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167891

registered interest
date	04/12/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Crowdfunding
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they have had any discussions with the Bank of England and the Financial Conduct Authority about whether to allow the securitisation of peer-to-peer consumer or business loans.
tabling member printed	Lord Mendelsohn
uin	HL3415
answer	answer is ministerial correction date of answer 19/12/2014 answer text <p>Her Majesty’s Government have not had any discussions with the Bank of England, the Financial Conduct Authority (FCA) or credit rating agencies about the securitisation of peer-to-peer loans.</p><p> </p><p> </p><p> </p><p>However, since April 2014, the peer-to-peer lending sector has been supervised and regulated by the FCA. The FCA monitors risks in any regulated sector on an ongoing basis.</p><p> </p> answering member printed Lord Deighton grouped question UIN HL3416 HL3419 HL3420 question first answered 19/12/2014 12:44:22 answering member 4262 label Biography information for Lord Deighton
tabling member	4286 label Biography information for Lord Mendelsohn

167892

registered interest
date	04/12/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Crowdfunding
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they, the Bank of England or the Financial Conduct Authority have held any discussions with the credit rating agencies about the securitisation of peer-to-peer consumer or business loans.
tabling member printed	Lord Mendelsohn
uin	HL3416
answer	answer is ministerial correction date of answer 19/12/2014 answer text <p>Her Majesty’s Government have not had any discussions with the Bank of England, the Financial Conduct Authority (FCA) or credit rating agencies about the securitisation of peer-to-peer loans.</p><p> </p><p> </p><p> </p><p>However, since April 2014, the peer-to-peer lending sector has been supervised and regulated by the FCA. The FCA monitors risks in any regulated sector on an ongoing basis.</p><p> </p> answering member printed Lord Deighton grouped question UIN HL3415 HL3419 HL3420 question first answered 19/12/2014 12:44:28 answering member 4262 label Biography information for Lord Deighton
tabling member	4286 label Biography information for Lord Mendelsohn

167893

registered interest
date	04/12/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Crowdfunding
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what is their estimate of the size of peer-to-peer consumer and business finance.
tabling member printed	Lord Mendelsohn
uin	HL3417
answer	answer is ministerial correction date of answer 19/12/2014 answer text <p>Peer-to-peer lending is an innovative new form of finance and the Government is keen to see this sector continue to grow and evolve.</p><p> </p><p> </p><p>Following representations from the peer-to-peer sector, the Government announced in November 2012 its intention to bring peer-to-peer lending within the regulatory scope of the Financial Conduct Authority from April 2014. Proportionate regulation will allow the sector to continue to grow.</p><p> </p><p> </p><p> </p><p>The Government has not made an assessment of the size of the peer-to-peer consumer and business finance markets.</p><p> </p> answering member printed Lord Deighton grouped question UIN HL3418 question first answered 19/12/2014 12:41:06 answering member 4262 label Biography information for Lord Deighton
tabling member	4286 label Biography information for Lord Mendelsohn

167894

registered interest
date	04/12/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Crowdfunding
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what plans they have to regulate the peer-to-peer lending market.
tabling member printed	Lord Mendelsohn
uin	HL3418
answer	answer is ministerial correction date of answer 19/12/2014 answer text <p>Peer-to-peer lending is an innovative new form of finance and the Government is keen to see this sector continue to grow and evolve.</p><p> </p><p> </p><p>Following representations from the peer-to-peer sector, the Government announced in November 2012 its intention to bring peer-to-peer lending within the regulatory scope of the Financial Conduct Authority from April 2014. Proportionate regulation will allow the sector to continue to grow.</p><p> </p><p> </p><p> </p><p>The Government has not made an assessment of the size of the peer-to-peer consumer and business finance markets.</p><p> </p> answering member printed Lord Deighton grouped question UIN HL3417 question first answered 19/12/2014 12:41:06 answering member 4262 label Biography information for Lord Deighton
tabling member	4286 label Biography information for Lord Mendelsohn

167895

registered interest
date	04/12/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Crowdfunding
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what risks they consider need to be prepared for in the expansion of the peer-to-peer lending market; and whether the potential securitisation of such lending would require additional regulation.
tabling member printed	Lord Mendelsohn
uin	HL3419
answer	answer is ministerial correction date of answer 19/12/2014 answer text <p>Her Majesty’s Government have not had any discussions with the Bank of England, the Financial Conduct Authority (FCA) or credit rating agencies about the securitisation of peer-to-peer loans.</p><p> </p><p> </p><p> </p><p>However, since April 2014, the peer-to-peer lending sector has been supervised and regulated by the FCA. The FCA monitors risks in any regulated sector on an ongoing basis.</p><p> </p> answering member printed Lord Deighton grouped question UIN HL3415 HL3416 HL3420 question first answered 19/12/2014 12:44:28 answering member 4262 label Biography information for Lord Deighton
tabling member	4286 label Biography information for Lord Mendelsohn

167896

registered interest
date	04/12/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Crowdfunding
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether the Financial Conduct Authority and the Bank of England are looking at modelling what level of institutional investment in peer-to-peer (P2P) collaterised loan obligations, or at what level funds established to buy P2P collaterised loans, would present a systemic risk to the financial system; and if not, whether they have done so or plan to.
tabling member printed	Lord Mendelsohn
uin	HL3420
answer	answer is ministerial correction date of answer 19/12/2014 answer text <p>Her Majesty’s Government have not had any discussions with the Bank of England, the Financial Conduct Authority (FCA) or credit rating agencies about the securitisation of peer-to-peer loans.</p><p> </p><p> </p><p> </p><p>However, since April 2014, the peer-to-peer lending sector has been supervised and regulated by the FCA. The FCA monitors risks in any regulated sector on an ongoing basis.</p><p> </p> answering member printed Lord Deighton grouped question UIN HL3415 HL3416 HL3419 question first answered 19/12/2014 12:44:28 answering member 4262 label Biography information for Lord Deighton
tabling member	4286 label Biography information for Lord Mendelsohn

167897

registered interest
date	04/12/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit Rating
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they have had talks with the credit rating agencies with a view to restoring the United Kingdom’s AAA credit rating.
tabling member printed	Lord Myners
uin	HL3421
answer	answer is ministerial correction date of answer 19/12/2014 answer text <p>The current European credit rating regulation 1060/2009 stipulates that rating agencies monitor and review credit ratings on an ongoing basis and at least annually. Furthermore, the regulation states that:</p><p> </p><p> </p><p> </p><p><em>&quot;The credit rating agency shall inform the rated entity at least 12 hours before publication of the credit rating and of the principal grounds on which the rating is based in order to give the entity an opportunity to draw attention of the credit rating agency to any factual errors&quot;.</em></p><p> </p><p> </p><p> </p><p>The Government’s long term economic plan has secured the UK’s strong credit rating, which has contributed to lower borrowing costs and helped protect frontline services. In June 2014, Standard and Poor’s (S&amp;P) revised the outlook on their UK AAA rating to stable, from negative. The key driver cited by S&amp;P was <em>‘Amid further progress in consolidating public finances, the UK’s economic recovery is broadening.’ </em></p><p> </p><p> </p><p> </p><p>S&amp;P have assigned the UK sovereign the top triple AAA rating since they first published a UK rating in 1978. Moody’s and Fitch have assigned the UK the second highest rating Aa1 and AA+ respectively, with a stable outlook.</p><p> </p><p> </p><p> </p><p> </p><p> </p> answering member printed Lord Deighton question first answered 19/12/2014 12:47:32 answering member 4262 label Biography information for Lord Deighton
tabling member	3869 label Biography information for Lord Myners

167898

registered interest
date	04/12/2014
answering body	Department of Health
answering dept id	17
answering dept short name	Health
answering dept sort name	Health
hansard heading	IVF
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government, further to the Written Answers by Earl Howe on 3 December 2013 (WA 36) and 3 December 2014 (HL3158), which were the relevant experts or international authorities with whom the Chief Medical Officer "had a lot of discussions"; which international authorities agreed with the Chief Medical Officer’s own assessment that no-one "has come up with a better definition"; how the new definition is being accordingly incorporated into the syllabus for biology students; and what are their views on the ontological propriety of the proposed redefinition of genetic modification on the basis that it "is not that that is what it is".
tabling member printed	Lord Alton of Liverpool
uin	HL3422
answer	answer is ministerial correction date of answer 18/12/2014 answer text <p>As stated in my Written Answer of 3 December 2014 (<em>Official Report</em>, Column WA270), the development of a working definition for genetic modification in humans was undertaken in order to bring clarity to the discussion around mitochondrial donation and is solely intended to be used in this context. There is no universally agreed definition of genetic modification in humans and the working definition devised for the debate on mitochondrial donation did not aim to establish one. The Chief Medical Officer was clear in her evidence to the House of Commons Science and Technology Select Committee on 22 October 2014 that the definition’s purpose is to clarify discussion of this issue.</p><p> </p><p>With regard to the discussions that took place in developing the working definition, in developing its position the Department, in consultation with the Department for Business, Innovation and Skills, also had discussions with the Wellcome Trust and the Nuffield Council on Bioethics.</p><p> </p> answering member printed Earl Howe question first answered 18/12/2014 15:55:41 answering member 2000 label Biography information for Earl Howe
tabling member	738 label Biography information for Lord Alton of Liverpool

167900

registered interest
date	04/12/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Tax Allowances
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what is the current annual cost to the Exchequer of tax relief at the standard and higher rates of tax respectively on contributions to private pensions.
tabling member printed	Lord Beecham
uin	HL3424
answer	answer is ministerial correction date of answer 19/12/2014 answer text <p>Tax relief on pension contributions is the primary means by which the Government incentivises saving for retirement. The estimated exchequer cost arising from income tax relief on contributions made to private pensions and relief on the investment returns to private pensions in 2012-13 was £34.8bn<sup><sup>[1]</sup></sup>. Income tax on pensions in payment in the same year was £12.0bn, resulting in a net cost of pensions tax relief of £22.8bn in 2012-13.</p><p> </p><p> </p><p>[1] This is published in HMRC National Statistics table PEN6, available here: <a href="https://www.gov.uk/government/statistics/registered-pension-schemes-cost-of-tax-relief" target="_blank">https://www.gov.uk/government/statistics/registered-pension-schemes-cost-of-tax-relief</a> <br> Figures for 2012-13 are the latest available.</p><p> </p> answering member printed Lord Deighton question first answered 19/12/2014 12:39:57 answering member 4262 label Biography information for Lord Deighton
tabling member	4181 label Biography information for Lord Beecham

167908

registered interest
date	04/12/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	World War I: Debts
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what arrangements they are making to repay outstanding debt from the First World War; and to whom the repayments will be made.
tabling member printed	Lord Laird
uin	HL3432
answer	answer is ministerial correction date of answer 19/12/2014 answer text <p>The Chancellor of the Exchequer, George Osborne, announced on 3 December that the Government will redeem 3½% War Loan, thus repaying the vast majority of the nation’s First World War debt. The Chancellor also announced that the Government will adopt a strategy to remove the other remaining undated gilts in the government’s debt portfolio, some of which have origins going back to the eighteenth century, where it is deemed value for money to do so.</p><p> </p><p> </p><p> </p><p>This announcement followed the Government’s decision on 31 October to redeem the much smaller 4% Consolidated Loan, the first planned repayment of an undated gilt of this kind by government for 67 years. The Debt Management Office also announced on 17 December that 3½% Conversion Loan would be redeemed on 1 April 2015. After these redemptions, none of the £2.2bn worth of First World War debt currently in the government’s debt portfolio will remain.</p><p> </p><p> </p><p> </p><p>The Treasury will redeem the outstanding £1.9 billion of debt from 3½% War Loan on Monday 9 March 2015, and the 4% Consolidated Loan will be redeemed on 1 February 2015.</p><p> </p><p> </p><p> </p><p>The repayments on this debt will go to the holders of these bonds. The Treasury does not hold detailed information on the identity of organisations or individuals who own gilts, however information on sectoral holdings of gilts is published on a quarterly basis by the Office for National Statistics. The latest information on the breakdown of gilt holdings by sector, including a breakdown of non-UK resident holders of gilts by foreign central banks and other non-residents, is published by the ONS in Section 5.2.10 of its quarterly United Kingdom Economic Accounts publication.</p><p> </p><p> </p><p> </p><p>We are only able to take this action today thanks to the difficult decisions that this government has taken to get a grip on the public finances. The fact that we will no longer have to pay the relatively high rate of interest on these gilts means that most important of all, this decision represents great value for money for the taxpayer.</p><p> </p><p> </p><p> </p> answering member printed Lord Deighton question first answered 19/12/2014 12:45:07 answering member 4262 label Biography information for Lord Deighton
tabling member	2479 label Biography information for Lord Laird