Asked by: Lord Austin of Dudley (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government why the powers which they propose to confer on the Financial Conduct Authority through the insertion of new section 131Z12 to the Financial Services and Markets Act 2000 are not subject to a right to a full merits-based appeal, such as to the Competition Appeal Tribunal.
Answered by Lord Livermore
The Financial Services and Markets Bill simplifies how payment systems are regulated by abolishing the Payment Systems Regulator (PSR) and transferring its responsibilities to the Financial Conduct Authority (FCA). In doing so, it gives the FCA objectives and powers generally equivalent to those currently held by the PSR, including the ability to make rules or give directions for the purpose of regulating payment system fees and charges. This ensures there is continuity in regulation and that the FCA can carry out its new responsibilities effectively.
The FCA’s power to regulate payment system fees and charges would be subject to challenge on judicial review principles. A challenge to equivalent powers held by the PSR is determined by judicial review principles, and the Bill maintains the same test when those functions transfer to the FCA. This is also consistent with the existing approach taken elsewhere in the Financial Services and Markets Act 2000.
The Government recognises that regulators’ powers should be subject to appropriate safeguards. Powers to regulate payment system fees and charges must advance payment systems objectives. The Bill ensures before exercising those powers, the FCA must comply with procedural requirements, such as undertaking a consultation, which help to ensure decisions are transparent, evidence-based and proportionate.
Asked by: Lord Austin of Dudley (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government whether the powers conferred on the Financial Conduct Authority in the Financial Services and Markets Bill in schedule 2, paragraph 18, inserted new section 131Z12, are consistent with their objective of strengthening the UK's position as a global financial centre; and what assessment they have made of the impact of those powers on long-term investment in payments infrastructure.
Answered by Lord Livermore
The Government is committed to maintaining the UK’s position as a leading global financial centre, supported by a competitive, innovative and well-regulated payments ecosystem that delivers good outcomes for consumers, businesses and the wider economy.
The Financial Services and Markets Bill simplifies how payment systems are regulated by abolishing the Payment Systems Regulator and transferring its functions to the Financial Conduct Authority. The Bill gives the FCA objectives and powers that are equivalent to those currently held by the PSR, ensuring there is continuity in regulation and that the FCA can carry out its new responsibilities effectively.
The price control provision is not an expansion of regulatory powers. It clarifies and replicates powers already exercisable by the PSR, so the FCA has the same tools where intervention is justified to protect service-users and support effective competition.
At the same time, the Government recognises that regulators must act proportionately and that their powers should be subject to appropriate safeguards. The Bill therefore strengthens the framework by requiring the FCA to consult before exercising this power, a safeguard that is not always required under the current regime. This will help ensure decisions are transparent, evidence-based and proportionate.
Asked by: Lord Austin of Dudley (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government whether they intend to introduce an explicit threshold requiring demonstrated market failure before the Financial Conduct Authority may exercise its powers under the Financial Services and Markets Bill, schedule 2, paragraph 18, inserted new section 131Z12.
Answered by Lord Livermore
The Government is committed to maintaining the UK’s position as a leading global financial centre, supported by a competitive, innovative and well-regulated payments ecosystem that delivers good outcomes for consumers, businesses and the wider economy.
The Financial Services and Markets Bill simplifies how payment systems are regulated by abolishing the Payment Systems Regulator and transferring its functions to the Financial Conduct Authority. The Bill gives the FCA objectives and powers that are equivalent to those currently held by the PSR, ensuring there is continuity in regulation and that the FCA can carry out its new responsibilities effectively.
The price control provision is not an expansion of regulatory powers. It clarifies and replicates powers already exercisable by the PSR, so the FCA has the same tools where intervention is justified to protect service-users and support effective competition.
At the same time, the Government recognises that regulators must act proportionately and that their powers should be subject to appropriate safeguards. The Bill therefore strengthens the framework by requiring the FCA to consult before exercising this power, a safeguard that is not always required under the current regime. This will help ensure decisions are transparent, evidence-based and proportionate.
