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712017

registered interest
date	16/03/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Taxation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government, further to the statement by the Chancellor of the Exchequer (HC Deb, col 821) where he referred to the "death tax", what is the meaning of that term.
tabling member printed	Lord Myners
uin	HL6155
answer	answer is ministerial correction date of answer 30/03/2017 answer text <p>The term “death tax” was used to refer to a levy applied to all estates in order to fund adult social care.</p><p>The government will set out proposals to reform the social care system in a green paper in due course. However, proposals do not include, and never have included, any kind of death tax.</p> answering member printed Baroness Neville-Rolfe question first answered 30/03/2017 10:53:25 answering member 4284 label Biography information for Baroness Neville-Rolfe
tabling member	3869 label Biography information for Lord Myners

711606

registered interest
date	15/03/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services: Greater London
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 extent of future movement of financial service companies from London to Edinburgh, in the event that Scotland leaves the UK but retains passporting rights into the EU.
tabling member printed	Lord Myners
uin	HL6112
answer	answer is ministerial correction date of answer 29/03/2017 answer text <p>The PM has been clear that now is not the time for another referendum on Scottish independence, following the decisive vote in 2014. The Government is focused on negotiating a good deal for the UK as a whole, a deal which will give firms in London and Edinburgh the maximum freedom to trade with and operate within European markets.</p><p> </p> answering member printed Baroness Neville-Rolfe question first answered 29/03/2017 14:42:06 answering member 4284 label Biography information for Baroness Neville-Rolfe
tabling member	3869 label Biography information for Lord Myners

705817

registered interest
date	27/02/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Capital Investment
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government (1) what interest rate they use for discounting future income and expenditure when evaluating capital projects; (2) which government department is responsible for determining the rate; (3) what guidelines they use; and (4) when the interest rate was last changed.
tabling member printed	Lord Myners
uin	HL5647
answer	answer is ministerial correction date of answer 10/03/2017 answer text <p>The government uses a discount rate to evaluate capital projects known as the Social Time Preference Rate. This rate is used to convert costs and benefits that occur at different points in the future to ‘present values’ thereby allowing comparison.</p><p> </p><p>This rate is currently 3.5% and tapers depending on the life of the appraisal period, as set out below.</p><p> </p><table><tbody><tr><td><p>Period of years</p></td><td><p>0–30</p></td><td><p>31–75</p></td><td><p>76–125</p></td><td><p>126–200</p></td><td><p>201–300</p></td><td><p>301+</p></td></tr><tr><td><p>Discount rate</p></td><td><p>3.5%</p></td><td><p>3.0%</p></td><td><p>2.5%</p></td><td><p>2.0%</p></td><td><p>1.5%</p></td><td><p>1.0%</p></td></tr></tbody></table><p> </p><p>These rates are set by HM Treasury through the Green Book, which is publically available central government best-practice guidance on appraisal and evaluation. The rate was last changed in 2003.</p> answering member printed Baroness Neville-Rolfe question first answered 10/03/2017 11:40:02 answering member 4284 label Biography information for Baroness Neville-Rolfe
tabling member	3869 label Biography information for Lord Myners

694337

registered interest
date	24/02/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Public Works Loan Board
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government how much has been lent by the Public Works Loan Board (PWLB) to local authorities for the acquisition of commercial real estate for investment purposes, from 2011 to 2016 inclusive; and how the PWLB is monitoring the risk from such investments.
tabling member printed	Lord Myners
uin	HL5611
answer	answer is ministerial correction date of answer 06/03/2017 answer text <p>The Public Works Loan Board (PWLB) is a statutory body that issues loans to local authorities in England, Scotland and Wales from the National Loans Fund. The PWLB is not required to collect information on the specific reasons that local authorities borrow from it, and so it does not hold information about the amount of lending that has been used for acquisition of commercial real estate.</p><p>Before it can advance a loan to a local authority, the PWLB requires formal assurance from the authority that the loan is within their borrowing powers and the relevant legislation. Local authorities are required to have regard to the Prudential Code when they borrow from the PWLB or from any other lender. The main objective of the Prudential Code is to ensure, within a clear framework, that the capital investment plans of local authorities are affordable, prudent and sustainable. Responsibility for local authority spending and borrowing decisions lies with locally-elected council Members, who are democratically accountable to their electorates.</p> answering member printed Baroness Neville-Rolfe question first answered 06/03/2017 16:11:04 answering member 4284 label Biography information for Baroness Neville-Rolfe
tabling member	3869 label Biography information for Lord Myners

677393

registered interest
date	23/01/2017
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 risks to the UK’s financial capability and stability if clearing activity is transferred outside the UK following the takeover of the London Stock Exchange by the Deutsche Borse, as recommended by Dirk Schiereck, chairman of corporate finance at Technische Universitat Darmstadt, in a report commissioned by Deutsche Borse.
tabling member printed	Lord Myners
uin	HL4859
answer	answer is ministerial correction date of answer 06/02/2017 answer text <p>I have nothing to add to the reply of my predecessor Lord O’Neil of Gately on 1 April 2016[1].</p><p> </p><p>[1] <a href="http://www.parliament.uk/business/publications/written-questions-answers-statements/written-question/Lords/2016-03-17/HL7153/" target="_blank">http://www.parliament.uk/business/publications/written-questions-answers-statements/written-question/Lords/2016-03-17/HL7153/</a></p><p> </p> answering member printed Baroness Neville-Rolfe question first answered 06/02/2017 17:25:39 answering member 4284 label Biography information for Baroness Neville-Rolfe attachment 1 file name 1april.pdf title Previous answer given on 1 April 2016
tabling member	3869 label Biography information for Lord Myners

