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1303631

registered interest
date	17/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Monetary Policy
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the Bank of England’s actions to insulate public funding to interest rate increases by issuing debt with larger maturities; and the effect of quantitative easing on that strategy.
tabling member printed	Lord Myners
uin	HL14332
answer	answer is ministerial correction date of answer 24/03/2021 answer text <p>The UK Debt Management Office, an executive agency of HM Treasury, is responsible for government wholesale sterling debt issuance, not the Bank of England. HM Treasury and the Debt Management Office seek to minimise, over the long term, the costs of meeting the Government’s financing needs, taking into account risk.</p><p> </p><p>In its March 2021 Economic and fiscal outlook the Office for Budget Responsibility noted that quantitative easing reduces the average effective maturity of UK government debt from 15 years to 11 years. This maturity remains much longer than international peers, with most G7 countries’ debt maturity averaging 5-8 years.</p> answering member printed Lord Agnew of Oulton question first answered 24/03/2021 13:54:55 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1303632

registered interest
date	17/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Greensill
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Written Answer by Lord Agnew of Oulton on 16 March (HL13828), what records they hold of (1) correspondence, or (2) telephone conversations, between ministers and officials in (a) Her Majesty’s Treasury, (b) the Cabinet Office, or (c) the Department for Business, Energy and Industrial Strategy about (i) Lex Greensill, (ii) representatives of Greensill Capital, or (iii) the Rt Hon David Cameron, on matters relating to Greensill Capital.
tabling member printed	Lord Myners
uin	HL14333
answer	answer is ministerial correction date of answer 30/03/2021 answer text <p>Senior civil servants and ministers routinely meet and correspond with a range of private sector stakeholders. Transparency releases are published on a quarterly basis, and are currently publicly available for Senior Official and Ministerial meetings up to and including September 2020, which is in line with normal reporting timelines on disclosures.</p> answering member printed Lord Agnew of Oulton question first answered 30/03/2021 14:16:05 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1303643

registered interest
date	17/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Halifax Bank of Scotland and Royal Bank of Scotland: Fraud
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether any department has given directions to the Financial Conduct Authority in connection with its investigation of the alleged frauds identified in the 2013 'Project Lord Turnbull Report' at (1) Halifax Bank of Scotland, and (2) Royal Bank of Scotland.
tabling member printed	Lord Sikka
uin	HL14344
answer	answer is ministerial correction date of answer 24/03/2021 answer text <p>As you are aware, the FCA is an independent non-governmental body responsible for regulating and supervising the financial services industry. Although the Treasury sets the legal framework for the regulation of financial services, it has strictly limited powers in relation to the FCA. In particular, the Treasury has no general power of direction over the FCA and cannot intervene in individual cases.</p><p> </p><p>Given the matters raised are the responsibility of the FCA, in view of its independence, it is not for the Government to provide direction.</p><p> </p><p>However, as you may be aware, in the case of HBOS, Dame Linda Dobbs has been appointed as an independent legal expert to consider whether issues in the HBOS Reading Fraud were investigated and appropriately reported to authorities at the time by Lloyds Banking Group. At present the Dobbs review is ongoing and once completed, its findings will be shared with the FCA.</p><p> </p><p>On Royal Bank of Scotland and GRG, the FCA has concluded their final investigation, which reaffirms the outcome of its enforcement investigation, which was announced in July 2018.</p><p> </p><p>Finally, there are currently no plans for the Government to establish an independent review of the conduct of the Financial Conduct Authority in relation to the RBS and Lloyds Banking Group.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL14345 question first answered 24/03/2021 13:56:04 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4885 label Biography information for Lord Sikka

1303644

registered interest
date	17/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Halifax Bank of Scotland and Royal Bank of Scotland: Fraud
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have, if any, to establish an independent inquiry into the handling by the Financial Conduct Authority of the alleged frauds at (1) Royal Bank of Scotland, and (2) Halifax Bank of Scotland.
tabling member printed	Lord Sikka
uin	HL14345
answer	answer is ministerial correction date of answer 24/03/2021 answer text <p>As you are aware, the FCA is an independent non-governmental body responsible for regulating and supervising the financial services industry. Although the Treasury sets the legal framework for the regulation of financial services, it has strictly limited powers in relation to the FCA. In particular, the Treasury has no general power of direction over the FCA and cannot intervene in individual cases.</p><p> </p><p>Given the matters raised are the responsibility of the FCA, in view of its independence, it is not for the Government to provide direction.</p><p> </p><p>However, as you may be aware, in the case of HBOS, Dame Linda Dobbs has been appointed as an independent legal expert to consider whether issues in the HBOS Reading Fraud were investigated and appropriately reported to authorities at the time by Lloyds Banking Group. At present the Dobbs review is ongoing and once completed, its findings will be shared with the FCA.</p><p> </p><p>On Royal Bank of Scotland and GRG, the FCA has concluded their final investigation, which reaffirms the outcome of its enforcement investigation, which was announced in July 2018.</p><p> </p><p>Finally, there are currently no plans for the Government to establish an independent review of the conduct of the Financial Conduct Authority in relation to the RBS and Lloyds Banking Group.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL14344 question first answered 24/03/2021 13:56:04 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4885 label Biography information for Lord Sikka

1303645

registered interest
date	17/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	EY: Tax Avoidance
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the judgment by the Court of Appeal in the case of GDF Suez Teesside Led v Revenue And Customs [2018] EWCA Civ 2075 on 5 October 2018, what action they have taken, if any, against Ernst & Young for designing and marketing an unlawful tax avoidance scheme.
tabling member printed	Lord Sikka
uin	HL14346
answer	answer is ministerial correction date of answer 31/03/2021 answer text <p>HM Revenue and Customs (HMRC) cannot comment on individual cases. HMRC will investigate allegations of wrongdoing brought to their attention.</p><p> </p><p>The Government is determined to tackle promoters and enablers of tax avoidance schemes and in March 2020, HMRC published their strategy for tackling promoters of tax avoidance schemes. The strategy outlines how HMRC will continue to take robust actions against promoters and enablers of tax avoidance.</p><p> </p><p>Finance Bill 2021 includes new measures which will strengthen the existing anti-avoidance regimes and help HMRC act more swiftly against promoters. The Government has also announced a further package of measures to ensure promoters face stronger sanctions more quickly; the consultation was published on 23 March.</p><p> </p><p>These proposals build on the enablers of defeated tax avoidance legislation that was introduced in 2017 and include provision for the publication of information, including the name of the enabler and the total number and amount of penalties incurred by the enabler, if they have been charged 50 or more penalties or £25,000 in penalties in any one year.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL14347 question first answered 31/03/2021 14:02:04 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4885 label Biography information for Lord Sikka

1303646

registered interest
date	17/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Accountancy: Tax Avoidance
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they will publish the penalties levied on accounting firms for designing and marketing unlawful tax avoidance schemes.
tabling member printed	Lord Sikka
uin	HL14347
answer	answer is ministerial correction date of answer 31/03/2021 answer text <p>HM Revenue and Customs (HMRC) cannot comment on individual cases. HMRC will investigate allegations of wrongdoing brought to their attention.</p><p> </p><p>The Government is determined to tackle promoters and enablers of tax avoidance schemes and in March 2020, HMRC published their strategy for tackling promoters of tax avoidance schemes. The strategy outlines how HMRC will continue to take robust actions against promoters and enablers of tax avoidance.</p><p> </p><p>Finance Bill 2021 includes new measures which will strengthen the existing anti-avoidance regimes and help HMRC act more swiftly against promoters. The Government has also announced a further package of measures to ensure promoters face stronger sanctions more quickly; the consultation was published on 23 March.</p><p> </p><p>These proposals build on the enablers of defeated tax avoidance legislation that was introduced in 2017 and include provision for the publication of information, including the name of the enabler and the total number and amount of penalties incurred by the enabler, if they have been charged 50 or more penalties or £25,000 in penalties in any one year.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL14346 question first answered 31/03/2021 14:02:04 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4885 label Biography information for Lord Sikka

1303649

registered interest
date	17/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Small Businesses: Pay
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the number of small business owners who have foregone their personal salaries to provide additional investment for their businesses during the COVID-19 pandemic.
tabling member printed	Lord Taylor of Warwick
uin	HL14350
answer	answer is ministerial correction date of answer 31/03/2021 answer text <p>The Government recognises the challenges faced by small business owners due to COVID-19. That is why the Government has committed to a very substantial package of support to help businesses, their owners and employees through this difficult time. Small business owners may benefit from extensions to the Coronavirus Job Retention Scheme (CJRS) and to the Self-Employment Income Support Scheme (SEISS) to September 2021 announced at the recent Budget. The CJRS has supported 11.2 million unique jobs (by 15 February 2021) supporting 1.3 million employers with £53.8 billion. The next SEISS grants will potentially support an additional 600,000 claimants, bringing the Government’s support for the self-employed to £33 billion. Alongside this, small businesses have benefited from Small Business Rates Relief and may continue to benefit from the extended business rates relief for the retail, hospitality and leisure sectors. These firms may be eligible for the newly introduced Restart Grants, due to start in April, alongside having the opportunity to apply for a share of an additional £425 million top up to Local Authority Additional Restriction Grants. They may also be eligible to apply for the new Recovery Loan Scheme and may also benefit from the reduction of VAT for eligible businesses, and deferrals to VAT repayments.</p><p> </p><p>Despite this level of support, the Government acknowledges that it has not been possible to support everyone as they might wish, such as company directors. Where groups have not been included it has been because of two guiding principles; to target support to those who need it most, and to protect public money against error, fraud and abuse. Despite extensive analysis and engagement, no practical way has been found to identify and target directors unable to draw on the SEISS or CJRS, and to assess the value of support they should receive.</p> answering member printed Lord Agnew of Oulton question first answered 31/03/2021 13:59:47 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1303650

registered interest
date	17/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Small Businesses: Corporation Tax
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the impact of planned corporation tax increases on the profitability of small businesses.
tabling member printed	Lord Taylor of Warwick
uin	HL14351
answer	answer is ministerial correction date of answer 31/03/2021 answer text <p>Corporation Tax is payable on companies’ taxable profits. From April 2023 companies with small profits, those companies with profits of £50,000 or less, will continue to pay 19%. That means that c.70% of actively trading companies will be protected from a rate increase.</p><p>Marginal relief will be available for companies with profits between £50,000 and £250,000 ensuring that the effective rate of Corporation Tax increases gradually for companies with profits over £50,000, avoiding the distortions which would come with a sharp increase in rate.</p> answering member printed Lord Agnew of Oulton question first answered 31/03/2021 14:00:25 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1303652

registered interest
date	17/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Regional Planning and Development: Finance
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Written Answer by Lord Agnew of Oulton on 4 March (HL13627), whether there are funds remaining from (1) the £1.6 billion Stronger Towns Fund, announced on 4 March 2019, and (2) the £675 million Future High Streets Fund, announced on 29 October 2018; whether any such remaining funds are now included as part of the total of their £4.8 billion Levelling Up fund, announced on 25 November 2020; and if so, whether the criteria that must be met for local authorities to bid for such funds has changed.
tabling member printed	Baroness Valentine
uin	HL14353
answer	answer is ministerial correction date of answer 25/03/2021 answer text The £4.8bn Levelling Up Fund will invest in infrastructure that improves everyday life across the UK and will operate UK-wide, extending the benefits of funding for priority local infrastructure across all regions and nations. It supersedes and brings together previous funding streams, including allowing towns to apply for funding for high street and town centre regeneration previously funded from the Towns Fund and the Future High Streets Fund. The prospectus sets out further detail for local areas on how to submit bids for the first round of funding for projects starting in 2021-22. answering member printed Lord Agnew of Oulton question first answered 25/03/2021 14:39:57 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3757 label Biography information for Baroness Valentine

1303112

registered interest
date	16/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Self-employment Income Support Scheme: Arts
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the remarks by Lord Agnew of Oulton on 12 March (HL Deb, col 1980), what assessment they have made of the impact of the eligibility criteria for the Self-Employment Income Support Scheme on the creative industries; and what plans they have to introduce targeted support to ineligible freelance workers.
tabling member printed	Baroness Bull
uin	HL14255
answer	answer is ministerial correction date of answer 23/03/2021 answer text The Government recognises that taxpayers have faced immense challenges during the COVID-19 pandemic, including in the creative industries.<p> </p><p>Freelancers who are ineligible for the SEISS are likely to be those who receive less than half of their income from self-employment. The design of the SEISS, including the eligibility criteria which require that an individual’s trading profits must be at least equal to their non-trading income, means it is targeted at those who are most reliant on their self-employment income.</p><p> </p><p>Freelancers who are ineligible for the SEISS may be eligible for the Coronavirus Job Retention Scheme (CJRS). The CJRS is available to individuals regardless of their employment contract or employment rights, as long as they meet the relevant eligibility criteria.</p><p> </p><p>The Government recognises the value of the cultural sectors and has announced £300 million in additional funding to build on the existing £1.57 billion Culture Recovery Fund. To date, the Culture Recovery Fund has allocated more than £800 million of grants and loans to over 3,000 cultural organisations in England. Organisations supported include independent cinemas, theatres, museums, orchestras and music venues.</p> answering member printed Lord Agnew of Oulton question first answered 23/03/2021 14:34:58 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4706 label Biography information for Baroness Bull