Show Search Form

Search Results

registered interest	true false
date	exactly: or between: and
answering body
answering dept id
answering dept short name
answering dept sort name
hansard heading
house id
legislature	pref label
question text
tabling member printed
uin
answer	is ministerial correction true false date of answer exactly: or between: and answer text answering member printed question first answered answering member label
tabling member	label

Search

78315

registered interest
date	16/07/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Interest Rates
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government, further to the Written Answer by Lord Deighton on 7 July (WA 12), what representations the Chancellor of the Exchequer made to the Governor of the Bank of England during their most recent discussion on possible increases in interest rates.
tabling member printed	Lord Barnett
uin	HL1205
answer	answer is ministerial correction date of answer 28/07/2014 answer text <p>The UK’s monetary policy framework, set out in the Bank of England Act 1998, gives operational responsibility for monetary policy to the independent Monetary Policy Committee (MPC). The Chancellor of the Exchequer has frequent discussions with the Governor of the Bank of England on a wide range of issues on the UK economy.</p> answering member printed Lord Deighton question first answered 28/07/2014 11:50:43 answering member 4262 label Biography information for Lord Deighton
tabling member	1018 label Biography information for Lord Barnett

78316

registered interest
date	16/07/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	North Sea Oil: Taxation
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 Office for Budget Responsibility's revised forecasts of the tax revenues from North Sea oil; what is their estimate of the fiscal implications of those revised forecasts for an independent Scotland; whether they expect tax revenues from North Sea oil to recover; and, if so, when.
tabling member printed	Lord Barnett
uin	HL1206
answer	answer is ministerial correction date of answer 28/07/2014 answer text <p>The independent Office for Budget Responsibility (OBR) has set out the basis for its forecasts of oil and gas tax revenues in the Fiscal Sustainability Report. The forecast shows that these tax receipts, as a share of GDP, are set to decline by 84 per cent over the forecast period. The government has not made a separate assessment of these forecasts.</p><p> </p><p>The OBR has not published an assessment of what the fiscal position of a separate Scotland would be. However, other independent experts have estimated that in 2016-17, a separate Scotland would have a deficit (per person) of more than twice that of the UK.</p><p> </p><p>HM Treasury has estimated that each person in Scotland is £1,400 a year better off in the UK. That’s equivalent to around two thirds of the total NHS budget in Scotland, or almost as much as Scotland’s entire education budget.</p><p> </p><p> </p><p>The OBR’s new, lower, oil and gas tax receipts forecast only make a separate Scotland’s fiscal position tougher. In the UK, as part of a larger country, we can pool resources and share risks. This means that public spending in Scotland can remain secure and stable, even as revenues from oil and gas are volatile.</p> answering member printed Lord Deighton question first answered 28/07/2014 16:07:21 answering member 4262 label Biography information for Lord Deighton
tabling member	1018 label Biography information for Lord Barnett

78317

registered interest
date	16/07/2014
answering body	Department for Business, Innovation and Skills
answering dept id	26
answering dept short name	Business, Innovation and Skills
answering dept sort name	Business, Innovation and Skills
hansard heading	Balance of Trade
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 Office for National Statistics’ calculation that the United Kingdom trade deficit widened in May, compared with April.
tabling member printed	Lord Barnett
uin	HL1207
answer	answer is ministerial correction date of answer 30/07/2014 answer text <p> </p><p>Between April and May 2014, the Office of National Statistics have reported that the total UK trade deficit widened from £2.1bn in April to £2.4bn in May. This £0.4bn<sup>1</sup> increase was driven by a £0.2bn increase in total exports while imports increased more, by £0.6bn. Goods exports increased by £0.1bn while goods imports increased by £0.5bn - more than service exports and imports which both increased by less than £0.1bn.</p><p> </p><p> </p><p> </p><p> </p><p> </p><p>Monthly trade data are often volatile and usually subject to revisions in later months. On a less volatile basis, in 2013 the total trade deficit decreased by £4.9bn to £28.5bn from £33.4bn in 2012. This was driven by a £10.4bn increase in total exports while imports rose by only £5.4bn over the same period.</p><p> </p><p> </p><p>Between April and May 2014, the ONS have reported that the total UK trade deficit widened from £2.1bn in April to £2.4bn in May. This £0.4bn<sup>1</sup> increase was driven by a £0.2bn increase in total exports while imports increased more, by £0.6bn. Goods exports increased by £0.1bn while goods imports increased by £0.5bn - more than service exports and imports which both increased by less than £0.1bn.</p><p> </p><p> </p><p>Monthly trade data are often volatile and usually subject to revisions in later months. On a less volatile basis, in 2013 the total trade deficit decreased by £4.9bn to £28.5bn from £33.4bn in 2012. This was driven by a £10.4bn increase in total exports while imports rose by only £5.4bn over the same period.</p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p><em>1 The £0.4bn increase is higher than the difference between the two deficits due to rounding.</em></p><p> </p><p> </p> answering member printed Lord Livingston of Parkhead question first answered 30/07/2014 16:17:07 answering member 4278 label Biography information for Lord Livingston of Parkhead
tabling member	1018 label Biography information for Lord Barnett

78318

registered interest
date	16/07/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Exchange Rates
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 impact of the exchange level of sterling on the United Kingdom’s economic recovery.
tabling member printed	Lord Barnett
uin	HL1208
answer	answer is ministerial correction date of answer 28/07/2014 answer text <p>The UK does not have an exchange rate target. The UK’s monetary policy framework, set out in the Bank of England Act 1998, gives operational responsibility for monetary policy to the independent Monetary Policy Committee (MPC). The MPC has the primary objective of maintaining price stability, defined as an inflation target of 2 per cent as measured by the twelve month increase in the Consumer Prices Index. Under the Government’s macroeconomic framework, the exchange rate is allowed to adjust flexibly, and movements in sterling are determined by market forces.</p><p> </p> answering member printed Lord Deighton question first answered 28/07/2014 16:07:57 answering member 4262 label Biography information for Lord Deighton
tabling member	1018 label Biography information for Lord Barnett

78319

registered interest
date	16/07/2014
answering body	Department for Business, Innovation and Skills
answering dept id	26
answering dept short name	Business, Innovation and Skills
answering dept sort name	Business, Innovation and Skills
hansard heading	Business: Billing
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 current impact of late payments on small and medium-sized enterprises (SMEs); and what steps they are taking to support SMEs to mitigate the impact of late payments.
tabling member printed	Lord Barnett
uin	HL1209
answer	answer is ministerial correction date of answer 28/07/2014 answer text <p> </p><p> </p><p> </p><p>The Government considered the impact of late payment on Small and Medium Enterprises in our discussion paper Building a Responsible Payment Culture. As a result we are working with industry to create greater transparency of payment practices and a more responsible payment culture. This will include a statutory requirement, via the Small Business Enterprise and Employment Bill, for large firms to publish their payment practices. In addition, we are committed to working with the Institute for Credit Management and businesses to strengthen the Prompt Payment Code.</p><p> </p><p> </p><p> </p><p> </p><p> </p> answering member printed Baroness Neville-Rolfe question first answered 28/07/2014 16:56:25 answering member 4284 label Biography information for Baroness Neville-Rolfe
tabling member	1018 label Biography information for Lord Barnett

64135

registered interest
date	25/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Interest Rates
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what discussions the Chancellor of the Exchequer has had with the Governor of the Bank of England on possible increases in interest rates; and what was the outcome of those discussions.
tabling member printed	Lord Barnett
uin	HL639
answer	answer is ministerial correction date of answer 07/07/2014 answer text <p>The UK's monetary policy framework, set out in the Bank of England Act 1998, gives operational responsibility for monetary policy to the independent Monetary Policy Committee (MPC). The Chancellor of the Exchequer has frequent discussions with the Governor of the Bank of England on a wide range of issues on the UK economy.</p><p> </p><p> </p> answering member printed Lord Deighton question first answered 07/07/2014 11:08:18 answering member 4262 label Biography information for Lord Deighton
tabling member	1018 label Biography information for Lord Barnett

49845

registered interest
date	06/05/2014
answering body	Department for Business, Innovation and Skills
answering dept id	26
answering dept short name	Business, Innovation and Skills
answering dept sort name	Business, Innovation and Skills
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what is (1) the total sum, and (2) the percentage, of student loans that have been written off as bad debt.
tabling member printed	Lord Barnett
uin	HL6849
answer	answer is ministerial correction date of answer 14/05/2014 answer text <p>Information on the repayment status of student loans is available in the Student Loans Company (SLC) publication<em>‘Student Loans for Higher Education in England, Financial Year 2012-13'</em>.</p><p> </p><p>The Amount of Total Public Debt outstanding (including loans not yet due for repayment) at the start of Financial Year 2012-13 including interest was <strong>£40,271.5m</strong>, rising to <strong>£46,590.4m</strong> by the end of Financial Year 2012-13.</p><p> </p><p>The amount of debt written off or cancelled during the Financial Year 2012-13 was <strong>£27.0m</strong>. This figure is <strong>0.07%</strong> of the Total Public Debt outstanding at the start of Financial Year 2012-13 and <strong>0.06%</strong> of the Total Public Debt outstanding at the end of Financial Year 2012-13.</p><p> </p><p>Write offs occur for policy reasons; when borrowers die, become permanently disabled or when their loan reaches age thresholds. An estimate of ‘bad debt' has not been provided in the answer as there is no standard definition for this.</p><p> </p><p>Statistics referring to the Financial Year 2013-14 will be published in June 2014.</p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p> answering member printed Lord Ahmad of Wimbledon question first answered 14/05/2014 12:00:00 answering member 4210 label Biography information for Lord Ahmad of Wimbledon
tabling member	1018 label Biography information for Lord Barnett

49847

registered interest
date	06/05/2014
answering body	Department for Business, Innovation and Skills
answering dept id	26
answering dept short name	Business, Innovation and Skills
answering dept sort name	Business, Innovation and Skills
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Written Answer by Lord Ahmad of Wimbledon on 9 April (WA 302), what is the amount of student loan debt still available for sale, including the first tranche referred to.
tabling member printed	Lord Barnett
uin	HL6850
answer	answer is ministerial correction date of answer 14/05/2014 answer text <p>The total amount of pre-2012 income contingent repayment student loan debt that Government intends to sell has not yet been determined. However, over a five year period, as announced at Autumn Statement 2013, sales are expected to generate between £10 billion and £15 billion in revenues, with a central estimate of around £12 billion.</p> answering member printed Lord Ahmad of Wimbledon question first answered 14/05/2014 12:00:00 answering member 4210 label Biography information for Lord Ahmad of Wimbledon
tabling member	1018 label Biography information for Lord Barnett

49849

registered interest
date	06/05/2014
answering body	Department for Business, Innovation and Skills
answering dept id	26
answering dept short name	Business, Innovation and Skills
answering dept sort name	Business, Innovation and Skills
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Written Answer by Lord Ahmad of Wimbledon on 9 April (WA 302), what are the current terms of income contingent repayment loans.
tabling member printed	Lord Barnett
uin	HL6851
answer	answer is ministerial correction date of answer 14/05/2014 answer text <p>The Education (Student Loans) (Repayment) Regulations set out the terms and conditions of income contingent student loans. This is also set out in the booklet <em>Student Loans – a Guide to Terms and Conditions</em>, the latest copy of which can be accessed at http://www.sfengland.slc.co.uk/media/666045/sfe_t_c_guide_1415_d.pdf . Students are informed at the time of taking out their student loan that the regulations may change from time to time and this means that the terms of their loan may also change.</p> answering member printed Lord Ahmad of Wimbledon question first answered 14/05/2014 12:00:00 answering member 4210 label Biography information for Lord Ahmad of Wimbledon
tabling member	1018 label Biography information for Lord Barnett

49852

registered interest
date	06/05/2014
answering body	Department for Business, Innovation and Skills
answering dept id	26
answering dept short name	Business, Innovation and Skills
answering dept sort name	Business, Innovation and Skills
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the answer by Lord Ahmad of Wimbledon on 26 March (HL Deb, col 528), what was the basis on which he described the sale of the student loan book for £160 million as "value for money for the taxpayer"; and what was the original value of the loans.
tabling member printed	Lord Barnett
uin	HL6852
answer	answer is ministerial correction date of answer 14/05/2014 answer text <p>The Mortgage Style loans offered for sale had a face value of around £890 million.</p><p>The sale of the Mortgage Style Loan Book was value for money as the purchase price exceeded the value of retention to Government.</p><p>The real value of the book is below the face value of the loans because of the subsidised nature of the loans and their age. These loans attract low interest rates and have an earnings threshold for repayment. The age-related write off combined with the earnings threshold means some borrowers never repay.</p><p> </p><p>The sale of Mortgage style Loans also allowed the Student Loans Company to focus on its core business of supplying income contingent loans (ICR) to current students and collecting repayments from those loans.</p><p> </p> answering member printed Lord Ahmad of Wimbledon question first answered 14/05/2014 12:00:00 answering member 4210 label Biography information for Lord Ahmad of Wimbledon
tabling member	1018 label Biography information for Lord Barnett