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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

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

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

480045

registered interest
date	17/03/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	UK Membership of EU
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether the Office for Budget Responsibility has produced its own forecast of the consequences of the UK leaving the EU.
tabling member printed	Lord Myners
uin	HL7152
answer	answer is ministerial correction date of answer 01/04/2016 answer text <p>The Office for Budget Responsibility (OBR) prepares its forecasts on the basis of the current Government policy and does not look at alternative policy scenarios. Government policy is to remain within the EU. Therefore the OBR has not factored into its forecast the impact of a UK exit from the EU.</p> answering member printed Lord O'Neill of Gatley question first answered 01/04/2016 12:30:13 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	3869 label Biography information for Lord Myners

480046

registered interest
date	17/03/2016
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 possible consequences for financial stability of the consolidation of central clearing houses.
tabling member printed	Lord Myners
uin	HL7153
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 HL7342 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

480048

registered interest
date	17/03/2016
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 whether they intend to monitor the role of institutional investors in voting their clients' shares regarding the potential takeover of the London Stock Exchange, in order to ensure that this reflects the best interests of the clients rather than the fund manager or related parties.
tabling member printed	Lord Myners
uin	HL7154
answer	answer is ministerial correction date of answer 01/04/2016 answer text <p>The regulatory framework governing asset managers requires managers to take all reasonable steps to identify, prevent, manage and monitor conflicts of interest.</p><p> </p><p>The Financial Conduct Authority are responsible for the supervision of firms to ensure consumers are protected and treated fairly.</p> answering member printed Lord O'Neill of Gatley question first answered 01/04/2016 12:30:50 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	3869 label Biography information for Lord Myners

436582

registered interest
date	09/12/2015
answering body	Department for International Development
answering dept id	20
answering dept short name	International Development
answering dept sort name	International Development
hansard heading	Independent Commission for Aid Impact
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether Commissioners of the Independent Commission for Aid Impact receive funding to cover travel and hotel expenses ahead of visits, or whether they are reimbursed for meeting those costs personally.
tabling member printed	Lord Myners
uin	HL4416
answer	answer is ministerial correction date of answer 18/12/2015 answer text <p>The majority of the Independent Commission for Aid Impact (ICAI) commissioners’ air and rail journeys and hotels are booked in advance by the ICAI secretariat through DFID’s internal travel system to ensure value for money in line with DFID/ICAI guidance. These invoices are then verified and settled by the Secretariat. In the minority of cases where travel cannot be booked in advance, commissioners pay up-front and their submitted expense claims with receipts are then verified by the Head of the Secretariat and reimbursed.</p> answering member printed Baroness Verma question first answered 18/12/2015 13:12:26 answering member 3790 label Biography information for Baroness Verma
tabling member	3869 label Biography information for Lord Myners