Improving economic growth is one of the core missions of the government and our Plan for Change. We aim to have the highest growth in the G7 by the end of the parliament, measured using estimates of real terms Gross Domestic Product per capita.

As set out at the Autumn Budget 2024, through the seven pillars of the growth mission, the Government is restoring stability, increasing investment, and reforming the economy. Growth can only be achieved in partnership with business, so we will develop and deliver these policies together.

Banking hubs are a voluntary service developed by the financial services sector in the context of legislation to protect access to cash under the Financial Services Act 2023. Their rollout is overseen by Cash Access UK, a not-for-profit company set up and funded by industry for the purpose of delivering shared access to cash solutions. Membership of Cash Access UK and involvement in banking hubs is voluntary, and it is possible for banks and building societies in scope of the FCA’s access to cash regime to choose to meet their cash access obligations through other methods, for example their branch network.

However, the Government understands the importance of face-to-face banking to communities and is committed to championing sufficient access for all as a priority. This is why the Government is working closely with industry to roll out 350 banking hubs across the UK. The UK banking sector has committed to deliver these hubs by the end of this parliament. Over 175 hubs have been announced so far, and over 100 are already open.

The Government recognises that cash continues to be used by millions of people across the UK, including those in vulnerable groups, and is committed to protecting access to cash for individuals and businesses. Furthermore, the Government recognises that businesses need access to cash deposit services in order to continue accepting cash.

Furthermore, where a community, or interested party, feels that access to cash in their area is not sufficient, they are able to submit a cash access assessment request to LINK, the operator of the UK’s largest ATM network, who undertake these assessments. Further information about submitting a cash access assessment request can be found at the following link: https://www.link.co.uk/helping-you-access-cash/request-access-to-cash

LINK publishes data on the number of ATMs across each parliamentary constituency. In the constituency of Liverpool Walton, LINK data identifies 46 free-to-use ATMs out of 75 cash access facilities across the constituency. There are also 40 Post Office branches in the wider Liverpool area where you can deposit and withdraw money.

The Government recognises that some individuals may need assistance, including in-person assistance, to support their access to cash, and is committed to ensuring appropriate services are in place to support this.

This is why the Government is working closely with industry to roll out 350 banking hubs across the UK. The UK banking sector has committed to deliver these hubs by the end of this parliament. These hubs will provide small businesses and individuals who need face-to-face support with critical cash and in-person banking services. Over 100 Banking Hubs are already open across the UK.

The government’s Plan for Change can only be delivered on the foundation of a stable economy.

Achieving economic stability requires macroeconomic stability, which gives firms and households the certainty to plan spending and investment; financial stability, which supports the real economy and ensures we can withstand shocks; fiscal credibility, which keeps inflation expectations anchored; and long-term policy certainty, which encourages investors. The Autumn Budget took significant steps to restore stability to public finances and improve our public services. Only by achieving stability can we grow the economy and keep both taxes and inflation low.

The breadth of economic stability will require the use of many metrics to track it. These may include measures of price stability and inflation; measures of policy uncertainty; and a range of financial market indicators.

The Government understands the importance of protecting family finances. That is why we are committed to delivering economic stability to grow the economy, maintain low and stable inflation, and keep taxes and mortgages as low as possible. Low and stable inflation is an essential pre-requisite for economic growth and improving living standards, so we are continuing to support the independent Monetary Policy Committee as it acts to return inflation to target sustainably.

We are taking a comprehensive approach—supporting those in immediate need while addressing the structural changes necessary to fix the country's foundations. These combined efforts will help families by boosting wages and putting more money in people’s pockets. Specific actions already taken by the Government to support people on low incomes include: increasing to the National Living Wage from April 2025; extension of the Household Support Fund in England and Discretionary Housing Payments in England and Wales in 2025-26; and introduction of a new Fair Repayment Rate from April 2025 to cap debt repayment made through Universal Credit.

Delivering growth is the government’s number one mission; through the growth mission, the government is restoring stability, increasing investment, and reforming the economy to drive up prosperity and living standards across the UK. This will be reflected in the government’s approach to the Spending Review, as part of which departments will be required to prioritise growth within their spending plans. The Growth Mission Board will continue to drive forward the government’s growth mission to rebuild Britain and make every part of the country better off.

This Government is committed to helping first time buyers own their own home, and will do this by building 1.5 million more homes.

The Government keeps savings policy under review, any changes of this kind would be made at a relevant fiscal event.

Following the conclusion of the Eat Out Help Out scheme, HMRC published statistical analysis, which included data on scheme’s costs, take up, and geographical breakdown.

The Covid Inquiry is also investigating the UK’s response to and impact of the Covid-19 pandemic. The government is cooperating fully with the Inquiry in its extensive and detailed work.

The Government coordinates these figures closely with our G7 partners. There are sensitivities around publishing these figures, and other G7 partners have restrictions on their ability to publish.

It is important, therefore, that a decision to release any figures is taken on a collective G7 basis.

Insurers make commercial decisions about the terms on which they will offer cover following an assessment of the relevant risks. This is usually informed by the insurer’s claims experience and other industry-wide statistics. The Government does not usually intervene in these decisions by insurers, as this could damage competition in the market.

The Government is committed to ensuring that insurers treat all customers fairly and insurance companies are required to do so under the Financial Conduct Authority’s (FCA) rules. The FCA is the independent body responsible for regulating and supervising the financial services industry.

The FCA requires firms to ensure their products offer fair value. The FCA monitors firms to make sure they provide products that are fair value, and, where necessary, it will take action.

Insurers make commercial decisions about the terms on which they will offer cover following an assessment of the relevant risks. This is usually informed by the insurer’s claims experience and other industry-wide statistics. The Government does not usually intervene in these decisions by insurers, as this could damage competition in the market.

The Government is committed to ensuring that insurers treat all customers fairly and insurance companies are required to do so under the Financial Conduct Authority’s (FCA) rules. The FCA is the independent body responsible for regulating and supervising the financial services industry.

The FCA requires firms to ensure their products offer fair value. The FCA monitors firms to make sure they provide products that are fair value, and, where necessary, it will take action.

Data from the latest UK House Price Index) shows that while the average price paid by first-time buyers has increased, it is still below the LISA property price cap in all regions of the UK except for London, where the average price paid is affected by boroughs with very high property values.

The Government keeps all aspects of savings tax policy under review.

Monetary policy is the responsibility of the independent Monetary Policy Committee (MPC) of the Bank of England. This includes decisions on Bank Rate and the stock of UK government bonds held in the Asset Purchase Facility.

It is for the MPC to judge how it uses its tools to maintain price stability and Bank Rate is the MPC’s primary macroeconomic tool. The separation of fiscal and monetary policy is a key feature of the UK’s economic framework, so the government does not comment on the conduct or effectiveness of monetary policy.

The independent Office for Budget Responsibility is responsible for producing forecasts of the UK economy, including the size of the labour force and net migration. The OBR’s latest forecasts, in the October 2024 Economic and fiscal outlook, are available at the OBR’s website.1.

The Office for National Statistics publishes National Population Projections. For the purposes of producing these projections, the ONS produces assumptions for the projected growth in population due to net migration. The ONS’s latest projections, published in January 2024, assume long-term net international migration of 315,000 per year from the year ending mid-2028 onwards. The projections are published on the ONS’s website here: National population projections - Office for National Statistics

1. https://obr.uk/efo/economic-and-fiscal-outlook-october-2024/

The Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, is the authority for the implementation of financial sanctions in the UK.

An asset freeze does not involve a change in ownership of the frozen funds or economic resources, nor are they transferred to HM Treasury. The proceeds from the sale of Chelsea FC are therefore not held by the UK Government. They are currently frozen in a UK bank account after OFSI issued a licence to permit the sale of the football club.

Any interest accrued on these assets is subject to the asset freeze, to be frozen immediately by the person in possession or control of them.

In the latest Annual Review published in December 2023, OFSI announced that £22.7 billion in Russian Assets has been reported as frozen as of October 2023. This figure is provided in aggregate so as not to disclose the value of any funds held by particular designated persons and is a cumulative total of assets reported.

The government is committed to ensuring high standards of financial inclusion across the financial services sector.

The Treasury continues to engage with UK Finance, the Financial Conduct Authority, the Royal National Institute of Blind People, and other Government departments on the issue of accessibility of card payment terminals.

UK Finance, the leading trade association for the banking sector, maintains voluntary standards to help ensure point-of-sale technology remains accessible for those who are visually impaired. UK Finance will soon be assessing potential initiatives to drive improvements and adoption. The Government continues to closely monitor progress in this important area.

The growth mission is the government’s central mission. The Enterprise and Growth Unit plays a key role in driving the mission forward. It is focused on policy development, in partnership with business, industry and other stakeholders, across the seven growth mission pillars outlined at the Autumn Budget. It works closely with other groups within HM Treasury, for example the International and Financial Services Groups and the new Growth Delivery Unit which is focused on delivery.

At the Spending Review, the Enterprise and Growth Unit is responsible for spending control for several departments and will work closely with departments to ensure spending plans are affordable and support the government’s missions.

The government is determined that everyone has access to suitable insurance products at the right price.

The Financial Conduct Authority (FCA) is the independent body responsible for regulating and supervising the financial services industry, including firms providing travel insurance. Under FCA rules, insurers must offer products that provide fair value. This means that the price a consumer pays for a product or service must be reasonable compared to the overall benefits they can expect to receive. The FCA has robust powers to act against firms that fail to comply with its rules.

Under FCA rules introduced in 2021, if a travel insurance customer is declined cover, offered cover with an exclusion, or charged a significantly higher premium based on their pre-existing medical condition, insurers are required to signpost consumers to a directory of specialist providers who may be better placed to provide cover.