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599345

	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	Inflation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential benefits of replacing the Bank of England's two per cent inflation target with a two to three per cent inflation target averaged over the business cycle
	tabling member constituency	Greenwich and Woolwich
	tabling member printed	Matthew Pennycook
	uin	48115
	answer	answer is ministerial correction date of answer 17/10/2016 answer text <p>A comprehensive Review of the Monetary Policy Framework was published in 2013, considering the benefits and costs of a number of different monetary policy frameworks. The current remit for the Monetary Policy Committee reflects the assessment set out in the Review, which includes retaining a flexible inflation targeting framework, with a 2 per cent symmetric inflation target, as measured by the 12 month change in the Consumer Prices Index. 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 constituency Brighton, Kemptown answering member printed Simon Kirby question first answered 17/10/2016 13:43:41 answering member 3929 label Biography information for Simon Kirby
	tabling member	4520 label Biography information for Matthew Pennycook

595407

	registered interest
	date	07/10/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Treasury: Migrant Workers
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, (a) how many and (b) what proportion of staff employed by his Department are non-UK nationals.
	tabling member constituency	Birmingham, Selly Oak
	tabling member printed	Steve McCabe
	uin	47422
	answer	answer is ministerial correction date of answer 17/10/2016 answer text <p>All Government Departments are bound by legal requirements concerning the right to work in the UK and, in addition, the Civil Service Nationality Rules. Evidence of nationality is checked at the point of recruitment into the Civil Service as part of wider pre-employment checks, but there is no requirement on departments to retain this information beyond the point at which it has served its purpose. More broadly, the Government will be consulting in due course on how we work with business to ensure that workers in this country have the skills that they need to get a job. But there are no proposals to publish lists of the number or proportion of foreign workers.</p> answering member constituency Brighton, Kemptown answering member printed Simon Kirby grouped question UIN 47594 question first answered 17/10/2016 09:44:00 answering member 3929 label Biography information for Simon Kirby
	tabling member	298 label Biography information for Steve McCabe

595413

	registered interest
	date	07/10/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Treasury: Staff
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what proportion of staff on the payroll of his Department who work in Westminster are (a) British nationals and (b) nationals of another country.
	tabling member constituency	Southport
	tabling member printed	John Pugh
	uin	47594
	answer	answer is ministerial correction date of answer 17/10/2016 answer text <p>All Government Departments are bound by legal requirements concerning the right to work in the UK and, in addition, the Civil Service Nationality Rules. Evidence of nationality is checked at the point of recruitment into the Civil Service as part of wider pre-employment checks, but there is no requirement on departments to retain this information beyond the point at which it has served its purpose. More broadly, the Government will be consulting in due course on how we work with business to ensure that workers in this country have the skills that they need to get a job. But there are no proposals to publish lists of the number or proportion of foreign workers.</p> answering member constituency Brighton, Kemptown answering member printed Simon Kirby grouped question UIN 47422 question first answered 17/10/2016 09:44:00 answering member 3929 label Biography information for Simon Kirby
	tabling member	1454 label Biography information for John Pugh

599330

	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 Services: Internet
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what discussions he has had with financial services industry bodies on tariffs for customers who do not access services online.
	tabling member constituency	Stretford and Urmston
	tabling member printed	Kate Green
	uin	47964
	answer	answer is ministerial correction date of answer 17/10/2016 answer text <p>The Chancellor of the Exchequer has had no discussions with financial services industry bodies on tariffs for customers who do not access services online.</p><p> </p><p>The Government takes the firm view that consumers must be able to easily access clear and transparent information about their accounts with banks and other financial services companies.</p> answering member constituency Brighton, Kemptown answering member printed Simon Kirby question first answered 17/10/2016 13:51:06 answering member 3929 label Biography information for Simon Kirby
	tabling member	4120 label Biography information for Kate Green

