Show Search Form

Search Results

registered interest	true false
date	exactly: or between: and
answering body
answering dept id
answering dept short name
answering dept sort name
hansard heading
house id
legislature	pref label
question text
tabling member printed
type
uin
answer	is ministerial correction true false date of answer exactly: or between: and answer text answering member printed grouped question UIN question first answered answering member label
tabling member	label

Search

1274563

	registered interest
	date	07/01/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Bank Services
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to ensure that bank customers can check continuous payment authorisations with ease to help prevent (1) fraud, and (2) unwanted payment.
	tabling member printed	Baroness Bennett of Manor Castle
	type	WrittenParliamentaryQuestion
	uin	HL11855
	answer	answer is ministerial correction date of answer 20/01/2021 answer text <p>A Continuous Payment Authority, or CPA, is defined as consent given by a customer for a payment service provider (for example, a customer’s bank) to make one or more payments from a customer’s payment account. They are often established to enable regular payments to be made for goods or services via a payment card - for example, for a magazine subscription - and are distinct from Direct Debits.</p><p> </p><p>The Payment Services Regulations regulate how CPAs are established, and the rights and obligations of payers, payees and payment service providers. In its published guidance on the regulations, the Financial Conduct Authority (FCA) states that consumers have the right to cancel CPAs by contacting their payment service provider at any time before the end of the business day before a payment is due to be made, and to obtain an immediate refund from their payment service provider if any future payments are debited from their account after they have revoked their consent. The customer may raise a complaint with their payment service provider if unhappy with their response. If this does not rectify the issue, the customer is able to complain to the Financial Ombudsman Service.</p><p> </p><p>Furthermore, the Department for Business, Energy and Industrial Strategy is considering what further action to take on subscription contracts to: prevent consumers being charged unexpectedly; to make it easier for consumers to cancel unwanted subscriptions (including free trials and auto-renewals); and to avoid them facing unreasonable charges.</p> answering member printed Lord Agnew of Oulton question first answered 20/01/2021 11:59:23 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4719 label Biography information for Baroness Bennett of Manor Castle

1235822

	registered interest
	date	18/09/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Investment Income
	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 that dividend recapitalisations have on financial security (1) nationally, and (2) internationally.
	tabling member printed	Baroness Bennett of Manor Castle
	type	WrittenParliamentaryQuestion
	uin	HL8266
	answer	answer is ministerial correction date of answer 01/10/2020 answer text <p>A key part of the government’s economic policy objective is to preserve and enhance the stability of the UK’s financial system. This is reflected in the remit of the Financial Policy Committee (FPC) at the Bank of England, which is responsible for identifying, monitoring and taking action to remove or reduce systemic risks.</p><p> </p><p>There is little sign of dividend recapitalisations further increasing the leverage of borrowers in 2020 to levels above post-Global Financial Crisis average.</p><p> </p><p>Dividend recapitalisations are a small part of the broader leveraged loan market. They’ve accounted for slightly under 25% of September 2020 issuances to date. All the dividend recapitalisation issuances from July to September 2020 have been from US corporates.</p><p> </p><p>In addition, the Bank of England has ensured that the major UK banks hold enough capital to withstand losses on their leveraged loan portfolios commensurate with loss rates more severe than those experienced in the 2008 Global Financial Crisis.</p><p> </p><p>Given the US-focussed nature of the market, the Bank is also active in international discussions related to banks and non-banks. The Bank remains a key contributor to the work of the Financial Stability Board, including their analysis of leveraged loans.</p> answering member printed Lord Agnew of Oulton question first answered 01/10/2020 11:56:22 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4719 label Biography information for Baroness Bennett of Manor Castle

1233558

	registered interest
	date	10/09/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Retail Trade: Corporation Tax
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to ensure that online retail businesses pay corporate taxation (1) at similar levels to high street retailers, and (2) which is relative to profits.
	tabling member printed	Baroness Bennett of Manor Castle
	type	WrittenParliamentaryQuestion
	uin	HL8014
	answer	answer is ministerial correction date of answer 22/09/2020 answer text <p>Corporation tax is charged on profits that businesses generate from the activities they undertake in the UK.</p><p> </p><p>Significant measures have been put in place to counter arrangements designed to shift profits derived from UK activities overseas.</p><p> </p><p>Furthermore, the UK is actively involved in continuing OECD discussions which aim to deliver a fairer and more sustainable approach to the taxation of highly digital businesses.</p> answering member printed Lord Agnew of Oulton question first answered 22/09/2020 11:09:05 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4719 label Biography information for Baroness Bennett of Manor Castle

1489777

	registered interest
	date	15/07/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Economic Situation
	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 effects of total global debt reaching 352 per cent of Gross Domestic Product in the first quarter of this year; and what steps they will take in response.
	tabling member printed	Baroness Bennett of Manor Castle
	type	WrittenParliamentaryQuestion
	uin	HL1789
	answer	answer is ministerial correction date of answer 22/07/2022 answer text <p>HM Government continually monitors developments in the global economy, including public and private debt levels, interest rates and the growth outlook, among other macroeconomic indicators.</p><p> </p><p>Total global debt increased following the onset of the pandemic in 2020, reflecting a rise in public and private debt. Public debt increased as governments introduced fiscal support to mitigate the impact of the pandemic on livelihoods, whilst revenues fell in line with the broader decline in economic activity. This fiscal support helped maintain living standards and support global growth. Private debt has also increased, with government policies helping to maintain private access to credit to mitigate a more severe downturn.</p><p> </p><p>Higher global debt levels can increase financial fragilities and lower growth by reducing investment. Against a backdrop of higher debt levels, rapidly rising global interest rates and higher energy and food prices may worsen balance of payment and fiscal pressures and increase risks of debt distress, particularly for some emerging and developing economies.</p><p> </p><p>HMG works closely with major international organisations, including the IMF, World Bank, to understand how debt levels are changing, and on necessary international policy responses, including appropriate support for economies experiencing debt distress. For example, the UK has committed to channelling circa up to 20% of its allocation of Special Drawing Rights (SDRs) from the IMF’s 2021 general allocation of SDRs to those countries most in need; and is driving forward the implementation of the G20/Paris Club Common Framework for debt treatment to support eligible low-income countries with unsustainable debt.</p><p> </p><p>In the April World Economic Outlook the IMF emphasised the need for guaranteeing an orderly system for resolving debt, including the continued application of the Common Framework, where liquidity support alone is not sufficient. In the UK, public debt increased during the pandemic, in line with other countries around the world. In recognition of the risks of high debt, the UK government has already made responsible decisions which return public debt levels to a sustainable path, supported by fiscal rules which require debt to fall as a proportion of GDP over the medium-term.</p> answering member printed Baroness Penn question first answered 22/07/2022 09:55:38 answering member 4726 label Biography information for Baroness Penn
	tabling member	4719 label Biography information for Baroness Bennett of Manor Castle

1307723

	registered interest
	date	12/04/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Offshore Industry: Tax Havens
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government, further to the reports of the financial trading of oil and gas companies being routed through tax havens, what assessment they have made of the loss of tax revenue.
	tabling member printed	Baroness Bennett of Manor Castle
	type	WrittenParliamentaryQuestion
	uin	HL14691
	answer	answer is ministerial correction date of answer 26/04/2021 answer text <p>HMRC estimate that the tax gap across Large Businesses – which is the difference between the amount of tax that should, in theory, be paid to HMRC, and what is actually paid by the UK’s largest businesses across all sectors – has continued to fall over the last five years and was under 1% for 2018-19 (reported by the NAO in ‘Tackling the Tax Gap’ in July 2020).</p><p> </p><p>The UK has led international efforts to tackle avoidance by all multinationals through the OECD Base Erosion and Profit Shifting (“BEPS”) Project which looks at aggressive tax planning strategies that exploit tax rules to artificially shift profits to low tax jurisdictions where there is little or no economic activity.</p><p> </p><p>This international collaboration has led to the introduction of:</p><p> </p><ul><li>Hybrid mismatch rules that prevent multinationals exploiting differences in the tax systems of different countries;</li><li>a requirement for UK-headed large businesses to provide HMRC with a country-by-country report, detailing their global profits, tax and assets to ensure they are paying the correct tax on all their UK activity; and</li><li>a Corporate Interest Restriction that protects against companies using intra-group loans to shift profits overseas.</li></ul><p> </p><p>The introduction of robust UK domestic rules has reinforced these multilateral efforts.</p><p> </p><p>In April 2015, the UK government introduced the Diverted Profits Tax (‘DPT’). DPT was designed to counter contrived arrangements used by multinational corporations to shift their profits offshore and avoid paying tax in the UK on their economic activities here. The UK secured £6 billion in the five years following its introduction.</p><p> </p><p>In January 2019, HMRC launched a new Profit Diversion Compliance Facility (‘PDCF’) to encourage businesses to stop diverting profits and pay what is due. About two-thirds of the large businesses targeted so far have decided to use the facility to bring their tax affairs up to date quickly and efficiently, enabling HMRC to focus even more resources on investigating businesses which continue to divert profits.</p> answering member printed Lord Agnew of Oulton question first answered 26/04/2021 13:03:46 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4719 label Biography information for Baroness Bennett of Manor Castle

