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  • Andrew Gwynne – 2016 Parliamentary Question to the HM Treasury

    Andrew Gwynne – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Andrew Gwynne on 2016-03-17.

    To ask Mr Chancellor of the Exchequer, how many cheques have been drafted by government departments and executive agencies in each year since 2010.

    Harriett Baldwin

    HM Treasury does not hold this information. Each government department and executive agency will hold this information for their own bank accounts. Public sector organisations should follow guidelines set out in “Managing Public Money”. The key points within these guidelines are that public sector organisations should generally use the cheapest, safest and quickest means of moving public funds, depending on the context, and a hierarchy of money transmission services is provided.

  • Paula Sherriff – 2016 Parliamentary Question to the HM Treasury

    Paula Sherriff – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Paula Sherriff on 2016-03-17.

    To ask Mr Chancellor of the Exchequer, with reference to paragraph 3.63 of the Spending Review and Autumn Statement 2015 and paragraph 2.16 of the Budget 2016, for what reasons the funding to support women’s charities equivalent to the annual VAT raised on sanitary products has changed from £15 million to £12 million.

    Mr David Gauke

    As announced at Autumn Statement 2015, the Tampon Tax Fund is a £15 million annual fund to support women’s charities, equivalent to the amount of VAT raised on sanitary products. The Chancellor announced initial donations at Autumn Statement totalling £5m. Further grants totalling £12 million have been announced at this Budget.

    The Government has introduced legislation in the Finance Bill to enable the zero rate of VAT for women’s sanitary products.

  • Helen Goodman – 2016 Parliamentary Question to the HM Treasury

    Helen Goodman – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Helen Goodman on 2016-03-17.

    To ask Mr Chancellor of the Exchequer, how many people he assumed would use the Lifetime ISA in order to estimate the cost to the Exchequer of that policy.

    Harriett Baldwin

    The Lifetime ISA is a voluntary product. For further information on the costing of this policy, please see page 9 of the Budget 2015 Policy Costings document: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/508147/PU1912_Policy_Costings_FINAL3.pdf

    “

  • Stephen Timms – 2016 Parliamentary Question to the Department for Education

    Stephen Timms – 2016 Parliamentary Question to the Department for Education

    The below Parliamentary question was asked by Stephen Timms on 2016-03-17.

    To ask the Secretary of State for Education, pursuant to her financial statement of 16 March 2016, Official Report, column 963, how the £500 million funding will be used to speed up the introduction of a fair national school funding formula.

    Mr Sam Gyimah

    The Chancellor announced at the Budget that £540 million would be provided to the Department for Education to support the school reform agenda. This will supplement the department’s Spending Review settlement.

    We will spend around £500 million over the Spending Review period, over and above the per pupil protection of the core school budget, to accelerate the introduction of a fair national funding formula. All of this funding will be provided to support children’s education.

    The funding means that the government will be able to accelerate gains for schools that are due to see funding increases under the formula, while continuing to offer a minimum funding guarantee for all schools. We are currently consulting on the principles and funding factors that should define the national funding formula for schools. A second consultation, later this year, will address the weighting attached to those factors and transitional arrangements, including the use of this funding.

    A link to the consultation can be found here: https://www.gov.uk/government/consultations/schools-national-funding-formula.

    “

  • Stephen Timms – 2016 Parliamentary Question to the Department for Work and Pensions

    Stephen Timms – 2016 Parliamentary Question to the Department for Work and Pensions

    The below Parliamentary question was asked by Stephen Timms on 2016-03-17.

    To ask the Secretary of State for Work and Pensions, which is the first year in which he expects welfare spending to be contained within the welfare cap.

    Priti Patel

    The Government believes it is right to monitor welfare spending carefully. We will review the level of the Welfare Cap at the Autumn Statement, which is when the Office for Budget Responsibility will formally assess spending against the Welfare Cap.

  • David Winnick – 2016 Parliamentary Question to the HM Treasury

    David Winnick – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by David Winnick on 2016-03-17.

    To ask Mr Chancellor of the Exchequer, if he will arrange for HM Revenue and Customs to acknowledge or reply to the letter of 24 February 2016 from the hon. Member for Walsall North concerning a constituent.

    Mr David Gauke

    HM Revenue and Customs replied to the hon. Member’s letter on 14 March 2016.

  • Douglas Carswell – 2016 Parliamentary Question to the HM Treasury

    Douglas Carswell – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Douglas Carswell on 2016-03-17.

    To ask Mr Chancellor of the Exchequer, what planning his Department is undertaking to facilitate private sector investment in the scalability of the proofs-of-work aspects of blockchain technology; and what discussions he has had with the Bank of England on that topic.

    Harriett Baldwin

    Digital currencies, and the distributed ledger technology that underpins them, have the potential to bring innovative services and products to UK customers and firms – particularly in areas like international transfers.

    The Chancellor announced in March 2015 that the Government will bring digital currency exchange firms into regulation in the UK to help the legitimate industry flourish, and to create a hostile environment for illicit actors. We will publish proposals on this regulatory regime in due course.

