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Written Question
Ferries: Solent
Friday 20th September 2024

Asked by: Lord Sharkey (Liberal Democrat - Life peer)

Question to the Department for Transport:

To ask His Majesty's Government what assessment they have made of the effectiveness of competition on cross-Solent ferry routes to and from the Isle of Wight in delivering fair consumer pricing.

Answered by Lord Hendy of Richmond Hill - Minister of State (Department for Transport)

Assessments regarding the effectiveness of competition on cross-Solent ferry services are a matter for the Competition and Markets Authority, which is independent of the Government. Decisions on which markets to investigate sit with its board.

The Department continues to engage directly with key stakeholders, including Islanders and ferry companies.


Written Question
Taxation
Monday 16th September 2024

Asked by: Lord Sharkey (Liberal Democrat - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government, further to the Written Answer by Baroness Vere of Norbiton on 13 May (HL4179), when they expect to publish the summary of responses and details of next steps for the Tax Simplification for Alternative Finance consultation, which closed on 9 April.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

On 16 January 2024, under the previous Government, HM Treasury published a consultation proposing changes to the Capital Gains Tax (CGT) rules that apply to alternative financial arrangements. The consultation closed on 9 April 2024 and this Government is carefully considering all responses. A response document will be published in due course.


Written Question
Mortgages: Islam
Monday 13th May 2024

Asked by: Lord Sharkey (Liberal Democrat - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the disparities between conventional and Sharia-compliant mortgage products in respect of the imposition of capital gains tax.

Answered by Baroness Vere of Norbiton

The government is aware of a difference in tax treatment when a commercial or residential property is refinanced using alternative rather than conventional finance methods. In these situations, a capital gains liability may arise for those using alternative financing, when this would not have been the case for those using conventional financing. The refinancing of main homes is unaffected as Private Residence Relief (PRR) applies.

On 16 January 2024, the government published the Tax Simplification for Alternative Finance consultation to seek views on reforms that would address the capital gains issue. The consultation closed on 9 April 2024 and all responses will be carefully considered and a summary of responses will be published in due course together with details of the next steps.


Written Question
Overseas Students: Visas
Friday 3rd May 2024

Asked by: Lord Sharkey (Liberal Democrat - Life peer)

Question to the Department for Education:

To ask His Majesty's Government what assessment they have made of recent data by Enroly published on 27 March which showed that issuance of certificates of Confirmation of Acceptance for Studies has significantly reduced, with overall deposits down by more than a third on the same point in 2023.

Answered by Baroness Barran - Shadow Minister (Education)

The government seeks to ensure that there is a fair and robust migration policy, whilst maintaining the UK’s place as a top destination for the best and brightest students from around the world. The department remains committed to the ambitions set out in the government’s International Education Strategy to host 600,000 international students per year and to increase the value of our education exports to £35 billion per year, both by 2030.

The department expects the UK to remain a highly attractive study destination. The UK has four universities in the top 10, and 17 in the top 100. The UK has a highly sought after higher education (HE) experience, which is respected by students across the globe. The department is hugely proud to have met its international student recruitment ambition two years running.

However, the level of legal migration remains too high. As a result, on 4 December 2023, the government announced a new package of measures to reduce net migration and curb abuse and exploitation of the country’s immigration system. The department continues to work closely with the Home Office, Department for Business and Trade, and other governmental departments to assess the impact of these changes on HE providers.

HE providers are autonomous bodies, independent from government. As such, they are responsible for their own admissions decisions. The government takes a close interest in ensuring that the HE admissions system is fair and works closely with HE providers and sector bodies to make sure the system works well for students.


Written Question
Bank of England
Wednesday 27th March 2024

Asked by: Lord Sharkey (Liberal Democrat - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what, if any, statutory powers the Bank of England has to issue binding directions to (1) the Prudential Regulation Authority, (2) the Financial Conduct Authority, and (3) the Payment Systems Regulator; and on how many occasions in each year since 2007 they have been exercised.

Answered by Baroness Vere of Norbiton

The Treasury has statutory powers to issue directions to the Bank of England, which can only be used under specific conditions or circumstances. None of the powers outlined below have ever been used.

  • Under section 4 of the Bank of England Act 1946, the Treasury may direct the Bank, after consultation with the Governor, to action that is deemed to be necessary in the public interest. This power of direction applies to all of the Bank’s activities, with the exception of monetary policy and the exercise of the Bank’s functions as the Prudential Regulation Authority (PRA).

  • Under section 19 of the Bank of England Act 1998, the Treasury may by order, after consultation with the Governor, direct the Bank with respect to monetary policy if it is deemed to be in the public interest and required by extreme economic circumstances.

  • Under section 410 of the Financial Services and Markets Act 2000, the Treasury may direct the PRA and the Bank to not take an action that would be incompatible with the UK’s international obligations.

  • Under Section 61 of the Financial Services Act 2012, the Treasury may direct the Bank on specific measures relating to the assistance to or stabilisation of financial institutions.

The Bank of England also has powers to direct the Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR).

  • Under section 9H of the Bank of England Act 1998, the Bank of England’s Financial Policy Committee (FPC) has powers of direction over the PRA and FCA (limited to the use of specific macroprudential tools). To date, the FPC has only ever used this power to implement the Leverage Ratio.

  • Under sections 9Y and 9Z of the Bank of England Act 1998, the Bank may direct the FCA to provide documents or information that the Bank reasonably requires for its financial stability functions. This power has never been used.

  • Under section 100 of the Financial Services (Banking Reform) Act 2013, the Bank has the power to direct the PSR not to exercise its powers, under specific circumstances. This power has never been used.


