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651827

registered interest
date	05/12/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Debts
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what plans they have to address the level of household debt, the rate at which it is increasing, and the multiple it represents of annual household income.
tabling member printed	Lord Myners
uin	HL3809
answer	answer is ministerial correction date of answer 12/12/2016 answer text <p>In Q2 2016 household debt relative to income fell to 142%, down from its peak of 160 percent in Q1 2008. Unsecured debt as a proportion of household income was 39 per cent in Q2 2016, down from a peak of 44 percent in Q1 2007. The government recognises that there is more to be done to help those in problem debt. The Money Advice Service (MAS), an arms-length body of the Treasury coordinates the provision of publicly-funded free to client debt advice. In 2015-2016 MAS had a £75m budget and in that financial year made 300,000 money guidance sessions and 380,000 debt advice sessions available to consumers<strong>. </strong>In October 2016 the government announced plans to bring publicly-funded debt advice, money guidance, and pensions guidance together in a single guidance body, responsible for providing impartial, free-to-client guidance and for promoting financial capability.</p><p> </p><p>Additionally, we have created the independent Financial Policy Committee within the Bank of England, to ensure emerging risks and vulnerabilities across the financial system as a whole, including in relation to household debt, are identified, monitored and effectively addressed.</p> answering member printed Lord Young of Cookham question first answered 12/12/2016 15:11:50 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

651830

registered interest
date	05/12/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Mortgages
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they have any plans to regulate further the granting of residential mortgages at high multiples of income.
tabling member printed	Lord Myners
uin	HL3812
answer	answer is ministerial correction date of answer 19/12/2016 answer text <p>The Government has no plans to regulate mortgages at high multiples of income.</p><p> </p><p>The Government has granted the Financial Policy Committee (FPC) powers of direction with regard to owner-occupied mortgages. The Government recently brought forward secondary legislation to grant the FPC powers of direction with regard to buy to let mortgages as well. This instrument has been debated and approved in this House and the other place.</p><p> </p><p>The FPC is a policy committee of the independent Bank of England. It is for the Committee to decide if, when and how to use its powers.</p><p> </p> answering member printed Lord Young of Cookham question first answered 19/12/2016 15:43:31 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

627552

registered interest
date	02/11/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Economic Situation: Forecasts
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government, further to the Written Answer by Lord Young of Cookham on 25 October (HL2429) about economic forecasting, whether they will now answer the question asked.
tabling member printed	Lord Myners
uin	HL2928
answer	answer is ministerial correction date of answer 14/11/2016 answer text <p>HM Treasury does not produce economic forecasts. As such, there are no forecasts on which to evaluate performance.</p> answering member printed Lord Young of Cookham question first answered 14/11/2016 11:33:00 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

627553

registered interest
date	02/11/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	London Stock Exchange: Deutsche Borse
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 importance of the merger of the London Stock Exchange and the Deutsche Börse being effected through a holding company incorporated and headquartered in the UK.
tabling member printed	Lord Myners
uin	HL2929
answer	answer is ministerial correction date of answer 10/11/2016 answer text <p>I refer the noble Lord to the reply of 26 April, provided by Lord O'Neill of Gatley. Further information about the group’s proposed structure, and the merger process in general, is available on the LSE Group investor relations website.</p><p> </p><p>In addition, once formally notified of the proposed merger, the Bank of England and the Financial Conduct Authority must assess the proposal from a regulatory standpoint.</p> answering member printed Lord Young of Cookham question first answered 10/11/2016 12:25:22 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

626828

registered interest
date	01/11/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Markets
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what directions they have issued to the Financial Conduct Authority's members on the European Securities and Markets Authority concerning representations they should make on the location of central clearing houses and the protocols for offsetting collateral, and how this work is being co-ordinated with the UK’s overall negotiating strategy with the EU.
tabling member printed	Lord Myners
uin	HL2906
answer	answer is ministerial correction date of answer 08/11/2016 answer text <p>The ability to clear financial instruments denominated in different currencies in the same UK clearing house (CCP) brings considerable efficiency savings to customers. UK CCPs are supervised to the highest global standards by the Bank of England and the Government will continue to ensure the UK’s financial industry remains a world leader.</p> answering member printed Lord Young of Cookham question first answered 08/11/2016 15:56:03 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

