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945619

	registered interest
	date	20/07/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Government Securities
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what UK Treasury Bills are available for purchase on any given day.
	tabling member printed	Lord Kennedy of Southwark
	uin	HL9748
	answer	answer is ministerial correction date of answer 31/07/2018 answer text <p>Treasury bills are typically sold by the UK Debt Management Office (DMO) via regular tenders each Friday morning. Maturities currently offered for sale are one-month, three-month and six-month bills. Alongside the results of each Friday morning’s tender, the DMO also announces the amounts for sale via tender for the following Friday.</p><p> </p><p>In addition, on any business day, the DMO can sell either new or existing Treasury bills (which match those previously sold at a tender) bilaterally on request from its counterparties, provided that such issuance is consistent with the DMO’s cash management operational requirements.</p><p> </p><p>Finally, Treasury Bill Primary Participants (banks) may also offer a market-making service in all Treasury bills to their own counterparties on any business day.</p> answering member printed Lord Bates question first answered 31/07/2018 12:07:57 answering member 1091 label Biography information for Lord Bates
	tabling member	4153 label Biography information for Lord Kennedy of Southwark

945608

	registered interest
	date	20/07/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Infrastructure
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government when they will respond to the National Infrastructure Commission's National Infrastructure Assessment 2018, published in July.
	tabling member printed	Baroness Featherstone
	uin	HL9737
	answer	answer is ministerial correction date of answer 31/07/2018 answer text <p>The government welcomed the publication of the National Infrastructure Assessment (NIA), and is considering the recommendations.</p><p> </p><p>As set out in the National Infrastructure Commission’s Framework Document, the government will respond to the NIC’s recommendations as soon as practical, and endeavour to respond within 6 months, and no longer than a year.</p> answering member printed Lord Bates question first answered 31/07/2018 12:07:17 answering member 1091 label Biography information for Lord Bates
	tabling member	1531 label Biography information for Baroness Featherstone

944929

	registered interest
	date	19/07/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Sector Debt
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what is their calculation of what the cumulative cost of debt interest would be by 2045/46 if they only balanced the current budget.
	tabling member printed	Baroness Neville-Rolfe
	uin	HL9712
	answer	answer is ministerial correction date of answer 31/07/2018 answer text <p>The Managing Fiscal Risks document, published by the Treasury on the 17<sup>th</sup> July, projects that if the government only balanced the Current Budget every year from 2021-22, then after taking account of economic shocks, annual debt interest costs in 2045-46 would rise to 4.3% of Gross Domestic Product.</p><p> </p><p>The cumulative cost of these interest payments from the current financial year to 2045-46 is projected to be £3.7 trillion.</p><p> </p> answering member printed Lord Bates question first answered 31/07/2018 12:06:48 answering member 1091 label Biography information for Lord Bates
	tabling member	4284 label Biography information for Baroness Neville-Rolfe

944900

	registered interest
	date	19/07/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Poverty
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what steps they are taking to end the poverty premium.
	tabling member printed	Lord Bird
	uin	HL9683
	answer	answer is ministerial correction date of answer 31/07/2018 answer text <p>Since 2010 there are 1,000,000 fewer people, including 300,000 fewer children, in absolute low income (before housing costs), both record lows.</p><p> </p><p>The government has a range of policies to support households with their energy bills such as the Warm Home Discount, Energy Company Obligation and Winter Fuel Payment schemes. The government is also committed to ensuring that individuals, regardless of their background or income, have access to useful and affordable financial products and services, and has established a Financial Inclusion Policy Forum, which provides leadership and ensures collaboration across government and with the sector in tackling financial exclusion.</p> answering member printed Lord Bates question first answered 31/07/2018 12:06:00 answering member 1091 label Biography information for Lord Bates
	tabling member	4564 label Biography information for Lord Bird

944437

	registered interest
	date	18/07/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	NHS: 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 findings of the Office for Budget Responsibility, 2018 Fiscal Sustainability Report, published in July, that there will not be a Brexit dividend to fund their spending pledges for the health service.
	tabling member printed	Lord Taylor of Warwick
	uin	HL9672
	answer	answer is ministerial correction date of answer 31/07/2018 answer text <p>The OBR Fiscal Sustainability Report (FSR) stated that “there will be direct savings from the net contributions to the EU budget that the UK will no longer have to make” after leaving the EU. These savings can be allocated to domestic priorities.</p><p> </p><p>As the Prime Minister set out, the NHS is the government’s number one spending priority. The announcement stated that the government’s commitment to the NHS will be partly funded by money that we will no longer spend on our annual membership subscription to the European Union after we have left. In addition, taxpayers will need to contribute a bit more in a fair and balanced way. The Chancellor will set out further details at a future fiscal event.</p> answering member printed Lord Bates question first answered 31/07/2018 12:04:56 answering member 1091 label Biography information for Lord Bates
	tabling member	1796 label Biography information for Lord Taylor of Warwick

