Tag: Lord Myners

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 2016-03-23.

To ask Her Majesty’s Government whether they have agreed to cross-margining of variable payments through LCH Clearnet and Eurex; and if so, who will be responsible for regulating these separate entities; and whether they have required any increase in capital or margin.

Lord O’Neill of Gatley

European Regulation No 648/2012 (EMIR) establishes a strict supervisory framework for CCPs, which in the UK are regulated by the Bank of England.

EMIR’s requirements – which continue to apply in the event of a merger or change of control of a CCP – include that a CCP must be sufficiently well-resourced to withstand extreme market events, including the simultaneous default of its two largest clearing members.

In the event of a qualifying change of control the Bank of England must under EMIR also assess the suitability of the proposed acquirer and financial soundness of the proposed acquisition.

Copies of the Bank of England’s 2016 report on supervision of financial market infrastructures were laid before Parliament on 4 March and are available in the House library.

The below Parliamentary question was asked by Lord Myners on 2016-04-25.

To ask Her Majesty’s Government whether they will review the effectiveness of the recommendations on public sector procurement by Sir Philip Green.

Lord Bridges of Headley

I refer the noble Lord to the answer I gave him on 11 April 2016 to Question HL7227.

As a result of the commercial and procurement reforms we made during the life of the last Parliament, we saved more than £21 bn.

The below Parliamentary question was asked by Lord Myners on 2016-05-03.

To ask Her Majesty’s Government whether they will review, or charge others to review, the performance of the trustees of the BHS pension schemes, and whether the current trustees are fit and proper to continue performing that role at BHS and other pension schemes.

Baroness Altmann

The investigation into the BHS pension schemes, including the role of the trustees, is a matter for the independent Pensions Regulator.

The actions of the trustees and competence of the trustees are among the issues that we would expect the Regulator to be considering as part of its investigations.

The below Parliamentary question was asked by Lord Myners on 2016-05-25.

To ask Her Majesty’s Government who has regulatory responsibility for approving cross-margining agreements between central clearing houses and the determination of priority in the event of default.

Lord O’Neill of Gatley

Under European Regulation No 648/2012 (EMIR) CCPs in the UK are regulated by the Bank of England. For other information I refer the noble Lord to my written answers of 1 April (HL7153) and 26 April (HL7583, HL7584, HL7585, and HL7586).

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

To ask Her Majesty’s Government whether they plan to establish a scheme to retrain as trade negotiators people with experience of high level intergovernmental and global institutional practice.

Lord Price

My right hon. Friend the Prime Minister has created the Department for International Trade, which is responsible for promoting British trade across the world and ensuring the UK takes advantage of the huge opportunities open to us. We are building up our trade policy capability. ​The Department has begun a process to recruit and train staff to work on the UK’s trade policy. We will adapt the resource devoted to trade policy in line with future demands.

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

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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

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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

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The below Parliamentary question was asked by Lord Myners on 2015-02-11.

To ask Her Majesty’s Government whether it is routine policy for the Cabinet Office to contact HM Revenue and Customs to consult it prior to the appointment of a non-elected Minister.

Baroness Stowell of Beeston

As was the case under previous administrations, ministerial appointments are a matter for the Prime Minister, in line with the Ministerial Code.

For those individuals upon whom the Prime Minister wishes to confer a life peerage, the independent House of Lords Appointments Commission vets nominations. For those individuals upon whom the Prime Minister wishes to confer a peerage in order that they might sit in the House of Lords to take up a ministerial role, the Commission consults the main regulatory authorities, including HMRC, before giving advice.