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64152

registered interest
date	26/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Banks: Pay
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what discussions his Department has had with the (a) Prudential Regulation Authority and (b) Financial Conduct Authority about reports of UK banks paying allowances to employees in order to avoid the EU's bonus cap; and what steps he plans to take to reduce such practices.
tabling member constituency	Bolton North East
tabling member printed	Mr David Crausby
uin	202634
answer	answer is ministerial correction date of answer 03/07/2014 answer text <p>The UK is at the forefront of global efforts to tackle excessive pay in the financial sector and ensure that pay is aligned with performance, with a tough Remuneration Code that requires deferral of at least 60% of bonuses of senior bankers and limits the amounts that can be paid in cash. Bonuses are down significantly since their peak under the last Government, and are now largely deferred and paid in shares.</p><p> </p><p> </p><p>In contrast, the EU's bonus cap is a poorly thought through measure that undermines rather than reinforces our efforts by pushing up fixed pay. It was introduced without any proper impact assessment and has issues around its compatibility with the EU Treaty; for these reasons we are challenging it in the European Court of Justice. However, pending the outcome, the Government is fully implementing the cap in the UK, and the Prudential Regulation Authority is responsible for ensuring that the banks comply with these rules.</p> answering member constituency South Northamptonshire answering member printed Andrea Leadsom question first answered 03/07/2014 15:39:53 answering member 4117 label Biography information for Andrea Leadsom
tabling member	437 label Biography information for Sir David Crausby

58429

registered interest
date	05/06/2014
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Working Tax Credit: Bolton
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, how much has been paid through working tax credits to people in Bolton North East constituency in each of the last three years.
tabling member constituency	Bolton North East
tabling member printed	Mr David Crausby
uin	199151
answer	answer is ministerial correction date of answer 12/06/2014 answer text <p>Table 1: Bolton North East constituency Working Tax Credit entitlement</p><p> </p><table><tbody><tr><td><p>Tax Year</p></td><td><p>Total WTC entitlement</p></td></tr><tr><td><p>2010-11</p></td><td><p>£19 million</p></td></tr><tr><td><p>2011-12</p></td><td><p>£18 million</p></td></tr><tr><td><p>2012-13</p></td><td><p>£1<del class="ministerial">7</del><ins class="ministerial">6</ins> million</p></td></tr></tbody></table><p> </p><p> </p><p>These figures have been rounded to the nearest £ million.</p> answering member constituency South West Hertfordshire answering member printed Mr David Gauke question first answered 12/06/2014 14:42:34 question first ministerially corrected 24/03/2015 12:39:34 answering member 1529 label Biography information for Mr David Gauke previous answer version 939 answering member constituency South West Hertfordshire answering member printed Mr David Gauke answering member 1529 label Biography information for Mr David Gauke
tabling member	437 label Biography information for Sir David Crausby