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1175177

	registered interest
	date	21/01/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	World Economic Forum
	house id	2
	legislature	25277 pref label House of Lords
	question text	Her Majesty's Government how many Ministers or officials will be attending the 2020 World Economic Forum in Davos.
	tabling member printed	Lord Kennedy of Southwark
	uin	HL640
	answer	answer is ministerial correction date of answer 04/02/2020 answer text <p>The 2020 Annual Meetings of the World Economic Forum took place from 21-24 January in Davos.</p><p> </p><p>The Rt Hon Sajid Javid MP, Chancellor of the Exchequer, was the only Minister to attend this year. The Chancellor was accompanied by two Special Advisers and two officials.</p><p> </p><p>Sir Edward Lister, Prime Minister’s Chief Strategic Adviser and Antonia Romeo, the Permanent Secretary at the Department for International Trade, were also in attendance.</p> answering member printed The Earl of Courtown question first answered 04/02/2020 14:01:12 answering member 3359 label Biography information for The Earl of Courtown
	tabling member	4153 label Biography information for Lord Kennedy of Southwark

1199448

	registered interest
	date	02/06/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Economic Situation
	house id	2
	legislature	25277 pref label House of Lords
	question text	Her Majesty's Government what assessment they have made of the combined economic cost to the UK of Brexit and COVID-19.
	tabling member printed	Lord Truscott
	uin	HL5134
	answer	answer is ministerial correction date of answer 15/06/2020 answer text <p>HM Treasury does not produce forecasts of the economy or public finances.</p><p> </p><p>The Office for Budget Responsibility (OBR) is responsible for producing forecasts of the economy and public finances. Their forecasts incorporate their assessment of the economic and fiscal impact of EU exit.</p><p> </p><p>On 14 April the OBR published a reference scenario assessing the potential impact of coronavirus. In this scenario GDP is assumed to fall by 35 per cent in the second quarter of 2020 before recovering in subsequent quarters. The OBR note that the Government’s policy response should help limit the long-term damage to the economy and public finances.</p><p> </p><p>The economic impact of our relationship with the EU is subject to thriving public debate amongst analysts. The specifics of EU exit depend on the outcome of detailed negotiations. We will continue to keep Parliament informed with appropriate analysis at appropriate times in a way that does not impede our ability to strike the best deal for the UK.</p><p> </p> answering member printed Lord Agnew of Oulton question first answered 15/06/2020 13:08:23 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	3682 label Biography information for Lord Truscott

1199438

	registered interest
	date	02/06/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Economic Situation: Isles of Scilly
	house id	2
	legislature	25277 pref label House of Lords
	question text	Her Majesty's Government what assessment they have made of the economic resilience of the Isles of Scilly.
	tabling member printed	Lord Patten
	uin	HL5060
	answer	answer is ministerial correction date of answer 15/06/2020 answer text <p>We recognise that every region and community, including the Isles of Scilly, will be feeling the impacts of this crisis and we are working to monitor the impact of Covid-19 on local communities across the United Kingdom.</p><p>The Government has provided an unprecedented national package of support; supporting businesses, protecting jobs, and providing our public services with the resources they need to cope with the current economic emergency. These measures are helping the most vulnerable people and business across all parts of the country.</p><p>We are working closely with local areas to make sure that individuals and businesses in all regions are directed to the right support during this difficult period.</p> answering member printed Lord Agnew of Oulton question first answered 15/06/2020 13:10:02 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	1137 label Biography information for Lord Patten

1199332

	registered interest
	date	02/06/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Economic Situation: Coronavirus
	house id	2
	legislature	25277 pref label House of Lords
	question text	Her Majesty's Government what estimate they have made of the impact of a decrease in GDP as a result of the COVID-19 pandemic on (1) legislative, and (2) manifesto, commitments for expenditure as a percentage of GDP.
	tabling member printed	Lord Moonie
	uin	HL5048
	answer	answer is ministerial correction date of answer 12/06/2020 answer text <p>The UK’s fiscal council, the Office of Budget Responsibility, makes forecasts for GDP. They have published a coronavirus reference scenario, which they continue to develop and update, which can be found on the Office for Budget Responsibility’s website. In their public commentary the Office for Budget Responsibility have said that the fiscal and monetary support measures of the UK authorities “help to limit the adverse impact on potential output and thus future GDP once the crisis has passed”.</p><p> </p><p>The government will take stock of the impact of the covid-19 public health and economic emergency on the forecast for the economy and public finances through the Budget process. Further details of spending plans will be set out in due course, including through a Spending Review later this year.</p> answering member printed Lord Agnew of Oulton question first answered 12/06/2020 13:57:37 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	621 label Biography information for Lord Moonie

1175129

	registered interest
	date	20/01/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Foreign Exchange
	house id	2
	legislature	25277 pref label House of Lords
	question text	Her Majesty's Government what plans they have to ensure that (1) the precise spot rate, and (2) the commission charged, are identified for all consumer foreign currency transactions at the moment of the transaction post-Brexit.
	tabling member printed	Lord Birt
	uin	HL543
	answer	answer is ministerial correction date of answer 03/02/2020 answer text <p>Under the Payment Services Regulations 2017, where a currency conversion service is offered before the initiation of the payment transaction, the party offering the currency conversion service must disclose to the payer all charges as well as the exchange rate to be used for converting the payment transaction. This will not change after the UK leaves the EU.</p><p> </p><p>From April 2020, the EU’s Cross Border Payments Regulation, known as CBPR2, will require greater transparency on currency conversion charges and exchange rates when making payments, either at a point of sale or an ATM.</p><p> </p><p>After 31 January, the UK and EU will enter an implementation period, during which EU laws that currently apply, or will start to apply during the implementation period, will apply to the UK.</p><p> </p><p>Under the terms of section 8 of the EU Withdrawal Act 2018 (and as further amended by the EU Withdrawal Agreement Act 2020) the Government has the power to fix deficiencies in EU legislation retained following the Implementation Period.</p> answering member printed The Earl of Courtown question first answered 03/02/2020 16:38:59 answering member 3359 label Biography information for The Earl of Courtown
	tabling member	2533 label Biography information for Lord Birt

1175232

	registered interest
	date	22/01/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Housing: Taxation
	house id	2
	legislature	25277 pref label House of Lords
	question text	Her Majesty's Government what plans they have to introduce new tax incentives in their next budget to support the UK housing market.
	tabling member printed	Baroness Mone
	uin	HL707
	answer	answer is ministerial correction date of answer 05/02/2020 answer text <p>The Government has already made substantial reforms to the taxation of housing. At Autumn Statement 2014 the Government reformed SDLT on residential properties, cutting the tax for 98 per cent of buyers who pay it, unless they are purchasing additional property. At Autumn Budget 2017 the Government went further and introduced an SDLT first-time buyer relief that means that 80 per cent of first-time buyers will not pay SDLT, and 95 per cent of first-time buyers who pay SDLT will benefit from the change.</p><p> </p><p>At the last election the Government committed to introduce an SDLT surcharge on non-UK residents purchasing residential property in England and Northern Ireland. This aims to help control house price inflation and the money raised will be used to tackle rough sleeping.</p><p> </p><p>The Government will announce further updates on all tax measures at the Budget, to be held on 11 March.</p> answering member printed The Earl of Courtown grouped question UIN HL709 question first answered 05/02/2020 17:32:33 answering member 3359 label Biography information for The Earl of Courtown
	tabling member	4544 label Biography information for Baroness Mone

1175235

	registered interest
	date	22/01/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Housing: Taxation
	house id	2
	legislature	25277 pref label House of Lords
	question text	Her Majesty's Government what plans they have to reform (1) tax relating to the housing market, and (2) stamp duty, following Brexit.
	tabling member printed	Baroness Mone
	uin	HL709
	answer	answer is ministerial correction date of answer 05/02/2020 answer text <p>The Government has already made substantial reforms to the taxation of housing. At Autumn Statement 2014 the Government reformed SDLT on residential properties, cutting the tax for 98 per cent of buyers who pay it, unless they are purchasing additional property. At Autumn Budget 2017 the Government went further and introduced an SDLT first-time buyer relief that means that 80 per cent of first-time buyers will not pay SDLT, and 95 per cent of first-time buyers who pay SDLT will benefit from the change.</p><p> </p><p>At the last election the Government committed to introduce an SDLT surcharge on non-UK residents purchasing residential property in England and Northern Ireland. This aims to help control house price inflation and the money raised will be used to tackle rough sleeping.</p><p> </p><p>The Government will announce further updates on all tax measures at the Budget, to be held on 11 March.</p> answering member printed The Earl of Courtown grouped question UIN HL707 question first answered 05/02/2020 17:32:33 answering member 3359 label Biography information for The Earl of Courtown
	tabling member	4544 label Biography information for Baroness Mone

1175335

	registered interest
	date	27/01/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services
	house id	2
	legislature	25277 pref label House of Lords
	question text	Her Majesty's Government what plans they have to review the effectiveness of authorised corporate directors of open-ended investment funds in providing investor protection.
	tabling member printed	Lord Myners
	uin	HL803
	answer	answer is ministerial correction date of answer 10/02/2020 answer text <p>The government is committed to ensuring that the UK has a robust framework for financial regulation and that consumers are treated fairly. The FCA is responsible for overseeing the conduct standards of financial services firms. <br> <br> ‘Host’ Authorised Corporate Directors (ACDs) are Authorised Fund Managers which are not within the group structure of the delegate investment manager. The FCA is currently reviewing how effectively ‘host’ ACDs undertake their responsibilities. The FCA expects to complete this work in the first half of 2020.</p><p> </p> answering member printed The Earl of Courtown question first answered 10/02/2020 15:40:57 answering member 3359 label Biography information for The Earl of Courtown
	tabling member	3869 label Biography information for Lord Myners

1175344

	registered interest
	date	27/01/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Greater London
	house id	2
	legislature	25277 pref label House of Lords
	question text	Her Majesty's Government what plans they have, if any, to ensure that London is the top global financial centre after the UK has left the EU.
	tabling member printed	Lord Taylor of Warwick
	uin	HL814
	answer	answer is ministerial correction date of answer 10/02/2020 answer text <p>The government is committed to the long-term success of the UK as a global centre for financial services. As we leave the EU, we will make the most of the opportunities to build on the UK financial services sector’s strengths of innovation, resilience, and openness, ensuring that it delivers prosperity to every region and nation in the UK.</p><p> </p><p>We are seeking to agree a deal with the EU that keeps us as the financial hub for Europe, securing market access where our markets are most integrated through EU equivalence decisions and stabilising these decisions through a Free Trade Agreement.</p><p> </p><p>The sector’s long-term success will be driven by the markets of the future, such as fintech and green finance, and we will continue to work with industry through initiatives such as the Green Finance Institute to cement the UK’s world-leading position. To ensure the sector has the long-term skills to underpin its global competitiveness, we will work closely with the sector and the new Skills Commission, proposed by the Financial Services Skills Task Force, to drive collective progress on this important issue.</p> answering member printed The Earl of Courtown question first answered 10/02/2020 15:42:33 answering member 3359 label Biography information for The Earl of Courtown
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1175339

	registered interest
	date	27/01/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Tourism: VAT
	house id	2
	legislature	25277 pref label House of Lords
	question text	Her Majesty's Government what representations they have received about the case for reducing VAT applicable to the UK tourism industry.
	tabling member printed	Baroness Ritchie of Downpatrick
	uin	HL808
	answer	answer is ministerial correction date of answer 10/02/2020 answer text At Spring Statement 2018, the Government launched a call for evidence on the impact of VAT and APD on tourism in NI, which also considered UK-wide changes. The Government received over 80 individual responses to this call for evidence from a wide range of stakeholders, including trade organisations, public sector bodies, campaign groups and wider industry. The response to the call for evidence was published at Budget 2018. answering member printed The Earl of Courtown question first answered 10/02/2020 15:41:49 answering member 3359 label Biography information for The Earl of Courtown
	tabling member	4130 label Biography information for Baroness Ritchie of Downpatrick