Asked by: Alasdair McDonnell (Social Democratic & Labour Party - Belfast South)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, when the Government plans to implement provisions in the Finance Act 2016 to require (a) multinational enterprises and (b) UK subgroups of multinational enterprises to provide annual country-by-country tax reports to HM Revenue and Customs.
Answered by Jane Ellison
The Government has been a supporter of greater tax transparency and the provision in the Finance Act 2016 mirrors this position.
It remains important that the provision is used to deliver a model of public country-by-country reporting that has been agreed on a multilateral basis. This will ensure public country-by-country reporting applies to both UK headquartered and foreign headquartered multinationals, requiring them to report on their profits and taxes for the full range of countries in which they operate.
We will continue to work with international partners on greater public disclosure of the tax affairs of multinational enterprises, including our continued participation in the discussions on the European Commission’s proposal.
Asked by: Alasdair McDonnell (Social Democratic & Labour Party - Belfast South)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what steps the Government is taking to assist those mortgage holders who are seeking to switch to mortgage providers which offer better repayment terms.
Answered by Simon Kirby
The government is committed to increasing competition in banking and creating an environment in which firms compete to offer a range of products that suit the varying needs of their customers. Both existing and prospective mortgage borrowers may benefit from shopping around to find the best deal available to them.
The Chancellor has not discussed with the Financial Conduct Authority (FCA) what effect its regulations on mortgage affordability assessments have had on the ability of borrowers to switch providers. Similarly the government has not undertaken a formal analysis of these effects.
Although the Treasury sets the legal framework for the regulation of financial services, specific rules are a matter for the FCA whose day-to-day operations are independent from government control and influence.
In May 2016 the FCA published a review which assessed the impact of recent changes to the regulation of mortgage lending. Where lending is affordable, the FCA did not see evidence that the responsible lending rules have prevented creditworthy consumers obtaining loans.
The full review can be found here: https://www.fca.org.uk/publication/thematic-reviews/tr16-04.pdf
According to data from the Bank of England, in September 2016 the average interest rate on outstanding mortgages fell to a historic low of 2.74%.
Asked by: Alasdair McDonnell (Social Democratic & Labour Party - Belfast South)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what discussions he has had with the Financial Conduct Authority on the effect of its regulations on mortgage affordability assessments on the ability of mortgage holders to switch mortgage providers.
Answered by Simon Kirby
The government is committed to increasing competition in banking and creating an environment in which firms compete to offer a range of products that suit the varying needs of their customers. Both existing and prospective mortgage borrowers may benefit from shopping around to find the best deal available to them.
The Chancellor has not discussed with the Financial Conduct Authority (FCA) what effect its regulations on mortgage affordability assessments have had on the ability of borrowers to switch providers. Similarly the government has not undertaken a formal analysis of these effects.
Although the Treasury sets the legal framework for the regulation of financial services, specific rules are a matter for the FCA whose day-to-day operations are independent from government control and influence.
In May 2016 the FCA published a review which assessed the impact of recent changes to the regulation of mortgage lending. Where lending is affordable, the FCA did not see evidence that the responsible lending rules have prevented creditworthy consumers obtaining loans.
The full review can be found here: https://www.fca.org.uk/publication/thematic-reviews/tr16-04.pdf
According to data from the Bank of England, in September 2016 the average interest rate on outstanding mortgages fell to a historic low of 2.74%.
Asked by: Alasdair McDonnell (Social Democratic & Labour Party - Belfast South)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment the Government has made of the effect of Financial Conduct Authority requirements on mortgage affordability assessments on the (a) ability of mortgage holders to switch mortgage providers, (b) competitiveness of the sector for existing mortgage holders and (c) favourability of post-introductory mortgage terms for existing mortgage holders.
Answered by Simon Kirby
The government is committed to increasing competition in banking and creating an environment in which firms compete to offer a range of products that suit the varying needs of their customers. Both existing and prospective mortgage borrowers may benefit from shopping around to find the best deal available to them.
The Chancellor has not discussed with the Financial Conduct Authority (FCA) what effect its regulations on mortgage affordability assessments have had on the ability of borrowers to switch providers. Similarly the government has not undertaken a formal analysis of these effects.
Although the Treasury sets the legal framework for the regulation of financial services, specific rules are a matter for the FCA whose day-to-day operations are independent from government control and influence.
