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1657872

registered interest
date	04/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Debts Written Off: Developing Countries
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to the Government response to the Eighth Report of the International Development Committee, Debt relief in low-income countries, HC 1393, published on 8 June 2023, what the evidential basis is for the conclusion that a legislative approach to debt relief could have unintended consequences in terms of access to finance for developing countries.
tabling member constituency	Rotherham
tabling member printed	Sarah Champion
uin	197430
answer	answer is ministerial correction date of answer 11/09/2023 answer text <p>The Government’s policy position on private sector participation in debt relief initiatives, including a legislative approach, has been informed by extensive engagement with a diverse range of stakeholders with an interest in sovereign debt. These included representatives from the private sector, international governments, civil society organisations and academics. The Government has also previously consulted extensively on this issue.</p> answering member constituency Salisbury answering member printed John Glen question first answered 11/09/2023 09:31:36 answering member 4051 label Biography information for John Glen
tabling member	4267 label Biography information for Sarah Champion

1538841

registered interest
date	02/11/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Visual Impairment: Cost of Living
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what targeted support his Department provides to ensure blind and partially sighted people can meet the rising cost of living.
tabling member constituency	Rotherham
tabling member printed	Sarah Champion
uin	77433
answer	answer is ministerial correction date of answer 07/11/2022 answer text <p>The Government recognises that the rising cost of living has presented additional financial challenges to many people, and especially to the most vulnerable members of society, such as blind or partially sighted people. That is why the Government is taking decisive action to get households through this winter, while ensuring we act in a fiscally responsible way.</p><p> </p><p>People who are blind or partially sighted and in receipt of extra-costs disability benefits such as Personal Independence Payment (PIP) or Disability Living Allowance (DLA) will receive a one-off Disability Cost of Living Payment of £150 from 20th September, to help with the rising cost of living. The DWP has already processed around 6 million such payments. This payment can be received in addition to the other £650 Cost of Living Payment for households on means-tested benefits that was announced as part of the same package. Individuals who have limited or no ability to work because of their disability or health condition, and are in receipt of means-tested benefits such as income-related Employment and Support Allowance or the Universal Credit Health top up, are eligible for this support.</p><p> </p><p>People who are blind or partially sighted will also benefit from other forms of non-means-tested support which the Government is providing to assist with household energy bills. We have taken decisive action to support millions of households with rising energy costs this winter through the Energy Price Guarantee, ​which limits the price suppliers can charge customers for units of gas and electricity. In addition to the Energy Price Guarantee, millions of the most vulnerable households will receive further support this year through the £400 Energy Bills Support Scheme. The £150 Council Tax rebate will also mean that all households in Council Tax bands A-D will receive a rebate, and 99% of eligible households have already received this. Lastly, to support households who need further help or who are not eligible for elements of the wider package of support, the Government is also providing an extra £500 million of local support to help with the cost of essentials until the end of March 2023, via the Household Support Fund.</p><p> </p><p>This cost of living support is in addition to the existing specific financial support to help blind or partially sighted people. The Government provides the Blind Person's Allowance (BPA), an extra amount of tax-free allowance that can be added to an individual’s Personal Allowance, to those who are blind or severely sight impaired. In 2022-23, the allowance is £2,600 and therefore worth £520 given the basic rate of 20%. If the recipient does not pay tax or earn enough to use their full BPA, the remainder of the allowance can be transferred to a spouse or civil partner.</p><p> </p><p>We are continuing to keep the situation under review and are focusing support on the most vulnerable whilst ensuring we act in a fiscally responsible way.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 77491 question first answered 07/11/2022 16:49:08 answering member 4051 label Biography information for John Glen
tabling member	4267 label Biography information for Sarah Champion

1347774

registered interest
date	16/07/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Nuclear Power: Finance
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to the International Capital Markets Association Green Bonds Principles including nuclear energy, and the Government’s Green Financing Framework excluding nuclear energy, if he will reconsider the exclusion of nuclear energy from the Green Financing Framework.
tabling member constituency	Rotherham
tabling member printed	Sarah Champion
uin	34504
answer	answer is ministerial correction date of answer 21/07/2021 answer text <p>The government recognises that reaching net zero emissions by 2050 will require power to be generated from low carbon sources. As set out in the Government’s Energy White Paper last autumn, nuclear power will play an important role in achieving net zero. The UK Government Green Financing Framework explicitly states that nuclear power is, and will continue to be, a key part of the UK’s low-carbon energy mix.</p><p> </p><p>Some energy sources have been excluded from the UK Government Green Financing Framework, including nuclear energy. This is in line with current international market standards for sovereign green bonds. The Green Bond Principles published by the International Capital Market Association do not address the question of nuclear energy. All other major sovereigns have explicitly excluded nuclear energy in their green bond frameworks.</p><p> </p><p>The UK Government Green Financing Framework does not represent an assessment of what the government considers ‘green’ or affect an expenditure’s eligibility for traditional financing instruments. We will review the framework on a regular basis with the aim of adhering to best practices in the market.</p><p> </p><p>The Government is developing a UK green taxonomy, which will create a shared understanding of which economic activities count as environmentally sustainable and will establish an Energy Working Group to provide expert advice on the treatment of energy in the taxonomy, including nuclear power.</p> answering member constituency Salisbury answering member printed John Glen question first answered 21/07/2021 16:11:39 answering member 4051 label Biography information for John Glen
tabling member	4267 label Biography information for Sarah Champion

1288896

registered interest
date	23/02/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Debts: Developing Countries
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the (a) adequacy of the Common Framework for debt relief in preventing private creditors using UK law to sue for unpaid debts and (b) implications for his policy on debt relief of 90 per cent of African debt being held under UK law.
tabling member constituency	Rotherham
tabling member printed	Sarah Champion
uin	157136
answer	answer is ministerial correction date of answer 01/03/2021 answer text <p>In November 2020, the UK and other G20 Finance Ministers and the Paris Club agreed a new Common Framework for Future Debt Treatments. This applies to 73 of the poorest countries in the world and, for the first time, brings together Paris Club and major non-Paris Club creditors to provide joined up debt treatments where required.</p><p>The Common framework is an internationally agreed initiative and does not impact the rights of private creditors under UK law. However, under the Framework, debtors will be required to secure a debt treatment from their private creditors on at least as favourable terms as from their official sector creditors.</p><p>As G7 president, the UK will push to ensure the full implementation of the Common Framework. I strongly expect all private creditors to provide the debt relief needed to ensure debt sustainability for those countries who request a debt treatment, and we will engage regularly with the private sector to ensure their appropriate participation in restructurings.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 157137 question first answered 01/03/2021 10:41:50 answering member 4051 label Biography information for John Glen
tabling member	4267 label Biography information for Sarah Champion

1288899

registered interest
date	23/02/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Debts: Developing Countries
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions he has had with private creditors on bringing them to the negotiating table to ensure that the Common Framework delivers adequate debt restructuring for countries such as Zambia with high levels of private debt.
tabling member constituency	Rotherham
tabling member printed	Sarah Champion
uin	157137
answer	answer is ministerial correction date of answer 01/03/2021 answer text <p>In November 2020, the UK and other G20 Finance Ministers and the Paris Club agreed a new Common Framework for Future Debt Treatments. This applies to 73 of the poorest countries in the world and, for the first time, brings together Paris Club and major non-Paris Club creditors to provide joined up debt treatments where required.</p><p>The Common framework is an internationally agreed initiative and does not impact the rights of private creditors under UK law. However, under the Framework, debtors will be required to secure a debt treatment from their private creditors on at least as favourable terms as from their official sector creditors.</p><p>As G7 president, the UK will push to ensure the full implementation of the Common Framework. I strongly expect all private creditors to provide the debt relief needed to ensure debt sustainability for those countries who request a debt treatment, and we will engage regularly with the private sector to ensure their appropriate participation in restructurings.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 157136 question first answered 01/03/2021 10:41:50 answering member 4051 label Biography information for John Glen
tabling member	4267 label Biography information for Sarah Champion

1258671

registered interest
date	07/12/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Debts: Developing Countries
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what proportion of debt owed by countries eligible for G20 Common Framework on Debt Treatments applies to (a) non-official creditors owed to entities resident in the UK and (b) private creditors governed by English law as at 7 December 2020.
tabling member constituency	Rotherham
tabling member printed	Sarah Champion
uin	126048
answer	answer is ministerial correction date of answer 15/12/2020 answer text <p>The UK strongly supports the Common Framework for future debt treatments which will facilitate quicker and simpler restructurings where required. A total of 77 of the least developed countries are eligible for treatment under the Common Framework.</p><p>Under the Common Framework, private sector creditors will be required to implement debt restructurings that are at least equivalent to those agreed by official creditors.</p><p>We do not hold a breakdown of the proportion of these countries’ debt that is owed to private creditors governed by English law or entities resident in the UK. However, in 2019 the IMF assessed that 45% of the total outstanding stock of international sovereign bonds by nominal principal amount are governed under English law.</p> answering member constituency Salisbury answering member printed John Glen question first answered 15/12/2020 14:11:46 answering member 4051 label Biography information for John Glen
tabling member	4267 label Biography information for Sarah Champion

1258506

registered interest
date	04/12/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Debts: Developing Countries
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many countries have (a) had, or (b) are expected to have, debt payments to the UK Government suspended under the G20 Debt Service Suspension Initiative in (i) 2020 and (ii) 2021; and how much debt has been suspended for each country.
tabling member constituency	Rotherham
tabling member printed	Sarah Champion
uin	125244
answer	answer is ministerial correction date of answer 14/12/2020 answer text <p>The UK has been at the forefront of leading the international response in assisting developing countries to deal with debt challenges exacerbated by the COVID-19 pandemic. Through the G20 and Paris Club, the UK has supported a new Debt Service Suspension Initiative (DSSI) which has agreed to defer the debt service repayments of low-income countries until at least June 2021, ensuring they can focus their resources on the health and economic response to Covid-19.</p><p> </p><p>As of 13 November 2020, 46 countries have requested to benefit from the DSSI, amounting to an estimated USD 5.7bn of 2020 debt service deferral. In relation to the UK, 10 countries have requested to benefit from the DSSI in 2020. The following table shows the amounts that the government has agreed to defer for 2020.</p><p> </p><table><tbody><tr><td><p>Country</p></td><td><p>Estimated deferred amount (USD million<sup>1</sup>)</p></td><td><p>Additional remarks<sup>2</sup></p></td></tr><tr><td><p>Angola</p></td><td><p>0.57</p></td><td><p>1 contract in US (0.1m USD); 1 contract in EUR (0.43m EUR)</p></td></tr><tr><td><p>Dominica</p></td><td><p>0.89</p></td><td><p>1 contract in USD (0.89m USD)</p></td></tr><tr><td><p>Grenada</p></td><td><p>0.31</p></td><td><p>1 contract in GBP (0.24m GBP)</p></td></tr><tr><td><p>Lesotho</p></td><td><p>0.006</p></td><td><p>EU IDA credits, contract in GBP (4,935 GBP)</p></td></tr><tr><td><p>Myanmar</p></td><td><p>2.35</p></td><td><p>1 contract in GBP (1.72m GBP); 1 contract in USD (0.2m USD)</p></td></tr><tr><td><p>Nepal</p></td><td><p>0.51</p></td><td><p>EU IDA credits, contract in GBP (405,864 GBP)</p></td></tr><tr><td><p>Pakistan</p></td><td><p>0.66</p></td><td><p>1 contract in GBP (0.53mGBP)</p></td></tr><tr><td><p>Samoa</p></td><td><p>0.0008</p></td><td><p>EU IDA credits, recently identified by WBG, contract in GBP (663 GBP)</p></td></tr><tr><td><p>Yemen, Republic of</p></td><td><p>0.03</p></td><td><p>EU IDA credits, contract in GBP (23,325 GBP)</p></td></tr><tr><td><p>Zambia</p></td><td><p>0.90</p></td><td><p>1 contract in USD (0.9mUSD)</p></td></tr></tbody></table><p><sup>1</sup> If the original currency of the agreement/country is not in USD, please convert in USD by using the exchange rates as of 30 April 2020 provided by the IMF</p><p><sup>2</sup> EU IDA credits are the UK’s share of EU credits delivered by the World Bank’s International Development Association</p><p> </p><p>We cannot at this stage set out the information requested for 2021 as it remains for individual countries to approach the Paris Club and G20 to request to continue or newly take advantage of the DSSI extension.</p> answering member constituency Salisbury answering member printed John Glen question first answered 14/12/2020 13:34:22 answering member 4051 label Biography information for John Glen
tabling member	4267 label Biography information for Sarah Champion

1194481

registered interest
date	11/05/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Debts: Developing Countries
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps he is taking to ensure money saved by countries as a result of the G20 Debt Service Suspension Initiative is not spent on repaying debts to private external creditors.
tabling member constituency	Rotherham
tabling member printed	Sarah Champion
uin	45236
answer	answer is ministerial correction date of answer 18/05/2020 answer text HM Government is deeply concerned by the impacts of COVID-19 on low-income developing countries. The G20 Debt Service Suspension Initiative (DSSI) is an important measure to provide rapid liquidity support to the most vulnerable countries.<p> </p><p>The DSSI requires eligible countries to commit to use the created fiscal space to increase social, health or economic spending in response to the crisis. The International Monetary Fund (IMF) and World Bank Group (WBG) will support monitoring of this. Countries are also required to commit to disclose all public external debt in line with the framework of the IMF and World Bank Group (WBG) multipronged approach for addressing debt vulnerabilities.</p><p> </p><p>The Chancellor and his G20 counterparts called upon commercial creditors to participate in the DSSI on comparable terms to the official sector on a voluntary basis. In 2019 the IMF assessed that 45% of the total outstanding stock of international sovereign bonds by nominal principal amount are governed under English law.</p><p> </p><p>HM Government is working closely with Institute of International Finance (IIF) and commercial creditors to support implementation of comparable debt service suspensions from the private sector. Following a recent meeting with the Paris Club of official creditors, of which the UK is a member, the IIF released a statement that its members have “expressed strong support for the DSSI and are committed to explore how best to advance this initiative on comparable terms”.</p><p> </p><p>HM Government will continue to monitor implementation of the DSSI by private lenders under this voluntary framework closely, as it is important that all creditors work together to help enable countries especially vulnerable to the pandemic to protect their citizens and economies.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 45237 45238 question first answered 18/05/2020 11:57:51 answering member 4051 label Biography information for John Glen
tabling member	4267 label Biography information for Sarah Champion

1194482

registered interest
date	11/05/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Debts: Developing Countries
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to the Debt Service Suspension Initiative agreed by the G20, what assessment he has made of the proportion of debt payments that are owed to private creditors governed by UK law.
tabling member constituency	Rotherham
tabling member printed	Sarah Champion
uin	45237
answer	answer is ministerial correction date of answer 18/05/2020 answer text HM Government is deeply concerned by the impacts of COVID-19 on low-income developing countries. The G20 Debt Service Suspension Initiative (DSSI) is an important measure to provide rapid liquidity support to the most vulnerable countries.<p> </p><p>The DSSI requires eligible countries to commit to use the created fiscal space to increase social, health or economic spending in response to the crisis. The International Monetary Fund (IMF) and World Bank Group (WBG) will support monitoring of this. Countries are also required to commit to disclose all public external debt in line with the framework of the IMF and World Bank Group (WBG) multipronged approach for addressing debt vulnerabilities.</p><p> </p><p>The Chancellor and his G20 counterparts called upon commercial creditors to participate in the DSSI on comparable terms to the official sector on a voluntary basis. In 2019 the IMF assessed that 45% of the total outstanding stock of international sovereign bonds by nominal principal amount are governed under English law.</p><p> </p><p>HM Government is working closely with Institute of International Finance (IIF) and commercial creditors to support implementation of comparable debt service suspensions from the private sector. Following a recent meeting with the Paris Club of official creditors, of which the UK is a member, the IIF released a statement that its members have “expressed strong support for the DSSI and are committed to explore how best to advance this initiative on comparable terms”.</p><p> </p><p>HM Government will continue to monitor implementation of the DSSI by private lenders under this voluntary framework closely, as it is important that all creditors work together to help enable countries especially vulnerable to the pandemic to protect their citizens and economies.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 45236 45238 question first answered 18/05/2020 11:57:51 answering member 4051 label Biography information for John Glen
tabling member	4267 label Biography information for Sarah Champion

1194483

registered interest
date	11/05/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Debts: Developing Countries
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of bringing forward legislative proposals to protect countries complying with the G20 request to suspend debt payments to private creditors from being sued in English courts.
tabling member constituency	Rotherham
tabling member printed	Sarah Champion
uin	45238
answer	answer is ministerial correction date of answer 18/05/2020 answer text HM Government is deeply concerned by the impacts of COVID-19 on low-income developing countries. The G20 Debt Service Suspension Initiative (DSSI) is an important measure to provide rapid liquidity support to the most vulnerable countries.<p> </p><p>The DSSI requires eligible countries to commit to use the created fiscal space to increase social, health or economic spending in response to the crisis. The International Monetary Fund (IMF) and World Bank Group (WBG) will support monitoring of this. Countries are also required to commit to disclose all public external debt in line with the framework of the IMF and World Bank Group (WBG) multipronged approach for addressing debt vulnerabilities.</p><p> </p><p>The Chancellor and his G20 counterparts called upon commercial creditors to participate in the DSSI on comparable terms to the official sector on a voluntary basis. In 2019 the IMF assessed that 45% of the total outstanding stock of international sovereign bonds by nominal principal amount are governed under English law.</p><p> </p><p>HM Government is working closely with Institute of International Finance (IIF) and commercial creditors to support implementation of comparable debt service suspensions from the private sector. Following a recent meeting with the Paris Club of official creditors, of which the UK is a member, the IIF released a statement that its members have “expressed strong support for the DSSI and are committed to explore how best to advance this initiative on comparable terms”.</p><p> </p><p>HM Government will continue to monitor implementation of the DSSI by private lenders under this voluntary framework closely, as it is important that all creditors work together to help enable countries especially vulnerable to the pandemic to protect their citizens and economies.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 45236 45237 question first answered 18/05/2020 11:57:51 answering member 4051 label Biography information for John Glen
tabling member	4267 label Biography information for Sarah Champion