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1130448

	human indexable
	published
	registered interest
	answer date	10/06/2019
	date	06/06/2019
	date tabled	06/06/2019
	ddp created	06/06/2019 16:59:04
	answering body	Treasury
	question status	Tabled
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	ddp modified	06/06/2019 17:08:48 14/06/2019 08:18:01
	hansard heading	Financial Services: Taxation
	house id	1
	identifier	261178
	legislature	25259 pref label House of Commons
	parliament number	57
	question first answered	14/06/2019 07:46:18
	question text	To ask the Chancellor of the Exchequer, how much the UK FinTech industry paid the Exchequer in tax revenue in (a) 2017-18 and (b) 2016-17 financial years.
	session	2017/19
	session number	1
	tabling member constituency	Windsor
	tabling member printed	Adam Afriyie
	title	House of Commons Tabled Parliamentary Question 2017/19 261178
	type	WrittenParliamentaryQuestion
	uin	261178
	version	1
	written parliamentary question type	Ordinary
	answer	answer answer text <p>HM Revenue and Customs (HMRC) publishes annual statistics relating to income tax, VAT and corporation tax by industry (including the Financial and Insurance Activities Sector). However, HMRC cannot identify receipts from the UK FinTech industry specifically.</p><p> </p><p>For other taxes, industry-level information is not available.</p><p> </p><p>For business rates, the Ministry of Housing, Communities &amp; Local Government collects data only at local authority level and is unable to provide a breakdown by industry.</p>
	creator	1586 label Biography information for Adam Afriyie
	publisher	25259 pref label House of Commons
	tabling member	1586 label Biography information for Adam Afriyie

1129478

	human indexable
	published
	registered interest
	answer date	18/06/2019
	date	04/06/2019
	date tabled	04/06/2019
	ddp created	04/06/2019 20:50:37
	answering body	Treasury
	question status	Tabled
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	ddp modified	04/06/2019 20:55:11 18/06/2019 15:33:05
	hansard heading	Workplace Pensions: Tax Allowances
	house id	2
	identifier	HL15963
	legislature	25277 pref label House of Lords
	parliament number	57
	question first answered	18/06/2019 15:32:43
	question text	To ask Her Majesty's Government, according to the data gathered by the HM Revenue and Customs Real Time Information programme, how many (1) women, and (2) men earning below the personal income tax threshold were contributing at work to a net pay pension scheme in the last three years; and whether they have estimates of these numbers for the current year.
	session	2017/19
	session number	1
	tabling member printed	Baroness Altmann
	title	House of Lords Tabled Parliamentary Question 2017/19 HL15963
	type	WrittenParliamentaryQuestion
	uin	HL15963
	version	1
	written parliamentary question type	Ordinary
	answer	answer answer text <p>HM Revenue and Customs can provide estimates of the number of women and men earning income below the personal allowance threshold who contribute to a net pay or a relief at source pension scheme over a three year period. These figures are set out in the table below.</p><p>These figures are produced using HMRC’s Real Time Information data to identify taxpayers who contribute to relief at source and net pay pension schemes, which is then combined with the Survey of Personal Incomes to obtain information on income and gender. The most recent tax/year for which these estimates are available is 2016/17.</p><p> </p><p><strong>Number of individuals earning below the Personal Allowance making workplace pension contributions into net pay and relief at source pension schemes (Figures are in thousands)</strong></p><table><tbody><tr><td><p> </p></td><td><p>2014/15</p></td><td><p>2015/16</p></td><td><p>2016/17</p></td></tr><tr><td colspan="4"><p>Net Pay</p></td></tr><tr><td><p>Female</p></td><td><p>800</p></td><td><p>900</p></td><td><p>1,000</p></td></tr><tr><td><p>Male</p></td><td><p>300</p></td><td><p>300</p></td><td><p>300</p></td></tr><tr><td><p>Total</p></td><td><p>1,100</p></td><td><p>1,200</p></td><td><p>1,300</p></td></tr><tr><td colspan="4"><p>Relief at Source</p></td></tr><tr><td><p>Female</p></td><td><p>400</p></td><td><p>500</p></td><td><p>700</p></td></tr><tr><td><p>Male</p></td><td><p>300</p></td><td><p>300</p></td><td><p>400</p></td></tr><tr><td><p>Total</p></td><td><p>600</p></td><td><p>900</p></td><td><p>1,100</p></td></tr></tbody></table><p>Note: (1) Personal Allowances for the respective tax years: £10,000 in 2014/15, £10,600 in 2015/16 and £11,000 in 2016/17; (2) Figures are rounded to neared 100 thousand; (3) Figures by gender may not sum to total due to rounding</p><p>Source: Real Time Information and Survey of Personal Income Data for 2014/15, 2015/16 and 2016/17.</p><p> </p><p>There may be individuals who have both relief at source and net pay pension schemes. The relief at source pension schemes data only shows individuals who are part of an employer-sponsored or provided pension scheme.</p><p> </p><p>An estimate of the number of disabled people who earn less than the personal allowance and are contributing to a net pay pension scheme is not available. The relevant HM Revenue and Customs’ administrative data does not contain information on disability.</p><p> </p><p>An estimate for the number of taxpayers with relief at source pensions who fail to claim higher rate tax relief, and how much higher rate tax relief is unclaimed each year, is not available.</p>
	creator	4533 label Biography information for Baroness Altmann
	publisher	25277 pref label House of Lords
	tabling member	4533 label Biography information for Baroness Altmann

1129479

	human indexable
	published
	registered interest
	answer date	18/06/2019
	date	04/06/2019
	date tabled	04/06/2019
	ddp created	04/06/2019 20:50:39
	answering body	Treasury
	question status	Tabled
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	ddp modified	04/06/2019 20:55:13 18/06/2019 15:33:04
	hansard heading	Workplace Pensions: Tax Allowances
	house id	2
	identifier	HL15964
	legislature	25277 pref label House of Lords
	parliament number	57
	question first answered	18/06/2019 15:32:43
	question text	To ask Her Majesty's Government, according to the data gathered by the HM Revenue and Customs Real Time Information programme, how many (1) women and (2) men earning below the personal income tax threshold were contributing at work to a relief at source pension scheme in the last three years; and whether they have estimates of these numbers for the current year.
	session	2017/19
	session number	1
	tabling member printed	Baroness Altmann
	title	House of Lords Tabled Parliamentary Question 2017/19 HL15964
	type	WrittenParliamentaryQuestion
	uin	HL15964
	version	1
	written parliamentary question type	Ordinary
	answer	answer answer text <p>HM Revenue and Customs can provide estimates of the number of women and men earning income below the personal allowance threshold who contribute to a net pay or a relief at source pension scheme over a three year period. These figures are set out in the table below.</p><p>These figures are produced using HMRC’s Real Time Information data to identify taxpayers who contribute to relief at source and net pay pension schemes, which is then combined with the Survey of Personal Incomes to obtain information on income and gender. The most recent tax/year for which these estimates are available is 2016/17.</p><p> </p><p><strong>Number of individuals earning below the Personal Allowance making workplace pension contributions into net pay and relief at source pension schemes (Figures are in thousands)</strong></p><table><tbody><tr><td><p> </p></td><td><p>2014/15</p></td><td><p>2015/16</p></td><td><p>2016/17</p></td></tr><tr><td colspan="4"><p>Net Pay</p></td></tr><tr><td><p>Female</p></td><td><p>800</p></td><td><p>900</p></td><td><p>1,000</p></td></tr><tr><td><p>Male</p></td><td><p>300</p></td><td><p>300</p></td><td><p>300</p></td></tr><tr><td><p>Total</p></td><td><p>1,100</p></td><td><p>1,200</p></td><td><p>1,300</p></td></tr><tr><td colspan="4"><p>Relief at Source</p></td></tr><tr><td><p>Female</p></td><td><p>400</p></td><td><p>500</p></td><td><p>700</p></td></tr><tr><td><p>Male</p></td><td><p>300</p></td><td><p>300</p></td><td><p>400</p></td></tr><tr><td><p>Total</p></td><td><p>600</p></td><td><p>900</p></td><td><p>1,100</p></td></tr></tbody></table><p>Note: (1) Personal Allowances for the respective tax years: £10,000 in 2014/15, £10,600 in 2015/16 and £11,000 in 2016/17; (2) Figures are rounded to neared 100 thousand; (3) Figures by gender may not sum to total due to rounding</p><p>Source: Real Time Information and Survey of Personal Income Data for 2014/15, 2015/16 and 2016/17.</p><p> </p><p>There may be individuals who have both relief at source and net pay pension schemes. The relief at source pension schemes data only shows individuals who are part of an employer-sponsored or provided pension scheme.</p><p> </p><p>An estimate of the number of disabled people who earn less than the personal allowance and are contributing to a net pay pension scheme is not available. The relevant HM Revenue and Customs’ administrative data does not contain information on disability.</p><p> </p><p>An estimate for the number of taxpayers with relief at source pensions who fail to claim higher rate tax relief, and how much higher rate tax relief is unclaimed each year, is not available.</p>
	creator	4533 label Biography information for Baroness Altmann
	publisher	25277 pref label House of Lords
	tabling member	4533 label Biography information for Baroness Altmann

