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1127433

	registered interest
	date	20/05/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Brexit
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what their latest estimate is of the impact on GDP in each year between 2019 and 2033 of leaving the EU without a withdrawal agreement in place.
	tabling member printed	Lord Livermore
	uin	HL15844
	answer	answer is ministerial correction date of answer 04/06/2019 answer text <p>The Government’s analysis on the economic effects of EU exit looks at the long-term impacts. Within their statutory mandates, the Bank of England and the OBR produce short-to-medium term forecasts for the UK economy which will reflect their independent judgements regarding the impact of leaving the EU.</p> answering member printed Lord Young of Cookham question first answered 04/06/2019 13:47:03 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	4559 label Biography information for Lord Livermore

1127435

	registered interest
	date	20/05/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Overseas Trade
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what estimate they have made of the impact on UK GDP from (1) leaving the EU's single market, and (2) negotiating a free trade agreement with the United States.
	tabling member printed	Lord Livermore
	uin	HL15846
	answer	answer is ministerial correction date of answer 04/06/2019 answer text <p>The Government has published a detailed set of economic analyses on the long-term impacts of EU exit on the UK economy, its sectors, nations and regions and the public finances – covering multiple EU exit scenarios. The analysis finds that the spectrum of outcomes for the future UK-EU relationship would deliver significantly higher economic output than the no deal scenario.</p><p> </p><p>In keeping with the government’s ambitious free trade agenda, the analysis assumes that, in the long run, the UK secures agreements with a broad range of potential trading partners, including, but not limited to, the United States, Australia, New Zealand, and other members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. The analysis estimates that in the long run these trade agreements could increase UK GDP by up to 0.2 percentage points.</p><p> </p><p>The complete analysis can be found in the “EU Exit: Long-Term Economic Analysis” paper, which is available on the Gov.uk website in Exiting the European Union: Publications section.</p> answering member printed Lord Young of Cookham question first answered 04/06/2019 13:47:30 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	4559 label Biography information for Lord Livermore

1127776

	registered interest
	date	21/05/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Armed Forces: Pay
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what plans he has to publish a letter from the Chief Secretary to the Treasury to the Armed Forces Pay Review Body Chair providing information about Government policy on public sector pay for the forthcoming pay round.
	tabling member constituency	Llanelli
	tabling member printed	Nia Griffith
	uin	256979
	answer	answer is ministerial correction date of answer 04/06/2019 answer text <p>The Defence Secretary wrote to the Chair of the Armed Forces Pay Review Body in November 2018, setting out their remit for the 2019/20 pay round.</p><p> </p><p>This year’s pay round is currently in progress, and the Government will respond to the recommendations of the Pay Review Bodies in due course.</p><p> </p><p>The pay round for 2020/21 has not begun yet and will commence as usual in the Autumn.</p><p> </p><p>Last year, members of the Armed Forces received a well-above inflation increase of 2.9%, worth £680 in pay, plus a one-off payment of £300, to an average soldier.</p><p> </p> answering member constituency South West Norfolk answering member printed Elizabeth Truss question first answered 04/06/2019 06:59:33 answering member 4097 label Biography information for Elizabeth Truss
	tabling member	1541 label Biography information for Dame Nia Griffith

1127847

	registered interest
	date	21/05/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Sector: Redundancy Pay
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, for what reason he has included employees of Magnox Ltd in the consultation on the redundancy compensation cap for public sector workers.
	tabling member constituency	Stroud
	tabling member printed	Dr David Drew
	uin	256909
	answer	answer is ministerial correction date of answer 04/06/2019 answer text <p>The scope of the cap is guided by the Office for National Statistics (ONS) independent classification of public sector bodies. The ONS determines whether a body falls within the public sector by reference to objective criteria based upon governance, funding, ownership and function. Magnox Ltd is classified as a public sector body by the ONS classification guide.</p><p> </p><p>We are undertaking staged implementation of the cap, with the first stage capturing: the UK Civil Service, non-departmental public bodies, executive agencies, non-ministerial departments, the National Health Service, academy schools, local government, and police forces. The cap on exit payments will then be extended to the rest of the public sector including Magnox Ltd, as guided by ONS classification, in due course.</p> answering member constituency South West Norfolk answering member printed Elizabeth Truss question first answered 04/06/2019 06:48:05 answering member 4097 label Biography information for Elizabeth Truss
	tabling member	252 label Biography information for Dr David Drew

