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484835

registered interest
date	23/03/2016
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 whether they have agreed to cross-margining of variable payments through LCH Clearnet and Eurex; and if so, who will be responsible for regulating these separate entities; and whether they have required any increase in capital or margin.
tabling member printed	Lord Myners
uin	HL7342
answer	answer is ministerial correction date of answer 01/04/2016 answer text <p>European Regulation No 648/2012 (EMIR) establishes a strict supervisory framework for CCPs, which in the UK are regulated by the Bank of England.</p><p> </p><p>EMIR’s requirements – which continue to apply in the event of a merger or change of control of a CCP – include that a CCP must be sufficiently well-resourced to withstand extreme market events, including the simultaneous default of its two largest clearing members.</p><p> </p><p>In the event of a qualifying change of control the Bank of England must under EMIR also assess the suitability of the proposed acquirer and financial soundness of the proposed acquisition.</p><p> </p><p>Copies of the Bank of England’s 2016 report on supervision of financial market infrastructures were laid before Parliament on 4 March and are available in the House library.</p><p> </p> answering member printed Lord O'Neill of Gatley grouped question UIN HL7153 question first answered 01/04/2016 12:29:45 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	3869 label Biography information for Lord Myners

484836

registered interest
date	23/03/2016
answering body	Department for Environment, Food and Rural Affairs
answering dept id	13
answering dept short name	Environment, Food and Rural Affairs
answering dept sort name	Environment, Food and Rural Affairs
hansard heading	Sugar: Subsidies
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government how much the UK contributes towards the subsidisation of sugar production.
tabling member printed	Lord Myners
uin	HL7343
answer	answer is ministerial correction date of answer 05/04/2016 answer text <p>Sugar production is not directly subsidised in the UK. However, sugar beet growers in the UK are entitled to make a claim for support under the Basic Payment Scheme of the Common Agricultural Policy.</p><p> </p><p> </p> answering member printed Lord Gardiner of Kimble question first answered 05/04/2016 09:48:36 answering member 4161 label Biography information for Lord Gardiner of Kimble
tabling member	3869 label Biography information for Lord Myners

484512

registered interest
date	22/03/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Individual Savings Accounts
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government why they set a five per cent exit charge for early closure of a lifetime ISA.
tabling member printed	Lord Myners
uin	HL7289
answer	answer is ministerial correction date of answer 07/04/2016 answer text <p><strong>Whilst the Lifetime ISA is a product aimed at encouraging saving for the long term, the government understands that circumstances change so wants to ensure that people can access their own money if they need it whilst also keeping an incentive to leave funds invested for the long term or to help purchase a first home. The government proposes that savers can make withdrawals at any time for other purposes, but with the bonus element of the fund plus any interest or growth on it returned to the government, and a 5% charge applied.</strong></p> answering member printed Lord O'Neill of Gatley question first answered 07/04/2016 15:40:04 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	3869 label Biography information for Lord Myners

484513

registered interest
date	22/03/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Financial Services
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they will review the contribution of contingent convertible bonds to financial stability and, in particular, the risk of adverse feedback loops and the contribution thereto of the absence of standardised terms.
tabling member printed	Lord Myners
uin	HL7290
answer	answer is ministerial correction date of answer 07/04/2016 answer text <p><strong>In December 2015, the Bank of England set out its medium-term capital framework for UK banks and building societies. The Bank’s analysis suggested that the optimal risk-based going-concern capital requirement for the system as a whole is between 10% and 14% of risk weighted assets.</strong></p><p> </p><p><strong>The majority of this capital is made up of the highest quality, common equity tier 1 (CET1) capital. However, a small part (up to 1.5 percentage points) can be made up of additional tier 1 (AT1) capital, such as contingent convertible bonds.</strong></p><p> </p><p><strong>The Financial Policy Committee confirmed that only ‘high-trigger’ AT1 instruments would count towards a bank’s AT1 capital in respect of non-risk-based leverage ratio requirements. </strong></p><p><strong>This capital framework ensures that the UK’s banks and building societies are able to absorb losses and thereby reduce the risks to the stability of the UK financial system.</strong></p> answering member printed Lord O'Neill of Gatley question first answered 07/04/2016 15:32:27 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	3869 label Biography information for Lord Myners

483300

registered interest
date	21/03/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Capital Gains Tax
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government why the budget made concessions available on capital gains to non-domiciled residents of the UK that are not available to standard UK tax payers.
tabling member printed	Lord Myners
uin	HL7224
answer	answer is ministerial correction date of answer 06/04/2016 answer text <p>The Summer Budget reforms to the domicile tax regime are the most significant since the rules were introduced. They are forecast to raise £1.2 billion this Parliament. The transitional provisions announced at Budget 2016 are necessary for a reform of this scale as they help to ensure that non-doms remain here and continue to pay UK tax on their income and gains within the new domicile tax regime. In April 2017, over 3,000 non-doms will still become subject to UK taxation on their worldwide income and gains.</p> answering member printed Lord O'Neill of Gatley question first answered 06/04/2016 14:40:41 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	3869 label Biography information for Lord Myners

483301

registered interest
date	21/03/2016
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 they plan to increase or reduce total taxation as a percentage of GDP over the remainder of this Parliament.
tabling member printed	Lord Myners
uin	HL7225
answer	answer is ministerial correction date of answer 01/04/2016 answer text <p>The Office for Budget Responsibility (OBR) forecast that public sector current receipts (PSCR) will be 36.3% of GDP in 2015-16. As a share of GDP, PSCR is forecast to increase over the remainder of the Parliament. The OBR forecast PSCR to be 36.9% of GDP in 2016-17 and 2017-18, 37% of GDP in 2018-19, and reaching 37.5% of GDP in the final year of this Parliament. However, the Budget represents a net tax cut, worth £3bn over the scorecard period (2016-17 to 2020-21). The Budget backs business with a major overhaul of corporation tax reliefs, a lower corporation tax rate and a big reduction in small business rates.</p><p> </p> answering member printed Lord O'Neill of Gatley question first answered 01/04/2016 13:01:34 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	3869 label Biography information for Lord Myners

483302

registered interest
date	21/03/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Private Sector: Debts
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what assessment they have made of (1) the impact on economic and financial stability of increasing private sector debt as a percentage of GDP and aggregate personal income, and (2) the level at which those ratios would be judged to be too high.
tabling member printed	Lord Myners
uin	HL7226
answer	answer is ministerial correction date of answer 01/04/2016 answer text <p>The Government does not have an explicit target for the level of private sector debt. However, we established the independent Financial Policy Committee (FPC), within the Bank of England, which is empowered to identify, assess, monitor and take action in relation to risks across the UK financial system. This includes risks from private sector debt. The FPC actively monitors developments in the aggregate level of credit extended to UK households and private non-financial corporations, and has the macroprudential policy tools required to address any risk it identifies.</p><p><strong> </strong></p> answering member printed Lord O'Neill of Gatley question first answered 01/04/2016 13:00:04 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	3869 label Biography information for Lord Myners

483303

registered interest
date	21/03/2016
answering body	Cabinet Office
answering dept id	53
answering dept short name	Cabinet Office
answering dept sort name	Cabinet Office
hansard heading	Public Sector: Procurement
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they have reviewed the implementation of the recommendations on public sector procurement made by Sir Philip Green; and whether they will ask Sir Philip to conduct a further review on policy options to reduce government borrowing.
tabling member printed	Lord Myners
uin	HL7227
answer	answer is ministerial correction date of answer 11/04/2016 answer text <p>Sir Phillip's report contributed enormously to the development of the Coalition Government's policies in respect of common goods and services. Many of the recommendations have been taken forward, including the creation of the Crown Commercial Service. The Crown Commercial Service brings together policy, advice and direct buying, providing commercial services to the public sector and saving money for the taxpayer.</p><p>The 2016 Budget announced that The Chief Secretary to the Treasury, with the support of the Minister for the Cabinet Office, will lead an efficiency review, reporting in 2018. We will set out details of this in due course.</p> answering member printed Lord Bridges of Headley question first answered 11/04/2016 14:30:07 answering member 4535 label Biography information for Lord Bridges of Headley
tabling member	3869 label Biography information for Lord Myners

483304

registered interest
date	21/03/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Central Counterparties
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether central clearing houses in financial markets are required to prepare living wills; and what measures have been put in place to manage a capital failure.
tabling member printed	Lord Myners
uin	HL7228
answer	answer is ministerial correction date of answer 06/04/2016 answer text <p>UK legislation requires central counterparties (CCPs) to develop recovery plans and to have ‘loss allocation’ rules, in order to allocate any losses sustained by the CCP either following the default of a clearing member or due to certain non-default events, so that the CCP can continue to provide its critical functions.</p><p> </p><p>The Government has also broadened the scope of the UK’s Special Resolution Regime to cover CCPs. When certain conditions are met, this allows the Bank of England to intervene by transferring all or some of the business of a CCP to either a private sector purchaser or to a bridge CCP owned by the Bank of England, or to transfer ownership of the CCP to any person.</p><p> </p><p>Qualifying changes of control of CCPs are assessed by the Bank of England and I refer the noble Lord to my written answer <a href="http://www.parliament.uk/business/publications/written-questions-answers-statements/written-question/Lords/2016-03-17/HL7153/" target="_blank">HL7153</a> of 1 April 2016.</p><p> </p> answering member printed Lord O'Neill of Gatley grouped question UIN HL7229 question first answered 06/04/2016 14:53:05 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	3869 label Biography information for Lord Myners

483305

registered interest
date	21/03/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	London Stock Exchange: Deutsche Borse
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what assessment they have made of any increase to the economic risk supervised by the Prudential Regulatory Authority of the proposed merger of the London Stock Exchange and Deutsche Börse; whether obligations of the combined group will fall to the UK taxpayer; and whether there have been any discussions about risk sharing with the government of Germany.
tabling member printed	Lord Myners
uin	HL7229
answer	answer is ministerial correction date of answer 06/04/2016 answer text <p>UK legislation requires central counterparties (CCPs) to develop recovery plans and to have ‘loss allocation’ rules, in order to allocate any losses sustained by the CCP either following the default of a clearing member or due to certain non-default events, so that the CCP can continue to provide its critical functions.</p><p> </p><p>The Government has also broadened the scope of the UK’s Special Resolution Regime to cover CCPs. When certain conditions are met, this allows the Bank of England to intervene by transferring all or some of the business of a CCP to either a private sector purchaser or to a bridge CCP owned by the Bank of England, or to transfer ownership of the CCP to any person.</p><p> </p><p>Qualifying changes of control of CCPs are assessed by the Bank of England and I refer the noble Lord to my written answer <a href="http://www.parliament.uk/business/publications/written-questions-answers-statements/written-question/Lords/2016-03-17/HL7153/" target="_blank">HL7153</a> of 1 April 2016.</p><p> </p> answering member printed Lord O'Neill of Gatley grouped question UIN HL7228 question first answered 06/04/2016 14:53:05 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	3869 label Biography information for Lord Myners