Tag: Viscount Waverley

The below Parliamentary question was asked by Viscount Waverley on 2016-06-10.

To ask Her Majesty’s Government which European trade agreements are awaiting ratification by the UK Parliament.

Lord Price

The EU-Southern Africa Economic Partnership Agreement and the EU-Central America Association Agreement are expected to be presented to Parliament in the near future.

The EU has concluded negotiations with the following partners and, assuming that these agreements are approved in Council as being of “mixed competence”, each will need to be approved by Parliament: Canada, Ecuador, Singapore, Vietnam, Eastern Africa, and Western Africa.

The below Parliamentary question was asked by Viscount Waverley on 2016-04-14.

To ask Her Majesty’s Government, in the event of the UK leaving the EU, how they intend to change the status of domicile, if at all, in relation to UK citizens living in EU member states.

Lord O’Neill of Gatley

Domicile in the UK is an English common law concept which is distinct from citizenship and nationality. It is not dependent on EU law nor on the UK’s membership of the EU.

The below Parliamentary question was asked by Viscount Waverley on 2016-06-27.

To ask Her Majesty’s Government what assessment they have made of whether gas supplies to the UK are secure and will remain competitively priced following the vote to leave the EU, and what contingency plans they have in place; what percentage of UK gas supplies originate from Russia; and what assessment they have made of whether the devaluation of sterling against the rouble following the vote to leave the EU will adversely affect gas prices.

Lord Bourne of Aberystwyth

Energy security is my top priority. The Department will take the steps needed to ensure hard working families and business have the energy they need, including from overseas where this adds to the diversity and cost effectiveness of our energy supplies.

The UK has high levels of gas security from a diverse supply mix including storage facilities; pipelines from Norway, Netherlands and Belgium; and LNG terminals. This is in addition to domestic production which met over half our annual demand of 773TWh in 2014. Gas shippers in the UK purchase gas from hubs across Europe without HMG intervention in a competitive market.

The below Parliamentary question was asked by Viscount Waverley on 2016-04-14.

To ask Her Majesty’s Government whether, in the event of the UK leaving the EU, UK citizens living in EU member states would continue to be treated as all other UK citizens in the event of their death, in particular regarding their domicile status and death duties on their estates.

Lord O’Neill of Gatley

Domicile in the UK is an English common law concept which is distinct from citizenship and nationality. It is not dependent on EU law nor on the UK’s membership of the EU.

The below Parliamentary question was asked by Viscount Waverley on 2016-06-27.

To ask Her Majesty’s Government what measures they and the Bank of England will be taking to protect and promote (1) the City of London, and (2) Edinburgh, as financial centres until negotiations to exit the EU are completed.

Lord O’Neill of Gatley

The Chancellor has met with financial institutions this week to discuss the impact of the United Kingdom’s decision to leave the European Union.

Britain’s economy and financial system are fundamentally strong. Action by the government and the Bank of England over the last six years has substantially strengthened the resilience of the financial system, and the authorities have all the necessary tools in place to protect financial stability.

The UK is a leading global financial centre serving not just Britain or Europe, but the entire world. It has natural strengths such as a central time zone and the English language, together with an unrivalled pool of firms and investors, supported by world leading legal and professional services. Major banks from across the globe have bases in the UK, and the UK has the fourth highest share of cross-border banking. It is also fast establishing itself as a global hub for renminbi, rupee, Islamic finance, green finance and FinTech business.

Formal negotiations with the EU will not begin until the UK triggers Article 50. In the meantime, and during the negotiations that will follow, there will be no change to people’s rights to travel and work, and to the way our goods and services are traded, or to the way our economy and financial system is regulated.

The government is committed to deepening relationships with new and established trade partners. Earlier this week the Chancellor laid out plans to build a highly competitive economy by targeting a corporation tax rate of less than 15%, focusing on a new push for investment from China, ensuring support for bank lending, redoubling efforts to invest in the Northern Powerhouse and maintaining the UK’s fiscal credibility.

The government will also maintain an open and constructive dialogue with the UK financial services industry, including through the Financial Services Trade and Investment Board, which is tasked with boosting and promoting the UK’s financial services competitiveness position and supporting jobs. Government and industry collaboration will continue to play a central role in delivering a global, sustainable, innovative and competitive UK financial services industry that continues to go from strength to strength.