Blog

  • Charles Walker – 2016 Parliamentary Question to the HM Treasury

    Charles Walker – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Charles Walker on 2016-05-25.

    To ask Mr Chancellor of the Exchequer, whether he plans to increase the scope of the Financial Conduct Authority’s terms of reference to include the application of the Treating Customers Fairly policy to banks.

    Harriett Baldwin

    The Financial Conduct Authority (FCA) is operationally independent of Government and its remit is set out in the Financial Services and Markets Act 2000.

    Under the FCA’s policy, banks which are regulated by the FCA are already required to treat customers fairly. Principle 6 of the FCA’s Principles for Businesses states: A firm must pay due regard to the interests of its customers and treat them fairly.

  • Charles Walker – 2016 Parliamentary Question to the HM Treasury

    Charles Walker – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Charles Walker on 2016-05-25.

    To ask Mr Chancellor of the Exchequer, what assessment his Department has made of trends in the level of banks closing accounts of money service businesses on grounds relating to adherence to money-laundering regulations since July 2013.

    Harriett Baldwin

    The FCA have recently published a report on the nature and scale of de-risking in the UK. The report reinforces the view that de-risking is driven by a variety of factors, not just anti money-laundering compliance or a fear of regulatory action. From a data set of 23 banks the report noted that “tracking the proportionately tiny number of closures linked to financial crime concerns within this immense dataset is thus inherently challenging, especially if the reason for closure is primarily commercial, with a small component of the equation relating to ‘increased compliance costs’.”

    However the report does indicate that the rate of customer exits has accelerated over the last 2-3 years.

    Data from HM Revenue and Customs (the supervisor of Money Service Businesses outside the banking sector) shows that there are about 2000 MSB’s principals registered to trade with approximately 45,000 agents around the UK. It is a large and diverse sector. HMRC does hold data on the number of de-registered MSB’s, however given that MSB’s are not required to provide HMRC with information on when they have had their bank accounts closed, data on MSB’s effected by de-risking is not available.

  • Seema Malhotra – 2016 Parliamentary Question to the HM Treasury

    Seema Malhotra – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Seema Malhotra on 2016-05-25.

    To ask Mr Chancellor of the Exchequer, what the average length of time between an application being made for a Venture Capital Trust Scheme and the scheme taking effect was in each of the last six years.

    Mr David Gauke

    The average time between a company applying to HM Revenue and Customs (HMRC) for approval as a Venture Capital Trust (VCT) and receiving approval in the last six tax years was as follows:

    Tax year

    Number of VCTs approved

    Average time taken to approve applications (days)

    2010-11

    16

    7

    2011-12

    6

    9

    2012-13 to 2015-16

    6

    16

    Notes

    1. The information for the years 2012-13 to 2015-16 has been grouped owing to the low numbers of VCTs seeking approval in each of those years. Disclosure of average times in each of those years could identify specific companies.

    2. The number of VCTs approved each year is provided in order to give context for the averages reported.

    3. The average time includes non-working days such as weekends and public holidays. Fractions of days are rounded up to the nearest day.

    4. The amount of time taken to approve a company as a VCT depends upon the specific facts of each case. Two cases in the period from 2012-13 to 2015-16 had significantly longer approval times, raising the average for this period. If those cases were excluded, the average time would have been 10 days.

    5. A company cannot raise funds from VCT investors until it has been listed on a regulated stock market. HMRC does not hold information about the date of listing although that information is publicly available.

  • Nick Herbert – 2016 Parliamentary Question to the HM Treasury

    Nick Herbert – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Nick Herbert on 2016-05-25.

    To ask Mr Chancellor of the Exchequer, with reference to his Department’s analysis: the long-term economic impact of EU membership and the alternatives, what estimate he has made of the long-term reduction of trade from leaving the EU in each UK region.

    Mr David Gauke

    In April 2016 HM Treasury published analysis that showed that reduced access to the Single Market under each of the alternatives set out would have a negative impact on trade.

    The analysis does not make any estimate of the impact on the long-term trade position in each UK region. HM Revenue and Customs Regional Trade Statistics on the value of trade in goods in each region are publically available through the UK Trade Info website. The value and percentage share of goods exports to the EU from each region are shown in the table below.

    Region

    Value of goods exports to the EU in 2015 (billions)

    Value of goods exports to the EU as a share of total goods exports in 2015

    North East

    £7.0

    58%

    North West

    £11.6

    47%

    Yorkshire & the Humber

    £7.8

    47%

    West Midlands

    £12.0

    42%

    East Midlands

    £8.7

    45%

    East of England

    £11.4

    54%

    London

    £12.7

    39%

    South East

    £19.0

    47%

    South West

    £9.7

    64%

    Wales

    £5.0

    41%

    Scotland

    £6.7

    38%

    Northern Ireland

    £3.5

    55%
  • Christopher Chope – 2016 Parliamentary Question to the Department for Communities and Local Government

    Christopher Chope – 2016 Parliamentary Question to the Department for Communities and Local Government

    The below Parliamentary question was asked by Christopher Chope on 2016-05-25.

    To ask the Secretary of State for Communities and Local Government, what the terms of reference are for the financial modelling work being undertaken by local partnerships into models for devolution in Dorset; and what the estimated cost of such work is to (a) the public purse and (b) the Local Government Association.

    James Wharton

    Local areas are free to develop proposals for devolution as they see fit and any professional input that they may choose to commission, and its cost, are a matter for them.

  • Julian Knight – 2016 Parliamentary Question to the HM Treasury

    Julian Knight – 2016 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Julian Knight on 2016-05-25.

    To ask Mr Chancellor of the Exchequer, what studies and research his Department has undertaken or commissioned on the potential benefits of equity release on retirement incomes; and if he will estimate the potential effect on the public purse of a lower take-up rate of means-tested old-age benefits resulting from greater use of equity release.

    Harriett Baldwin

    Figures published by the Equity Release Council, an industry body, on the extent of equity release lending are available here:

    http://www.equityreleasecouncil.com/document-library/equity-release-market-report-spring-2016/

    The Government has not undertaken or commissioned any recent studies on the relationship between equity release and means-tested benefits.

    “

  • Greg Knight – 2016 Parliamentary Question to the Cabinet Office

    Greg Knight – 2016 Parliamentary Question to the Cabinet Office

    The below Parliamentary question was asked by Greg Knight on 2016-05-25.

    To ask the Minister for the Cabinet Office, if he will take steps to allow postal voting ballot papers to be counted separately in order to more easily detect fraud.

    John Penrose

    The law provides for the checking of the integrity of completed postal ballots prior to them being included in the count. Returning Officers are required to check 100% of postal vote identifiers (signatures and dates of birth) returned with completed postal votes against those supplied by the elector when they applied for a postal vote. Any that do not match will not be counted in order to prevent any attempt at electoral fraud. The law requires that postal ballot papers are mixed with ballot papers from a ballot box before they can be counted as a necessary step in order to help protect the secrecy of the ballot.

  • Grahame Morris – 2016 Parliamentary Question to the Cabinet Office

    Grahame Morris – 2016 Parliamentary Question to the Cabinet Office

    The below Parliamentary question was asked by Grahame Morris on 2016-05-25.

    To ask the Minister for the Cabinet Office, what assessment he has made of the implications for the Government’s policy on voter registration of the report by the All-Party Parliamentary Group on Democratic Participation, entitled Getting the Missing Millions on to the Electoral Register, published in April 2016.

    John Penrose

    I have set out an ambitious vision of how electoral registration could change over the course of this Parliament, building on the successful introduction of Individual Electoral Registration and online registration. The overarching aims are to ensure registers are as complete and accurate as they can be and that the system of electoral registration is as efficient as possible. We welcome the views of the All- Party Parliamentary Group and Bite the Ballot set out in their report which is helping inform our plans for a programme of work aimed at realising this vision.

  • Greg Mulholland – 2016 Parliamentary Question to the Cabinet Office

    Greg Mulholland – 2016 Parliamentary Question to the Cabinet Office

    The below Parliamentary question was asked by Greg Mulholland on 2016-05-25.

    To ask the Minister for the Cabinet Office, what the average hourly earnings were of his Department’s (a) BME and (b) non-BME employees in (i) 2015 and (ii) 2016.

    Matthew Hancock

    The Prime Minister’s Office is an integral part of the Cabinet Office.

    Cabinet Office staff are paid an annual salary, not on the basis of an hourly rate.

    The Department uses a grading structure to determine annual salary rates. This is underpinned by Job Evaluation and Grading Support (JEGS), an analytical job evaluation tool which meets all requirements of legislation and EHRC statutory codes of practice on Equal Pay. The use of JEGS and its application in determining the appropriate grade for a role enables us to determine where employees are doing equal work based on “work rated as equivalent.

  • Louise Haigh – 2016 Parliamentary Question to the Cabinet Office

    Louise Haigh – 2016 Parliamentary Question to the Cabinet Office

    The below Parliamentary question was asked by Louise Haigh on 2016-05-25.

    To ask the Minister for the Cabinet Office, what the gender was of each person who has (a) applied and (b) made the shortlist for each Permanent Secretary appointment since January 2015.

    Matthew Hancock

    As the Chancellor of the Duchy of Lancaster has recently said, we are considering methods by which we may publish information related to Permanent Secretary appointments in a way that doesn’t compromise individuals’ privacy.