Show Search Form

Search Results

registered interest	true false
date	exactly: or between: and
answering body
answering dept id
answering dept short name
answering dept sort name
hansard heading
house id
legislature	pref label
question text
tabling member printed
uin
answer	is ministerial correction true false date of answer exactly: or between: and answer text answering member printed grouped question UIN question first answered answering member label
tabling member	label

Search

1386435

registered interest
date	08/12/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Debts: Developing Countries
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to discuss a new debt relief programme at the G20 level, so that developing countries do not have to delay health and poverty reduction plans.
tabling member printed	Lord Hylton
uin	HL4794
answer	answer is ministerial correction date of answer 17/12/2021 answer text <p>In 2020 the G20 and Paris Club agreed to the Debt Service Suspension Initiative (DSSI) which has provided participating countries with fiscal space to respond to the pandemic, freeing up resources to fund social, health and economic measures. Preliminary estimates suggest the DSSI has suspended over $12.7 billion in debt service repayments.</p><p> </p><p>In addition, to deliver a longer-term, more sustainable approach to dealing with debt vulnerabilities the UK and its G20 partners are now focusing their attention on the Common Framework for Debt Treatments. Agreed in 2020, the Common Framework was a landmark achievement for the G20. It commits both new lenders and more traditional lenders in the Paris Club to coordinated debt treatments, including debt cancellation if required. This should pave the way for more equitable and effective case-by-case restructurings for low-income countries.</p> answering member printed Lord Agnew of Oulton question first answered 17/12/2021 11:57:51 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	2018 label Biography information for Lord Hylton

1386455

registered interest
date	08/12/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Coronavirus Job Retention Scheme
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 restart the furlough scheme in case more COVID-19 restrictions are implemented.
tabling member printed	Lord Taylor of Warwick
uin	HL4814
answer	answer is ministerial correction date of answer 17/12/2021 answer text Throughout the pandemic, the Government has demonstrated that it can respond proportionately to the changing path of the virus and will continue to do so.<p> </p>The Government remains committed to taking whatever action is necessary to protect the NHS from being overwhelmed but, as we have stated, more harmful economic and social restrictions would only be considered as a last resort. Since the start of the pandemic, the Government has a strong track record of responding quickly, flexibly, and comprehensively in supporting jobs, businesses, individuals, and families when needed. As part of our £400 billion package of support, businesses will continue to receive considerable support into Spring 2022, including Recovery Loans until June, business rates relief, protection from eviction, and a VAT reduction until March.  answering member printed Lord Agnew of Oulton question first answered 17/12/2021 11:58:32 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1385974

registered interest
date	07/12/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Debts
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of increasing levels of debt in low-income families; and what steps they are taking to help such families manage their debt.
tabling member printed	Lord McCrea of Magherafelt and Cookstown
uin	HL4758
answer	answer is ministerial correction date of answer 17/12/2021 answer text <p>The Government regularly monitors trends in household debt levels in order to inform its policy making to help people manage their money well and access support if they need to get their finances back on track. It does so by working closely with the Money and Pensions Service (MaPS), the Financial Conduct Authority (FCA) and engages regularly with a range of other stakeholders on their research and findings.</p><p> </p><p>The latest findings from the FCA’s biennial Financial Lives Survey were published in February 2021 and showed that between March and October 2020, the number of people with low financial resilience increased by 3.5 million, from 10.7 million to 14.2 million. MaPS monitors financial difficulty through the Debt Need Survey of approximately 22,000 people, with data on regional levels of over-indebtedness last published in 2018. MaPS will publish the results of the 2021 Debt Need Survey early next year.</p><p> </p><p>The Government is strongly committed to supporting the financial wellbeing of the most vulnerable in society, and to tackling problem debt. This is why the Government put in place an unprecedent package of support to help people during the COVID-19 pandemic.</p><p> </p><p>However, the Government recognises that the full impact of the pandemic on people’s personal finances is still unfolding and that some require extra support at this challenging time. To help people in problem debt get their finances back on track, the Government agreed to maintain record levels of funding for free-to-consumer debt advice in England in 2021-22, bringing this year’s debt advice budget for MaPS to £94.6 million. This is a more than 70% increase since 2019-20 to help more people who are struggling with their finances during the pandemic.</p><p> </p><p>In addition to this, the Breathing Space scheme launched in England and Wales, offering people in problem debt a pause of up to 60 days on most enforcement action, interest, fees and charges, and encouraging them to seek professional debt advice.</p><p> </p><p>The Government has also changed the existing monetary eligibility limits for a Debt Relief Order in England and Wales; increasing the value of assets that a debtor can hold, the level of surplus income received and the total debt allowable. This will give more people with low levels of assets and low income who are in problem debt access to a suitable and proportionate solution.</p> answering member printed Lord Agnew of Oulton question first answered 17/12/2021 11:55:04 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	655 label Biography information for Lord McCrea of Magherafelt and Cookstown

1385170

registered interest
date	06/12/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Ferries: Taxation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government how much taxation revenue was collected from each of the three cross-Solent ferry operators in each of the last five years.
tabling member printed	Lord Berkeley
uin	HL4699
answer	answer is ministerial correction date of answer 16/12/2021 answer text <p>HMRC is bound by a strict duty of confidentiality, as laid down in the Commissioners for Revenue &amp; Customs Act 2005, with respect to all the information it holds. Therefore, HMRC is unable to provide identifiable customer information in connection with its functions.</p> answering member printed Lord Agnew of Oulton question first answered 16/12/2021 16:39:08 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3526 label Biography information for Lord Berkeley

1385188

registered interest
date	06/12/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Capital Gains Tax
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government further to the letter on behalf of the Chancellor to the Office of Tax Simplification on 30 November, what plans they have, if any (1) to increase capital gains tax rates, (2) to align capital gains tax rates with income tax, or (3) to reduce the annual capital gains tax allowance.
tabling member printed	Lord Lee of Trafford
uin	HL4717
answer	answer is ministerial correction date of answer 16/12/2021 answer text <p>As set out in the Government’s response to the Office of Tax Simplification's report on Capital Gains Tax on 30 November 2021, such reforms would involve a number of wider policy trade-offs and so careful thought must be given to the impact that they would have on taxpayers, as well as any additional administrative burden on HMRC. The Government will continue to keep the tax system under constant review to ensure it is simple and efficient.</p> answering member printed Lord Agnew of Oulton question first answered 16/12/2021 16:40:02 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	1132 label Biography information for Lord Lee of Trafford

1385197

registered interest
date	06/12/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Debts: Developing Countries
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of rising levels of debt in low income countries; and what steps they are taking to help low income countries manage their foreign debt.
tabling member printed	Baroness Ritchie of Downpatrick
uin	HL4729
answer	answer is ministerial correction date of answer 16/12/2021 answer text <p>The UK recognises the significant debt vulnerabilities faced by many low-income countries, exacerbated by the Covid-19 pandemic. That is why support for low-income countries, including on debt, has been a key priority for the UK’s G7 Presidency this year and something we have worked closely on with our international partners in the G20.</p><p> </p><p>To deal with immediate debt vulnerabilities, the UK, alongside our G20 and Paris Club partners, agreed the Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative. This brings together, for the first time, G20 and Paris Club creditors to coordinate on debt treatments for 73 low-income countries. Under the Common Framework, private creditors will be required to implement debt treatments on at least as favourable terms as those agreed by official creditors.</p><p>The UK is also at the forefront of G7 initiatives on debt transparency, which is a key part of ensuring longer-term debt sustainability. We have improved our own practices by publishing detailed loan-by-loan information of new lending, a position which was also adopted by the G7 in June 2021.</p> answering member printed Lord Agnew of Oulton question first answered 16/12/2021 16:29:24 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4130 label Biography information for Baroness Ritchie of Downpatrick

1385212

registered interest
date	06/12/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Inquiries
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government further to the European Commission’s €344 million fine on UBS, Barclays, RBS, HSBC and Credit Suisse on 2 December for operating a foreign exchange cartel, what plans they have to appoint an independent inquiry into the operations of the UK arms of these banks.
tabling member printed	Lord Sikka
uin	HL4744
answer	answer is ministerial correction date of answer 16/12/2021 answer text <p>The UK’s independent financial services regulator, the FCA, investigated misconduct in the foreign exchange markets and fined six firms (Citibank, HSBC, JP Morgan, RBS, UBS, and Barclays) a total of £1.4 billion in 2014 and 2015 for failures of systems to control trading practices.</p><p> </p><p>Alongside this, the European Commission opened a competition investigation in 2013, into the same issue, including covering any harm within the UK. In accordance with the EU-UK Withdrawal Agreement, the EU has continued to be responsible for the case, because it was initiated before the end of the transition period. The EU shall reimburse the UK for its share of the amount of the fine once the fine has become definitive.</p> answering member printed Lord Agnew of Oulton question first answered 16/12/2021 16:29:46 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4885 label Biography information for Lord Sikka

1384703

registered interest
date	03/12/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Vacancies: Productivity
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment, if any, they have made of the relationship between labour shortages in the UK and levels of economic productivity.
tabling member printed	Lord Patten
uin	HL4695
answer	answer is ministerial correction date of answer 16/12/2021 answer text <p>Labour shortages are a global issue with increases in vacancy levels across advanced economies. In the UK, there are now over 360,000 more vacancies than prior to the pandemic (three months to October 2021 compared to three months to February 2020).</p><p> </p><p>The long-term effects of the pandemic, including current labour shortages, on productivity levels are highly uncertain. The government has implemented polices that aim to reduce long-term economic scarring by protecting jobs and livelihoods.</p><p> </p><p>In their most recent forecast the OBR revised down their estimate of long-term scarring from the pandemic. The OBR noted that ”Government schemes to sustain viable jobs and support household incomes through the pandemic have proved remarkably successful.”</p> answering member printed Lord Agnew of Oulton question first answered 16/12/2021 16:17:04 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	1137 label Biography information for Lord Patten

1384457

registered interest
date	02/12/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment that have made of the size of the financial services market to which (1) the Financial Services Act 2021 applies, and (2) the climate change provisions of the Financial Services Act 2021 in (a) Schedule 2, section 143G(1)(c), and (b) Schedule 3, section 144C(1)(d) apply.
tabling member printed	Baroness Hayman
uin	HL4640
answer	answer is ministerial correction date of answer 15/12/2021 answer text <p>The Financial Conduct Authority (FCA) regulates around 51,000 firms, of which around 1,500 are also regulated by the Prudential Regulation Authority (PRA). As set out in the Financial Services and Markets Act 2000 and the Bank of England Act 1998, the letters of recommendations issued by the Chancellor of the Exchequer to the FCA and the Prudential Regulation Committee (PRC) apply to the advancement of the regulators’ objectives and the discharge of their duties. As such, where relevant and practical, the letters of recommendations apply to the FCA and PRA’s policymaking in all areas they regulate.</p><p> </p><p>The Financial Services Act 2021 introduced a number of different measures which are vital to enhance the UK’s world-leading prudential standards, promote financial stability, promote openness between the UK and international markets, and maintain an effective financial services regulatory framework and sound capital markets. The government’s assessment of the Financial Services Act 2021 was set out in the accompanying Impact Assessment.</p><p> </p><p>Under the Financial Services Act 2021, both the FCA and PRA must have regard to the UK’s net zero emissions target when making rules that introduce the Investment Firms Prudential Regime (IFPR) and implement the remaining Basel standards as contained in the Capital Requirements Regulation respectively. This provision applies to those rules made after 1 January 2022.</p><p> </p><p>As noted in the Impact Assessment for the Financial Services Act 2021, there are currently around 3,200 investment firms which fall under the IFPR. There are around 1,500 firms subject to the Capital Requirements Regulation.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL4641 question first answered 15/12/2021 13:54:39 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	1649 label Biography information for Baroness Hayman

1384458

registered interest
date	02/12/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment that have made of the size of the financial services market (1) regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), (2) to which the remit, recommendations and priorities letters sent by HM Treasury to the FCA and PRA on 23 March 2021 apply, and (3) to which the provisions of the Financial Services Act 2021 apply with respect to the requirements on the FCA and PRA to have regard to the target in section 1 of the Climate Change Act 2008.
tabling member printed	Baroness Hayman
uin	HL4641
answer	answer is ministerial correction date of answer 15/12/2021 answer text <p>The Financial Conduct Authority (FCA) regulates around 51,000 firms, of which around 1,500 are also regulated by the Prudential Regulation Authority (PRA). As set out in the Financial Services and Markets Act 2000 and the Bank of England Act 1998, the letters of recommendations issued by the Chancellor of the Exchequer to the FCA and the Prudential Regulation Committee (PRC) apply to the advancement of the regulators’ objectives and the discharge of their duties. As such, where relevant and practical, the letters of recommendations apply to the FCA and PRA’s policymaking in all areas they regulate.</p><p> </p><p>The Financial Services Act 2021 introduced a number of different measures which are vital to enhance the UK’s world-leading prudential standards, promote financial stability, promote openness between the UK and international markets, and maintain an effective financial services regulatory framework and sound capital markets. The government’s assessment of the Financial Services Act 2021 was set out in the accompanying Impact Assessment.</p><p> </p><p>Under the Financial Services Act 2021, both the FCA and PRA must have regard to the UK’s net zero emissions target when making rules that introduce the Investment Firms Prudential Regime (IFPR) and implement the remaining Basel standards as contained in the Capital Requirements Regulation respectively. This provision applies to those rules made after 1 January 2022.</p><p> </p><p>As noted in the Impact Assessment for the Financial Services Act 2021, there are currently around 3,200 investment firms which fall under the IFPR. There are around 1,500 firms subject to the Capital Requirements Regulation.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL4640 question first answered 15/12/2021 13:54:40 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	1649 label Biography information for Baroness Hayman