595405

	registered interest
	date	07/10/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Mark Carney
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, whether he has re-offered an extension of contract to the Governor of the Bank of England.
	tabling member constituency	Bassetlaw
	tabling member printed	John Mann
	uin	47303
	answer	answer is ministerial correction date of answer 17/10/2016 answer text <p>The Financial Services Act 2012 states that the appointment to Governor of the Bank of England is for a period of eight years and that a Governor may not be appointed more than once. The current Governor of the Bank of England was appointed on 1 July 2013 for a term of eight years, but indicated at the time that he would serve until 30 June 2018.</p><p> </p> answering member constituency Brighton, Kemptown answering member printed Simon Kirby question first answered 17/10/2016 13:48:24 answering member 3929 label Biography information for Simon Kirby
	tabling member	1387 label Biography information for Lord Mann

595391

	registered interest
	date	07/10/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Incentives
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 12 September 2016 to Question 44306 and with reference to ONS figures detailing the record amount of bonuses paid in Great Britain last year, released in Average weekly earnings, bonus payments in Great Britain: financial year ending 2016, on 15 September, what assessment he has made of the effectiveness of his policies in curbing excessive performance bonuses; and what plans he has to tackle inequality in performance bonuses between industry sectors.
	tabling member constituency	Birmingham, Selly Oak
	tabling member printed	Steve McCabe
	uin	46912
	answer	answer is ministerial correction date of answer 17/10/2016 answer text <p>The UK is at the forefront of global efforts to tackle unacceptable pay practices in the banking sector and has the toughest regime on pay of any major financial centre.</p><p> </p><p>Firms are now required to have policies in place to defer, reduce, cancel or clawback bonuses in the event that poor performance or misconduct comes to light and the Government expects firms to be proactive in their application of these policies. Used in this way bonuses can be an effective incentive for staff to act in the long term interests of a business.</p><p> </p><p>The Government’s efforts have resulted in a restructuring of pay including a significant reduction in cash bonuses, and a better alignment of risk and reward in the financial sector.</p><p> </p><p>Outside the financial services sector, it is for businesses to decide how they remunerate their employees provided minimum legal requirements are met. The ONS statistics show that bonuses as a percentage of total pay for sectors other than finance and insurance have remained relatively stable since 2000 at an average of 4.0%.</p><p> </p><p>The Government intends to publish a consultation document later this year that will set out a range of options for strengthening corporate governance and the way executive pay is set and reported, including greater disclosure of the targets that trigger bonus payments to company directors.</p><p> </p> answering member constituency Brighton, Kemptown answering member printed Simon Kirby question first answered 17/10/2016 09:47:04 answering member 3929 label Biography information for Simon Kirby
	tabling member	298 label Biography information for Steve McCabe

595414

	registered interest
	date	07/10/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Treasury: Staff
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, approximately how many (a) British and (b) non-British nationals are employed cleaning the Westminster estate of his Department.
	tabling member constituency	Southport
	tabling member printed	John Pugh
	uin	47572
	answer	answer is ministerial correction date of answer 17/10/2016 answer text <p>The cleaning service at HM Treasury is provided through a service contract, let by the landlord for 1 Horse Guards Road (Exchequer Partnership). HM Treasury does not directly employ cleaners.</p><p> </p> answering member constituency Brighton, Kemptown answering member printed Simon Kirby question first answered 17/10/2016 09:42:13 answering member 3929 label Biography information for Simon Kirby
	tabling member	1454 label Biography information for John Pugh

598474

	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	Exchange Rates
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what steps he is taking with (a) HM Treasury and (b) the Bank of England to prepare for any fluctuations in the value of the pound during the process of negotiations on the UK leaving the EU.
	tabling member constituency	Leeds Central
	tabling member printed	Hilary Benn
	uin	47892
	answer	answer is ministerial correction date of answer 17/10/2016 answer text <p>The independent Monetary Policy Committee (MPC) has operational responsibility for monetary policy. In determining monetary policy, the MPC takes account of the impact of the exchange rate on prices, but the UK does not have an exchange rate target. Instead, the exchange rate is allowed to adjust flexibly in response to economic conditions and movements in sterling are determined by market forces.</p><p> </p> answering member constituency Brighton, Kemptown answering member printed Simon Kirby question first answered 17/10/2016 13:20:53 answering member 3929 label Biography information for Simon Kirby
	tabling member	413 label Biography information for Hilary Benn