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1056474
star this property registered interest false more like this
star this property date less than 2019-02-06more like thismore than 2019-02-06
star this property answering body
Women and Equalities more like this
star this property answering dept id 31 more like this
star this property answering dept short name Women and Equalities more like this
star this property answering dept sort name Women and Equalities more like this
star this property hansard heading Assistance Animals: Discrimination more like this
unstar this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords remove filter
star this property question text To ask Her Majesty's Government whether they have any plans to strengthen the Equality Act 2010 to prevent fully the discrimination against, and the exclusion of, people with assistance dogs, in the form of denial of access to taxis and minicabs, shops and restaurants by those without health-related exemption certificates. more like this
star this property tabling member printed
The Marquess of Lothian more like this
star this property uin HL13526 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-02-20more like thisremove minimum value filter
star this property answer text <p>It is already illegal for taxi and Private Hire Vehicle drivers to refuse to carry an assistance dog or to charge their owner more for a journey. Local licensing authorities should ensure that drivers are aware of their duties, and that appropriate action, including prosecution, is taken where non-compliance is identified.</p><p> </p><p>There is also already a legal duty for service providers to provide reasonable adjustments to disabled people so that they are not put at a significant disadvantage compared to non-disabled people, which may include allowing access for assistance dogs where animals would not normally be permitted.</p><p> </p><p>The Office for Disability Issues has been facilitating the assistance dog sector to work together to look at access and supply issues, with a view to creating an accredited UK standard. This work is ongoing but if a standard can be achieved this should reduce the likelihood of access refusals.</p> more like this
unstar this property answering member printed Baroness Williams of Trafford more like this
star this property question first answered
less than 2019-02-20T16:58:22.11Zmore like thismore than 2019-02-20T16:58:22.11Z
star this property answering member
4311
star this property label Biography information for Baroness Williams of Trafford more like this
star this property tabling member
259
star this property label Biography information for The Marquess of Lothian more like this
1088558
star this property registered interest false more like this
star this property date less than 2019-03-13more like thismore than 2019-03-13
star this property answering body
Women and Equalities more like this
star this property answering dept id 31 more like this
star this property answering dept short name Women and Equalities more like this
star this property answering dept sort name Women and Equalities more like this
star this property hansard heading Equal Pay: Gender more like this
unstar this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords remove filter
star this property question text To ask Her Majesty's Government what steps they are taking to reduce the gender pay gap; when they estimate that gap to close; and what steps they are taking to hasten the closure of that gap. more like this
star this property tabling member printed
Baroness Brady more like this
star this property uin HL14518 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-03-27more like thismore than 2019-03-27
star this property answer text <p>The rate at which the gender pay gap will narrow is dependent on a large number of complex factors but this government is working hard to help employers close the gap as soon as possible. Whilst we are pleased that the gap is at a record low of 17.9%, having dropped by 9.6 percentage points since 1997, there is more to do to ensure this progress continues.</p><p>In 2017 we introduced ground-breaking regulations requiring large employers to publish their gender pay gaps annually. We are now supporting employers to develop action plans and take effective steps to reduce their gaps.</p><p>The government is also:</p><p>- Spending around £6billion in 2019-20 on childcare support and we have already doubled the childcare entitlement for working parents of 3 and 4 year olds.</p><p>- Set up a taskforce to make flexible working a possibility for all employees; and last year ran a £1.5million campaign promoting Shared Parental Leave.</p><p>- Supporting the Hampton-Alexander Review, aiming to get more women into senior leadership positions and improve gender diversity in the executive pipeline.</p><p>Taking steps to break down gender stereotypes, including funding programmes in schools and colleges to encourage more girls to consider careers in science, technology, engineering and maths.</p>