670073

registered interest
date	09/01/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Wellesley and Co
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they have reviewed the solvency of peer-to-peer lender Wellesley & Co. and the conduct of the firm's principals and owners.
tabling member printed	Lord Myners
uin	HL4427
answer	answer is ministerial correction date of answer 23/01/2017 answer text <p>This is an operational matter for the Financial Conduct Authority (FCA), who are operationally independent from Government. The FCA does not comment on individual firms.</p><p> </p><p>The FCA is currently carrying out a post-implementation review into their crowdfunding rules and published a statement before Christmas with their latest update on this. Peer-to-Peer lenders are also currently going through the FCA authorisations process, whereby the FCA will assess their business models against the threshold conditions. Where a firm does not meet FCA statutory standards they will not be authorised.</p> answering member printed Baroness Neville-Rolfe question first answered 23/01/2017 15:39:59 answering member 4284 label Biography information for Baroness Neville-Rolfe
tabling member	3869 label Biography information for Lord Myners

625807

registered interest
date	31/10/2016
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	Nissan
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they have given Nissan any letter of comfort or undertakings that have not also been given to other businesses in connection with investment in new production capacity in the UK; and if so, what they were and whether they will publish copies of the correspondence.
tabling member printed	Lord Myners
uin	HL2826
answer	answer is ministerial correction date of answer 14/11/2016 answer text <p>I refer the noble Lord to the <a href="https://hansard.parliament.uk/lords/2016-10-31/debates/2C691A6A-FFF4-4361-AE05-D43907FEC275/NissanSunderland" target="_blank">statement</a> I made to the House on this matter on 31 October 2016, Official Report, Vol 776. Col; 491-93.</p><p> </p> answering member printed Baroness Neville-Rolfe question first answered 14/11/2016 15:58:18 answering member 4284 label Biography information for Baroness Neville-Rolfe attachment 1 file name Attachment to HL2826.pdf title Extract from Official Report
tabling member	3869 label Biography information for Lord Myners

603971

registered interest
date	17/10/2016
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	Motor Vehicles: UK Trade with EU
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they will disclose the proposals made by the Prime Minister to Renault Nissan concerning protecting new investment in Sunderland from the impact of potential EU tariffs; and whether similar protection will be offered to other motor vehicle manufacturers, component suppliers and firms that compete with Renault Nissan for capital, labour and land.
tabling member printed	Lord Myners
uin	HL2367
answer	answer is ministerial correction date of answer 25/10/2016 answer text <p>The Government is in close contact with Nissan, as it is with the sector more broadly. It will be a priority of Government negotiations to support all UK based car manufacturers and ensure that their ability to export to and from the EU is not adversely affected by the UK's future relationship with the EU. However, we do not provide a running commentary on our discussions with individual companies.</p><p> </p> answering member printed Baroness Neville-Rolfe question first answered 25/10/2016 15:14:58 answering member 4284 label Biography information for Baroness Neville-Rolfe
tabling member	3869 label Biography information for Lord Myners

541206

registered interest
date	20/07/2016
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	ARM: SoftBank
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they consulted experts in the field before publicly welcoming the acquisition of ARM Holdings by SoftBank, and whether they would similarly welcome a rival bid from an international private equity investor.
tabling member printed	Lord Myners
uin	HL1369
answer	answer is ministerial correction date of answer 04/08/2016 answer text <p>SoftBank has made it clear that it intends to invest in ARM, keep its HQ in the UK, and at least double the employee headcount in the UK. The Government welcomes this. No rival bids for ARM have so far been made.</p> answering member printed Baroness Neville-Rolfe question first answered 04/08/2016 12:20:55 answering member 4284 label Biography information for Baroness Neville-Rolfe
tabling member	3869 label Biography information for Lord Myners

541207

registered interest
date	20/07/2016
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	ARM: SoftBank
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government how they propose to enforce the commitments they have obtained from SoftBank in connection with employment and the location of the headquarters of ARM Holdings.
tabling member printed	Lord Myners
uin	HL1370
answer	answer is ministerial correction date of answer 30/08/2016 answer text <p>The Takeover Panel is responsible for enforcing the post offer undertakings given by SoftBank under the terms of the Takeover Code. Grant Thornton LLP has been appointed as an independent supervisor under the Code to monitor compliance with the undertakings. The Takeover Panel can require SoftBank to submit written progress reports in such form and as frequently as it requires and can take disciplinary action if the undertakings are not fulfilled. The Department for Business, Energy and Industrial Strategy will continue to monitor developments.</p> answering member printed Baroness Neville-Rolfe question first answered 30/08/2016 13:25:30 answering member 4284 label Biography information for Baroness Neville-Rolfe
tabling member	3869 label Biography information for Lord Myners