Tag: Richard Burgon

The below Parliamentary question was asked by Richard Burgon on 2016-02-19.

To ask Mr Chancellor of the Exchequer, what recent assessment he has made of the potential effectiveness of the ring-fence between retail and investment banking in reducing funding risk in the UK financial system; and if he will make a statement.

Harriett Baldwin

Ring-fencing insulates ring-fenced banks from shocks originating elsewhere in the global financial system, and makes ring-fenced banks simpler so that monitoring and supervision is easier. The PRA are putting in place rules to ensure that the ring-fenced bank can effectively manage its liquidity.

The below Parliamentary question was asked by Richard Burgon on 2016-03-24.

To ask the Secretary of State for the Home Department, what process Tier 2 intra-company transfer visas for IT undergo when they reach her Department.

Mike Penning

The process for handling Tier 2 intra company transfer (ICT) visas for IT is the same as that for any other application under the Tier 2 intra company transfer arrangements. All applications are validated to ensure the correct fees have been paid, all mandatory questions have been answered on the forms, and applicants have submitted their biometric information. Checks are also undertaken on every application to assess any adverse immigration or security issues.

The below Parliamentary question was asked by Richard Burgon on 2016-06-15.

To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the results of the Current Account Switching Service for personal current account holders with overdrafts.

Harriett Baldwin

The Government is committed to increasing competition in banking to ensure banks have to work hard to offer the best possible products and services to their customers. A key part of that is making the process for customers switching their current accounts as easy and as effective as possible, to ensure customers are able to hold their banks to account by voting with their feet.

The Government has already undertaken a lot work to improve the process for customers switching their current accounts, including helping to deliver the Current Account Switch Service to enable customers to switch banks simply, quickly and reliably, and delivering midata, to enable customers to compare which bank is best for them based on how they use their current account.

As part of its retail banking market investigation, the Competition and Markets Authority (CMA) is considering what additional improvements could be made to the process of customers switching current accounts, including requiring banks to make it easier for customers to switch their overdraft when they move banks. The CMA is also considering other additional measures designed to support overdraft users.

The Government welcomes the CMA’s investigation, and stands ready to take action as necessary once it publishes its final report in the summer.

The below Parliamentary question was asked by Richard Burgon on 2015-11-16.

To ask the Secretary of State for Culture, Media and Sport, what assessment he has made of the effect of the provision of high-speed broadband infrastructure on productivity.

Mr Edward Vaizey

SQW Consulting’s UK Broadband impact study in 2013 estimates that the availability and take-up of faster broadband speeds will add about £17 billion to the UK’s annual Gross Value Added (GVA) by 2024.

This Government is helping increase productivity across the UK by investing in and widening access to key digital infrastructure. We are on track to deliver our commitment to provide superfast broadband coverage to 95% of the UK by the end of 2017.Our£40m Broadband Connection Voucher Scheme was taken up by over 55,000 small and medium sized businesses – who employ a million people right across the UK and are already reporting, on average, a £1,300 per year increase in profits and a new job being created for every four new connections. ThePrime Minister recentlyannounced plans to ensure that every home and business can have access to fast broadband by the end of this Parliament.

The below Parliamentary question was asked by Richard Burgon on 2016-02-19.

To ask Mr Chancellor of the Exchequer, what assessment he has made of the implications for the effectiveness of the ring-fence between retail and investment banking of the Prudential Regulation Authority’s proposal to allow cross-selling and cross-lending between ring-fenced bodies and other entities in the parent group in some circumstances.

Harriett Baldwin

The Prudential Regulation Authority’s proposed rules allowing cross-selling and cross-lending between ring-fenced bodies and other entities in the parent group in some circumstances are consistent with the ring-fencing legislation and the Independent Commission on Banking’s recommendations. These agency arrangements simply allow for the customer to access products provided by the wider banking group within their local premises.

The below Parliamentary question was asked by Richard Burgon on 2016-03-23.

To ask Mr Chancellor of the Exchequer, if he will publish and place in the Library his correspondence on the (a) sale of Government’s Dividend Access Share and (b) proposed sale of Government shares in Royal Bank of Scotland since August 2015.

