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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

600963

registered interest
date	13/10/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	World War I: Debts
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government, following the announcement by the Chancellor of the Exchequer in October 2014 that they were planning to pay off some debts from World War One, how much has been paid off to date, and how much is still outstanding.
tabling member printed	Lord Laird
uin	HL2303
answer	answer is ministerial correction date of answer 25/10/2016 answer text <p>The Chancellor of the Exchequer announced on 3 December 2014 that the government would adopt a strategy to remove the remaining undated gilts in the government’s debt portfolio, thus repaying all the nation’s First World War debt.</p><p> </p><p>Three of the eight undated gilts that remained in the government’s portfolio in 2014 were issued to fund the First World War: the 4% Consolidated Loan, 3½% War Loan and 3½% Conversion Loan. These were redeemed in 2015, on 1 February, 9 March and 1 April respectively.</p><p> </p><p>Almost 99% of the amount due has been repaid to date. Due to the age of the records relating to undated gilts, the registrar has not been able to contact all holders. However, the government has thus repaid the vast majority of the nation’s First World War debt.</p> answering member printed Lord Young of Cookham question first answered 25/10/2016 12:35:02 answering member 57 label Biography information for Lord Young of Cookham
tabling member	2479 label Biography information for Lord Laird

600525

registered interest
date	12/10/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Consumer Goods: Imports
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what impact they expect the recent fall in the value of sterling to have on imported consumer goods.
tabling member printed	Lord Kennedy of Southwark
uin	HL2278
answer	answer is ministerial correction date of answer 25/10/2016 answer text <p>Before the referendum on the UK’s membership of the EU, the UK government published short-term and long-term assessments of the likely impact on the UK economy from leaving the EU, including the effects of sterling revaluation. HM Government is monitoring economic developments closely and the independent Office for Budget Responsibility will produce an updated economic forecast alongside Autumn Statement 2016.</p> answering member printed Lord Young of Cookham question first answered 25/10/2016 11:09:30 answering member 57 label Biography information for Lord Young of Cookham
tabling member	4153 label Biography information for Lord Kennedy of Southwark

598878

registered interest
date	11/10/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Workplace Pensions: Tax Allowances
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what action they have taken to ensure that (1) employers, and (2) employees earning under £11,000 a year, understand the consequences of using a net pay arrangement on entitlement to tax relief.
tabling member printed	Baroness Altmann
uin	HL2186
answer	answer is ministerial correction date of answer 25/10/2016 answer text <p>The Pensions Regulator provides guidance to employers on choosing a pension scheme for their staff in order to discharge their statutory obligations under automatic enrolment. This guidance covers the choice between net pay and relief at source schemes, and the implications of net pay schemes for employees who do not pay tax.</p><p> </p><p>The Government’s latest analysis of the eligibility of workers for automatic enrolment was published on 13 October 2016 in ‘Workplace Pensions: Update of analysis on Automatic Enrolment’. Information on age and earnings breakdowns for all workers can be found in table 3a on page 6, and is available in the report titled: Workplace pensions: Update of Analysis on Automatic Enrolment 2016, which is available on the gov.uk website.</p><p> </p><p>The Government does not collect data on the number of workers earning less than the personal allowance who are also members of pension schemes that operate a net pay system. The Government does not hold employee level data on employees enrolled in net pay pension schemes, as such schemes are not obliged to report pension contributions to HM Revenue and Customs. The Government does not therefore hold information on the value of tax reliefs paid out to employees in net pay schemes.</p> answering member printed Lord Young of Cookham grouped question UIN HL2187 HL2188 question first answered 25/10/2016 16:51:27 answering member 57 label Biography information for Lord Young of Cookham
tabling member	4533 label Biography information for Baroness Altmann

598892

registered interest
date	11/10/2016
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 whether, in the light of Brexit, they are considering using a more flexible and variable approach to setting VAT and Excise duties for different goods and services to improve the nation's health and wellbeing.
tabling member printed	Lord Brooke of Alverthorpe
uin	HL2200
answer	answer is ministerial correction date of answer 25/10/2016 answer text <p>Until the UK has left the EU, we will remain a member of the EU with all the rights and obligations that membership entails.</p><p> </p><p>The Government will work hard to get the best deal for Britain, including for VAT and excise, and is determined to make the most of the opportunities that are presented.</p> answering member printed Lord Young of Cookham question first answered 25/10/2016 16:03:53 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3335 label Biography information for Lord Brooke of Alverthorpe

598907

registered interest
date	11/10/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Sixth Form Colleges: VAT
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they plan to change the rules on VAT applicable to sixth form colleges.
tabling member printed	Lord Storey
uin	HL2214
answer	answer is ministerial correction date of answer 25/10/2016 answer text <p>The Government has no plans to change the rules on VAT applicable to sixth form colleges.</p><p> </p> answering member printed Lord Young of Cookham question first answered 25/10/2016 11:26:30 answering member 57 label Biography information for Lord Young of Cookham
tabling member	4238 label Biography information for Lord Storey

598916

registered interest
date	11/10/2016
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 assessment they have made of whether high frequency trading has utility and is in the national interest.
tabling member printed	Lord Vinson
uin	HL2223
answer	answer is ministerial correction date of answer 24/10/2016 answer text <p>The Government sponsored the Foresight Project, which reported in 2012, to analyse the role, development, and impact of computer-based trading – including high frequency trading – in financial markets. The Future of Computer Trading in Financial Markets report highlighted the benefits of computer-based trading for the operation of markets, in particular relating to liquidity, transaction costs, and the efficiency of market prices, while also considering the implications for financial stability.</p><p> </p><p> </p> answering member printed Lord Young of Cookham question first answered 24/10/2016 14:21:10 answering member 57 label Biography information for Lord Young of Cookham
tabling member	1807 label Biography information for Lord Vinson

598057

registered interest
date	10/10/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services: North Korea
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether the government of North Korea, or any of its state-owned companies, has access to the London Stock Exchange or holds financial interests in the UK.
tabling member printed	Lord Alton of Liverpool
uin	HL2086
answer	answer is ministerial correction date of answer 24/10/2016 answer text <p>As part of UN and EU sanctions, banks are required to close existing branches, subsidiaries or accounts in North Korea where it has been determined that they contribute to North Korea’s ballistic missile programmes. The sanctions also prohibit any commercial activity by the Government of North Korea (including legal persons, entities or bodies owned or controlled by them).</p><p>Assets owned or controlled in the EU by designated DPRK persons, entities or bodies, including government bodies, are subject to an asset freeze and cannot be traded on the London Stock Exchange. A list of designations which has been placed in the Library includes a number of DPRK government and state-owned bodies. HM Treasury implements these financial sanctions in the UK. Non-compliance with financial sanctions is a criminal offence and HM Treasury works closely with law enforcement to ensure sanctions breaches are dealt with appropriately. For reasons of confidentiality, the Treasury does not make public the details of individual reports of frozen assets.</p> answering member printed Lord Young of Cookham question first answered 24/10/2016 13:49:21 answering member 57 label Biography information for Lord Young of Cookham
tabling member	738 label Biography information for Lord Alton of Liverpool

598073

registered interest
date	10/10/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Exchange Rates
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what assessment they have made of whether the drop in the value of sterling in recent months reflects the markets' view of the likely future health of the UK economy.
tabling member printed	Lord Birt
uin	HL2102
answer	answer is ministerial correction date of answer 18/10/2016 answer text <p>The UK has an inflation target, not an exchange rate target, and Her Majesty’s Government does not express a view on the level of exchange rates. Instead, the exchange rate is allowed to adjust flexibly in response to economic conditions and movements in sterling are determined by market forces.</p><p> </p><p>This framework means we do not need to introduce exchange rate controls.</p> answering member printed Lord Young of Cookham grouped question UIN HL2120 question first answered 18/10/2016 14:25:15 answering member 57 label Biography information for Lord Young of Cookham
tabling member	2533 label Biography information for Lord Birt

598091

registered interest
date	10/10/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Exchange Control
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they have any plans to reintroduce exchange controls following Brexit.
tabling member printed	Lord Inglewood
uin	HL2120
answer	answer is ministerial correction date of answer 18/10/2016 answer text <p>The UK has an inflation target, not an exchange rate target, and Her Majesty’s Government does not express a view on the level of exchange rates. Instead, the exchange rate is allowed to adjust flexibly in response to economic conditions and movements in sterling are determined by market forces.</p><p> </p><p>This framework means we do not need to introduce exchange rate controls.</p> answering member printed Lord Young of Cookham grouped question UIN HL2102 question first answered 18/10/2016 14:25:15 answering member 57 label Biography information for Lord Young of Cookham
tabling member	1980 label Biography information for Lord Inglewood