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  • Julie Cooper – 2016 Parliamentary Question to the HM Treasury

    Julie Cooper – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Julie Cooper on 2016-01-18.

    To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential effect of the recent fall in Chinese stocks on Government plans to explore connecting the UK and Chinese markets.

    Harriett Baldwin

    HM Treasury is not conducting a feasibility study into future connections between UK and Chinese stock markets. The London Stock Exchange Group and the Shanghai Stock Exchange are carrying out a feasibility study on a stock market connection.

    HM Treasury continuously monitors global economic developments, including those in China, and their impact on the UK as part of the normal process of policy development.

  • Julie Cooper – 2016 Parliamentary Question to the HM Treasury

    Julie Cooper – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Julie Cooper on 2016-01-18.

    To ask Mr Chancellor of the Exchequer, what steps his Department is taking to protect UK businesses, the economy and the City from turbulence in Chinese stock markets.

    Harriett Baldwin

    The Treasury continuously monitors global economic developments, including those in China, and their impact on the UK as part of the normal process of policy development.

    The Chancellor has warned that “last year was the worst for global growth since the crash and this year opens with a dangerous cocktail of new threats from around the world.” As one of the most open trading economies in the world with a large financial sector, we have to recognise that the UK is not immune to the continued problems being experienced in the world economy.

    We should not let this put us off engaging with China. As the Chancellor said while leading the UK’s Economic and Financial Dialogue with China in September 2015, both countries: “have a shared commitment to laying the foundations for stronger, more productive economies that can weather periods of uncertainty. At the same time, we need to continue to pursue the longer-term reform challenges that both our governments are pursuing.”

    The Bank of England’s 2015 stress tests modelled a severe slowdown in commodities and emerging markets. No banks were required to submit revised capital plans following the stress tests. This provides further reassurance that the UK’s banking system is capable of weathering future financial storms both at home and abroad.

  • Julie Cooper – 2016 Parliamentary Question to the HM Treasury

    Julie Cooper – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Julie Cooper on 2016-01-18.

    To ask Mr Chancellor of the Exchequer, what steps the Government has taken to prevent predatory high-frequency trading.

    Harriett Baldwin

    It would not be appropriate for the Government to comment on any ongoing investigations. This is an operational matter for the FCA which is an independent regulator. I have transferred this question across to them and they will respond fully in due course.

    The Government is clear that any attempted manipulation of any financial market is completely unacceptable. The integrity of the City matters to the economy of Britain, and that is why the Government is taking action at home, in Europe, and globally, to ensure that this behaviour is punished and that similar scandals cannot occur again.

    The Government has taken a number of steps to strengthen financial regulation in the UK. These include introducing the Senior Managers and Certification Regime to provide for effective regulation of individual conduct and accountability in the banking sector. The Bank of England and Financial Services Bill, now before the House of Commons, will extend this regime to cover all authorised financial services firms, including dealers in securities and other non-banks which may engage in high-frequency trading (HFT).

    The Government has supported the European Union (EU) Markets in Financial Instruments Directive 2 (MiFID 2), which from 2017 will alter the regulatory landscape in relation to automated trading including HFT. As part of this, HFT firms will be required to disclose information concerning their trading activities to their regulator in order to increase the regulatory supervision of these markets.

  • Chris Law – 2016 Parliamentary Question to the HM Treasury

    Chris Law – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Chris Law on 2016-01-18.

    To ask Mr Chancellor of the Exchequer, what proportion of HM Revenue and Customs staff in Scotland are deemed to be within reasonable daily travel distance of the two proposed regional centres; and on what assumptions those estimates were based.

    Mr David Gauke

    HM Revenue and Customs’ (HMRC) Location Programme is the result of an extended period of consultation and deliberation. The Department has taken account of a number of criteria in reaching its decisions, including the quality of local transport links, the local labour market and future workforce supply, the cost of buildings and asset value, and the need to retain the staff and skills it needs to continue its transformation. These changes will reduce HMRC’s estates costs by around £100 million a year by 2025.

    HMRC’s modelling estimates that the majority of staff in Scotland live within Reasonable Daily Travel of Glasgow or Edinburgh. Reasonable Daily Travel is calculated in line with established HR policies and procedures. Every worker at HMRC will have a one-to-one meeting with their manager to discuss their individual circumstances.

    HMRC conducted high level People Impact and Equality Assessments to inform its planning. The Department plans to update these once discussions have been held with its staff.

    Activities of trade union representatives are governed by long-standing agreements with departments.

  • Seema Malhotra – 2016 Parliamentary Question to the Department for Communities and Local Government

    Seema Malhotra – 2016 Parliamentary Question to the Department for Communities and Local Government

    The below Parliamentary question was asked by Seema Malhotra on 2016-01-18.

    To ask the Secretary of State for Communities and Local Government, pursuant to the Answer of 17 December 2015 to Question 19817, for what reasons his Department does not produce estimates of the proportion of people who will be unable to afford to rent or buy a home in London in 2016.

    Brandon Lewis

    The proportion of people who are able to afford to rent or buy a home at a point in time is a function of macroeconomic and a number of other factors around which there is a high degree of uncertainty. As such, we do not believe such an assessment would prove to be reliable.

    The Department publishes data on housing costs and income as part of the English Housing Survey. The latest survey, for 2013-14, shows that in England the proportion of income spent on housing costs was 18% for mortgagers, 29% for social renters, and 34% for private renters. The full report is available at:

    https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/461439/EHS_Households_2013-14.pdf

    In respect of housing need in London, it is for the Mayor of London, working with London Boroughs, to identify and plan for the market and affordable housing needs in London.

  • Alex Cunningham – 2016 Parliamentary Question to the Department for Communities and Local Government

    Alex Cunningham – 2016 Parliamentary Question to the Department for Communities and Local Government

    The below Parliamentary question was asked by Alex Cunningham on 2016-01-18.

    To ask the Secretary of State for Communities and Local Government, what savings his Department has made as a result of the Rating (Empty Properties) Act 2007 in each of the last five financial years.

    Mr Marcus Jones

    In July 2012 the Department for Communities and Local Government published a post – legislative assessment of the then Government’s Rating (Empty Properties) Act 2007 which can be found at the following link:

    https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/236094/8411.pdf

    We do not hold the figures requested. Details of empty property rate relief granted can be found at the following link:

    https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/417995/150326_Table_2_-_3_years.xlsx

    “

  • Julie Cooper – 2016 Parliamentary Question to the HM Treasury

    Julie Cooper – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Julie Cooper on 2016-01-18.

    To ask Mr Chancellor of the Exchequer, when the feasibility study on the possibility of connecting UK and Chinese stock markets will be completed.

    Harriett Baldwin

    The London Stock Exchange Group and the Shanghai Stock Exchange are carrying out a feasibility study on a stock market connection, and will determine the date for completion in due course.

  • Paul Blomfield – 2016 Parliamentary Question to the HM Treasury

    Paul Blomfield – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Paul Blomfield on 2016-01-18.

    To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 11 January 2016 to Question 20785, what proportion of tax credit recipients had their credits erroneously withdrawn when their children progressed into post-16 education in each of the last five financial years.

    Mr David Gauke

    HM Revenue and Customs do not hold the requested data.

  • Greg Mulholland – 2016 Parliamentary Question to the HM Treasury

    Greg Mulholland – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Greg Mulholland on 2016-01-18.

    To ask Mr Chancellor of the Exchequer, if he will publish an estimate of how many people in each region and parliamentary constituency will benefit from the rise in the income tax personal allowance to £11,000 on 6 April 2016.

    Mr David Gauke

    The Government estimates that the increase in the personal allowance to £11,000 in 2016/17 will reduce the income tax liability for 29.2 million individuals in the UK.

  • Hilary Benn – 2016 Parliamentary Question to the HM Treasury

    Hilary Benn – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Hilary Benn on 2016-01-18.

    To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 6 January 2016 to Question 21322, which body is responsible for providing advice to UK banks and building societies offering mortgages on properties in the Occupied Palestinian Territories.

    Harriett Baldwin

    There is no body with formal responsibility for providing advice to UK banks and building societies offering first charge mortgages on properties outside of the UK.

    The regulation of first charge mortgages in a territory outside of the UK is a matter for the legal and regulatory framework in that territory.