In May 2016 the FCA published a review which assessed the impact of recent changes to the regulation of mortgage lending. Where lending is affordable, the FCA did not see evidence that the responsible lending rules have prevented creditworthy consumers obtaining loans.
The full review can be found here: https://www.fca.org.uk/publication/thematic-reviews/tr16-04.pdf
According to data from the Bank of England, in September 2016 the average interest rate on outstanding mortgages fell to a historic low of 2.74%.
Asked by: Alasdair McDonnell (Social Democratic & Labour Party - Belfast South)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what discussions he and his Cabinet colleagues have had with their counterparts in the Irish government on the potential effect of the UK's withdrawal from the EU on all-island trade and the economy of Northern Ireland.
Answered by David Gauke
Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. As has been the practice adopted by previous administrations, it is not Government policy to normally release details of such meetings.
Asked by: Alasdair McDonnell (Social Democratic & Labour Party - Belfast South)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what steps the Government plans to take to ensure that uncertainty about the outcome of the EU referendum does not affect inward investment in Northern Ireland.
Answered by David Gauke
The Government has a clear mandate to improve Britain’s relationship with the rest of the EU, and to reform the EU so that it creates jobs and increases living standards for all its citizens. As the Prime Minister has made clear, this is about providing the certainty and reform that businesses have asked for. The CBI and BCC have come out to say they support the reform agenda the Prime Minister is seeking to deliver.
As the Chancellor of the Exchequer has noted, the best outcome for the UK economy is that we achieve major economic reform of the EU. The Prime Minister is focused on success: he believes he can and will succeed in reforming and renegotiating our relationship with the EU and campaigning to keep the UK in the EU on that basis.
Asked by: Alasdair McDonnell (Social Democratic & Labour Party - Belfast South)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how much is expected to be allocated to Northern Ireland under the National Infrastructure pipeline in each of the next five years.
Answered by Greg Hands - Minister of State (Department for Business and Trade)
The information requested can be obtained from “National Infrastructure Pipeline”, published in July 2015 and is available here:
https://www.gov.uk/government/publications/national-infrastructure-pipeline-july-2015
Asked by: Alasdair McDonnell (Social Democratic & Labour Party - Belfast South)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether he expects revenue to be generated to the public purse from the sale of assets, buildings and land in Northern Ireland during 2015-16; and if so for what amount.
Answered by Greg Hands - Minister of State (Department for Business and Trade)
The devolved administrations have the capacity to generate income from asset sales and should do so where this is a sensible way of realising value for taxpayers and freeing up resources for investment.
The Government has committed to securing good value for money for taxpayers by establishing UK Government Investments to deliver the sale of a wide range of publicly-owned assets.
The Stormont House Agreement contains specific measures whereby the Treasury would allow the Northern Ireland Executive to retain the proceeds of specific agreed asset sales in their entirety, and give exceptional consideration to those funds being used for a combination of both capital and resource spending.
Asked by: Alasdair McDonnell (Social Democratic & Labour Party - Belfast South)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what steps he is taking to protect viable businesses from distressed securities funds.
Answered by Harriett Baldwin
Many businesses rely on funding and advice from creditors such as Private Equity funds for restructuring purposes, and have used this support to strengthen their business. However, it is inevitable that some businesses cannot overcome their financial difficulties. It is right that those who invest in businesses are allowed compensation in the event the company defaults on their debt.
However, the government understands the importance of protecting businesses from unfair or predatory practices by creditors. Anti-asset stripping measures were introduced under the Alternative Investment Fund Managers Directive (AIFMD), which includes specific measures to address concerns about predatory creditors.
Asked by: Alasdair McDonnell (Social Democratic & Labour Party - Belfast South)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what gifts of what value have been declared to HM Revenue and Customs by members of the English Football Association and the FIFA vice-president in the last three years.
Answered by David Gauke
HM Revenue and Customs (HMRC) is bound by a strict duty of confidentiality, and, under Section 18 (1) Commissioners for Revenue and Customs Act 2005, may not disclose information which is held in connection with its functions. Disclosure of Revenue and Customs information relating to a person whose identity is specified in the disclosure, or can be deduced from it, is an offence under Section 19 (1). This duty of confidentiality prevents HMRC from disclosing details relating to specific individuals.