1518482

	registered interest
	date	26/09/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Taxation: Disclosure of Information
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what plans they have fully to meet the standards for tax transparency set by the General Assembly of the Global Initiative for Fiscal Transparency, including its 14 guiding principles.
	tabling member printed	Baroness Bennett of Manor Castle
	type	WrittenParliamentaryQuestion
	uin	HL2324
	answer	answer is ministerial correction date of answer 10/10/2022 answer text <p>HMRC, in combination with HM Treasury, the Office of Budget Responsibility, Office for National Statistics, and other Government departments are already meeting, or exceeding, areas identified in the 14 guiding principles set by the General Assembly of the Global Initiative for Fiscal Transparency for tax transparency, for example:</p><p> </p><ul><li>HMRC publish an annual report which includes information on the prevailing tax gap and action taken to reduce it, as well as comprehensive accounts and other information on revenues, expenditure, performance and performance plans. This is in addition to separate publications on the measurement of tax gaps and other research conducted by HMRC on taxpayers’ behaviour and tax administration;</li><li>HMRC’s published Annual Report and Accounts, as well as other aspects of its performance and expenditure, are regularly audited by the independent National Audit Office (NAO), and subject to Parliamentary scrutiny. NAO reports of its audits are also published. Revenue and other statistics published by HMRC adhere to the Official Statistics Code of Practice and are also subject to independent audit by the UK’s Statistics Authority;</li><li>The UK Government and HMRC have increased their own transparency by publishing more data, including information about the exercise of powers. Government departments also publish data as part of a cross-Government transparency data publishing requirement, as directed by several letters from the Prime Minister since 2010;</li><li>The UK Government collaborates with international and regional financial institutions, contributing to their published revenue statistics, to improve the fairness, efficiency, and effectiveness of tax administration, including through the <a href="https://www.oecd.org/tax/forum-on-tax-administration/" target="_blank">Forum on Tax Administration</a>; and</li><li>The Tax Assurance Commissioner (TAC) role was created in 2012 to strengthen governance and assurance of tax disputes. The TAC provides assurance to Parliament and the public on the handling of civil tax disputes<em>, </em>and their Report is published as part of HMRC’s Annual Report.</li></ul><p> </p><p>Increasing transparency to improve the public’s trust in the tax system and Government accountability remains a focus for this administration.</p> answering member printed Viscount Younger of Leckie question first answered 10/10/2022 11:29:53 answering member 4169 label Biography information for Viscount Younger of Leckie
	tabling member	4719 label Biography information for Baroness Bennett of Manor Castle

1200750

	registered interest
	date	04/06/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Developing Countries: Financial Services
	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 ensure that commercial loans are covered in COVID-19-related debt-relief schemes for the 75 lowest-income nations.
	tabling member printed	Baroness Bennett of Manor Castle
	type	WrittenParliamentaryQuestion
	uin	HL5282
	answer	answer is ministerial correction date of answer 16/06/2020 answer text <p>Her Majesty’s Government is deeply concerned about the impacts of the COVID-19 pandemic on low-income developing countries. It is vital that all creditors work together to ensure that countries especially vulnerable to the pandemic are able to protect their citizens and economies.</p><p> </p><p>The Chancellor and his G20 counterparts called on commercial creditors to participate in the G20 Debt Service Suspension Initiative, which suspends payments due from the 77 poorest countries, on comparable terms to the official sector.</p><p> </p><p>Her Majesty’s Government is working closely with the Paris Club of official creditors and Institute of International Finance (IIF) to facilitate private sector participation. On 28 May, the IIF published a Terms of Reference to guide its members’ responses to DSSI-eligible requests for commercial forbearance.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL5089 question first answered 16/06/2020 11:12:15 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4719 label Biography information for Baroness Bennett of Manor Castle

1536578

	registered interest
	date	26/10/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Mortgages: Interest Rates
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what plans they have to assist (1) households at risk of defaulting on their mortgage as a result of rising interest rates, and (2) private renters whose landlord is at risk of defaulting on their mortgage.
	tabling member printed	Baroness Bennett of Manor Castle
	type	WrittenParliamentaryQuestion
	uin	HL2910
	answer	answer is ministerial correction date of answer 09/11/2022 answer text <p>Mortgage arrears levels remain historically low. According to the latest UK Finance data, there were 74,560 residential mortgages in arrears at the end of June, 10% fewer than in the same period in the previous year.</p><p> </p><p>If mortgage borrowers do fall into financial difficulty, Financial Conduct Authority (FCA) guidance requires firms to provide support through tailored forbearance options. The Government has taken a number of measures aimed at helping people to avoid repossession, including Support for Mortgage Interest loans for those in receipt of an income-related benefit, and protection in the courts through the Pre-Action Protocol, which makes it clear that repossession must always be the last resort for lenders.</p><p> </p><p>Whilst the setting of rents and the payment of mortgages are matters for private landlords, ensuring a fair deal for renters remains a priority for this government.</p><p> </p><p>The Government has already taken immediate action to help households with the rising cost of living through the Energy Price Guarantee and the Energy Bills Support Scheme. This is in addition to the £37 billion of targeted support for the cost of living this financial year, which will support homeowners and tenants alike. The Government has also announced an extra £500 million of local support in England via the Household Support Fund (bringing the total amount provided to £1.5 billion since October 2021).</p> answering member printed Baroness Penn question first answered 09/11/2022 12:05:05 answering member 4726 label Biography information for Baroness Penn
	tabling member	4719 label Biography information for Baroness Bennett of Manor Castle

1685669

	registered interest
	date	29/01/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pension Funds
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government what assessment they have made of the practice of the pension funds of regulators investing in companies for which the regulator has oversight responsibility, for example in the recent case of the Environment Agency’s pension fund investing in companies which produce PFAS.
	tabling member printed	Baroness Bennett of Manor Castle
	type	WrittenParliamentaryQuestion
	uin	HL1972
	answer	answer is ministerial correction date of answer 12/02/2024 answer text <p>Most regulators participate in the unfunded public service pension schemes, which do not invest monies in order to generate returns. Those that do have funded schemes are subject to DWP occupational pension scheme legislation, with investments separated from the organisation and trustees responsible for scheme investments, or, in the case of the Environment Agency, participate in the Local Government Pension Scheme (LGPS). Trustees and LGPS administering authorities have specific legal and fiduciary duties.</p><p>LGPS administering authorities, including the Environment Agency Pension Fund, are required to act in the interest of the fund and not the employer in setting and implementing their investment strategy. DLUHC guidance sets out that it is good practice for administering authorities to have robust policies to manage any potential conflicts of interest. The EAPF conflicts of interest policy is available online.<sup><sup>[1]</sup></sup></p><p> </p><p>[1] <a href="https://gbr01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.eapf.org.uk%2F~%2Fmedia%2Fdocument-libraries%2Feapf2%2Fpolicies%2F2023%2Fconflicts-of-interest-policy-agreed-at-june--23-pc--final_v2.pdf%3Fla%3Den%26hash%3D73A3192F28D6418F742FA515277EE97CA00E8542&amp;data=05%7C02%7Cliam.claughton%40hmtreasury.gov.uk%7Cd1f5cbd49b934f2e54fe08dc27043b27%7Ced1644c505e049e6bc39fcf7ac51c18c%7C0%7C0%7C638428146718896084%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=6NtMfv0A8FIJd%2BvNxeF5MDIS8LjTIz8IR8hIB0SQnMc%3D&amp;reserved=0" target="_blank">https://www.eapf.org.uk/~/media/document-libraries/eapf2/policies/2023/conflicts-of-interest-policy-agreed-at-june--23-pc--final_v2.pdf?la=en&amp;hash=73A3192F28D6418F742FA515277EE97CA00E8542</a></p> answering member printed Baroness Vere of Norbiton question first answered 12/02/2024 16:40:10 answering member 4580 label Biography information for Baroness Vere of Norbiton
	tabling member	4719 label Biography information for Baroness Bennett of Manor Castle

1438000

	registered interest
	date	03/03/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Environment Protection: Investment
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government, further to the remarks by Baroness Penn on 2 March (HL Deb col 812) about cooperating with the government of China on a green taxonomy, what fora are these discussions are being conducted in; how any (1) progress, and (2) agreement, will be reported; and what assessment they have made of the timetable for an outcome from the process.
	tabling member printed	Baroness Bennett of Manor Castle
	type	WrittenParliamentaryQuestion
	uin	HL6598
	answer	answer is ministerial correction date of answer 17/03/2022 answer text <p>My comments referred to the Government’s membership of the International Platform on Sustainable Finance (IPSF). The IPSF is a multilateral forum between policymakers on sustainable finance regulatory measures, particularly focussed on green taxonomies. Members include authorities from 18 different jurisdictions globally, including China and the European Union. The UK became a member in February 2021. In June 2020, the EU and China initiated a Working Group on taxonomies with the objective to undertake a assessment of existing taxonomies for environmentally sustainable investments, including identifying the commonalities and differences in their respective approaches and outcomes. This resulted in the publication of a report on a common ground taxonomy in November 2021.</p> answering member printed Baroness Penn question first answered 17/03/2022 13:19:24 answering member 4726 label Biography information for Baroness Penn
	tabling member	4719 label Biography information for Baroness Bennett of Manor Castle