Tag: Liam Byrne

  • Liam Byrne – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    Liam Byrne – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    The below Parliamentary question was asked by Liam Byrne on 2014-06-11.

    To ask the Secretary of State for Business, Innovation and Skills, what projections his Department has made of the future (a) face value and (b) carrying value of the student loan book.

    Mr David Willetts

    (a) We estimate the cash, or face, value of ICR student loans to follow approximately this profile going forwards.

    Value of loan book in real terms

    2014-15

    2015-16

    2016-17

    2017-18

    2018-19

    2019-20

    2020-21

    2021-22

    2022-23

    2023-24

    £70bn

    £80bn

    £90bn

    £100bn

    £110bn

    £120bn

    £130bn

    £140bn

    £150bn

    £160bn

    2024-25

    2025-26

    2026-27

    2027-28

    2028-29

    2029-30

    2030-31

    2031-32

    2032-33

    2033-34

    £170bn

    £180bn

    £190bn

    £200bn

    £210bn

    £220bn

    £230bn

    £240bn

    £250bn

    £260bn

    2034-35

    2035-36

    2036-37

    2037-38

    2038-39

    2039-40

    2040-41

    2041-42

    2042-43

    2043-44

    £260bn

    £270bn

    £280bn

    £280bn

    £290bn

    £300bn

    £300bn

    £310bn

    £320bn

    £320bn

    2044-45

    2045-46

    2046-47

    2047-48

    2048-49

    2049-50

    £330bn

    £330bn

    £330bn

    £330bn

    £330bn

    £330bn

    Value of loan book in nominal terms

    2014-15

    2015-16

    2016-17

    2017-18

    2018-19

    2019-20

    2020-21

    2021-22

    2022-23

    2023-24

    £70bn

    £80bn

    £100bn

    £110bn

    £130bn

    £150bn

    £170bn

    £190bn

    £210bn

    £230bn

    2024-25

    2025-26

    2026-27

    2027-28

    2028-29

    2029-30

    2030-31

    2031-32

    2032-33

    2033-34

    £250bn

    £270bn

    £300bn

    £320bn

    £350bn

    £380bn

    £410bn

    £440bn

    £470bn

    £500bn

    2034-35

    2035-36

    2036-37

    2037-38

    2038-39

    2039-40

    2040-41

    2041-42

    2042-43

    2043-44

    £530bn

    £570bn

    £600bn

    £640bn

    £670bn

    £710bn

    £750bn

    £790bn

    £830bn

    £870bn

    2044-45

    2045-46

    2046-47

    2047-48

    2048-49

    2049-50

    £920bn

    £960bn

    £1,000bn

    £1,030bn

    £1,070bn

    £1,100bn

    These estimates assume that fees will increase in line with inflation from 2016 onwards. These forecasts also take account of the freeing up of student number controls in the Autumn Statement, increases in loan take-up rates, demographic changes over time and updated earnings modelling.

    (b) We estimate the current carrying value of the student loan book, which is used in the BIS accounts. However, we do not forecast the future carrying value of the loan book, as this is not required for the purposes of accounting or budgeting. Our estimate of the carrying value for loans when they are issued is based on the RAB charge, which we currently estimate is around 45%.

  • Liam Byrne – 2014 Parliamentary Question to the Department for Transport

    Liam Byrne – 2014 Parliamentary Question to the Department for Transport

    The below Parliamentary question was asked by Liam Byrne on 2014-06-16.

    To ask the Secretary of State for Transport, how many meetings he has had with his Department’s Chief Scientific Adviser in the last 12 months.

    Stephen Hammond

    As was the case under previous administrations, details of internal meetings are not normally disclosed.

  • Liam Byrne – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    Liam Byrne – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    The below Parliamentary question was asked by Liam Byrne on 2014-03-31.

    To ask the Secretary of State for Business, Innovation and Skills, what steps his Department plans to take to monitor whether alternative learning providers are meeting the standards he recently set out on (a) quality assurance, (b) financial sustainability and (c) management and governance; and how he plans to facilitate the meeting of those standards.

    Mr David Willetts

    Under the new specific course designation arrangements alternative learning providers are required immediately to notify the Higher Education Funding Council for England (HEFCE) of any material changes which may affect their financial sustainability or quality of provision. HEFCE will also run an annual monitoring exercise to collect information about the ongoing financial sustainability, quality of provision, and changes to management and governance arrangements at alternative learning providers.

  • Liam Byrne – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    Liam Byrne – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    The below Parliamentary question was asked by Liam Byrne on 2014-04-25.

    To ask the Secretary of State for Business, Innovation and Skills, with reference to page 204 of HM Treasury’s Central Government and Supply Estimates 2013-14, February 2014, HC 1006, if he will provide a breakdown of the £15.877 million supplementary estimate for the increase in costs of student loan debt sale.

    Mr David Willetts

    The Supplementary Estimate adjustment for the student loan debt sale relates to the Government subsidising the sale of student loans in 1998 and 1999. The adjustment reflects changes to the value of the Government liability following annual debt sale subsidy payments, including adjustments for cancelled loans.

    The subsidy will continue until all the loans are extinguished which is expected to be no earlier than 2028, which is the 30 year duration of the first debt sale agreement.

    Further details of the liability are available in the BIS Annual Report and Accounts.

  • Liam Byrne – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    Liam Byrne – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    The below Parliamentary question was asked by Liam Byrne on 2014-06-16.

    To ask the Secretary of State for Business, Innovation and Skills, pursuant to the written statement of 16 June 2014, Official Report, columns 70-1WS, on student support in England, how many of the students who were unable to or chose not to provide adequate evidence of residency were studying at an alternative provider with designated courses; at which provider they were studying; for what qualifications they were registered; and on what basis his Department calculated that £65 million was due to be paid to 1,333 students.

    Mr David Willetts

    The number of students who were unable to or chose not to provide adequate evidence of residency who were studying at an alternative provider with designated courses and providers at which they were studying, was included in the data set placed in the libraries of the House to accompany the Written Ministerial Statement on Monday 16 June 2014.

    A breakdown of the courses these students are studying is data that is not held in the form requested. I have asked the Student Loans Company to compile this data and I will place a copy in the libraries of the House as soon as it is available.

    The £65m figure given in the Written Ministerial Statement is the amount of student support that would have been paid in relation to the 5,548 students deemed to be ineligible following the residency checking exercise. It was calculated using actual awards for students who had approved applications and average award amounts for students whose applications had not reached the approval stage at the time payments were suspended.

  • Liam Byrne – 2014 Parliamentary Question to the Department for Work and Pensions

    Liam Byrne – 2014 Parliamentary Question to the Department for Work and Pensions

    The below Parliamentary question was asked by Liam Byrne on 2014-06-16.

    To ask the Secretary of State for Work and Pensions, how many meetings he has had with his Department’s Chief Scientific Adviser in the last 12 months.

    Esther McVey

    As was the case under previous administrations, details of internal meetings are not normally disclosed.

  • Liam Byrne – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    Liam Byrne – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    The below Parliamentary question was asked by Liam Byrne on 2014-03-31.

    To ask the Secretary of State for Business, Innovation and Skills, whether recent increases in the estimated RAB rate for student loans go beyond his Department’s target impairment for student loans.

    Mr David Willetts

    This Department does not set a target for impairment of student loans. Our reforms were designed to put higher education on a sustainable footing. Universities are now well-funded and this is driving up the quality of the student experience and helping to stimulate economic growth, while keeping access to higher education free at the point of entry.

  • Liam Byrne – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    Liam Byrne – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    The below Parliamentary question was asked by Liam Byrne on 2014-04-25.

    To ask the Secretary of State for Business, Innovation and Skills, what assessment his Department has made of the potential financial effect on UK higher education institutions of the reduction in non-EU students in 2012-13.

    Mr David Willetts

    The Higher Education Statistics Agency (HESA) publishes data on the sources of income for all higher education institutions (HEIs) in the UK on an annual basis. This data shows that, despite a slight fall in student numbers, tuition fee income from non-EU students in 2012-13 was £3.5bn, an increase of 9.1% on 2011-12.

    The Higher Education Funding Council for England (HEFCE) produces an annual report on the financial health of the publicly funded higher education sector in England. Their most recent report, published in March 2014, also states that income from non-EU students rose in 2012-13 and shows that HEIs are expecting tuition fee income from non-EU students to rise by 9.7% in real terms in 2013-14.

    The most recent HEFCE report can be found at http://www.hefce.ac.uk/media/hefce/content/pubs/2014/201402/HEFCE2014_02.pdf

    “

  • Liam Byrne – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    Liam Byrne – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    The below Parliamentary question was asked by Liam Byrne on 2014-06-16.

    To ask the Secretary of State for Business, Innovation and Skills, how many meetings he has had with his Department’s Chief Scientific Adviser in the last 12 months.

    Mr David Willetts

    As was the case under previous administrations, details of internal meetings are not normally disclosed.

  • Liam Byrne – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    Liam Byrne – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

    The below Parliamentary question was asked by Liam Byrne on 2014-03-31.

    To ask the Secretary of State for Business, Innovation and Skills, what estimate he has made of the effect on his Department’s total resource Departmental Expenditure Limits of the revised guidance on revaluation of student loan impairments in each of the next three years.

    Mr David Willetts

    Student Loan repayments are managed annually under government budgeting rules and any changes, for whatever reason, in forecast repayments, are considered as part of the Parliamentary Supply Process.

    Additional Supply was agreed between this Department and HM Treasury, and approved by Parliament as part of the 2013-14 Supplementary Estimates process.