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384502

registered interest
date	22/06/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic and Monetary Union
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what is their assessment of the European Union Five Presidents' Report published on 22 June recommending the ceding of powers by member states to European Union institutions and the creation of a eurozone treasury.
tabling member printed	Lord Stoddart of Swindon
uin	HL713
answer	answer is ministerial correction date of answer 06/07/2015 answer text <p>The Report is part of an ongoing process to identify next steps to better governance in the euro area.</p><p> </p><p> </p><p> </p><p>The government’s position is that the UK benefits from the Single Market, and does not want to stand in the way of the euro area resolving its difficulties. But we will not let the integration of the euro area jeopardise the integrity of the Single Market or in any way disadvantage the UK.</p><p> </p><p> </p><p> </p><p>That is one of the important objectives we seek in our renegotiation with the EU.</p><p> </p> answering member printed Lord O'Neill of Gatley question first answered 06/07/2015 16:43:50 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	950 label Biography information for Lord Stoddart of Swindon

384504

registered interest
date	22/06/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	International Monetary Fund
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what is the United Kingdom's financial involvement in the International Monetary Fund; and what percentage of the whole it comprises.
tabling member printed	Lord Stoddart of Swindon
uin	HL715
answer	answer is ministerial correction date of answer 06/07/2015 answer text <p>The International Monetary Fund (IMF) is primarily a quota-based institution. The UK’s quota subscription to the IMF is 10,738.5 million Special Drawing Rights, equivalent to £10,009 million at 31 March 2015. This accounts for 4.5% of total quotas at the IMF.</p><p> </p><p> </p><p> </p><p>There are a number of other financial arrangements and associated transactions between the UK and the IMF. The IMF routinely publishes information on its members’ financial positions in the IMF, including for the UK. The Government also publishes complementary information in the annual accounts of the National Loans Fund and Exchange Equalisation Account.</p><p> </p><p> </p><p> </p><p>Further details are available on the IMF and gov.uk websites.<sup><sup>[1]</sup></sup></p><p> </p><p> </p><p><strong>[1] http://www.imf.org/external/np/fin/tad/exfin1.aspx https://www.gov.uk/government/collections/hmt-central-funds</strong></p><p> </p><p> </p> answering member printed Lord O'Neill of Gatley question first answered 06/07/2015 16:58:26 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	950 label Biography information for Lord Stoddart of Swindon

384505

registered interest
date	22/06/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Public Sector Debt
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what is their assessment of recent research by the Taxpayers' Alliance indicating that the United Kingdom's true national debt is £8.6 trillion.
tabling member printed	Lord Stoddart of Swindon
uin	HL716
answer	answer is ministerial correction date of answer 06/07/2015 answer text <p>According to the latest <em>Public Sector Finances</em> release (May 2015) produced by the Office for National Statistics (ONS), Public Sector Net Debt (PSND) stands at £1.5 trillion. This is the government’s usual measure of debt, and the measure on the basis of which the official forecasts from the Office for Budget Responsibility (OBR) are produced.</p><p> </p><p>The number quoted by the Taxpayers’ Alliance includes many future and government liabilities not generally included in debt figures and it does not include corresponding future assets, physical assets, illiquid financial assets or future revenues.</p><p> </p> answering member printed Lord O'Neill of Gatley question first answered 06/07/2015 16:44:24 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	950 label Biography information for Lord Stoddart of Swindon

384506

registered interest
date	22/06/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Workplace Pensions
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether they plan to extend the right of access to pension funds available to employees in the private sector to those working in the public sector; and if not, why not.
tabling member printed	Lord Stoddart of Swindon
uin	HL717
answer	answer is ministerial correction date of answer 06/07/2015 answer text <p>The Government has no current plans to extend the pension flexibilities to members of unfunded, defined benefit, public service pension schemes. The last Government restricted transfers from unfunded, defined benefit, public service pension schemes to those arrangements from which the member may acquire a right or entitlement to flexible benefits in order to protect the taxpayer from the increased in-year costs that would result should a large number of members of such schemes elect to transfer out to a scheme providing flexible access to pension pots.</p><p> </p><p> </p><p> </p><p>In an unfunded public service pension scheme, there is no fund of assets with which to finance transfer payments. Instead, they are funded from contributions from current members and their employers, and through general expenditure.</p><p> </p><p> </p><p> </p><p>Therefore, should the introduction of the flexibilities have led to an increase in the number of members transferring out of their unfunded public service scheme to a scheme providing flexible benefits, there would have been a direct cost to Government. For every extra pound paid out in transfers, the Government would have had one less pound to spend that year on public services.</p><p> </p><p> </p><p> </p><p>The Government estimates that if 1% of all public service workers reaching retirement took their benefits flexibly, it could cost the tax payer £200m a year. The Government does not think it is fair to ask taxpayers to meet such in-year costs.</p><p> </p><p> </p><p> </p><p>Members of funded, defined benefit, public service pension schemes, such as the Local Government Pension Scheme, continue to be able to transfer. This is because there is a fund of assets available for use to meet the cost of the transfers. Government took the decision to treat funded schemes differently for this reason, extending freedom and choice to as many individuals as possible.</p><p> </p><p> </p><p> </p> answering member printed Lord O'Neill of Gatley question first answered 06/07/2015 16:59:44 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	950 label Biography information for Lord Stoddart of Swindon

348824

registered interest
date	08/06/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	VAT
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what is their assessment of the judgment of the European Court of Justice ending the value added tax concession on energy-saving products for non-social housing.
tabling member printed	Lord Stoddart of Swindon
uin	HL303
answer	answer is ministerial correction date of answer 22/06/2015 answer text <p>The government is currently considering the full implications of the decision of the European Court of Justice on the application of the VAT reduced rate to the installation of energy saving materials.</p><p> </p><p> </p><p> </p> answering member printed Lord O'Neill of Gatley question first answered 22/06/2015 16:35:01 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	950 label Biography information for Lord Stoddart of Swindon

347921

registered interest
date	02/06/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cider: Tax Allowances
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what discussions they have had with the European Commission following its formal request that the United Kingdom end the tax exemption currently available to small cider producers.
tabling member printed	Lord Stoddart of Swindon
uin	HL207
answer	answer is ministerial correction date of answer 15/06/2015 answer text <p>The government’s support for small cider makers has helped create a diverse and vibrant market, improving consumer choice and creating jobs. We are therefore studying the Commission’s arguments carefully, but the government’s support for this unique British industry will continue.</p><p> </p><p> </p><p> </p><p>Most recently, to support the wider industry, the duty on lower strength cider was cut by 2 per cent at Budget 2015, with a similar benefit in cash terms for higher strength still cider.</p><p> </p> answering member printed Lord O'Neill of Gatley question first answered 15/06/2015 16:11:19 answering member 4536 label Biography information for Lord O'Neill of Gatley
tabling member	950 label Biography information for Lord Stoddart of Swindon

227430

registered interest
date	16/03/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: EU Action
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 Deighton on 16 February (HL4632) concerning European Union regulations to break up banks in the European Union, whether they or the European Commission would make the final decision when any action was proposed against United Kingdom banks; and whether Parliament would be involved in any such proposals.
tabling member printed	Lord Stoddart of Swindon
uin	HL5751
answer	answer is ministerial correction date of answer 26/03/2015 answer text <p>In order to address the systemic risk posed by UK banks, Parliament has legislated, via the Banking Reform Act 2013 (BRA), for such action to be taken through structural separation. This Act is to be implemented by the Prudential Regulation Authority. In the context of the ongoing negotiations on the proposed EU regulation for Bank Structural Reform, the Government is working to ensure that the BRA is maintained and that any other impact on UK banks is proportionate and kept to a minimum. It is the Government’s firm belief that banks should be supervised at the national level as local supervisors are best placed to understand the specificities of the national economy and its financial stability concerns. This is a critically important dossier for all Member States, in particular given the direct application of an EU regulation.</p><p> </p> answering member printed Lord Deighton question first answered 26/03/2015 13:50:26 answering member 4262 label Biography information for Lord Deighton
tabling member	950 label Biography information for Lord Stoddart of Swindon

225761

registered interest
date	09/03/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	EU Budget: Contributions
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether the United Kingdom's contribution to the European Union Budget and off-budget expenditure, including overseas aid administered by the European Union is subject to the Government and Resources Accounts Act 2000; and whether they have assessed the compliance of their contribution with that Act.
tabling member printed	Lord Stoddart of Swindon
uin	HL5528
answer	answer is ministerial correction date of answer 23/03/2015 answer text <p>The United Kingdom’s contribution to the European Union budget is accounted for within the Consolidated Fund and disclosed in Notes 5 and 11 to the accounts. The Consolidated Fund is prepared by HM Treasury under the National Loans Act 1968. The Consolidated Fund accounts are publicly available on the gov.uk website. [1]</p><p> </p><p> </p><p> </p><p> </p><p>[1] <a href="https://www.gov.uk/government/collections/hmt-central-funds" target="_blank">https://www.gov.uk/government/collections/hmt-central-funds</a></p><p> </p> answering member printed Lord Deighton question first answered 23/03/2015 16:36:47 answering member 4262 label Biography information for Lord Deighton
tabling member	950 label Biography information for Lord Stoddart of Swindon

225765

registered interest
date	09/03/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic and Monetary Union
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government what is their assessment of the likely consequences for the United Kingdom of the decision of the European Central Bank to apply one trillion euros of quantitative easing to the Eurozone; and from what source the money will be financed.
tabling member printed	Lord Stoddart of Swindon
uin	HL5531
answer	answer is ministerial correction date of answer 23/03/2015 answer text <p>The Treasury regularly monitors global economic developments, including those in the euro area, and their impact on the UK as part of the normal process of policy development.</p><p> </p><p> </p><p> </p><p>It is not for the Government to comment on the appropriate monetary policy stance for the euro area.</p><p> </p><p> </p><p> </p><p>Nonetheless, the Chancellor has made clear that the Government fully supports Mario Draghi’s efforts to ensure that the ECB does whatever it takes to meet its inflation mandate.</p><p> </p><p> </p><p> </p> answering member printed Lord Deighton question first answered 23/03/2015 16:37:09 answering member 4262 label Biography information for Lord Deighton
tabling member	950 label Biography information for Lord Stoddart of Swindon

225325

registered interest
date	04/03/2015
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Eurostar
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty’s Government whether the consent of the European Union is required before the sale of the government holding in Eurostar can proceed; and if so, why.
tabling member printed	Lord Stoddart of Swindon
uin	HL5450
answer	answer is ministerial correction date of answer 18/03/2015 answer text <p>As made clear at the time of the announcement, completion of the sale of Eurostar is conditional on regulatory approval, including EU competition clearance. This is because the transaction constitutes a change of control under Regulation 139/2004 and as such falls under the jurisdiction of the European Commission.</p><p> </p> answering member printed Lord Deighton question first answered 18/03/2015 16:45:38 answering member 4262 label Biography information for Lord Deighton
tabling member	950 label Biography information for Lord Stoddart of Swindon