1127861

	registered interest
	date	21/05/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Equitable Life Assurance Society: Compensation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will place in the libraries of both Houses the methodology for calculating payments to Equitable Life policyholders.
	tabling member constituency	Kettering
	tabling member printed	Mr Philip Hollobone
	uin	256997
	answer	answer is ministerial correction date of answer 04/06/2019 answer text <p>The methodology for calculating payments to Equitable Life policyholders was published in 2011 and can be found at <a href="https://www.gov.uk/government/publications/equitable-life-payment-scheme-design" target="_blank">https://www.gov.uk/government/publications/equitable-life-payment-scheme-design</a> .</p> answering member constituency Salisbury answering member printed John Glen question first answered 04/06/2019 06:47:46 answering member 4051 label Biography information for John Glen
	tabling member	1537 label Biography information for Mr Philip Hollobone

1127869

	registered interest
	date	21/05/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Equitable Life Assurance Society: Compensation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, how many times corrections of payments to Equitable Life policyholders have been made; and what guarantees are in place to ensure that no further errors in the payments and calculation method will be made.
	tabling member constituency	Kettering
	tabling member printed	Mr Philip Hollobone
	uin	257002
	answer	answer is ministerial correction date of answer 04/06/2019 answer text <p>The payment calculation has been examined by a panel of actuarial peers and the Equitable Members Action Group. No errors in the calculation methodology have been identified.</p><p> </p><p>Whilst the Payment Scheme was in operation policyholders could check the input data received from Equitable Life that was used as the basis for their individual calculation. Where an error was found in the records Equitable Life held, a policyholder could request an independent review of their individual payment and where necessary a payment could be recalculated.</p><p> </p><p>The Payment Scheme is now closed. The Payment Scheme’s final progress report set out the numbers of independent reviews conducted and this can be found at: <a href="https://www.gov.uk/government/publications/equitable-life-payment-scheme-final-report" target="_blank">https://www.gov.uk/government/publications/equitable-life-payment-scheme-final-report</a></p> answering member constituency Salisbury answering member printed John Glen question first answered 04/06/2019 06:47:29 answering member 4051 label Biography information for John Glen
	tabling member	1537 label Biography information for Mr Philip Hollobone

1127941

	registered interest
	date	21/05/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Social Security Benefits: Uprating
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, pursuant to the Answer of 20 May 2019 to Question 254832 on Social Security Benefits: Uprating, what estimate his Department has made of the cost of resuming the uprating of social security payments in line with CPI for each of the next five years; and from which budget his Department plans to pay for that uprating.
	tabling member constituency	Bootle
	tabling member printed	Peter Dowd
	uin	257133
	answer	answer is ministerial correction date of answer 04/06/2019 answer text <p>Twice a year, the Office for Budget Responsibility (OBR) produce detailed forecasts for the coming five years, assessing the likely impact of policy decisions and expected developments in the economy. A key component of this is the welfare annually managed expenditure (AME) forecast, which estimates future government expenditure on social security benefits and tax credits.</p><p>The current welfare freeze, which was announced in 2015, runs from 2016/17 to 2019/20. As such, the cost of resuming the uprating of frozen benefits from 2020/21 is already accounted for in the welfare forecast – which combines DWP, HMRC and BEIS AME expenditure. The OBR does not routinely disaggregate the cost of uprating within the forecast.</p> answering member constituency South West Norfolk answering member printed Elizabeth Truss question first answered 04/06/2019 06:46:58 answering member 4097 label Biography information for Elizabeth Truss
	tabling member	4397 label Biography information for Peter Dowd

1127954

	registered interest
	date	21/05/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Non-domestic Rates
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether he plans to review the system of business rates.
	tabling member constituency	Slough
	tabling member printed	Mr Tanmanjeet Singh Dhesi
	uin	257140
	answer	answer is ministerial correction date of answer 04/06/2019 answer text <p>The Government concluded the last fundamental review of business rates in 2016. Respondents to the review agreed that property based taxes are easy to collect, difficult to avoid, relatively stable compared to other taxes, and that they have a clear link with local authority spending.</p><p> </p><p>The Government has taken repeated action to reduce the burden of business rates for all ratepayers. Reforms and reliefs announced since Budget 2016 will reduce rates by more than £13 billion over the next five years. This includes switching from RPI to CPI indexation, increasing the frequency of revaluations, increasing the threshold for the standard multiplier to £51,000, and doubling the threshold for Small Business Rate Relief from April 2017, which means 655,000 of the smallest businesses now pay no business rates at all.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 04/06/2019 10:06:54 answering member 3991 label Biography information for Jesse Norman
	tabling member	4638 label Biography information for Mr Tanmanjeet Singh Dhesi

1128022

	registered interest
	date	21/05/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Markets: Regulation
	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 role of (1) the European Securities and Markets Authority, and (2) the Financial Conduct Authority, will have in regulating financial markets after Brexit.
	tabling member printed	Lord Taylor of Warwick
	uin	HL15907
	answer	answer is ministerial correction date of answer 04/06/2019 answer text <p>The European Supervisory Authorities - which includes the European Securities and Markets Authority - are a part of the EU’s joint supervisory framework for financial services. The UK’s future position outside of the EU will mean that the UK is no longer part of the joint supervisory framework.</p><p> </p><p>As part of preparations for leaving the EU in any scenario, HM Treasury has delivered a programme of legislation under the EU (Withdrawal) Act designed to ensure that the UK’s regulatory regime is workable. These preparations include transferring certain regulatory and supervisory functions currently carried out by the ESAs to the appropriate UK regulator, including the FCA, where the transfer of those functions is necessary to ensure an operable regulatory regime at exit.</p><p> </p><p>If the UK leaves the EU under the terms of the Withdrawal Agreement reached between the UK and the EU, the UK’s exit preparations would be delayed until the end of the agreed Implementation Period. Market access arrangements would continue and the UK would remain part of the joint supervisory framework, with ESA functions continuing to apply to the UK, until the end of the Implementation Period.</p><p> </p><p>In any exit scenario, we expect UK regulators to continue to work closely with their counterparts in the EU. This is demonstrated in the Political Declaration agreed between the UK and the EU on the future relationship, in which both sides commit to close cooperation on supervisory and regulatory matters.</p> answering member printed Lord Young of Cookham question first answered 04/06/2019 13:50:53 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1128023

	registered interest
	date	21/05/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Banks: Digital Technology
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what steps, if any, they are taking to invest in digital technology hubs in the UK banking sector.
	tabling member printed	Lord Taylor of Warwick
	uin	HL15908
	answer	answer is ministerial correction date of answer 04/06/2019 answer text <p>The government is committed to ensuring the UK is one of the best places in the world to start and grow a digital business. That is why we are unlocking £20bn of finance for innovative firms over the next 10 years, and why we announced £21m to establish Tech Nation and its network of 10 regional hubs, supporting further innovation in financial services.</p><p><br> We also recognise the important role that digital technology hubs, such as Level 39 in Canary Wharf, have played in promoting the adoption of technology in the UK banking sector, and we are engaging with industry to explore how we can further support digital technology hubs in the UK.</p> answering member printed Lord Young of Cookham question first answered 04/06/2019 13:48:57 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick