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1130212

	registered interest
	date	05/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit: Insurance
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to regulate the credit insurance market to ensure that insurance cover adequately protects the supply chain of product-based businesses.
	tabling member printed	Lord Allen of Kensington
	uin	HL16073
	answer	answer is ministerial correction date of answer 19/06/2019 answer text <p>The underwriting of insurance risk, including credit risks, is a commercial decision, and Government does not prescribe the terms and conditions insurance companies set when offering insurance. This is important to the proper functioning of the economy. Many of the underlying causes of providers restricting credit insurance cover, wider economic uncertainty and sectoral trends, are outside Government control.</p><p> </p><p>Government is clear that it wants all businesses to thrive now and in the future, and will continue close monitoring of the market and affected sectors. Government is determined to make the UK one of the best places in the world to start and grow a business, and has announced multiple measures to support enterprise. Following the Patient Capital Review, we set out a £20 billion action plan at Budget 2017 to finance firms’ growth.</p> answering member printed Lord Young of Cookham question first answered 19/06/2019 16:38:56 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	4304 label Biography information for Lord Allen of Kensington

1130213

	registered interest
	date	05/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit: Insurance
	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 credit insurance cover available to the supply chain of product-based businesses.
	tabling member printed	Lord Allen of Kensington
	uin	HL16074
	answer	answer is ministerial correction date of answer 19/06/2019 answer text <p>Government monitors the credit insurance landscape and credit insurers’ pricing practices, through liaison with providers, businesses, and industry bodies. We will continue to study the market and closely monitor trends.</p><p> </p><p>Government has been made aware of restrictions in credit insurance cover some small and medium-sized product-based businesses are facing in the current trading climate. Difficult trading conditions, market trends, and uncertainty have led some credit insurance providers to reassess the level of cover they are willing to offer in certain sectors. This varies by industry and firm, and is a commercial decision for insurers.</p><p> </p><p>Other financial services products are also available to support businesses in lieu of credit insurance, for example from banks.</p> answering member printed Lord Young of Cookham grouped question UIN HL16075 HL16076 question first answered 19/06/2019 16:40:31 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	4304 label Biography information for Lord Allen of Kensington

1130214

	registered interest
	date	05/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit: Insurance
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to conduct a market study on credit insurance cover and pricing practices.
	tabling member printed	Lord Allen of Kensington
	uin	HL16075
	answer	answer is ministerial correction date of answer 19/06/2019 answer text <p>Government monitors the credit insurance landscape and credit insurers’ pricing practices, through liaison with providers, businesses, and industry bodies. We will continue to study the market and closely monitor trends.</p><p> </p><p>Government has been made aware of restrictions in credit insurance cover some small and medium-sized product-based businesses are facing in the current trading climate. Difficult trading conditions, market trends, and uncertainty have led some credit insurance providers to reassess the level of cover they are willing to offer in certain sectors. This varies by industry and firm, and is a commercial decision for insurers.</p><p> </p><p>Other financial services products are also available to support businesses in lieu of credit insurance, for example from banks.</p> answering member printed Lord Young of Cookham grouped question UIN HL16074 HL16076 question first answered 19/06/2019 16:40:31 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	4304 label Biography information for Lord Allen of Kensington

1130215

	registered interest
	date	05/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit: Insurance
	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 availability of credit insurance cover to assist small and medium-sized enterprises in the current trading climate.
	tabling member printed	Lord Allen of Kensington
	uin	HL16076
	answer	answer is ministerial correction date of answer 19/06/2019 answer text <p>Government monitors the credit insurance landscape and credit insurers’ pricing practices, through liaison with providers, businesses, and industry bodies. We will continue to study the market and closely monitor trends.</p><p> </p><p>Government has been made aware of restrictions in credit insurance cover some small and medium-sized product-based businesses are facing in the current trading climate. Difficult trading conditions, market trends, and uncertainty have led some credit insurance providers to reassess the level of cover they are willing to offer in certain sectors. This varies by industry and firm, and is a commercial decision for insurers.</p><p> </p><p>Other financial services products are also available to support businesses in lieu of credit insurance, for example from banks.</p> answering member printed Lord Young of Cookham grouped question UIN HL16074 HL16075 question first answered 19/06/2019 16:40:31 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	4304 label Biography information for Lord Allen of Kensington

1130230

	registered interest
	date	05/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Married People: Tax Allowances
	house id	2
	legislature	25277 pref label House of Lords
	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.
	tabling member printed	Baroness Eaton
	uin	HL16091
	answer	answer is ministerial correction date of answer 19/06/2019 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> answering member printed Lord Young of Cookham question first answered 19/06/2019 16:38:37 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	4184 label Biography information for Baroness Eaton

1130240

	registered interest
	date	05/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Soft Drinks: Taxation
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what is the current annual revenue from the Soft Drinks Industry Levy.
	tabling member printed	Baroness Lister of Burtersett
	uin	HL16101
	answer	answer is ministerial correction date of answer 17/06/2019 answer text <p>Receipts from the Soft Drinks Industry Levy were £240m in 2018/19.</p> answering member printed Lord Young of Cookham question first answered 17/06/2019 13:45:27 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	4234 label Biography information for Baroness Lister of Burtersett

1130250

	registered interest
	date	05/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Markets
	house id	2
	legislature	25277 pref label House of Lords
	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.
	tabling member printed	Lord Myners
	uin	HL16111
	answer	answer is ministerial correction date of answer 19/06/2019 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> answering member printed Lord Young of Cookham question first answered 19/06/2019 16:43:32 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	3869 label Biography information for Lord Myners

1130252

	registered interest
	date	05/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Lendy: Insolvency
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether they will establish an independent review into the FCA’s supervision of Lendy and the actions taken by the FCA once it had raised questions about the firm’s compliance with minimum regulatory standards and disclosure to lenders.
	tabling member printed	Lord Myners
	uin	HL16113
	answer	answer is ministerial correction date of answer 19/06/2019 answer text <p>There is an ongoing Financial Conduct Authority (FCA) investigation into the circumstances that have led to the administration of Lendy.</p><p> </p><p>It is important that the FCA rules for P2P lending remain relevant for this evolving sector, and the new rules announced by the FCA on 4 June reflect this. These will help to ensure that investors have the information they need to make effective decisions about P2P investments, without imposing additional costs on borrowers.</p><p> </p> answering member printed Lord Young of Cookham question first answered 19/06/2019 16:39:39 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	3869 label Biography information for Lord Myners

1130253

	registered interest
	date	05/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Mortgages
	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 consequences for depositor protection and financial stability from the number of lenders offering residential property mortgage loans at 95 per cent of value or higher; and what options are open to (1) them, (2) the Bank of England, and (3) the Prudential Regulation Authority, to protect depositors and ensure financial stability.
	tabling member printed	Lord Myners
	uin	HL16114
	answer	answer is ministerial correction date of answer 19/06/2019 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 noted in their November 2018 Financial Stability Report that the share of households with high mortgage debt-servicing ratios (DSRs) is close to historical lows. The FPC has powers of direction to place limits on the proportion of new mortgages that a bank can extend at high LTV ratios, if it judges that this is required to mitigate financial stability risks.</em></p><p><em> </em></p><em> </em><p><em>While the Bank therefore has powers to tackle these risks, the Financial Services Compensation Scheme (FSCS), set up by the Government in 2001, also provides a key role in ensuring financial stability and protecting depositors. The FSCS provides deposit protection of up to £85,000 per person, per authorised firm. The Financial Services Markets Act 2000 gives powers to the regulators, including the Prudential Regulation Authority (PRA) to make the rules in which FSCS carries out its compensation function.</em></p><p> </p> answering member printed Lord Young of Cookham question first answered 19/06/2019 16:43:39 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	3869 label Biography information for Lord Myners

1129478

	registered interest
	date	04/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Workplace Pensions: Tax Allowances
	house id	2
	legislature	25277 pref label House of Lords
	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.
	tabling member printed	Baroness Altmann
	uin	HL15963
	answer	answer is ministerial correction date of answer 18/06/2019 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> answering member printed Lord Young of Cookham grouped question UIN HL15964 HL15965 HL15966 question first answered 18/06/2019 15:32:43 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	4533 label Biography information for Baroness Altmann