My Lords, the last Conservative Government, in their dying days, made a number of high-profile announcements on carbon capture, usage and storage, nuclear financing and hydrogen production. However, when the Treasury carried out its initial

spending audit, it found from the capital allocation maps that it did not possess the cash required to hit the legal and infrastructural targets and rollout timetables necessary to fulfil those commitments. Does the Minister agree with me that a little more self-reflection and humility on that side would not go amiss?

My Lords, the last Conservative Government, in their dying days, made a number of high-profile announcements on carbon capture, usage and storage, nuclear financing and hydrogen production. However, when the Treasury carried out its initial

spending audit, it found from the capital allocation maps that it did not possess the cash required to hit the legal and infrastructural targets and rollout timetables necessary to fulfil those commitments. Does the Minister agree with me that a little more self-reflection and humility on that side would not go amiss?

I remind my noble friend that they left us with a black hole of £22 billion. Among other matters, there was £2.6 billion of new unfunded policy announcements, £6.4 billion for asylum and illegal migration, which was not funded, and £9.4 billion for pay awards, which was not funded. We need to find a few hundred million pounds to help the people most in need. I think that they should reflect on what they did in government.

I remind my noble friend that they left us with a black hole of £22 billion. Among other matters, there was £2.6 billion of new unfunded policy announcements, £6.4 billion for asylum and illegal migration, which was not funded, and £9.4 billion for pay awards, which was not funded. We need to find a few hundred million pounds to help the people most in need. I think that they should reflect on what they did in government.

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My Lords, any easing of the cost of living is to be welcomed. However, the Minister will be aware that the VAT reduction cannot be directly applied to Northern Ireland because of the rules of the Windsor Framework and the arrangements with the European Union. At best, we will have a situation in which a convoluted alternative route will have to be found, which clearly will lead at least to delays for consumers in Northern Ireland receiving any level of help. As this points to the need for a much deeper and longer-term solution, what action are the Government taking in the short term at least to get a derogation from the EU, so that Northern Ireland consumers can enjoy the same benefits as those in the rest of the United Kingdom?

My Lords, any easing of the cost of living is to be welcomed. However, the Minister will be aware that the VAT reduction cannot be directly applied to Northern Ireland because of the rules of the Windsor Framework and the arrangements with the European Union. At best, we will have a situation in which a convoluted alternative route will have to be found, which clearly will lead at least to delays for consumers in Northern Ireland receiving any level of help. As this points to the need for a much deeper and longer-term solution, what action are the Government taking in the short term at least to get a derogation from the EU, so that Northern Ireland consumers can enjoy the same benefits as those in the rest of the United Kingdom?

We know the issues around VAT in Northern Ireland, for example on electricity bills. The Northern Ireland Executive will receive comparable funding to enable them to support NI households with the cost of living. We have taken into consideration all the issues around the Windsor Framework, and we will continue to help the people most in need who live in Northern Ireland.

We know the issues around VAT in Northern Ireland, for example on electricity bills. The Northern Ireland Executive will receive comparable funding to enable them to support NI households with the cost of living. We have taken into consideration all the issues around the Windsor Framework, and we will continue to help the people most in need who live in Northern Ireland.

My Lords, I, too, send my best wishes to the noble Lords, Lord Livermore and Lord Stockwood. I welcome the appointment of the noble Lord, Lord Pitt-Watson, and look forward to the more constructive approach favoured by the new Prime Minister. With 10-year yields above 5%, political and international instability is already increasing borrowing costs and placing the sustainability of the public finances under serious strain. Does the Minister recognise that unfunded spending commitments cannot simply be floated in the press or on podcasts

without consequences? Markets react, investment and growth are discouraged, and working people ultimately pay the price, with increases in the cost of living.

My Lords, I, too, send my best wishes to the noble Lords, Lord Livermore and Lord Stockwood. I welcome the appointment of the noble Lord, Lord Pitt-Watson, and look forward to the more constructive approach favoured by the new Prime Minister. With 10-year yields above 5%, political and international instability is already increasing borrowing costs and placing the sustainability of the public finances under serious strain. Does the Minister recognise that unfunded spending commitments cannot simply be floated in the press or on podcasts

without consequences? Markets react, investment and growth are discouraged, and working people ultimately pay the price, with increases in the cost of living.

I echo the noble Baroness’s comments about my noble friend Lord Pitt-Watson, who will be the new Minister, taking over imminently—after this Question, I hope. The Government are well aware of the international situation we have in the Middle East and Ukraine; we know about the issues that we face. I do not believe the announcements being made are unfunded; we are finding the money to face up to the problems that ordinary people around the country are facing. I repeat the facts again: £9.4 billion of unfunded pay awards and £2.6 billion of new unfunded policy announcements by the last Government. What we are doing pales into insignificance compared to the debt they left the country in.

I echo the noble Baroness’s comments about my noble friend Lord Pitt-Watson, who will be the new Minister, taking over imminently—after this Question, I hope. The Government are well aware of the international situation we have in the Middle East and Ukraine; we know about the issues that we face. I do not believe the announcements being made are unfunded; we are finding the money to face up to the problems that ordinary people around the country are facing. I repeat the facts again: £9.4 billion of unfunded pay awards and £2.6 billion of new unfunded policy announcements by the last Government. What we are doing pales into insignificance compared to the debt they left the country in.

My Lords, is it not a fact that we may raise any funds we need by having further work done on VAT? Does the Minister welcome the review announced on 23 June to extend online marketplace VAT liability examinations? Perhaps we might also explore the growing amount of money being made by social media companies that are moving away from social media into auctioning and businesses such as that, where there is potential for tax to be raised. Perhaps we might have a debate in this House where we can invite all to participate, come up with ideas and examine those areas that need examining, so that we have some fairness in the tax system.

My Lords, is it not a fact that we may raise any funds we need by having further work done on VAT? Does the Minister welcome the review announced on 23 June to extend online marketplace VAT liability examinations? Perhaps we might also explore the growing amount of money being made by social media companies that are moving away from social media into auctioning and businesses such as that, where there is potential for tax to be raised. Perhaps we might have a debate in this House where we can invite all to participate, come up with ideas and examine those areas that need examining, so that we have some fairness in the tax system.

I thank my noble friend for that question. The future of VAT is a pressing issue, as is what we intend to do with those online entities that may be exempt from it. This is continuously under review, but I think we will need to wait for the Budget to see what changes we will have.

I thank my noble friend for that question. The future of VAT is a pressing issue, as is what we intend to do with those online entities that may be exempt from it. This is continuously under review, but I think we will need to wait for the Budget to see what changes we will have.

To ask His Majesty's Government whether the rise in the price of tungsten is impacting the UK defence industry.

To ask His Majesty's Government whether the rise in the price of tungsten is impacting the UK defence industry.

To ask the Secretary of State for Environment, Food and Rural Affairs, what assessment she has made of the impact of the Packaging Extended Producer Responsibility scheme on (a) household costs through higher retail prices, (b) food price inflation and (c) business costs for (i) small and medium-sized enterprises and...

To ask the Secretary of State for Environment, Food and Rural Affairs, what assessment she has made of the impact of the Packaging Extended Producer Responsibility scheme on (a) household costs through higher retail prices, (b) food price inflation and (c) business costs for (i) small and medium-sized enterprises and...

To ask the Secretary of State for Energy Security and Net Zero, what assessment he has made of the potential impact of the Nuclear Regulated Asset Base levy on registered charities and non-profit community organisations; and what steps he is taking to support these organisations in the context of increasing...

To ask the Secretary of State for Energy Security and Net Zero, what assessment he has made of the potential impact of the Nuclear Regulated Asset Base levy on registered charities and non-profit community organisations; and what steps he is taking to support these organisations in the context of increasing...

To ask the Secretary of State for Energy Security and Net Zero, whether he has had discussions with Ofgem on the potential impact of the RIIO-3 Transmission Network Use of System charges on the charitable sector; and if he will consider the potential merits of extending energy-intensive exemptions or relief...

To ask the Secretary of State for Energy Security and Net Zero, whether he has had discussions with Ofgem on the potential impact of the RIIO-3 Transmission Network Use of System charges on the charitable sector; and if he will consider the potential merits of extending energy-intensive exemptions or relief...

To ask His Majesty's Government what steps they are taking to increase energy security and lower energy costs; and what assessment they have made as to the potential impact of the conflict in the Middle East on domestic energy bills.

To ask His Majesty's Government what steps they are taking to increase energy security and lower energy costs; and what assessment they have made as to the potential impact of the conflict in the Middle East on domestic energy bills.

The government has today announced immediate action to cut VAT on electricity bills to give millions of households breathing space on the cost of living.

Domestic electricity is currently subject to the reduced rate of VAT (5%). From October 1, in time to impact the next Ofgem price cap, a zero...

The government has today announced immediate action to cut VAT on electricity bills to give millions of households breathing space on the cost of living.

Domestic electricity is currently subject to the reduced rate of VAT (5%). From October 1, in time to impact the next Ofgem price cap, a zero...

This Library briefing gives an overview of how the profits from North Sea oil and gas production are taxed, and how the fiscal regime has been reformed in recent years.

This Library briefing gives an overview of how the profits from North Sea oil and gas production are taxed, and how the fiscal regime has been reformed in recent years.

To ask the Secretary of State for Business and Trade, what steps he is taking to support British cement producers with their energy costs.

To ask the Secretary of State for Business and Trade, what steps he is taking to support British cement producers with their energy costs.