Harriett Baldwin

HM Government reached an agreement with RBS and the European Commission on 9 April 2014 to amend the terms of the Dividend Access Share (DAS). The full terms of this agreement can be found on the European Commission’s website:

http://europa.eu

The first sale of Royal Bank of Scotland (RBS) shares was conducted in August 2015. The advice which the Chancellor received from a) the Governor of the Bank of England; b) N.M. Rothschild; c) HM Treasury; and d) UK Financial Investments (UKFI) is available on the Government’s website:

www.gov.uk.

The government has not undertaken any sale of RBS shares since August 2015.

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The below Parliamentary question was asked by Richard Burgon on 2016-06-15.

To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the effect of a FCA-regulated monthly maximum charge on unarranged overdrafts for personal current accounts.

Harriett Baldwin

The Government is clear that consumers must be able to access clear and transparent information about the charges that may apply to financial services products, including bank accounts. In addition, the Financial Conduct Authority requires firms to be clear, fair and not misleading when giving information to consumers, including on fees and charges.

The Competition and Markets Authority (CMA) is currently undertaking a market investigation into competition within the retail banking market, including personal current accounts. In its May 2016 provisional decision on remedies, the CMA proposed requiring banks to take steps including: a monthly maximum charge for unarranged overdrafts; alerts to help customers avoid unarranged overdraft charges; improving comparisons by allowing customers to share data on transactions with other banks and trusted third parties; and regular prompts for customers to check that they are getting good value from their banking provider.

The CMA’s investigation is ongoing and it is currently consulting on the provisional decision on remedies. The Government welcomes the CMA’s work as a crucial step towards the goal of a highly competitive banking system, and stands ready to take action as necessary once the CMA publishes its final report in the summer.

The below Parliamentary question was asked by Richard Burgon on 2015-11-16.

To ask the Secretary of State for Culture, Media and Sport, what steps his Department is taking to improve the UK’s productivity.

Mr Edward Vaizey

SQW Consulting’s UK Broadband impact study in 2013 estimates that the availability and take-up of faster broadband speeds will add about £17 billion to the UK’s annual Gross Value Added (GVA) by 2024.

This Government is helping increase productivity across the UK by investing in and widening access to key digital infrastructure. We are on track to deliver our commitment to provide superfast broadband coverage to 95% of the UK by the end of 2017.Our£40m Broadband Connection Voucher Scheme was taken up by over 55,000 small and medium sized businesses – who employ a million people right across the UK and are already reporting, on average, a £1,300 per year increase in profits and a new job being created for every four new connections. ThePrime Minister recentlyannounced plans to ensure that every home and business can have access to fast broadband by the end of this Parliament.

The below Parliamentary question was asked by Richard Burgon on 2016-03-23.

To ask the Secretary of State for Health, what statutory duty there is on NHS England or clinical commissioning groups to provide notice of closure of a GP practice to its patients.

Alistair Burt

GP Contract regulations require a practice to give NHS England written notice of their intention to terminate their contract. Where the contract is with a partnership, the contract terminates six months from the date of the notice. In the case of a single handed practice, the contract terminates three months from the date of the notice.

There is no specific statutory duty on NHS England to notify patients of the closure of a practice however the National Health Service Act 2006 requires NHS England to ensure the provision of primary medical services throughout England.

However, NHS England take the closure of a practice very seriously and will look to engage with patients at the earliest opportunity.

The below Parliamentary question was asked by Richard Burgon on 2016-03-23.

To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect of the initial disposal of Government shares in Royal Bank of Scotland in August 2015 on (a) the share price and (b) the proposed future sale of shares.

Harriett Baldwin

The first sale of Government shares in RBS was conducted in August 2015 and raised £2.1 billion for the taxpayer. This was an important first step in returning the bank to private ownership, which is the right thing to do for the taxpayer and for British businesses: it will promote financial stability, lead to a more competitive banking sector, and support the interests of the wider economy.

The government will conduct further sales of RBS shares subject to market conditions, and in doing so will maximise value for the taxpayer. The returns on the government’s interventions in RBS will be determined by the success of the whole of the selling programme, rather than the terms achieved on the first few disposals.