Asked by: David Nuttall (Conservative - Bury North)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what discussions he has had with his EU counterparts and the European Commission on retaining the level of UK bank deposit guarantees at £85,000; and what estimate he has made of the level of funds set aside for such guarantees in (a) 2015 and (b) 2016.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
As with any new EU legislation, HM Treasury engaged in discussions with the European Commission and other EU member states during the negotiation of the Deposit Guarantee Schemes Directive, and following its adoption in order to manage the transposition effectively. HM Treasury laid a statutory instrument to ensure that UK depositors would not be exposed to a sudden reduction in the level of protection to which they are entitled from the Financial Services Compensation Scheme (FSCS).
FSCS compensation is funded by levies on regulated financial services firms, within a limit which is set by the Financial Conduct Authority and Prudential Regulation Authority.
Asked by: David Nuttall (Conservative - Bury North)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, which external organisations he has met to discuss the consequences of the UK leaving the EU in each of the last three years; and how many times he has met each such organisation.
Answered by David Gauke
The Government is focused on delivering a successful renegotiation: it believes it 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. The Chancellor of the Exchequer regularly meets with a range of external organisations to discuss the Government's objectives in Europe. Details of Ministerial meetings with external organisations are published quarterly.
Asked by: David Nuttall (Conservative - Bury North)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, which external organisations officials in his Department have met to discuss the consequences of the UK leaving the EU in each of the last three years; and how many meetings such officials have had with each such organisation.
Answered by David Gauke
The Government is focused on delivering a successful renegotiation: it believes it 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. Officials regularly meet with a range of external organisations to discuss the Government's objectives in Europe.
Asked by: David Nuttall (Conservative - Bury North)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how many officials in his Department are engaged in research into the effects of the UK leaving the EU.
Answered by David Gauke
The Government is focused on delivering a successful renegotiation: it believes it 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. Departments are appropriately resourced to support the Government’s priorities in Europe.
Asked by: David Nuttall (Conservative - Bury North)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether he has made an assessment of the potential effect on the number of EU migrants coming to the UK of the reforms of tax credits and the introduction of a living wage announced in the Summer Budget 2015; and whether he plans to take these measures into account in his discussions with EU states on reforming the EU's rules on freedom of movement.
Answered by Damian Hinds
The OBR’s Economic and fiscal outlook (EFO) forecasts incorporate the expected impact of the policy decisions announced in each Budget and Autumn Statement. As well as judging the direct fiscal impact of the policy measures, the OBR must also judge whether – individually or in aggregate – they are likely to affect the outlook for the economy sufficiently to merit adjusting the economic forecast.
Asked by: David Nuttall (Conservative - Bury North)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether the UK (a) was consulted on and (b) took part in the decision by the European Commission to make €35 billion of funds available to Greece.
Answered by David Gauke
Greece is pre-allocated EU budget receipts, totalling €35 billion over the current seven-year budget. All Member States receive such allocations. The Commission have not proposed to increase allocations to Greece – merely to alter the timing of these payments.
The Commission’s proposal is currently being negotiated in Council. As with all Commission proposals relating to EU expenditure, the Government will push for maximum restraint and maximum value for money to ensure UK taxpayers’ interests are protected.
Asked by: David Nuttall (Conservative - Bury North)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what legal rights the UK has to reclaim potential losses brought about by the use of the European Financial Stabilisation Mechanism to bail out Eurozone states.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
The European Financial Stabilisation Mechanism (EFSM) loan to Greece, agreed on 17 July, includes legally binding arrangements to ensure that the UK would incur no costs in the case of a default by Greece. In advance of disbursement, a legally binding agreement (a “Settlement and Payment Agreement”) was signed, which grants the UK and all non-euro area Member States immediate access to collateral, equivalent to their full potential liability, in the event that Greece fails to repay the EFSM loan. The €1.96 billion of collateral is in a ring-fenced account at the European Central Bank.
Subsequently, the Government secured an amendment to the EFSM regulation to ensure that similar legally binding full guarantee arrangements will be in place for any future use of the EFSM for the purpose of securing the financial stability of a member of the single currency.
Asked by: David Nuttall (Conservative - Bury North)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will estimate the number of EU nationals who would not have chosen to migrate to the UK if they had not been entitled to tax credits for the first four years of their stay.
Answered by Damian Hinds
The information requested is not available.