The government does not forecast either UK GDP or GDP per capita. The independent OBR in the March 2015 Economic and Fiscal Outlook (EFO) used the central ONS migration population projection. The ONS central migration projection is for net migration of 165,000 a year in 2018/19 and 2019/20. In the March 2015 EFO the OBR forecast that UK GDP per capita for those aged 16 and over will increase by 9.2% total between 2014 and 2019.

In order to inform policy making, the government reviews and notes the wider evidence on the economic and productivity impacts of immigration on an ongoing basis. This evidence base includes the wider academic literature, and a range of reports commissioned or produced by the government looking at specific impacts, for example those produced by the independent Migration Advisory Committee. In addition, policies that influence migration are assessed using the government's impact assessment process which models the economic impact of the policy change using assumptions based on a range of evidence and the academic literature. Home Office Impact Assessments are published on gov.uk.

The government does not forecast either UK GDP or GDP per capita. The independent OBR in the March 2015 Economic and Fiscal Outlook (EFO) used the central ONS migration population projection. The ONS central migration projection is for net migration of 165,000 a year in 2018/19 and 2019/20. In the March 2015 EFO the OBR forecast that UK GDP per capita for those aged 16 and over will increase by 9.2% total between 2014 and 2019.

In order to inform policy making, the government reviews and notes the wider evidence on the economic and productivity impacts of immigration on an ongoing basis. This evidence base includes the wider academic literature, and a range of reports commissioned or produced by the government looking at specific impacts, for example those produced by the independent Migration Advisory Committee. In addition, policies that influence migration are assessed using the government's impact assessment process which models the economic impact of the policy change using assumptions based on a range of evidence and the academic literature. Home Office Impact Assessments are published on gov.uk.

In December 2014, the Financial Conduct Authority (FCA) published its thematic review on non-advised annuities sales. This found evidence that firms’ sales practices were contributing to consumers potentially buying the wrong annuity for their circumstances, particularly in not buying an enhanced (higher return) annuity when they may be eligible for one, for example if they have a medical condition.

The FCA is asking firms that participated in the review to conduct further work to determine whether its findings in relation to enhanced annuities are indicative of a widespread problem. The FCA will then review this additional evidence, and will consider what action to take.

The government’s new free and impartial pensions guidance service – Pension Wise – will encourage consumers seeking to take advantage of the new pensions freedoms to properly consider their health as part of their retirement income decision. The new pension flexibilities come into force on 6 April 2015, and the FCA has announced that, from that date, firms will have to provide retirement risk warnings to consumers at the point when they have decided they wish to take a specific action and access their defined contribution pension savings. For example, where a consumer says they would like to purchase an annuity and the provider identifies that the consumer has poor health, the provider should inform the consumer that they could be eligible for a better value annuity.

Since 2010 this Government has lifted over three million people out of income tax.

In the income tax years 2016-17 and 2017-18, it is estimated that, for individuals aged over 16, whose income would be below the Personal Allowance before the Budget announced increases, 66% are female and 41% of those individuals have dependent children.

These estimates are derived from the results of the 2012-13 Family Resources Survey (FRS) projected forward to 2016-17 and 2017-18 using economic assumptions consistent with the Office for Budget Responsibility’s March 2015 economic and fiscal outlook.

Since 2010 this Government has lifted over three million people out of income tax.

In the income tax years 2016-17 and 2017-18, it is estimated that, for individuals aged over 16, whose income would be below the Personal Allowance before the Budget announced increases, 66% are female and 41% of those individuals have dependent children.

These estimates are derived from the results of the 2012-13 Family Resources Survey (FRS) projected forward to 2016-17 and 2017-18 using economic assumptions consistent with the Office for Budget Responsibility’s March 2015 economic and fiscal outlook.

As a result of increases to the personal allowance, a typical basic rate taxpayer will be £905 a year better off in 2017-18 compared with 2010-11, in cash terms. A basic rate taxpayer who also receives universal credit will still be better off from the personal allowance increase, as will a taxpayer who receives other means-tested benefits.

Universal Credit will improve work incentives by allowing people to keep more of their income as they move into work. Universal Credit will provide a single deduction rate of 65 per cent: for each £1 increase in post-tax income, 65 pence of Universal Credit will be withdrawn.

The Government believes that increasing the personal allowance is the most effective way to support those on low and middle incomes. It enables people to keep more of the money they earn.

The government recognises the health and social harms associated with those who consume excess alcohol. The government has therefore taken targeted action through the alcohol duty system to encourage responsible alcohol consumption. For example, the government increased duty on super strength lager.

The Government is also taking other action to reduce alcohol related harms. This includes the creation of 20 Local Alcohol Action Areas with the aim of reducing alcohol health and crime harms by encouraging partnerships between industry, local agencies and the voluntary sector. Licensing changes have also been made to help tackle irresponsible alcohol consumption. For example, Local Councils have been given the ability to collect a Late Night Levy from alcohol retailers to contribute towards the cost of policing.

The Government published its assessment of the impacts of the alcohol duty changes in the Tax Information and Impact Notes alongside the Budget document in 2013, 2014 and 2015. This information is available on the gov.uk website^[1].

[1] https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins

The effect of alcohol consumption is referred to in the policy costing note on alcohol duties published at Budget 2015, available at the gov.uk website^[1].

[1] https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/413895/Policy_Costings_18_00.pdf.

The total amount of Tax Credit entitlement of recipients in each of the last three tax years can be found in Table 1.

