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391944

registered interest
date	21/07/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Equitable Life Assurance Society: Compensation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what is their latest estimate of the number of Equitable Life policy holders who have still to be contacted before the Equitable Life Payment Scheme closes.
tabling member printed	Lord Kennedy of Southwark
uin	HL1707
answer	answer is ministerial correction date of answer 04/08/2015 answer text <p><strong>At 31 May 2015, payments have been issued to around 87 per cent of eligible Equitable Life policyholders. Approximately 13 per cent of policyholders are therefore currently untraced and unpaid. This is already below the National Audit Office’s 2003 prediction that 17-20 per cent would be left unpaid at the end of the Scheme. </strong></p><p> </p><p> </p><p> </p><p><strong>The Scheme remains committed to tracing and paying as many eligible policyholders as it can before it closes. Strenuous efforts have been made to trace policyholders through advertising, electronic tracing methods, writing to last known addresses, and working with the Department for Work and Pensions (DWP). As announced at Summer Budget, work is continuing with the DWP to trace unpaid policyholders due a payment of £50 or more, where sufficient details are held to enable the DWP tracing service to be used. This further tracing will be completed before the Scheme closes to new claims on 31 December 2015.</strong></p><p> </p> answering member printed Lord O'Neill of Gatley question first answered 04/08/2015 10:55:07 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	4153 label Biography information for Lord Kennedy of Southwark

391945

registered interest
date	21/07/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Aggregates Levy
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what assessment they have made of the European Commission decision regarding exemption from the aggregates levy.
tabling member printed	Lord Kennedy of Southwark
uin	HL1708
answer	answer is ministerial correction date of answer 30/07/2015 answer text <p>The European Commission concluded a State aid investigation into various Aggregates Levy exemptions on 23 March 2015. The Commission had originally approved all the levy exemptions in 2002, but were required to carry out a State aid investigation as a result of legal challenge. The Commission’s decision found all the levy exemptions lawful except for part of the exemption for shale aggregate.</p><p> </p><p> </p><p> </p><p>The Chancellor announced in his Summer Budget that all of the lawful exemptions would be reinstated from 1 August 2015.</p><p> </p><p> </p><p> </p><p>The Commission have ordered recovery of State aid provided by the exemption for some types of shale aggregate. HM Revenue &amp; Customs (HMRC) have recently written to potentially affected businesses. The government will continue to work with the industry to minimise the impact of recovery on affected businesses, and any businesses that are concerned should contact HMRC as soon as possible.</p><p> </p><p> </p><p> </p> answering member printed Lord O'Neill of Gatley question first answered 30/07/2015 15:33:28 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	4153 label Biography information for Lord Kennedy of Southwark

391947

registered interest
date	21/07/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Public Sector: Borrowing
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what assessment they have made of how much public-sector borrowing will grow up to 2018–19 as a consequence of the fiscal changes announced in the recent budget.
tabling member printed	Lord Kennedy of Southwark
uin	HL1710
answer	answer is ministerial correction date of answer 30/07/2015 answer text <p>The government has set out a strategy that reduces the deficit at the same rate again in this Parliament as over the previous Parliament - that means reducing the deficit by 1.1 per cent of GDP a year on average, for the next four years. While, as set out in the Office for Budget Responsibility’s July Economic and Fiscal Outlook, borrowing is forecast to be £21 billion higher up to 2018-19, the resulting smoother fiscal path leads to a higher surplus and lower public sector net debt as a share of GDP, relative to the March Budget.</p><p> </p> answering member printed Lord O'Neill of Gatley question first answered 30/07/2015 13:31:22 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	4153 label Biography information for Lord Kennedy of Southwark

391948

registered interest
date	21/07/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Tax Avoidance
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government how much they expect to raise from action on tax avoidance by 2017–18.
tabling member printed	Lord Kennedy of Southwark
uin	HL1711
answer	answer is ministerial correction date of answer 04/08/2015 answer text <p><strong>The government has committed to saving £5 billion per year through tackling avoidance and tax planning, evasion and compliance and imbalances in the tax system. </strong></p><p> </p><p> </p><p> </p><p><strong>The package of measures announced at Summer Budget 2015 represent the next stage in the government’s actions in this area and contributes towards the government commitment by saving £19 billion by 2020/2021 and £5 billion per year by 2019/2020.</strong></p><p> </p> answering member printed Lord O'Neill of Gatley question first answered 04/08/2015 10:53:57 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	4153 label Biography information for Lord Kennedy of Southwark