622475

registered interest
date	27/10/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Private Equity
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they intend to review the tax benefits extended to private equity partners by the application of a special rate to carried interest income.
tabling member printed	Lord Myners
uin	HL2796
answer	answer is ministerial correction date of answer 10/11/2016 answer text <p>The Government has taken decisive steps to ensure that asset managers pay their fair share of tax. In Summer Budget 2015, the Government closed loopholes to ensure that asset managers pay the right amount of Capital Gains Tax on their carried interest.</p><p> </p><p>Legislation in the Finance Act 2016 ensures that this carried interest remains subject to a Capital Gains Tax rate of 28% for higher and additional rate tax payers, despite the cut in the main rate of Capital Gains Tax to 20%.</p><p> </p><p>In addition, legislation in the Finance Act 2016 ensures that asset managers engaged in short-term trading activity are subject to income tax on the carried interest they receive, rather than Capital Gains Tax.</p> answering member printed Lord Young of Cookham question first answered 10/11/2016 12:24:20 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

605509

registered interest
date	18/10/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Economic Situation: Forecasts
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they (1) have confidence in the economic forecasting capability of HM Treasury, (2) have evaluated the performance of HM Treasury forecasters, and (3) have considered the case for outsourcing some or all of HM Treasury's forecasting functions to another organisation.
tabling member printed	Lord Myners
uin	HL2429
answer	answer is ministerial correction date of answer 25/10/2016 answer text <p>The independent Office for Budget Responsibility (OBR) is responsible for producing forecasts for the UK economy and public finances. It publishes regular Forecast Evaluation Reports (FERs) in which it compares its forecasts to subsequent outturns and explains any forecast errors.</p> answering member printed Lord Young of Cookham question first answered 25/10/2016 16:17:53 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

603970

registered interest
date	17/10/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Inflation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they will explain the basis on which the inflation target for the Bank of England’s Monetary Policy Committee is set; and the circumstances in which that figure would be raised above two per cent.
tabling member printed	Lord Myners
uin	HL2366
answer	answer is ministerial correction date of answer 31/10/2016 answer text <p>A comprehensive Review of the Monetary Policy Framework was published in 2013. The current remit for the Monetary Policy Committee reflects the assessment set out in the 2013 Review, which includes retaining a flexible inflation targeting framework, with a 2 per cent symmetric inflation target. The remit also states that the MPC may allow inflation to deviate from this target temporarily in order not to cause undesirable volatility in output due to the short-term trade-offs involved.</p><p> </p> answering member printed Lord Young of Cookham question first answered 31/10/2016 15:30:20 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

592909

registered interest
date	03/10/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Monetary Policy
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they will review the impact of quantitative easing on investment and on savings to determine whether it is of greater benefit to one or the other.
tabling member printed	Lord Myners
uin	HL2035
answer	answer is ministerial correction date of answer 17/10/2016 answer text <p>The independent Monetary Policy Committee (MPC) is responsible for setting monetary policy to deliver its primary objective of maintaining price stability. As the MPC remit makes clear, ensuring price stability is an essential pre-requisite for economic prosperity. The MPC is accountable to both Parliament and the public, through regular reports and evidence given to the Treasury Committee. The Bank of England has previously produced analysis of the distributional effects of asset purchases on different groups in society. At the August Inflation Report hearing on 7 September the Bank committed to updating this analysis.</p> answering member printed Lord Young of Cookham question first answered 17/10/2016 14:27:01 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

592910

registered interest
date	03/10/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services: Marketing
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what plans they have to restrict the advertising and promotion of primary option trading and investment to retail investors in the UK by firms based in Cyprus and Malta.
tabling member printed	Lord Myners
uin	HL2036
answer	answer is ministerial correction date of answer 17/10/2016 answer text <p>The government takes this issue very seriously.</p><p> </p><p>The government will introduce measures to strengthen investor protection when it transposes the Markets in Financial Instruments Directive II (MiFID II).</p><p> </p><p>This will include powers for the Financial Conduct Authority (FCA) to prohibit or restrict the marketing, distribution or sale of financial instruments, including relevant binary options where there are significant investor protection concerns.</p><p> </p><p>These powers will apply from 3 January 2018.</p> answering member printed Lord Young of Cookham question first answered 17/10/2016 12:36:00 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners