Show Search Form

Search Results

registered interest	true false
date	exactly: or between: and
answering body
answering dept id
answering dept short name
answering dept sort name
hansard heading
house id
legislature	pref label
question text
tabling member printed
uin
answer	is ministerial correction true false date of answer exactly: or between: and answer text answering member printed question first answered answering member label
tabling member	label

Search

1130841

registered interest
date	10/06/2019
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	Insolvency
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 Henley on 9 May (HL15286), whether they intend to prioritise strengthening the powers available to insolvency practitioners to take recovery action where value has been extracted from a company prior to insolvency and to require any such related funds to be returned.
tabling member printed	Lord Myners
uin	HL16208
answer	answer is ministerial correction date of answer 17/06/2019 answer text <p>In 2018, the Government published detailed proposals to reform corporate insolvency laws including strengthening the powers available to insolvency office-holders to challenge transactions and take recovery action where value has been extracted from a company as it approaches insolvency. The Government remains committed to introduce these changes as soon as Parliamentary time allows.</p> answering member printed Lord Henley question first answered 17/06/2019 12:31:37 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1129546

registered interest
date	04/06/2019
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	British Steel: Loans
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether the recent loan of £120 million to enable British Steel to meet its emissions trading compliance costs required a Ministerial direction.
tabling member printed	Lord Myners
uin	HL16031
answer	answer is ministerial correction date of answer 18/06/2019 answer text <p>The Secretary of State for Business, Energy and Industrial Strategy has not issued any Ministerial Directions in respect of British Steel.</p><p>This loan agreement was fully commercial and state aid compliant, valued at around £120m, under Section 7 of the Industrial Development Act 1982. Under the agreement the Government purchased emissions allowances on behalf of British Steel ensuring it met its 2018 ETS obligations. Failure to comply with its ETS obligations would have led to a fine of around £500m, on top of the costs of ETS compliance of around £120m.</p><p>In return, under a deed of forfeiture, the company’s 2019 allowances will be assigned to the Government once issued, and the proceeds from selling these is expected to cover the costs of purchasing allowances for British Steel. The Government’s view is that the 2019 allowances will still be issued to British Steel in insolvency.</p><p>The Government’s assessment is that the Deed of Forfeiture offered value for money to the taxpayer, with benefits exceeding the costs, predicated on the level of confidence around security, even in the event of insolvency.</p><p>This position was supported by the independent Industrial Development Advisory Board which assessed the proposal in their statutory role and agreed with the Government’s value for money assessment.</p><p> </p><p> </p><p> </p> answering member printed Lord Henley question first answered 18/06/2019 16:50:34 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1129547

registered interest
date	04/06/2019
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	British Steel: Loans
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether civil servants expressed any concerns about the loan made to British Steel to enable it to meet its emissions trading compliance costs; and whether this loan is subject to enforceable security.
tabling member printed	Lord Myners
uin	HL16032
answer	answer is ministerial correction date of answer 12/06/2019 answer text <p>I refer the Noble Lord to the answer I gave him on 4<sup>th</sup> June 2019 to Question HL15896, and to letters from the Permanent Secretary to the Department for Business, Energy and Industrial Strategy to the Chair of the Public Accounts Committee and the Comptroller &amp; Auditor General, placed in the Libraries of both Houses, outlining the terms of the Deed of Forfeiture bridge facility agreed between Government and British Steel.</p><p> </p><p>The Deed of Forfeiture provides legal protections to give Government control of 2019 EU ETS allowances, even under the scenario of insolvency.</p> answering member printed Lord Henley question first answered 12/06/2019 15:12:11 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1128143

registered interest
date	23/05/2019
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	British Steel: Loans
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government to which company in the British Steel group of companies they extended a loan of £120 million for the purchase of carbon credits; whether that loan was guaranteed by Greybull Capital and associates; whether the borrower benefited from, or was exposed to, guarantees to other British Steel and Greybull Capital parties; and when that loan was drawn down.
tabling member printed	Lord Myners
uin	HL15957
answer	answer is ministerial correction date of answer 04/06/2019 answer text <p>The support was provided to British Steel Limited in the form of a bridge facility. Under the terms of the commercial arrangement, the Government purchased the necessary allowances on behalf of British Steel Limited in the week leading up to 30 April and then surrendered them, via British Steel Limited's Operator Holding Account, to the EU Surrender Account. This occurred before the 30th April compliance deadline to surrender allowances for the 2018 reporting year, thus enabling British Steel Limited to meet its environmental obligations and avoid any penalties that would otherwise have resulted from non-compliance. In return, under a deed of forfeiture, the company’s 2019 allowances will be assigned to the Government once issued, and the proceeds from selling these is expected to cover the costs of purchasing the allowances.</p><p> </p><p>The terms of the commercial agreement between the Government and British Steel are set out in letters from the Permanent Secretary of the Department for Business, Energy and Industrial Strategy to the Chair of the Public Accounts Committee and the Comptroller &amp; Auditor General, copies of which have been placed in the Libraries of both Houses.</p> answering member printed Lord Henley question first answered 04/06/2019 16:03:29 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1128081

registered interest
date	22/05/2019
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	Greybull Capital
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they will undertake a review into the activities of Greybull Capital, in particular with regard to (1) Monarch Airlines, (2) British Steel, (3) issues of creditor preference, and (4) the completeness and accuracy of public statements made by Greybull Capital, its partners, and employees.
tabling member printed	Lord Myners
uin	HL15930
answer	answer is ministerial correction date of answer 04/06/2019 answer text <p>The Official Receiver is under a statutory duty to investigate the cause of failure of any company in compulsory liquidation and generally its business, dealings and affairs, which will include any actions taken which have been detrimental to creditors or pension schemes, and will do so in the case of British Steel. He has a duty to report any potential misconduct of directors to my rt. hon. Friend the Secretary of State for Business, Energy and Industrial Strategy.</p><p>In the case of British Steel, the Secretary of State has written to the Insolvency Service, specifically requesting that the investigation not only looks at the conduct of the directors immediately prior to and at insolvency, but also at the investments made in the company (noting previous commitments given in this regard) and the potential value transferred out of the company.</p><p> </p> answering member printed Lord Henley question first answered 04/06/2019 16:04:07 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1128082

registered interest
date	22/05/2019
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	Industry: Disclosure of Information
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they intend to commission a review of the legislation and regulatory practice governing whistleblowing in regulated industries to investigate (1) the effectiveness of current practices, (2) the adequacy of protections provided to whistleblowers, and (3) the adoption of policies to promote and safeguard whistleblowing.
tabling member printed	Lord Myners
uin	HL15931
answer	answer is ministerial correction date of answer 04/06/2019 answer text <p>Over recent years, the Government has implemented statutory and non-statutory reforms to improve the whistleblowing framework in all sectors. This includes guidance for whistleblowers on how in practice to make disclosures while preserving their employment protections; and guidance for employers including a non-statutory code of practice.</p><p>We have fulfilled the commitment to keep the Prescribed Persons list up to date – these are individuals and bodies that a whistleblower can approach in order to make a disclosure. Guidance is in place for Prescribed Persons and we review the list annually.</p><p>The most recent reform was a new legislative requirement for most prescribed persons to produce an annual report on whistleblowing disclosures made to them by workers. Relevant prescribed persons were required to publish the first of these reports by the end of September 2018.</p><p>Whilst it is right and proper that Government reviews the whistleblowing framework, we believe that it would be premature to do so now. We need to allow the existing changes that we have introduced to embed and provide the necessary evidence of their impact over time that would support a meaningful review.</p> answering member printed Lord Henley question first answered 04/06/2019 16:04:50 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1128010

registered interest
date	21/05/2019
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	British Steel: Loans
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they used external independent advisers in connection with the evaluation of British Steel's applications for financial support over the last three months; and, if so, (1) who those advisers were, and (2) how much they were paid.
tabling member printed	Lord Myners
uin	HL15895
answer	answer is ministerial correction date of answer 04/06/2019 answer text <p>The Government sought commercial and legal advice from external independent advisers. Exact costs have not been finalised.</p> answering member printed Lord Henley question first answered 04/06/2019 16:05:40 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1128011

registered interest
date	21/05/2019
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	British Steel: Loans
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assurance they received that the terms on which they provided financial support to British Steel were at commercial rates.
tabling member printed	Lord Myners
uin	HL15896
answer	answer is ministerial correction date of answer 04/06/2019 answer text <p>The agreement between the Government and British Steel regarding their EU Emissions Trading Scheme compliance was fully commercial and state aid compliant, under Section 7 of the Industrial Development Act 1982.</p><p>The terms of the commercial agreement are set out in letters from the Permanent Secretary to the Department for Business, Energy and Industrial Strategy to the Chair of the Public Accounts Committee and the Comptroller &amp; Auditor General, copies of which have been placed in the libraries of both Houses.</p><p>The Government carried out all of the necessary checks and due diligence which a typical commercial lender would undertake in relation to the company before making a commercial offer, including working closely with legal and commercial advisors to scrutinise the terms of the transaction.</p><p>The Deed of Forfeiture contains the terms and conditions which would be required by a commercial lender.</p> answering member printed Lord Henley question first answered 04/06/2019 16:09:15 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1127438

registered interest
date	20/05/2019
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	British Steel: Loans
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they took into consideration British Steel’s acquisition of Ascoval when reaching their decision on lending to that company.
tabling member printed	Lord Myners
uin	HL15849
answer	answer is ministerial correction date of answer 03/06/2019 answer text <p>The purchase of Ascoval was undertaken by the shareholder, and not by British Steel.</p> answering member printed Lord Henley question first answered 03/06/2019 11:17:09 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners

1127256

registered interest
date	16/05/2019
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	Tax Avoidance
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they make an assessment of the culture towards tax compliance of private sector companies who apply to them for loans and credit support; and whether they (1) have, and (2) will, reject applications from those judged to be overly aggressive in tax planning or subject to unacceptably high management charges from related offshore parties.
tabling member printed	Lord Myners
uin	HL15809
answer	answer is ministerial correction date of answer 28/05/2019 answer text <p>Through the British Business Bank, financial support to small businesses is facilitated via a number of delivery partners who provide a range of debt and equity finance.</p><p> </p><p>The British Business Bank has a thorough due diligence process for its delivery partners which includes a robust review and assessment framework for how delivery partners award the finance, monitored through independent auditors. The British Business Bank also has a tax policy that is published in the transparency section of its website.</p> answering member printed Lord Henley question first answered 28/05/2019 14:21:14 answering member 2616 label Biography information for Lord Henley
tabling member	3869 label Biography information for Lord Myners