by hospices across the UK to 300,000 people and their families every year; is concerned by the financial strain placed upon hospices due to the soaring costs of energy which places around £100m of additional costs a year; appreciates the significant impact the cost of living crisis is having on the hospice sector’s fundraising which accounts for two thirds of adult’s hospice income and four fifths of children’s hospice income; values the critical role the hospice sector has within the UK’s health and care system; understands that the work of hospices relieve pressure on the NHS; is mindful that simply reducing energy consumption is not a viable option for hospices which need to keep medical machines running and inpatient units warm for those in their care; further understands that increased running costs cannot be passed on to service users as they would in the business sector; and urgently calls for additional support with energy costs to be provided to the hospice sector which may otherwise struggle to continue with its valuable work to those requiring end of life care and their families.
That this House applauds the excellent end of life care and support provided by hospices across the UK to 300,000 people and their families every year; is concerned by the financial strain placed upon hospices due to the soaring costs of energy which places around £100m of additional costs a...
Happy new year, Mr Deputy Speaker.
I thank the Minister for his statement and for early sight of it, although I suspect businesses will be as underwhelmed and disappointed by it as they were frustrated by the delay in making it. I am disappointed that the higher level of discount will...
Happy new year, Mr Deputy Speaker.
I thank the Minister for his statement and for early sight of it, although I suspect businesses will be as underwhelmed and disappointed by it as they were frustrated by the delay in making it. I am disappointed that the higher level of discount will...
Subsequent to the changes to the insurance market to protect people from the loyalty payment, the Chancellor announced his Edinburgh reforms to wider financial services regulation and a great many consultations. At a quick glance, many of them closed very quickly—on 5 February, 17 February, 3 March, 5 March and 17 March. Given that the Treasury Select Committee warned over a decade ago that the Government
“needs to take the time required to get its reform of financial regulation right”,
how can we be convinced that the rather painful lessons of the financial crash have not been forgotten?
Subsequent to the changes to the insurance market to protect people from the loyalty payment, the Chancellor announced his Edinburgh reforms to wider financial services regulation and a great many consultations. At a quick glance, many of them closed very quickly—on 5 February, 17 February, 3 March, 5 March and 17 March. Given that the Treasury Select Committee warned over a decade ago that the Government
“needs to take the time required to get its reform of financial regulation right”,
how can we be convinced that the rather painful lessons of the financial crash have not been forgotten?
For four and a half years, I was the Economic Secretary to the Treasury, and many of those reforms were baked up over a lot of consultation with
industry over many months. The Edinburgh reforms represent an incremental advance on those reforms and have high prudential regulatory standards very much at their core.
I will come to that, because the Minister is absolutely right. I did quote from a 2010 report. But in June this year, the Treasury Committee, in its report on the future of financial services regulation, warned:
“Weakening standards could reduce the financial resilience of the UK’s financial system and undermine international confidence in that system and the firms within it.”
Given the intention to review capital requirements, and the new remit letters and secondary objectives for the Prudential Regulation Authority and the FCA, how will the Chancellor and the Minister ensure the regulatory focus on stability is maintained?
I will come to that, because the Minister is absolutely right. I did quote from a 2010 report. But in June this year, the Treasury Committee, in its report on the future of financial services regulation, warned:
“Weakening standards could reduce the financial resilience of the UK’s financial system and undermine international confidence in that system and the firms within it.”
Given the intention to review capital requirements, and the new remit letters and secondary objectives for the Prudential Regulation Authority and the FCA, how will the Chancellor and the Minister ensure the regulatory focus on stability is maintained?
I gave evidence to that inquiry and I heartily agree with its conclusions. Stability is at the core of the regulators’ objectives, but so is the need to look at the competitive landscape across the globe and ensure that the UK, with the city of London as a global hub for financial services, evolves and remains competitive, taking account of the risks but also developing frameworks in line with expectations, so that we can remain that world-leading global hub.
As my hon. Friend knows, when the price of oil goes up, the tax yield to the UK Exchequer is increased; when the price of a gallon of petrol goes up, there is extra duty for the UK Exchequer; and when the price of domestic bills goes up across the...
As my hon. Friend knows, when the price of oil goes up, the tax yield to the UK Exchequer is increased; when the price of a gallon of petrol goes up, there is extra duty for the UK Exchequer; and when the price of domestic bills goes up across the...
The Minister mentioned global prices and I was rather struck that she sounded like Gordon Brown saying that it was always someone else’s fault. It is absolutely true to say that there are global pressures causing inflation, but while some countries are capping their electricity price increases at 5%, we...
The Minister mentioned global prices and I was rather struck that she sounded like Gordon Brown saying that it was always someone else’s fault. It is absolutely true to say that there are global pressures causing inflation, but while some countries are capping their electricity price increases at 5%, we...
This is a serious debate affecting some tens of millions of families in the UK, so the sooner he stops wittering on about Irn-Bru and Pets at Home and makes a substantive point, the better for the viewing public.
This is a serious debate affecting some tens of millions of families in the UK, so the sooner he stops wittering on about Irn-Bru and Pets at Home and makes a substantive point, the better for the viewing public.
As the motion makes clear,
“households will soon be suffering the worst income squeeze since the 1970s”.
The Bank of England has said that inflation could reach more than 7% in April. Households’ average energy bills are forecast to rise by 54%—almost £700 on average—and there is a very real fear that...
As the motion makes clear,
“households will soon be suffering the worst income squeeze since the 1970s”.
The Bank of England has said that inflation could reach more than 7% in April. Households’ average energy bills are forecast to rise by 54%—almost £700 on average—and there is a very real fear that...
My hon. Friend the Member for Lanark and Hamilton East (Angela Crawley) is right that more must be done across the board. So far, women have particularly borne the brunt of the universal credit reduction, and people on modest incomes will bear the brunt of the national insurance increase. Of...
My hon. Friend the Member for Lanark and Hamilton East (Angela Crawley) is right that more must be done across the board. So far, women have particularly borne the brunt of the universal credit reduction, and people on modest incomes will bear the brunt of the national insurance increase. Of...
My hon. Friend is making a number of excellent points about the damaging nature of UK Tory policy. Does he agree that the benefit cap is one of those problems as well? Is he happy today to put on record the SNP’s support for the Poverty Alliance “Scrap the Cap”...
My hon. Friend is making a number of excellent points about the damaging nature of UK Tory policy. Does he agree that the benefit cap is one of those problems as well? Is he happy today to put on record the SNP’s support for the Poverty Alliance “Scrap the Cap”...
I thank the Minister for her statement and for giving me early sight of it. May I say how terribly sad these redundancies are, following on from the announcements last year, including the mothballing of Dalzell and Clydebridge? For our part, our solidarity and thoughts are with all those who...
I thank the Minister for her statement and for giving me early sight of it. May I say how terribly sad these redundancies are, following on from the announcements last year, including the mothballing of Dalzell and Clydebridge? For our part, our solidarity and thoughts are with all those who...
The oil industry has told us that the softening in the oil price has highlighted the underlying problem in the North sea, which is the high cost of doing business there, driven by an up to 81% tax on production. Instead of waiting till the Budget, will the Chancellor take urgent action on investment allowances and on a cut to the supplementary charge?
The oil industry has told us that the softening in the oil price has highlighted the underlying problem in the North sea, which is the high cost of doing business there, driven by an up to 81% tax on production. Instead of waiting till the Budget, will the Chancellor take urgent action on investment allowances and on a cut to the supplementary charge?
The Chief Secretary and I certainly recognise the pressure on the North sea producers. We want to make sure that we continue to extract the maximum amount of oil from the North sea basin. That is why we cut oil taxes at the autumn statement, published a consultation on the investment allowance and made it clear that further action may be required at the Budget.
May I draw it to the House’s attention that what the hon. Gentleman calls the softening of the oil price would have done disastrous damage to the finances of an independent Scotland? The Scottish National party’s projections for its oil revenue were out by almost threefold. It is a reminder of the strengths of the United Kingdom that we can bear pressures such as a falling—or, indeed, a rising—oil price across the entire UK.
On exports, in 2011 the deficit for trading goods was £100 billion. In 2012, that rose to £110 billion in the red, and has been running at about £20 billion in the red every quarter this year. I am not sure if I am seeing the green shoots of export...
On exports, in 2011 the deficit for trading goods was £100 billion. In 2012, that rose to £110 billion in the red, and has been running at about £20 billion in the red every quarter this year. I am not sure if I am seeing the green shoots of export...
I wish to say a little about the motion before I start my speech proper. The motion is in two parts, the first of which describes the failure of the Conservative Government—I intend to say most about that—and the second calls for action
to mitigate the cost of living crisis....
I wish to say a little about the motion before I start my speech proper. The motion is in two parts, the first of which describes the failure of the Conservative Government—I intend to say most about that—and the second calls for action
to mitigate the cost of living crisis....
I am suggesting that to try to remove the structural deficit and fail over a fixed time scale, taking no cognisance of external shocks, was a stupid thing to do and a daft economic and political decision, which the Government were warned about in advance. The warnings failed precisely because...
I am suggesting that to try to remove the structural deficit and fail over a fixed time scale, taking no cognisance of external shocks, was a stupid thing to do and a daft economic and political decision, which the Government were warned about in advance. The warnings failed precisely because...
I always welcome growth in the economy, but the error that the hon. Gentleman and his Government have made is that by increasing tax and cutting to the extent that they have—the ratio of cuts to tax increases is four to one—they will have sucked out of the economy by...
I always welcome growth in the economy, but the error that the hon. Gentleman and his Government have made is that by increasing tax and cutting to the extent that they have—the ratio of cuts to tax increases is four to one—they will have sucked out of the economy by...