1-20 of 1,408 results for subject:"Price caps"
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To ask His Majesty's Government what assessment they have made of the likelihood of a rise in the Ofgem price cap after 30 September; and what assessment they have made of the impact of such a rise.
To ask His Majesty's Government what assessment they have made of the likelihood of a rise in the Ofgem price cap after 30 September; and what assessment they have made of the impact of such a rise.
The setting of the energy price cap is a matter for the independent market regulator Ofgem and the Government does not speculate on such matters.
Tackling affordability is this Government’s number one priority. For this reason, we have taken action to remove VAT from electricity bills from 1 October this year for six months. We also acted at last year’s Budget by taking on average £150 of costs off energy bills, with those decisions now factored into bills for the years to come.
The Government continues to monitor energy prices closely and recognises the impact that changes in bills can have on households.
Andy Burnham has announced several policies to help people with the cost of living, with average prices having risen 30% since 2021.
Andy Burnham has announced several policies to help people with the cost of living, with average prices having risen 30% since 2021.
To ask His Majesty's Government why the powers which they propose to confer on the Financial Conduct Authority through the insertion of new section 131Z12 to the Financial Services and Markets Act 2000 are not subject to a right to a full merits-based appeal, such as to the Competition Appeal Tribunal.
To ask His Majesty's Government why the powers which they propose to confer on the Financial Conduct Authority through the insertion of new section 131Z12 to the Financial Services and Markets Act 2000 are not subject to a right to a full merits-based appeal, such as to the Competition Appeal Tribunal.
The Financial Services and Markets Bill simplifies how payment systems are regulated by abolishing the Payment Systems Regulator (PSR) and transferring its responsibilities to the Financial Conduct Authority (FCA). In doing so, it gives the FCA objectives and powers generally equivalent to those currently held by the PSR, including the ability to make rules or give directions for the purpose of regulating payment system fees and charges. This ensures there is continuity in regulation and that the FCA can carry out its new responsibilities effectively.
The FCA’s power to regulate payment system fees and charges would be subject to challenge on judicial review principles. A challenge to equivalent powers held by the PSR is determined by judicial review principles, and the Bill maintains the same test when those functions transfer to the FCA. This is also consistent with the existing approach taken elsewhere in the Financial Services and Markets Act 2000.
The Government recognises that regulators’ powers should be subject to appropriate safeguards. Powers to regulate payment system fees and charges must advance payment systems objectives. The Bill ensures before exercising those powers, the FCA must comply with procedural requirements, such as undertaking a consultation, which help to ensure decisions are transparent, evidence-based and proportionate.
What are current energy prices? How and why have they changed over time? Does the UK have the highest domestic energy prices in Europe?
What are current energy prices? How and why have they changed over time? Does the UK have the highest domestic energy prices in Europe?
To ask the Chancellor of the Exchequer, what assessment her Department has made of (a) the economic impact of the £450,000 property price cap for first-time buyers' Lifetime ISA and (b) the impact of regional affordability, particularly in London and the South East, on the effectiveness of the cap; and...
To ask the Chancellor of the Exchequer, what assessment her Department has made of (a) the economic impact of the £450,000 property price cap for first-time buyers' Lifetime ISA and (b) the impact of regional affordability, particularly in London and the South East, on the effectiveness of the cap; and...
On 23 June the Government published a consultation on the implementation of the First-Time Buyer ISA (FTB ISA), further details of which can be found at www.gov.uk/government/consultations/first-time-buyer-isa-consultation. The consultation sets out why we are looking to replace the Lifetime ISA (LISA), citing evidence from HMRC’s own publicly available figures and research as well as from the Treasury Select Committee’s report on the LISA.
The consultation also confirmed that until the new product is offered it will be possible to open a LISA, and that existing LISA holders will continue to be able to use their accounts in line with the existing rules.
Individuals will be able to hold both the new FTB ISA and an existing LISA, but will only be able to save into one in the same tax year. To ensure that current holders of the LISA do not lose out, LISA holders will be able to use any funds in their existing LISA and those in the new FTB ISA for the same purchase.
The property price cap, bonus level and subscription limit of the new First Time Buyer ISA will be set at a future fiscal event. Regardless of where the property price cap is set, the FTB ISA, LISA and Help to Buy ISA cap will be aligned so that no account holders will lose out.
Data from the latest UK House Price Index shows that the average price paid by first-time buyers remains below the Lifetime ISA property price cap in all regions of the UK except London, where the average price paid is affected by some boroughs with very high property values. This does not exclude prospective purchasers, who are still able to use the LISA on homes within the price cap. The Treasury Select Committee has said that the property price cap of £450,000 on the LISA ensures that the support goes to people who need it most.
To ask the Chancellor of the Exchequer, what assessment she has made of reviewing the property price cap of (a) the Lifetime ISA, (b) the Help to Buy ISA and (c) the First-Time Buyer ISA on an annual basis.
To ask the Chancellor of the Exchequer, what assessment she has made of reviewing the property price cap of (a) the Lifetime ISA, (b) the Help to Buy ISA and (c) the First-Time Buyer ISA on an annual basis.
On 23 June the Government published a consultation on the implementation of the First-Time Buyer ISA (FTB ISA), further details of which can be found at www.gov.uk/government/consultations/first-time-buyer-isa-consultation. The consultation confirmed that until the new product is offered it will be possible to open a Lifetime ISA (LISA). After the new product is introduced it will not be possible to open a LISA but existing LISA holders will continue to be able to use their accounts in line with the existing rules.
There are currently no plans to increase the property price cap for the LISA, Help to Buy ISA or FTB ISA. The FTB ISA consultation does not propose the level at which any property price cap, government bonus or subscription limit should be set or whether a separate property price cap should apply in different parts of the UK.
Data from the latest UK House Price Index shows that the average price paid by first-time buyers remains below the Lifetime ISA property price cap in all regions of the UK except London, where the average price paid is affected by some boroughs with very high property values. The Help to Buy ISA also continues to support first-time buyers within its existing property price caps.
The Government will consider views received as part of the consultation process including comments on the interaction between the new product and the Lifetime ISA. All feedback will be considered in coming to a decision on the detail of the design and implementation of the FTB ISA.
To ask the Chancellor of the Exchequer, whether she plans to implement a property price cap on the First-Time Buyer ISA based on whether the property is (a) in London and (b) outside London.
To ask the Chancellor of the Exchequer, whether she plans to implement a property price cap on the First-Time Buyer ISA based on whether the property is (a) in London and (b) outside London.
On 23 June the Government published a consultation on the implementation of the First-Time Buyer ISA (FTB ISA), further details of which can be found at www.gov.uk/government/consultations/first-time-buyer-isa-consultation. The consultation confirmed that until the new product is offered it will be possible to open a Lifetime ISA (LISA). After the new product is introduced it will not be possible to open a LISA but existing LISA holders will continue to be able to use their accounts in line with the existing rules.
There are currently no plans to increase the property price cap for the LISA, Help to Buy ISA or FTB ISA. The FTB ISA consultation does not propose the level at which any property price cap, government bonus or subscription limit should be set or whether a separate property price cap should apply in different parts of the UK.
Data from the latest UK House Price Index shows that the average price paid by first-time buyers remains below the Lifetime ISA property price cap in all regions of the UK except London, where the average price paid is affected by some boroughs with very high property values. The Help to Buy ISA also continues to support first-time buyers within its existing property price caps.
The Government will consider views received as part of the consultation process including comments on the interaction between the new product and the Lifetime ISA. All feedback will be considered in coming to a decision on the detail of the design and implementation of the FTB ISA.
To ask the Chancellor of the Exchequer, whether she plans to increase the property price cap for (a) the Lifetime ISA, (b) the Help to Buy ISA and (c) the First-Time Buyer ISA.
To ask the Chancellor of the Exchequer, whether she plans to increase the property price cap for (a) the Lifetime ISA, (b) the Help to Buy ISA and (c) the First-Time Buyer ISA.
On 23 June the Government published a consultation on the implementation of the First-Time Buyer ISA (FTB ISA), further details of which can be found at www.gov.uk/government/consultations/first-time-buyer-isa-consultation. The consultation confirmed that until the new product is offered it will be possible to open a Lifetime ISA (LISA). After the new product is introduced it will not be possible to open a LISA but existing LISA holders will continue to be able to use their accounts in line with the existing rules.
There are currently no plans to increase the property price cap for the LISA, Help to Buy ISA or FTB ISA. The FTB ISA consultation does not propose the level at which any property price cap, government bonus or subscription limit should be set or whether a separate property price cap should apply in different parts of the UK.
Data from the latest UK House Price Index shows that the average price paid by first-time buyers remains below the Lifetime ISA property price cap in all regions of the UK except London, where the average price paid is affected by some boroughs with very high property values. The Help to Buy ISA also continues to support first-time buyers within its existing property price caps.
The Government will consider views received as part of the consultation process including comments on the interaction between the new product and the Lifetime ISA. All feedback will be considered in coming to a decision on the detail of the design and implementation of the FTB ISA.
That this House is concerned at the lagging inflationary impact arising from the US President's reckless conflict with Iran which experts will predict will see food prices escalate considerably over the coming months; welcomes the increasing political attention being paid to the need for action to protect communities from the impact of such price rises following developments in both Holyrood and Westminster; condemns the self-interested hostility shown by retail industry lobbyists not only to the proposal for a statutory cap on the cost of essential foodstuffs in Scotland but even of the mere suggestion that they might consider a voluntary scheme; recognises that supermarkets make huge gross profits and must not be allowed to ramp up share dividend payments at the expense of households across the country struggling to feed themselves; notes that food price controls have historically been considered a moderate step to protect living standards from the impact of escalating inflation, previously used under a Conservative government under Edward Heath; and therefore joins the Bakers, Food and Allied Workers Union in supporting the case for urgent policy interventions whilst also protecting the incomes of food suppliers, manufacturers and their workers.
That this House is concerned at the lagging inflationary impact arising from the US President's reckless conflict with Iran which experts will predict will see food prices escalate considerably over the coming months; welcomes the increasing political attention being paid to the need for action to protect communities from the impact of...
The UK has started to intercept sanctioned ships. This briefing explains the domestic and international rules that apply to enforcing sanctions at sea.
The UK has started to intercept sanctioned ships. This briefing explains the domestic and international rules that apply to enforcing sanctions at sea.
To ask the Secretary of State for Energy Security and Net Zero, what assessment his Department has made of the potential impact of projected increases in the energy price cap on the number of households in fuel poverty in winter 2026/27.
To ask the Secretary of State for Energy Security and Net Zero, what assessment his Department has made of the potential impact of projected increases in the energy price cap on the number of households in fuel poverty in winter 2026/27.
Tackling the cost-of-living is the government’s top priority. Decisions at last year’s Budget have taken £150 of costs off bills and this is now factored into bills for the years to come. The increase in the price cap announced by Ofgem on 27th May for the period from July to September is not what we wanted, and it is the effect of the war in Iran – just two days before the conflict the price cap fell by 7%. Without the action taken at Budget, the price cap from July to September, would be significantly higher. The government also expanded the Warm Home Discount last winter to support around 6 million of the most vulnerable households and is accelerating the Warm Homes Plan. Action has also been taken to help people who are reliant on heating oil. The outlook for prices remains uncertain but the government will do everything it can to help protect households in the face of this fossil fuel price spike and the Chancellor said she stands ready to act as we look towards the autumn and the winter
Lords question for short debate on what assessment they have made of why UK electricity prices are among the highest in the Organisation for Economic Co-operation and Development.
Lords question for short debate on what assessment they have made of why UK electricity prices are among the highest in the Organisation for Economic Co-operation and Development.
My Lords, it is a great privilege to open this debate, especially with the high calibre of people proposing to participate in it.
The basic science of global warming is rock solid, but we have been told fairy tales about its economics ever since the Climate Change Act 2008. We all...
My Lords, it is a great privilege to open this debate, especially with the high calibre of people proposing to participate in it.
The basic science of global warming is rock solid, but we have been told fairy tales about its economics ever since the Climate Change Act 2008. We all...
My Lords, it is a pleasure to follow the noble Lord, Lord Lilley, but also a problem, as he has said almost everything that needs to be said on this subject already, and in a style that few of us can imitate.
In the time available, I want to critique one...
My Lords, it is a pleasure to follow the noble Lord, Lord Lilley, but also a problem, as he has said almost everything that needs to be said on this subject already, and in a style that few of us can imitate.
In the time available, I want to critique one...
My Lords, industrial electricity prices are four times the level of the United States of America’s and more than three times the level of China’s. It is no wonder that we face a disaster of deindustrialisation accelerating under this Government with the closure of the oil refineries, ceramics plants and...
My Lords, industrial electricity prices are four times the level of the United States of America’s and more than three times the level of China’s. It is no wonder that we face a disaster of deindustrialisation accelerating under this Government with the closure of the oil refineries, ceramics plants and...
My Lords, I declare an interest as chairman of Make UK, which represents 26,000 manufacturing businesses in the UK. I declare it not just because it is in the register; I am speaking in this debate because the unfair policy for pricing energy is affecting every one of those 26,000....
My Lords, I declare an interest as chairman of Make UK, which represents 26,000 manufacturing businesses in the UK. I declare it not just because it is in the register; I am speaking in this debate because the unfair policy for pricing energy is affecting every one of those 26,000....
It is 12p.
It is 12p.
Sorry, I stand corrected: 12p. The noble Lord is right. In China, it is 3p. What does this really mean? Is it just a number? Having been on a presentation with the chief executive officer of Nissan, I can tell the Committee that that company pays more for electricity in...
Sorry, I stand corrected: 12p. The noble Lord is right. In China, it is 3p. What does this really mean? Is it just a number? Having been on a presentation with the chief executive officer of Nissan, I can tell the Committee that that company pays more for electricity in...
My Lords, I put on record my registered interest as the director of the Global Warming Policy Foundation.
Let me restate what Labour’s manifesto said. It promised to get power bills down by £300. The latest price cap is £294 higher than in those lofty days of July 2024, and even...
My Lords, I put on record my registered interest as the director of the Global Warming Policy Foundation.
Let me restate what Labour’s manifesto said. It promised to get power bills down by £300. The latest price cap is £294 higher than in those lofty days of July 2024, and even...
My Lords, I want to make some brief comments in relation to the situation in Northern Ireland.
As noble Lords may be aware, energy prices in Northern Ireland are not controlled by the energy price cap. We all remember that global prices of gas, electricity, oil and other fuels began to...
My Lords, I want to make some brief comments in relation to the situation in Northern Ireland.
As noble Lords may be aware, energy prices in Northern Ireland are not controlled by the energy price cap. We all remember that global prices of gas, electricity, oil and other fuels began to...