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  • Richard Burgon – 2016 Parliamentary Question to the HM Treasury

    Richard Burgon – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Richard Burgon on 2016-02-19.

    To ask Mr Chancellor of the Exchequer, what meetings (a) Ministers and (b) officials of his Department have had on the implementation of the ring-fence between retail and investment banking since May 2015.

    Harriett Baldwin

    Since May 2015, in order to ensure the smooth implementation of ring-fencing, ministers and HMT officials have met with regulators, banks, banking organisations, trustees of bank pension funds and HMRC.

  • Richard Burgon – 2016 Parliamentary Question to the HM Treasury

    Richard Burgon – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Richard Burgon on 2016-02-19.

    To ask Mr Chancellor of the Exchequer, what assessment he has made of the implications for financial system resilience of the Prudential Regulation Authority’s proposed rules on ringfencing; and if he will make a statement.

    Harriett Baldwin

    The Government is confident that the Prudential Regulation Authority’s proposed rules on ring-fencing are beneficial for financial system resilience. These are fully consistent with the Banking Reform Act (2013), and are necessary to ensure the full and timely implementation of the legislation.

  • Richard Burgon – 2016 Parliamentary Question to the HM Treasury

    Richard Burgon – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Richard Burgon on 2016-02-19.

    To ask Mr Chancellor of the Exchequer, what recent assessment he has made of the likely effectiveness of the ring-fence between retail and investment banking in reducing the interconnectedness of the UK financial system; and if he will make a statement.

    Harriett Baldwin

    Ring-fencing will introduce a high degree of operational and economic independence between core retail banks and broader financial markets. The Independent Commission on Banking in 2011 recommended the ring-fencing of retail from investment banking to promote financial system resilience, and the Government agreed with this recommendation.

  • Richard Burgon – 2016 Parliamentary Question to the HM Treasury

    Richard Burgon – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Richard Burgon on 2016-02-19.

    To ask Mr Chancellor of the Exchequer, what recent assessment he has made of the potential effectiveness of the ring-fence between retail and investment banking in reducing funding risk in the UK financial system; and if he will make a statement.

    Harriett Baldwin

    Ring-fencing insulates ring-fenced banks from shocks originating elsewhere in the global financial system, and makes ring-fenced banks simpler so that monitoring and supervision is easier. The PRA are putting in place rules to ensure that the ring-fenced bank can effectively manage its liquidity.

  • Richard Burgon – 2016 Parliamentary Question to the HM Treasury

    Richard Burgon – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Richard Burgon on 2016-02-19.

    To ask Mr Chancellor of the Exchequer, what assessment he has made of the implications for the effectiveness of the ring-fence between retail and investment banking of the Prudential Regulation Authority’s proposal to allow cross-selling and cross-lending between ring-fenced bodies and other entities in the parent group in some circumstances.

    Harriett Baldwin

    The Prudential Regulation Authority’s proposed rules allowing cross-selling and cross-lending between ring-fenced bodies and other entities in the parent group in some circumstances are consistent with the ring-fencing legislation and the Independent Commission on Banking’s recommendations. These agency arrangements simply allow for the customer to access products provided by the wider banking group within their local premises.

  • Tom Blenkinsop – 2016 Parliamentary Question to the Department for Communities and Local Government

    Tom Blenkinsop – 2016 Parliamentary Question to the Department for Communities and Local Government

    The below Parliamentary question was asked by Tom Blenkinsop on 2016-02-19.

    To ask the Secretary of State for Communities and Local Government, how he plans to respond to the recent request from the Leader of Redcar and Cleveland Council for a transitional sum of £1 million in lieu of raising the adult social care precept.

    Mr Marcus Jones

    The Spending Review recognised that demographic changes are leading to increased demand for adult social care. To support those most in need, we provided a social care package of up to £3.5 billion by 2019-20. This package includes giving all councils with responsibility for adult social care the option of an extra 2% council tax precept, as long as the precept is spent on adult social care. It is for Redcar and Cleveland to decide if they wish to take up this flexibility.

  • Imran Hussain – 2016 Parliamentary Question to the HM Treasury

    Imran Hussain – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Imran Hussain on 2016-02-19.

    To ask Mr Chancellor of the Exchequer, whether his Department plans to renegotiate tax treaties with developing countries.

    Mr David Gauke

    Tax treaties are negotiated by HM Revenue and Customs (HMRC) officials, reporting to Treasury Ministers.

    The UK has a large number of tax treaties which includes treaties with developing countries. Some of those treaties require updating and HMRC officials actively seek engagement with developing countries to that end. For example, there are ongoing negotiations with Ghana, prospective negotiations with Nepal and negotiations with Lesotho and Malawi are close to conclusion.

    HMRC publishes the programme of tax treaty negotiations and news of signed treaties at: https://www.gov.uk/government/publications/double-taxation-agreements-developments-and-planned-negotiations.

  • Caroline Lucas – 2016 Parliamentary Question to the HM Treasury

    Caroline Lucas – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Caroline Lucas on 2016-02-19.

    To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 15 February 2016 to Question 26319 on the national minimum wage, what assessment he has made of the reasons for the increase in the arrears identified between April 2015 and November 2015; and if he will make a statement.

    Mr David Gauke

    The Government takes the enforcement of National Minimum Wage very seriously. Any worker who believes that they are being paid below the minimum wage should make a complaint to the Acas helpline on 0300 123 1100. HM Revenue and Customs (HMRC) respond to every complaint that is referred to them by the Acas helpline. Additionally, HMRC collate and analyse data from various sources in order to identify those employers who are potentially more likely to be underpaying National Minimum Wage, so that they can undertake targeted enforcement against those employers.

    The Government has increased annual funding of National Minimum Wage enforcement by nearly 60% since 2013/14, providing a budget of £13.2m in 2015/16. This has enabled a significant expansion of resources dedicated to enforcing the minimum wage; there are currently 237 staff in HMRC’s National Minimum Wage teams, up from 151 at the start of 2013/14. HMRC have also reviewed their ways of working to ensure a more efficient and effective service for workers.

  • Louise Haigh – 2016 Parliamentary Question to the HM Treasury

    Louise Haigh – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Louise Haigh on 2016-02-19.

    To ask Mr Chancellor of the Exchequer, for how long HM Revenue and Customs is required to keep records on individual tax credit cases.

    Mr David Gauke

    HM Revenue and Customs (HMRC) retains records of tax credit claims for the tax year of the claim plus five years.

    The length of time HMRC is required to retain other tax credit records is depends on the type of record retained. Retention periods for individual documents can be found at:

    http://www.hmrc.gov.uk/manuals/tcmanual/tcm0322580.htm

    “

  • Susan Elan Jones – 2016 Parliamentary Question to the HM Treasury

    Susan Elan Jones – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Susan Elan Jones on 2016-02-19.

    To ask Mr Chancellor of the Exchequer, what steps the Government is taking to support self-employed people who want to buy their own home.

    Harriett Baldwin

    The Government is committed to making the aspiration of home ownership a reality for as many households as possible. At the Spending Review the Government announced a series of measures which will help people become homeowners. These include plans to deliver 200,000 Starter Homes and 135,000 Shared Ownership homes; increasing the value of Help to Buy equity loans in London to 40% from 25% and extending the Help to Buy: Equity Loan scheme for a further year to 2021.

    These schemes are also supported by the Help to Buy: ISA, through which the Government tops up mortgage deposit savings for first time buyers by up to £3,000.

    Decisions around the availability of individual mortgage loans are commercial decisions for lenders, including what evidence is required to validate income. The Government does not seek to intervene in these decisions.