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1694269

	registered interest
	date	06/03/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Expenditure: Scotland
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, with reference to the Spring Budget 2024, HC 560, if he will publish a detailed breakdown of the Barnett consequential for Scotland.
	tabling member constituency	Edinburgh South
	tabling member printed	Ian Murray
	uin	17371
	answer	answer is ministerial correction date of answer 12/03/2024 answer text <p>As a result of decisions at Spring Budget, the Scottish Government are now receiving around £295 million in additional funding in 2024-25 through the Barnett formula. It is for the Scottish Government to allocate their resources in devolved areas as they see fit.</p> answering member constituency Sevenoaks answering member printed Laura Trott question first answered 12/03/2024 16:44:15 answering member 4780 label Biography information for Laura Trott
	tabling member	3966 label Biography information for Ian Murray

63994

	registered interest
	date	25/06/2014
	answering body	Department for Business, Innovation and Skills
	answering dept id	26
	answering dept short name	Business, Innovation and Skills
	answering dept sort name	Business, Innovation and Skills
	hansard heading	Transatlantic Trade and Investment Partnership
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Business, Innovation and Skills, what assessment he has made of the potential effect of the Investor-State Dispute Settlement regulations on UK public services and businesses as a result of the Transatlantic Trade and Investment Partnership; and what UK Government policy is towards such regulations in international investment agreements.
	tabling member constituency	Edinburgh South
	tabling member printed	Ian Murray
	uin	202532
	answer	answer is ministerial correction date of answer 01/07/2014 answer text <p> </p><p>The Department for Business, Innovation and Skills has commissioned research into Investor State Dispute Clauses (ISDS), reviewed academic research, consulted external experts and carried out its own internal analysis on investment provisions. The UK currently has over 90 investment protection agreements with other countries. There has been no successful action against the UK in respect of any of these agreements. ISDS provisions in investment and trade treaties can help to create a positive investment climate. The ISDS provisions in the Transatlantic Trade and Investment Partnership are still under negotiation. We believe these provisions must strike the right balance between protecting investors and the host nation's right to regulate and determine policy and also provide transparency of process. A balanced ISDS clause in TTIP could act as a model for future trade and investment agreements.</p><p> </p><p> </p><p> </p> answering member constituency Sevenoaks answering member printed Michael Fallon question first answered 01/07/2014 14:24:27 answering member 88 label Biography information for Sir Michael Fallon previous answer version 7116 answering member constituency Sevenoaks answering member printed Michael Fallon answering member 88 label Biography information for Sir Michael Fallon
	tabling member	3966 label Biography information for Ian Murray

62830

	registered interest
	date	19/06/2014
	answering body	Department for Business, Innovation and Skills
	answering dept id	26
	answering dept short name	Business, Innovation and Skills
	answering dept sort name	Business, Innovation and Skills
	hansard heading	EU External Trade: Kenya
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Business, Innovation and Skills, what assessment he has made of the potential effects on access of Kenyan products to the UK of (a) ratification and (b) non-ratification by the East African Region of an interim economic partnership agreement with the EU.
	tabling member constituency	Edinburgh South
	tabling member printed	Ian Murray
	uin	201546
	answer	answer is ministerial correction date of answer 26/06/2014 answer text <p>Ratification of either an interim or comprehensive Economic Partnership Agreement (EPA) would mean the European Commission undertakes procedures allowing Kenya to receive duty-free, quota-free access on its exports to the EU. Non-ratification of an EPA would mean that some Kenyan products would face tariffs when exported to the EU from 1 October 2014. Between 2008 and 2012, Kenyan exports to the UK had an average annual value of $520 million. Without an EPA, BIS officials have estimated that $300 million of Kenyan exports would remain duty-free. $220 million of Kenyan exports to the UK would face tariffs costing around $14 million per annum. These new charges would mostly affect exports of vegetables and cut flowers.</p><p>Negotiations of EPAs have been ongoing for the previous twelve years. UK Ministers are working closely with partners in Europe and East Africa to encourage urgent ratification of a development friendly agreement.</p> answering member constituency Sevenoaks answering member printed Michael Fallon question first answered 26/06/2014 14:55:53 answering member 88 label Biography information for Sir Michael Fallon
	tabling member	3966 label Biography information for Ian Murray

62543

	registered interest
	date	18/06/2014
	answering body	Department for Business, Innovation and Skills
	answering dept id	26
	answering dept short name	Business, Innovation and Skills
	answering dept sort name	Business, Innovation and Skills
	hansard heading	Royal Mail
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Business, Innovation and Skills, with reference to the Answer of 1 May 2014, Official Report, column 782W, on Royal Mail, what link was established in the engagement letter between the payment of the discretionary fee and the ending of the stabilisation period; and what targets or deadlines were set in the letter.
	tabling member constituency	Edinburgh South
	tabling member printed	Ian Murray
	uin	201166
	answer	answer is ministerial correction date of answer 24/06/2014 answer text <p> </p><p>The engagement letter between the Department for Business, Innovation and Skills and the syndicate of banks involved in the initial public offering indicated that the payment of the discretionary fee would be determined 10 days after the end of the stabilisation period and paid 5 days after that.</p><p> </p><p> </p><p> </p><p>As I said in my previous answer (1 May 2014, Official Report, column 782W), we informed the banks that a decision would not be taken in the timeframe set out in the engagement letter given the volatility of the Royal Mail share price after the IPO. The share price remains volatile.</p><p> </p><p> </p><p> </p><p>We have not set any timetable for the decision.</p><p> </p> answering member constituency Sevenoaks answering member printed Michael Fallon question first answered 24/06/2014 14:00:07 answering member 88 label Biography information for Sir Michael Fallon previous answer version 4736 answering member constituency Sevenoaks answering member printed Michael Fallon answering member 88 label Biography information for Sir Michael Fallon
	tabling member	3966 label Biography information for Ian Murray

48721

	registered interest
	date	28/04/2014
	answering body	Department for Business, Innovation and Skills
	answering dept id	26
	answering dept short name	Business, Innovation and Skills
	answering dept sort name	Business, Innovation and Skills
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Business, Innovation and Skills, when the stabilisation period in respect of the privatisation of Royal Mail, as detailed in the engagement letter between his Department and the underwriting banks, ends; and how that period has been defined.
	tabling member constituency	Edinburgh South
	tabling member printed	Ian Murray
	uin	196951
	answer	answer is ministerial correction date of answer 01/05/2014 answer text <p>The stabilisation period, also known as a &quot;greenshoe&quot; or &quot;over-allotment&quot; option, is a market-standard provision that allows the Initial Public Offering's (IPO) stabilisation manager to provide share price stabilisation (if required) for up to 30 days post-commencement of conditional dealings. In the case of the Royal Mail, the stabilisation manager was UBS and the stabilisation period ended on 8 November.</p><p> </p><p>In the engagement letter, the payment of the discretionary fee was linked to the ending of the stabilisation period. However, we informed the banks involved that a decision would not be taken in the timeframe set out in the engagement letter given the volatility of the Royal Mail share price after the IPO.</p><p> </p><p>We have not set a rigid timetable for the decision on the payment of the discretionary fee which remains unpaid.</p><p> </p> answering member constituency Sevenoaks answering member printed Michael Fallon question first answered 01/05/2014 12:00:00 answering member 88 label Biography information for Sir Michael Fallon
	tabling member	3966 label Biography information for Ian Murray

48722

	registered interest
	date	28/04/2014
	answering body	Department for Business, Innovation and Skills
	answering dept id	26
	answering dept short name	Business, Innovation and Skills
	answering dept sort name	Business, Innovation and Skills
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Business, Innovation and Skills, what the default rate has been on each of the Government's export guarantee funds since May 2010.
	tabling member constituency	Edinburgh South
	tabling member printed	Ian Murray
	uin	196948
	answer	answer is ministerial correction date of answer 06/05/2014 answer text <p>UK Export Finance (UKEF) supports UK exports, principally through the provision of guarantees to banks extending loans to overseas buyers and insurance to UK exporters against the risk of non-payment. From 1 May 2010 to 31 March 2014, the percentage of guarantees and insurance policies issued by UKEF that have subsequently defaulted resulting in a claim being paid, or where a claim is currently under examination, is 0.2%.</p><p> </p><p>Given the tenor of transactions that UKEF typically supports, which can be up to 15 years, an in-year default rate does not give a clear indicator of the performance of UKEF's portfolio. In accordance with the financial objectives and risk measures agreed with HM Treasury, UKEF measures the Expected Loss of its portfolio. Expected Loss is the statistical estimate of the amount of UKEF's contingent liability which could be expected to turn into claims that are irrecoverable. Full details of UKEF's performance and risk management can be found in its Annual Report and Account which is available in the libraries of the House.</p> answering member constituency Sevenoaks answering member printed Michael Fallon question first answered 06/05/2014 12:00:00 answering member 88 label Biography information for Sir Michael Fallon
	tabling member	3966 label Biography information for Ian Murray

48116

	registered interest
	date	10/04/2014
	answering body	Department for Business, Innovation and Skills
	answering dept id	26
	answering dept short name	Business, Innovation and Skills
	answering dept sort name	Business, Innovation and Skills
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Business, Innovation and Skills, who made the decisions and on what basis were the decisions made on how many shares would go to each priority investor, each institutional investor and each retail investor in respect of the privatisation of Royal Mail.
	tabling member constituency	Edinburgh South
	tabling member printed	Ian Murray
	uin	196282
	answer	answer is ministerial correction date of answer 28/04/2014 answer text <p>The Government set the overall allocation policy with the aim of getting the right balance between longer-term, stable investors, retail investors and shorter-term investors who provide liquidity in the market.</p><p> </p><p>Allocations were made to a number of institutions who in the early stages of engagement were willing to place non-binding orders despite the risks attached to the IPO such as the industrial relations situation. These investors gave us confidence that there was sufficient demand to proceed with the IPO.</p><p> </p><p>We had nearly three-quarters of a million retail applications so their allocations were scaled back as they were for institutional investors. Given this high demand, Ministers decided to prioritise smaller investors and put in place a cut-off above £10,000 and give everyone below that the same number of shares. Around 95% of retail investors were allocated shares.</p><p><strong> </strong></p><p><strong> </strong></p><p> </p> answering member constituency Sevenoaks answering member printed Michael Fallon question first answered 28/04/2014 12:00:00 answering member 88 label Biography information for Sir Michael Fallon
	tabling member	3966 label Biography information for Ian Murray

47118

	registered interest
	date	07/04/2014
	answering body	Department for Business, Innovation and Skills
	answering dept id	26
	answering dept short name	Business, Innovation and Skills
	answering dept sort name	Business, Innovation and Skills
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Business, Innovation and Skills, what category of investor Lansdowne Partners was with regard to the sale of Royal Mail.
	tabling member constituency	Edinburgh South
	tabling member printed	Ian Murray
	uin	195611
	answer	answer is ministerial correction date of answer 10/04/2014 answer text <p> </p><p>All investors in Royal Mail - whether individuals or institutions - have a reasonable expectation of privacy: therefore we have not disclosed the names of specific investors and their involvement in the IPO process.</p><p> </p> answering member constituency Sevenoaks answering member printed Michael Fallon question first answered 10/04/2014 12:00:00 answering member 88 label Biography information for Sir Michael Fallon
	tabling member	3966 label Biography information for Ian Murray