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Tag: Ian Murray

  • Ian Murray – 2015 Parliamentary Question to the HM Treasury

    Ian Murray – 2015 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Ian Murray on 2015-10-09.

    To ask Mr Chancellor of the Exchequer, if he will undertake and publish an impact assessment in (a) Scotland and (b) the UK for the Tax Credits (Income Thresholds and Determination of Rates) (Amendment) Regulations 2015.

    Damian Hinds

    The Summer Budget offered a new deal for working people. It means Britain moving from a high welfare, high tax, low wage economy to a lower welfare, lower tax, higher wage society.

    A new National Living Wage for workers aged 25 and above, initially set at £7.20 per hour from April 2016, will directly benefit 2.7 million low wage workers, and up to 6 million could see a pay rise as a result of a ripple effect up the earnings distribution. The new National Living Wage will boost pay for those currently earning the National Minimum Wage by £4,800 a year by 2020 when the National Living Wage is expected to rise to over £9 per hour.

    To help working families keep more of what they earn, the personal allowance will increase to £11,000 in 2016-17 and £11,200 in 2017-18. The government has committed to increase the personal allowance to £12,500 by 2020 which will mean that a typical basic rate taxpayer will see their income tax cut by £1,205 a year compared to 2010.

    The government set out its assessment of the impacts of the Summer Budget policies in the Welfare Reform and Work Bill on 20th July 2015. Taken together, the introduction of the National Living Wage, increases in the personal allowance and welfare changes mean that 8 out of 10 working households will be better off as a result of the Summer Budget.

    In response to a request from the Secondary Legislation Scrutiny Committee, the government has chosen to produce and release an impact assessment on the tax credit changes to the Committee. The impact assessment shows that 60% of the tax credit savings come from the half of tax credit claimants with the highest income.

  • Ian Murray – 2014 Parliamentary Question to the Ministry of Justice

    Ian Murray – 2014 Parliamentary Question to the Ministry of Justice

    The below Parliamentary question was asked by Ian Murray on 2014-04-08.

    To ask the Secretary of State for Justice, what plans his Department has to increase or lower the level of fees in the employment tribunal system.

    Mr Shailesh Vara

    The Lord Chancellor is committed to reviewing the impact of the introduction of fees in the employment tribunals system. The Ministry of Justice is currently finalising arrangements for the timing and scope of this review, to enable the impacts to be properly assessed, and we will be making an announcement in due course.

  • Ian Murray – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    Ian Murray – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    The below Parliamentary question was asked by Ian Murray on 2014-04-07.

    To ask the Secretary of State for Business, Innovation and Skills, what category of investor Lansdowne Partners was with regard to the sale of Royal Mail.

    Michael Fallon

    All investors in Royal Mail – whether individuals or institutions – have a reasonable expectation of privacy: therefore we have not disclosed the names of specific investors and their involvement in the IPO process.

  • Ian Murray – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    Ian Murray – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    The below Parliamentary question was asked by Ian Murray on 2014-04-10.

    To ask the Secretary of State for Business, Innovation and Skills, who made the decisions and on what basis were the decisions made on how many shares would go to each priority investor, each institutional investor and each retail investor in respect of the privatisation of Royal Mail.

    Michael Fallon

    The Government set the overall allocation policy with the aim of getting the right balance between longer-term, stable investors, retail investors and shorter-term investors who provide liquidity in the market.

    Allocations were made to a number of institutions who in the early stages of engagement were willing to place non-binding orders despite the risks attached to the IPO such as the industrial relations situation. These investors gave us confidence that there was sufficient demand to proceed with the IPO.

    We had nearly three-quarters of a million retail applications so their allocations were scaled back as they were for institutional investors. Given this high demand, Ministers decided to prioritise smaller investors and put in place a cut-off above £10,000 and give everyone below that the same number of shares. Around 95% of retail investors were allocated shares.

  • Ian Murray – 2014 Parliamentary Question to the HM Treasury

    Ian Murray – 2014 Parliamentary Question to the HM Treasury

    The below Parliamentary question was asked by Ian Murray on 2014-04-10.

    To ask Mr Chancellor of the Exchequer, what recent estimate he has made of how much the reduction in the additional rate of income tax to 45 per cent will be worth each year for a person earning £1 million a year.

    Mr David Gauke

    I refer the hon. Gentleman to the answer I gave today to the hon. Member for Sefton Central (Bill Esterson).

  • Ian Murray – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    Ian Murray – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    The below Parliamentary question was asked by Ian Murray on 2014-04-28.

    To ask the Secretary of State for Business, Innovation and Skills, when the stabilisation period in respect of the privatisation of Royal Mail, as detailed in the engagement letter between his Department and the underwriting banks, ends; and how that period has been defined.

    Michael Fallon

    The stabilisation period, also known as a "greenshoe" or "over-allotment" option, is a market-standard provision that allows the Initial Public Offering’s (IPO) stabilisation manager to provide share price stabilisation (if required) for up to 30 days post-commencement of conditional dealings. In the case of the Royal Mail, the stabilisation manager was UBS and the stabilisation period ended on 8 November.

    In the engagement letter, the payment of the discretionary fee was linked to the ending of the stabilisation period. However, we informed the banks involved that a decision would not be taken in the timeframe set out in the engagement letter given the volatility of the Royal Mail share price after the IPO.

    We have not set a rigid timetable for the decision on the payment of the discretionary fee which remains unpaid.

  • Ian Murray – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    Ian Murray – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    The below Parliamentary question was asked by Ian Murray on 2014-04-28.

    To ask the Secretary of State for Business, Innovation and Skills, what the default rate has been on each of the Government’s export guarantee funds since May 2010.

    Michael Fallon

    UK Export Finance (UKEF) supports UK exports, principally through the provision of guarantees to banks extending loans to overseas buyers and insurance to UK exporters against the risk of non-payment. From 1 May 2010 to 31 March 2014, the percentage of guarantees and insurance policies issued by UKEF that have subsequently defaulted resulting in a claim being paid, or where a claim is currently under examination, is 0.2%.

    Given the tenor of transactions that UKEF typically supports, which can be up to 15 years, an in-year default rate does not give a clear indicator of the performance of UKEF’s portfolio. In accordance with the financial objectives and risk measures agreed with HM Treasury, UKEF measures the Expected Loss of its portfolio. Expected Loss is the statistical estimate of the amount of UKEF’s contingent liability which could be expected to turn into claims that are irrecoverable. Full details of UKEF’s performance and risk management can be found in its Annual Report and Account which is available in the libraries of the House.

  • Ian Murray – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    Ian Murray – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    The below Parliamentary question was asked by Ian Murray on 2014-06-10.

    To ask the Secretary of State for Business, Innovation and Skills, when he plans to publish the Government’s framework for action on corporate responsibility.

    Jenny Willott

    The intention to publish a framework for action on corporate responsibility was set out in the call for views on corporate responsibility (CR) which ran during 2013. The response to the call for views was published on 28 March 2014 and this notes that the voluntary, evolving and diverse nature of CR means success relies on a business led approach. We received 152 views from a wide range of stakeholders and, where relevant, these will inform future Government action.

  • Ian Murray – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    Ian Murray – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    The below Parliamentary question was asked by Ian Murray on 2014-06-12.

    To ask the Secretary of State for Business, Innovation and Skills, what discussions he has had with Royal Mail Group, Ofcom or officials or Ministers in other departments about invoking section 44(9) and section 44(10) of the Postal Services Act 2011 to ask Ofcom to report on the sustainability of the Universal Service Obligation.

    Jenny Willott

    None.

    Under the Postal Services Act 2011, Parliament gave Ofcom the primary duty to secure the ongoing provision of the universal service and to this end Ofcom must also have regard for the provision of a universal service to be financially sustainable.

    Ofcom monitors market developments, including any impacts on Royal Mail’s performance and operational efficiency, and has the regulatory powers and tools to intervene if the sustainability of the universal service is ever at risk.

    As part of its monitoring regime, Ofcom publishes a report every year on Royal Mail’s performance and the postal market, and this includes an update on the financial sustainability of the universal service. More information about Ofcom’s regulatory regime can be found on its website (www.ofcom.org.uk).

    “

  • Ian Murray – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    Ian Murray – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    The below Parliamentary question was asked by Ian Murray on 2014-06-18.

    To ask the Secretary of State for Business, Innovation and Skills, with reference to the Answer of 1 May 2014, Official Report, column 782W, on Royal Mail, what link was established in the engagement letter between the payment of the discretionary fee and the ending of the stabilisation period; and what targets or deadlines were set in the letter.

    Michael Fallon

    The engagement letter between the Department for Business, Innovation and Skills and the syndicate of banks involved in the initial public offering indicated that the payment of the discretionary fee would be determined 10 days after the end of the stabilisation period and paid 5 days after that.

    As I said in my previous answer (1 May 2014, Official Report, column 782W), we informed the banks that a decision would not be taken in the timeframe set out in the engagement letter given the volatility of the Royal Mail share price after the IPO. The share price remains volatile.

    We have not set any timetable for the decision.