    As outlined in Deputy Governor, Ben Broadbent’s recent speech, the Bank of England is also exploring this emerging sector and the implications it could have for monetary and financial stability as part of its broader research agenda.

    Separately, academics at University College London’s (UCL) digital currency research centre have also been looking at how the distributed ledger technology that underpins digital currencies could be harnessed by central banks. The Government is encouraged to see this research from one of the UK’s world-leading universities. However, this a theoretical paper by an independent institution, separate from the Bank of England’s work and from Government policy.

    It is the Government’s ambition to foster the growth of legitimate digital currency firms as part of the wider FinTech ecosystem here in the UK. As part of this, the Government will consider the wider implications of a growing digital currencies sector for the financial services sector and the economy as a whole. Some parts of Government are also looking at how the benefits of distributed ledger technology can be harnessed to deliver greater innovation. However, the Government and the Bank of England do not currently have any plans to introduce a centrally issued digital currency.

    The UK has been rated as having the world’s leading FinTech ecosystem in a recent global benchmarking exercise and attracted c. £524mn in investment in 2015.

  • Laurence Robertson – 2016 Parliamentary Question to the HM Treasury

    Laurence Robertson – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Laurence Robertson on 2016-03-17.

    To ask Mr Chancellor of the Exchequer, what plans he has to simplify the declaration of gift aid payments.

    Mr David Gauke

    The Government has already taken steps to simplify the declaration of Gift Aid payments by publishing a new declaration in October 2015. This was developed following consultation with representatives of the charity sector. The simpler wording of the new declaration will give charities and community amateur sports clubs (CASCs) greater confidence that the donations they receive under Gift Aid will be valid.

  • Douglas Carswell – 2016 Parliamentary Question to the HM Treasury

    Douglas Carswell – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Douglas Carswell on 2016-03-17.

    To ask Mr Chancellor of the Exchequer, what planning his Department is undertaking in relation to the effect of crypto-currencies on traditional banking models.

    Harriett Baldwin

    Digital currencies, and the distributed ledger technology that underpins them, have the potential to bring innovative services and products to UK customers and firms – particularly in areas like international transfers.

    The Chancellor announced in March 2015 that the Government will bring digital currency exchange firms into regulation in the UK to help the legitimate industry flourish, and to create a hostile environment for illicit actors. We will publish proposals on this regulatory regime in due course.

    As outlined in Deputy Governor, Ben Broadbent’s recent speech, the Bank of England is also exploring this emerging sector and the implications it could have for monetary and financial stability as part of its broader research agenda.

    Separately, academics at University College London’s (UCL) digital currency research centre have also been looking at how the distributed ledger technology that underpins digital currencies could be harnessed by central banks. The Government is encouraged to see this research from one of the UK’s world-leading universities. However, this a theoretical paper by an independent institution, separate from the Bank of England’s work and from Government policy.

    It is the Government’s ambition to foster the growth of legitimate digital currency firms as part of the wider FinTech ecosystem here in the UK. As part of this, the Government will consider the wider implications of a growing digital currencies sector for the financial services sector and the economy as a whole. Some parts of Government are also looking at how the benefits of distributed ledger technology can be harnessed to deliver greater innovation. However, the Government and the Bank of England do not currently have any plans to introduce a centrally issued digital currency.

    The UK has been rated as having the world’s leading FinTech ecosystem in a recent global benchmarking exercise and attracted c. £524mn in investment in 2015.

  • Douglas Carswell – 2016 Parliamentary Question to the HM Treasury

    Douglas Carswell – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Douglas Carswell on 2016-03-17.

    To ask Mr Chancellor of the Exchequer, what planning his Department is undertaking on the collation of block chain data; and what discussions he has had with the Bank of England on that topic.

    Harriett Baldwin

    Digital currencies, and the distributed ledger technology that underpins them, have the potential to bring innovative services and products to UK customers and firms – particularly in areas like international transfers.

    The Chancellor announced in March 2015 that the Government will bring digital currency exchange firms into regulation in the UK to help the legitimate industry flourish, and to create a hostile environment for illicit actors. We will publish proposals on this regulatory regime in due course.

    As outlined in Deputy Governor, Ben Broadbent’s recent speech, the Bank of England is also exploring this emerging sector and the implications it could have for monetary and financial stability as part of its broader research agenda.

    Separately, academics at University College London’s (UCL) digital currency research centre have also been looking at how the distributed ledger technology that underpins digital currencies could be harnessed by central banks. The Government is encouraged to see this research from one of the UK’s world-leading universities. However, this a theoretical paper by an independent institution, separate from the Bank of England’s work and from Government policy.

    It is the Government’s ambition to foster the growth of legitimate digital currency firms as part of the wider FinTech ecosystem here in the UK. As part of this, the Government will consider the wider implications of a growing digital currencies sector for the financial services sector and the economy as a whole. Some parts of Government are also looking at how the benefits of distributed ledger technology can be harnessed to deliver greater innovation. However, the Government and the Bank of England do not currently have any plans to introduce a centrally issued digital currency.

    The UK has been rated as having the world’s leading FinTech ecosystem in a recent global benchmarking exercise and attracted c. £524mn in investment in 2015.