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1137076
star this property registered interest false more like this
star this property date less than 2019-07-04more like thismore than 2019-07-04
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
star this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury remove filter
unstar this property hansard heading Insurance Companies: 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
unstar this property question text To ask Her Majesty's Government what steps they are taking to promote investment by the insurance industry into applied research, new technologies, and infrastructure; whether information about any such investments will be published on an annual basis; and if so, where. more like this
star this property tabling member printed
Lord Hunt of Chesterton more like this
star this property uin HL16940 more like this
star this property answer
answer
unstar this property is ministerial correction false more like this
star this property date of answer less than 2019-07-17more like thismore than 2019-07-17
star this property answer text <p>The treatment of infrastructure investment by insurance undertakings for the purposes of prudential regulation is set by the Solvency II Directive. In March 2019, the EU adopted new Solvency II rules to help insurers to invest in equity and private debt and to provide long-term capital financing. This means that insurers will be able to hold less capital for such investments and will therefore find such investments more attractive. The Government does not collect information about such investments, but individual insurance firms often include such details in their annual reports.</p><p><em> </em></p>The government provides competitive R&amp;D tax reliefs to support businesses to invest. Support for businesses through R&amp;D tax reliefs rose to £3.7 billion in 2015-16, up by almost a quarter from the previous year. The government is also carrying out the Infrastructure Finance Review, to support private infrastructure investment and ensure that infrastructure projects, including those using new technologies, are able to access the finance they need. The review will conclude alongside the National Infrastructure Strategy in the Autumn.<p> </p>In 2018, the UK Government provided £20m of ‘pioneer funding’ through the Next Generation Services Industrial Strategy Challenge Fund to explore how new technologies could transform the UK accountancy, insurance and legal services industries<p> </p>
star this property answering member printed Lord Young of Cookham more like this
star this property question first answered
less than 2019-07-17T16:31:26.07Zmore like thismore than 2019-07-17T16:31:26.07Z
star this property answering member
57
star this property label Biography information for Lord Young of Cookham remove filter
star this property tabling member
2543
star this property label Biography information for Lord Hunt of Chesterton remove filter