Asked by: Michael Fallon (Conservative - Sevenoaks)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what steps he is taking to progress the RBS Global Restructuring Group redress scheme.
Answered by John Glen
In November 2016 the Royal Bank of Scotland (RBS) announced, with the agreement of the Financial Conduct Authority, a Global Restructuring Group (GRG) complaints process overseen by an Independent Third Party, and an automatic refund of complex fees paid by relevant customers in GRG between 2008 and 2013. This scheme is a commercial matter for RBS, and the Government has played no role in the establishment or operation of this scheme.
The Government’s shareholding in RBS is managed commercially and at arm’s length by UK Financial Investments (UKFI). RBS retains its own board which is responsible for commercial and operational decisions.
Asked by: Michael Fallon (Conservative - Sevenoaks)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether he plans to establish an independent tribunal to act as a mandatory first dispute resolution mechanism between banks and small and medium-sized enterprises; and what representations he has received on such a tribunal since 2015.
Answered by John Glen
The Government receives representations on a number of issues from both MPs, organisations and individuals.
The Financial Conduct Authority recently published its consultation on widening the remit of the Financial Ombudsman Service, and its feedback statement on its 2015 SME paper. The Government is considering those findings closely, and considering wider options being put forward on dispute resolution between small and medium-sized enterprises and banks.
Asked by: Michael Fallon (Conservative - Sevenoaks)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what information his Department holds on the number of UK companies which operated employee share schemes in (a) 1988, (b) 1990, (c) 2000, (d) 2010 and (e) 2017.
Answered by Mel Stride - Shadow Chancellor of the Exchequer
The number of UK companies that operated each of the four tax-advantaged Employee Share Schemes from 2000-01 to 2015-16 can be found on the gov.uk website at:
https://www.gov.uk/government/statistics/companies-with-tax-advantaged-employee-share-schemes
Information for earlier years is not available.
Information for 2017-18 is due to be published in June 2019.
Asked by: Michael Fallon (Conservative - Sevenoaks)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what information his Department holds on the number of UK employees who held shares in the company they worked for in (a) 1988, (b) 1990, (c) 2000, (d) 2010 and (e) 2017.
Answered by Mel Stride - Shadow Chancellor of the Exchequer
Complete information on the number of UK employees who hold shares in the company they work for is not held by HMRC.
HMRC publishes information on the number of employees who have acquired shares in their employer company through tax-advantaged share schemes in any particular year at:
https://www.gov.uk/government/collections/employee-share-schemes-statistics
HMRC will not have information on shares acquired by employees in their employer company outside of these share schemes.
Asked by: Michael Fallon (Conservative - Sevenoaks)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how many UK companies benefited from the Save As You Earn scheme in (a) 1981, (b) 1990, (c) 2000, (d) 2010 and (e) 2017.
Answered by Mel Stride - Shadow Chancellor of the Exchequer
The number of UK companies that operated each of the four tax-advantaged Employee Share Schemes from 2000-01 to 2015-16 can be found on the gov.uk website at:
https://www.gov.uk/government/statistics/companies-with-tax-advantaged-employee-share-schemes
Information for earlier years is not available.
Information for 2017-18 is due to be published in June 2019.
Asked by: Michael Fallon (Conservative - Sevenoaks)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how many UK companies benefited from a company share option plan in (a) 1981, (b) 1990, (c) 2000, (d) 2010 and (e) 2017.
Answered by Mel Stride - Shadow Chancellor of the Exchequer
The number of UK companies that operated each of the four tax-advantaged Employee Share Schemes from 2000-01 to 2015-16 can be found on the gov.uk website at:
https://www.gov.uk/government/statistics/companies-with-tax-advantaged-employee-share-schemes
Information for earlier years is not available.
Information for 2017-18 is due to be published in June 2019.
Asked by: Michael Fallon (Conservative - Sevenoaks)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how many UK companies received Enterprise Management Incentives in (a) 2000, (b) 2010 and (c) 2017.
Answered by Mel Stride - Shadow Chancellor of the Exchequer
The number of UK companies that operated each of the four tax-advantaged Employee Share Schemes from 2000-01 to 2015-16 can be found on the gov.uk website at:
https://www.gov.uk/government/statistics/companies-with-tax-advantaged-employee-share-schemes
Information for earlier years is not available.
Information for 2017-18 is due to be published in June 2019.
Asked by: Michael Fallon (Conservative - Sevenoaks)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how many UK companies benefited from a share incentive plan in (a) 2000, (b) 2010 and (c) 2017.
Answered by Mel Stride - Shadow Chancellor of the Exchequer
The number of UK companies that operated each of the four tax-advantaged Employee Share Schemes from 2000-01 to 2015-16 can be found on the gov.uk website at:
https://www.gov.uk/government/statistics/companies-with-tax-advantaged-employee-share-schemes
Information for earlier years is not available.
Information for 2017-18 is due to be published in June 2019.
Asked by: Michael Fallon (Conservative - Sevenoaks)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate he has made of the number of Equitable Life policyholders who have received payments (a) of less than a quarter of their relative losses, (b) more than a quarter of their relative losses and (c) totalling their relative losses.
Answered by Steve Barclay
I refer the right honourable member to my answer of 7 November 2017 (PQ 110748).
Asked by: Michael Fallon (Conservative - Sevenoaks)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what steps he is taking to ensure that no parents, particularly those on low incomes, will receive less financial support with tax-free childcare than they would with childcare vouchers.
Answered by Elizabeth Truss
The Government is committed to supporting working families with the cost of childcare. We are doubling the free childcare available to working parents of 3&4 year olds to 30 hours a week, saving them around £5,000 a year per child. In 2019/20 we will be spending around £6bn on childcare support – a record amount.
Childcare vouchers are only offered by a minority of employers and are unavailable to self-employed parents, or those who do not earn enough to participate in salary sacrifice schemes.
Tax-Free Childcare is designed to be fairer and better targeted. It will have a far wider reach than vouchers and is expected to benefit over 1 million working households. The minimum income level of just over £120 a week will support those parents earning the National Living Wage who are unable to use childcare vouchers. Under Tax Free Childcare many self-employed parents can get help with childcare costs for the first time.
Parents currently using vouchers will be able to continue using them, if they prefer, while they continue to work for the same employer and that employer continues to offer them.