The below Parliamentary question was asked by Phil Boswell on 2016-10-13.
To ask Mr Chancellor of the Exchequer, what estimate he has made of the amount of money lost by UK investors as a result of Providence Bonds and Providence Bonds II being placed in administration in September 2016.
Simon Kirby
The government does not hold this information.
The below Parliamentary question was asked by Phil Boswell on 2015-12-10.
To ask the Secretary of State for Business, Innovation and Skills, what the implications are for his Department’s policy of the analysis undertaken by the Resolution Foundation set out in its report, The Pinch, published on 10 December 2015, of (a) the effects of the financial events of the last 10 years on those aged 16 to 44 relative to those aged 55 to 64 and (b) the changes in that period in levels of real median weekly earnings across different cohorts of the population.
Nick Boles
The financial crisis triggered the worst recession in living memory. However, GDP surpassed its pre-recession level in Q2 2013 and the UK’s economic recovery is now well established. Since 2010, on average, the UK has been the joint fastest growing economy in the G7 and the labour market has continued to make strong progress.
According to data from the Office for National Statistics (ONS), excluding full-time students under the age of 25, the employment rate of people aged 16-49 fell from 76.9% in the three months to May 2008 to a post-recession low of 74.0% in the three months to March 2010. Since mid-2011, the employment rate for this group has increased over time and the latest data shows that it reached a record high of 77.7% in the three months to October 2015.
While the recession had less of an impact on the employment rate of people aged 50-64, their current employment has also reached a record high for this group, of 70.0%.
The analysis in Resolution Foundation’s report you mention looked at real median weekly earnings of various cohorts over time. While not strictly cohort analysis, more recent cross-sectional data from the ONS’s Annual Survey of Hours and Earnings (ASHE) shows that the increase in nominal median gross weekly pay between April 2014 and April 2015 varied across age groups as follows[1]:
CPI inflation over the same period was -0.1% in the year to April 2015.
Pay, and ultimately living standards are strongly linked to productivity. That is why the Government is working hard to boost productivity, and therefore wages, with the ambitious measures outlined in our Productivity Plan. Our higher pay, lower tax, lower welfare society is the route to raising living standards for everyone in the UK.
[1] Employees on adult rates of pay whose pay for the survey period was not affected by absence
[2] Figures for 16-17 year olds include employees not on adult rates of pay
The below Parliamentary question was asked by Phil Boswell on 2016-01-08.
To ask the Secretary of State for Work and Pensions, what assessment he has made of the implications for his polices of the conclusion of the Joseph Rowntree Foundation report, entitled Monitoring Poverty and Social Exclusion 2015, that people in the bottom fifth of income distribution saw their living costs increase faster than average because they spent more money on essential goods.
Priti Patel
The Department carefully considers all relevant publications.
We know that work is the best route out of poverty and that is why we are reforming welfare and cutting taxes to make sure work always pays and people get to keep more of what they earn. The annual average income of the poorest fifth of households has risen in real terms, compared to 2007/08. Looking forward, working families can expect to see their earnings increase, with average earnings growth expected to reach around 4% a year by 2020, while the current OBR forecast is for inflation to remain relatively low over the next two years.
The below Parliamentary question was asked by Phil Boswell on 2016-02-19.
To ask Mr Chancellor of the Exchequer, what discussions he has had with which financial institutions on the energy exposure of such institutions in response to the falling price of oil.
Harriett Baldwin
The Chancellor set out the government’s view on the challenges facing the UK economy in a speech on 7 January. The transcript of the speech is available from www.gov.uk/government/speeches/chancellor-on-challenges-facing-uk-economy-in-2016. The Chancellor and other Ministers meet regularly with regulators and the Bank of England. In addition, the Bank of England’s Financial Stability Report sets out an analysis, which can be found here:
http://www.bankofengland.co.uk/publications/Pages/fsr/2015/dec.aspx
The Financial Policy Committee’s (FPC) stress test results in December 2015 suggest that the major UK banks would be resilient to a sustained commodity price downturn.
The UK now has a robust system of financial regulation, where the regulators have clear objectives and powers to deal with risks to the financial sector. The Government established the FPC to identify, monitor and address systemic risks to financial stability.
The below Parliamentary question was asked by Phil Boswell on 2016-04-22.
To ask Mr Chancellor of the Exchequer, what discussions he has had with the (a) Prudential Regulation Authority and (b) Financial Conduct Authority on collateralised loan obligations containing high-yield energy debt and the default rate of companies in the oil and gas sector on high-yield loans.
Harriett Baldwin
Treasury Ministers and officials meet regularly with the Prudential Regulation Authority and the Financial Conduct Authority to discuss relevant regulatory issues.