944436

	registered interest
	date	18/07/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	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 the effects of Brexit on the UK economy to date.
	tabling member printed	Lord Taylor of Warwick
	uin	HL9671
	answer	answer is ministerial correction date of answer 31/07/2018 answer text <p>The UK economy is resilient. The economy has grown every year since 2010, and in 2017, growth remained solid at 1.7%. In their Spring Statement 2018 forecast, the Office for Budget Responsibility expected that the UK economy will continue to grow in 2018 and throughout the forecast period. The labour market continues to show strength with both the employment level and employment rate at record highs, and unemployment at the lowest rate in 40 years. The UK government wants to protect jobs and support growth through an economic partnership with the EU, and proposals for our future relationship with the EU are set out in the White Paper.</p> answering member printed Lord Bates question first answered 31/07/2018 12:03:19 answering member 1091 label Biography information for Lord Bates
	tabling member	1796 label Biography information for Lord Taylor of Warwick

944423

	registered interest
	date	18/07/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Multinational Companies: Taxation
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what representations they have made to the European Commissioner for Competition to set up a system to ensure that large industries that have substantial operations in EU countries, but pay a large part of their taxes elsewhere, pay appropriate taxes in the EU countries where their operations are based.
	tabling member printed	Lord Morris of Aberavon
	uin	HL9660
	answer	answer is ministerial correction date of answer 31/07/2018 answer text <p>The UK has led global efforts to tackle multinational tax avoidance.</p><p> </p><p>We were at the forefront of the Organisation for Economic Co-operation and Development’s Base Erosion and Profit Shifting (BEPS) Project, which sought to address gaps and mismatches in the international tax system and align tax with economic substance.</p><p> </p><p>We have swiftly implemented the project’s recommendations in domestic legislation, introducing a new restriction on the deductibility of multinationals’ interest expense and rules to prevent multinationals exploiting differences in how countries tax financial instruments and entities.</p><p>We worked closely with the EU Commission and other Member States on the Anti-Tax Avoidance Directive, which seeks to implement the recommendations of the BEPS project and ensure a coordinated response in the EU to tackling tax avoidance by multinationals.</p><p> </p><p>We are engaging constructively with the EU Commission’s recent proposals on digital taxation, which seek to better ensure that digital businesses pay tax in the countries in which they generate value.</p><p> </p> answering member printed Lord Bates question first answered 31/07/2018 12:04:07 answering member 1091 label Biography information for Lord Bates
	tabling member	565 label Biography information for Lord Morris of Aberavon

943411

	registered interest
	date	17/07/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Revenue and Customs: Data Protection
	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 HMRC is able to access UK citizens' bank accounts and other personal data without their permission and without judicial oversight.
	tabling member printed	Viscount Thurso
	uin	HL9622
	answer	answer is ministerial correction date of answer 31/07/2018 answer text <p>Under longstanding powers HMRC can require banks and building societies to provide data on interest paid to, or collected on behalf of, their customers, without the customer’s permission or judicial approval.</p><p> </p><p>With the approval of the taxpayer or the First Tier Tribunal, HMRC can require additional information from banks about a specific taxpayer that is reasonably required to check the taxpayer’s tax position. These data and information gathering powers, some of which have been in continual use since their introduction at the end of the eighteenth century, are regularly reviewed.</p> answering member printed Lord Bates question first answered 31/07/2018 11:58:02 answering member 1091 label Biography information for Lord Bates
	tabling member	1399 label Biography information for Viscount Thurso

943404

	registered interest
	date	17/07/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Green Finance Institute
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government when they expect the Green Finance Institute to become operational.
	tabling member printed	Lord Teverson
	uin	HL9616
	answer	answer is ministerial correction date of answer 31/07/2018 answer text <p>We are working with the City of London Corporation to develop and determine a timeline for launching its new global Green Finance Institute, which we expect will become operational within the next 12 months.</p><p> </p><p>In response to the first recommendation of the Green Finance Taskforce, the Chancellor announced the Institute’s creation during his Mansion House address. It will initially be supported by funding from both the government and the City of London Corporation, where the Institute will be housed in the first instance.</p><p> </p> answering member printed Lord Bates question first answered 31/07/2018 12:00:13 answering member 1091 label Biography information for Lord Bates
	tabling member	3789 label Biography information for Lord Teverson

943403

	registered interest
	date	17/07/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Government Securities
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether they intend to issue a sovereign green bond; and if so, when.
	tabling member printed	Lord Teverson
	uin	HL9615
	answer	answer is ministerial correction date of answer 31/07/2018 answer text <p>Before issuing a new type of bond, such as a sovereign green bond, the government would need to be satisfied that – among other factors – they would provide cost-effective financing for the taxpayer, and there would be sustainable demand.</p><p> </p><p>The UK’s private sector green bond market is well established, facilitated by the London Stock Exchange’s comprehensive specialist offering. There are now over 64 green bonds listed on the LSE in seven currencies, worth over $20 billion.</p><p> </p><p>Sovereign green bonds were recently recommended by the Green Finance Taskforce’s report in March 2018. The government is developing its response to this recommendation, and will respond in due course.</p> answering member printed Lord Bates question first answered 31/07/2018 11:58:29 answering member 1091 label Biography information for Lord Bates
	tabling member	3789 label Biography information for Lord Teverson