Written questions by Morton.

What assessment she has made of recent trends in the level of government borrowing.

The Chancellor has asked the Office for Budget Responsibility to prepare an economic and fiscal forecast for publication on 26 November 2025, which will accompany the annual Budget. We are spending over £100bn a year on debt interest - equivalent to £1 in every £10 the government spends. The government’s fiscal strategy put the public finances on a sustainable path while prioritising investment to support long-term economic growth. The fiscal rules provide a blueprint for getting debt on a downward path over the next five years, while borrowing to invest in our economy. This is the responsible choice – to live within our means, reduce our levels of borrowing in the years ahead and support the Bank of England to get inflation down, so we can deliver on the priorities of working people and spend less on servicing debt.

What assessment she has made of trends in the level of public expenditure as a share of national output.

The government's fiscal strategy is putting the public finances on a sustainable path while prioritising investment to protect the NHS and support long-term growth. We are relentlessly cutting waste, improving efficiency to make sure every penny of taxpayers' money is spent wisely, and reforming public services to make sure they are sustainable.

What assessment she has made of the potential impact of levels of debt interest payments on the public finances.

The Chancellor has asked the Office for Budget Responsibility to prepare an economic and fiscal forecast for publication on 26 November 2025, which will accompany the annual Budget. We are spending over £100bn a year on debt interest - equivalent to £1 in every £10 the government spends. The government’s fiscal strategy put the public finances on a sustainable path while prioritising investment to support long-term economic growth. The fiscal rules provide a blueprint for getting debt on a downward path over the next five years, while borrowing to invest in our economy. This is the responsible choice – to live within our means, reduce our levels of borrowing in the years ahead and support the Bank of England to get inflation down, so we can deliver on the priorities of working people and spend less on servicing debt.

What assessment she has made of the potential impact of (a) average annual earnings and (b) prices on household disposable income in 2024-25.

Real Household Disposable Income (RHDI) per capita is a measure of UK living standards, representing the total disposable income per person in the UK, net of taxes and inflation. RHDI per capita grew by 3.1% over 2024. This is the largest calendar year increase since 2015. Average whole economy total pay growth in 2024 was 5.3%. Inflation, as measured by CPI, fell to 2.5% in 2024, which supported RHDI growth in 2024. HM Treasury does not prepare forecasts for the UK economy. Forecasts, including for real household disposable income, are the responsibility of the independent Office for Budget Responsibility (OBR). These forecasts are published by the OBR as part of its Economic and Fiscal Outlook (EFO). In the March 2025 EFO, the OBR forecasted that RHDI per capita would grow by 1.7% in 2025, supported by strong annual earnings growth outweighing the impact from prices.

What fiscal steps she is taking to help (a) reduce inflation and (b) increase average annual earnings in the West Midlands.

The government have been clear that inflation has been too slow to come down, and the priority it is placing on tackling the cost of living, as part of its mission to grow living standards.The Bank of England has the responsibility for controlling inflation through monetary policy. The Government fully supports them as they take action to return inflation sustainably to 2%. Maintaining stable public finances and reducing borrowing over time will help to ease pressure on prices. Economic growth will help to increase earnings across the UK, including in the West Midlands.The government’s fiscal strategy is to put the public finances on a sustainable path while prioritising investment to support long-term growth and meeting the fiscal rules.The Chancellor has also asked departments to look at what action on inflation can be taken when developing policies for the Autumn Budget, while ensuring decisions support stability and long-term growth.The Government has committed to £160m of funding over 10 years for the West Midlands Investment Zone, which local partners expect to generate £3.5bn in private sector investment, deliver 30,000 jobs and support higher earnings in the area.

Whether she plans to provide additional funding for the Warm Homes Plan.

At the Spending Review in June, this Government committed £13.2 billion to the Warm Homes Plan to cut bills, tackle fuel poverty and accelerate our trajectory towards net zero. Further details on the Warm Homes Plan, including how funding will be allocated to different schemes is expected to be published within the coming months.

What assessment she has made of the potential impact of debt servicing costs on developing countries’ public health spending.