1129480

	human indexable
	published
	registered interest
	answer date	18/06/2019
	date	04/06/2019
	date tabled	04/06/2019
	ddp created	04/06/2019 20:50:40
	answering body	Treasury
	question status	Tabled
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	ddp modified	04/06/2019 20:55:16 18/06/2019 15:33:02
	hansard heading	Workplace Pensions: Tax Allowances
	house id	2
	identifier	HL15965
	legislature	25277 pref label House of Lords
	parliament number	57
	question first answered	18/06/2019 15:32:43
	question text	To ask Her Majesty's Government whether the data gathered by the HM Revenue and Customs Real Time Information programme shows how many disabled people earning less than the personal tax threshold are currently contributing to a net pay pension scheme at work.
	session	2017/19
	session number	1
	tabling member printed	Baroness Altmann
	title	House of Lords Tabled Parliamentary Question 2017/19 HL15965
	type	WrittenParliamentaryQuestion
	uin	HL15965
	version	1
	written parliamentary question type	Ordinary
	answer	answer answer text <p>HM Revenue and Customs can provide estimates of the number of women and men earning income below the personal allowance threshold who contribute to a net pay or a relief at source pension scheme over a three year period. These figures are set out in the table below.</p><p>These figures are produced using HMRC’s Real Time Information data to identify taxpayers who contribute to relief at source and net pay pension schemes, which is then combined with the Survey of Personal Incomes to obtain information on income and gender. The most recent tax/year for which these estimates are available is 2016/17.</p><p> </p><p><strong>Number of individuals earning below the Personal Allowance making workplace pension contributions into net pay and relief at source pension schemes (Figures are in thousands)</strong></p><table><tbody><tr><td><p> </p></td><td><p>2014/15</p></td><td><p>2015/16</p></td><td><p>2016/17</p></td></tr><tr><td colspan="4"><p>Net Pay</p></td></tr><tr><td><p>Female</p></td><td><p>800</p></td><td><p>900</p></td><td><p>1,000</p></td></tr><tr><td><p>Male</p></td><td><p>300</p></td><td><p>300</p></td><td><p>300</p></td></tr><tr><td><p>Total</p></td><td><p>1,100</p></td><td><p>1,200</p></td><td><p>1,300</p></td></tr><tr><td colspan="4"><p>Relief at Source</p></td></tr><tr><td><p>Female</p></td><td><p>400</p></td><td><p>500</p></td><td><p>700</p></td></tr><tr><td><p>Male</p></td><td><p>300</p></td><td><p>300</p></td><td><p>400</p></td></tr><tr><td><p>Total</p></td><td><p>600</p></td><td><p>900</p></td><td><p>1,100</p></td></tr></tbody></table><p>Note: (1) Personal Allowances for the respective tax years: £10,000 in 2014/15, £10,600 in 2015/16 and £11,000 in 2016/17; (2) Figures are rounded to neared 100 thousand; (3) Figures by gender may not sum to total due to rounding</p><p>Source: Real Time Information and Survey of Personal Income Data for 2014/15, 2015/16 and 2016/17.</p><p> </p><p>There may be individuals who have both relief at source and net pay pension schemes. The relief at source pension schemes data only shows individuals who are part of an employer-sponsored or provided pension scheme.</p><p> </p><p>An estimate of the number of disabled people who earn less than the personal allowance and are contributing to a net pay pension scheme is not available. The relevant HM Revenue and Customs’ administrative data does not contain information on disability.</p><p> </p><p>An estimate for the number of taxpayers with relief at source pensions who fail to claim higher rate tax relief, and how much higher rate tax relief is unclaimed each year, is not available.</p>
	creator	4533 label Biography information for Baroness Altmann
	publisher	25277 pref label House of Lords
	tabling member	4533 label Biography information for Baroness Altmann