unstar this property answering member printed Baroness Williams of Trafford more like this
star this property question first answered
less than 2019-03-27T17:07:43.557Zmore like thismore than 2019-03-27T17:07:43.557Z
star this property answering member
4311
star this property label Biography information for Baroness Williams of Trafford more like this
star this property tabling member
4339
star this property label Biography information for Baroness Brady more like this
1124064
star this property registered interest false more like this
star this property date less than 2019-04-30more like thismore than 2019-04-30
star this property answering body
Women and Equalities more like this
star this property answering dept id 31 more like this
star this property answering dept short name Women and Equalities more like this
star this property answering dept sort name Women and Equalities more like this
star this property hansard heading Civil Partnerships: Heterosexuality more like this
unstar this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords remove filter
star this property question text To ask Her Majesty's Government when the legislation implementing civil partnerships for opposite sex couples will come into effect. more like this
star this property tabling member printed
Baroness Whitaker more like this
star this property uin HL15446 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-05-15more like thismore than 2019-05-15
star this property answer text <p>The Civil Partnerships, Marriage and Deaths (Registration etc.) Act 2019 requires the Government to make regulations that extend eligibility to form a civil partnership to opposite-sex couples by no later than 31<sup> </sup>December 2019. The Government is working hard to ensure regulations are in place as place as soon as possible.</p> more like this
unstar this property answering member printed Baroness Williams of Trafford more like this
star this property question first answered
less than 2019-05-15T16:18:14.18Zmore like thismore than 2019-05-15T16:18:14.18Z
star this property answering member
4311
star this property label Biography information for Baroness Williams of Trafford more like this
star this property tabling member
2510
star this property label Biography information for Baroness Whitaker more like this
1056485
star this property registered interest false more like this
star this property date less than 2019-02-06more like thismore than 2019-02-06
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading EU Staff: Pensions more like this
unstar this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords remove filter
star this property question text To ask Her Majesty's Government, further to the Written Answer by Lord Bates on 28 January (HL12856), whether the €9.75 billion in pensions liabilities are part of the estimated £39 billion settlement or additional to it. more like this
star this property tabling member printed
Lord Stoddart of Swindon more like this
star this property uin HL13535 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-02-20more like thisremove minimum value filter
star this property answer text <p>The financial settlement negotiated with the European Union includes the value of pensions liabilities incurred while a member state.</p><p> </p><p>We have reached a fair financial settlement with the EU, honouring commitments we made during our period of membership, and have ensured a fair deal for UK taxpayers. The Government was able to secure a number of successes in negotiations that reduced the size of the settlement from what it might have been under the Commission’s original proposal including provisions that enable future simplifications for the period over which we pay for pensions.</p> more like this
unstar this property answering member printed Lord Bates more like this
star this property question first answered
less than 2019-02-20T12:37:35.377Zmore like thismore than 2019-02-20T12:37:35.377Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
950
star this property label Biography information for Lord Stoddart of Swindon more like this
1059214
star this property registered interest false more like this
star this property date less than 2019-02-11more like thismore than 2019-02-11
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Investment: Property more like this
unstar this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords remove filter
star this property question text To ask Her Majesty's Government what steps they are taking to ensure that the risk balance of portfolios of open-ended property funds are not, and will not be, distorted by favouring redeeming investors. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL13600 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-02-20more like thisremove minimum value filter
star this property answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. The question has been passed on to the FCA. The FCA will reply directly to Lord Myners by letter. A copy of the letter will be placed in the Library of the House.</p> more like this
unstar this property answering member printed Lord Bates more like this
star this property question first answered
less than 2019-02-20T12:39:08.52Zmore like thismore than 2019-02-20T12:39:08.52Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
3869
star this property label Biography information for Lord Myners more like this
1059220
star this property registered interest false more like this
star this property date less than 2019-02-11more like thismore than 2019-02-11
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading National Savings Certificates more like this
unstar this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords remove filter
star this property question text To ask Her Majesty's Government why they are changing the index on NS&amp;I Index-linked Savings Certificates bought between 2 June 1975 and 7 October 1996 from RPI to CPI; and what is the legal base that enables this change to be made. more like this
star this property tabling member printed
Lord Sharkey more like this
star this property uin HL13605 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-02-25more like thismore than 2019-02-25
star this property answer text <p>Index-linked Savings Certificates (ILSCs) have not been on sale since 2011. Customers who purchased ILSCs between 2 June 1975 and 7 October 1996 (Issues 1-9), and who did not provide instructions at maturity to withdraw their funds, subsequently had their funds mature into ‘Index-linked Extension Terms’ (ILETs). ILETs act as a holding account for customers until they request the return of their investment.</p><p> </p><p>The number of ILET holders and total value of ILETs since 2012 and forecasts for the next 10 years are provided in the first attachment.. NS&amp;I undertook a data migration in 2012 therefore data is provided from that point forward.</p><p> </p><p> </p><p> </p><p>Interest earned on ILETs is normally held separately to the investment and paid out when customers claim their funds. However, in 2012 NS&amp;I capitalised interest into accounts. Therefore, the figures in the table do not include interest earned since 2012 (totalling c£30 million).</p><p> </p><p>ILETs currently earn interest equal to RPI. Starting 1 May 2019, from the day and month the original investment was made (the ‘anniversary date’), each ILET will earn interest based on CPI. On this day, outstanding interest will be capitalised into the account, with interest earned after this date continuing to be held separately. NS&amp;I does not hold an anniversary date for the oldest investments (Issues 1 and 2). For these issues, an anniversary date of 11 November has been set. This corresponds with the date in 2012 that NS&amp;I last capitalised interest into these accounts.</p><p> </p><p>NS&amp;I has the right to change the terms and conditions of ILETs at any time after the expiration of the original term. Customers are being notified at least 60 days in advance of the change taking effect, via correspondence and public notices published in the Daily Express, Daily Mail, Daily Telegraph and The Times on 8 February 2019.</p><p> </p><p>The forecast reduction in interest payments caused by the change in the index from RPI to CPI of Index-linked Extension Terms is provided in the second attachment.</p><p>As NS&amp;I announced at Budget 2018, from 1 May 2019 holders of ILSCs who chose to renew their investments into a new term would also receive interest based on CPI rather than RPI. The changes to ILETs and ILSCs recognise the reduced use of RPI by successive governments and is in line with NS&amp;I’s need to balance the interests of its savers, the cost to the taxpayer, and the stability of the broader financial services sector.</p><p> </p><p>The Government issues wholesale gilts through the Debt Management Office. In the past 10 years, the only index-linked products issued by the Debt Management Office have been Index Linked Gilts, which are linked to RPI. The Government recognises the flaws in the way RPI is measured and have made progress in moving away from using it. However, given the extensive use of RPI across the public and private sectors, further moves away from the measure are complex and potentially costly. As set out at Budget, the government’s objective is that it will reduce the use of RPI when and where practicable. At the present time there are no current plans to stop issuing RPI-linked gilts.</p><p><strong> </strong></p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p>
unstar this property answering member printed Lord Bates more like this
star this property attachment
1
star this property file name Number of ILET holders.docx more like this
star this property title Attachment 1 more like this
2
star this property file name Interest saving.docx more like this
star this property title Attachment 2 more like this
star this property grouped question UIN
HL13606 more like this
HL13607 more like this
HL13608 more like this
