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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

1129548

registered interest
date	04/06/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	London Capital & Finance: Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government why 12 months have been allowed for the completion of Dame Elizabeth Gloster's inquiry into the circumstances surrounding the collapse of investment firm London Capital & Finance and the Financial Conduct Authority’s supervision of the firm.
tabling member printed	Lord Myners
uin	HL16033
answer	answer is ministerial correction date of answer 18/06/2019 answer text <p>On 23 May, the Treasury formally directed the Financial Conduct Authority (FCA) to launch an independent investigation into the events at London Capital &amp; Finance (LCF), and approved the FCA’s appointment of Dame Elizabeth Gloster to lead it. The investigation will look at the events and circumstances surrounding the failure of LCF and whether, in its supervision of LCF, the FCA discharged its functions in a manner which enabled it to effectively fulfil its statutory objectives. Dame Elizabeth will be able to consider any other matters she deems relevant to the events set out in the Treasury’s direction to the FCA.</p><p> </p><p>Dame Elizabeth is an experienced barrister, leading QC and Judge at the High Court and Court of Appeal. The Treasury is satisfied that she will be able to lead a robust and independent investigation.</p><p> </p><p>The Treasury has stipulated that the investigation should be completed within 12 months, whilst allowing the investigator to report sooner than 12 months if this is feasible. This will ensure that the investigation is as thorough as possible and that the right lessons are learned to better protect those who invest their money in the future.</p> answering member printed Lord Young of Cookham grouped question UIN HL16034 HL16035 question first answered 18/06/2019 15:18:13 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1129549

registered interest
date	04/06/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Barlow Clowes: Insolvency
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 role Dame Elizabeth Gloster played as counsel in cases arising out of (1) the insolvency of Barlow Clowes, and (2) the payment of compensation to investors in that firm's funds.
tabling member printed	Lord Myners
uin	HL16034
answer	answer is ministerial correction date of answer 18/06/2019 answer text <p>On 23 May, the Treasury formally directed the Financial Conduct Authority (FCA) to launch an independent investigation into the events at London Capital &amp; Finance (LCF), and approved the FCA’s appointment of Dame Elizabeth Gloster to lead it. The investigation will look at the events and circumstances surrounding the failure of LCF and whether, in its supervision of LCF, the FCA discharged its functions in a manner which enabled it to effectively fulfil its statutory objectives. Dame Elizabeth will be able to consider any other matters she deems relevant to the events set out in the Treasury’s direction to the FCA.</p><p> </p><p>Dame Elizabeth is an experienced barrister, leading QC and Judge at the High Court and Court of Appeal. The Treasury is satisfied that she will be able to lead a robust and independent investigation.</p><p> </p><p>The Treasury has stipulated that the investigation should be completed within 12 months, whilst allowing the investigator to report sooner than 12 months if this is feasible. This will ensure that the investigation is as thorough as possible and that the right lessons are learned to better protect those who invest their money in the future.</p> answering member printed Lord Young of Cookham grouped question UIN HL16033 HL16035 question first answered 18/06/2019 15:18:13 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1129550

registered interest
date	04/06/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	London Capital & Finance: Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government why the terms of reference for Dame Elizabeth Gloster's inquiry into the circumstances surrounding the collapse of investment firm London Capital & Finance and the Financial Conduct Authority’s supervision of the firm do not include the impact on affected savers.
tabling member printed	Lord Myners
uin	HL16035
answer	answer is ministerial correction date of answer 18/06/2019 answer text <p>On 23 May, the Treasury formally directed the Financial Conduct Authority (FCA) to launch an independent investigation into the events at London Capital &amp; Finance (LCF), and approved the FCA’s appointment of Dame Elizabeth Gloster to lead it. The investigation will look at the events and circumstances surrounding the failure of LCF and whether, in its supervision of LCF, the FCA discharged its functions in a manner which enabled it to effectively fulfil its statutory objectives. Dame Elizabeth will be able to consider any other matters she deems relevant to the events set out in the Treasury’s direction to the FCA.</p><p> </p><p>Dame Elizabeth is an experienced barrister, leading QC and Judge at the High Court and Court of Appeal. The Treasury is satisfied that she will be able to lead a robust and independent investigation.</p><p> </p><p>The Treasury has stipulated that the investigation should be completed within 12 months, whilst allowing the investigator to report sooner than 12 months if this is feasible. This will ensure that the investigation is as thorough as possible and that the right lessons are learned to better protect those who invest their money in the future.</p> answering member printed Lord Young of Cookham grouped question UIN HL16033 HL16034 question first answered 18/06/2019 15:18:13 answering member 57 label Biography information for Lord Young of Cookham
tabling member	3869 label Biography information for Lord Myners

1129551

registered interest
date	04/06/2019
answering body	Department for Work and Pensions
answering dept id	29
answering dept short name	Work and Pensions
answering dept sort name	Work and Pensions
hansard heading	Arcadia Group: Pensions
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether Ministers or officials have (1) written to, (2) had any meetings with, or (3) communicated in other forms with, Sir Philip Green, Lady Christina Green or the Pensions Regulator in connection with the Arcadia Group Pension Scheme.
tabling member printed	Lord Myners
uin	HL16036
answer	answer is ministerial correction date of answer 18/06/2019 answer text <p>Neither Ministers nor officials have written to, had meetings with, or communicated in other forms with Sir Philip Green or Lady Christina Green.</p><p> </p><p>Ministers and officials have quarterly meetings with the Pensions Regulator, but not specifically concerning Sir Philip Green or the Arcadia Group. This is because the Pensions Regulator is an independent body, and as such the Government cannot intervene or influence its actions. The Regulator also keeps DWP officials informed about its work in monitoring pension schemes.</p> answering member printed Baroness Buscombe question first answered 18/06/2019 15:51:18 answering member 3349 label Biography information for Baroness Buscombe
tabling member	3869 label Biography information for Lord Myners