1129481

	human indexable
	published
	registered interest
	answer date	18/06/2019
	date	04/06/2019
	date tabled	04/06/2019
	ddp created	04/06/2019 20:50:42
	answering body	Treasury
	question status	Tabled
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	ddp modified	04/06/2019 20:55:19 18/06/2019 15:33:01
	hansard heading	Workplace Pensions: Tax Allowances
	house id	2
	identifier	HL15966
	legislature	25277 pref label House of Lords
	parliament number	57
	question first answered	18/06/2019 15:32:43
	question text	To ask Her Majesty's Government what estimates they have of (1) how many higher rate taxpayers fail to claim higher rate tax relief, and (2) how much higher rate tax relief is unclaimed each year, in relief at source pensions.
	session	2017/19
	session number	1
	tabling member printed	Baroness Altmann
	title	House of Lords Tabled Parliamentary Question 2017/19 HL15966
	type	WrittenParliamentaryQuestion
	uin	HL15966
	version	1
	written parliamentary question type	Ordinary
	answer	answer answer text <p>HM Revenue and Customs can provide estimates of the number of women and men earning income below the personal allowance threshold who contribute to a net pay or a relief at source pension scheme over a three year period. These figures are set out in the table below.</p><p>These figures are produced using HMRC’s Real Time Information data to identify taxpayers who contribute to relief at source and net pay pension schemes, which is then combined with the Survey of Personal Incomes to obtain information on income and gender. The most recent tax/year for which these estimates are available is 2016/17.</p><p> </p><p><strong>Number of individuals earning below the Personal Allowance making workplace pension contributions into net pay and relief at source pension schemes (Figures are in thousands)</strong></p><table><tbody><tr><td><p> </p></td><td><p>2014/15</p></td><td><p>2015/16</p></td><td><p>2016/17</p></td></tr><tr><td colspan="4"><p>Net Pay</p></td></tr><tr><td><p>Female</p></td><td><p>800</p></td><td><p>900</p></td><td><p>1,000</p></td></tr><tr><td><p>Male</p></td><td><p>300</p></td><td><p>300</p></td><td><p>300</p></td></tr><tr><td><p>Total</p></td><td><p>1,100</p></td><td><p>1,200</p></td><td><p>1,300</p></td></tr><tr><td colspan="4"><p>Relief at Source</p></td></tr><tr><td><p>Female</p></td><td><p>400</p></td><td><p>500</p></td><td><p>700</p></td></tr><tr><td><p>Male</p></td><td><p>300</p></td><td><p>300</p></td><td><p>400</p></td></tr><tr><td><p>Total</p></td><td><p>600</p></td><td><p>900</p></td><td><p>1,100</p></td></tr></tbody></table><p>Note: (1) Personal Allowances for the respective tax years: £10,000 in 2014/15, £10,600 in 2015/16 and £11,000 in 2016/17; (2) Figures are rounded to neared 100 thousand; (3) Figures by gender may not sum to total due to rounding</p><p>Source: Real Time Information and Survey of Personal Income Data for 2014/15, 2015/16 and 2016/17.</p><p> </p><p>There may be individuals who have both relief at source and net pay pension schemes. The relief at source pension schemes data only shows individuals who are part of an employer-sponsored or provided pension scheme.</p><p> </p><p>An estimate of the number of disabled people who earn less than the personal allowance and are contributing to a net pay pension scheme is not available. The relevant HM Revenue and Customs’ administrative data does not contain information on disability.</p><p> </p><p>An estimate for the number of taxpayers with relief at source pensions who fail to claim higher rate tax relief, and how much higher rate tax relief is unclaimed each year, is not available.</p>
	creator	4533 label Biography information for Baroness Altmann
	publisher	25277 pref label House of Lords
	tabling member	4533 label Biography information for Baroness Altmann

1130230

	human indexable
	published
	registered interest
	answer date	19/06/2019
	date	05/06/2019
	date tabled	05/06/2019
	ddp created	05/06/2019 20:22:31
	answering body	Treasury
	question status	Tabled
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	ddp modified	05/06/2019 20:25:55 19/06/2019 17:10:03
	hansard heading	Married People: Tax Allowances
	house id	2
	identifier	HL16091
	legislature	25277 pref label House of Lords
	parliament number	57
	question first answered	19/06/2019 16:38:37
	question text	To ask Her Majesty's Government, further to the publication of revised figures on the uptake of the Marriage Allowance by HMRC, whether they have a revised budget for the Marriage Allowance for the 2019/20 financial year; and what the actual expenditure on the Marriage Allowance was in the 2018/19 financial year.
	session	2017/19
	session number	1
	tabling member printed	Baroness Eaton
	title	House of Lords Tabled Parliamentary Question 2017/19 HL16091
	type	WrittenParliamentaryQuestion
	uin	HL16091
	version	1
	written parliamentary question type	Ordinary
	answer	answer answer text <p>Anyone who applies for Marriage Allowance and meets the criteria will receive it. There is no set budget. The estimated cost to the Exchequer of Marriage Allowance in the 2018/19 financial year is £485 million. The cost will be finalised after 2018/19 Self-Assessment returns are submitted in January 2020.</p>
	creator	4184 label Biography information for Baroness Eaton
	publisher	25277 pref label House of Lords
	tabling member	4184 label Biography information for Baroness Eaton

1130240

	human indexable
	published
	registered interest
	answer date	19/06/2019
	date	05/06/2019
	date tabled	05/06/2019
	ddp created	05/06/2019 20:22:51
	answering body	Treasury
	question status	Tabled
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	ddp modified	05/06/2019 20:26:18 17/06/2019 14:17:01
	hansard heading	Soft Drinks: Taxation
	house id	2
	identifier	HL16101
	legislature	25277 pref label House of Lords
	parliament number	57
	question first answered	17/06/2019 13:45:27
	question text	To ask Her Majesty's Government what is the current annual revenue from the Soft Drinks Industry Levy.
	session	2017/19
	session number	1
	tabling member printed	Baroness Lister of Burtersett
	title	House of Lords Tabled Parliamentary Question 2017/19 HL16101
	type	WrittenParliamentaryQuestion
	uin	HL16101
	version	1
	written parliamentary question type	Ordinary
	answer	answer answer text <p>Receipts from the Soft Drinks Industry Levy were £240m in 2018/19.</p>
	creator	4234 label Biography information for Baroness Lister of Burtersett
	publisher	25277 pref label House of Lords
	tabling member	4234 label Biography information for Baroness Lister of Burtersett

1129548

	human indexable
	published
	registered interest
	answer date	18/06/2019
	date	04/06/2019
	date tabled	04/06/2019
	ddp created	04/06/2019 20:52:39
	answering body	Treasury
	question status	Tabled
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	ddp modified	04/06/2019 20:59:33 18/06/2019 15:19:06
	hansard heading	London Capital & Finance: Insolvency
	house id	2
	identifier	HL16033
	legislature	25277 pref label House of Lords
	parliament number	57
	question first answered	18/06/2019 15:18:13
	question text	To ask Her Majesty's Government why 12 months have been allowed for the completion of Dame Elizabeth Gloster's inquiry into the circumstances surrounding the collapse of investment firm London Capital & Finance and the Financial Conduct Authority’s supervision of the firm.
	session	2017/19
	session number	1
	tabling member printed	Lord Myners
	title	House of Lords Tabled Parliamentary Question 2017/19 HL16033
	type	WrittenParliamentaryQuestion
	uin	HL16033
	version	1
	written parliamentary question type	Ordinary
	answer	answer answer text <p>On 23 May, the Treasury formally directed the Financial Conduct Authority (FCA) to launch an independent investigation into the events at London Capital &amp; Finance (LCF), and approved the FCA’s appointment of Dame Elizabeth Gloster to lead it. The investigation will look at the events and circumstances surrounding the failure of LCF and whether, in its supervision of LCF, the FCA discharged its functions in a manner which enabled it to effectively fulfil its statutory objectives. Dame Elizabeth will be able to consider any other matters she deems relevant to the events set out in the Treasury’s direction to the FCA.</p><p> </p><p>Dame Elizabeth is an experienced barrister, leading QC and Judge at the High Court and Court of Appeal. The Treasury is satisfied that she will be able to lead a robust and independent investigation.</p><p> </p><p>The Treasury has stipulated that the investigation should be completed within 12 months, whilst allowing the investigator to report sooner than 12 months if this is feasible. This will ensure that the investigation is as thorough as possible and that the right lessons are learned to better protect those who invest their money in the future.</p>
	creator	3869 label Biography information for Lord Myners
	publisher	25277 pref label House of Lords
	tabling member	3869 label Biography information for Lord Myners

1129550

	human indexable
	published
	registered interest
	answer date	18/06/2019
	date	04/06/2019
	date tabled	04/06/2019
	ddp created	04/06/2019 20:52:43
	answering body	Treasury
	question status	Tabled
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	ddp modified	04/06/2019 20:59:41 18/06/2019 15:19:01
	hansard heading	London Capital & Finance: Insolvency
	house id	2
	identifier	HL16035
	legislature	25277 pref label House of Lords
	parliament number	57
	question first answered	18/06/2019 15:18:13
	question text	To ask Her Majesty's Government why the terms of reference for Dame Elizabeth Gloster's inquiry into the circumstances surrounding the collapse of investment firm London Capital & Finance and the Financial Conduct Authority’s supervision of the firm do not include the impact on affected savers.
	session	2017/19
	session number	1
	tabling member printed	Lord Myners
	title	House of Lords Tabled Parliamentary Question 2017/19 HL16035
	type	WrittenParliamentaryQuestion
	uin	HL16035
	version	1
	written parliamentary question type	Ordinary
	answer	answer answer text <p>On 23 May, the Treasury formally directed the Financial Conduct Authority (FCA) to launch an independent investigation into the events at London Capital &amp; Finance (LCF), and approved the FCA’s appointment of Dame Elizabeth Gloster to lead it. The investigation will look at the events and circumstances surrounding the failure of LCF and whether, in its supervision of LCF, the FCA discharged its functions in a manner which enabled it to effectively fulfil its statutory objectives. Dame Elizabeth will be able to consider any other matters she deems relevant to the events set out in the Treasury’s direction to the FCA.</p><p> </p><p>Dame Elizabeth is an experienced barrister, leading QC and Judge at the High Court and Court of Appeal. The Treasury is satisfied that she will be able to lead a robust and independent investigation.</p><p> </p><p>The Treasury has stipulated that the investigation should be completed within 12 months, whilst allowing the investigator to report sooner than 12 months if this is feasible. This will ensure that the investigation is as thorough as possible and that the right lessons are learned to better protect those who invest their money in the future.</p>
	creator	3869 label Biography information for Lord Myners
	publisher	25277 pref label House of Lords
	tabling member	3869 label Biography information for Lord Myners

1130250

	human indexable
	published
	registered interest
	answer date	19/06/2019
	date	05/06/2019
	date tabled	05/06/2019
	ddp created	05/06/2019 20:23:06
	answering body	Treasury
	question status	Tabled
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	ddp modified	05/06/2019 20:26:41 19/06/2019 16:44:02
	hansard heading	Financial Markets
	house id	2
	identifier	HL16111
	legislature	25277 pref label House of Lords
	parliament number	57
	question first answered	19/06/2019 16:43:32
	question text	To ask Her Majesty's Government whether they have reviewed the market liquidity in the subprime sterling bond market in the context of increased bond issuance.
	session	2017/19
	session number	1
	tabling member printed	Lord Myners
	title	House of Lords Tabled Parliamentary Question 2017/19 HL16111
	type	WrittenParliamentaryQuestion
	uin	HL16111
	version	1
	written parliamentary question type	Ordinary
	answer	answer answer text <p><em>The Financial Policy Committee (FPC) of the Bank of England was set up to identify, monitor and take action to remove or reduce systemic risks with a view to protecting and enhancing the resilience of the UK financial system as part of the new financial regulatory framework legislated for under The Financial Services Act 2012. The FPC set out its most recent assessment of financial stability risks, including from the sterling bond market, in its March 2019 Policy Summary, in which it noted that post-crisis reforms have made dealers, on which some markets rely, more resilient, reducing the probability that market-making losses could lead to their distress or failure. In addition, the FPC noted that during the more recent period of volatility at the end of 2018, pension funds and insurers had acted as net buyers of sterling corporate bonds. Notwithstanding this, new business models mean that liquidity conditions in corporate debt markets could change quickly in event of stress.</em> <em>However, overall the FPC judged that markets had proved able to function effectively through volatile periods, and the strength of the core financial system, including banks, dealers and insurance companies, would support the functioning of markets on which the economy relied.</em></p>
	creator	3869 label Biography information for Lord Myners
	publisher	25277 pref label House of Lords
	tabling member	3869 label Biography information for Lord Myners