Tag: Cathy Jamieson

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.

The below Parliamentary question was asked by Cathy Jamieson on 2014-06-04.

To ask the Secretary of State for Culture, Media and Sport, which cathedrals will receive funding from the new grant scheme for cathedral repairs announced in Budget 2014.

Mr Edward Vaizey

The First World War Centenary Cathedral Repairs Fund is open to all Anglican and Catholic cathedrals in England. Applications for the first round will be considered by the expert panel later this month.

The below Parliamentary question was asked by Cathy Jamieson on 2014-06-04.

To ask the Secretary of State for Work and Pensions, with reference to the Answer of 7 May 2014, Official Report, column 228W, on social security benefits: disability, if he will take steps to reduce the national average waiting times for work capability assessments for (a) employment and support allowance and (b) incapacity benefit reassessment.

Mike Penning

We are working closely with our supplier to deliver the best possible service for claimants, driving up performance and quality to help reduce waiting times and process claims as quickly as possible. We are continuing to monitor and robustly manage this contract.

We do not have a target timescale for waiting time for an Employment and Support Allowance and Incapacity Benefit Reassessment Work Capability Assessment.

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.

The below Parliamentary question was asked by Cathy Jamieson on 2014-06-04.

To ask the Secretary of State for Communities and Local Government, how many tenants from elsewhere in the UK have taken advantage of Home Swap Direct to arrange exchanges to Scotland in each of the last three years for which figures are available.

Kris Hopkins

Details of the number of moves that have taken placeunder the HomeSwap Direct Scheme from elsewhere in the United Kingdom to Scotland in each of the last three years are not held centrally.

HomeSwap Direct increases opportunities for social tenants who wish to find a new home by allowing tenants looking for a swap to see details of every possible property nationwide, no matter which mutual exchange website their landlord has chosen to subscribe to. The scheme has operated very successfully since its launch in October 2011 with tenants carrying out over 18 million searches of the property data held on HomeSwap Direct.

The below Parliamentary question was asked by Cathy Jamieson on 2014-06-16.

To ask Mr Chancellor of the Exchequer, with reference to the Answer of 1 April 2014, Official Report, column 625W, on coinage, whether he has fixed the dates for the public consultation on the impact of the introduction of a new one pound coin.

Nicky Morgan

The Budget announced that the existing £1 coin will be replaced with a more modern and secure design. After thirty years in circulation, the current coin has become vulnerable to counterfeiting.

There will be a public consultation this summer that will focus on how to manage impacts on industry and other affected parties. The government remains committed to this timetable, and to working with industry to minimise costs and disruption.

The precise dates of the consultation period will be published in due course.