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  • Cathy Jamieson – 2014 Parliamentary Question to the HM Treasury

    Cathy Jamieson – 2014 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Cathy Jamieson on 2014-06-17.

    To ask Mr Chancellor of the Exchequer, what steps he is taking to improve regulation of the shadow banking sector.

    Andrea Leadsom

    When appropriately conducted, shadow banking can benefit the economy by increasing the availability of credit to a range of individuals or firms, and provide a valuable alternative to bank funding. It provides credit and liquidity to the real economy and can improve efficiency and drive innovation in the financial system through firms developing expert knowledge in a particular area.

    However, the Government is aware of the risks shadow banking activities pose to financial stability when things go wrong. The crisis showed that some shadow banking entities created pro-cyclical build-ups of leverage, did not fully transfer credit risk, were susceptible to rapid sell-offs, and were very complex. It also became clear that the shadow banking sector had very complex interconnections with the traditional banking system.

    Recognising the need to improve the transparency and supervision of the shadow banking sector, the Government has taken steps to improve the way shadow banking entities are regulated.

    Domestically, the Government has created new Financial Policy Committee (FPC) within the Bank of England to ensure emerging risks and vulnerabilities across the financial system as a whole are identified, monitored and effectively addressed. In September last year, the Committee agreed as one of its medium term priorities the identification and management of potential systemic risks from shadow banking.

    At the international level, the Government is actively supporting the effective regulation of the sector in EU policymaking, and the UK is instrumental in shaping the global regulatory response at the Financial Stability Board.

  • Cathy Jamieson – 2014 Parliamentary Question to the HM Treasury

    Cathy Jamieson – 2014 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Cathy Jamieson on 2014-06-17.

    To ask Mr Chancellor of the Exchequer, what assessment he has made of the effects of the shadow banking sector on the UK economy.

    Andrea Leadsom

    When appropriately conducted, shadow banking can benefit the economy by increasing the availability of credit to a range of individuals or firms, and provide a valuable alternative to bank funding. It provides credit and liquidity to the real economy and can improve efficiency and drive innovation in the financial system through firms developing expert knowledge in a particular area.

    However, the Government is aware of the risks shadow banking activities pose to financial stability when things go wrong. The crisis showed that some shadow banking entities created pro-cyclical build-ups of leverage, did not fully transfer credit risk, were susceptible to rapid sell-offs, and were very complex. It also became clear that the shadow banking sector had very complex interconnections with the traditional banking system.

    Recognising the need to improve the transparency and supervision of the shadow banking sector, the Government has taken steps to improve the way shadow banking entities are regulated.

    Domestically, the Government has created new Financial Policy Committee (FPC) within the Bank of England to ensure emerging risks and vulnerabilities across the financial system as a whole are identified, monitored and effectively addressed. In September last year, the Committee agreed as one of its medium term priorities the identification and management of potential systemic risks from shadow banking.

    At the international level, the Government is actively supporting the effective regulation of the sector in EU policymaking, and the UK is instrumental in shaping the global regulatory response at the Financial Stability Board.

  • Cathy Jamieson – 2014 Parliamentary Question to the HM Treasury

    Cathy Jamieson – 2014 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Cathy Jamieson on 2014-06-17.

    To ask Mr Chancellor of the Exchequer, what steps his Department is taking to ensure the stability of the shadow banking sector.

    Andrea Leadsom

    When appropriately conducted, shadow banking can benefit the economy by increasing the availability of credit to a range of individuals or firms, and provide a valuable alternative to bank funding. It provides credit and liquidity to the real economy and can improve efficiency and drive innovation in the financial system through firms developing expert knowledge in a particular area.

    However, the Government is aware of the risks shadow banking activities pose to financial stability when things go wrong. The crisis showed that some shadow banking entities created pro-cyclical build-ups of leverage, did not fully transfer credit risk, were susceptible to rapid sell-offs, and were very complex. It also became clear that the shadow banking sector had very complex interconnections with the traditional banking system.

    Recognising the need to improve the transparency and supervision of the shadow banking sector, the Government has taken steps to improve the way shadow banking entities are regulated.

    Domestically, the Government has created new Financial Policy Committee (FPC) within the Bank of England to ensure emerging risks and vulnerabilities across the financial system as a whole are identified, monitored and effectively addressed. In September last year, the Committee agreed as one of its medium term priorities the identification and management of potential systemic risks from shadow banking.

    At the international level, the Government is actively supporting the effective regulation of the sector in EU policymaking, and the UK is instrumental in shaping the global regulatory response at the Financial Stability Board.

  • Laurence Robertson – 2014 Parliamentary Question to the HM Treasury

    Laurence Robertson – 2014 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Laurence Robertson on 2014-06-17.

    To ask Mr Chancellor of the Exchequer, if he will take steps to increase the compensation paid to Equitable Life policyholders.

    Andrea Leadsom

    The Government has no plans to alter the design or rules of the Equitable Life Payment Scheme, including those which relate to the level of payments. Decisions on the level of ex-gratia payments took account of the fiscal situation and wider fairness concerns across all taxpayers. The payments for different types of policyholder were made on the basis of recommendations made by the Independent Commission on Equitable Life Payments.