As was the case with previous Administrations, it is not the Treasury’s practice to provide details of all such discussions.
The below Parliamentary question was asked by Phil Boswell on 2016-10-13.
To ask Mr Chancellor of the Exchequer, what communication has taken place between the UK Financial Ombudsman Service, the Bank of England and the Channel Islands Financial Ombudsman in relation to protection for investors in Providence Bonds and Providence Bonds II.
Simon Kirby
The government is unable to comment on the communications of external bodies.
The below Parliamentary question was asked by Phil Boswell on 2015-12-10.
To ask Mr Chancellor of the Exchequer, how much from the Funding for Lending scheme has been lent to small and medium-sized enterprises in (a) Scotland and (b) Coatbridge, Chryston and Bellshill constituency.
Harriett Baldwin
UK banks and building societies that participate in in the Funding for Lending Scheme (FLS) are able to borrow funding from the Bank of England, with the amount they are able to borrow (their ‘borrowing allowance’) linked to their net lending performance. FLS usage and lending data is published on the Bank of England website at the following link: http://www.bankofengland.co.uk/markets/Pages/FLS/extensiondata.aspx
The below Parliamentary question was asked by Phil Boswell on 2016-01-12.
To ask the Secretary of State for Education, what assessment she has made of the implications for her policies of the conclusions of the Social Market Foundation report, published in January 2016, Educational Inequalities in England and Wales.
Mr Sam Gyimah
The government is determined to deliver educational excellence everywhere so that every child, regardless of background, reaches their potential. Thanks to the hard work of teachers across the country and our ambitious programme of reforms, 1.4 million more pupils are in good or outstanding schools compared to 2010.
We believe that there is more that can be done. That is why we are introducing new measures to transform failing and coasting schools, funding the best academy chains to share excellence in the North and creating a National Teaching Service. This will send some of our best teachers to the areas that need them most, starting in the North West.
We have also protected the pupil premium at current rates for the duration of this Parliament, so that schools receive additional money for pupils from disadvantaged backgrounds. A review of funding for disadvantaged pupils by the National Audit Office in July 2015 found that the attainment gap between disadvantaged pupils and their peers has narrowed in both primary and secondary schools since the introduction of the pupil premium in 2011.
The below Parliamentary question was asked by Phil Boswell on 2016-02-19.
To ask Mr Chancellor of the Exchequer, what mechanisms the Government has in place to ensure that banks with high energy exposure remain stable.
Harriett Baldwin
The Chancellor set out the government’s view on the challenges facing the UK economy in a speech on 7 January. The transcript of the speech is available from www.gov.uk/government/speeches/chancellor-on-challenges-facing-uk-economy-in-2016. The Chancellor and other Ministers meet regularly with regulators and the Bank of England. In addition, the Bank of England’s Financial Stability Report sets out an analysis, which can be found here:
http://www.bankofengland.co.uk/publications/Pages/fsr/2015/dec.aspx
The Financial Policy Committee’s (FPC) stress test results in December 2015 suggest that the major UK banks would be resilient to a sustained commodity price downturn.
The UK now has a robust system of financial regulation, where the regulators have clear objectives and powers to deal with risks to the financial sector. The Government established the FPC to identify, monitor and address systemic risks to financial stability.
The below Parliamentary question was asked by Phil Boswell on 2016-04-25.
To ask the Secretary of State for Business, Innovation and Skills, with reference to Skills Funding Agency statistics on Apprenticeship Achievements by framework code, level and gender, 2002-03 to 2013-14, what assessment he has made of the implications for his policies of the reduction in the proportion of engineering apprenticeships which were undertaken by women between 2002 and 2014.
Nick Boles
The proportion of apprenticeship starts by women on the Engineering apprenticeship framework in England decreased from 4.6 per cent in 2002/03 to 3.8 per cent in 2013/14. The volume of apprenticeship starts on this framework by women actually increased by over ten percent over this period, but there was a larger proportionate increase in male apprentices in this period.
We are encouraging more young women to enter science and engineering careers, including apprenticeships. The annual Tomorrow’s Engineers Week (TEWeek) acts a focal point to encourage them to consider a career in engineering. The Your Life campaign inspires young people to study maths and physics as a gateway to STEM careers. The STEM Ambassadors programme is a network of over 28,000 volunteers working with schools across the UK, 40% of whom are women.
We are taking action to support the growth of apprenticeships in all areas to meet our commitment to 3 million apprenticeship starts in England by 2020. We will launch a new communications campaign in May aimed at promoting the benefits of apprenticeships. Our promotional campaigns include role models of successful female apprentices in sectors where they are under-represented.