Tag: Richard Burgon

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 financial system resilience of the Prudential Regulation Authority’s proposed rules on ringfencing; and if he will make a statement.

Harriett Baldwin

The Government is confident that the Prudential Regulation Authority’s proposed rules on ring-fencing are beneficial for financial system resilience. These are fully consistent with the Banking Reform Act (2013), and are necessary to ensure the full and timely implementation of the legislation.

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

To ask the Secretary of State for Health, what guidance his Department provides to NHS England and clinical commissioning groups on the account they should take of future residential developments with regard to GP service provision.

George Freeman

Commissioning of general practitioner (GP) services is a responsibility of NHS England and clinical commissioning groups (CCGs) with delegated authority. Currently around half of CCGs have delegated authority. As part of these arrangements, NHS England and CCGs are responsible for planning GP services to ensure they are appropriate for the local population. This should take into account a number of factors, including information about known future residential developments and implications for requirements for healthcare provision, including GP services. Based on this information, the commissioners should engage with the local planning authority to enable decisions to be made on the appropriate funding arrangements for the required health infrastructure resulting from the new development.

Departmental guidance on planning matters for National Health Service organisations is available in Part B of the Department publication Health Building Note 00-08 The efficient management of healthcare estates and facilities and Health Building Note 00-08 Addendum 2 – A guide to town planning for health organisations. These publications are available at:

https://www.gov.uk/government/publications/the-efficient-management-of-healthcare-estates-and-facilities-health-building-note-00-08

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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 correspondence his Department has had with (a) the Commissioner for Financial Stability, Financial Services and Capital Markets Union and (b) UK banks on the European Commission’s proposed regulatory framework for simple, transparent and standardised securitisation; and if he will place a copy of that correspondence in the Library.

Harriett Baldwin

The Government welcomed the development of international and EU standards to revitalise the regulatory framework for securitisation by encouraging the use of simpler and more transparent products. We agree with the Bank of England that a well-functioning and stable securitisation market will benefit financial stability and the wider economy. We support the Basel standards for securitisation, set with the intention of enhancing financial stability, which see features such as tranching and synthetic structures as being legitimate activity. We also support the need for all securitisations to adhere to appropriate rules on transparency and investor due diligence, and that they must be afforded sensibly calibrated capital requirements. Following the financial crisis it was Basel, working with the Financial Stability Board and the International Organization of Securities Commissions which, set the 5 percent risk retention standard.

In the development and delivery of policy, Treasury Ministers and officials are in regular contact with relevant institutions, regulatory authorities, other governments, industry and other civil society groups including think tanks such as Finance Watch.

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 likely effectiveness of the ring-fence between retail and investment banking in reducing the interconnectedness of the UK financial system; and if he will make a statement.

Harriett Baldwin

Ring-fencing will introduce a high degree of operational and economic independence between core retail banks and broader financial markets. The Independent Commission on Banking in 2011 recommended the ring-fencing of retail from investment banking to promote financial system resilience, and the Government agreed with this recommendation.

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 individual general practitioners to provide notice of closure of a GP practice to NHS England or clinical commissioning group.

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 2016-06-15.

To ask Mr Chancellor of the Exchequer, what assessment he has made of the risks to financial stability from the European Commission’s proposed regulatory framework for simple, transparent and standardised securitisation; and if he will make a statement.

Harriett Baldwin

The Government welcomed the development of international and EU standards to revitalise the regulatory framework for securitisation by encouraging the use of simpler and more transparent products. We agree with the Bank of England that a well-functioning and stable securitisation market will benefit financial stability and the wider economy. We support the Basel standards for securitisation, set with the intention of enhancing financial stability, which see features such as tranching and synthetic structures as being legitimate activity. We also support the need for all securitisations to adhere to appropriate rules on transparency and investor due diligence, and that they must be afforded sensibly calibrated capital requirements. Following the financial crisis it was Basel, working with the Financial Stability Board and the International Organization of Securities Commissions which, set the 5 percent risk retention standard.

In the development and delivery of policy, Treasury Ministers and officials are in regular contact with relevant institutions, regulatory authorities, other governments, industry and other civil society groups including think tanks such as Finance Watch.

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

To ask Mr Chancellor of the Exchequer, what steps the Government is taking to ensure that an approach supply of finance to productive investment is available to help increase productivity.

Greg Hands

The government is committed to boosting productivity growth and narrowing the gap with other leading advanced economies. In July 2015 the government published ‘Fixing the Foundations: Creating a more prosperous nation’; a comprehensive plan that sets the agenda to reverse the UK’s long-term productivity problem.

The financial services sector has a dual role in supporting UK productivity. As well as its own productivity performance, it is critical for supporting the rest of the economy, allocating resources and facilitating long term productive investment. In the latest remit letter to the Financial Policy Committee of the Bank of England, the Chancellor highlighted the importance of a stable financial system providing finance for productive investment.

To promote the provision of finance to support productive investment, it is important that it can be measured accurately. The Bank of England, working with HM Treasury, have initiated research to create a better measurement of ‘finance for productive investment’ covering all asset classes and all stages of finance, with a view to publishing the data on a regular basis.

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.