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101529

	registered interest
	date	29/10/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what steps he has taken to monitor practices in the banking sector.
	tabling member constituency	South Antrim
	tabling member printed	Dr William McCrea
	uin	212470
	answer	answer is ministerial correction date of answer 05/11/2014 answer text <p>This Government has taken a number of major steps to strengthen monitoring and regulation of the banking sector.</p><p> </p><p> </p><p> </p><p>The Financial Services Act 2012 put in place two new, properly focussed financial regulators, the Prudential Regulation Authority (PRA) - a subsidiary of the Bank of England - the Financial Conduct Authority (FCA), as part of a new approach to financial regulation. The new regulators started work on 1 April 2013.</p><p> </p><p> </p><p> </p><p>The Government’s new approach to financial regulation enables the PRA to concentrate on monitoring the health of UK banks to ensure that they are prudently and competently managed and to reduce the risk that the practices of UK banks will lead to serious financial failure. At the same time, the FCA can concentrate on monitoring the practices of UK banks and other financial services businesses in their dealing with ordinary retail customers and in wholesale financial markets, to reduce the risk that the practices in the banking sector are detrimental to consumers or competition, or threaten the integrity of financial markets.</p><p> </p><p> </p><p> </p><p>On 12 June 2014, the Government announced the Fair and Effective Markets Review, which is a joint review by HM Treasury, the Bank of England, and the Financial Conduct Authority (FCA) into the way wholesale financial markets operate. The Government is determined to take action to help restore trust and integrity and to ensure that the highest standards are expected of those who operate in these markets. It is important that this is done in a way that preserves the UK’s position as the global financial centre for many of these markets. The Review published its consultation document “How fair and effective are the fixed income, foreign exchange and commodities markets?” on 27 October, and the Government looks forward to the review’s final recommendations in June 2015.</p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 05/11/2014 16:50:46 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	655 label Biography information for Lord McCrea of Magherafelt and Cookstown

93472

	registered interest
	date	15/10/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Small Businesses: Loans
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what further steps he plans to take to encourage banks to lend money to small and medium-sized businesses.
	tabling member constituency	South Antrim
	tabling member printed	Dr William McCrea
	uin	210820
	answer	answer is ministerial correction date of answer 22/10/2014 answer text <p>The Government has taken significant action to increase bank lending to smaller businesses, such as through the Funding for Lending Scheme, and through supporting non-bank lending channels via the British Business Bank.</p><p> </p><p> </p><p> </p><p>In Autumn 2013 a joint United Kingdom and Northern Ireland Ministerial Task Force was set up to look at ways to promote lending and increase support for businesses in Northern Ireland.</p><p> </p><p> </p><p> </p><p>The Government is also implementing further major reforms to boost competition in the provision of smaller business finance through the Small Business, Enterprise and Employment Bill; these measures intend to improve access to SME Credit Information and to match SMEs rejected for SME finance with challenger banks and alternative finance providers that are looking to offer finance.</p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 22/10/2014 15:21:56 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	655 label Biography information for Lord McCrea of Magherafelt and Cookstown

93475

	registered interest
	date	15/10/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Employment
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what plans he has to increase opportunities for full-time employment across the UK.
	tabling member constituency	South Antrim
	tabling member printed	Dr William McCrea
	uin	210819
	answer	answer is ministerial correction date of answer 22/10/2014 answer text <p>The Government is committed to increasing the opportunities for full-time employment across the UK. That is why we introduced the Employment Allowance in April 2014 which entitles businesses and charities to a £2,000 allowance on their annual National Insurance contributions bill. The allowance is reducing the cost of employment, supporting small businesses aspiring to grow by hiring their first employee or expanding their workforce.</p><p> </p><p> </p><p>We are also abolishing Employer National Insurance contributions for under 21s on earnings up to £813 a week from April 2015 helping to support full-time employment for young people. The Government will of course continue to look at further ways to support full-time employment across the UK.</p><p> </p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 22/10/2014 16:04:11 answering member 4117 label Biography information for Andrea Leadsom
	tabling member	655 label Biography information for Lord McCrea of Magherafelt and Cookstown

93468

	registered interest
	date	15/10/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Economic Policy: Northern Ireland
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what recent discussions he has had with the Northern Ireland Executive regarding his long-term economic plan.
	tabling member constituency	South Antrim
	tabling member printed	Dr William McCrea
	uin	210815
	answer	answer is ministerial correction date of answer 22/10/2014 answer text <p>Treasury Ministers and officials have regular discussions with Northern Ireland Executive Ministers and officials on a wide variety of topics.</p><p> </p><p> </p><p> </p> answering member constituency Inverness, Nairn, Badenoch and Strathspey answering member printed Danny Alexander question first answered 22/10/2014 15:46:06 answering member 1535 label Biography information for Danny Alexander
	tabling member	655 label Biography information for Lord McCrea of Magherafelt and Cookstown

93469

	registered interest
	date	15/10/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Inheritance Tax
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, if he will bring forward legislative proposals to permit parents to leave more of their own money to their children.
	tabling member constituency	South Antrim
	tabling member printed	Dr William McCrea
	uin	210769
	answer	answer is ministerial correction date of answer 21/10/2014 answer text <p>The Government has already taken steps to make it easier for parents to pass on more of their money to their children when the die.</p><p> </p><p> </p><p> </p><p>From April 2015, individuals will be able to pass on their unused defined contribution pension to any nominated beneficiary when they die, rather than paying the 55% tax charge on inherited pensions which currently applies</p><p> </p><p> </p><p> </p><p>If the individual dies before they reach the age of 75, the beneficiary will be able to access the funds completely tax free at any age. If the individual dies after they reach the age of 75, the beneficiary will be able to access the funds, at any age, subject their marginal rate of income tax. There will also be an option to receive the pension as a lump sum payment, subject to a tax charge of 45%.</p><p> </p><p> </p><p> </p><p>These changes will be legislated for in the Taxation of Pensions Bill currently passing through the House.</p><p> </p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 21/10/2014 15:58:05 answering member 1529 label Biography information for Mr David Gauke
	tabling member	655 label Biography information for Lord McCrea of Magherafelt and Cookstown

93473

	registered interest
	date	15/10/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Self-employed
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what proportion of self employed people are earning less than the personal allowance of £10,000.
	tabling member constituency	South Antrim
	tabling member printed	Dr William McCrea
	uin	210821
	answer	answer is ministerial correction date of answer 21/10/2014 answer text <p>Estimates for the number of self employed people earning less than the personal allowance of £10,000 for 2014-15 are not available.</p><p> </p><p>The latest year for which estimates are available is 2011-12, where it is estimated that 1.94m (35%) of individuals with self employment income have total taxable income below the personal allowance of £7,475 for that tax year. These estimates are derived from table 3.6 and table 3.10 of the following publication, based on Survey of Personal Incomes (SPI) data for 2011-12.</p><p> </p><p>.</p><p> </p><p><a href="https://www.gov.uk/government/statistics/personal-incomes-statistics-tables-31-to-311-for-the-tax-year-2011-to-2012" target="_blank">https://www.gov.uk/government/statistics/personal-incomes-statistics-tables-31-to-311-for-the-tax-year-2011-to-2012</a></p><p> </p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 21/10/2014 15:56:38 answering member 1529 label Biography information for Mr David Gauke
	tabling member	655 label Biography information for Lord McCrea of Magherafelt and Cookstown

93478

	registered interest
	date	15/10/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Construction: Industry
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what steps he plans to take to help businesses in the construction sector outside London.
	tabling member constituency	South Antrim
	tabling member printed	Dr William McCrea
	uin	210830
	answer	answer is ministerial correction date of answer 23/10/2014 answer text <p>I am replying on the behalf of the Department for Business, Innovation and Skills. The Government is actively working to help all construction firms including those outside London. We are working with the industry to remove barriers to growth by improving the planning system and access to finance, and easing the burden of regulation.</p><p> </p><p> </p><p> </p><p>On the demand side, we are stimulating the house building industry - in Autumn Statement 2013 my Rt Hon Friend the Chancellor of the Exchequer announced a £1bn extension of the Local Infrastructure Fund for large scale housing sites, to unlock around 250,000 homes over 6 years. We are also stimulating infrastructure development. The National Infrastructure Plan (NIP) sets a strategic vision for forthcoming infrastructure needs. It has identified a pipeline of over 500 projects costing around £250bn to 2015 and beyond.</p><p> </p><p> </p><p> </p><p>On the supply side, we are working closely with the Construction Leadership Council to ensure that the industry is well placed to respond to growing markets, tackling issues such as skills, innovation, sustainability, productivity, efficiency and export performance.</p><p> </p> answering member constituency Grantham and Stamford answering member printed Nick Boles question first answered 23/10/2014 15:11:11 answering member 3995 label Biography information for Nick Boles
	tabling member	655 label Biography information for Lord McCrea of Magherafelt and Cookstown

93470

	registered interest
	date	15/10/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Sector Debt
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what further plans he has to protect vulnerable groups while tackling the deficit.
	tabling member constituency	South Antrim
	tabling member printed	Dr William McCrea
	uin	210816
	answer	answer is ministerial correction date of answer 22/10/2014 answer text <p>The government is committed to a fair tax and benefit system where everyone contributes to reducing the deficit, and those with the most make the largest contribution. Our published distributional analysis confirms that the richest are continuing to contribute the most to consolidation, even as a share of income and benefits in kind. Our reforms to the tax and welfare system promote work and personal responsibility while protecting the most vulnerable members of society. For example, the government has protected people with disabilities by uprating disability benefits in line with CPI rather than 1 percent, has implemented the triple lock on the basic state pension to protect pensioner incomes throughout this parliament, and has implemented the pupil premium and extended the free school meals program to support disadvantaged children.</p><p> </p><p> </p><p> </p> answering member constituency Witham answering member printed Priti Patel question first answered 22/10/2014 15:58:12 answering member 4066 label Biography information for Priti Patel
	tabling member	655 label Biography information for Lord McCrea of Magherafelt and Cookstown

93474

	registered interest
	date	15/10/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Fuels: Prices
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what plans he has to decrease the price of fuel throughout the UK.
	tabling member constituency	South Antrim
	tabling member printed	Dr William McCrea
	uin	210818
	answer	answer is ministerial correction date of answer 22/10/2014 answer text <p>Since 2011, the Government has taken action on fuel duty to support both households and businesses. As a result, pump prices will be nearly 20 pence per litre lower by the end of the parliament than they would have been under the previous government’s fuel duty plans.</p><p> </p><p> </p><p> </p><p>In January 2013, the Office for Fair Trading published the results of a Call for Information to investigate whether or not competition problems existed in the road fuels market. This included investigating concerns that pump prices rise quickly when the wholesale price goes up but fall more slowly when it drops. Their analysis found very limited evidence of this, and in general, found that at a national level competition in the market is working well.</p><p> </p> answering member constituency Witham answering member printed Priti Patel question first answered 22/10/2014 15:56:23 answering member 4066 label Biography information for Priti Patel
	tabling member	655 label Biography information for Lord McCrea of Magherafelt and Cookstown

93477

	registered interest
	date	15/10/2014
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cost of Living
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what steps he plans to take to reduce the cost of living for people on the lowest incomes.
	tabling member constituency	South Antrim
	tabling member printed	Dr William McCrea
	uin	210826
	answer	answer is ministerial correction date of answer 24/10/2014 answer text <p>The Coalition Government has taken, and will continue to take, decisive action to support families on the lowest incomes: increasing the personal allowance taking over 3.2m individuals out of income tax altogether by 2015/16, helping to freeze Council Tax, freezing Fuel Duty until the end of the parliament, reducing energy bills, providing universal free school meals for all infant school pupils, and introducing tax free childcare support of up to £2,000.</p><p> </p><p> </p><p> </p><p>Getting more people into work alongside improving productivity is the best way to support living standards, as the Bank of England and IFS have said. Sticking to the Government’s long term economic plan to build a stronger and more resilient economy is the best way to do this. Under this government there are more people in work than ever before and unemployment fell 538,000 in the past year – the fastest fall since records began.</p><p> </p> answering member constituency Witham answering member printed Priti Patel question first answered 24/10/2014 12:26:04 answering member 4066 label Biography information for Priti Patel
	tabling member	655 label Biography information for Lord McCrea of Magherafelt and Cookstown