Tackling unsustainable debt is one of the UK government’s international development priorities and we are committed to an international financial system that supports development needs and helps countries address their debt vulnerabilities, aligned with the aim of the recommendations of The Jubilee Report. The UK supports tailored debt solutions within a consistent international mechanisms, such as the G20 Common Framework, and actively advocates for responsible lending and borrowing practices, as well as enhanced debt transparency from both creditors and borrowers. We agree that the Common Framework could be improved to deliver smoother and more timely solutions. We are advancing these priorities through initiatives like the London Coalition on Sustainable Sovereign Debt, the G20, and the Global Sovereign Debt Roundtable. Where necessary, we have backed early and comprehensive debt reprofiling, provided such measures credibly restore sustainability. We also agree that prioritising growth in borrower countries is essential for achieving long-term debt sustainability, and our focus remains on solutions that prevent defaults before they arise. We have implemented contractual innovations, such as climate-resilient debt clauses (CRDCs) for which we were the first creditor to do so, to help borrowers manage liquidity pressures following shocks, and are working with the private sector to expand their adoption. We are also pushing for the integration of climate risks into debt sustainability analyses and are pressing this agenda with the IMF and World Bank. The UK remains a strong advocate for comparability of treatment in debt restructurings. At present, we do not see a case for further legislation, as there is little evidence of private sector holdouts in negotiations, although we keep this under review. We recognise that in many low-income countries high debt servicing costs are crowding out spending on public health. To support low-income and emerging market countries with short-term liquidity challenges we support the IMF and World Bank’s Three Pillar Approach, which combines structural reforms, domestic resource mobilisation and external financial support to reduce debt burdens. We are pushing for the Three Pillar Approach to be rolled out swiftly, including for the IMF and World to actively engage early with affected countries to ensure they are informed of what support is available.

What assessment she has made of the potential implications for his policies on global debt of the publication entitled The Jubilee Report: A Blueprint for Tackling the Debt and Development Crises and Creating the Financial Foundations for a Sustainable People-Centered Global Economy, published on 20 June 2025.

Tackling unsustainable debt is one of the UK government’s international development priorities and we are committed to an international financial system that supports development needs and helps countries address their debt vulnerabilities, aligned with the aim of the recommendations of The Jubilee Report. The UK supports tailored debt solutions within a consistent international mechanisms, such as the G20 Common Framework, and actively advocates for responsible lending and borrowing practices, as well as enhanced debt transparency from both creditors and borrowers. We agree that the Common Framework could be improved to deliver smoother and more timely solutions. We are advancing these priorities through initiatives like the London Coalition on Sustainable Sovereign Debt, the G20, and the Global Sovereign Debt Roundtable. Where necessary, we have backed early and comprehensive debt reprofiling, provided such measures credibly restore sustainability. We also agree that prioritising growth in borrower countries is essential for achieving long-term debt sustainability, and our focus remains on solutions that prevent defaults before they arise. We have implemented contractual innovations, such as climate-resilient debt clauses (CRDCs) for which we were the first creditor to do so, to help borrowers manage liquidity pressures following shocks, and are working with the private sector to expand their adoption. We are also pushing for the integration of climate risks into debt sustainability analyses and are pressing this agenda with the IMF and World Bank. The UK remains a strong advocate for comparability of treatment in debt restructurings. At present, we do not see a case for further legislation, as there is little evidence of private sector holdouts in negotiations, although we keep this under review. We recognise that in many low-income countries high debt servicing costs are crowding out spending on public health. To support low-income and emerging market countries with short-term liquidity challenges we support the IMF and World Bank’s Three Pillar Approach, which combines structural reforms, domestic resource mobilisation and external financial support to reduce debt burdens. We are pushing for the Three Pillar Approach to be rolled out swiftly, including for the IMF and World to actively engage early with affected countries to ensure they are informed of what support is available.

What infrastructure projects the National Wealth Fund has (a) funded, (b) initiated and (c) delivered in the West Midlands since October 2024.

The National Wealth Fund (NWF) has a strong regional mandate and proactively identifies investment opportunities across the UK to ensure the benefits of investment are felt nationwide.In March 2025, the NWF’s local authority function provided a £9.6 million loan to Solihull Council to help deliver its innovative new town centre energy network.

With reference to p.99 of The UK’s Modern Industrial Strategy 2025, published on 23 June 2025, what strategic partnerships are being trialled by The National Wealth Fund in the West Midlands.

