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511850

	registered interest
	date	13/04/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Bank Services
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether, in the event of the UK leaving the EU, the UK would have to leave the EU electronic banking system, the Single Euro Payments Area, by which funds can be transferred across the EU.
	tabling member printed	Viscount Waverley
	uin	HL7610
	answer	answer is ministerial correction date of answer 27/04/2016 answer text <p>The paper ‘The process for withdrawing from the European Union’ set out that a vote to leave the EU would be the start, not the end, of a process. It could lead to up to a decade or more of uncertainty. One consideration for the UK Government would be how to avoid regulatory gaps in the UK’s domestic legislative framework once the EU Treaties ceased to apply. This would involve questions over how existing EU law could or should be adopted into domestic law.</p><p> </p><p>At the February European Council, the Government negotiated a new settlement, giving the United Kingdom a special status in a reformed European Union. The Government's view is that the UK will be stronger, safer and better off in a reformed EU.</p><p> </p><p>In April 2016, HM Treasury published analysis that shows that if the UK leaves the EU, the UK would be permanently poorer. The analysis estimates an annual loss of 6.2% of GDP after 15 years, which is equivalent to £4,300 per UK household. The negative impact to GDP would result in weaker tax receipts, which would be £36 billion a year lower. This is more than a third of the NHS England budget and the equivalent of 8p on the basic rate of income tax.</p><p> </p><p>These estimates are based on a central scenario: leaving the EU to negotiate a bilateral trade agreement with Europe, along the lines of that which took Canada seven years to negotiate.</p><p> </p><p>Through a range of realistic assumptions, many of them cautious, the HM Treasury analysis produces objective and robust estimates, which are within the range of external studies.</p><p> </p><p>A full assessment of the short-term implications of leaving the EU will be published in a further government document.</p> answering member printed Lord O'Neill of Gatley question first answered 27/04/2016 16:11:39 answering member 4536 label Biography information for Lord O'Neill of Gatley
	tabling member	1744 label Biography information for Viscount Waverley

512790

	registered interest
	date	14/04/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Taxation: British Nationals Abroad
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government, in the event of the UK leaving the EU, how they intend to change the status of domicile, if at all, in relation to UK citizens living in EU member states.
	tabling member printed	Viscount Waverley
	uin	HL7679
	answer	answer is ministerial correction date of answer 28/04/2016 answer text <p>Domicile in the UK is an English common law concept which is distinct from citizenship and nationality. It is not dependent on EU law nor on the UK’s membership of the EU.</p> answering member printed Lord O'Neill of Gatley grouped question UIN HL7680 question first answered 28/04/2016 14:22:07 answering member 4536 label Biography information for Lord O'Neill of Gatley
	tabling member	1744 label Biography information for Viscount Waverley

512791

	registered interest
	date	14/04/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Taxation: British Nationals Abroad
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government whether, in the event of the UK leaving the EU, UK citizens living in EU member states would continue to be treated as all other UK citizens in the event of their death, in particular regarding their domicile status and death duties on their estates.
	tabling member printed	Viscount Waverley
	uin	HL7680
	answer	answer is ministerial correction date of answer 28/04/2016 answer text <p>Domicile in the UK is an English common law concept which is distinct from citizenship and nationality. It is not dependent on EU law nor on the UK’s membership of the EU.</p> answering member printed Lord O'Neill of Gatley grouped question UIN HL7679 question first answered 28/04/2016 14:22:07 answering member 4536 label Biography information for Lord O'Neill of Gatley
	tabling member	1744 label Biography information for Viscount Waverley

528840

	registered interest
	date	27/06/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Asylum
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty’s Government what measures they and the Bank of England will be taking to protect and promote (1) the City of London, and (2) Edinburgh, as financial centres until negotiations to exit the EU are completed.
	tabling member printed	Viscount Waverley
	uin	HL801
	answer	answer is ministerial correction date of answer 11/07/2016 answer text <p>The Chancellor has met with financial institutions this week to discuss the impact of the United Kingdom’s decision to leave the European Union.</p><p> </p><p>Britain’s economy and financial system are fundamentally strong. Action by the government and the Bank of England over the last six years has substantially strengthened the resilience of the financial system, and the authorities have all the necessary tools in place to protect financial stability.</p><p> </p><p>The UK is a leading global financial centre serving not just Britain or Europe, but the entire world. It has natural strengths such as a central time zone and the English language, together with an unrivalled pool of firms and investors, supported by world leading legal and professional services. Major banks from across the globe have bases in the UK, and the UK has the fourth highest share of cross-border banking. It is also fast establishing itself as a global hub for renminbi, rupee, Islamic finance, green finance and FinTech business.</p><p> </p><p>Formal negotiations with the EU will not begin until the UK triggers Article 50. In the meantime, and during the negotiations that will follow, there will be no change to people’s rights to travel and work, and to the way our goods and services are traded, or to the way our economy and financial system is regulated.</p><p> </p><p>The government is committed to deepening relationships with new and established trade partners. Earlier this week the Chancellor laid out plans to build a highly competitive economy by targeting a corporation tax rate of less than 15%, focusing on a new push for investment from China, ensuring support for bank lending, redoubling efforts to invest in the Northern Powerhouse and maintaining the UK’s fiscal credibility.</p><p> </p><p>The government will also maintain an open and constructive dialogue with the UK financial services industry, including through the Financial Services Trade and Investment Board, which is tasked with boosting and promoting the UK’s financial services competitiveness position and supporting jobs. Government and industry collaboration will continue to play a central role in delivering a global, sustainable, innovative and competitive UK financial services industry that continues to go from strength to strength.</p> answering member printed Lord O'Neill of Gatley question first answered 11/07/2016 11:40:25 answering member 4536 label Biography information for Lord O'Neill of Gatley
	tabling member	1744 label Biography information for Viscount Waverley