Asked by: Lord Austin of Dudley (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what plans he has to remove the VAT on all digital publications.
Answered by Jesse Norman - Shadow Leader of the House of Commons
The Government keeps all taxes under review, including VAT.
Any amendments to the VAT regime as it applies to physical publications and e-publications must be carefully assessed against policy, economic and fiscal considerations. Any representations on this issue will be considered as part of the fiscal events process.
Asked by: Lord Austin of Dudley (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will ask the Chief Executive of HMRC to hold discussions with the Chief Executive of the Roadchef Employee Benefits Trust on a resolution to the current dispute with that organisation.
Answered by Jesse Norman - Shadow Leader of the House of Commons
The administration of the tax system is a matter for HM Revenue and Customs. It would not be appropriate for Treasury Ministers to become involved in the administration of the tax system in specific cases.
Asked by: Lord Austin of Dudley (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when the National Infrastructure Strategy will be published.
Answered by Simon Clarke
The Chancellor confirmed on August 9th that the National Infrastructure Strategy will be published in autumn 2019.
Asked by: Lord Austin of Dudley (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what fiscal steps his Department is taking to prevent pub closures.
Answered by Robert Jenrick
The government remains committed to supporting pubs and we have taken action to this end – including cuts to business rates worth over £10 billion by 2023 and a £1,000 business rates discounts for small and medium pubs.
Furthermore, at Autumn Budget 2017 the government announced a freeze to all alcohol duties. Cuts to alcohol taxes since 2013 mean the average tax on a pint of beer is estimated to be 12p lower than it otherwise would have been, showing the government’s continued support for the country’s local pubs.
Asked by: Lord Austin of Dudley (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to ensure that people are not better off out of work than in work.
Answered by Elizabeth Truss
Work is the best route out of poverty and the government is ensuring that work always pays. Increases in the National Living Wage (NLW) have handed full-time minimum wage workers a pay rise of over £2,000 since the introduction of the NLW, and changes to the personal allowance will see 1.2m individuals taken out of income tax altogether by 2018-19 (compared to 2015-16).
We have also made sure the welfare system is fairer and rewards work. Universal Credit (UC) replaces six benefits with one and applies a single taper to claimants’ benefit awards, removing the poor incentives of the old system to ensure that it always pays more to be in work than out of work.
The Government’s childcare offer is also ensuring parents are supported into work. UC provides support for childcare costs worth up to £1108 per month for two or more children. Eligible working families in England are also entitled to 30 hours free childcare for three and four-year olds, worth up to £5000 per year. A lone parent only has to earn around £6,500 a year to be able to access this entitlement and a couple just over £13,000, making work pay for parents.
Asked by: Lord Austin of Dudley (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to ensure that the costs of hiring contractors are not increased as a result of the extension of IR35 off-payroll tax to the private sector.
Answered by Mel Stride - Shadow Chancellor of the Exchequer
The Government recently consulted on how to best tackle non-compliance with the off-payroll working rules (known as IR35) in the private sector and is considering consultation responses. The impact and effect on businesses will depend on the outcome of those consultations.
HM Revenue and Customs published independent research on the impact of the April 2017 reform to off-payroll working rules in the public sector. The research found that the majority of public bodies have felt little change in either their ability to fill vacancies or the rates paid to contractors.
Link to the independent research:-
Asked by: Lord Austin of Dudley (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent assessment he has made of trends in the level of public sector pay in the last five years.
Answered by Elizabeth Truss
The Government’s pay policy has always been designed to strike the right balance between being fair to public servants and being fair to all those, including public sector workers themselves, whose taxes pay for them.
That approach has not changed, and the Government continually assesses that careful balance. The current assessment is that salaries in the public sector are, on average, comparable to those in the private sector with the additional benefit of higher pension entitlements in many cases.
The ONS publishes the Annual Survey of Hours and Earnings (ASHE), which includes median gross annual earnings in the public sector. A time series of this data from 1997 to 2017 can be accessed via the following link: