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1281366

registered interest
date	27/01/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Public Expenditure
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 impact on the sensitivity of public sector borrowing costs to interest rate changes as a result of quantitative easing affecting the maturity of public sector funding; and what plans they have to publish comparative sensitivity data from the time since quantitative easing was first introduced.
tabling member printed	Lord Myners
uin	HL12660
answer	answer is ministerial correction date of answer 10/02/2021 answer text <p>As noted in the Office for Budget Responsibility’s (OBR’s) November 2020 <em>Economic and Fiscal Outlook (EFO), </em>the Bank of England’s quantitative easing programme lowers government borrowing costs but shortens the average maturity of public sector debt and increases exposure to changes in short-term interest rates.</p><p>The OBR publish estimates of the sensitivity of debt interest spending to changes in interest rates in their EFO<em>.</em></p><p>We have strong independent economic institutions and a well-established macroeconomic framework that ensures we are well placed to deal with risks to our public finances.</p> answering member printed Lord Agnew of Oulton question first answered 10/02/2021 15:35:59 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1274506

registered interest
date	06/01/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Money Laundering
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to allocate further resources to monitor incidents of money laundering associated with trade finance involving (1) misleading invoices, (2) bills of lading, and (3) the role of banks and other finance specialists in this field.
tabling member printed	Lord Myners
uin	HL11827
answer	answer is ministerial correction date of answer 20/01/2021 answer text <p>The Government’s ambitious Economic Crime Plan sets out the significant action we are taking – in conjunction with the private sector – to combat money laundering and other economic crimes. Many of the reforms committed to in the Plan will benefit efforts to tackle trade-based money laundering (TBML), which the 2020 National Risk Assessment on Money Laundering &amp; Terrorist Financing assessed as a growing risk.</p><p> </p><p>On TBML specifically, HMRC has established this threat as a priority illicit finance risk. HMRC’s work includes reviewing current trade compliance procedures and identifying opportunities to enhance our risk detection capabilities.</p><p> </p><p>More widely, we are also investing more to tackle economic crime. The 2020 Spending Review announced an increase in the government’s efforts to tackle economic crime by providing an additional £30.5 million in resource and £32.5 million in capital funding in 2021/22, including support for the National Economic Crime Centre (NECC) which coordinates law enforcement’s response to money laundering.</p><p> </p><p>Further to this, we are also currently formulating our response to the Economic Crime Levy consultation. It will raise £100 million of additional funding per year to help fund reforms outlined in the Economic Crime Plan, including for the Suspicious Activity Reports reform programme and an uplift for the UK Financial Intelligence Unit. It will be an important source of funding for our ongoing action to tackle money laundering in all its forms.</p> answering member printed Lord Agnew of Oulton question first answered 20/01/2021 11:58:10 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1256460

registered interest
date	30/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Stocks and Shares
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to review the governance processes of equity index construction, including in relation to (1) economic growth, (2) financial stability, and (3) management accountability.
tabling member printed	Lord Myners
uin	HL10897
answer	answer is ministerial correction date of answer 14/12/2020 answer text <p>The use and operation of equity indices by UK supervised entities is governed by the Benchmarks Regulation, introduced in 2016. The Government has proposed amendments to the Benchmarks Regulation in the current Financial Services Bill to support the orderly wind-down of critical benchmarks. However, there are no current plans for a broader review of the legislation.</p> answering member printed Lord Agnew of Oulton question first answered 14/12/2020 17:16:15 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1256461

registered interest
date	30/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they completed an economic impact assessment for the reintroduction of the Crown preference for insolvency.
tabling member printed	Lord Myners
uin	HL10898
answer	answer is ministerial correction date of answer 14/12/2020 answer text <p>The Government’s reforms to make HMRC a secondary preferential creditor for certain tax debts (otherwise known as Protecting Your Taxes in Insolvency) came into effect across the UK on 1 December 2020.</p><p> </p><p>The Government has taken a proportionate approach, applying changes only to taxes paid in good faith by employees and customers, but held temporarily by the business, including Pay as You Earn (PAYE) Income Tax and VAT. The reforms do not reintroduce crown preference, which applied more broadly across all tax debts.</p><p> </p><p>The Government undertook careful work to assess the impact of the reforms ahead of announcement and implementation. As with all tax policy changes, the Government published this assessment in a tax information and impact note which can be found on gov.uk.[1]</p><p> </p><p>[1] Full web-link: <a href="https://www.gov.uk/government/publications/changes-to-protect-tax-in-insolvency-cases" target="_blank">https://www.gov.uk/government/publications/changes-to-protect-tax-in-insolvency-cases</a>.</p> answering member printed Lord Agnew of Oulton question first answered 14/12/2020 17:14:31 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1246980

registered interest
date	29/10/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank Services: Interest Rates
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to investigate the socioeconomic consequences for consumers of banks charging negative real interest rates.
tabling member printed	Lord Myners
uin	HL9788
answer	answer is ministerial correction date of answer 12/11/2020 answer text <p>The Government believes that individuals, regardless of their background or income, should have access to useful and affordable financial products and services.</p><p> </p><p>The independent Monetary Policy Committee (MPC) of the Bank of England sets the Bank Rate to meet the objectives set out in its remit of maintaining price stability and subject to this, supporting the economic policy of the Government, including its objectives for growth and employment. The MPC is sensitive to the effect of low interest rates on savers and does consider the effect monetary policy decisions have on all households.</p><p> </p><p>Commercial banks make commercial judgements that influence the degree of pass‐through from changes in Bank Rate into retail interest rates, with conditions in financial markets and in the banking sector also influencing interest rates paid on deposits or charged for lending. The Government does not seek to intervene in these commercial decisions.</p> answering member printed Lord Agnew of Oulton question first answered 12/11/2020 14:35:17 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1246672

registered interest
date	26/10/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	H2O Asset Management
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what steps (1) they, or (2) the Financial Conduct Authority, have taken to ensure that the pricing of funds managed by H20 Asset Management is based on fair valuation of portfolio investments.
tabling member printed	Lord Myners
uin	HL9566
answer	answer is ministerial correction date of answer 09/11/2020 answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. The question has been passed on to the FCA. The FCA will reply directly to the noble Lord by letter. A copy of the letter will be placed in the Library of the House.</p> answering member printed Lord Agnew of Oulton question first answered 09/11/2020 13:56:42 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1246673

registered interest
date	26/10/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Institutions: EU Law
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to publish their response to the European Commission’s review of the Alternative Investment Fund Management Directive, and in particular the question on the delegation of portfolio management by funds in the EU to entities based in third countries.
tabling member printed	Lord Myners
uin	HL9567
answer	answer is ministerial correction date of answer 09/11/2020 answer text <p>The UK is a global leader in asset management and UK firms manage portfolios for clients located around world, including in the EU. The government is a strong supporter of portfolio delegation as an international norm in cross-border financial services that ensures investors around the world have access to the best investment expertise. The Treasury engages with EU counterparts on a range of issues and publishes consultation responses where it is appropriate to do so.</p><p> </p><p>Through the Asset Management Taskforce and other engagement, the Treasury continues to work closely with industry leaders to identify opportunities to promote the UK asset management sector and the interests of the investors it serves.</p> answering member printed Lord Agnew of Oulton question first answered 09/11/2020 14:50:44 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1237768

registered interest
date	24/09/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	H2O Asset Management
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they, or the Financial Conduct Authority, have reviewed (1) the accuracy, and (2) the regulatory completeness, of the statements issued by H2O Asset Management on 16 September and 22 September in connection to illiquid investments held in open-ended funds; and whether they (1) have investigated, or (2) plan to investigate, whether the transactions disclosed with related parties were in the best interests of all fund investors
tabling member printed	Lord Myners
uin	HL8466
answer	answer is ministerial correction date of answer 07/10/2020 answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. The question has been passed on to the FCA. The FCA will reply directly to the noble Lord by letter. A copy of the letter will be placed in the Library of the House.</p> answering member printed Lord Agnew of Oulton question first answered 07/10/2020 13:49:06 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1235955

registered interest
date	21/09/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Central Counterparties
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 letter from 18 March 2019 by the Systemic Risk Council to the Financial Stability Board in response to that Board's discussion paper on the resolution of central counterparty clearing houses; and what plans they have to review capital adequacy and the effectiveness of incentives to prevent failure.
tabling member printed	Lord Myners
uin	HL8323
answer	answer is ministerial correction date of answer 05/10/2020 answer text <p>The UK is committed to maintaining the highest international and domestic standards of financial regulation, including for central counterparties (CCPs). The UK continues to play an active role in setting the international standards related to the recovery and resolution of CCPs. The UK was one of the first jurisdictions to have a domestic recovery and resolution regime in place, and we continue to keep this framework under review to ensure it effectively mitigates and prevents failure.</p> answering member printed Lord Agnew of Oulton question first answered 05/10/2020 15:29:17 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1233923

registered interest
date	14/09/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	H2O Asset Management
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of (1) the potential risks for UK investors by H2O Asset Management's approach to valuing unlisted investments held in open-ended funds, and (2) whether any group of investors, including associates and other clients of H2O Asset Management and its executives and owner, have been treated preferentially.
tabling member printed	Lord Myners
uin	HL8079
answer	answer is ministerial correction date of answer 28/09/2020 answer text <p>This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government. The question has been passed on to the FCA. The FCA will reply directly to the noble Lord by letter. A copy of the letter will be placed in the Library of the House.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL8080 question first answered 28/09/2020 10:56:12 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners