Tag: Lord Myners

The below Parliamentary question was asked by Lord Myners on 2016-07-12.

To ask Her Majesty’s Government whether they are considering requiring the providers of pension annuities to increase the rate at which they calculate benefits.

Lord O’Neill of Gatley

Annuity rates are set by individual providers and can vary in line with market conditions. The amount of income an individual gets each year from an annuity depends on a variety of factors including how much they had in their pension pot when they bought the annuity, whether they are seeking a joint annuity, and their age, health and lifestyle.

As a result of this government’s pensions reforms, individuals aged 55 and over with a defined contribution pension are now able to make their own choice about how to use their pension savings. The Government’s Pension Wise service provides free, impartial guidance to help people understand their options.

The below Parliamentary question was asked by Lord Myners on 2016-03-22.

To ask Her Majesty’s Government whether they will review the contribution of contingent convertible bonds to financial stability and, in particular, the risk of adverse feedback loops and the contribution thereto of the absence of standardised terms.

Lord O’Neill of Gatley

In December 2015, the Bank of England set out its medium-term capital framework for UK banks and building societies. The Bank’s analysis suggested that the optimal risk-based going-concern capital requirement for the system as a whole is between 10% and 14% of risk weighted assets.

The majority of this capital is made up of the highest quality, common equity tier 1 (CET1) capital. However, a small part (up to 1.5 percentage points) can be made up of additional tier 1 (AT1) capital, such as contingent convertible bonds.

The Financial Policy Committee confirmed that only ‘high-trigger’ AT1 instruments would count towards a bank’s AT1 capital in respect of non-risk-based leverage ratio requirements.

This capital framework ensures that the UK’s banks and building societies are able to absorb losses and thereby reduce the risks to the stability of the UK financial system.

The below Parliamentary question was asked by Lord Myners on 2016-04-19.

To ask Her Majesty’s Government whether the new unnamed holding company to be created by the takeover of the London Stock Exchange by Deutsche Bourse will be regulated by the Financial Conduct Authority.

Lord O’Neill of Gatley

I refer the noble Lord to my written answers of 26 April (HL7583, HL7584, HL7585, and HL7586)

The below Parliamentary question was asked by Lord Myners on 2016-04-26.

To ask Her Majesty’s Government, further to the Statement by the Business Minister, Anna Soubry, on 25 April (HC Deb, col 1174), what assistance they plan to offer BHS or Retail Acquisitions.

Baroness Neville-Rolfe

Workers and their families will be worried by the news that BHS has been placed in the hands of administrators. The Administrator must secure the best possible result for the business, starting with rescuing it if possible as a going concern. If this does not prove possible, then we stand ready to help those affected, including through Jobcentre Plus’ Rapid Response Service, to help people move into new jobs as quickly as possible.

The below Parliamentary question was asked by Lord Myners on 2016-05-23.

To ask Her Majesty’s Government whether they or the Financial Conduct Authority have commenced reviewing the regulatory conditions to be applied to the takeover of the London Stock Exchange by Deutsche Bourse, and whether that takeover can proceed without regulatory approval.

Lord O’Neill of Gatley

I refer the noble Lord to my written answer of 26 April (HL7583, HL7584, HL7585, and HL7586), and to the investor relations section of the London Stock Exchange Group website, which contains information about the proposed merger, including on the required regulatory approvals.

The timings of the regulatory notifications are a matter for the companies acting in accordance with the relevant legislation.

The below Parliamentary question was asked by Lord Myners on 2016-07-18.

To ask Her Majesty’s Government what discussions they have had with the Pensions Regulator about the length of time it will require to report on the BHS pension scheme; and whether they plan to communicate that information to fund managers.

Lord Freud

The right approach is to allow the Pensions Regulator to get on with its investigations into the use of its anti-avoidance powers. There is a clear legal process that must be followed and this can sometimes take a considerable amount of time. The Pensions Regulator’s Chief Executive has given a commitment that it will have made significant progress by the end of 2016. It has said that when it becomes appropriate to do so it will consider publishing a report of the case under Section 89 of the Pensions Act 2004. The Regulator is independent and Ministers cannot become involved in its decisions on whether or not to exercise its powers or seek to influence its investigations in any way.

The below Parliamentary question was asked by Lord Myners on 2015-02-10.

To ask Her Majesty’s Government whether they have plans to consider setting the inflation target over an extended period, rather than a single year, in order to allow some catch-up for an extended period of under-target outcomes.

Lord Deighton

The Bank of England Act 1998 requires the Treasury to specify the objectives of the Monetary Policy Committee, namely what price stability is taken to consist of and the Government’s economic policy objective at least once every 12 months.

At Budget 2013, the Government reviewed the UK’s flexible inflation targeting monetary policy framework in international and historical context.

Based on the assessment set out in the review, the Government believes that low and stable medium-term inflation is a necessary, though not sufficient, pre-requisite for economic prosperity. As a result, in the remit for the independent Monetary Policy Committee of the Bank of England, the Government has retained a flexible inflation targeting framework and reaffirmed the 2 per cent Consumer Prices Index inflation target, which applies at all times. The Government updated the remit to clarify the trade-offs that are involved in setting monetary policy to meet a forward-looking inflation target.

The below Parliamentary question was asked by Lord Myners on 2015-02-12.

To ask Her Majesty’s Government whether they will publish or place in the Library of the House the agreement under which HM Revenue and Customs received from its French equivalent details of accounts allegedly held at HSBC Suisse; whether the terms of that agreement were negotiated by HM Revenue and Customs and advised to ministers; whether HM Revenue and Customs took legal advice and sought the views of ministers on the agreement before its signing; and under which legal jurisdiction the agreement is enforceable.

Lord Deighton

Information provided to HM Revenue & Customs (HMRC) by the French tax authorities in respect of individuals indicated to hold accounts at the Geneva branch of HSBC Suisse and understood to be UK residents was supplied to HMRC under the terms of both the Mutual Assistance Directive 77/799/EEC^[1] and the Double Taxation Convention in force between France and the United Kingdom at that time^[2].

The Mutual Assistance Directive had been in force since 23 December 1977. The Double Taxation Convention has been in force since 18 December 2009, replacing an earlier convention which had been in force since 1969.

Since their entry into force each of these agreements has been a matter of public record.

There was, therefore, no new agreement for the Board of HMRC to negotiate or consider in connection with the provision of the information by the French tax authorities.

HMRC does not share copies of Board papers and minutes with HM Treasury. However, senior HM Treasury officials are standing invitees to HMRC’s monthly Executive Committee meeting, which is the Department’s main executive forum and the primary place where decisions are taken with regards to setting and delivering strategy and improving performance in key areas, and as such they have routine access to relevant committee meeting papers and minutes.

Each HMRC Executive Committee member also takes responsibility for the management of activities within a specific portfolio, including enforcement and compliance and business or personal tax customer services; HM Treasury officials do not have access to this level of information which ‎contains operational compliance and taxpayer confidential information.

[1] http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:31977L0799

[2] http://www.hmrc.gov.uk/taxtreaties/in-force/france.pdf

“

The below Parliamentary question was asked by Lord Myners on 2015-02-12.

To ask Her Majesty’s Government whether the terms of the agreement between HM Revenue and Customs and its French equivalent relating to HSBC Suisse was shown to the Board of HM Revenue and Customs or discussed at a HM Revenue and Customs Board meeting.

Lord Deighton

Information provided to HM Revenue & Customs (HMRC) by the French tax authorities in respect of individuals indicated to hold accounts at the Geneva branch of HSBC Suisse and understood to be UK residents was supplied to HMRC under the terms of both the Mutual Assistance Directive 77/799/EEC^[1] and the Double Taxation Convention in force between France and the United Kingdom at that time^[2].

The Mutual Assistance Directive had been in force since 23 December 1977. The Double Taxation Convention has been in force since 18 December 2009, replacing an earlier convention which had been in force since 1969.

Since their entry into force each of these agreements has been a matter of public record.

There was, therefore, no new agreement for the Board of HMRC to negotiate or consider in connection with the provision of the information by the French tax authorities.

HMRC does not share copies of Board papers and minutes with HM Treasury. However, senior HM Treasury officials are standing invitees to HMRC’s monthly Executive Committee meeting, which is the Department’s main executive forum and the primary place where decisions are taken with regards to setting and delivering strategy and improving performance in key areas, and as such they have routine access to relevant committee meeting papers and minutes.

Each HMRC Executive Committee member also takes responsibility for the management of activities within a specific portfolio, including enforcement and compliance and business or personal tax customer services; HM Treasury officials do not have access to this level of information which ‎contains operational compliance and taxpayer confidential information.

[1] http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:31977L0799

[2] http://www.hmrc.gov.uk/taxtreaties/in-force/france.pdf

“

The below Parliamentary question was asked by Lord Myners on 2015-02-12.

To ask Her Majesty’s Government whether copies of HM Revenue and Customs Board papers and minutes of Board meetings are provided to HM Treasury and the Board of HM Treasury or its Council of Economic Advisers.

Lord Deighton

Information provided to HM Revenue & Customs (HMRC) by the French tax authorities in respect of individuals indicated to hold accounts at the Geneva branch of HSBC Suisse and understood to be UK residents was supplied to HMRC under the terms of both the Mutual Assistance Directive 77/799/EEC^[1] and the Double Taxation Convention in force between France and the United Kingdom at that time^[2].

The Mutual Assistance Directive had been in force since 23 December 1977. The Double Taxation Convention has been in force since 18 December 2009, replacing an earlier convention which had been in force since 1969.

Since their entry into force each of these agreements has been a matter of public record.

There was, therefore, no new agreement for the Board of HMRC to negotiate or consider in connection with the provision of the information by the French tax authorities.

HMRC does not share copies of Board papers and minutes with HM Treasury. However, senior HM Treasury officials are standing invitees to HMRC’s monthly Executive Committee meeting, which is the Department’s main executive forum and the primary place where decisions are taken with regards to setting and delivering strategy and improving performance in key areas, and as such they have routine access to relevant committee meeting papers and minutes.

Each HMRC Executive Committee member also takes responsibility for the management of activities within a specific portfolio, including enforcement and compliance and business or personal tax customer services; HM Treasury officials do not have access to this level of information which ‎contains operational compliance and taxpayer confidential information.

[1] http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:31977L0799

[2] http://www.hmrc.gov.uk/taxtreaties/in-force/france.pdf

“