Asked by: Mark Williams (Liberal Democrat - Ceredigion)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, when his Department plans to respond to the Eleventh Report from the Treasury Committee, Session 2014-15, Conduct and competition in SME lending, HC204.
Answered by Harriett Baldwin
The Government response, which was published on 21 December 2015, is available on gov.uk.
Asked by: Mark Williams (Liberal Democrat - Ceredigion)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what information his Department holds on the number of communities of 5,000 people or more in England where there is no bank branch within a radius of three miles.
Answered by Harriett Baldwin
The Government does not hold the information requested.
Banks and building societies need to balance customer interests, market competition, and other commercial factors when considering their strategy. Decisions on the opening and closing of individual branches are taken by the management of each bank on a commercial basis without intervention from Government.
The Government welcomed the industry-wide Access to Banking protocol announced in March 2015. From the first of May this year, each participating bank has committed to carry out a number of steps if it is closing a branch, including the preparation of meaningful local impact assessments. There is a commitment to a review of the operation of the protocol after one year, and the Government looks forward to its conclusions.
The availability of alternative locations for accessing basic banking services is also important. The ongoing negotiation between the banks and the Post Office to agree a standard set of services – to be made available to personal and small business banking customers at Post Office counters across the country – remains vital. The Government is clear that completion of these negotiations should be a priority.
Asked by: Mark Williams (Liberal Democrat - Ceredigion)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what support the Government is giving to unincorporated businesses via the taxation system.
Answered by David Gauke
The government is committed to supporting unincorporated businesses. At Budget 2015, the government announced that it would transform the tax system over the course of this Parliament by introducing digital tax accounts for everyone, removing the need for annual tax returns.
In addition, the government has introduced cash basis accounting so that the smallest businesses can report their income and expenses to HMRC in a simpler way.
Building on recommendations by the Office of Tax Simplification (OTS), the government will consult in autumn 2015 on abolishing Class 2 NICs and reforming Class 4 NICs. This will simplify the NICs system and reduce the administrative burden of NICs for millions of self-employed individuals.
At Summer Budget 2015, the Chancellor announced the Annual Investment Allowance would rise to its highest ever permanent level from January 2016.
The allowance enables businesses, including unincorporated businesses, to write down 100% of all qualifying investment in plant and machinery against its taxable profits up to £200,000, providing a cash flow benefit to companies who invest.
Asked by: Mark Williams (Liberal Democrat - Ceredigion)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, when he next plans to publish an updated National Infrastructure Plan.
Answered by Greg Hands - Minister of State (Department for Business and Trade)
The date for publication of the National Infrastructure Plan will be confirmed in due course.
Asked by: Mark Williams (Liberal Democrat - Ceredigion)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what plans he has to update the work of the Holtham Commission on funding for Wales.
Answered by Danny Alexander
The Secretary of State for Wales has announced a process to consider the Welsh devolution settlement, with the aim of reaching cross-party agreement by 1 March 2015.
Building on the joint review process agreed in October 2012 and undertaken as part of the Spending Round in 2013, the UK and Welsh governments have also agreed to revisit the arrangements for considering relative funding in light of the powers contained in the Wales Bill.
Asked by: Mark Williams (Liberal Democrat - Ceredigion)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what recent assessment he has made of the need to provide access to his Department's services in Welsh.
Answered by Andrea Leadsom - Parliamentary Under-Secretary (Department of Health and Social Care)
The Treasury is fully committed to providing government services in the Welsh language where there is demand for them. As part of this the Treasury can provide translation of documents and of content we publish on an ad hoc basis if requests are received.
Asked by: Mark Williams (Liberal Democrat - Ceredigion)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, with reference to the report by Nevin Associates Ltd, entitled The fiscal impact of lower VAT rates on visitor accommodation and attractions in the United Kingdom: Final Report, published in July 2014, if he will make an assessment of the implications for his policies of the conclusion on page 29 of that report that a reduction in VAT on tourism would generate a positive net present value of £3.9 billion for his Department over the course of 10 years and would create 123,000 jobs in the tourism sector.
Answered by David Gauke
The Government does not always agree with the conclusions of the reports it receives, nor the assumptions underlying them. I refer the Hon gentlemen to my comments during the Westminster Hall debate on 11 February 2014.
Asked by: Mark Williams (Liberal Democrat - Ceredigion)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 7 July 2014, Official Report, column 121W, on gold prices, if he will request that the review into the operation of the gold market consider the appropriateness of allowing and encouraging gold investments within ISAs.
Answered by Andrea Leadsom - Parliamentary Under-Secretary (Department of Health and Social Care)
The Fair and Effective Markets Review, which has been tasked with considering how to raise standards in fixed income, currency and commodity markets, has been in operation since June 2014. The terms of reference for the FEMR can be found at: http://www.bankofengland.co.uk/publications/Documents/news/2014/tor.pdf
At this time, the Government has no plans to amend the terms of reference.
Asked by: Mark Williams (Liberal Democrat - Ceredigion)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, with reference to the Answer of 24 February 2014, Official Report, column 29W, on gold: prices, and the academic draft report of February 2014, by Professor Rosa Abrantes, Adviser to the EU and International Organisation of Securities Commission on Financial Benchmarks, entitled Gold Price Fix, and her reports of systemic manipulation of the twice daily gold fix over several years, if he will make an assessment of the effect of (a) US regulatory authorities' interventions in the gold market and (b) such interventions on gold market-related securities in ISAs.
Answered by Andrea Leadsom - Parliamentary Under-Secretary (Department of Health and Social Care)
The Government monitors all aspects of the gold market. Although no specific assessment of US regulatory interventions has been made, the Government is committed to taking action, whenever necessary, to ensure the efficient functioning of these essential markets. In order to raise standards of conduct in the financial system the Government has launched a joint review by the Treasury, the Bank of England and the Financial Conduct Authority into the way wholesale financial markets operate, including commodity markets.
Asked by: Mark Williams (Liberal Democrat - Ceredigion)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, with reference to the Answer of 24 February 2014, Official Report, column 29W, on gold: prices, and to the Financial Conduct Authority's decision to fine Barclays Bank for gold fix manipulation, if he will make an assessment of the effect of (a) US regulatory authorities' interventions in the gold market and (b) such interventions on gold market-related securities in ISAs.
Answered by Andrea Leadsom - Parliamentary Under-Secretary (Department of Health and Social Care)
The Government monitors all aspects of the gold market. Although no specific assessment of US regulatory interventions has been made, the Government is committed to taking action, whenever necessary, to ensure the efficient functioning of these essential markets. In order to raise standards of conduct in the financial system the Government has launched a joint review by the Treasury, the Bank of England and the Financial Conduct Authority into the way wholesale financial markets operate, including commodity markets.