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48721

registered interest
date	28/04/2014
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	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Business, Innovation and Skills, when the stabilisation period in respect of the privatisation of Royal Mail, as detailed in the engagement letter between his Department and the underwriting banks, ends; and how that period has been defined.
tabling member constituency	Edinburgh South
tabling member printed	Ian Murray
uin	196951
answer	answer is ministerial correction date of answer 01/05/2014 answer text <p>The stabilisation period, also known as a &quot;greenshoe&quot; or &quot;over-allotment&quot; option, is a market-standard provision that allows the Initial Public Offering's (IPO) stabilisation manager to provide share price stabilisation (if required) for up to 30 days post-commencement of conditional dealings. In the case of the Royal Mail, the stabilisation manager was UBS and the stabilisation period ended on 8 November.</p><p> </p><p>In the engagement letter, the payment of the discretionary fee was linked to the ending of the stabilisation period. However, we informed the banks involved that a decision would not be taken in the timeframe set out in the engagement letter given the volatility of the Royal Mail share price after the IPO.</p><p> </p><p>We have not set a rigid timetable for the decision on the payment of the discretionary fee which remains unpaid.</p><p> </p> answering member constituency Sevenoaks answering member printed Michael Fallon question first answered 01/05/2014 12:00:00 answering member 88 label Biography information for Sir Michael Fallon
tabling member	3966 label Biography information for Ian Murray

48627

registered interest
date	25/04/2014
answering body	Ministry of Justice
answering dept id	54
answering dept short name	Justice
answering dept sort name	Justice
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Justice, how many days were taken to process and grant each of the applications for remissions of employment tribunal fees that have been (a) granted and (b) partially granted.
tabling member constituency	Edinburgh South
tabling member printed	Ian Murray
uin	196795
answer	answer is ministerial correction date of answer 30/04/2014 answer text <p> </p><p> </p><p>The guidance document published by HM Courts &amp; Tribunals Service (HMCTS) explains that remission applications will be processed within five working days of the date that they are received, and that appeals will be determined within 10 days. The latest available information collated by HMCTS staff indicates that the applications received in respect of employment tribunal matters are currently determined within three working days. Appeals in respect of employment tribunal remissions decisions are currently determined within nine days.</p><p> </p><p>However, data on the time taken for each one of the remission applications determined so far is not readily available. To obtain that data would require significant work to interrogate the relevant HMCTS case management database. This work, if undertaken for the purposes of answering this question, would incur disproportionate cost.</p> answering member constituency North West Cambridgeshire answering member printed Mr Shailesh Vara question first answered 30/04/2014 12:00:00 answering member 1496 label Biography information for Shailesh Vara previous answer version 8000 answering member constituency North West Cambridgeshire answering member printed Mr Shailesh Vara answering member 1496 label Biography information for Shailesh Vara
tabling member	3966 label Biography information for Ian Murray

48116

registered interest
date	10/04/2014
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	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Business, Innovation and Skills, who made the decisions and on what basis were the decisions made on how many shares would go to each priority investor, each institutional investor and each retail investor in respect of the privatisation of Royal Mail.
tabling member constituency	Edinburgh South
tabling member printed	Ian Murray
uin	196282
answer	answer is ministerial correction date of answer 28/04/2014 answer text <p>The Government set the overall allocation policy with the aim of getting the right balance between longer-term, stable investors, retail investors and shorter-term investors who provide liquidity in the market.</p><p> </p><p>Allocations were made to a number of institutions who in the early stages of engagement were willing to place non-binding orders despite the risks attached to the IPO such as the industrial relations situation. These investors gave us confidence that there was sufficient demand to proceed with the IPO.</p><p> </p><p>We had nearly three-quarters of a million retail applications so their allocations were scaled back as they were for institutional investors. Given this high demand, Ministers decided to prioritise smaller investors and put in place a cut-off above £10,000 and give everyone below that the same number of shares. Around 95% of retail investors were allocated shares.</p><p><strong> </strong></p><p><strong> </strong></p><p> </p> answering member constituency Sevenoaks answering member printed Michael Fallon question first answered 28/04/2014 12:00:00 answering member 88 label Biography information for Sir Michael Fallon
tabling member	3966 label Biography information for Ian Murray

48899

registered interest
date	10/04/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what recent estimate he has made of how much the reduction in the additional rate of income tax to 45 per cent will be worth each year for a person earning £1 million a year.
tabling member constituency	Edinburgh South
tabling member printed	Ian Murray
uin	903727
answer	answer is ministerial correction date of answer 29/04/2014 answer text <p>I refer the hon. Gentleman to the answer I gave today to the hon. Member for Sefton Central (Bill Esterson).</p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 29/04/2014 12:00:00 answering member 1529 label Biography information for Mr David Gauke
tabling member	3966 label Biography information for Ian Murray

48104

registered interest
date	09/04/2014
answering body	Ministry of Justice
answering dept id	54
answering dept short name	Justice
answering dept sort name	Justice
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Justice, when his Department plans to carry out a review on its policy on fees in the employment tribunal system.
tabling member constituency	Edinburgh South
tabling member printed	Ian Murray
uin	196187
answer	answer is ministerial correction date of answer 28/04/2014 answer text <p> </p><p>The Lord Chancellor is committed to reviewing the impact of the introduction of fees in the employment tribunals system. The Ministry of Justice is currently finalising arrangements for the timing and scope of this review, to enable the impacts to be properly assessed, and we will be making an announcement in due course.</p> answering member constituency North West Cambridgeshire answering member printed Mr Shailesh Vara grouped question UIN 195746 question first answered 28/04/2014 12:00:00 answering member 1496 label Biography information for Shailesh Vara
tabling member	3966 label Biography information for Ian Murray

47657

registered interest
date	08/04/2014
answering body	Ministry of Justice
answering dept id	54
answering dept short name	Justice
answering dept sort name	Justice
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Justice, what plans his Department has to increase or lower the level of fees in the employment tribunal system.
tabling member constituency	Edinburgh South
tabling member printed	Ian Murray
uin	195746
answer	answer is ministerial correction date of answer 28/04/2014 answer text <p> </p><p>The Lord Chancellor is committed to reviewing the impact of the introduction of fees in the employment tribunals system. The Ministry of Justice is currently finalising arrangements for the timing and scope of this review, to enable the impacts to be properly assessed, and we will be making an announcement in due course.</p> answering member constituency North West Cambridgeshire answering member printed Mr Shailesh Vara grouped question UIN 196187 question first answered 28/04/2014 12:00:00 answering member 1496 label Biography information for Shailesh Vara
tabling member	3966 label Biography information for Ian Murray