Written Question
Bank of England
Wednesday 27th March 2024

Asked by: Lord Sharkey (Liberal Democrat - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what, if any, statutory powers they have to issue binding directions to the Bank of England; and on how many occasions in each year since 2007 they have been exercised.

Answered by Baroness Vere of Norbiton

The Treasury has statutory powers to issue directions to the Bank of England, which can only be used under specific conditions or circumstances. None of the powers outlined below have ever been used.

  • Under section 4 of the Bank of England Act 1946, the Treasury may direct the Bank, after consultation with the Governor, to action that is deemed to be necessary in the public interest. This power of direction applies to all of the Bank’s activities, with the exception of monetary policy and the exercise of the Bank’s functions as the Prudential Regulation Authority (PRA).

  • Under section 19 of the Bank of England Act 1998, the Treasury may by order, after consultation with the Governor, direct the Bank with respect to monetary policy if it is deemed to be in the public interest and required by extreme economic circumstances.

  • Under section 410 of the Financial Services and Markets Act 2000, the Treasury may direct the PRA and the Bank to not take an action that would be incompatible with the UK’s international obligations.

  • Under Section 61 of the Financial Services Act 2012, the Treasury may direct the Bank on specific measures relating to the assistance to or stabilisation of financial institutions.

The Bank of England also has powers to direct the Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR).

  • Under section 9H of the Bank of England Act 1998, the Bank of England’s Financial Policy Committee (FPC) has powers of direction over the PRA and FCA (limited to the use of specific macroprudential tools). To date, the FPC has only ever used this power to implement the Leverage Ratio.

  • Under sections 9Y and 9Z of the Bank of England Act 1998, the Bank may direct the FCA to provide documents or information that the Bank reasonably requires for its financial stability functions. This power has never been used.

  • Under section 100 of the Financial Services (Banking Reform) Act 2013, the Bank has the power to direct the PSR not to exercise its powers, under specific circumstances. This power has never been used.


Written Question
Financial Conduct Authority and Prudential Regulation Authority
Tuesday 12th March 2024

Asked by: Lord Sharkey (Liberal Democrat - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what, if any, statutory powers they have to issue binding directions to (1) the Financial Conduct Authority, and (2) the Prudential Regulation Authority; and on how many occasions in each year since 2010 they have been exercised.

Answered by Baroness Vere of Norbiton

The Treasury has a limited number of powers to direct the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).

It has a power to direct the regulators to take an action if doing so is necessary to fulfil international obligations, or to refrain from action which appears incompatible with international obligations.

The Treasury also has powers of direction which are designed to promote the accountability and transparency of the FCA and PRA. These include the power to direct the regulators to:

  • Review specified rules, where doing so is in the public interest;
  • Report on their performance, where necessary for scrutinising the discharge of their functions;
  • Carry out an investigation into a specified event of regulatory failure in certain circumstances, including, in the case of the PRA, where public funds have been expended.

These powers have not been used.

The Treasury has a power to direct the FCA and PRA to undertake an investigation of relevant events, where it is in the public interest, in certain circumstances. This power has been used twice: in 2018, to direct the PRA to review the events relating to the supervision of the Co-operative Bank, and in 2019, to direct the FCA to review the events relating to the failure of London Capital and Finance.

The Treasury does not have direction-making powers in relation to the FCA or the PRA regarding the content of their rules, or their approach to supervision and enforcement.


Written Question
Pension Funds: Investment
Monday 2nd October 2023

Asked by: Lord Sharkey (Liberal Democrat - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government, further to the announcement of the Mansion House Reforms on 10 July, what progress they have made in recruiting further UK based defined-contribution pension schemes to the Mansion House Compact, beyond the initial nine members.

Answered by Baroness Penn

The Mansion House Compact is a voluntary and industry-led agreement that has been led by the Lord Mayor and the City of London Corporation. Updates on the Compact and signatories are provided by The City of London Corporation on their website (https://www.theglobalcity.uk/insights/mansion-house-compact). There are currently 9 signatories to the Compact.


Written Question
Semiconductors: Manufacturing Industries
Wednesday 27th September 2023

Asked by: Lord Sharkey (Liberal Democrat - Life peer)

Question to the Department for Science, Innovation & Technology:

To ask His Majesty's Government, further to the publication of the National Semiconductor Strategy on 19 May, when they expect to make a decision on the level of financial support that will be offered to underpin the competitiveness of the semiconductor manufacturing sector; and what discussions they have had to inform this decision and with whom.

Answered by Viscount Camrose - Shadow Minister (Science, Innovation and Technology)

The National Semiconductor Strategy sets out the government’s plan to build on the UK’s strengths to grow our sector, increase our resilience and protect our security.

We will announce plans in the autumn to further support the competitiveness of the semiconductor manufacturing sector that is critical to the UK tech ecosystem or our national security.

The Government’s new Semiconductor Advisory Panel met on 14 September and informed the Government’s approach. The panel is representative of the UK’s semiconductor industry, and the ecosystem that supports it. In an independent capacity, experts from British titans such as ARM, IQE and PragmatIC sit on the panel, as well as representation from venture capital, academia and the RaspberryPi Foundation.


Written Question
Cyprus: Military Bases
Monday 18th September 2023

Asked by: Lord Sharkey (Liberal Democrat - Life peer)

Question to the Ministry of Defence:

To ask His Majesty's Government what difficulties have been reported in honouring the pension entitlements of Turkish Cypriot former employees of the Sovereign Base Areas in Cyprus, or the widows of those employees, now living in Northern Cyprus.

Answered by Baroness Goldie - Shadow Minister (Defence)

There are currently no outstanding issues reported in honoring the occupational pension entitlements of Turkish Cypriot former employees of the Sovereign Base Areas in Cyprus, or the widows of those employees, now living in the north of Cyprus.