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1129546
star this property registered interest false more like this
star this property date less than 2019-06-04more like thismore than 2019-06-04
star this property answering body
Department for Business, Energy and Industrial Strategy more like this
star this property answering dept id 201 more like this
unstar this property answering dept short name Business, Energy and Industrial Strategy more like this
star this property answering dept sort name Business, Energy and Industrial Strategy remove filter
star this property hansard heading British Steel: Loans more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether the recent loan of £120 million to enable British Steel to meet its emissions trading compliance costs required a Ministerial direction. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL16031 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-06-18more like thismore than 2019-06-18
unstar this property answer text <p>The Secretary of State for Business, Energy and Industrial Strategy has not issued any Ministerial Directions in respect of British Steel.</p><p>This loan agreement was fully commercial and state aid compliant, valued at around £120m, under Section 7 of the Industrial Development Act 1982. Under the agreement the Government purchased emissions allowances on behalf of British Steel ensuring it met its 2018 ETS obligations. Failure to comply with its ETS obligations would have led to a fine of around £500m, on top of the costs of ETS compliance of around £120m.</p><p>In return, under a deed of forfeiture, the company’s 2019 allowances will be assigned to the Government once issued, and the proceeds from selling these is expected to cover the costs of purchasing allowances for British Steel. The Government’s view is that the 2019 allowances will still be issued to British Steel in insolvency.</p><p>The Government’s assessment is that the Deed of Forfeiture offered value for money to the taxpayer, with benefits exceeding the costs, predicated on the level of confidence around security, even in the event of insolvency.</p><p>This position was supported by the independent Industrial Development Advisory Board which assessed the proposal in their statutory role and agreed with the Government’s value for money assessment.</p><p> </p><p> </p><p> </p>
star this property answering member printed Lord Henley more like this
star this property question first answered
less than 2019-06-18T16:50:34.45Zmore like thismore than 2019-06-18T16:50:34.45Z
star this property answering member
2616
star this property label Biography information for Lord Henley more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners more like this
1130249
star this property registered interest false more like this
star this property date less than 2019-06-05more like thismore than 2019-06-05
star this property answering body
Department for Business, Energy and Industrial Strategy more like this
star this property answering dept id 201 more like this
unstar this property answering dept short name Business, Energy and Industrial Strategy more like this
star this property answering dept sort name Business, Energy and Industrial Strategy remove filter
star this property hansard heading British Steel: Insolvency more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government when they estimate they will cease to provide financial support to British Steel; whether a specific event will trigger the end of that support; and whether that support will terminate when the Official Receiver has completed their work. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL16110 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-06-19more like thismore than 2019-06-19
unstar this property answer text <p>The immediate priority following the Official Receiver’s appointment as liquidator of British Steel Limited was to continue the safe operation of the sites while options are considered. To enable this, the Government has provided an indemnity to the Official Receiver, who is now responsible for the operations.</p><p> </p><p>The Official Receiver is currently overseeing a sales process as they seek to sell the business. Trading will continue whilst a buyer is sought.</p><p> </p> more like this
star this property answering member printed Lord Henley more like this
star this property question first answered
less than 2019-06-19T11:33:12.963Zmore like thismore than 2019-06-19T11:33:12.963Z
star this property answering member
2616
star this property label Biography information for Lord Henley more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners more like this
1130251
star this property registered interest false more like this
star this property date less than 2019-06-05more like thismore than 2019-06-05
star this property answering body
Department for Business, Energy and Industrial Strategy more like this
star this property answering dept id 201 more like this
unstar this property answering dept short name Business, Energy and Industrial Strategy more like this
star this property answering dept sort name Business, Energy and Industrial Strategy remove filter
star this property hansard heading British Steel: Insolvency more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether they plan to take any action to persuade Greybull Capital and its associates to contribute any gains made from its (1) investment in, and (2) loans to, British Steel towards reducing (a) the deficit of the British Steel Pension Scheme, and (b) the impact of British Steel's collapse on past and present employees. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL16112 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-06-19more like thismore than 2019-06-19
