Asked by: Lord Stoddart of Swindon (Independent Labour - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government, further to the Written Statement by Lord Bates on 19 January (HLWS1308) concerning the Economic and Financial Affairs Council meeting of 12 February, what position was taken by the UK during the exchange of views on the European Commission’s proposal to move to qualified majority voting in EU taxation policy.
Answered by Lord Bates
As set out in an explanatory memorandum dated 5 February 2019,[1] the government does not support the use of qualified majority voting (QMV) in the field of taxation and this remains the case following the recent Economic and Financial Affairs Council (ECOFIN) discussion.
[1] http://europeanmemoranda.cabinetoffice.gov.uk/files/2019/02/Scan.pdf
Asked by: Lord Stoddart of Swindon (Independent Labour - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government, further to the Written Answer by Lord Bates on 28 January (HL12856), whether the €9.75 billion in pensions liabilities are part of the estimated £39 billion settlement or additional to it.
Answered by Lord Bates
The financial settlement negotiated with the European Union includes the value of pensions liabilities incurred while a member state.
We have reached a fair financial settlement with the EU, honouring commitments we made during our period of membership, and have ensured a fair deal for UK taxpayers. The Government was able to secure a number of successes in negotiations that reduced the size of the settlement from what it might have been under the Commission’s original proposal including provisions that enable future simplifications for the period over which we pay for pensions.
Asked by: Lord Stoddart of Swindon (Independent Labour - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government whether the share of pension liabilities to which they have agreed as part of the UK's departure from the EU is based on (1) the full budget share of those liabilities, or (2) the number of British staff employed by the EU up to and until exit day.
Answered by Lord Bates
As set out in the Withdrawal Agreement, as part of the Financial Settlement, the United Kingdom shall be liable to the Union for its share of the financing of the Union's liabilities incurred until 31 December 2020, including pensions. The UK’s share, as set out under Article 139, shall be a percentage calculated as the ratio between the EU Budget contributions made available by the United Kingdom in the years 2014 to 2020 and those EU Budget contributions made available during that period by all Member States and the United Kingdom. The Office for Budget Responsibility in October 2018, estimated the UK’s share of the EU’s pension liabilities as set out in the Withdrawal Agreement, at €9.75 billion.
Asked by: Lord Stoddart of Swindon (Independent Labour - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government what is the total value of the capital and other assets owned by the EU; what percentage of those assets have been contributed to by the UK; and whether that figure will be used as a credit in any calculation of a financial settlement on leaving the EU.
Answered by Lord Bates
Our financial settlement with the EU includes a settlement on the Union’s liabilities which takes into account corresponding assets. We have also agreed that the UK will receive future income from the Union’s investment assets, including those linked to contingent liabilities. The UK’s share of the EU’s assets and liabilities, where not specified, will be calculated by applying the UK’s historical post-rebate financing share using data from across 2014-2020. In March 2018, the Office for Budget Responsibility forecast that the net value of the UK’s share of the EU’s liabilities and assets will be €2.7 billion (£2.5 billion).
Asked by: Lord Stoddart of Swindon (Independent Labour - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government whether they intend to seek candidates internationally for a replacement governor of the Bank of England rather than restricting the post to British candidates; and if so, why.
Answered by Lord Bates
The current Governor of the Bank of England has announced he will serve to 30 June 2019. The process of appointing the next Governor will begin in due course and in a way that ensures a smooth transition and gives certainty to markets. When the time comes, the best person for the job will be appointed, whoever she or he may be.
Asked by: Lord Stoddart of Swindon (Independent Labour - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government, further to the Written Answer by Lord Bates on 16 February (HL5444), what assessment they have made of the compatibility of the UK's commitment to spend 0.79 per cent of Gross National Income on overseas aid with cuts in spending for other public services.
Answered by Lord Bates
The government takes a balanced approach to government spending, getting debt falling but also investing in our key public services like the NHS, and keeping taxes low. It also believes that the UK has a moral obligation to the world’s poorest, and the UK will continue to keep its promise to spend 0.70 per cent of Gross National Income on Official Development Assistance (ODA). This represents less than 2 per cent of total public spending.
Asked by: Lord Stoddart of Swindon (Independent Labour - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government what is their most up-to-date figure for the annual amount paid in respect of motorised vehicles in (1) Vehicle Excise Duty, (2) fuel taxes, (3) VAT, and (4) other government-imposed charges.
Answered by Baroness Neville-Rolfe - Shadow Minister (Treasury)
Vehicle Excise Duty (VED) raised £5.6bn in the fiscal year 2015-16. The Heavy Goods Vehicle VED Levy raised £198m in 2015-16. Of this figure, £50m accounts for non-UK HGV Levy and £148m for UK HGV Levy. Fuel duty raised £27.6bn in 2015-16.
The Government does not have any figures for VAT raised in respect of motorised vehicles. This is because the details that HMRC collect from taxpayers are not specific enough to provide that data.
The only further government charge is the Dartford Crossing Charge, which yielded £133.6m in revenue in 2015-16.
Asked by: Lord Stoddart of Swindon (Independent Labour - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government, following the remarks of Thomas Schäfer, finance minister of Hesse, that the headquarters of the company created by the proposed merger of the London Stock Exchange Group and Deutsche Börse should be in Frankfurt, what assessment they have made of the impact on the UK economy of the transfer of that organisation from the UK to Germany.
Answered by Baroness Neville-Rolfe - Shadow Minister (Treasury)
Under the terms of the proposed merger the new combined company will be located in London. The merger has been approved by shareholders of both companies on these terms. In the UK the Bank of England and Financial Conduct Authority will assess the proposal from a regulatory standpoint. The proposal is also subject to outstanding assessments and approvals by the European Commission and overseas regulators.
Asked by: Lord Stoddart of Swindon (Independent Labour - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government, in the light of the statement by the US President-elect that he intends to reinstate the Glass-Steagall rules, what assessment they have made of the impact this would have on the UK banking system.
Answered by Lord Young of Cookham
The government monitors the financial regulation policies of our international partners, including the US, as they develop.
In the UK, from the 1st of January 2019, our ring-fencing regime will require structural separation of core retail banking from investment banking for UK banks with retail deposits of more than £25 billion.
Asked by: Lord Stoddart of Swindon (Independent Labour - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government whether, in the light of rising house prices, they intend to make representations to the Bank of England discouraging it from reducing interest rates.
Answered by Lord O'Neill of Gatley
The UK’s monetary policy framework, set out in the Bank of England Act 1998, gives operational responsibility for monetary policy to the independent Monetary Policy Committee (MPC). Decisions on the use of monetary policy tools are for the judgement of the MPC.