The National Wealth Fund (NWF) is trialling a Strategic Partnership with West Midlands – as well as Greater Manchester, West Yorkshire and Glasgow City Region – to provide enhanced, hands-on support to help it develop and finance long-term investment opportunities. The Strategic Partnerships will offer a closer, enhanced relationship with a small number of places to test whether this approach is more effective at building investment pipelines. They are bespoke arrangements, tailored to unique local requirements. This will include specific support at the early stages of project development to address capability and capacity gaps. Alongside these, the NWF continues to provide financial and commercial advice and financing to local authority projects across the UK.

What recent assessment she has made of the potential impact of fiscal uncertainty on levels of business confidence.

Ensuring fiscal stability is a core part of delivering economic stability and providing a strong foundation for growth. The Government has been clear that the fiscal rules are non-negotiable.We also introduced a series of responsible reforms to the fiscal framework that improve certainty, transparency and accountability, such as committing to one major annual fiscal event to provide certainty for families and businesses and introducing a ‘fiscal lock’ to ensure no government can announce fiscally significant measures without being subject to an independent assessment by the Office for Budget Responsibility.The Government monitors a wide range of indicators to assess the UK’s economic performance, including measures of business confidence.

Whether she plans to consult with the hospice sector prior to the Autumn Budget 2025.

The Government recognises the vital role hospices play in supporting people at the end of life alongside their families. We are determined to shift more healthcare out of hospitals and into the community, and hospices will have a big role to play in that shift. We are investing £100 million to improve hospices facilities, and a further £26 million for children’s hospices this year, the biggest investment in hospices in a generation. Further information on funding for future years will be provided by the Department for Health and Social Care in due course. The Spending Review published last month set multi-year departmental budgets, providing departments with greater budget certainty. NHS day-to-day spending will increase by £29 billion in real terms by 2028-29 compared to 2023-24. This is equivalent to a 3% average annual real terms growth rate over the SR period. Ministers have regular discussions with a range of stakeholders, including key palliative and end of life care and hospice stakeholders.

What discussions she had with the hospice sector ahead of publishing the Spending Review 2025.

The Government recognises the vital role hospices play in supporting people at the end of life alongside their families. We are determined to shift more healthcare out of hospitals and into the community, and hospices will have a big role to play in that shift. We are investing £100 million to improve hospices facilities, and a further £26 million for children’s hospices this year, the biggest investment in hospices in a generation. Further information on funding for future years will be provided by the Department for Health and Social Care in due course. The Spending Review published last month set multi-year departmental budgets, providing departments with greater budget certainty. NHS day-to-day spending will increase by £29 billion in real terms by 2028-29 compared to 2023-24. This is equivalent to a 3% average annual real terms growth rate over the SR period. Ministers have regular discussions with a range of stakeholders, including key palliative and end of life care and hospice stakeholders.

What assessment she has made of the potential merits of a longer term settlement for children’s hospices beyond 2025-26.

The Government recognises the vital role hospices play in supporting people at the end of life alongside their families. We are determined to shift more healthcare out of hospitals and into the community, and hospices will have a big role to play in that shift. We are investing £100 million to improve hospices facilities, and a further £26 million for children’s hospices this year, the biggest investment in hospices in a generation. Further information on funding for future years will be provided by the Department for Health and Social Care in due course. The Spending Review published last month set multi-year departmental budgets, providing departments with greater budget certainty. NHS day-to-day spending will increase by £29 billion in real terms by 2028-29 compared to 2023-24. This is equivalent to a 3% average annual real terms growth rate over the SR period. Ministers have regular discussions with a range of stakeholders, including key palliative and end of life care and hospice stakeholders.

What dates have been set for (a) the inaugural meeting and (b) any future meetings of the London Coalition on Sustainable Sovereign Debt.

The launch event for the London Coalition on Sustainable Sovereign Debt took place on 23rd June. Dates for future meetings are still being finalised.

What steps she is taking to incentivise saving.

Individuals can save up to £20,000 into an Individual Savings Account each year, and any savings income received is tax free. Along with the Personal Savings Allowance of up to £1,000, and the Starting Rate for Savings of up to £5,000 for those with earned income below £17,570, around 85 per cent of people with savings income pay no tax. The Help to Save scheme also supports low-income working households to start a long-term savings habit.

What steps she is taking to reduce the number of households relying on high-cost credit to meet living expenses.

The Financial Conduct Authority (FCA) is responsible for regulating the consumer credit sector. The FCA requires firms to carry out an assessment of the creditworthiness of a prospective borrower before entering into a regulated credit agreement with them. Under FCA rules, when undertaking creditworthiness assessments, firms must assess each customer’s creditworthiness by considering not just whether a customer will repay, but also the customer’s ability to repay affordably and without significantly affecting their wider financial situation. The Government recognises that credit, when provided responsibly and affordably, can be crucial for people facing unexpected expenses or managing their cash flow. That is why, as part of its Financial Inclusion Strategy, the Government is committed to expanding access to affordable credit. The development of the Financial Inclusion Strategy is being informed by a committee of industry and consumer representatives I chair, ahead of its publication later this year. The access to credit workstream has been considered by a dedicated sub-committee which included financial services firms, credit unions and consumer representative organisations. The Committee has also been considering how to support individuals and households to build their financial resilience by increasing the level of emergency saving buffers in the UK. In addition, the Government provides a range of debt advice services in England through the Money and Pensions Service (MaPS) to meet the needs of individuals in problem debt, including national and community-based services offering free-to-client debt advice.

What budget has been allocated for the London Coalition on Sustainable Sovereign Debt.

No government funding has been allocated to the London Coalition on Sustainable Sovereign Debt. As set out in my written ministerial statement of 23rd June, the Coalition is convened by the Sustainable Sovereign Debt Hub and funded by CIFF (The Children’s Investment Fund Foundation).

What assessment she has made of the adequacy of average savings held by (a) low-income households and (b) pensioners for meeting emergency or unforeseen costs.

The Government is committed to incentivising saving and investment, helping people to save for their future goals and build greater financial resilience. Individual Savings Accounts (ISAs) support people of all incomes and at all stages of life to save. The Help to Save scheme also supports low-income working households to start a long-term savings habit. As part of its forthcoming Financial Inclusion Strategy, the Government is considering how households, including those on low incomes, can increase their financial resilience; and how people of all ages across the UK can build emergency savings buffers. In addition to savings, the Financial Inclusion Committee has discussed digital inclusion and access to banking services; access to credit; access to insurance; problem debt; and financial education and capability. The development of the Financial Inclusion Strategy is being informed by a committee of industry and consumer representatives which I chair. Summaries of the Committee meetings are available on GOV.UK. The Strategy will be published later this year. No assessment has been made of the adequacy of average savings. The Government keeps all aspects of the tax system under review.

What assessment has she made of the potential impact of food price and energy inflation on (a) low-income households, (b) pensioners and (c) disabled people.

We know increased costs in essential areas are worrying and cause hardship for many families with children. That is why the Government is taking a comprehensive approach—supporting those in immediate need while addressing the structural changes necessary to fix the country's foundations. Food, energy and credit costs are a function of a variety of factors including international agricultural commodity prices, the exchange rate, wholesale energy prices, and interest rates. The best way to help with the cost of living is by reducing overall inflation. The Bank of England has the responsibility of controlling inflation, and the Government fully supports them as they take action to sustainably return inflation to 2%. The independent Monetary Policy Committee (MPC) has cut Bank Rate four times since August. The effective interest rate – the actual interest paid by a borrower - on new a 2-year fixed rate mortgage has fallen 46 basis points since the election (May 2025 vs June 2024). The government is committed to helping those in need due to the rising cost of living. An uplift to the Universal Credit Standard Allowance will see it rise to 5% above inflation by 2029-30. The government is also investing £1 billion a year (including Barnett impact) in a multi-year settlement for crisis support, which includes funding for councils to support some of the poorest households so that their children do not go hungry outside of term time. From the start of the 2026 school year, the government will expand Free School Meals to all pupils with a parent receiving Universal Credit. This will put £500 back into parents’ pockets every year. The most recent Ofgem energy price cap, in place until September is 7% lower than the previous cap, reducing annual energy bills for a typical home by £129. Additionally, the Warm Home Discount is being expanded to every billpayer on means-tested benefits, meaning 2.7 million extra households will receive £150 off their energy bills next winter, helping reduce energy costs for around 6 million households. From this winter (2025-26), pensioners with incomes up to and including £35,000 will benefit a Winter Fuel Payment. This will mean that the vast majority — over three quarters, or 9 million pensioners in England and Wakes — will benefit. This change ensures that the means-testing of winter fuel payments has no effect on pensioner poverty. The government’s top priority is to deliver strong, sustainable growth that raises living standards across the UK. A growing economy plays a key role in providing greater financial security for households and helping to make food, energy and credit more affordable.