391959

registered interest
date	21/07/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Banks
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what plans they have to weaken the ring-fence scheme separating retail and investment banks.
tabling member printed	Lord Taylor of Warwick
uin	HL1722
answer	answer is ministerial correction date of answer 04/08/2015 answer text <p><strong>The Government has no plans to weaken the ring-fence legislation. </strong></p><p> </p><p> </p><p> </p><p><strong>The ring-fencing of retail from wholesale/investment banking is central to the Government’s structural reforms of UK banks. Ring-fencing was a key recommendation of the Independent Commission on Banking (ICB), established in June 2010 and chaired by Sir John Vickers. Ring-fencing will insulate retail banking services (whose continuous provision is essential to financial stability and to the wider economy) from shocks originating elsewhere in the global financial system. It will also make ring-fenced retail banks simpler and easier for the authorities to resolve should they or their wider corporate groups fail.</strong></p><p> </p><p> </p><p> </p> answering member printed Lord O'Neill of Gatley question first answered 04/08/2015 10:53:35 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	1796 label Biography information for Lord Taylor of Warwick

391968

registered interest
date	21/07/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services Compensation Scheme
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government why the compensation limit under the Deposit Guarantee Scheme has been reduced in line with a European directive that sets a limit in euros, despite the fact that the United Kingdom is not in the Eurozone; and whether they will take steps to ensure that United Kingdom citizens do not suffer as a result, if necessary by introducing a separate United Kingdom compensation scheme.
tabling member printed	Lord Higgins
uin	HL1731
answer	answer is ministerial correction date of answer 27/07/2015 answer text <p>The Deposit Guarantee Scheme Directive (DGSD) updates existing legislation designed to harmonise the level of deposit protection provided across the European Economic Area (EEA), of which the UK is a part.</p><p> </p><p> </p><p> </p><p>This is a single market measure to ensure that depositors are entitled to the same level of protection (equivalent to €100,000 per regulated firm, regardless of currency) wherever in the EEA they deposit their money; and that UK firms are not competitively disadvantaged in relation to firms in other EEA jurisdictions.</p><p> </p><p> </p><p> </p><p>As a result of the current strength of the pound in relation to the euro, it has been necessary for the Prudential Regulation Authority (PRA) to revise the sterling coverage limit provided by the UK’s deposit guarantee scheme, the Financial Services Compensation Scheme (FSCS). However, the Government has taken action to ensure that UK depositors are not exposed to a sudden reduction in the level of protection they receive.</p><p> </p><p> </p><p> </p><p>HM Treasury has laid a statutory instrument to ensure that depositors who are currently entitled to £85,000 of protection from the FSCS will continue to be until 31 December 2015, after which the new deposit coverage limit of £75,000 will come into effect.</p><p> </p><p> </p><p> </p><p>This will ensure that there is sufficient time available for depositors to be made aware of the changes, and to take any necessary steps to manage their financial affairs appropriately in light of this change. It is estimated that 5 per cent of retail depositors are affected by this change.</p><p> </p><p> </p><p> </p> answering member printed Lord O'Neill of Gatley question first answered 27/07/2015 13:46:00 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	1067 label Biography information for Lord Higgins

391969

registered interest
date	21/07/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services: Compensation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government, in relation to the Deposit Guarantee Scheme, whether the principle of uberrima fides applies to state insurers within the European Union, as well as private insurers.
tabling member printed	Lord Higgins
uin	HL1732
answer	answer is ministerial correction date of answer 27/07/2015 answer text <p>The principle of uberrima fides does not apply to the UK’s Deposit Guarantee Scheme. Uberrima fides is a principle that applies to insurers and insurance contracts, but the Deposit Guarantee Scheme is not an insurance scheme and is not contractual. The duties of the Deposit Guarantee Scheme are set out in the EU Deposit Guarantee Scheme Directive and the relevant UK legislation.</p><p> </p> answering member printed Lord O'Neill of Gatley question first answered 27/07/2015 13:44:40 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	1067 label Biography information for Lord Higgins