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78317

	human indexable
	published
	registered interest
	answer date	30/07/2014
	date	16/07/2014
	date tabled	16/07/2014
	ddp created	16/07/2014 21:50:42
	ddp modified	06/02/2015 18:42:52
	answering body	Department for Business, Innovation and Skills
	question status	Tabled
	answering dept id	26
	answering dept short name	Business, Innovation and Skills
	answering dept sort name	Business, Innovation and Skills
	hansard heading	Balance of Trade
	house id	2
	identifier	HL1207
	legislature	25277 pref label House of Lords
	parliament number	55
	question first answered	30/07/2014 16:17:07
	question text	To ask Her Majesty’s Government what assessment they have made of the Office for National Statistics’ calculation that the United Kingdom trade deficit widened in May, compared with April.
	session	2014/15
	session number	4
	tabling member printed	Lord Barnett
	title	House of Lords Tabled Parliamentary Question 2014/15 HL1207
	type	WrittenParliamentaryQuestion
	uin	HL1207
	version	3
	written parliamentary question type	Ordinary
	answer	answer answer text <p> </p><p>Between April and May 2014, the Office of National Statistics have reported that the total UK trade deficit widened from £2.1bn in April to £2.4bn in May. This £0.4bn<sup>1</sup> increase was driven by a £0.2bn increase in total exports while imports increased more, by £0.6bn. Goods exports increased by £0.1bn while goods imports increased by £0.5bn - more than service exports and imports which both increased by less than £0.1bn.</p><p> </p><p> </p><p> </p><p> </p><p> </p><p>Monthly trade data are often volatile and usually subject to revisions in later months. On a less volatile basis, in 2013 the total trade deficit decreased by £4.9bn to £28.5bn from £33.4bn in 2012. This was driven by a £10.4bn increase in total exports while imports rose by only £5.4bn over the same period.</p><p> </p><p> </p><p>Between April and May 2014, the ONS have reported that the total UK trade deficit widened from £2.1bn in April to £2.4bn in May. This £0.4bn<sup>1</sup> increase was driven by a £0.2bn increase in total exports while imports increased more, by £0.6bn. Goods exports increased by £0.1bn while goods imports increased by £0.5bn - more than service exports and imports which both increased by less than £0.1bn.</p><p> </p><p> </p><p>Monthly trade data are often volatile and usually subject to revisions in later months. On a less volatile basis, in 2013 the total trade deficit decreased by £4.9bn to £28.5bn from £33.4bn in 2012. This was driven by a £10.4bn increase in total exports while imports rose by only £5.4bn over the same period.</p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p><em>1 The £0.4bn increase is higher than the difference between the two deficits due to rounding.</em></p><p> </p><p> </p> question first answered 30/07/2014 16:17:07 answering member 4278
	creator	1018 label Biography information for Lord Barnett
	publisher	25277 pref label House of Lords
	tabling member	1018 label Biography information for Lord Barnett

78319

	human indexable
	published
	registered interest
	answer date	30/07/2014
	date	16/07/2014
	date tabled	16/07/2014
	ddp created	16/07/2014 21:50:43
	ddp modified	06/02/2015 18:42:55
	answering body	Department for Business, Innovation and Skills
	question status	Tabled
	answering dept id	26
	answering dept short name	Business, Innovation and Skills
	answering dept sort name	Business, Innovation and Skills
	hansard heading	Business: Billing
	house id	2
	identifier	HL1209
	legislature	25277 pref label House of Lords
	parliament number	55
	question first answered	28/07/2014 16:56:25
	question text	To ask Her Majesty’s Government what assessment they have made of the current impact of late payments on small and medium-sized enterprises (SMEs); and what steps they are taking to support SMEs to mitigate the impact of late payments.
	session	2014/15
	session number	4
	tabling member printed	Lord Barnett
	title	House of Lords Tabled Parliamentary Question 2014/15 HL1209
	type	WrittenParliamentaryQuestion
	uin	HL1209
	version	2
	written parliamentary question type	Ordinary
	answer	answer answer text <p> </p><p> </p><p> </p><p>The Government considered the impact of late payment on Small and Medium Enterprises in our discussion paper Building a Responsible Payment Culture. As a result we are working with industry to create greater transparency of payment practices and a more responsible payment culture. This will include a statutory requirement, via the Small Business Enterprise and Employment Bill, for large firms to publish their payment practices. In addition, we are committed to working with the Institute for Credit Management and businesses to strengthen the Prompt Payment Code.</p><p> </p><p> </p><p> </p><p> </p><p> </p> question first answered 28/07/2014 16:56:25 answering member 4284
	creator	1018 label Biography information for Lord Barnett
	publisher	25277 pref label House of Lords
	tabling member	1018 label Biography information for Lord Barnett

78315

	human indexable
	published
	registered interest
	answer date	30/07/2014
	date	16/07/2014
	date tabled	16/07/2014
	ddp created	16/07/2014 21:50:42
	ddp modified	06/02/2015 18:42:49
	answering body	HM Treasury
	question status	Tabled
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Interest Rates
	house id	2
	identifier	HL1205
	legislature	25277 pref label House of Lords
	parliament number	55
	question first answered	28/07/2014 11:50:43
	question text	To ask Her Majesty’s Government, further to the Written Answer by Lord Deighton on 7 July (WA 12), what representations the Chancellor of the Exchequer made to the Governor of the Bank of England during their most recent discussion on possible increases in interest rates.
	session	2014/15
	session number	4
	tabling member printed	Lord Barnett
	title	House of Lords Tabled Parliamentary Question 2014/15 HL1205
	type	WrittenParliamentaryQuestion
	uin	HL1205
	version	2
	written parliamentary question type	Ordinary
	answer	answer answer text <p>The UK’s monetary policy framework, set out in the Bank of England Act 1998, gives operational responsibility for monetary policy to the independent Monetary Policy Committee (MPC). The Chancellor of the Exchequer has frequent discussions with the Governor of the Bank of England on a wide range of issues on the UK economy.</p> question first answered 28/07/2014 11:50:43 answering member 4262
	creator	1018 label Biography information for Lord Barnett
	publisher	25277 pref label House of Lords
	tabling member	1018 label Biography information for Lord Barnett

78316

	human indexable
	published
	registered interest
	answer date	30/07/2014
	date	16/07/2014
	date tabled	16/07/2014
	ddp created	16/07/2014 21:50:42
	ddp modified	06/02/2015 18:42:51
	answering body	HM Treasury
	question status	Tabled
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	North Sea Oil: Taxation
	house id	2
	identifier	HL1206
	legislature	25277 pref label House of Lords
	parliament number	55
	question first answered	28/07/2014 16:07:21
	question text	To ask Her Majesty’s Government what assessment they have made of the Office for Budget Responsibility's revised forecasts of the tax revenues from North Sea oil; what is their estimate of the fiscal implications of those revised forecasts for an independent Scotland; whether they expect tax revenues from North Sea oil to recover; and, if so, when.
	session	2014/15
	session number	4
	tabling member printed	Lord Barnett
	title	House of Lords Tabled Parliamentary Question 2014/15 HL1206
	type	WrittenParliamentaryQuestion
	uin	HL1206
	version	2
	written parliamentary question type	Ordinary
	answer	answer answer text <p>The independent Office for Budget Responsibility (OBR) has set out the basis for its forecasts of oil and gas tax revenues in the Fiscal Sustainability Report. The forecast shows that these tax receipts, as a share of GDP, are set to decline by 84 per cent over the forecast period. The government has not made a separate assessment of these forecasts.</p><p> </p><p>The OBR has not published an assessment of what the fiscal position of a separate Scotland would be. However, other independent experts have estimated that in 2016-17, a separate Scotland would have a deficit (per person) of more than twice that of the UK.</p><p> </p><p>HM Treasury has estimated that each person in Scotland is £1,400 a year better off in the UK. That’s equivalent to around two thirds of the total NHS budget in Scotland, or almost as much as Scotland’s entire education budget.</p><p> </p><p> </p><p>The OBR’s new, lower, oil and gas tax receipts forecast only make a separate Scotland’s fiscal position tougher. In the UK, as part of a larger country, we can pool resources and share risks. This means that public spending in Scotland can remain secure and stable, even as revenues from oil and gas are volatile.</p> question first answered 28/07/2014 16:07:21 answering member 4262
	creator	1018 label Biography information for Lord Barnett
	publisher	25277 pref label House of Lords
	tabling member	1018 label Biography information for Lord Barnett

78318

	human indexable
	published
	registered interest
	answer date	30/07/2014
	date	16/07/2014
	date tabled	16/07/2014
	ddp created	16/07/2014 21:50:42
	ddp modified	06/02/2015 18:42:53
	answering body	HM Treasury
	question status	Tabled
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Exchange Rates
	house id	2
	identifier	HL1208
	legislature	25277 pref label House of Lords
	parliament number	55
	question first answered	28/07/2014 16:07:57
	question text	To ask Her Majesty’s Government what assessment they have made of the impact of the exchange level of sterling on the United Kingdom’s economic recovery.
	session	2014/15
	session number	4
	tabling member printed	Lord Barnett
	title	House of Lords Tabled Parliamentary Question 2014/15 HL1208
	type	WrittenParliamentaryQuestion
	uin	HL1208
	version	2
	written parliamentary question type	Ordinary
	answer	answer answer text <p>The UK does not have an exchange rate target. The UK’s monetary policy framework, set out in the Bank of England Act 1998, gives operational responsibility for monetary policy to the independent Monetary Policy Committee (MPC). The MPC has the primary objective of maintaining price stability, defined as an inflation target of 2 per cent as measured by the twelve month increase in the Consumer Prices Index. Under the Government’s macroeconomic framework, the exchange rate is allowed to adjust flexibly, and movements in sterling are determined by market forces.</p><p> </p> question first answered 28/07/2014 16:07:57 answering member 4262
	creator	1018 label Biography information for Lord Barnett
	publisher	25277 pref label House of Lords
	tabling member	1018 label Biography information for Lord Barnett