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451794

registered interest
date	09/02/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Banks: Fines
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what steps they plan to take to clarify the tax rules relating to fines imposed on banks.
tabling member printed	Lord Taylor of Warwick
uin	HL6069
answer	answer is ministerial correction date of answer 23/02/2016 answer text <p>Fines imposed as a punishment by regulators are non-deductible for UK Corporation Tax purposes, while compensation expenditure arising from trading activity is in principle deductible.</p><p> </p><p>However, the government took steps in Finance Act (No2) 2015 to make compensation associated with bank misconduct and mis-selling non-deductible and offset the deductibility of administrative costs associated with this compensation through a taxable receipt. This action is forecast by the OBR to increase banks’ tax payments by around £1bn over the next 5 years.</p> answering member printed Lord O'Neill of Gatley question first answered 23/02/2016 17:29:35 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	1796 label Biography information for Lord Taylor of Warwick

451795

registered interest
date	09/02/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Bank Notes
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 case for £50 notes no longer being issued by central banks in order to help tackle crime.
tabling member printed	Lord Taylor of Warwick
uin	HL6070
answer	answer is ministerial correction date of answer 23/02/2016 answer text <p>The Government is fully committed to fighting all forms of financial crime, including money laundering and terrorist financing. In 2010, UK banks voluntarily withdrew the €500 note from sale in this country on the basis of analysis from our law enforcement agencies regarding its use by criminal groups. Such high denomination notes are attractive to criminals due to their high-value to low-volume ratio.</p><p> </p><p>By contrast, the highest denomination note issued by the Bank of England is the £50 note whose value is far less than that of truly high denomination notes. Furthermore, the £50 note plays an important role as a reliable store-of-value and enables financial inclusion.</p> answering member printed Lord O'Neill of Gatley question first answered 23/02/2016 17:28:45 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	1796 label Biography information for Lord Taylor of Warwick

451796

registered interest
date	09/02/2016
answering body	Department for Culture, Media and Sport
answering dept id	10
answering dept short name	Culture, Media and Sport
answering dept sort name	Culture, Media and Sport
hansard heading	Cybercrime: Small Businesses
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what steps they plan to take to support small and medium-sized enterprises in the light of the number of cyber attacks against them in 2015.
tabling member printed	Lord Taylor of Warwick
uin	HL6071
answer	answer is ministerial correction date of answer 22/02/2016 answer text <p>The Government’s National Cyber Security Programme (NCSP) aims to tackle cyber crime and make the UK the safest place in the world to do business in the world. This includes the Cyber Essentials Scheme to protect businesses against common cyber threats and the cyber streetwise campaign which offers simple cyber security advice to small businesses and consumers. In addition to the £860 million investment under the NCSP between 2011-2016, in November 2015 the Chancellor announced a new five year £1.9 billion investment in cyber security to make the UK one of the best protected countries in cyber space.</p> answering member printed Baroness Shields question first answered 22/02/2016 14:58:28 answering member 4325 label Biography information for Baroness Shields
tabling member	1796 label Biography information for Lord Taylor of Warwick

451797

registered interest
date	09/02/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Public Finance
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what plans they have to impose large extra tax rises or spending cuts at short notice in order to meet their target of cutting the deficit by 2019–20.
tabling member printed	Lord Taylor of Warwick
uin	HL6072
answer	answer is ministerial correction date of answer 23/02/2016 answer text <p>The government has set out a fixed target to achieve a surplus on the headline measure of public sector net borrowing by the end of 2019-20. This is a transparent commitment showing the government’s resolve to complete the repair of the public finances. The Spending Review and Autumn Statement set out the action required to return the country to surplus over the course of this Parliament and on the basis of the latest Office for Budget Responsibility forecast in their November 2015 ‘Economic and fiscal outlook’ the government is forecast to achieve a surplus of £10.1bn by the end of 2019-20.</p> answering member printed Lord O'Neill of Gatley question first answered 23/02/2016 17:27:56 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	1796 label Biography information for Lord Taylor of Warwick

451798

registered interest
date	09/02/2016
answering body	Department for Business, Innovation and Skills
answering dept id	26
answering dept short name	Business, Innovation and Skills
answering dept sort name	Business, Innovation and Skills
hansard heading	Business
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what steps they plan to take to increase business confidence, in the light of uncertainty regarding the global economy and the EU referendum.
tabling member printed	Lord Taylor of Warwick
uin	HL6073
answer	answer is ministerial correction date of answer 02/03/2016 answer text <p>At the February European Council the Government negotiated a new settlement, giving the United Kingdom a special status in a reformed European Union.</p><p> </p><p>As part of these negotiations, we secured a firm commitment to drive an ambitious agenda of economic reform within the EU to help unleash the full potential of the Single Market and create growth and jobs.</p><p> </p><p>The Government's view is that the UK will be stronger, safer and better off remaining in a reformed EU.</p> answering member printed Baroness Neville-Rolfe question first answered 02/03/2016 16:40:16 answering member 4284 label Biography information for Baroness Neville-Rolfe
tabling member	1796 label Biography information for Lord Taylor of Warwick