Tag: Lord Taylor of Warwick

The below Parliamentary question was asked by Lord Taylor of Warwick on 2016-02-09.

To ask Her Majesty’s Government what assessment they have made of the case for £50 notes no longer being issued by central banks in order to help tackle crime.

Lord O’Neill of Gatley

The Government is fully committed to fighting all forms of financial crime, including money laundering and terrorist financing. In 2010, UK banks voluntarily withdrew the €500 note from sale in this country on the basis of analysis from our law enforcement agencies regarding its use by criminal groups. Such high denomination notes are attractive to criminals due to their high-value to low-volume ratio.

By contrast, the highest denomination note issued by the Bank of England is the £50 note whose value is far less than that of truly high denomination notes. Furthermore, the £50 note plays an important role as a reliable store-of-value and enables financial inclusion.

The below Parliamentary question was asked by Lord Taylor of Warwick on 2016-04-18.

To ask Her Majesty’s Government what steps they are taking to address the pay gap between women and men with vocational qualifications.

Baroness Williams of Trafford

Whilst girls outperform boys at school, many still do not choose paths that lead to careers in the highest-paying professions. We know that occupational segregation is a cause of the gender pay gap, and the Government is taking action to address this. Eliminating the gender pay gap is a key priority for this government, and that’s why we are encouraging girls to consider a wide range of careers through the independent ‘Your Life’ campaign, and guidance called ‘Your Daughter’s Future’, which helps parents support their daughters’ subject and career choices.

Last year 53% of apprenticeships were started by women and the number of women starting apprenticeships in engineering and manufacturing, which carry a significant wage premium, has more than tripled since 2009.

The below Parliamentary question was asked by Lord Taylor of Warwick on 2016-06-29.

To ask Her Majesty’s Government, in the light of the result of the referendum on the UK’s membership of the EU, whether they now intend to bring forward an emergency budget including tax rises and spending cuts, or whether they have plans to increase public investment.

Lord O’Neill of Gatley

As the Chancellor has said, decisions on what action the government will take in response to the impact of the referendum on the economy and public finances will wait until the Office of Budget Responsibility has made an economic forecast in the Autumn.

The below Parliamentary question was asked by Lord Taylor of Warwick on 2016-10-03.

To ask Her Majesty’s Government what assessment they have made of the claim by the Intergenerational Foundation that high house prices increased segregation in society.

Lord Bourne of Aberystwyth

We accept that our failure for many years not to build enough homes has serious consequences. House prices have risen faster then incomes; while renters are paying, on average 50 per cent of their income in rent which makes saving for a deposit all the more difficult. This means that the dream of home ownership is further away for younger people today when compared to previous generations.

This Government is committed to solving the housing crisis by every means possible. That means taking action to ensure that we build more homes in this country. We have doubled the housing budget to almost £20 billion over the next five years, including £8 billion to deliver over 400,000 affordable homes by 2021.

We have also taken steps to help people on the path to home ownership. Our Help to Buy: Equity Loan has helped over 91,000 households to buy a new-build home since the scheme was introduced in 2013. 81 per cent of these sales have gone to first-time buyers.

But we recognise the need to go further. That’s why we launched the £3 billion Home Building Fund that will help deliver 225,000 badly-needed new homes on sites throughout England. Further measures will be included in a Housing White Paper later this autumn.

The below Parliamentary question was asked by Lord Taylor of Warwick on 2015-11-10.

To ask Her Majesty’s Government what assessment they have made of the OECD global trade outlook and its recommendation that governments should step up investment to support growth.

Lord O’Neill of Gatley

The latest OECD Economic Outlook forecasts the UK to be the joint fastest growing major advanced economy in 2015. The OECD have revised down the forecast for both world trade growth and global GDP growth in 2015 and 2016. This demonstrates the need to continue to fix the economy to ensure the UK can deal with risks from abroad.

The government remains committed to encouraging long-term investment and promoting a dynamic economy, and recently set out comprehensive reforms to support productivity growth in “Fixing the foundations: Creating a more prosperous nation”.

The below Parliamentary question was asked by Lord Taylor of Warwick on 2015-12-07.

To ask Her Majesty’s Government what plans they have to promote gender, orientation and ethnic diversity in the workplace, in particular in the architecture profession.