HL13609 more like this
HL13610 more like this
star this property question first answered
less than 2019-02-25T14:20:35.227Zmore like thismore than 2019-02-25T14:20:35.227Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
4196
star this property label Biography information for Lord Sharkey more like this
1059221
star this property registered interest false more like this
star this property date less than 2019-02-11more like thismore than 2019-02-11
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading National Savings Certificates more like this
unstar this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords remove filter
star this property question text To ask Her Majesty's Government what estimate they have made of the benefit that will accrue to HM Treasury from the change in the index from RPI to CPI of NS&amp;I Index-linked Savings Certificates bought between 2 June 1975 and 7 October 1996. more like this
star this property tabling member printed
Lord Sharkey more like this
star this property uin HL13606 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-02-25more like thismore than 2019-02-25
star this property answer text <p>Index-linked Savings Certificates (ILSCs) have not been on sale since 2011. Customers who purchased ILSCs between 2 June 1975 and 7 October 1996 (Issues 1-9), and who did not provide instructions at maturity to withdraw their funds, subsequently had their funds mature into ‘Index-linked Extension Terms’ (ILETs). ILETs act as a holding account for customers until they request the return of their investment.</p><p> </p><p>The number of ILET holders and total value of ILETs since 2012 and forecasts for the next 10 years are provided in the first attachment.. NS&amp;I undertook a data migration in 2012 therefore data is provided from that point forward.</p><p> </p><p> </p><p> </p><p>Interest earned on ILETs is normally held separately to the investment and paid out when customers claim their funds. However, in 2012 NS&amp;I capitalised interest into accounts. Therefore, the figures in the table do not include interest earned since 2012 (totalling c£30 million).</p><p> </p><p>ILETs currently earn interest equal to RPI. Starting 1 May 2019, from the day and month the original investment was made (the ‘anniversary date’), each ILET will earn interest based on CPI. On this day, outstanding interest will be capitalised into the account, with interest earned after this date continuing to be held separately. NS&amp;I does not hold an anniversary date for the oldest investments (Issues 1 and 2). For these issues, an anniversary date of 11 November has been set. This corresponds with the date in 2012 that NS&amp;I last capitalised interest into these accounts.</p><p> </p><p>NS&amp;I has the right to change the terms and conditions of ILETs at any time after the expiration of the original term. Customers are being notified at least 60 days in advance of the change taking effect, via correspondence and public notices published in the Daily Express, Daily Mail, Daily Telegraph and The Times on 8 February 2019.</p><p> </p><p>The forecast reduction in interest payments caused by the change in the index from RPI to CPI of Index-linked Extension Terms is provided in the second attachment.</p><p>As NS&amp;I announced at Budget 2018, from 1 May 2019 holders of ILSCs who chose to renew their investments into a new term would also receive interest based on CPI rather than RPI. The changes to ILETs and ILSCs recognise the reduced use of RPI by successive governments and is in line with NS&amp;I’s need to balance the interests of its savers, the cost to the taxpayer, and the stability of the broader financial services sector.</p><p> </p><p>The Government issues wholesale gilts through the Debt Management Office. In the past 10 years, the only index-linked products issued by the Debt Management Office have been Index Linked Gilts, which are linked to RPI. The Government recognises the flaws in the way RPI is measured and have made progress in moving away from using it. However, given the extensive use of RPI across the public and private sectors, further moves away from the measure are complex and potentially costly. As set out at Budget, the government’s objective is that it will reduce the use of RPI when and where practicable. At the present time there are no current plans to stop issuing RPI-linked gilts.</p><p><strong> </strong></p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p>
unstar this property answering member printed Lord Bates more like this
star this property attachment
1
star this property file name Number of ILET holders.docx more like this
star this property title Attachment 1 more like this
2
star this property file name Interest saving.docx more like this
star this property title Attachment 2 more like this
star this property grouped question UIN
HL13605 more like this
HL13607 more like this
HL13608 more like this
HL13609 more like this
HL13610 more like this
star this property question first answered
less than 2019-02-25T14:20:35.31Zmore like thismore than 2019-02-25T14:20:35.31Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
4196
star this property label Biography information for Lord Sharkey more like this
1059222
star this property registered interest false more like this
star this property date less than 2019-02-11more like thismore than 2019-02-11
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading National Savings Certificates more like this
unstar this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords remove filter
star this property question text To ask Her Majesty's Government what is the total outstanding value of, and interest credited on, NS&amp;I Index-linked Savings Certificates bought between 2 June 1975 and 7 October 1996 for each of the last 10 years; and what projections have been made for outstanding value and interest credited for each of the next 10 years. more like this
star this property tabling member printed
Lord Sharkey more like this
star this property uin HL13607 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-02-25more like thismore than 2019-02-25
star this property answer text <p>Index-linked Savings Certificates (ILSCs) have not been on sale since 2011. Customers who purchased ILSCs between 2 June 1975 and 7 October 1996 (Issues 1-9), and who did not provide instructions at maturity to withdraw their funds, subsequently had their funds mature into ‘Index-linked Extension Terms’ (ILETs). ILETs act as a holding account for customers until they request the return of their investment.</p><p> </p><p>The number of ILET holders and total value of ILETs since 2012 and forecasts for the next 10 years are provided in the first attachment.. NS&amp;I undertook a data migration in 2012 therefore data is provided from that point forward.</p><p> </p><p> </p><p> </p><p>Interest earned on ILETs is normally held separately to the investment and paid out when customers claim their funds. However, in 2012 NS&amp;I capitalised interest into accounts. Therefore, the figures in the table do not include interest earned since 2012 (totalling c£30 million).</p><p> </p><p>ILETs currently earn interest equal to RPI. Starting 1 May 2019, from the day and month the original investment was made (the ‘anniversary date’), each ILET will earn interest based on CPI. On this day, outstanding interest will be capitalised into the account, with interest earned after this date continuing to be held separately. NS&amp;I does not hold an anniversary date for the oldest investments (Issues 1 and 2). For these issues, an anniversary date of 11 November has been set. This corresponds with the date in 2012 that NS&amp;I last capitalised interest into these accounts.</p><p> </p><p>NS&amp;I has the right to change the terms and conditions of ILETs at any time after the expiration of the original term. Customers are being notified at least 60 days in advance of the change taking effect, via correspondence and public notices published in the Daily Express, Daily Mail, Daily Telegraph and The Times on 8 February 2019.</p><p> </p><p>The forecast reduction in interest payments caused by the change in the index from RPI to CPI of Index-linked Extension Terms is provided in the second attachment.</p><p>As NS&amp;I announced at Budget 2018, from 1 May 2019 holders of ILSCs who chose to renew their investments into a new term would also receive interest based on CPI rather than RPI. The changes to ILETs and ILSCs recognise the reduced use of RPI by successive governments and is in line with NS&amp;I’s need to balance the interests of its savers, the cost to the taxpayer, and the stability of the broader financial services sector.</p><p> </p><p>The Government issues wholesale gilts through the Debt Management Office. In the past 10 years, the only index-linked products issued by the Debt Management Office have been Index Linked Gilts, which are linked to RPI. The Government recognises the flaws in the way RPI is measured and have made progress in moving away from using it. However, given the extensive use of RPI across the public and private sectors, further moves away from the measure are complex and potentially costly. As set out at Budget, the government’s objective is that it will reduce the use of RPI when and where practicable. At the present time there are no current plans to stop issuing RPI-linked gilts.</p><p><strong> </strong></p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p>
unstar this property answering member printed Lord Bates more like this
star this property attachment
1
star this property file name Number of ILET holders.docx more like this
star this property title Attachment 1 more like this
2
star this property file name Interest saving.docx more like this
star this property title Attachment 2 more like this
star this property grouped question UIN
HL13605 more like this
HL13606 more like this
HL13608 more like this
HL13609 more like this
HL13610 more like this
star this property question first answered
less than 2019-02-25T14:20:35.387Zmore like thismore than 2019-02-25T14:20:35.387Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
4196
star this property label Biography information for Lord Sharkey more like this
1059223
star this property registered interest false more like this
star this property date less than 2019-02-11more like thismore than 2019-02-11
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading National Savings Certificates more like this
unstar this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords remove filter
star this property question text To ask Her Majesty's Government, for each of the last 10 years, how many individuals owned NS&amp;I Index-linked Savings Certificates bought between 2 June 1975 and 7 October 1996 and what projections they have made for the number of future owners in the next 10 years. more like this
star this property tabling member printed
Lord Sharkey more like this
star this property uin HL13608 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-02-25more like thismore than 2019-02-25
star this property answer text <p>Index-linked Savings Certificates (ILSCs) have not been on sale since 2011. Customers who purchased ILSCs between 2 June 1975 and 7 October 1996 (Issues 1-9), and who did not provide instructions at maturity to withdraw their funds, subsequently had their funds mature into ‘Index-linked Extension Terms’ (ILETs). ILETs act as a holding account for customers until they request the return of their investment.</p><p> </p><p>The number of ILET holders and total value of ILETs since 2012 and forecasts for the next 10 years are provided in the first attachment.. NS&amp;I undertook a data migration in 2012 therefore data is provided from that point forward.</p><p> </p><p> </p><p> </p><p>Interest earned on ILETs is normally held separately to the investment and paid out when customers claim their funds. However, in 2012 NS&amp;I capitalised interest into accounts. Therefore, the figures in the table do not include interest earned since 2012 (totalling c£30 million).</p><p> </p><p>ILETs currently earn interest equal to RPI. Starting 1 May 2019, from the day and month the original investment was made (the ‘anniversary date’), each ILET will earn interest based on CPI. On this day, outstanding interest will be capitalised into the account, with interest earned after this date continuing to be held separately. NS&amp;I does not hold an anniversary date for the oldest investments (Issues 1 and 2). For these issues, an anniversary date of 11 November has been set. This corresponds with the date in 2012 that NS&amp;I last capitalised interest into these accounts.</p><p> </p><p>NS&amp;I has the right to change the terms and conditions of ILETs at any time after the expiration of the original term. Customers are being notified at least 60 days in advance of the change taking effect, via correspondence and public notices published in the Daily Express, Daily Mail, Daily Telegraph and The Times on 8 February 2019.</p><p> </p><p>The forecast reduction in interest payments caused by the change in the index from RPI to CPI of Index-linked Extension Terms is provided in the second attachment.</p><p>As NS&amp;I announced at Budget 2018, from 1 May 2019 holders of ILSCs who chose to renew their investments into a new term would also receive interest based on CPI rather than RPI. The changes to ILETs and ILSCs recognise the reduced use of RPI by successive governments and is in line with NS&amp;I’s need to balance the interests of its savers, the cost to the taxpayer, and the stability of the broader financial services sector.</p><p> </p><p>The Government issues wholesale gilts through the Debt Management Office. In the past 10 years, the only index-linked products issued by the Debt Management Office have been Index Linked Gilts, which are linked to RPI. The Government recognises the flaws in the way RPI is measured and have made progress in moving away from using it. However, given the extensive use of RPI across the public and private sectors, further moves away from the measure are complex and potentially costly. As set out at Budget, the government’s objective is that it will reduce the use of RPI when and where practicable. At the present time there are no current plans to stop issuing RPI-linked gilts.</p><p><strong> </strong></p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p>
unstar this property answering member printed Lord Bates more like this
star this property attachment
1
star this property file name Number of ILET holders.docx more like this
star this property title Attachment 1 more like this
2
star this property file name Interest saving.docx more like this
star this property title Attachment 2 more like this
star this property grouped question UIN
HL13605 more like this
HL13606 more like this
HL13607 more like this
HL13609 more like this
HL13610 more like this
star this property question first answered
less than 2019-02-25T14:20:35.437Zmore like thismore than 2019-02-25T14:20:35.437Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
4196
star this property label Biography information for Lord Sharkey more like this
1059224
star this property registered interest false more like this
star this property date less than 2019-02-11more like thismore than 2019-02-11
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Government Securities more like this
unstar this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords remove filter
star this property question text To ask Her Majesty's Government what HM Treasury-backed interest bearing and index linked financial instruments have had, in the last 10 years, the index changed from (1) RPI to CPI, and (2) CPI to RPI; and what the rationale was for those changes. more like this
star this property tabling member printed
Lord Sharkey more like this
star this property uin HL13609 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-02-25more like thismore than 2019-02-25
star this property answer text <p>Index-linked Savings Certificates (ILSCs) have not been on sale since 2011. Customers who purchased ILSCs between 2 June 1975 and 7 October 1996 (Issues 1-9), and who did not provide instructions at maturity to withdraw their funds, subsequently had their funds mature into ‘Index-linked Extension Terms’ (ILETs). ILETs act as a holding account for customers until they request the return of their investment.</p><p> </p><p>The number of ILET holders and total value of ILETs since 2012 and forecasts for the next 10 years are provided in the first attachment.. NS&amp;I undertook a data migration in 2012 therefore data is provided from that point forward.</p><p> </p><p> </p><p> </p><p>Interest earned on ILETs is normally held separately to the investment and paid out when customers claim their funds. However, in 2012 NS&amp;I capitalised interest into accounts. Therefore, the figures in the table do not include interest earned since 2012 (totalling c£30 million).</p><p> </p><p>ILETs currently earn interest equal to RPI. Starting 1 May 2019, from the day and month the original investment was made (the ‘anniversary date’), each ILET will earn interest based on CPI. On this day, outstanding interest will be capitalised into the account, with interest earned after this date continuing to be held separately. NS&amp;I does not hold an anniversary date for the oldest investments (Issues 1 and 2). For these issues, an anniversary date of 11 November has been set. This corresponds with the date in 2012 that NS&amp;I last capitalised interest into these accounts.</p><p> </p><p>NS&amp;I has the right to change the terms and conditions of ILETs at any time after the expiration of the original term. Customers are being notified at least 60 days in advance of the change taking effect, via correspondence and public notices published in the Daily Express, Daily Mail, Daily Telegraph and The Times on 8 February 2019.</p><p> </p><p>The forecast reduction in interest payments caused by the change in the index from RPI to CPI of Index-linked Extension Terms is provided in the second attachment.</p><p>As NS&amp;I announced at Budget 2018, from 1 May 2019 holders of ILSCs who chose to renew their investments into a new term would also receive interest based on CPI rather than RPI. The changes to ILETs and ILSCs recognise the reduced use of RPI by successive governments and is in line with NS&amp;I’s need to balance the interests of its savers, the cost to the taxpayer, and the stability of the broader financial services sector.</p><p> </p><p>The Government issues wholesale gilts through the Debt Management Office. In the past 10 years, the only index-linked products issued by the Debt Management Office have been Index Linked Gilts, which are linked to RPI. The Government recognises the flaws in the way RPI is measured and have made progress in moving away from using it. However, given the extensive use of RPI across the public and private sectors, further moves away from the measure are complex and potentially costly. As set out at Budget, the government’s objective is that it will reduce the use of RPI when and where practicable. At the present time there are no current plans to stop issuing RPI-linked gilts.</p><p><strong> </strong></p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p>
unstar this property answering member printed Lord Bates more like this
star this property attachment
1
star this property file name Number of ILET holders.docx more like this
star this property title Attachment 1 more like this
2
star this property file name Interest saving.docx more like this
star this property title Attachment 2 more like this
star this property grouped question UIN
HL13605 more like this
HL13606 more like this
HL13607 more like this
HL13608 more like this
HL13610 more like this
star this property question first answered
less than 2019-02-25T14:20:35.513Zmore like thismore than 2019-02-25T14:20:35.513Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
4196
star this property label Biography information for Lord Sharkey more like this