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1054333

registered interest
date	04/02/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Local Government: Borrowing
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what criteria are applied by the Public Works Loan Board when a local authority seeks to borrow to acquire commercial property for investment purposes.
tabling member printed	Lord Hollick
uin	HL13388
answer	answer is ministerial correction date of answer 18/02/2019 answer text Responsibility for local authority spending and borrowing decisions lies with locally-elected council Members, who are democratically accountable to their electorates. Local authorities are required to have regard to the Prudential Code and statutory guidance when they borrow from the PWLB or from any other lender, these are published by The Chartered Institute of Public Finance and Accountancy and the Ministry of Housing, Communities and Local Government and form the Prudential Framework. The main objective of the Prudential Framework is to ensure that the capital investment plans of local authorities are affordable, prudent and sustainable. Before it can advance a loan to a local authority, the Public Works Loan Board requires formal assurance from the authority that the loan is within their borrowing powers and the relevant legislation. answering member printed Lord Bates question first answered 18/02/2019 13:37:54 answering member 1091 label Biography information for Lord Bates
tabling member	2732 label Biography information for Lord Hollick

1054334

registered interest
date	04/02/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Local Government: Borrowing
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what is the extent and nature of the due diligence undertaken by the Public Works Loan Board before extending loans to local authorities to acquire commercial property for investment purposes.
tabling member printed	Lord Hollick
uin	HL13389
answer	answer is ministerial correction date of answer 18/02/2019 answer text Responsibility for local authority spending and borrowing decisions lies with locally-elected council Members, who are democratically accountable to their electorates. Local authorities are required to have regard to the Prudential Code and statutory guidance when they borrow from the PWLB or from any other lender, these are published by The Chartered Institute of Public Finance and Accountancy and the Ministry of Housing, Communities and Local Government and form the Prudential Framework. The main objective of the Prudential Framework is to ensure that the capital investment plans of local authorities are affordable, prudent and sustainable. Before it can advance a loan to a local authority, the Public Works Loan Board requires formal assurance from the authority that the loan is within their borrowing powers and the relevant legislation. answering member printed Lord Bates question first answered 18/02/2019 13:42:52 answering member 1091 label Biography information for Lord Bates
tabling member	2732 label Biography information for Lord Hollick

1054335

registered interest
date	04/02/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Local Government: Borrowing
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether there is an limit on loans which can be extended by the Public Works Loan Board to a local authority (1) in any one year, and (2) overall.
tabling member printed	Lord Hollick
uin	HL13390
answer	answer is ministerial correction date of answer 18/02/2019 answer text <p>The aggregate amount that may be outstanding in respect of commitments entered into by the Public Works Loan Board is limited, and this limit set out in section 4 (1) of the 1968 National Loans Act. Since December 2017, the limit has stood at £85 billion. There is no separate limit about lending amounts in any one year.</p><p> </p><p>Local authorities are responsible for determining their own limits on the aggregate amount of borrowing that they may have outstanding. The statutory guidance on borrowing and investment was updated in 2018; the updated guidance introduced a new requirement for all English local authorities to set limits for gross debt compared to net service expenditure. Authorities which exceeded their self-assessed limits should, in accordance with the guidance, refrain from making further investments other than short term investments required for efficient treasury management.</p> answering member printed Lord Bates question first answered 18/02/2019 13:41:21 answering member 1091 label Biography information for Lord Bates
tabling member	2732 label Biography information for Lord Hollick

1054337

registered interest
date	04/02/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Local Government: Borrowing
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what steps the Public Works Loan Board takes on an ongoing basis to monitor the commercial property investments acquired by local authorities and funded by the Public Works Loan Board.
tabling member printed	Lord Hollick
uin	HL13391
answer	answer is ministerial correction date of answer 18/02/2019 answer text The Ministry of Housing, Communities and Local Government (MHCLG) has stewardship of the local government sector in England. Together with the Chartered Institute of Public Finance and Accountancy (CIPFA), they maintain the statutory guidance on local authority borrowing and investment. In light of changes in local authority borrowing and investment patterns, CIPFA and MHCLG updated the prudential code and statutory guidance in 2018. In addition, local authorities must make appropriate arrangements for the appointment of an external auditor to give an opinion on their financial statements as well as arrangements for securing economy, efficiency and effectiveness in its use of resources. The Public Works Loans Board has no role in monitoring local authority activities. answering member printed Lord Bates question first answered 18/02/2019 13:39:59 answering member 1091 label Biography information for Lord Bates
tabling member	2732 label Biography information for Lord Hollick

1054339

registered interest
date	04/02/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Local Government: Borrowing
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government which ten local authorities borrowed the most from the Public Works Loan Board for investment in commercial properties in each of the financial years since and including 2014–15.
tabling member printed	Lord Hollick
uin	HL13393
answer	answer is ministerial correction date of answer 18/02/2019 answer text <p>The Public Works Loans Board has no role in monitoring local authority activities. Under the prudential regime, decisions on borrowing are devolved to local authorities who are democratically accountable to their electorates. Information about the purpose of PWLB loans is not centrally held.” The Ministry of Housing, Communities and Local Government (MHCLG) has stewardship of the local government sector in England. Together with the Chartered Institute of Public Finance and Accountancy (CIPFA), they maintain the statutory guidance on local authority borrowing and investment. In light of changes in local authority borrowing and investment patterns, CIPFA and MHCLG updated the prudential code and statutory guidance in 2018.</p> answering member printed Lord Bates question first answered 18/02/2019 13:39:19 answering member 1091 label Biography information for Lord Bates
tabling member	2732 label Biography information for Lord Hollick

1054359

registered interest
date	04/02/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Tax Avoidance
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what steps they have taken to ensure that contracts for core business functions are not entered into with companies who seek to minimise the rate of tax paid on their activity in the UK; and what assessment they have made of whether the use of any such contracts will create a conflict of interest within HMRC when it comes to enforcement of anti-avoidance legislation.
tabling member printed	Lord Lucas
uin	HL13410
answer	answer is ministerial correction date of answer 18/02/2019 answer text <p>The 2015 Public Contract Regulations introduced a new obligation for public bodies to exclude suppliers from a procurement where the supplier has been found guilty of breaching its obligations in relation to payment of taxes, and this has been established by a judicial or administrative decision having final effect within the relevant jurisdiction. This includes where HMRC have successfully challenged a potential supplier under anti-avoidance legislation.</p> answering member printed Lord Bates question first answered 18/02/2019 13:38:44 answering member 1091 label Biography information for Lord Bates
tabling member	1879 label Biography information for Lord Lucas

1054369

registered interest
date	04/02/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Stocks and Shares
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of calls from European investors for regulators to protect their ability to buy and sell London-traded shares of companies with dual listings in the event of a no-deal Brexit.
tabling member printed	Lord Taylor of Warwick
uin	HL13418
answer	answer is ministerial correction date of answer 18/02/2019 answer text <p>Delivering the deal the Government has agreed with the EU remains our top priority and the best mitigation against the issues arising in a no-deal scenario. Nevertheless, the Government has been implementing a significant programme of work to ensure the UK will be ready from day 1 in all scenarios, including a potential ‘no deal’ outcome in March 2019.</p><p> </p><p>The UK authorities are not able through unilateral action to fully address risks to European investors seeking to buy and sell London-traded shares of companies with dual listings in the event of a no-deal Brexit. This would require action by the European Commission and the European Securities and Markets Authority to permit EU investment firms continued access to UK markets for London-traded shares of companies with dual listings.</p> answering member printed Lord Bates question first answered 18/02/2019 13:40:47 answering member 1091 label Biography information for Lord Bates
tabling member	1796 label Biography information for Lord Taylor of Warwick