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  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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 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, when he last met the Scottish Government to discuss air passenger duty.

    Nicky Morgan

    Treasury Ministers and officials have meetings and discussions with a wide variety of organisations as part of the process of policy development and delivery. As was the case with previous Administrations, it is not the Government’s practice to provide details of all such meetings and discussions.

  • Gregory Campbell – 2014 Parliamentary Question to the HM Treasury

    Gregory Campbell – 2014 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Gregory Campbell on 2014-06-17.

    To ask Mr Chancellor of the Exchequer, when the last assessment was carried out of the perceived community background of HM Revenue and Customs staff recruited in Northern Ireland in the last 10 years.

    Mr David Gauke

    HMRC assesses annually the community background information relating to its Northern Ireland staff. This is done as part of the annual reporting arrangements to the Equality Commission for Northern Ireland and helps inform HMRC’s Equality Analysis work and Northern Ireland Equality Scheme.

  • Gregory Campbell – 2014 Parliamentary Question to the HM Treasury

    Gregory Campbell – 2014 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Gregory Campbell on 2014-06-17.

    To ask Mr Chancellor of the Exchequer, what assessment HM Revenue and Customs has made of changes in the extent of (a) fuel smuggling and (b) other organised revenue avoidance schemes in Northern Ireland in the last three years.

    Nicky Morgan

    Estimates of the non UK duty paid market for petrol and diesel fuels in Northern Ireland are published in ‘Measuring Tax Gaps 2012-13′. The non UK duty paid estimate covers both the illicit market and cross border shopping. These estimates cannot be disaggregated into its component parts or by the type of illicit activity e.g. through smuggling or other fraud.

    The excise duty losses due to the non-UK duty paid diesel market for 2010-11 were £110m and for 2011-12 were £120m. The excise duty losses due to the petrol non-UK duty paid market for 2010-11 were £30m and for 2011-12 were £30m. Figures for 2012-13 will be published in the autumn.

    The information on other organised revenue avoidance schemes in Northern Ireland is not available. The figures cannot be disaggregated by country. UK figures are available from “Measuring Tax Gaps 2012-13”.

    The methodologies for producing the estimates are provided in the ‘Methodological Annex for Measuring Tax Gaps 2013′.

    Both documents can be accessed via the following page on the HMRC website:

    http://www.hmrc.gov.uk/statistics/tax-gaps.htm

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