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1136436

registered interest
date	02/07/2019
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	To ask Her Majesty's Government what steps they are taking to invest in infrastructure projects in the UK financial services industry to help address climate change.
tabling member printed	Lord Taylor of Warwick
uin	HL16886
answer	answer is ministerial correction date of answer 09/07/2019 answer text <p>On 2<sup>nd</sup> July, the Government launched its Green Finance Strategy with the ambition to align private sector financial flows with clean, environmentally sustainable and resilient growth, and strengthen the competitiveness of our financial sector. The strategy outlines how we will drive the greening of the financial system and help mobilise private sector finance to meet our environmental objectives, including through infrastructure projects in the UK and overseas. We have also worked with the City of London to launch the Green Finance Institute on 2<sup>nd</sup> July.</p> answering member printed Lord Young of Cookham question first answered 09/07/2019 16:22:07 answering member 57 label Biography information for Lord Young of Cookham
tabling member	1796 label Biography information for Lord Taylor of Warwick

1135702

registered interest
date	01/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Freezing of Assets: Libya
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government how much revenue has been raised from frozen Libyan assets in London in each of the last five years for which figures are available.
tabling member printed	Lord Empey
uin	HL16795
answer	answer is ministerial correction date of answer 15/07/2019 answer text The Government’s response of 24 June to the Northern Ireland Affairs Committee report (into Government support for UK victims of IRA attacks that used Qadhafi-supplied Semtex and weapons) set out the information the Government had obtained about tax receipts on frozen Libyan assets held in UK banks. The response states: “Around £17 million has been received in total since the start of the 2016-17 tax year. HMRC currently receives around £5 million each year.” answering member printed Lord Young of Cookham question first answered 15/07/2019 14:36:41 answering member 57 label Biography information for Lord Young of Cookham
tabling member	4216 label Biography information for Lord Empey

1135748

registered interest
date	01/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Facebook: Cryptocurrencies
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 implications of Facebook’s proposed Libra cryptocurrency on the management of monetary and financial stability mechanisms and policies.
tabling member printed	Lord Myners
uin	HL16841
answer	answer is ministerial correction date of answer 15/07/2019 answer text <p>The Government does not comment on details of the proposed business models of individual companies. However, this proposal raises wider questions for policy and financial regulation. The Government is working with the Bank of England, the Financial Conduct Authority and international counterparts to consider these issues.</p><p> </p><p>More broadly, the Government established the Cryptoassets Taskforce – comprised of HM Treasury, the Financial Conduct Authority and the Bank of England - to explore the risks and potential benefits of cryptoassets and consider the appropriate response. The Taskforce’s response set out commitments to further consider the regulatory approach to cryptoassets. The Government will consult on its approach to unregulated cryptoassets later this year.</p><p> </p><p>The Taskforce’s final report, found that cryptoassets do not currently pose a material threat to UK or global financial stability, however this could change in the future, and the Bank of England’s Financial Policy Committee will continue to monitor the situation.</p> answering member printed Lord Young of Cookham question first answered 15/07/2019 14:04:14 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1135749

registered interest
date	01/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	H2O Asset Management
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they intend to conduct, or commission, an investigation into the management of investment portfolios by H2O Asset Management with particular reference to (1) the valuation of unlisted investments, and (2) the accuracy and completeness of statements by that firm’s management of the "gating" of future redemptions.
tabling member printed	Lord Myners
uin	HL16842
answer	answer is ministerial correction date of answer 15/07/2019 answer text <p>There is no requirement for asset management firms to discuss their specific investment strategies with either HM Treasury or the FCA.</p><p> </p><p>The overarching regulatory framework for UK UCITS funds comprises EU and UK legislation and Financial Conduct Authority (FCA) rules.</p><p> </p><p>The FCA is responsible for the supervision of UK funds including UCITS, and have a broad suite of supervisory and investigative powers. For example, the FCA is required to approve the investment objective and policy of UK domiciled funds, as well as statements in the prospectus about the application of investment limits, and firms are required to treat customers fairly.</p><p> </p><p>In circumstances where a UCITS fund is domiciled outside of the UK, the supervision of its compliance with applicable UCITS investment restrictions is a matter for the home state regulator.</p><p> </p><p>If individuals have concerns about their investments, they should speak to their advisor or platform. If individuals have purchased units in a fund directly, they should speak with the relevant firm.</p> answering member printed Lord Young of Cookham grouped question UIN HL16843 question first answered 15/07/2019 14:03:24 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1135750

registered interest
date	01/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	H2O Asset Management
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether H20 Asset Management consulted (1) them, or (2) the Financial Conduct Authority, before that company indicated that it would never "gate" redemptions for its funds; what assessment they have made of the accuracy of that statement; and whether H2O Asset Management has been required to back that statement up with a guarantee or credit line.
tabling member printed	Lord Myners
uin	HL16843
answer	answer is ministerial correction date of answer 15/07/2019 answer text <p>There is no requirement for asset management firms to discuss their specific investment strategies with either HM Treasury or the FCA.</p><p> </p><p>The overarching regulatory framework for UK UCITS funds comprises EU and UK legislation and Financial Conduct Authority (FCA) rules.</p><p> </p><p>The FCA is responsible for the supervision of UK funds including UCITS, and have a broad suite of supervisory and investigative powers. For example, the FCA is required to approve the investment objective and policy of UK domiciled funds, as well as statements in the prospectus about the application of investment limits, and firms are required to treat customers fairly.</p><p> </p><p>In circumstances where a UCITS fund is domiciled outside of the UK, the supervision of its compliance with applicable UCITS investment restrictions is a matter for the home state regulator.</p><p> </p><p>If individuals have concerns about their investments, they should speak to their advisor or platform. If individuals have purchased units in a fund directly, they should speak with the relevant firm.</p> answering member printed Lord Young of Cookham grouped question UIN HL16842 question first answered 15/07/2019 14:03:24 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1135077

registered interest
date	26/06/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Poverty
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the reply by Baroness Buscombe on 25 June (HL Deb, col 1003), whether they will now ask the National Audit Office to examine the feasibility of implementing the cumulative social impact assessment recommended by the UN Special Rapporteur on extreme poverty and human rights; and whether they will explain what they meant by their reservation concerning "unreasonable assumptions about income sharing" set out in paragraph 38 of the Comments by the State on the UN Special Rapporteur’s report.
tabling member printed	Baroness Lister of Burtersett
uin	HL16704
answer	answer is ministerial correction date of answer 08/07/2019 answer text <p>The Treasury regularly publishes detailed analysis on the cumulative impact of policy decisions on tax, welfare and public spending on households of different incomes. The government also carefully considers the impact of its decisions on those sharing protected characteristics - including at Budgets and other fiscal events - in line with both its legal obligations and with its strong commitment to promoting fairness.</p><p>Our statement concerning income sharing reflects our reservations about producing cumulative analysis of the impact of tax and spending decisions on vulnerable groups beneath household level (for instance, by gender). This analysis often requires unreasonable assumptions about how income is shared within households. As independent experts at the Institute for Fiscal Studies have said, “because most people live in households with others, and we don't know how incomes are shared, it is very hard to look at effects separately for many men and women.”</p> answering member printed Lord Young of Cookham question first answered 08/07/2019 13:51:40 answering member 57 label Biography information for Lord Young of Cookham
tabling member	4234 label Biography information for Baroness Lister of Burtersett

