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1714630

registered interest
date	29/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages: Islam
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of the disparities between conventional and Sharia-compliant mortgage products in respect of the imposition of capital gains tax.
tabling member printed	Lord Sharkey
uin	HL4179
answer	answer is ministerial correction date of answer 13/05/2024 answer text <p>The government is aware of a difference in tax treatment when a commercial or residential property is refinanced using alternative rather than conventional finance methods. In these situations, a capital gains liability may arise for those using alternative financing, when this would not have been the case for those using conventional financing. The refinancing of main homes is unaffected as Private Residence Relief (PRR) applies.</p><p> </p><p>On 16 January 2024, the government published the <em>Tax Simplification for Alternative Finance </em>consultation to seek views on reforms that would address the capital gains issue. The consultation closed on 9 April 2024 and all responses will be carefully considered and a summary of responses will be published in due course together with details of the next steps.</p> answering member printed Baroness Vere of Norbiton question first answered 13/05/2024 15:52:40 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4196 label Biography information for Lord Sharkey

1702351

registered interest
date	18/04/2024
answering body	Department for Education
answering dept id	60
answering dept short name	Education
answering dept sort name	Education
hansard heading	Overseas Students: Visas
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of recent data by Enroly published on 27 March which showed that issuance of certificates of Confirmation of Acceptance for Studies has significantly reduced, with overall deposits down by more than a third on the same point in 2023.
tabling member printed	Lord Sharkey
uin	HL3962
answer	answer is ministerial correction date of answer 03/05/2024 answer text <p>The government seeks to ensure that there is a fair and robust migration policy, whilst maintaining the UK’s place as a top destination for the best and brightest students from around the world. The department remains committed to the ambitions set out in the government’s International Education Strategy to host 600,000 international students per year and to increase the value of our education exports to £35 billion per year, both by 2030.</p><p> </p><p>The department expects the UK to remain a highly attractive study destination. The UK has four universities in the top 10, and 17 in the top 100. The UK has a highly sought after higher education (HE) experience, which is respected by students across the globe. The department is hugely proud to have met its international student recruitment ambition two years running.</p><p> </p><p>However, the level of legal migration remains too high. As a result, on 4 December 2023, the government announced a new package of measures to reduce net migration and curb abuse and exploitation of the country’s immigration system. The department continues to work closely with the Home Office, Department for Business and Trade, and other governmental departments to assess the impact of these changes on HE providers.</p><p> </p><p>HE providers are autonomous bodies, independent from government. As such, they are responsible for their own admissions decisions. The government takes a close interest in ensuring that the HE admissions system is fair and works closely with HE providers and sector bodies to make sure the system works well for students.</p> answering member printed Baroness Barran question first answered 03/05/2024 12:28:09 answering member 4703 label Biography information for Baroness Barran
tabling member	4196 label Biography information for Lord Sharkey

1695976

registered interest
date	13/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank of England
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what, if any, statutory powers they have to issue binding directions to the Bank of England; and on how many occasions in each year since 2007 they have been exercised.
tabling member printed	Lord Sharkey
uin	HL3261
answer	answer is ministerial correction date of answer 27/03/2024 answer text <p>The Treasury has statutory powers to issue directions to the Bank of England, which can only be used under specific conditions or circumstances. None of the powers outlined below have ever been used.</p><p> </p><ul><li>Under section 4 of the Bank of England Act 1946, the Treasury may direct the Bank, after consultation with the Governor, to action that is deemed to be necessary in the public interest. This power of direction applies to all of the Bank’s activities, with the exception of monetary policy and the exercise of the Bank’s functions as the Prudential Regulation Authority (PRA).</li></ul><p> </p><ul><li>Under section 19 of the Bank of England Act 1998, the Treasury may by order, after consultation with the Governor, direct the Bank with respect to monetary policy if it is deemed to be in the public interest and required by extreme economic circumstances.</li></ul><p> </p><ul><li>Under section 410 of the Financial Services and Markets Act 2000, the Treasury may direct the PRA and the Bank to not take an action that would be incompatible with the UK’s international obligations.</li></ul><p> </p><ul><li>Under Section 61 of the Financial Services Act 2012, the Treasury may direct the Bank on specific measures relating to the assistance to or stabilisation of financial institutions.</li></ul><p> </p><p> </p><p>The Bank of England also has powers to direct the Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR).</p><p> </p><ul><li>Under section 9H of the Bank of England Act 1998, the Bank of England’s Financial Policy Committee (FPC) has powers of direction over the PRA and FCA (limited to the use of specific macroprudential tools). To date, the FPC has only ever used this power to implement the Leverage Ratio.</li></ul><p> </p><ul><li>Under sections 9Y and 9Z of the Bank of England Act 1998, the Bank may direct the FCA to provide documents or information that the Bank reasonably requires for its financial stability functions. This power has never been used.</li></ul><p> </p><ul><li>Under section 100 of the Financial Services (Banking Reform) Act 2013, the Bank has the power to direct the PSR not to exercise its powers, under specific circumstances. This power has never been used.</li></ul><p> </p> answering member printed Baroness Vere of Norbiton grouped question UIN HL3262 question first answered 27/03/2024 11:34:54 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4196 label Biography information for Lord Sharkey

1695977

registered interest
date	13/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank of England
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what, if any, statutory powers the Bank of England has to issue binding directions to (1) the Prudential Regulation Authority, (2) the Financial Conduct Authority, and (3) the Payment Systems Regulator; and on how many occasions in each year since 2007 they have been exercised.
tabling member printed	Lord Sharkey
uin	HL3262
answer	answer is ministerial correction date of answer 27/03/2024 answer text <p>The Treasury has statutory powers to issue directions to the Bank of England, which can only be used under specific conditions or circumstances. None of the powers outlined below have ever been used.</p><p> </p><ul><li>Under section 4 of the Bank of England Act 1946, the Treasury may direct the Bank, after consultation with the Governor, to action that is deemed to be necessary in the public interest. This power of direction applies to all of the Bank’s activities, with the exception of monetary policy and the exercise of the Bank’s functions as the Prudential Regulation Authority (PRA).</li></ul><p> </p><ul><li>Under section 19 of the Bank of England Act 1998, the Treasury may by order, after consultation with the Governor, direct the Bank with respect to monetary policy if it is deemed to be in the public interest and required by extreme economic circumstances.</li></ul><p> </p><ul><li>Under section 410 of the Financial Services and Markets Act 2000, the Treasury may direct the PRA and the Bank to not take an action that would be incompatible with the UK’s international obligations.</li></ul><p> </p><ul><li>Under Section 61 of the Financial Services Act 2012, the Treasury may direct the Bank on specific measures relating to the assistance to or stabilisation of financial institutions.</li></ul><p> </p><p> </p><p>The Bank of England also has powers to direct the Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR).</p><p> </p><ul><li>Under section 9H of the Bank of England Act 1998, the Bank of England’s Financial Policy Committee (FPC) has powers of direction over the PRA and FCA (limited to the use of specific macroprudential tools). To date, the FPC has only ever used this power to implement the Leverage Ratio.</li></ul><p> </p><ul><li>Under sections 9Y and 9Z of the Bank of England Act 1998, the Bank may direct the FCA to provide documents or information that the Bank reasonably requires for its financial stability functions. This power has never been used.</li></ul><p> </p><ul><li>Under section 100 of the Financial Services (Banking Reform) Act 2013, the Bank has the power to direct the PSR not to exercise its powers, under specific circumstances. This power has never been used.</li></ul><p> </p> answering member printed Baroness Vere of Norbiton grouped question UIN HL3261 question first answered 27/03/2024 11:34:54 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4196 label Biography information for Lord Sharkey

1692261

registered interest
date	27/02/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Conduct Authority and Prudential Regulation Authority
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what, if any, statutory powers they have to issue binding directions to (1) the Financial Conduct Authority, and (2) the Prudential Regulation Authority; and on how many occasions in each year since 2010 they have been exercised.
tabling member printed	Lord Sharkey
uin	HL2806
answer	answer is ministerial correction date of answer 12/03/2024 answer text <p>The Treasury has a limited number of powers to direct the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).</p><p>It has a power to direct the regulators to take an action if doing so is necessary to fulfil international obligations, or to refrain from action which appears incompatible with international obligations.</p><p>The Treasury also has powers of direction which are designed to promote the accountability and transparency of the FCA and PRA. These include the power to direct the regulators to:</p><ul><li>Review specified rules, where doing so is in the public interest;</li><li>Report on their performance, where necessary for scrutinising the discharge of their functions;</li><li>Carry out an investigation into a specified event of regulatory failure in certain circumstances, including, in the case of the PRA, where public funds have been expended.</li></ul><p>These powers have not been used.</p><p>The Treasury has a power to direct the FCA and PRA to undertake an investigation of relevant events, where it is in the public interest, in certain circumstances. This power has been used twice: in 2018, to direct the PRA to review the events relating to the supervision of the Co-operative Bank, and in 2019, to direct the FCA to review the events relating to the failure of London Capital and Finance.</p><p>The Treasury does not have direction-making powers in relation to the FCA or the PRA regarding the content of their rules, or their approach to supervision and enforcement.</p> answering member printed Baroness Vere of Norbiton question first answered 12/03/2024 14:47:51 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	4196 label Biography information for Lord Sharkey

1661530

registered interest
date	18/09/2023
answering body	Department for Science, Innovation and Technology
answering dept id	216
answering dept short name	Science, Innovation and Technology
answering dept sort name	Science, Innovation and Technology
hansard heading	Semiconductors: Manufacturing Industries
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, further to the publication of the National Semiconductor Strategy on 19 May, when they expect to make a decision on the level of financial support that will be offered to underpin the competitiveness of the semiconductor manufacturing sector; and what discussions they have had to inform this decision and with whom.
tabling member printed	Lord Sharkey
uin	HL10282
answer	answer is ministerial correction date of answer 27/09/2023 answer text <p>The National Semiconductor Strategy sets out the government’s plan to build on the UK’s strengths to grow our sector, increase our resilience and protect our security.</p><p> </p><p>We will announce plans in the autumn to further support the competitiveness of the semiconductor manufacturing sector that is critical to the UK tech ecosystem or our national security.</p><p> </p><p>The Government’s new Semiconductor Advisory Panel met on 14 September and informed the Government’s approach. The panel is representative of the UK’s semiconductor industry, and the ecosystem that supports it. In an independent capacity, experts from British titans such as ARM, IQE and PragmatIC sit on the panel, as well as representation from venture capital, academia and the RaspberryPi Foundation.</p> answering member printed Viscount Camrose question first answered 27/09/2023 09:29:34 answering member 4939 label Biography information for Viscount Camrose
tabling member	4196 label Biography information for Lord Sharkey

1661531

registered interest
date	18/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pension Funds: Investment
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, further to the announcement of the Mansion House Reforms on 10 July, what progress they have made in recruiting further UK based defined-contribution pension schemes to the Mansion House Compact, beyond the initial nine members.
tabling member printed	Lord Sharkey
uin	HL10283
answer	answer is ministerial correction date of answer 02/10/2023 answer text <p>The Mansion House Compact is a voluntary and industry-led agreement that has been led by the Lord Mayor and the City of London Corporation. Updates on the Compact and signatories are provided by The City of London Corporation on their website (https://www.theglobalcity.uk/insights/mansion-house-compact). There are currently 9 signatories to the Compact.</p> answering member printed Baroness Penn question first answered 02/10/2023 14:45:50 answering member 4726 label Biography information for Baroness Penn
tabling member	4196 label Biography information for Lord Sharkey

1657645

registered interest
date	04/09/2023
answering body	Foreign, Commonwealth and Development Office
answering dept id	208
answering dept short name	Foreign, Commonwealth and Development Office
answering dept sort name	Foreign, Commonwealth and Development Office
hansard heading	Cyprus: Roads
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what discussions on the intervention by the United Nations Peacekeeping Force in Cyprus in the construction of the road from Pile/Pyla to Yigitler/Arsos in Northern Cyprus they have had with (1) the United Nations, (2) the United Nations Peacekeeping Force in Cyprus, (3) the government of the Republic of Cyprus, (4) the government of Türkiye, and (5) the Turkish Cypriot authorities in Northern Cyprus; and what assessment they have made of this intervention.
tabling member printed	Lord Sharkey
uin	HL9844
answer	answer is ministerial correction date of answer 18/09/2023 answer text <p>The UK has engaged with all parties referenced about recent events in the UN Buffer Zone to encourage de-escalation and support a diplomatic resolution. This included Ministerial-level engagement with counterparts in the Republic of Cyprus, Greece and Turkey. On 21 August, the UN Security Council issued a Press Statement that condemned the assaults on UN Peacekeepers, expressed concern at the unauthorised construction of the road and reiterated Council support for the United Nations' Peacekeeping mandate. The UK, US and French Embassies in Nicosia issued a similar statement. We have welcomed the subsequent de-escalation, but note that the injuries sustained by three British UN peacekeepers undermines the UN's ability to fulfil its peacekeeping mandate. It is also a reminder that our armed forces regularly put themselves in harm's way to support peace and stability across the globe.</p> answering member printed Lord Ahmad of Wimbledon question first answered 18/09/2023 16:26:53 answering member 4210 label Biography information for Lord Ahmad of Wimbledon
tabling member	4196 label Biography information for Lord Sharkey

1657646

registered interest
date	04/09/2023
answering body	Ministry of Defence
answering dept id	11
answering dept short name	Defence
answering dept sort name	Defence
hansard heading	Cyprus: Military Bases
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what difficulties have been reported in honouring the pension entitlements of Turkish Cypriot former employees of the Sovereign Base Areas in Cyprus, or the widows of those employees, now living in Northern Cyprus.
tabling member printed	Lord Sharkey
uin	HL9845
answer	answer is ministerial correction date of answer 18/09/2023 answer text <p>There are currently no outstanding issues reported in honoring the occupational pension entitlements of Turkish Cypriot former employees of the Sovereign Base Areas in Cyprus, or the widows of those employees, now living in the north of Cyprus.</p> answering member printed Baroness Goldie question first answered 18/09/2023 15:43:58 answering member 4306 label Biography information for Baroness Goldie
tabling member	4196 label Biography information for Lord Sharkey

1565273

registered interest
date	09/01/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Royal Mint: Non-fungible Tokens
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, further to the announcement on 4 April 2022 that the Royal Mint has been asked to create a Non-Fungible Token (NFT) in the summer of 2022, when this token is likely to be issued; and for what use this token is intended.
tabling member printed	Lord Sharkey
uin	HL4591
answer	answer is ministerial correction date of answer 23/01/2023 answer text <p>The Government announced in April 2022 that the Royal Mint intended to create and issue a non-fungible token. The Royal Mint operates as a commercial business and the cost of designing and offering an NFT would be met entirely out of its own revenues. An update on this work will be provided in due course.</p> answering member printed Baroness Penn grouped question UIN HL4592 question first answered 23/01/2023 17:38:43 answering member 4726 label Biography information for Baroness Penn
tabling member	4196 label Biography information for Lord Sharkey