Asked by: Lord Lamont of Lerwick (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what guidance, if any, they give to the management of NatWest about their expectations, in managing their 38.6% shareholding in that company.
Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)
The Government’s 38.6% shareholding in NatWest Group is managed at arm’s length and on a commercial basis by UK Government Investments (UKGI). UKGI’s role is to manage the shareholding, not the bank itself. As a shareholder in NatWest, the government does not intervene in the operational decisions of NatWest. NatWest’s board is responsible for the bank’s strategic and operational decisions.
As set out at Budget, the Government intends to exit its shareholding by 2025-26 subject to market conditions and achieving value for money for taxpayers.
The Government does have wider responsibilities for financial services regulation. As a matter of public policy, the Government has been clear that it is wrong to remove someone's bank account on the basis of their lawfully-held views, and the Economic Secretary to the Treasury reiterated that message on Wednesday 26 July with leaders from the banking and building society sector.
The Government notes NatWest Group’s confirmation, on 25 July 2023, that they will be conducting an independent review into account-closure arrangements, and that, upon completion, the findings of that review will be made public[1].
[1] https://www.natwestgroup.com/news-and-insights/news-room/press-releases/our-updates/2023/jul/update-from-natwest-group-board-and-chief-executive-officer.html
Asked by: Lord Lamont of Lerwick (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made, given their 38.6% shareholding in NatWest, of the descriptions of the “purpose” and “values” of NatWest in the papers released to Nigel Farage.
Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)
The Government’s 38.6% shareholding in NatWest Group is managed at arm’s length and on a commercial basis by UK Government Investments (UKGI). UKGI’s role is to manage the shareholding, not the bank itself. As a shareholder in NatWest, the government does not intervene in the operational decisions of NatWest. NatWest’s board is responsible for the bank’s strategic and operational decisions.
As set out at Budget, the Government intends to exit its shareholding by 2025-26 subject to market conditions and achieving value for money for taxpayers.
The Government does have wider responsibilities for financial services regulation. As a matter of public policy, the Government has been clear that it is wrong to remove someone's bank account on the basis of their lawfully-held views, and the Economic Secretary to the Treasury reiterated that message on Wednesday 26 July with leaders from the banking and building society sector.
The Government notes NatWest Group’s confirmation, on 25 July 2023, that they will be conducting an independent review into account-closure arrangements, and that, upon completion, the findings of that review will be made public[1].
[1] https://www.natwestgroup.com/news-and-insights/news-room/press-releases/our-updates/2023/jul/update-from-natwest-group-board-and-chief-executive-officer.html
Asked by: Lord Lamont of Lerwick (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government whether, as 38.6% shareholders in NatWest, they will request the company to investigate the briefings provided to the BBC about the alleged financial position of Nigel Farage.
Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)
The Government’s 38.6% shareholding in NatWest Group is managed at arm’s length and on a commercial basis by UK Government Investments (UKGI). UKGI’s role is to manage the shareholding, not the bank itself. As a shareholder in NatWest, the government does not intervene in the operational decisions of NatWest. NatWest’s board is responsible for the bank’s strategic and operational decisions.
As set out at Budget, the Government intends to exit its shareholding by 2025-26 subject to market conditions and achieving value for money for taxpayers.
The Government does have wider responsibilities for financial services regulation. As a matter of public policy, the Government has been clear that it is wrong to remove someone's bank account on the basis of their lawfully-held views, and the Economic Secretary to the Treasury reiterated that message on Wednesday 26 July with leaders from the banking and building society sector.
The Government notes NatWest Group’s confirmation, on 25 July 2023, that they will be conducting an independent review into account-closure arrangements, and that, upon completion, the findings of that review will be made public[1].
[1] https://www.natwestgroup.com/news-and-insights/news-room/press-releases/our-updates/2023/jul/update-from-natwest-group-board-and-chief-executive-officer.html
Asked by: Lord Lamont of Lerwick (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made, given their 38.6% shareholding in NatWest, of the decision by NatWest to give no loans for new oil and gas projects.
Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)
The Government’s 38.6% shareholding in NatWest Group is managed at arm’s length and on a commercial basis by UK Government Investments (UKGI). UKGI’s role is to manage the shareholding, not the bank itself. As a shareholder in NatWest, the government does not intervene in the operational decisions of NatWest. NatWest’s board is responsible for the bank’s strategic and operational decisions.
As set out at Budget, the Government intends to exit its shareholding by 2025-26 subject to market conditions and achieving value for money for taxpayers.
The Government does have wider responsibilities for financial services regulation. As a matter of public policy, the Government has been clear that it is wrong to remove someone's bank account on the basis of their lawfully-held views, and the Economic Secretary to the Treasury reiterated that message on Wednesday 26 July with leaders from the banking and building society sector.
The Government notes NatWest Group’s confirmation, on 25 July 2023, that they will be conducting an independent review into account-closure arrangements, and that, upon completion, the findings of that review will be made public[1].
[1] https://www.natwestgroup.com/news-and-insights/news-room/press-releases/our-updates/2023/jul/update-from-natwest-group-board-and-chief-executive-officer.html
Asked by: Lord Lamont of Lerwick (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government what plans they have to ask the EU to ease the administrative and paperwork requirements for lorries carrying medicines and humanitarian supplies to Ukraine.
Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)
The UK is committed to working with partners, including the EU, as well as humanitarian agencies, to ensure a well-coordinated and well-funded response to the humanitarian crisis in Ukraine and the region.
We have initiated a number of conversations with the EU and its Member States to understand their plans to ease the movement of humanitarian supplies. The EU has been working with Member States on this issue and several are now easing their entry and exit regime to support the humanitarian effort for Ukraine.
The UK Government has also introduced a simplified customs process to support the export of aid goods destined for victims of the humanitarian crisis in Ukraine. More information can be found on the gov.uk website.
Unless an organisation or person has a licence, medicines cannot be exported using this simplified process.
The UK has committed a £220 million humanitarian aid package for Ukraine to help aid agencies respond to the deteriorating situation, creating a lifeline for Ukrainians to access basic necessities and medical supplies.
Asked by: Lord Lamont of Lerwick (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government when they expect to reply to the letter sent by Lord Lamont of Lerwick to the Chancellor of the Exchequer on 1 September.
Answered by Lord Agnew of Oulton
The Chancellor hopes to reply to Lord Lamont’s letter shortly. He has asked his officials to look into Lord Lamont’s letter, and to consider the policy proposal contained therein.
Asked by: Lord Lamont of Lerwick (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government what estimate they have made of the impact of (1) current social distancing measures on GDP, and (2) the impending recession referred to by the Chancellor of the Exchequer at the Economic Affairs Committee on 19 May, on GDP. [T]
Answered by Lord Agnew of Oulton
HM Treasury does not produce forecasts of the economy or public finances.
The Office for Budget Responsibility (OBR) is responsible for producing forecasts of the economy and public finances. On 14 April the OBR published a reference scenario assessing the potential impact of coronavirus. In this scenario GDP is assumed to fall by 35 per cent in the second quarter of 2020 before recovering in subsequent quarters. The OBR note that the Government’s policy response should help limit the long-term damage to the economy and public finances.
Asked by: Lord Lamont of Lerwick (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government whether extending the implementation period for the UK's withdrawal from the EU would mean that payments by the UK to the EU during that period would qualify for a full rebate.
Answered by Lord Bates
The financial terms of any extension to the implementation period would be subject to negotiations between the UK and the EU. However, the Government would not necessarily expect any option to extend the implementation period to be used. The draft legal text published by the UK and EU states that the implementation period will end on 31 December 2020, and the Government is working at pace to ensure that we have a future relationship in place by that date.