Figures in Table 1 are presented in £ millions, to the nearest 1 million, in line with HM Revenue and Customs publications. Breakdowns of recipients out-of-work and in-work have also been provided for context. Breakdowns of recipients in full-time employment, or otherwise, are unavailable.

2012-13 is the most recent year available for which finalised statistics have been produced.

Figures have been taken from Table 1.1 of the online publication ‘Child and Working Tax Credit Statistics: Finalised Annual Awards 2012-13’.

Figures providing total expenditure forecasts for Tax Credits in the current tax year, and the two following years can be found in Table 2.

Figures in Table 2 are presented in £ billions, to the nearest 100 million, in line with Office for Budget Responsibility publications.

Breakdowns by employment status, full-time or otherwise are unavailable. These figures are taken from the ‘March 2015 Economic and Fiscal Outlook: Fiscal Supplementary Tables’ produced by the Office for Budget Responsibility and take into consideration Tax Credits as expenditure.

I refer the noble Lady to my answer of 9 March (HL5216) on the same topic.

In order to address the systemic risk posed by UK banks, Parliament has legislated, via the Banking Reform Act 2013 (BRA), for such action to be taken through structural separation. This Act is to be implemented by the Prudential Regulation Authority. In the context of the ongoing negotiations on the proposed EU regulation for Bank Structural Reform, the Government is working to ensure that the BRA is maintained and that any other impact on UK banks is proportionate and kept to a minimum. It is the Government’s firm belief that banks should be supervised at the national level as local supervisors are best placed to understand the specificities of the national economy and its financial stability concerns. This is a critically important dossier for all Member States, in particular given the direct application of an EU regulation.

“The UK has played a leading role in the launch of the IMF’s new Catastrophe Containment and Relief Trust earlier this year, and was the first country to publicly contribute to this. The Trust’s first role will be to provide grant aid that will be used for relief on debt service payments to the IMF for the three countries most affected by the Ebola epidemic: Guinea, Liberia, and Sierra Leone.”

Every year, The Royal Mint issues a series of coins to mark anniversaries that reflect British history, traditions and identity. In 2015, it commemorates the 200th anniversary of the Battle of Waterloo with a UK £5 coin. The design is an interpretation of the famous painting by Daniel Maclise, which depicts the meeting of the Duke of Wellington and Blucher after the Battle of Waterloo, and which still hangs in the House of Lords today.

The European Fund for Strategic Investments (EFSI) is a €21bn guarantee fund which seeks to leverage other sources of investment, with the aim of delivering a total estimated target of €315bn in investment in the European economy.

The funding for the EFSI’s first loss €21bn guarantee will be backed by the EU Budget (€16bn) and the EIB (€5bn). All EU Member States, including the UK, contribute to the guarantee through our shareholding at the EIB, and as a contributor to the EU Budget. No Member States have committed bilateral funding to the EFSI, though some Member States have announced an intention to partner with the EFSI through their National Promotional Banks by contributing to projects benefiting from finance by the EFSI.

The Government has advocated publicly accessible central registers of company beneficial ownership, including through the 2013 UK G8 Presidency, G7, G20 and EU engagement, and in bilateral discussions.

The Government successfully pressed for the implementation of central registers of company beneficial ownership information for all European Union Member States under the 4th EU Anti-Money Laundering Directive. We continue to work bilaterally and through EU and G20 meetings to encourage international partners to show similar ambition.

The Government is in continued dialogue with the Overseas Territories and the Crown Dependencies on the need to improve the transparency of company beneficial ownership information and we are keeping them informed as UK policy develops.

We believe that a central public register of company beneficial ownership is the best way to improve transparency of company ownership and meet the urgent challenges of illicit finance and tax evasion.

At the December Joint Ministerial Council the UK and Overseas Territory Leaders agreed to work together in raising international standards and to meet again to take forward implementation of the G20 Principles on beneficial ownership. Dialogue has continued with the Overseas Territories since the Joint Ministerial Council and we plan to meet again in the coming weeks.

The Crown Dependencies have also committed to issue consultations on establishing central registries or in Jersey’s case - where a private register already exists - to assess its effectiveness. The consultations in Jersey and the Isle of Man have closed and Guernsey’s consultation is due in the first quarter of 2015.

The Government fought hard and successfully for the implementation of central registers of company beneficial ownership information for all European Union Member States under the 4th EU Anti-Money Laundering Directive. All regulated businesses under the Directive, as well as people and organisations able to demonstrate ‘legitimate interest’ will also be granted access to this information.

Countries will be able to go further, as the UK is, and make their central registers publicly accessibly. We are working to encourage EU partners to match the UK’s ambition as Member States transpose the Directive into national law.

The Treasury regularly monitors global economic developments, including those in the euro area, and their impact on the UK as part of the normal process of policy development.

It is not for the Government to comment on the appropriate monetary policy stance for the euro area.

Nonetheless, the Chancellor has made clear that the Government fully supports Mario Draghi’s efforts to ensure that the ECB does whatever it takes to meet its inflation mandate.

The United Kingdom’s contribution to the European Union budget is accounted for within the Consolidated Fund and disclosed in Notes 5 and 11 to the accounts. The Consolidated Fund is prepared by HM Treasury under the National Loans Act 1968. The Consolidated Fund accounts are publicly available on the gov.uk website. [1]

[1] https://www.gov.uk/government/collections/hmt-central-funds