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  • Lord Myners – 2016 Parliamentary Question to the HM Treasury

    Lord Myners – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Lord Myners on 2016-03-21.

    To ask Her Majesty’s Government why the budget made concessions available on capital gains to non-domiciled residents of the UK that are not available to standard UK tax payers.

    Lord O’Neill of Gatley

    The Summer Budget reforms to the domicile tax regime are the most significant since the rules were introduced. They are forecast to raise £1.2 billion this Parliament. The transitional provisions announced at Budget 2016 are necessary for a reform of this scale as they help to ensure that non-doms remain here and continue to pay UK tax on their income and gains within the new domicile tax regime. In April 2017, over 3,000 non-doms will still become subject to UK taxation on their worldwide income and gains.

  • Lord Myners – 2016 Parliamentary Question to the HM Treasury

    Lord Myners – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Lord Myners on 2016-03-21.

    To ask Her Majesty’s Government whether they plan to increase or reduce total taxation as a percentage of GDP over the remainder of this Parliament.

    Lord O’Neill of Gatley

    The Office for Budget Responsibility (OBR) forecast that public sector current receipts (PSCR) will be 36.3% of GDP in 2015-16. As a share of GDP, PSCR is forecast to increase over the remainder of the Parliament. The OBR forecast PSCR to be 36.9% of GDP in 2016-17 and 2017-18, 37% of GDP in 2018-19, and reaching 37.5% of GDP in the final year of this Parliament. However, the Budget represents a net tax cut, worth £3bn over the scorecard period (2016-17 to 2020-21). The Budget backs business with a major overhaul of corporation tax reliefs, a lower corporation tax rate and a big reduction in small business rates.

  • Lord Myners – 2016 Parliamentary Question to the HM Treasury

    Lord Myners – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Lord Myners on 2016-03-21.

    To ask Her Majesty’s Government what assessment they have made of (1) the impact on economic and financial stability of increasing private sector debt as a percentage of GDP and aggregate personal income, and (2) the level at which those ratios would be judged to be too high.

    Lord O’Neill of Gatley

    The Government does not have an explicit target for the level of private sector debt. However, we established the independent Financial Policy Committee (FPC), within the Bank of England, which is empowered to identify, assess, monitor and take action in relation to risks across the UK financial system. This includes risks from private sector debt. The FPC actively monitors developments in the aggregate level of credit extended to UK households and private non-financial corporations, and has the macroprudential policy tools required to address any risk it identifies.

  • Lord Myners – 2016 Parliamentary Question to the Cabinet Office

    Lord Myners – 2016 Parliamentary Question to the Cabinet Office

    The below Parliamentary question was asked by Lord Myners on 2016-03-21.

    To ask Her Majesty’s Government whether they have reviewed the implementation of the recommendations on public sector procurement made by Sir Philip Green; and whether they will ask Sir Philip to conduct a further review on policy options to reduce government borrowing.

    Lord Bridges of Headley

    Sir Phillip’s report contributed enormously to the development of the Coalition Government’s policies in respect of common goods and services. Many of the recommendations have been taken forward, including the creation of the Crown Commercial Service. The Crown Commercial Service brings together policy, advice and direct buying, providing commercial services to the public sector and saving money for the taxpayer.

    The 2016 Budget announced that The Chief Secretary to the Treasury, with the support of the Minister for the Cabinet Office, will lead an efficiency review, reporting in 2018. We will set out details of this in due course.

  • Lord Myners – 2016 Parliamentary Question to the HM Treasury

    Lord Myners – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Lord Myners on 2016-03-21.

    To ask Her Majesty’s Government whether central clearing houses in financial markets are required to prepare living wills; and what measures have been put in place to manage a capital failure.

    Lord O’Neill of Gatley

    UK legislation requires central counterparties (CCPs) to develop recovery plans and to have ‘loss allocation’ rules, in order to allocate any losses sustained by the CCP either following the default of a clearing member or due to certain non-default events, so that the CCP can continue to provide its critical functions.

    The Government has also broadened the scope of the UK’s Special Resolution Regime to cover CCPs. When certain conditions are met, this allows the Bank of England to intervene by transferring all or some of the business of a CCP to either a private sector purchaser or to a bridge CCP owned by the Bank of England, or to transfer ownership of the CCP to any person.

    Qualifying changes of control of CCPs are assessed by the Bank of England and I refer the noble Lord to my written answer HL7153 of 1 April 2016.

    “

  • Lord Myners – 2016 Parliamentary Question to the HM Treasury

    Lord Myners – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Lord Myners on 2016-03-21.

    To ask Her Majesty’s Government what assessment they have made of any increase to the economic risk supervised by the Prudential Regulatory Authority of the proposed merger of the London Stock Exchange and Deutsche Börse; whether obligations of the combined group will fall to the UK taxpayer; and whether there have been any discussions about risk sharing with the government of Germany.

    Lord O’Neill of Gatley

    UK legislation requires central counterparties (CCPs) to develop recovery plans and to have ‘loss allocation’ rules, in order to allocate any losses sustained by the CCP either following the default of a clearing member or due to certain non-default events, so that the CCP can continue to provide its critical functions.

    The Government has also broadened the scope of the UK’s Special Resolution Regime to cover CCPs. When certain conditions are met, this allows the Bank of England to intervene by transferring all or some of the business of a CCP to either a private sector purchaser or to a bridge CCP owned by the Bank of England, or to transfer ownership of the CCP to any person.

    Qualifying changes of control of CCPs are assessed by the Bank of England and I refer the noble Lord to my written answer HL7153 of 1 April 2016.

    “

  • Lord Ouseley – 2016 Parliamentary Question to the Department for Education

    Lord Ouseley – 2016 Parliamentary Question to the Department for Education

    The below Parliamentary question was asked by Lord Ouseley on 2016-03-21.

    To ask Her Majesty’s Government what quality of education criteria and evidence of education achievement levels have been considered to justify the proposed academisation of schools.

    Lord Nash

    The plan for all schools to become academies forms part of our recent White Paper, Educational Excellence Everywhere. Our focus is on increasing the quality of education and ensuring that schools are able to raise standards and deliver the best outcomes for children.

    The academies programme is already helping to turn around struggling schools while offering our best schools the freedom to excel. Results from 2015 show that primary sponsored academies open for two years have improved their results by an average of 10 percentage points since opening. This is more than double the rate of improvement in local authority maintained schools over the same period. In addition, the 2015 GCSE results show that secondary converter academies are outperforming the national average and, despite starting from a high bar, show continued improvement.

    Indeed, as Her Majesty’s Chief Inspector (HMCI) set out in the latest Ofsted annual report, academisation can lead to rapid improvements. In his letter of 10 March 2016 to the Secretary of State, HMCI also confirmed his belief that it is right to give greater autonomy to the front line and that there are some excellent multi-academy trusts that have made remarkable progress in some of the toughest areas of the country.

    It is through the academies programme that we are giving more power, responsibility and freedoms directly to education professionals, who know what is best for their pupils, but within a strong framework of accountability. Academies working together in Multi-Academy Trusts are achieving substantial benefits from economies of scale, consistent practices, substantially enhanced career and leadership development opportunities for their staff and many others.

    In addition, the international evidence shows that autonomy for schools, with strong leadership and accountability in place, is linked to improved performance. A PISA in Focus study from 2011, for example, concluded “it is a combination of several autonomy and accountability policies, not just a single, isolated policy that is related to better student outcomes”.

    A fully academised schools system, in which great teachers and leaders are able to spread their influence, strong multi-academy trusts can grow, and underperformance is swiftly tackled, will help ensure that every child receives an excellent education.

  • Lord Scriven – 2016 Parliamentary Question to the Department for Communities and Local Government

    Lord Scriven – 2016 Parliamentary Question to the Department for Communities and Local Government

    The below Parliamentary question was asked by Lord Scriven on 2016-03-21.

    To ask Her Majesty’s Government what assessment they have made of the financial effect of the Budget announcement of changes to business rates relief on (1) local government across England, (2) councils in South Yorkshire, and (3) Sheffield City Council.

    Baroness Williams of Trafford

    These tax cuts provide significant support to local businesses. The Small Business Rate Relief measure announced at the Budget will mean 600,000 of the smallest businesses will not have to pay business rates.

    Local authorities will be compensated in full for their loss of income as a result of these changes.

  • Baroness Tonge – 2016 Parliamentary Question to the Foreign and Commonwealth Office

    Baroness Tonge – 2016 Parliamentary Question to the Foreign and Commonwealth Office

    The below Parliamentary question was asked by Baroness Tonge on 2016-03-21.

    To ask Her Majesty’s Government what, if any, discussions they have had regarding breast ironing; and with whom.

    Baroness Anelay of St Johns

    The Government is concerned about the harmful practice of breast ironing in some Commonwealth and other African countries. Whilst there is little data on the number of girls suffering from this abuse, we have, for example, worked with the government and religious leaders in Cameroon on campaigns to raise awareness and to support community-led efforts to end breast ironing.

    The Government condemns violence against women and girls in all its forms and places gender equality at the heart of our bilateral development programming. In Nigeria we are investing over £40 million to change harmful social norms towards women and girls, and to protect women and girls against violence. I raised these issues with the Government of Nigeria during my visit to the country in February. Baroness Verma, the Parliamentary Under-Secretary at the Department for International Development (DfID), discussed gender-based violence in South Africa in October 2015, including DfID’s support to the re-establishment of South Africa’s Sexual Offences Courts and its work with the African Prosecutor’s Association on research into preventing violence against women.

    The manifestations of violence against women and girls may change but it is critical to address the structural causes of violence, including harmful beliefs and attitudes. We shall continue to work through diplomatic and development channels to engage with governments and local communities in Africa and beyond, to support the rights of women and girls, including ending harmful practices which constitute violence.

  • Baroness Tonge – 2016 Parliamentary Question to the Foreign and Commonwealth Office

    Baroness Tonge – 2016 Parliamentary Question to the Foreign and Commonwealth Office

    The below Parliamentary question was asked by Baroness Tonge on 2016-03-21.

    To ask Her Majesty’s Government whether any of their projects in Cameroon, Nigeria or South Africa protect young girls from breast ironing.

    Baroness Anelay of St Johns

    The Government is concerned about the harmful practice of breast ironing in some Commonwealth and other African countries. Whilst there is little data on the number of girls suffering from this abuse, we have, for example, worked with the government and religious leaders in Cameroon on campaigns to raise awareness and to support community-led efforts to end breast ironing.

    The Government condemns violence against women and girls in all its forms and places gender equality at the heart of our bilateral development programming. In Nigeria we are investing over £40 million to change harmful social norms towards women and girls, and to protect women and girls against violence. I raised these issues with the Government of Nigeria during my visit to the country in February. Baroness Verma, the Parliamentary Under-Secretary at the Department for International Development (DfID), discussed gender-based violence in South Africa in October 2015, including DfID’s support to the re-establishment of South Africa’s Sexual Offences Courts and its work with the African Prosecutor’s Association on research into preventing violence against women.

    The manifestations of violence against women and girls may change but it is critical to address the structural causes of violence, including harmful beliefs and attitudes. We shall continue to work through diplomatic and development channels to engage with governments and local communities in Africa and beyond, to support the rights of women and girls, including ending harmful practices which constitute violence.