Baroness Williams of Trafford

This government is committed to promoting equality in all professions, including architecture. The Equality Act 2010 provides a strong legislative framework to prevent and tackle discrimination, harassment, and victimisation in the workplace. The government also funds the Equality and Advisory Support Service, which provides an accessible and inclusive source of advice for people who may have been discriminated against.

We have committed to closing the gender pay gap in a generation. We will soon require larger employers to publish the difference between the average pay and bonuses of their male and female employees. We are also tackling the root causes of gender pay gap with the introduction of Shared Parental Leave, the extension of flexible working and the offer of 30 hours free childcare.

The government is proud of its record to support LGB&T people and the UK continues to be recognised as a leader in this area. However, we know there is more to do which is why we have recently published guidance for employers on the recruitment and retention of trans employees in the workplace.

Finally, the Prime Minister has underlined the government’s commitment to increasing racial diversity in the workplace in his 2020 Vision, in which he made a commitment to increase BME employment by 20% by 2020.

The below Parliamentary question was asked by Lord Taylor of Warwick on 2016-01-18.

To ask Her Majesty’s Government what is being done to support British pig farmers who are affected by Russia’s ban on European food imports and cheap imports into the UK.

Lord Gardiner of Kimble

I recognise that many UK pig producers are struggling with a very tough period of low prices. The Government is providing support through our reforms to tax averaging. We also supported the activation of private storage aid on 4 January to remove pigmeat temporarily from the EU market.

We are working with the industry to open up new market opportunities at home and abroad. China offers huge potential for the future of the food and farming industry. Since 2010, British food and drink exports to China have more than doubled to £280 million, the fastest-growing of which are dairy products, pork, beer and tea. 2016 will be the Year of GREAT British Food, opening a long-term campaign of trade missions and events in the UK that showcase British products and help farm businesses to grow and thrive.

Defra secured a deal in principle for trade in trotters during the Secretary of State’s recent visit to China and the underpinning detailed arrangements are being finalised.

The below Parliamentary question was asked by Lord Taylor of Warwick on 2016-02-09.

To ask Her Majesty’s Government what steps they plan to take to support small and medium-sized enterprises in the light of the number of cyber attacks against them in 2015.

Baroness Shields

The Government’s National Cyber Security Programme (NCSP) aims to tackle cyber crime and make the UK the safest place in the world to do business in the world. This includes the Cyber Essentials Scheme to protect businesses against common cyber threats and the cyber streetwise campaign which offers simple cyber security advice to small businesses and consumers. In addition to the £860 million investment under the NCSP between 2011-2016, in November 2015 the Chancellor announced a new five year £1.9 billion investment in cyber security to make the UK one of the best protected countries in cyber space.

The below Parliamentary question was asked by Lord Taylor of Warwick on 2016-04-18.

To ask Her Majesty’s Government, in the light of comments by the head of the IMF regarding threats to the global economy, whether they are preparing any contingency plans.

Lord O’Neill of Gatley

Since 2010 the UK has made significant progress in developing its economic security. The public finances have improved and the deficit as a share of GDP has now been cut by almost two-thirds from its post-war peak. The financial sector is more resilient, and household finances are more robust with interest payments as a proportion of income the lowest level on record in 2015.

However, the UK is not immune from global risks, which is why, as I set out in the debate on the Economy last week, it is vital we continue with our long-term economic plan focused on ensuring sound public finances, while delivering the supply-side reforms necessary to boost productivity and deliver long-term sustainable growth.

The below Parliamentary question was asked by Lord Taylor of Warwick on 2016-07-07.

To ask Her Majesty’s Government what steps they are taking to strengthen the British pound in the light of the result of the referendum on the UK’s membership of the EU.

Lord O’Neill of Gatley

The UK does not have an exchange rate target. The UK’s monetary policy framework gives operational responsibility for monetary policy to the independent Monetary Policy Committee (MPC). The MPC has the primary objective of maintaining price stability, defined as an inflation target of 2 per cent as measured by the twelve month increase in the Consumer Prices Index. Under the Government’s macroeconomic framework, the exchange rate is allowed to adjust flexibly, and movements in sterling are determined by market forces.

Action by the government and the Bank of England over the last six years has substantially strengthened the resilience of the financial system. The contingency plans that the Treasury, Bank and Financial Conduct Authority put in place prior to the referendum have proved effective to date, and we will continue to monitor financial markets closely.