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1002211

	registered interest
	date	05/11/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Banks: Finance
	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 Banking Authority's recent analysis of the strength of UK banks in adverse scenarios.
	tabling member printed	Lord Birt
	uin	HL11232
	answer	answer is ministerial correction date of answer 19/11/2018 answer text <p>The Government supports the use of stress tests as a tool to ensure the ongoing resilience of the European Union’s banking sector. Well capitalised banks, under a robust regulatory framework, are better able to lend to the economy, supporting jobs and growth. A full response to the European Banking Authority’s (EBA) report has been published by the Bank of England (BoE). The BoE noted that the results of the latest EBA test confirmed the results of earlier BoE stress tests that the participating UK banks would be resilient to a severe economic and market stress. The BoE will publish the results for its next annual stress tests on 5 December.</p> answering member printed Lord Bates question first answered 19/11/2018 16:22:02 answering member 1091 label Biography information for Lord Bates
	tabling member	2533 label Biography information for Lord Birt

1025345

	registered interest
	date	14/12/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Stamp Duty Land Tax
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether they plan to review the impact of stamp duty on (1) housing mobility, and (2) the frequency of housing transactions; and whether they consider any useful lessons can be drawn from the experience of the Republic of Ireland in reducing stamp duty.
	tabling member printed	Lord Birt
	uin	HL12311
	answer	answer is ministerial correction date of answer 20/12/2018 answer text <p>The Government keeps all taxes under review and monitors a range of factors as part of that process.</p><p> </p><p>More broadly, SDLT continues to be an important source of government revenue, raising several billion pounds each year to help pay for the essential services the Government provides. As set out in HMRC’s April 2018 release on illustrative tax changes, a 1 percentage point reduction in the main rates of residential Stamp Duty Land Tax would cost an estimated £1.6 billion in 2019-20.</p> answering member printed Lord Bates question first answered 20/12/2018 14:09:46 answering member 1091 label Biography information for Lord Bates
	tabling member	2533 label Biography information for Lord Birt

1036904

	registered interest
	date	07/01/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Stamp Duty Land Tax
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government, further to the Written Answer by Lord Bates on 20 December (HL12311), what impact Stamp Duty Land Tax has had on (1) housing mobility, and (2) the frequency of housing transactions, since 2014.
	tabling member printed	Lord Birt
	uin	HL12546
	answer	answer is ministerial correction date of answer 21/01/2019 answer text <p>HMRC publish quarterly and annual statistics on transaction volumes which are available on GOV.UK.</p><p> </p><p>At Autumn Statement 2014 the Government reformed the structure of Stamp Duty Land Tax, cutting the tax paid on all purchases of residential property to a value of £937,500, unless purchasing additional property – a reduction for 98% of those paying the tax.</p><p> </p><p>Housing market activity is affected by a wide variety of factors, of which Stamp Duty Land Tax is just one.</p> answering member printed Lord Bates question first answered 21/01/2019 15:45:48 answering member 1091 label Biography information for Lord Bates
	tabling member	2533 label Biography information for Lord Birt

1064196

	registered interest
	date	19/02/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	VAT: Electronic Government
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what is their estimate of the annual saving to HMRC of requiring VAT registered businesses to maintain their VAT records and to submit their VAT returns via Making Tax Digital; and what is their estimate of the incremental cost to the totality of VAT registered businesses of compliance with this requirement.
	tabling member printed	Lord Birt
	uin	HL13843
	answer	answer is ministerial correction date of answer 05/03/2019 answer text <p>HMRC’s revised assessment of impacts for Making Tax Digital (MTD) for VAT estimates that there will be an ongoing net cost to VAT registered businesses with a turnover above the VAT threshold of £37m. HMRC estimates that the behavioural impacts of Making Tax Digital will contribute over £1bn to the Exchequer by 2022 to 2023.</p> answering member printed Lord Bates question first answered 05/03/2019 13:57:15 answering member 1091 label Biography information for Lord Bates
	tabling member	2533 label Biography information for Lord Birt

749910

	registered interest
	date	10/07/2017
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Transport: Isles of Scilly
	house id	2
	legislature	25277 pref label House of Lords
	question text	Her Majesty's Government what plans they have to ensure that (1) the precise spot rate, and (2) the commission charged, are identified for all consumer foreign currency transactions at the moment of the transaction.
	tabling member printed	Lord Birt
	uin	HL595
	answer	answer is ministerial correction date of answer 24/07/2017 answer text <p>The Payment Services Regulations 2017 (which implement the second Payment Services Directive, PSDII) were laid in Parliament 19 July 2017 and will apply from 13 January 2018. Under these regulations, as is currently the case under the first Payment Services Directive, providers of international money transfer services are required to show any fees incurred (such as commission or flat fee) and the exchange rate the provider is offering the customer.</p><p> </p><p>As PSDII is a maximum harmonising Directive, the Government is not able to go beyond these explicit requirements (e.g. requiring the spot rate to be identified at the moment of the transaction).</p> answering member printed Lord Bates question first answered 24/07/2017 10:48:12 answering member 1091 label Biography information for Lord Bates
	tabling member	2533 label Biography information for Lord Birt

753271

	registered interest
	date	18/07/2017
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	house id	2
	legislature	25277 pref label House of Lords
	question text	Her Majesty's Government what is their response to the analysis by the Office for Budget Responsibility that the UK's public finances are ill-positioned to withstand (1) a possible recession, (2) higher inflation, and (3) an increase in interest rates.
	tabling member printed	Lord Birt
	uin	HL959
	answer	answer is ministerial correction date of answer 28/07/2017 answer text <p>The Office for Budget Responsibility’s (OBR) Fiscal Risks Report demonstrates that the public finances remain vulnerable to shocks. To enhance our resilience to such shocks it is vital that we get debt falling.</p><p> </p><p>To this end, we remain committed to bringing the public finances back to balance by the mid-2020s, with interim targets to reduce the structural deficit below 2% of GDP and get debt falling as a share of GDP by 2020-21.</p><p> </p><p>The government continues to consider carefully the findings within the OBR’s report. As required under the Charter for Budget Responsibility, the government will formally respond to the issues raised within the next year.</p> answering member printed Lord Bates question first answered 28/07/2017 13:33:39 answering member 1091 label Biography information for Lord Bates
	tabling member	2533 label Biography information for Lord Birt

773532

	registered interest
	date	19/10/2017
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Credit: Interest Rates
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what is their assessment of the consumer and systematic risk arising from high-cost credit products.
	tabling member printed	Lord Birt
	uin	HL2247
	answer	answer is ministerial correction date of answer 30/10/2017 answer text <p>The Government has fundamentally reformed regulation of the consumer credit market, transferring regulatory responsibility to the Financial Conduct Authority (FCA) on 1 April 2014. Since the transfer, the FCA has taken a proactive approach on consumer credit, to ensure that all consumers who use high-cost credit products are treated fairly. The Government welcomes the ongoing work of the FCA to review the high-cost credit market.</p><p> </p><p>The government established an independent Financial Policy Committee (FPC) and gave the FPC a primary objective to identify, monitor and take action to remove or reduce systemic risks with a view to protecting and enhancing financial stability. To ensure lenders are resilient to defaults related to consumer credit, the FPC has acted to accelerate its analysis of credit losses that banks could incur in the very deep recession encapsulated in the 2017 annual stress test scenario. The FPC has stated that regulatory capital buffers for individual firms will be set following the full stress test results so that each bank can absorb its losses on consumer lending, alongside all the other effects of the stress scenario on its balance sheet.</p> answering member printed Lord Bates question first answered 30/10/2017 16:28:28 answering member 1091 label Biography information for Lord Bates
	tabling member	2533 label Biography information for Lord Birt

777479

	registered interest
	date	25/10/2017
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Economic Growth
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what is their assessment of recent figures indicating that the UK economy is growing at the slowest rate of the G7 countries, compared to its position as the fastest-growing G7 economy in 2014.
	tabling member printed	Lord Birt
	uin	HL2496
	answer	answer is ministerial correction date of answer 01/11/2017 answer text <p>The fundamentals of the UK economy are strong. The economy has grown for nineteen consecutive quarters and is 15.8% larger than at the start of 2010. Unemployment is 4.3%, the lowest rate since 1975, and the deficit has been cut by over two thirds.</p><p>GDP grew by 1.8% in 2016, the second fastest in the G7. In their March Economic and Fiscal Outlook, the Office for Budget Responsibility forecast that GDP will grow by 2.0% in 2017 and 1.6% in 2018.</p> answering member printed Lord Bates question first answered 01/11/2017 12:50:45 answering member 1091 label Biography information for Lord Bates
	tabling member	2533 label Biography information for Lord Birt

795198

	registered interest
	date	27/11/2017
	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 (1) the findings released by the European Commission on 30 October showing that industry and consumer confidence in the Eurozone economies is at its highest level for 17 years, and (2) prospects for growth in the those economies; and what comparative assessment they have made of (a) confidence in the economy, and (b) prospects for growth, in the UK, following the Office for Budget Responsibility's announcement that the UK economy will not grow as fast as previously forecast.
	tabling member printed	Lord Birt
	uin	HL3600
	answer	answer is ministerial correction date of answer 05/12/2017 answer text <p>The Treasury continuously monitors global and European economic developments as part of the normal process of domestic policy development.</p><p> </p><p>Euro area growth has become increasingly robust in recent quarters. This has helped boost economic sentiment, as the European Commission’s publication on 30 October notes. They consider that the outlook for euro area growth remains positive; growth forecasts were revised up for the euro area in the Autumn Forecast, released November 9.</p><p> </p><p>The UK economy is also fundamentally strong. The economy has grown for 19 consecutive quarters, employment is close to a record high and the deficit has been cut by three quarters. UK consumer confidence has been relatively stable over the last six months. However there is more to do: improving our productivity remains the key to raising living standards over the long term. That is why we have invested over a quarter of a trillion pounds in infrastructure, cut taxes to support business investment and reformed technical education.</p><p> </p><p>The UK welcomes the stronger macroeconomic outlook for the euro area. It is in Britain’s interest to see a stable and prosperous euro area</p> answering member printed Lord Bates question first answered 05/12/2017 16:18:17 answering member 1091 label Biography information for Lord Bates
	tabling member	2533 label Biography information for Lord Birt

832857

	registered interest
	date	29/01/2018
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Brexit
	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 comments by Robert Chote, Chair of the Office for Budget Responsibility, in the New Statesman on 24 January, that “In terms of the net effect on GDP, the hits to demand [arising from the Brexit vote] have outweighed the boosts."
	tabling member printed	Lord Birt
	uin	HL5174
	answer	answer is ministerial correction date of answer 12/02/2018 answer text <p>The Office for Budget Responsibility (OBR) is an independent fiscal institution. Robert Chote’s comments in the New Statesman relate to an OBR judgement set out in their November 2017 Economic and Fiscal Outlook. The Government adopts the OBR’s independent forecasts as the official forecasts for the UK and as such, it would not be appropriate for the Government to comment on its forecast judgements.</p><p> </p> answering member printed Lord Bates question first answered 12/02/2018 13:39:50 answering member 1091 label Biography information for Lord Bates
	tabling member	2533 label Biography information for Lord Birt