Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, on how many occasions his Department has been unable to notify Parliament of the particulars of a liability and thus fulfil the required 14 days’ notice prior to that liability going live in the last 12 months.

In the last 12 months there have been three occasions on which HM Treasury was unable, for reasons of commercial and market sensitivity, to provide Parliament with 14 days’ notice of the contingent liabilities being taken on.

On 5 September 2017 the Houses were notified that an existing contingent liability in respect of the Bank of England Asset Purchase Facility had been extended on 3 August 2017 when Parliament was in recess. Although the PAC and TSC chairs were notified by letter on 3 August 2017 as the Houses were not sitting, the Houses would not in any case have been given advance notice for reasons of market sensitivity. Details are provided in HCWS108 and HLWS110.

On 20 November 2017 the same contingent liability in respect of the Bank of England Asset Purchase Facility was extended further and Parliament was notified on this day. Advance notice was not given for reasons of market sensitivity. Details are provided in HCWS261 and HLWS260.

On 26 April 2018 a contingent liability was taken on following the sale of Bradford and Bingley loans. Advance notification to the Houses was not given for reasons of commercial sensitivity. Details are provided in HCWS649 and HLWS628.