unstar this property answer text <p>The Official Receiver was appointed liquidator of British Steel Limited. In his role as liquidator, the Official Receiver is under a statutory duty to investigate the cause of failure of the company and generally its business, dealings and affairs and has wide-ranging powers to obtain information, material, and explanations.</p><p> </p><p>My rt. hon. Friend the Secretary of State wrote to the Insolvency Service on 22 May requesting that the Official Receiver’s investigation not only looks at the conduct of the directors immediately prior to and at insolvency, but also at the investments made in the company, value transferred out of the company and whether any action by directors has caused detriment to creditors or to the pension schemes.</p><p> </p> more like this
star this property answering member printed Lord Henley more like this
star this property question first answered
less than 2019-06-19T11:33:53.217Zmore like thismore than 2019-06-19T11:33:53.217Z
star this property answering member
2616
star this property label Biography information for Lord Henley more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners more like this
1130842
star this property registered interest false more like this
star this property date less than 2019-06-10more like thismore than 2019-06-10
star this property answering body
Department for Business, Energy and Industrial Strategy more like this
star this property answering dept id 201 more like this
unstar this property answering dept short name Business, Energy and Industrial Strategy more like this
star this property answering dept sort name Business, Energy and Industrial Strategy remove filter
star this property hansard heading Takeovers: Conflict of Interests more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 20 May (HL15640), whether they have reviewed the decision-making processes in investment institutions which hold equity investments in both the offeror and the offeree in a takeover situation but on behalf of different clients and where a particular outcome might favour one group of clients over another . more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL16209 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-06-19more like thismore than 2019-06-19
unstar this property answer text <p>Asset managers act as agents of investors in their funds. They are required to manage their funds in the best interests of all of their fund investors and to appropriately avoid, manage and disclose conflicts of interests that could, and do arise between different investor groups. This is a requirement of Markets in Financial Instruments Directive II (MiFID II).</p><p> </p><p>Asset managers should have policies, procedures and governance in place to effectively manage any conflicts arising from their stewardship obligations.</p><p> </p><p>The FCA has recently published a Policy Statement (PS 19/13) ‘Proposals to promote shareholder engagement: Feedback to CP 19/7 and final rules.’ This sets out final rules to implement requirements of the Revised Shareholder Rights Directive (SRD II). SRD II introduced new requirements to improve shareholder engagement and increase transparency around stewardship. The rules came into effect on 10 June 2019 requiring asset managers to disclose and make publicly available their policies on how they engage with the companies they invest in. They also require asset managers to provide certain information to institutional investors, including occupational pension schemes. The new rules are designed to foster stewardship, and better stewardship should lead to better decision making in relation to mergers and acquisitions.</p>
star this property answering member printed Lord Henley more like this
star this property question first answered
less than 2019-06-19T16:42:37.67Zmore like thismore than 2019-06-19T16:42:37.67Z
star this property answering member
2616
star this property label Biography information for Lord Henley more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners more like this
1130858
star this property registered interest false more like this
star this property date less than 2019-06-10more like thismore than 2019-06-10
star this property answering body
Department for Business, Energy and Industrial Strategy more like this
star this property answering dept id 201 more like this
unstar this property answering dept short name Business, Energy and Industrial Strategy more like this
star this property answering dept sort name Business, Energy and Industrial Strategy remove filter
star this property hansard heading Motor Vehicles: Manufacturing Industries more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what steps they are taking to increase productivity in the UK automotive sector. more like this
star this property tabling member printed
Lord Taylor of Warwick more like this
star this property uin HL16225 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-06-24more like thismore than 2019-06-24
unstar this property answer text <p>The UK already has one of the most productive automotive sectors in the world. In 2018 productivity levels in the sector were at £100,600/employee, a real term increase of 4.6% over 2017, and 42% higher than overall UK manufacturing productivity. The Government has a long-standing programme of support to maintain the productivity and competitiveness of the UK automotive sector. Through our Industrial Strategy and landmark Automotive Sector Deal, we are placing the UK at the forefront of new automotive technology development.</p><p> </p><p>The Sector Deal includes £32 million of joint funding for an industry-led supply chain competitiveness programme to help improve productivity in the UK supply chain and assure international competitiveness.</p><p> </p><p>We are determined to ensure that the UK continues to be one of the most competitive locations in the world for the automotive sector. BEIS Ministers and officials regularly engage with the automotive industry, including bilaterals with manufacturers, interactions via trade associations, and through the Department’s participation in the Automotive Council.</p>
star this property answering member printed Lord Henley more like this
star this property question first answered
less than 2019-06-24T11:35:25.443Zmore like thismore than 2019-06-24T11:35:25.443Z
star this property answering member
2616
star this property label Biography information for Lord Henley more like this
star this property tabling member
1796
unstar this property label Biography information for Lord Taylor of Warwick more like this
1131469
star this property registered interest false more like this
star this property date less than 2019-06-11more like thismore than 2019-06-11
star this property answering body
Department for Business, Energy and Industrial Strategy more like this
star this property answering dept id 201 more like this
unstar this property answering dept short name Business, Energy and Industrial Strategy more like this
star this property answering dept sort name Business, Energy and Industrial Strategy remove filter
star this property hansard heading Public Houses: Codes of Practice more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government, further to their invitation to contribute views and evidence to the statutory review on the Pubs Code and Pubs Code Adjudicator, published on 30 April, what additional activity, meetings and investigations they are undertaking as part of that review. more like this
star this property tabling member printed
Lord Mendelsohn more like this
star this property uin HL16263 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-06-18more like thismore than 2019-06-18
unstar this property answer text <p>In addition to responses to the invitation to contribute views, the review will be informed by the sources of evidence listed in its published Terms of Reference and by ongoing engagement with a broad range of stakeholders.</p> more like this
star this property answering member printed Lord Henley more like this
star this property question first answered
less than 2019-06-18T16:26:01.127Zmore like thismore than 2019-06-18T16:26:01.127Z
star this property answering member
2616
star this property label Biography information for Lord Henley more like this
star this property tabling member
4286
unstar this property label Biography information for Lord Mendelsohn more like this
1131470
star this property registered interest false more like this
star this property date less than 2019-06-11more like thismore than 2019-06-11
star this property answering body
Department for Business, Energy and Industrial Strategy more like this
star this property answering dept id 201 more like this
unstar this property answering dept short name Business, Energy and Industrial Strategy more like this
star this property answering dept sort name Business, Energy and Industrial Strategy remove filter
star this property hansard heading Business: Billing more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government when they will publish their response to Creating a responsible payment culture: a call for evidence on tackling late payment, which closed 29 November 2018; and why it has not yet been published when Cabinet Office Government Consultation Principles state that responses to consultations should be published within 12 weeks of the consultation closing. more like this
star this property tabling member printed
Lord Mendelsohn more like this
star this property uin HL16264 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-06-25more like thismore than 2019-06-25
unstar this property answer text <p>The Creating a Responsible Payment Culture Call for Evidence received nearly 300 responses from a wide range of businesses, trade associations and individuals. This is the highest number of responses to a public consultation on this issue.</p><p> </p><p>It is important that have given those representations the consideration they deserve and use them to inform the action we will take on this important issue.</p><p> </p><p>The Government Response will be published shortly.</p> more like this
star this property answering member printed Lord Henley more like this
star this property question first answered
less than 2019-06-25T13:04:09.157Zmore like thismore than 2019-06-25T13:04:09.157Z
star this property answering member
2616
star this property label Biography information for Lord Henley more like this
star this property tabling member
4286
unstar this property label Biography information for Lord Mendelsohn more like this
1131473
star this property registered interest false more like this
star this property date less than 2019-06-11more like thismore than 2019-06-11
star this property answering body
Department for Business, Energy and Industrial Strategy more like this
star this property answering dept id 201 more like this
unstar this property answering dept short name Business, Energy and Industrial Strategy more like this
star this property answering dept sort name Business, Energy and Industrial Strategy remove filter
star this property hansard heading Greenhouse Gas Emissions more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 16 April (HL15075), what proportion of their £8.6 million Greenhouse Gas Removal research programme with UK Research and Innovation is targeted at the removal of greenhouses gasses other than carbon dioxide. more like this
star this property tabling member printed
Lord Mendelsohn more like this
star this property uin HL16267 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-06-25more like thismore than 2019-06-25
unstar this property answer text <p>This information is publicly available on the Natural Environment Research Council website, from which the full list of projects funded by the Greenhouse Gas Removal research programme is provided in the attached document. One of the 13 projects is targeted at gasses other than carbon dioxide, specifically on new methodologies for removal of methane from the atmosphere. This project is receiving £223,782 in funding, or 3% of the programme total.</p> more like this
star this property answering member printed Lord Henley more like this
star this property question first answered
less than 2019-06-25T13:05:01.273Zmore like thismore than 2019-06-25T13:05:01.273Z
star this property answering member
2616
star this property label Biography information for Lord Henley more like this
star this property attachment
1
star this property file name GGR programme project list.pdf more like this
star this property title Projects funded by the GGR research programme more like this
star this property tabling member
4286
unstar this property label Biography information for Lord Mendelsohn more like this
1131475
star this property registered interest false more like this
star this property date less than 2019-06-11more like thismore than 2019-06-11
star this property answering body
Department for Business, Energy and Industrial Strategy more like this
star this property answering dept id 201 more like this
unstar this property answering dept short name Business, Energy and Industrial Strategy more like this
star this property answering dept sort name Business, Energy and Industrial Strategy remove filter
star this property hansard heading British Steel: Loans more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 22 May (HL15809), whether the review and assessment process followed by the British Business Bank also applied to the process supporting their grant of a £120 million loan to British Steel; and whether that process included a review of the (1) capital structure, (2) tax planning, and (3) managerial record, of Greybull Capital and its associates. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL16269 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-06-20more like thismore than 2019-06-20
unstar this property answer text <p>The British Business Bank was not involved.</p> more like this
star this property answering member printed Lord Henley more like this
star this property question first answered
less than 2019-06-20T11:30:04.133Zmore like thismore than 2019-06-20T11:30:04.133Z
star this property answering member
2616
star this property label Biography information for Lord Henley more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners more like this
1131479
star this property registered interest false more like this
star this property date less than 2019-06-11more like thismore than 2019-06-11
star this property answering body
Department for Business, Energy and Industrial Strategy more like this
star this property answering dept id 201 more like this
unstar this property answering dept short name Business, Energy and Industrial Strategy more like this
star this property answering dept sort name Business, Energy and Industrial Strategy remove filter
star this property hansard heading British Steel: Loans more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 6 June (HL15957), whether the placement of British Steel in receivership on 25 May (1) disqualifies that company from receiving, or (2) places it at risk of not receiving, 2019 carbon credits; if so, what are the implications for the £120 million loan they made to British Steel; and whether they will now answer the original question put, namely, whether that loan was guaranteed by Greybull Capital or related parties. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL16273 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-06-20more like thismore than 2019-06-20
unstar this property answer text <p>The Deed of Forfeiture bridge facility agreed between Government and British Steel Limited provides legal protections to give Government control of 2019 EU ETS allowances, even under the scenario of insolvency.</p><p> </p><p>Under the Deed of Forfeiture agreed between the company and British Steel Limited, the company’s 2019 allowances will be assigned to the Government once issued, and the proceeds from selling these is expected to cover the costs of purchasing the allowances. Greybull are not party to this Deed of Forfeiture, and as a result of the liquidation, day-to-day control has passed to the liquidator of British Steel Limited.</p><p> </p><p>The terms of the commercial agreement between Government and British Steel are set out in letters from the Permanent Secretary of the Department for Business, Energy and Industrial Strategy to the Chair of the Public Accounts Committee and the Comptroller &amp; Auditor General, copies of which have been placed in the Libraries of both Houses.</p>
star this property answering member printed Lord Henley more like this
star this property question first answered
less than 2019-06-20T11:29:54.117Zmore like thismore than 2019-06-20T11:29:54.117Z
star this property answering member
2616
star this property label Biography information for Lord Henley more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners more like this