1135092

registered interest
date	26/06/2019
answering body	Cabinet Office
answering dept id	53
answering dept short name	Cabinet Office
answering dept sort name	Cabinet Office
hansard heading	Freedom of Information
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to extend the Freedom of Information Act 2000 to include housing associations and tenant management organisations.
tabling member printed	Lord Shipley
uin	HL16719
answer	answer is ministerial correction date of answer 03/07/2019 answer text <p>The Government agrees that landlords, including housing associations, should be accountable and transparent in their dealings with tenants and be responsive to their needs. However, we do not believe the extension of the FOI to housing associations is the best means of achieving that.</p><p>Housing Associations are already required to make a significant amount of information public. They are required to publish their accounts annually, including a strategic report covering issues such as the remunerations of key personnel.</p><p>The Regulator of Social Housing, which regulates the sector, also publishes information supplied by Housing Association at individual provider level, including details of their stock holdings, rent levels and evictions.</p> answering member printed Lord Young of Cookham question first answered 03/07/2019 13:11:07 answering member 57 label Biography information for Lord Young of Cookham
tabling member	4176 label Biography information for Lord Shipley

1135096

registered interest
date	26/06/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Inheritance Tax
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to scrap the inheritance tax 40 per cent excess policy above an individual's £325,000 allowance.
tabling member printed	Lord Taylor of Warwick
uin	HL16723
answer	answer is ministerial correction date of answer 09/07/2019 answer text <p>Inheritance tax makes an important contribution to the health of public finances and the Government has no plans to abolish it.</p><p> </p><p>The rate of inheritance tax is normally 40% on the value of an estate above a nil rate band of £325,000. Any unused nil rate band may be transferred to a surviving spouse or civil partner, increasing their combined threshold to up to £650,000.</p><p> </p><p>However, the Government recognises that individuals work hard to build up assets with the aim of passing these on to their families. Rising house prices have contributed to more families facing an inheritance tax bill. The Government is addressing this through the phased introduction of the additional £175,000 residence nil rate band. Any unused residence nil rate band may also be transferred to a surviving spouse or civil partner.</p><p> </p><p>Taken together, the combination of the nil rate bands means an individual could pass on up to £500,000 in 2020-21 and the estate of the remaining spouse or civil partner could pass on up to £1 million under certain circumstances in 2020-21. Around 96% of estates are forecast to be able to pass on all their assets without paying any inheritance tax as a result.</p><p> </p><p>In January 2018, the Chancellor of the Exchequer commissioned the Office of Tax Simplification to review the tax. The first report was published in November 2018 and the second report in July 2019. The Government will consider the recommendations.</p> answering member printed Lord Young of Cookham question first answered 09/07/2019 16:39:20 answering member 57 label Biography information for Lord Young of Cookham
tabling member	1796 label Biography information for Lord Taylor of Warwick

1134678

registered interest
date	25/06/2019
answering body	Cabinet Office
answering dept id	53
answering dept short name	Cabinet Office
answering dept sort name	Cabinet Office
hansard heading	Children
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 case for appointing a minister for children at Cabinet level.
tabling member printed	Baroness D'Souza
uin	HL16645
answer	answer is ministerial correction date of answer 03/07/2019 answer text <p>My Honourable Friend the Parliamentary Under-Secretary of State for Children and Families at the Department for Education has a wide range of responsibilities for children's interests and that work is represented at Cabinet by the Secretary of State for Education.</p> answering member printed Lord Young of Cookham question first answered 03/07/2019 13:11:23 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3709 label Biography information for Baroness D'Souza

1134695

registered interest
date	25/06/2019
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	To ask Her Majesty's Government what assessment they have made of the impact of quantitative easing and bank capital requirements on (1) moving credit risk to open-ended investment funds, and (2) financial stability.
tabling member printed	Lord Myners
uin	HL16662
answer	answer is ministerial correction date of answer 08/07/2019 answer text <p>The question has been passed to the Bank of England. The Bank of England will reply directly to Lord Myners by letter. A copy of the letter will be placed in the Library of the House.</p> answering member printed Lord Young of Cookham question first answered 08/07/2019 14:53:59 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners