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1129619
registered interest false more like this
date less than 2019-06-04more like thismore than 2019-06-04
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury remove filter
hansard heading Children: Day Care more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, how many families have (a) a tax-free childcare account and (b) have made a payment through their tax-free childcare account. more like this
tabling member constituency Newcastle upon Tyne North more like this
tabling member printed
Catherine McKinnell more like this
uin 259994 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-06-10more like thismore than 2019-06-10
answer text <p>Details of the number of families with a Tax-Free Childcare account are published quarterly by HMRC. The latest publication is available at the following address:<br> <br> <a href="https://www.gov.uk/government/statistics/tax-free-childcare-statistics-march-2019" target="_blank">https://www.gov.uk/government/statistics/tax-free-childcare-statistics-march-2019</a><br> <br> In March 2019 there were 313,000 families with an open Tax-Free Childcare account.</p><p> </p><p>In March 2019 there were 125,000 families with a used Tax-Free Childcare account.</p><p> </p><p>Table 3 shows the numbers of open and used accounts for families with a self-employed parent. The proportion of families with a used account that have a self-employed parent in March 2019, was 19,000/125,000 or 15%.</p><p> </p><p>In March 2019, there were 900 disabled children in receipt of Tax-Free Childcare.</p><p> </p><p>The information published in these statistics comprises all months since the policy was launched in April 2017 to March 2019. A further update, including the months April to June 2019, will be published in August.</p><p> </p><p>Since Tax-Free Childcare was launched in April 2017 and up to May 2019, 8,500 accounts have been closed.</p>
answering member constituency South West Norfolk more like this
answering member printed Elizabeth Truss more like this
grouped question UIN
259996 more like this
259997 more like this
259998 more like this
question first answered
less than 2019-06-10T07:49:32.64Zmore like thismore than 2019-06-10T07:49:32.64Z
answering member
4097
label Biography information for Elizabeth Truss more like this
tabling member
4125
label Biography information for Catherine McKinnell remove filter
1129620
registered interest false more like this
date less than 2019-06-04more like thismore than 2019-06-04
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury remove filter
hansard heading Children: Day Care more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, how many complaints relating to the tax-free childcare scheme have been received by HMRC as of 31 May 2019. more like this
tabling member constituency Newcastle upon Tyne North more like this
tabling member printed
Catherine McKinnell more like this
uin 259995 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-06-11more like thismore than 2019-06-11
answer text <p>More than half a million parents have successfully opened a childcare account, and the vast majority of parents use the childcare service without issues. Since Tax-Free Childcare (TFC) was fully rolled out in February 2018, the rate of new complaints received by HMRC in relation to the childcare service has decreased substantially, while the number of users of TFC has more than trebled.</p><p> </p><p>However, it is not possible to break down complaints received about the childcare service between TFC and 30 hours free childcare complaints, as many parents receive both TFC and 30 hours free childcare.</p><p> </p><p>I refer the honorable member to my answer on 28 November 2018 (193504) <a href="https://www.parliament.uk/business/publications/written-questions-answers-statements/written-question/Commons/2018-11-20/193504/" target="_blank">https://www.parliament.uk/business/publications/written-questions-answers-statements/written-question/Commons/2018-11-20/193504/</a>, which sets out that to 31 October 2018, HMRC received 4,560 complaints from parents who experienced technical issues with the childcare service.</p><p> </p><p>From 1 November 2018 to 31 March 2019, HMRC received 943 new complaints from customers in relation to TFC and 30 hours free childcare (known as Tier 1). This includes complaints due to technical issues and customer service issues.</p><p> </p><p>From 1 November 2018 to 31 March 2019, HMRC received 205 complaints from customers in relation to TFC and 30 hours free childcare where a customer was dissatisfied with our decision on their initial complaint and they have asked us to look at their concerns again (known as Tier 2).</p><p> </p><p>As set out in HMRC’s monthly reports available for the 2018-19 period at: <a href="https://www.gov.uk/government/collections/hmrc-monthly-performance-reports#reporting-year-2018-to-2019" target="_blank">https://www.gov.uk/government/collections/hmrc-monthly-performance-reports#reporting-year-2018-to-2019</a>, complaints are not always logged on HMRC’s live system during the month they are received and the numbers can, therefore, be revised upwards for subsequent monthly reports. The current month will be subject to greatest revision. The information to 31 May is therefore not yet available to a robust enough standard.</p><p> </p>
answering member constituency South West Norfolk more like this
