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60531

registered interest
date	09/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Infrastructure
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government how much is being invested in national infrastructure in 2014, and how much planned over the next five years, as a percentage share of gross domestic product; and how that compares with the long-run Organisation for Economic Co-operation and Development average.
tabling member printed	Lord Birt
uin	HL120
answer	answer is ministerial correction date of answer 19/06/2014 answer text <p>The Government's measure of total public infrastructure investment is public sector gross investment (PSGI). The Office for Budget Responsibility (OBR) forecast at the March 2014 Budget that this will be 3.0 per cent of gross domestic product (GDP) in 2014-15. Forecasts of government expenditure are generally made on a financial rather than a calendar year basis and are presently only available out to 2018-19.The figures to the end of the forecast period are as set out below:</p><p> </p><table><tbody><tr><td> </td><td><p>2014-15</p></td><td><p>2015-16</p></td><td><p>2016-17</p></td><td><p>2017-18</p></td><td><p>2018-19</p></td></tr><tr><td><p>Public sector gross investment as % of GDP</p></td><td><p>3.0</p></td><td><p>2.9</p></td><td><p>2.9</p></td><td><p>2.8</p></td><td><p>2.8</p></td></tr></tbody></table><p> </p><p>PSGI measures the direct spending on infrastructure projects by the whole public sector, unlike other measures such as net investment which are adjusted to exclude certain elements of spending. Internationally comparable figures for PSGI are not readily available. The UK's fiscal framework is based around the entire public sector, many other countries only use a measure for general government that excludes public corporations so these are often the only comparative measures available. The OBR forecasts include some international comparisons of different investment measures. These can be found at the link below:</p><p> </p><p> </p><p> </p><p> </p><p><a href="http://budgetresponsibility.org.uk/economic-fiscal-outlook-march-2014/" target="_blank">http://budgetresponsibility.org.uk/economic-fiscal-outlook-march-2014/</a></p><p> </p><p>Neither PSGI nor the OBR figures include private investment in infrastructure which is an important element of overall infrastructure investment in the UK. The published infrastructure pipeline, which covers economic infrastructure only, provides an overview of planned public and private investment to 2020 and beyond, and can be found at the link below:</p><p> </p><p> </p><p><a href="https://www.gov.uk/government/publications/national-infrastructure-plan-2013" target="_blank">https://www.gov.uk/government/publications/national-infrastructure-plan-2013</a></p> answering member printed Lord Deighton question first answered 19/06/2014 15:26:43 answering member 4262 label Biography information for Lord Deighton
tabling member	2533 label Biography information for Lord Birt

60532

registered interest
date	09/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Economic Situation
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 time taken for the United Kingdom economy to return to recovery in comparison to other leading countries; and what they consider to be the reasons for the differences in those timescales.
tabling member printed	Lord Birt
uin	HL121
answer	answer is ministerial correction date of answer 17/06/2014 answer text <p>UK GDP fell 7.2% between the first quarter of 2008 and the third quarter of 2009. Of the G7 economies Japan was the only one that had a deeper recession, and the depth of UK recession was almost twice that of the US.</p><p>Thanks to the government's long term economic plan, since the trough of the recession the UK has grown faster than France, Italy, Spain and the euro area as a whole. In the year to the first quarter of 2014 the UK grew faster than any other G7 economy, the deficit has fallen by over a third as a share of GDP since 2009-10 and there are more people in work than ever before. But the job is not yet done and the biggest risk now to the recovery would be abandoning the plan that is delivering a brighter economic future.</p><p> </p><p> </p> answering member printed Lord Deighton question first answered 17/06/2014 15:41:06 answering member 4262 label Biography information for Lord Deighton
tabling member	2533 label Biography information for Lord Birt

60557

registered interest
date	09/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	UK Membership of EU
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 impact on the European Union's balance of trade with the United Kingdom of any United Kingdom withdrawal from the European Union.
tabling member printed	Lord Stevens of Ludgate
uin	HL146
answer	answer is ministerial correction date of answer 19/06/2014 answer text <p>The Government has made no assessment of the impact on the European Union's balance of trade with the United Kingdom of any withdrawal from the European Union.</p><p> </p><p>The EU represents a market of over 500 million people with a combined GDP of around £10.5 trillion. It is the largest single market in the world.</p><p> </p><p>The EU is the UK's most important trading partner; 45% of our exports are destined for the EU and seven of the UK's top ten individual trading partners are EU member states.</p> answering member printed Lord Deighton question first answered 19/06/2014 15:15:15 answering member 4262 label Biography information for Lord Deighton
tabling member	2227 label Biography information for Lord Stevens of Ludgate

60575

registered interest
date	09/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services: Taxation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, following the dismissal of the United Kingdom's challenge to the proposed financial transaction tax at the European Court of Justice, whether they have any plans to re-examine the extent of European Union competence in respect of United Kingdom taxation; and whether they consider that the application of such a tax would trigger a referendum under the terms of the European Union Act 2011.
tabling member printed	Lord Stoddart of Swindon
uin	HL164
answer	answer is ministerial correction date of answer 23/06/2014 answer text <p>The Court of Justice of the European Union ruling on 30 April deemed the UK challenge to the FTT was premature, but confirmed that the Government could challenge a future FTT Implementing Directive.</p><p> </p><p>The introduction of the FTT under the Enhanced Cooperation Procedure would not be a relevant transfer of sovereignty or power for the purpose of the “referendum lock” in the UK's EU Referendum Act.</p><p> </p><p>The extent of European Union competence in respect of United Kingdom taxation was set out in the Balance of Competences Review, published 22 July 2013, and available at:</p><p> </p><p><a href="https://www.gov.uk/government/consultations/taxation-report-review-of-the-balance-of-competences" target="_blank">https://www.gov.uk/government/consultations/taxation-report-review-of-the-balance-of-competences</a>.</p> answering member printed Lord Deighton question first answered 23/06/2014 16:23:04 answering member 4262 label Biography information for Lord Deighton
tabling member	950 label Biography information for Lord Stoddart of Swindon

60577

registered interest
date	09/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Money Advice Service
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government how many calls per week on average were received by the Money Advice Service (1) before, and (2) after, the television advertising campaign; and how much has been spent on the campaign.
tabling member printed	Lord Moonie
uin	HL166
answer	answer is ministerial correction date of answer 23/06/2014 answer text <p>This matter is the responsibility of the Money Advice Service. I have asked the Chief Executive to respond and will arrange for a copy of the letter to be deposited in the Libraries of the House.</p> answering member printed Lord Deighton question first answered 23/06/2014 16:21:35 answering member 4262 label Biography information for Lord Deighton
tabling member	621 label Biography information for Lord Moonie

60578

registered interest
date	09/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Royal Bank of Scotland
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government how many employees earning in excess of £100,000 per annum have left Royal Bank of Scotland in each of the last five years.
tabling member printed	Lord Moonie
uin	HL167
answer	answer is ministerial correction date of answer 19/06/2014 answer text <p>RBS is a commercial company in which the Government is a shareholder and it is run on a fully commercial basis. RBS retains its own independent board and management team, with responsibility for determining its own strategies and commercial policies. As such, HM Treasury does not hold the requested information relating to staff turnover at the RBS Group.</p> answering member printed Lord Deighton grouped question UIN HL168 question first answered 19/06/2014 15:14:04 answering member 4262 label Biography information for Lord Deighton
tabling member	621 label Biography information for Lord Moonie

60579

registered interest
date	09/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Royal Bank of Scotland
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government how many employees of Royal Bank of Scotland earning in excess of £1 million per annum left the group within one year of the Government acquiring a shareholding.
tabling member printed	Lord Moonie
uin	HL168
answer	answer is ministerial correction date of answer 19/06/2014 answer text <p>RBS is a commercial company in which the Government is a shareholder and it is run on a fully commercial basis. RBS retains its own independent board and management team, with responsibility for determining its own strategies and commercial policies. As such, HM Treasury does not hold the requested information relating to staff turnover at the RBS Group.</p> answering member printed Lord Deighton grouped question UIN HL167 question first answered 19/06/2014 15:14:03 answering member 4262 label Biography information for Lord Deighton
tabling member	621 label Biography information for Lord Moonie

60581

registered interest
date	09/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Bank Services
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what steps they have taken over the last year to move their accounts from foreign-owned to state-owned banks .
tabling member printed	Lord Temple-Morris
uin	HL170
answer	answer is ministerial correction date of answer 23/06/2014 answer text <p>The policy is to hold exchequer funds safe and secure at the Bank of England and minimise balances held with commercial banks. This policy has not changed and HM Treasury has been working with departments to minimise balances held in commercial accounts in recent years.</p><p> </p><p>Government Departments and most public bodies bank with the Government Banking Service. The Government Banking Service is a directorate within HM Revenue &amp; Customs. It is a shared service which manages contracts and supports banking services to Government departments using cost efficient and modern commercial banking platforms. The balances held by the Government Banking Service are utilised to reduce the Government's daily borrowing requirement and in turn its financing costs.</p><p> </p><p>The Government Banking Service undertook an EU Procurement exercise for government transactional banking services in March 2008 following the decision by the Bank of England to exit from retail services. This resulted in the award of contracts to the two most economically advantageous tenders, the Royal Bank of Scotland Group (RBSG) and Citigroup (Citi).</p><p> </p><p>A procurement exercise is currently under way to replace these contracts at expiry and again will comply fully with relevant EU regulation. Contract notices in this respect were issued on 9<sup>th</sup> June 2014 and Invitations to Tender will be made in early October with expectation of contract award in early 2015.</p><p> </p><p>In the rare circumstance where banking is required outside of the contract then the Department concerned must seek Treasury approval to open separate commercial accounts. This will normally be where third party funds are being managed or the banking service required is complex. The Treasury provides an annual update to the Public Accounts Committee on monies held outside the Exchequer/Government Banking Service. The most recent update published in 13 January 2014 and a link to the publication is</p><p> </p><p><a href="https://www.gov.uk/government/publications/treasury-minutes-january-2013" target="_blank">https://www.gov.uk/government/publications/treasury-minutes-january-2013</a></p> answering member printed Lord Deighton question first answered 23/06/2014 16:19:31 answering member 4262 label Biography information for Lord Deighton
tabling member	267 label Biography information for Lord Temple-Morris

58586

registered interest
date	05/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Secured Loans
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 logbook loans industry.
tabling member printed	Lord Kennedy of Southwark
uin	HL111
answer	answer is ministerial correction date of answer 17/06/2014 answer text <p> </p><p>The Government has fundamentally reformed regulation of the consumer credit market, including logbook lenders, by transferring responsibility from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) on 1 April 2014.</p><p> </p><p>The Government is very concerned about evidence of consumer detriment in the logbook loan sector, as highlighted in the FCA's recent research paper.</p><p> </p><p>The FCA has identified logbook lenders as a higher risk industry, and as such they will be in the first phase of firms to require full authorisation. Logbook loan providers are also required to meet the FCA's binding rules, and the FCA has said that it “won't hesitate to take action” if they do not put their customers first.</p><p> </p><p> </p><p>In addition, the Government has asked the Law Commission to look at how to bring the highly complex legislation underpinning logbook loans up to date.</p> answering member printed Lord Deighton question first answered 17/06/2014 15:40:30 answering member 4262 label Biography information for Lord Deighton
tabling member	4153 label Biography information for Lord Kennedy of Southwark

57576

registered interest
date	04/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Pensions: Taxation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether lump sum retiring allowances in public sector pension schemes and the equivalent in private pension schemes including annuity payments and pension commencement lump sums are taxable; if so, whether they are taxed in the same way; and what are their proposals for taxing lump sum payments under the new pension arrangements announced in the Queen's Speech.
tabling member printed	Lord Laird
uin	HL49
answer	answer is ministerial correction date of answer 17/06/2014 answer text <p>At retirement individuals have the option of taking up to 25 per cent of their pension fund as a tax free pension commencement lump sum.</p><p> </p><p>Individuals at retirement can also take their pension pot as a lump sum:</p><p>· If their total pension pots under all the schemes they belong to are worth £30,000 or less</p><p>· Under certain circumstances, one of their pension pots is worth £10,000 or less</p><p>25 percent would be tax free with the rest being taxed at the individual's marginal rate.</p><p> </p><p>These rules apply to all registered pension schemes and therefore apply to both defined benefit and defined contribution pensions and to both private and public sector schemes.</p><p> </p><p> </p> answering member printed Lord Deighton question first answered 17/06/2014 15:43:30 answering member 4262 label Biography information for Lord Deighton
tabling member	2479 label Biography information for Lord Laird