  • Justin Tomlinson – 2014 Parliamentary Question to the HM Treasury

    Justin Tomlinson – 2014 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Justin Tomlinson on 2014-06-17.

    To ask Mr Chancellor of the Exchequer, if he plans to display changes to the amount of income tax levied on an individual on their end of year statement.

    Mr David Gauke

    From October 2014 around 24 million people will receive a personal tax summary from HMRC setting out how their income tax and National Insurance contributions have been calculated for the previous year (2013-14) and how it contributed to public expenditure. Tax summaries will also show taxpayers their taxable income and average tax rate, allowing the individual in future to compare one year’s tax record with another.

  • Justin Tomlinson – 2014 Parliamentary Question to the HM Treasury

    Justin Tomlinson – 2014 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Justin Tomlinson on 2014-06-17.

    To ask Mr Chancellor of the Exchequer, if he will take steps to mandate that APR figures be displayed in cash terms.

    Andrea Leadsom

    The Government believes it is important for consumers to be able to compare the cost of credit products easily.

    The Consumer Credit Directive (CCD) requires the APR to be stated in pre-contract credit information and in the credit agreement itself, as well as in advertising where triggered. In addition, firms must state the total amount payable (TAP), which is the sum of the amount borrowed and the total charge for credit (TCC).

    As the CCD is full harmonisation in the relevant areas, it is not open to Member States to require disclosure of the TCC in addition – although the consumer can work this out as the difference between the TAP and the amount borrowed. Lenders can also include the TCC on a voluntary basis.

    As previously shared with the Public Accounts Committee, the Government raised the issue of how to present cost information with the European Commission as part of its current review into the implementation of the CCD.

  • David Simpson – 2014 Parliamentary Question to the HM Treasury

    David Simpson – 2014 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by David Simpson on 2014-06-17.

    To ask Mr Chancellor of the Exchequer, what estimate his Department has made of the savings to the public purse of reductions in carbon emissions leading to a low carbon economy.

    Gregory Barker

    I have been asked to reply.

    The Climate Change Act (2008) commits the UK to reducing emissions of GHGs and the accompanying Impact Assessment sets out that within the context of global efforts to limit climate change the benefits to the UK will be greater than the costs. However, the department has not made specific estimates of the savings to the public purse from a move to a low carbon economy as the precise fiscal impact of carbon emission reductions will depend on the mix of policies used.

    For this reason individual assessments of the fiscal impacts of policies have been made and published where appropriate. In addition, it is worth noting that in the Coalition Agreement, the Government committed to increase the proportion of tax revenue accounted for by environmental taxes.

  • Matthew Offord – 2014 Parliamentary Question to the Department for Communities and Local Government

    Matthew Offord – 2014 Parliamentary Question to the Department for Communities and Local Government

    The below Parliamentary question was asked by Matthew Offord on 2014-06-17.

    To ask the Secretary of State for Communities and Local Government, what guidance his Department has published for the use of local authorities in determining planning permission applications for the creation of cemeteries.

    Nick Boles

    In March, we published new planning guidance, which local planning authorities can use when determining planning applications. It explains that planning applications are considered on their own merits and, by law, must be determined in accordance with the development plan for the area, unless material considerations indicate otherwise. The ‘Open space, sports and recreation facilities’ section of the guidance addresses provision of open spaces of public value.

    More broadly, separate to the planning system, the underlying statutory duties for local (burial) authorities are outlined in the Local Authorities Cemeteries Order 1977. The associated guidance is overseen by the Ministry for Justice, and is available at:

    www.justice.gov.uk/downloads/burials-and-coroners/burial-ground-managers.pdf

    “

  • Matthew Offord – 2014 Parliamentary Question to the Ministry of Justice

    Matthew Offord – 2014 Parliamentary Question to the Ministry of Justice

    The below Parliamentary question was asked by Matthew Offord on 2014-06-17.

    To ask the Secretary of State for Justice, what estimate his Department has made of the number of grave spaces that have been created in London since the introduction of the London Local Authorities Act 2007.

    Simon Hughes

    The Ministry of Justice has not made an estimate of the number of grave spaces created since the introduction of the London Local Authorities Act 2007 or the number of local authorities who have used powers under the Act to re-use graves. However, as the Ministry of Justice has responsibility for burial law and policy, I am keeping the issue of burial space under active review including considering what legislative changes might be necessary to address a shortage of graves.

  • Matthew Offord – 2014 Parliamentary Question to the Ministry of Justice

    Matthew Offord – 2014 Parliamentary Question to the Ministry of Justice

    The below Parliamentary question was asked by Matthew Offord on 2014-06-17.

    To ask the Secretary of State for Justice, what estimate his Department has made of the number of local authorities which have adopted powers under the London Local Authorities Act 2007 to re-use graves where burial rights have been extinguished since that Act came into force.

    Simon Hughes

    The Ministry of Justice has not made an estimate of the number of grave spaces created since the introduction of the London Local Authorities Act 2007 or the number of local authorities who have used powers under the Act to re-use graves. However, as the Ministry of Justice has responsibility for burial law and policy, I am keeping the issue of burial space under active review including considering what legislative changes might be necessary to address a shortage of graves.