answering member printed Elizabeth Truss more like this
question first answered
less than 2019-06-11T14:06:35.75Zmore like thismore than 2019-06-11T14:06:35.75Z
answering member
4097
label Biography information for Elizabeth Truss more like this
tabling member
4125
label Biography information for Catherine McKinnell remove filter
1129621
registered interest false more like this
date less than 2019-06-04more like thismore than 2019-06-04
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury remove filter
hansard heading Children: Day Care more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, how many parents have opened and subsequently closed a tax-free childcare account since 21 April 2017. more like this
tabling member constituency Newcastle upon Tyne North more like this
tabling member printed
Catherine McKinnell more like this
uin 259996 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-06-10more like thismore than 2019-06-10
answer text <p>Details of the number of families with a Tax-Free Childcare account are published quarterly by HMRC. The latest publication is available at the following address:<br> <br> <a href="https://www.gov.uk/government/statistics/tax-free-childcare-statistics-march-2019" target="_blank">https://www.gov.uk/government/statistics/tax-free-childcare-statistics-march-2019</a><br> <br> In March 2019 there were 313,000 families with an open Tax-Free Childcare account.</p><p> </p><p>In March 2019 there were 125,000 families with a used Tax-Free Childcare account.</p><p> </p><p>Table 3 shows the numbers of open and used accounts for families with a self-employed parent. The proportion of families with a used account that have a self-employed parent in March 2019, was 19,000/125,000 or 15%.</p><p> </p><p>In March 2019, there were 900 disabled children in receipt of Tax-Free Childcare.</p><p> </p><p>The information published in these statistics comprises all months since the policy was launched in April 2017 to March 2019. A further update, including the months April to June 2019, will be published in August.</p><p> </p><p>Since Tax-Free Childcare was launched in April 2017 and up to May 2019, 8,500 accounts have been closed.</p>
answering member constituency South West Norfolk more like this
answering member printed Elizabeth Truss more like this
grouped question UIN
259994 more like this
259997 more like this
259998 more like this
question first answered
less than 2019-06-10T07:49:33.7Zmore like thismore than 2019-06-10T07:49:33.7Z
answering member
4097
label Biography information for Elizabeth Truss more like this
tabling member
4125
label Biography information for Catherine McKinnell remove filter
1129622
registered interest false more like this
date less than 2019-06-04more like thismore than 2019-06-04
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury remove filter
hansard heading Children: Day Care more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, what proportion of tax-free childcare accounts are used by households with one or more self-employed parents as of 31 May 2019. more like this
tabling member constituency Newcastle upon Tyne North more like this
tabling member printed
Catherine McKinnell more like this
uin 259997 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-06-10more like thismore than 2019-06-10
answer text <p>Details of the number of families with a Tax-Free Childcare account are published quarterly by HMRC. The latest publication is available at the following address:<br> <br> <a href="https://www.gov.uk/government/statistics/tax-free-childcare-statistics-march-2019" target="_blank">https://www.gov.uk/government/statistics/tax-free-childcare-statistics-march-2019</a><br> <br> In March 2019 there were 313,000 families with an open Tax-Free Childcare account.</p><p> </p><p>In March 2019 there were 125,000 families with a used Tax-Free Childcare account.</p><p> </p><p>Table 3 shows the numbers of open and used accounts for families with a self-employed parent. The proportion of families with a used account that have a self-employed parent in March 2019, was 19,000/125,000 or 15%.</p><p> </p><p>In March 2019, there were 900 disabled children in receipt of Tax-Free Childcare.</p><p> </p><p>The information published in these statistics comprises all months since the policy was launched in April 2017 to March 2019. A further update, including the months April to June 2019, will be published in August.</p><p> </p><p>Since Tax-Free Childcare was launched in April 2017 and up to May 2019, 8,500 accounts have been closed.</p>
answering member constituency South West Norfolk more like this
answering member printed Elizabeth Truss more like this
grouped question UIN
259994 more like this
259996 more like this
259998 more like this
question first answered
less than 2019-06-10T07:49:33.747Zmore like thismore than 2019-06-10T07:49:33.747Z
answering member
4097
label Biography information for Elizabeth Truss more like this
tabling member
4125
label Biography information for Catherine McKinnell remove filter
1129623
registered interest false more like this
date less than 2019-06-04more like thismore than 2019-06-04
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury remove filter
hansard heading Children: Day Care more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, how many children with disabilities were in receipt of tax-free childcare as of 31 May 2019. more like this
tabling member constituency Newcastle upon Tyne North more like this
tabling member printed
Catherine McKinnell more like this
uin 259998 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-06-10more like thismore than 2019-06-10
answer text <p>Details of the number of families with a Tax-Free Childcare account are published quarterly by HMRC. The latest publication is available at the following address:<br> <br> <a href="https://www.gov.uk/government/statistics/tax-free-childcare-statistics-march-2019" target="_blank">https://www.gov.uk/government/statistics/tax-free-childcare-statistics-march-2019</a><br> <br> In March 2019 there were 313,000 families with an open Tax-Free Childcare account.</p><p> </p><p>In March 2019 there were 125,000 families with a used Tax-Free Childcare account.</p><p> </p><p>Table 3 shows the numbers of open and used accounts for families with a self-employed parent. The proportion of families with a used account that have a self-employed parent in March 2019, was 19,000/125,000 or 15%.</p><p> </p><p>In March 2019, there were 900 disabled children in receipt of Tax-Free Childcare.</p><p> </p><p>The information published in these statistics comprises all months since the policy was launched in April 2017 to March 2019. A further update, including the months April to June 2019, will be published in August.</p><p> </p><p>Since Tax-Free Childcare was launched in April 2017 and up to May 2019, 8,500 accounts have been closed.</p>
answering member constituency South West Norfolk more like this
answering member printed Elizabeth Truss more like this
grouped question UIN
259994 more like this
259996 more like this
259997 more like this
question first answered
less than 2019-06-10T07:49:33.797Zmore like thismore than 2019-06-10T07:49:33.797Z
answering member
4097
label Biography information for Elizabeth Truss more like this
tabling member
4125
label Biography information for Catherine McKinnell remove filter
1122483
registered interest false more like this
date less than 2019-04-23more like thismore than 2019-04-23
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury remove filter
hansard heading European Investment Bank more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, with reference to his Department’s Infrastructure Finance Review, what recent progress has been made in establishing the UK’s future relationship with the European Investment Bank Group after the UK has left the EU. more like this
tabling member constituency Newcastle upon Tyne North more like this
tabling member printed
Catherine McKinnell more like this
uin 246517 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-04-29more like thismore than 2019-04-29
answer text <p>The EIB has lent to a range of sectors in the UK, including infrastructure projects and UK businesses. As you may know, the UK will cease to be a member of the EIB Group (consisting of the EIB and EIF) on exit day, as membership is only available to EU member states. Under the terms of the EU Withdrawal Agreement, the UK has secured the return of its €3.5bn capital in the European Investment Bank (EIB) through twelve annual instalments. We have reached a fair settlement with the EU, honouring commitments we made during our period of membership, and have ensured a fair deal for UK tax payers.</p><p> </p><p>Alongside the terms of exit set out in the withdrawal agreement, the Political Declaration, which sets out the framework for the future relationship between the EU and the UK, states that both parties note the UK's intention to explore options for a future relationship with the EIB Group. As we leave the EU, we continue to consider options for our future relationship and discussions on this will form part of the wider negotiations on the future EU-UK relationship.</p><p> </p><p>However, while Government wishes to explore a future relationship with the EIB Group, we recognise the need to be prepared for a range of scenarios. The Government already has a range of existing tools to support infrastructure finance, including the UK Guarantees Scheme and funds that support the development of new technologies including the Digital Infrastructure Investment Fund and Charging Infrastructure Investment Fund. The Infrastructure Finance Review, launched at the Spring Statement, explores future challenges in infrastructure finance, including new technologies, and seeks views on the Government’s existing tools. The review will conclude alongside the National Infrastructure Strategy at the Spending Review later this year. The Government also provides support for business and emerging technologies Research and Development (R&amp;D) through a wide range of measures, including the largest increase in direct public R&amp;D spending in 40 years, R&amp;D tax reliefs, and the £2.5bn British Patient Capital programme, enabling long-term investment in innovative companies.</p><p> </p><p>Government support announced following the Patient Capital Review means that the British Business Bank has the capacity to make venture capital commitments this financial year that would exceed the combined average annual commitments from the European Investment Fund and British Business Bank in the years preceding the UK’s vote to leave the EU. In April, the government made an additional £200m support for venture capital and growth finance available through the British Business Bank to support the financing of smaller businesses.</p>
answering member constituency Newark more like this
answering member printed Robert Jenrick more like this
grouped question UIN
246518 more like this
246519 more like this
246520 more like this
246521 more like this
question first answered
less than 2019-04-29T16:13:48.227Zmore like thismore than 2019-04-29T16:13:48.227Z
answering member
4320
label Biography information for Robert Jenrick more like this
tabling member
4125
label Biography information for Catherine McKinnell remove filter
1122484
registered interest false more like this
date less than 2019-04-23more like thismore than 2019-04-23
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury remove filter
hansard heading European Investment Bank more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, if he will list any meetings he and his officials have had to discuss the UK’s future relationship with the European Investment Bank Group after the UK has left the EU. more like this
tabling member constituency Newcastle upon Tyne North more like this
tabling member printed
Catherine McKinnell more like this
uin 246518 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-04-29more like thismore than 2019-04-29
answer text <p>The EIB has lent to a range of sectors in the UK, including infrastructure projects and UK businesses. As you may know, the UK will cease to be a member of the EIB Group (consisting of the EIB and EIF) on exit day, as membership is only available to EU member states. Under the terms of the EU Withdrawal Agreement, the UK has secured the return of its €3.5bn capital in the European Investment Bank (EIB) through twelve annual instalments. We have reached a fair settlement with the EU, honouring commitments we made during our period of membership, and have ensured a fair deal for UK tax payers.</p><p> </p><p>Alongside the terms of exit set out in the withdrawal agreement, the Political Declaration, which sets out the framework for the future relationship between the EU and the UK, states that both parties note the UK's intention to explore options for a future relationship with the EIB Group. As we leave the EU, we continue to consider options for our future relationship and discussions on this will form part of the wider negotiations on the future EU-UK relationship.</p><p> </p><p>However, while Government wishes to explore a future relationship with the EIB Group, we recognise the need to be prepared for a range of scenarios. The Government already has a range of existing tools to support infrastructure finance, including the UK Guarantees Scheme and funds that support the development of new technologies including the Digital Infrastructure Investment Fund and Charging Infrastructure Investment Fund. The Infrastructure Finance Review, launched at the Spring Statement, explores future challenges in infrastructure finance, including new technologies, and seeks views on the Government’s existing tools. The review will conclude alongside the National Infrastructure Strategy at the Spending Review later this year. The Government also provides support for business and emerging technologies Research and Development (R&amp;D) through a wide range of measures, including the largest increase in direct public R&amp;D spending in 40 years, R&amp;D tax reliefs, and the £2.5bn British Patient Capital programme, enabling long-term investment in innovative companies.</p><p> </p><p>Government support announced following the Patient Capital Review means that the British Business Bank has the capacity to make venture capital commitments this financial year that would exceed the combined average annual commitments from the European Investment Fund and British Business Bank in the years preceding the UK’s vote to leave the EU. In April, the government made an additional £200m support for venture capital and growth finance available through the British Business Bank to support the financing of smaller businesses.</p>
answering member constituency Newark more like this
answering member printed Robert Jenrick more like this
grouped question UIN
246517 more like this
246519 more like this
246520 more like this
246521 more like this
question first answered
less than 2019-04-29T16:13:48.273Zmore like thismore than 2019-04-29T16:13:48.273Z
answering member
4320
label Biography information for Robert Jenrick more like this
tabling member
4125
label Biography information for Catherine McKinnell remove filter
1122485
registered interest false more like this
date less than 2019-04-23more like thismore than 2019-04-23
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury remove filter
hansard heading European Investment Bank more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, what sectors of the economy are most exposed to the loss of European Investment Bank funding. more like this
tabling member constituency Newcastle upon Tyne North more like this
tabling member printed
Catherine McKinnell more like this
uin 246519 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-04-29more like thismore than 2019-04-29
answer text <p>The EIB has lent to a range of sectors in the UK, including infrastructure projects and UK businesses. As you may know, the UK will cease to be a member of the EIB Group (consisting of the EIB and EIF) on exit day, as membership is only available to EU member states. Under the terms of the EU Withdrawal Agreement, the UK has secured the return of its €3.5bn capital in the European Investment Bank (EIB) through twelve annual instalments. We have reached a fair settlement with the EU, honouring commitments we made during our period of membership, and have ensured a fair deal for UK tax payers.</p><p> </p><p>Alongside the terms of exit set out in the withdrawal agreement, the Political Declaration, which sets out the framework for the future relationship between the EU and the UK, states that both parties note the UK's intention to explore options for a future relationship with the EIB Group. As we leave the EU, we continue to consider options for our future relationship and discussions on this will form part of the wider negotiations on the future EU-UK relationship.</p><p> </p><p>However, while Government wishes to explore a future relationship with the EIB Group, we recognise the need to be prepared for a range of scenarios. The Government already has a range of existing tools to support infrastructure finance, including the UK Guarantees Scheme and funds that support the development of new technologies including the Digital Infrastructure Investment Fund and Charging Infrastructure Investment Fund. The Infrastructure Finance Review, launched at the Spring Statement, explores future challenges in infrastructure finance, including new technologies, and seeks views on the Government’s existing tools. The review will conclude alongside the National Infrastructure Strategy at the Spending Review later this year. The Government also provides support for business and emerging technologies Research and Development (R&amp;D) through a wide range of measures, including the largest increase in direct public R&amp;D spending in 40 years, R&amp;D tax reliefs, and the £2.5bn British Patient Capital programme, enabling long-term investment in innovative companies.</p><p> </p><p>Government support announced following the Patient Capital Review means that the British Business Bank has the capacity to make venture capital commitments this financial year that would exceed the combined average annual commitments from the European Investment Fund and British Business Bank in the years preceding the UK’s vote to leave the EU. In April, the government made an additional £200m support for venture capital and growth finance available through the British Business Bank to support the financing of smaller businesses.</p>
answering member constituency Newark more like this
answering member printed Robert Jenrick more like this
grouped question UIN
246517 more like this
246518 more like this
246520 more like this
246521 more like this
question first answered
less than 2019-04-29T16:13:48.333Zmore like thismore than 2019-04-29T16:13:48.333Z
answering member
4320
label Biography information for Robert Jenrick more like this
tabling member
4125
label Biography information for Catherine McKinnell remove filter
1122486
registered interest false more like this
date less than 2019-04-23more like thismore than 2019-04-23
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury remove filter
hansard heading European Investment Bank more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, what assessment he has made of the effect of the loss of European Investment Bank funding on (a) emerging technologies and (b) industries which rely heavily on long-term research and development funding. more like this
tabling member constituency Newcastle upon Tyne North more like this
tabling member printed
Catherine McKinnell more like this
uin 246520 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-04-29more like thismore than 2019-04-29
answer text <p>The EIB has lent to a range of sectors in the UK, including infrastructure projects and UK businesses. As you may know, the UK will cease to be a member of the EIB Group (consisting of the EIB and EIF) on exit day, as membership is only available to EU member states. Under the terms of the EU Withdrawal Agreement, the UK has secured the return of its €3.5bn capital in the European Investment Bank (EIB) through twelve annual instalments. We have reached a fair settlement with the EU, honouring commitments we made during our period of membership, and have ensured a fair deal for UK tax payers.</p><p> </p><p>Alongside the terms of exit set out in the withdrawal agreement, the Political Declaration, which sets out the framework for the future relationship between the EU and the UK, states that both parties note the UK's intention to explore options for a future relationship with the EIB Group. As we leave the EU, we continue to consider options for our future relationship and discussions on this will form part of the wider negotiations on the future EU-UK relationship.</p><p> </p><p>However, while Government wishes to explore a future relationship with the EIB Group, we recognise the need to be prepared for a range of scenarios. The Government already has a range of existing tools to support infrastructure finance, including the UK Guarantees Scheme and funds that support the development of new technologies including the Digital Infrastructure Investment Fund and Charging Infrastructure Investment Fund. The Infrastructure Finance Review, launched at the Spring Statement, explores future challenges in infrastructure finance, including new technologies, and seeks views on the Government’s existing tools. The review will conclude alongside the National Infrastructure Strategy at the Spending Review later this year. The Government also provides support for business and emerging technologies Research and Development (R&amp;D) through a wide range of measures, including the largest increase in direct public R&amp;D spending in 40 years, R&amp;D tax reliefs, and the £2.5bn British Patient Capital programme, enabling long-term investment in innovative companies.</p><p> </p><p>Government support announced following the Patient Capital Review means that the British Business Bank has the capacity to make venture capital commitments this financial year that would exceed the combined average annual commitments from the European Investment Fund and British Business Bank in the years preceding the UK’s vote to leave the EU. In April, the government made an additional £200m support for venture capital and growth finance available through the British Business Bank to support the financing of smaller businesses.</p>
answering member constituency Newark more like this
answering member printed Robert Jenrick more like this
grouped question UIN
246517 more like this
246518 more like this
246519 more like this
246521 more like this
question first answered
less than 2019-04-29T16:13:48.38Zmore like thismore than 2019-04-29T16:13:48.38Z
answering member
4320
label Biography information for Robert Jenrick more like this
tabling member
4125
label Biography information for Catherine McKinnell remove filter
1122488
registered interest false more like this
date less than 2019-04-23more like thismore than 2019-04-23
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury remove filter
hansard heading European Investment Bank more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, if he will take steps to secure a share of the European Investment Bank’s retained earnings, interest and dividends for the 12-year period over which the UK’s investment capital will be repaid. more like this
tabling member constituency Newcastle upon Tyne North more like this
tabling member printed
Catherine McKinnell more like this
uin 246521 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-04-29more like thismore than 2019-04-29
answer text <p>The EIB has lent to a range of sectors in the UK, including infrastructure projects and UK businesses. As you may know, the UK will cease to be a member of the EIB Group (consisting of the EIB and EIF) on exit day, as membership is only available to EU member states. Under the terms of the EU Withdrawal Agreement, the UK has secured the return of its €3.5bn capital in the European Investment Bank (EIB) through twelve annual instalments. We have reached a fair settlement with the EU, honouring commitments we made during our period of membership, and have ensured a fair deal for UK tax payers.</p><p> </p><p>Alongside the terms of exit set out in the withdrawal agreement, the Political Declaration, which sets out the framework for the future relationship between the EU and the UK, states that both parties note the UK's intention to explore options for a future relationship with the EIB Group. As we leave the EU, we continue to consider options for our future relationship and discussions on this will form part of the wider negotiations on the future EU-UK relationship.</p><p> </p><p>However, while Government wishes to explore a future relationship with the EIB Group, we recognise the need to be prepared for a range of scenarios. The Government already has a range of existing tools to support infrastructure finance, including the UK Guarantees Scheme and funds that support the development of new technologies including the Digital Infrastructure Investment Fund and Charging Infrastructure Investment Fund. The Infrastructure Finance Review, launched at the Spring Statement, explores future challenges in infrastructure finance, including new technologies, and seeks views on the Government’s existing tools. The review will conclude alongside the National Infrastructure Strategy at the Spending Review later this year. The Government also provides support for business and emerging technologies Research and Development (R&amp;D) through a wide range of measures, including the largest increase in direct public R&amp;D spending in 40 years, R&amp;D tax reliefs, and the £2.5bn British Patient Capital programme, enabling long-term investment in innovative companies.</p><p> </p><p>Government support announced following the Patient Capital Review means that the British Business Bank has the capacity to make venture capital commitments this financial year that would exceed the combined average annual commitments from the European Investment Fund and British Business Bank in the years preceding the UK’s vote to leave the EU. In April, the government made an additional £200m support for venture capital and growth finance available through the British Business Bank to support the financing of smaller businesses.</p>
answering member constituency Newark more like this
answering member printed Robert Jenrick more like this
grouped question UIN
246517 more like this
246518 more like this
246519 more like this
246520 more like this
question first answered
less than 2019-04-29T16:13:48.133Zmore like thismore than 2019-04-29T16:13:48.133Z
answering member
4320
label Biography information for Robert Jenrick more like this
tabling member
4125
label Biography information for Catherine McKinnell remove filter