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603970

	registered interest
	date	17/10/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Inflation
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether they will explain the basis on which the inflation target for the Bank of England’s Monetary Policy Committee is set; and the circumstances in which that figure would be raised above two per cent.
	tabling member printed	Lord Myners
	uin	HL2366
	answer	answer is ministerial correction date of answer 31/10/2016 answer text <p>A comprehensive Review of the Monetary Policy Framework was published in 2013. The current remit for the Monetary Policy Committee reflects the assessment set out in the 2013 Review, which includes retaining a flexible inflation targeting framework, with a 2 per cent symmetric inflation target. The remit also states that the MPC may allow inflation to deviate from this target temporarily in order not to cause undesirable volatility in output due to the short-term trade-offs involved.</p><p> </p> answering member printed Lord Young of Cookham question first answered 31/10/2016 15:30:20 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	3869 label Biography information for Lord Myners

598092

	registered interest
	date	10/10/2016
	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 annual tax revenues derived from business activities dependent upon membership of the European Single Market; and what is the UK's annual net contribution to the EU budget.
	tabling member printed	Lord Inglewood
	uin	HL2121
	answer	answer is ministerial correction date of answer 21/10/2016 answer text <p>As noted in the previous written answer in question (HL131), there have been no new estimates made for the impact on tax revenue since the EU referendum.</p><p> </p><p>Details of UK net contributions to the EU Budget over the period 2011-12 to 2015-16 can be found in Table C1, page 194, of the 2016 Public Expenditure Statistical Analyses (Cm 9322) which was published in July. This is available in the House library.</p><p> </p><p>This table also includes the Office for Budget Responsibility’s March forecast of UK net contributions to the EU Budget for the period 2016-17 to 2019-20.</p> answering member printed Lord Young of Cookham question first answered 21/10/2016 13:19:15 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1980 label Biography information for Lord Inglewood

598057

	registered interest
	date	10/10/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Services: North Korea
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether the government of North Korea, or any of its state-owned companies, has access to the London Stock Exchange or holds financial interests in the UK.
	tabling member printed	Lord Alton of Liverpool
	uin	HL2086
	answer	answer is ministerial correction date of answer 24/10/2016 answer text <p>As part of UN and EU sanctions, banks are required to close existing branches, subsidiaries or accounts in North Korea where it has been determined that they contribute to North Korea’s ballistic missile programmes. The sanctions also prohibit any commercial activity by the Government of North Korea (including legal persons, entities or bodies owned or controlled by them).</p><p>Assets owned or controlled in the EU by designated DPRK persons, entities or bodies, including government bodies, are subject to an asset freeze and cannot be traded on the London Stock Exchange. A list of designations which has been placed in the Library includes a number of DPRK government and state-owned bodies. HM Treasury implements these financial sanctions in the UK. Non-compliance with financial sanctions is a criminal offence and HM Treasury works closely with law enforcement to ensure sanctions breaches are dealt with appropriately. For reasons of confidentiality, the Treasury does not make public the details of individual reports of frozen assets.</p> answering member printed Lord Young of Cookham question first answered 24/10/2016 13:49:21 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	738 label Biography information for Lord Alton of Liverpool

600525

	registered interest
	date	12/10/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Consumer Goods: Imports
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what impact they expect the recent fall in the value of sterling to have on imported consumer goods.
	tabling member printed	Lord Kennedy of Southwark
	uin	HL2278
	answer	answer is ministerial correction date of answer 25/10/2016 answer text <p>Before the referendum on the UK’s membership of the EU, the UK government published short-term and long-term assessments of the likely impact on the UK economy from leaving the EU, including the effects of sterling revaluation. HM Government is monitoring economic developments closely and the independent Office for Budget Responsibility will produce an updated economic forecast alongside Autumn Statement 2016.</p> answering member printed Lord Young of Cookham question first answered 25/10/2016 11:09:30 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	4153 label Biography information for Lord Kennedy of Southwark

592883

	registered interest
	date	03/10/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Cider: Excise Duties
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what plans they have to change the current duty structure for cider in the light of their statement that alcohol duties should be directly proportional to alcohol content.
	tabling member printed	Baroness Finlay of Llandaff
	uin	HL2009
	answer	answer is ministerial correction date of answer 17/10/2016 answer text <p>Current rules require that cider duty is structured in bands according to the strength of the product.</p><p> </p><p>The government continues to keep all taxes under review, and in that context is considering the views of stakeholders.</p> answering member printed Lord Young of Cookham question first answered 17/10/2016 15:50:03 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	3609 label Biography information for Baroness Finlay of Llandaff

600488

	registered interest
	date	12/10/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Fuels: Tax Evasion
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government how many (1) prosecutions, and (2) convictions, in relation to fuel laundering there have been since 2014.
	tabling member printed	Lord Browne of Belmont
	uin	HL2241
	answer	answer is ministerial correction date of answer 26/10/2016 answer text <p>HM Revenue and Customs (HMRC) is not a prosecuting authority. All prosecutions have to be authorised by the relevant independent prosecuting authority, which for England and Wales would be the Crown Prosecution Service; for Scotland, the Crown Office and Procurator Fiscal Service; and for Northern Ireland, the Public Prosecution Service for NI.</p><p> </p><p>HMRC’s record does not differentiate between the forms of fuel fraud it investigates and so they cannot identify Prosecution and Convictions for fuel laundering. Prosecutions and Convictions instigated for oils offences since 2014 were as follows:</p><p> </p><table><tbody><tr><td><p> </p></td><td><p>2014-15</p></td><td><p>2015-16</p></td><td><p>Up to September 2016</p></td></tr><tr><td><p>Prosecutions</p></td><td><p>34</p></td><td><p>37</p></td><td><p>0</p></td></tr><tr><td><p>Convictions</p></td><td><p>6</p></td><td><p>23</p></td><td><p>12</p></td></tr></tbody></table><p> </p><p>The figures for prosecutions and convictions in any particular year do not correspond as investigations and prosecutions do not always reach conclusion in the year that they commence.</p> answering member printed Lord Young of Cookham question first answered 26/10/2016 14:16:20 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	3801 label Biography information for Lord Browne of Belmont

600963

	registered interest
	date	13/10/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	World War I: Debts
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government, following the announcement by the Chancellor of the Exchequer in October 2014 that they were planning to pay off some debts from World War One, how much has been paid off to date, and how much is still outstanding.
	tabling member printed	Lord Laird
	uin	HL2303
	answer	answer is ministerial correction date of answer 25/10/2016 answer text <p>The Chancellor of the Exchequer announced on 3 December 2014 that the government would adopt a strategy to remove the remaining undated gilts in the government’s debt portfolio, thus repaying all the nation’s First World War debt.</p><p> </p><p>Three of the eight undated gilts that remained in the government’s portfolio in 2014 were issued to fund the First World War: the 4% Consolidated Loan, 3½% War Loan and 3½% Conversion Loan. These were redeemed in 2015, on 1 February, 9 March and 1 April respectively.</p><p> </p><p>Almost 99% of the amount due has been repaid to date. Due to the age of the records relating to undated gilts, the registrar has not been able to contact all holders. However, the government has thus repaid the vast majority of the nation’s First World War debt.</p> answering member printed Lord Young of Cookham question first answered 25/10/2016 12:35:02 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	2479 label Biography information for Lord Laird

598907

	registered interest
	date	11/10/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Sixth Form Colleges: VAT
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether they plan to change the rules on VAT applicable to sixth form colleges.
	tabling member printed	Lord Storey
	uin	HL2214
	answer	answer is ministerial correction date of answer 25/10/2016 answer text <p>The Government has no plans to change the rules on VAT applicable to sixth form colleges.</p><p> </p> answering member printed Lord Young of Cookham question first answered 25/10/2016 11:26:30 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	4238 label Biography information for Lord Storey

600976

	registered interest
	date	13/10/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Corporation Tax
	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 Fair Tax Mark for businesses.
	tabling member printed	Baroness Kennedy of Cradley
	uin	HL2316
	answer	answer is ministerial correction date of answer 26/10/2016 answer text <p>The Government has recently legislated for the publication of tax strategy by the largest businesses; promoting board accountability for tax, and encouraging transparency on approach to tax planning. In this context, the Government welcomes all business moves to improve transparency over their own tax affairs.</p><p> </p><p> </p> answering member printed Lord Young of Cookham question first answered 26/10/2016 14:16:49 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	4303 label Biography information for Baroness Kennedy of Cradley

598916

	registered interest
	date	11/10/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Markets
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what assessment they have made of whether high frequency trading has utility and is in the national interest.
	tabling member printed	Lord Vinson
	uin	HL2223
	answer	answer is ministerial correction date of answer 24/10/2016 answer text <p>The Government sponsored the Foresight Project, which reported in 2012, to analyse the role, development, and impact of computer-based trading – including high frequency trading – in financial markets. The Future of Computer Trading in Financial Markets report highlighted the benefits of computer-based trading for the operation of markets, in particular relating to liquidity, transaction costs, and the efficiency of market prices, while also considering the implications for financial stability.</p><p> </p><p> </p> answering member printed Lord Young of Cookham question first answered 24/10/2016 14:21:10 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1807 label Biography information for Lord Vinson