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1002211
star this property registered interest false more like this
unstar this property date less than 2018-11-05more like thismore than 2018-11-05
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Banks: Finance more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what assessment they have made of the European Banking Authority's recent analysis of the strength of UK banks in adverse scenarios. more like this
star this property tabling member printed
Lord Birt more like this
star this property uin HL11232 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2018-11-19more like thismore than 2018-11-19
star this property answer text <p>The Government supports the use of stress tests as a tool to ensure the ongoing resilience of the European Union’s banking sector. Well capitalised banks, under a robust regulatory framework, are better able to lend to the economy, supporting jobs and growth. A full response to the European Banking Authority’s (EBA) report has been published by the Bank of England (BoE). The BoE noted that the results of the latest EBA test confirmed the results of earlier BoE stress tests that the participating UK banks would be resilient to a severe economic and market stress. The BoE will publish the results for its next annual stress tests on 5 December.</p> more like this
star this property answering member printed Lord Bates more like this
star this property question first answered
less than 2018-11-19T16:22:02.377Zmore like thismore than 2018-11-19T16:22:02.377Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
2533
unstar this property label Biography information for Lord Birt remove filter
1025345
star this property registered interest false more like this
unstar this property date less than 2018-12-14more like thismore than 2018-12-14
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Stamp Duty Land Tax more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government whether they plan to review the impact of stamp duty on (1) housing mobility, and (2) the frequency of housing transactions; and whether they consider any useful lessons can be drawn from the experience of the Republic of Ireland in reducing stamp duty. more like this
star this property tabling member printed
Lord Birt more like this
star this property uin HL12311 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2018-12-20more like thismore than 2018-12-20
star this property answer text <p>The Government keeps all taxes under review and monitors a range of factors as part of that process.</p><p> </p><p>More broadly, SDLT continues to be an important source of government revenue, raising several billion pounds each year to help pay for the essential services the Government provides. As set out in HMRC’s April 2018 release on illustrative tax changes, a 1 percentage point reduction in the main rates of residential Stamp Duty Land Tax would cost an estimated £1.6 billion in 2019-20.</p> more like this
star this property answering member printed Lord Bates more like this
star this property question first answered
less than 2018-12-20T14:09:46.277Zmore like thismore than 2018-12-20T14:09:46.277Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
2533
unstar this property label Biography information for Lord Birt remove filter
1036904
star this property registered interest false more like this
unstar this property date less than 2019-01-07more like thismore than 2019-01-07
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Stamp Duty Land Tax more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government, further to the Written Answer by Lord Bates on 20 December (HL12311), what impact Stamp Duty Land Tax has had on (1) housing mobility, and (2) the frequency of housing transactions, since 2014. more like this
star this property tabling member printed
Lord Birt more like this
star this property uin HL12546 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-01-21more like thismore than 2019-01-21
star this property answer text <p>HMRC publish quarterly and annual statistics on transaction volumes which are available on GOV.UK.</p><p> </p><p>At Autumn Statement 2014 the Government reformed the structure of Stamp Duty Land Tax, cutting the tax paid on all purchases of residential property to a value of £937,500, unless purchasing additional property – a reduction for 98% of those paying the tax.</p><p> </p><p>Housing market activity is affected by a wide variety of factors, of which Stamp Duty Land Tax is just one.</p> more like this
star this property answering member printed Lord Bates more like this
star this property question first answered
less than 2019-01-21T15:45:48.383Zmore like thismore than 2019-01-21T15:45:48.383Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
2533
unstar this property label Biography information for Lord Birt remove filter
1064196
star this property registered interest false more like this
unstar this property date less than 2019-02-19more like thismore than 2019-02-19
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading VAT: Electronic Government more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what is their estimate of the annual saving to HMRC of requiring VAT registered businesses to maintain their VAT records and to submit their VAT returns via Making Tax Digital; and what is their estimate of the incremental cost to the totality of VAT registered businesses of compliance with this requirement. more like this
star this property tabling member printed
Lord Birt more like this
star this property uin HL13843 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-03-05more like thismore than 2019-03-05
star this property answer text <p>HMRC’s revised assessment of impacts for Making Tax Digital (MTD) for VAT estimates that there will be an ongoing net cost to VAT registered businesses with a turnover above the VAT threshold of £37m. HMRC estimates that the behavioural impacts of Making Tax Digital will contribute over £1bn to the Exchequer by 2022 to 2023.</p> more like this
star this property answering member printed Lord Bates more like this
star this property question first answered
less than 2019-03-05T13:57:15.607Zmore like thismore than 2019-03-05T13:57:15.607Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
2533
unstar this property label Biography information for Lord Birt remove filter
1133033
star this property registered interest false more like this
unstar this property date less than 2019-06-18more like thismore than 2019-06-18
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Exchange Rates more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what assessment they have made of the reasons for (1) sterling losing nearly five per cent of its value against the US dollar since the beginning of May this year, and (2) other major currencies holding their value over the same period. more like this
star this property tabling member printed
Lord Birt more like this
star this property uin HL16451 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-06-25more like thismore than 2019-06-25
star this property answer text <p>The government does not comment on movements in financial markets. It is also important to note that the UK does not have an exchange rate target. Instead the UK’s macroeconomic framework is based on an inflation target, and it is for the independent Monetary Policy Committee to set monetary policy to meet this target.</p><p> </p> more like this
star this property answering member printed Lord Young of Cookham more like this
star this property question first answered
less than 2019-06-25T12:56:57.747Zmore like thismore than 2019-06-25T12:56:57.747Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham more like this
star this property tabling member
2533
unstar this property label Biography information for Lord Birt remove filter
1168554
star this property registered interest false more like this
unstar this property date less than 2019-12-19more like thismore than 2019-12-19
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Exchange Rates more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what plans they have to require that all currency conversion rates should be expressed as a percentage mark-up on the interbank rate applying at the time of the conversion after Brexit. more like this
star this property tabling member printed
Lord Birt more like this
star this property uin HL12 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2020-01-07more like thismore than 2020-01-07
star this property answer text <p>HM Treasury does not publish or set the format for the presentation of exchange rate data.</p><p><strong> </strong></p> more like this
star this property answering member printed The Earl of Courtown more like this
star this property question first answered
less than 2020-01-07T16:54:46.483Zmore like thismore than 2020-01-07T16:54:46.483Z
star this property answering member
3359
star this property label Biography information for The Earl of Courtown more like this
star this property tabling member
2533
unstar this property label Biography information for Lord Birt remove filter
1174437
star this property registered interest false more like this
unstar this property date less than 2020-01-29more like thismore than 2020-01-29
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Capital Investment more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what assessment they have made of reports that International Monetary Fund data shows that the UK is placed 27th out of 28 EU countries for investment as a proportion of GDP between 2000 and 2019. more like this
star this property tabling member printed
Lord Birt more like this
star this property uin HL897 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2020-02-11more like thismore than 2020-02-11
star this property answer text <p>We recognise that in recent years the UK has seen relatively low levels of investment. This Government has committed to increase investment through improving infrastructure. The National Infrastructure Strategy, to be published alongside the Budget, will set out further details of the Government’s plan to transform the UK’s infrastructure and the Government’s long-term ambitions across transport, local growth, decarbonisation, digital infrastructure, infrastructure finance and delivery.</p><p> </p><p>The UK corporate tax regime is highly competitive, with the lowest rate of corporation tax in the G20. Beyond this, businesses are benefitting from enhanced tax incentives, including the recent introduction of the Structures and Buildings Allowance (SBA), and a temporary increase in the Annual Investment Allowance to £1 million.</p> more like this
star this property answering member printed The Earl of Courtown more like this
star this property question first answered
less than 2020-02-11T12:41:19.457Zmore like thismore than 2020-02-11T12:41:19.457Z
star this property answering member
3359
star this property label Biography information for The Earl of Courtown more like this
star this property tabling member
2533
unstar this property label Biography information for Lord Birt remove filter
1175129
star this property registered interest false more like this
unstar this property date less than 2020-01-20more like thismore than 2020-01-20
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Foreign Exchange more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text Her Majesty's Government what plans they have to ensure that (1) the precise spot rate, and (2) the commission charged, are identified for all consumer foreign currency transactions at the moment of the transaction post-Brexit. more like this
star this property tabling member printed
Lord Birt more like this
star this property uin HL543 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2020-02-03more like thismore than 2020-02-03
star this property answer text <p>Under the Payment Services Regulations 2017, where a currency conversion service is offered before the initiation of the payment transaction, the party offering the currency conversion service must disclose to the payer all charges as well as the exchange rate to be used for converting the payment transaction. This will not change after the UK leaves the EU.</p><p> </p><p>From April 2020, the EU’s Cross Border Payments Regulation, known as CBPR2, will require greater transparency on currency conversion charges and exchange rates when making payments, either at a point of sale or an ATM.</p><p> </p><p>After 31 January, the UK and EU will enter an implementation period, during which EU laws that currently apply, or will start to apply during the implementation period, will apply to the UK.</p><p> </p><p>Under the terms of section 8 of the EU Withdrawal Act 2018 (and as further amended by the EU Withdrawal Agreement Act 2020) the Government has the power to fix deficiencies in EU legislation retained following the Implementation Period.</p>
star this property answering member printed The Earl of Courtown more like this
star this property question first answered
less than 2020-02-03T16:38:59.77Zmore like thismore than 2020-02-03T16:38:59.77Z
star this property answering member
3359
star this property label Biography information for The Earl of Courtown more like this
star this property tabling member
2533
unstar this property label Biography information for Lord Birt remove filter
1189596
star this property registered interest false more like this
unstar this property date less than 2020-04-21more like thismore than 2020-04-21
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Foreign Exchange more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government, further to the Written Answer by the Earl of Courtown on 3 February (HL543), whether the Banking: Conduct of Business sourcebook rule 2.3.7CG(3), published in the Financial Conduct Authority Handbook, that “the cost of a currency transfer service includes the margin between the exchange rate that would be offered to a majority of persons of the class at whom the promotion is directed and a currently applicable interbank exchange rate, calculated using an independently published interbank spot rate”, will be applied to providers calculating the currency conversion charge for consumers under the Cross Border Payments Regulation to ensure that providers show the full cost payable by a consumer. more like this
star this property tabling member printed
Lord Birt more like this
star this property uin HL3114 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2020-05-05more like thismore than 2020-05-05
star this property answer text <p>The Second Cross Border Payments Regulation (CBPR2) updates rules on the transparency of currency conversion charges within the European Union. The UK has left the EU, and during the transition period EU laws that currently apply, or will start to apply during the transition period, will apply to the UK. Under the terms of section 8 of the EU Withdrawal Act 2018 (and as further amended by the EU Withdrawal Agreement Act 2020) the Government has the power to fix deficiencies in EU legislation retained following the transition period.</p><p> </p><p>The Financial Conduct Authority's (FCA) Principles for Businesses and Handbook Banking: Conduct of Business sourcebook (BCOBS) also apply to UK providers of currency transfers services. BCOBS 2.3.7CG(3) is guidance (not a rule) so is an example of one way to comply with the relevant FCA rule (at BCOBS 2.3.7BR).</p><p> </p><p>As stated in its Policy Statement PS19/3 making BCOBS 2.3.7CG(3) (‘General standards and communication rules for the payment services and e-money sectors’), the FCA acknowledged that CBPR2 would impact cost disclosure requirements, particularly in relation to credit transfers. The FCA has since convened a group of industry representatives to discuss and agree on a common presentation format of the information required by CBPR2. The FCA has stated that it will continue to monitor the progress and if it does not see improvements in cost disclosure to customers, it will consider consulting on additional rules and guidance.</p>
star this property answering member printed Lord Agnew of Oulton more like this
star this property question first answered
less than 2020-05-05T11:01:26.377Zmore like thismore than 2020-05-05T11:01:26.377Z
star this property answering member
4689
star this property label Biography information for Lord Agnew of Oulton more like this
star this property tabling member
2533
unstar this property label Biography information for Lord Birt remove filter
1433564
star this property registered interest false more like this
unstar this property date less than 2022-02-21more like thismore than 2022-02-21
star this property answering body
Treasury more like this
star this property answering dept id 14 remove filter
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Economic Growth more like this
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what assessment, if any, they have made of the growth rate of each of the G7 countries from quarter 4 of 2019 to quarter 4 of 2021. more like this
star this property tabling member printed
Lord Birt more like this
star this property uin HL6227 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2022-03-07more like thismore than 2022-03-07
star this property answer text <p>Her Majesty’s government regularly looks at UK economic growth in the context of growth in other advanced economies, including those in the G7. The Office for National Statistics publishes UK figures monthly, quarterly, and annually.</p><p> </p><p>There are different metrics by which international GDP growth rates can be compared, varying by the time and reference period used. In the case of our G7 peers, as well as the UK, only Canada produces monthly GDP data. Monthly comparisons are therefore not possible for all members of the G7. International comparisons of economic growth are possible for all G7 members at both quarterly and yearly frequencies. This information is presented below.</p><p> </p><table><tbody><tr><td><p>Real GDP growth</p></td><td><p>Monthly</p></td><td><p>Quarterly</p></td><td><p>Quarterly</p></td><td><p>Quarterly</p></td><td><p>Annually</p></td></tr><tr><td><p>Country</p></td><td><p>February 2020 to November 2021</p></td><td><p>Q3 2021 Quarter on Year % growth</p></td><td><p>Q4 2021 Quarter on Year % growth</p></td><td><p>Q4 2019 to Q4 2021</p></td><td><p>2021</p></td></tr><tr><td><p>Canada</p></td><td><p>0.2%</p></td><td><p>4.0%</p></td><td><p>3.4%</p></td><td><p>0.2%</p></td><td><p>4.7%</p></td></tr><tr><td><p>France</p></td><td><p>N/A</p></td><td><p>3.5%</p></td><td><p>5.4%</p></td><td><p>0.9%</p></td><td><p>7.0%</p></td></tr><tr><td><p>Germany</p></td><td><p>N/A</p></td><td><p>2.9%</p></td><td><p>1.4%</p></td><td><p>-1.5%</p></td><td><p>2.8%</p></td></tr><tr><td><p>Italy</p></td><td><p>N/A</p></td><td><p>4.0%</p></td><td><p>6.4%</p></td><td><p>-0.5%</p></td><td><p>6.4%</p></td></tr><tr><td><p>Japan</p></td><td><p>N/A</p></td><td><p>1.2%</p></td><td><p>0.7%</p></td><td><p>-1.9%</p></td><td><p>1.7%</p></td></tr><tr><td><p>UK</p></td><td><p>0.2%</p></td><td><p>7.0%</p></td><td><p>6.5%</p></td><td><p>-0.5%</p></td><td><p>7.5%</p></td></tr><tr><td><p>US</p></td><td><p>N/A</p></td><td><p>4.9%</p></td><td><p>5.5%</p></td><td><p>3.1%</p></td><td><p>5.7%</p></td></tr></tbody></table><p>Source: Refinitv DataStream, HMT Calculations</p><p> </p><p>Comparing monthly to the latest data available in both countries, November, the ratio of monthly real (seasonally adjusted) GDP between February 2020 and December 2021 was 0.2, in both the UK and Canada. Canada is yet to release December monthly data.</p><p> </p><p>The UK’s 2021 Q3 quarter-on-year growth rate was 7.0%, compared to the US (4.9%), Italy and Canada (both 4%), France (3.5%), Germany (2.9%) and Japan (1.1%).</p><p> </p><p>The ratio of real GDP from Q4 2019 to Q4 2021 in the UK was -0.5%, compared to the US (3.1%), France (0.9%), Canada (0.2%), Italy (-0.5%), Germany (-1.5%) and Japan (-1.9%).</p><p> </p><p>Annually, the UK’s growth rate in 2021 was 7.5%, compared to France (7.0%), Italy (6.4%), the US (5.7%), Canada (4.7%), Germany (2.8%) and Japan (1.7%).</p>
star this property answering member printed Baroness Penn more like this
star this property grouped question UIN HL6247 more like this
star this property question first answered
less than 2022-03-07T17:42:27.583Zmore like thismore than 2022-03-07T17:42:27.583Z
star this property answering member
4726
star this property label Biography information for Baroness Penn more like this
star this property tabling member
2533
unstar this property label Biography information for Lord Birt remove filter