Asked by: Philip Boswell (Scottish National Party - Coatbridge, Chryston and Bellshill)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate he has made of the amount Scottish businesses will pay on an annual basis under the proposed Apprenticeship Levy.
Answered by Greg Hands
The Apprenticeship Levy will apply across the UK and will be collected from employers on a UK wide basis. An allowance of £15,000 means only those with a paybill exceeding £3million will have to pay it; less than 2 per cent of all employers. Regional level estimates of those likely to pay the Apprenticeship Levy are not available. However, the UK government remains committed to doing all we can to make the system work for employers wherever they are in the UK.
Asked by: Philip Boswell (Scottish National Party - Coatbridge, Chryston and Bellshill)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what discussions he has had with the (a) Prudential Regulation Authority and (b) Financial Conduct Authority on collateralised loan obligations containing high-yield energy debt and the default rate of companies in the oil and gas sector on high-yield loans.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
Treasury Ministers and officials meet regularly with the Prudential Regulation Authority and the Financial Conduct Authority to discuss relevant regulatory issues.
As was the case with previous Administrations, it is not the Treasury’s practice to provide details of all such discussions.
Asked by: Philip Boswell (Scottish National Party - Coatbridge, Chryston and Bellshill)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate he has made of the potential price per share at sale of the Government's 73 per cent stake in the Royal Bank of Scotland compared to the amount paid per share in 2008.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
The Government will conduct further sales of RBS shares subject to market conditions, and in doing so will maximise value for the taxpayer.
The OBR presented an estimate of future proceeds in the March 2016 Budget.
Asked by: Philip Boswell (Scottish National Party - Coatbridge, Chryston and Bellshill)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment his Department has made on the potential selling price of the Government's remaining stake in the Royal Bank of Scotland of the implications for the leveraged loans made by that bank to the oil and gas sector of the default rate of companies in that sector on high-yield loans.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
The Government’s shareholding in RBS is managed at arm’s length from HM Treasury by UK Financial Investments (UKFI). However, UKFI’s role is to manage the investment, not the bank. RBS retains its own independent Board of Directors. Commercial decisions such as lending remain the responsibility of the bank’s independent management team and not the Government.
Asked by: Philip Boswell (Scottish National Party - Coatbridge, Chryston and Bellshill)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect of the rising default rate of companies in the oil and gas sector on their high-yield loans on wider stability of the financial sector.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
The Chancellor has set out the government’s view on the challenges facing the UK economy at budget on 16 March 2016. The transcript of the speech is available from:
www.gov.uk/government/speeches/budget-2016-george-osbornes-speech
In addition, the Bank of England’s December 2015 Financial Stability Report sets out analysis on the exposures of UK banks to commodity sectors. The full report can be found here:
www.bankofengland.co.uk/publications/Pages/fsr/2015/dec.aspx