1 Former APPG membership
Environmental, Social, and GovernanceDivision Voting information
Lord Sikka voted Aye - against a party majority and in line with the House
One of 18 Labour Aye votes vs 114 Labour No votes
Tally: Ayes - 289 Noes - 118
Lord Sikka voted Aye - against a party majority and in line with the House
One of 7 Labour Aye votes vs 110 Labour No votes
Tally: Ayes - 242 Noes - 116
Lord Sikka voted Aye - against a party majority and in line with the House
One of 5 Labour Aye votes vs 114 Labour No votes
Tally: Ayes - 221 Noes - 116
Debates during the 2024 Parliament
Speeches made during Parliamentary debates are recorded in Hansard. For ease of browsing we have grouped debates into individual, departmental and legislative categories.
Sparring Partners
Parliamentary Under-Secretary (Department for Environment, Food and Rural Affairs)
(12 debate interactions)
Minister of State (Department for Work and Pensions)
(11 debate interactions)
Department Debates
(26 debate contributions)
(26 debate contributions)
(8 debate contributions)
(6 debate contributions)
Legislation Debates
(6,899 words contributed)
(3,674 words contributed)
(2,597 words contributed)
(1,866 words contributed)
Lords initiatives
These initiatives were driven by Lord Sikka, and are more likely to reflect personal policy preferences.
Lord Sikka has not introduced any legislation before Parliament
Lord Sikka has not co-sponsored any Bills in the current parliamentary sitting
Latest 50 Written Questions
(View all written questions)Registered political parties are not subject to the Freedom of Information Act 2000 in respect of any of their functions.
Baroness in Waiting (HM Household) (Whip)
For contracts awarded under the Public Contracts Regulations 2015, this information is not collated centrally. Departments are responsible for making their own procurement decisions.
The Procurement Act 2023, which went live on 24 February, requires all suppliers bidding for public sector contracts to register via a central digital platform and declare any relevant convictions and exclusion information. The strengthened exclusions and new debarment provisions in the Act enable and, where appropriate, require the exclusion of suppliers convicted of relevant offences.
Baroness in Waiting (HM Household) (Whip)
The information requested falls under the remit of the UK Statistics Authority.
Please see the letter attached from the National Statistician and Chief Executive of the UK Statistics Authority.
The Lord Sikka
House of Lords
London
SW1A 0PW
31 January 2025
Dear Lord Sikka,
As National Statistician and Chief Executive of the UK Statistics Authority, I am responding to your Parliamentary Question asking when the Office for National Statistics (ONS) will publish their latest data on winter deaths; what criteria they will use to calculate them; and whether they have any plans to return to a static reporting date (HL4448).
The ONS previously published a regular release on winter mortality in England and Wales. However, following the recent consultation on health and social care statistical outputs[1], this release has been paused to enable a review of the methodology and timeliness of the statistics to be completed. Once the review is complete, a proposal on the future status of this output will be published.
The ONS does publish regular statistics on deaths registered each week[2] which may be of interest to you. This includes deaths registered over the winter period as well as estimates of excess deaths using the methodology that was implemented in February 2024[3].
Yours sincerely,
Professor Sir Ian Diamond
Baroness in Waiting (HM Household) (Whip)
Both the company and the company director are prosecuted for offences relating to registration requirements for People with Significant Control under Part 21A of the Companies Act 2006.
The number of prosecutions under Part 21A of the Companies Act 2006 that have resulted in a conviction against a company, and the total value of fines levied as a result, for the period March 2018 to March 2025, are as follows:
| Number of companies convicted | Total Value of Fines (£) |
2018/19 | 61 | £19,150.00 |
2019/20 | 68 | £21,040.00 |
2020/21 | 23 | £14,420.00 |
2021/22 | 56 | £54,804.00 |
2022/23 | 52 | £25,648.00 |
2023/24 | 31 | £12,620.00 |
2024/25 | 13 | £10,840.00 |
Total | 304 | £158,522.00 |
The number of prosecutions under Part 21A of the Companies Act 2006 that have resulted in a conviction against a director and the total value of fines levied as a result, for the period March 2018 to March 2025, are as follows:
| Number of Directors Convicted | Total Value of Fines (£) |
2018/19 | 64 | £18,170.00 |
2019/20 | 94 | £31,302.00 |
2020/21 | 23 | £14,444.00 |
2021/22 | 58 | £56,174.00 |
2022/23 | 52 | £35,508.00 |
2023/24 | 32 | £11,813.00 |
2024/25 | 13 | £10,895.00 |
Total | 336 | £178,306.00 |
The data provided is from Insolvency Service management information and not from official statistics.
Baroness in Waiting (HM Household) (Whip)
A summary document of the trade agreement between the UK and India is already on the Gov.uk website. This Government plans to publish the full agreement when the deal is signed, which will then be subject to the Constitutional Reform and Governance Act 2010. The Act provides Parliament with the opportunity to scrutinise new trade agreements that are subject to ratification and, if it wishes, to resolve against them.
Additionally, any changes to UK legislation will need to be scrutinised and passed by Parliament in the usual way.
Baroness in Waiting (HM Household) (Whip)
Regulation of auditors is the responsibility of the Financial Reporting Council. The Financial Reporting Council announced on 16 April that it had commenced an investigation into the statutory audits of Post Office Limited for the financial years ending 2015 to 2018, with particular reference to matters related to the Horizon IT system.
Baroness in Waiting (HM Household) (Whip)
The Government has committed up to £2.5bn to support the UK steel industry, which will be available through the National Wealth Fund (NWF) and other routes.
The NWF will catalyse private capital in the UK’s world-leading clean energy and growth industries, including green steel. NWF investments are intended to deliver a positive financial return for the Exchequer, in line with its Financial Framework.
We are also considering other funding mechanisms to help achieve our vision for the sector. We will provide further details in the steel strategy when it is published in spring 2025.
Baroness in Waiting (HM Household) (Whip)
49,521 companies have not provided details of any current persons of significant control (“PSC”) or any PSC statements giving us information about their current PSC status.
764 companies that have not provided details of any current PSCs, have submitted a statement showing that they believe they have at least one, for which they are not yet able to provide the full details.
919 companies that have provided details of at least one current PSC, have also submitted a statement showing that they believe they have at least one, for which they are not yet able to provide the full details.
Baroness in Waiting (HM Household) (Whip)
His Majesty’s Revenue and Customs (HMRC) enforces the National Minimum Wage on behalf of the Department for Business and Trade.
Criminal prosecution is reserved for the most serious cases involving deliberate underpayment or reckless pay practices. This is usually for cases where there is a wider public interest, or where employers are persistently non-compliant, or refuse to cooperate with HMRC.
Between 2007/08 and 2022/23, 21 employers have been successfully prosecuted for underpaying the minimum wage with an additional case accepting a caution. For more information about these prosecutions, see Table 12 of the supplementary data for: National Living Wage and National Minimum Wage: government evidence on enforcement and compliance, 2023 - GOV.UK
Baroness in Waiting (HM Household) (Whip)
All convictions which met the conditions of the Post Office (Horizon System) Offences Act 2024 (and that were not overturned by the Courts prior to the legislation coming into effect) were overturned at the point of Royal Assent.
As of 28 February 2025, all 111 individuals on the Overturned Convictions scheme had received an interim payment, of which 68 individuals had reached a full and final settlement. On the Horizon Convictions Redress Scheme, 407 individuals had received an interim payment, of which 273 individuals had reached a full and final settlement.[1]
[1] https://www.gov.uk/government/publications/post-office-horizon-financial-redress-data-for-2025/post-office-horizon-financial-redress-data-as-of-28-february-2025
Baroness in Waiting (HM Household) (Whip)
As of 31 March 2025, the total amount of redress paid to victims across all schemes has increased by more than three and a half times since the General Election, nine months ago, with £892 million having now been paid to over 6,200 claimants across all schemes. During this same time period, more than 3,300 victims have received compensation for the first time.
We are unable to share details of individual claims. Releasing this type of information risks the identification of vulnerable individuals if combined with other information that may become available via other means outside of our control.
Baroness in Waiting (HM Household) (Whip)
These questions relate to the performance metrics for the Post Office Limited ‘Transformation Incentive Scheme’ in place 2020-2022. The Government at the time agreed to the original targets but were not consulted on whether the Post Office could legitimately say that it had achieved those targets.
The Department for Business and Trade does not hold information on which directors and executives received bonuses relating to cooperation with the Post Office Horizon IT Inquiry. Whilst Post Office will hold this information, it is personal information and therefore not appropriate for publication. We understand that all Post Office employees who received bonuses voluntarily returned the remuneration associated with the metric relating to the Post Office’s support for the Inquiry except for one who was on long term absence.
Baroness in Waiting (HM Household) (Whip)
These questions relate to the performance metrics for the Post Office Limited ‘Transformation Incentive Scheme’ in place 2020-2022. The Government at the time agreed to the original targets but were not consulted on whether the Post Office could legitimately say that it had achieved those targets.
The Department for Business and Trade does not hold information on which directors and executives received bonuses relating to cooperation with the Post Office Horizon IT Inquiry. Whilst Post Office will hold this information, it is personal information and therefore not appropriate for publication. We understand that all Post Office employees who received bonuses voluntarily returned the remuneration associated with the metric relating to the Post Office’s support for the Inquiry except for one who was on long term absence.
Baroness in Waiting (HM Household) (Whip)
His Majesty’s Government takes the failure of companies to file statutory accounts seriously.
Companies House routinely takes prosecution action against company directors who fail to file their company’s accounts. In addition, financial penalties are applied when accounts are delivered late. These actions are aimed at ensuring that companies meet their statutory obligations. Over 97% of companies meet their obligations to file statutory accounts.
Companies House are aware of concerns that have been raised about the highlighted company. Companies House will look into these matters further and, where necessary, take appropriate action.
Baroness in Waiting (HM Household) (Whip)
His Majesty’s Government takes allegations of suspicious company filings and any concerns raised seriously. As such, the Minister for Employment Rights, Competition and Markets has asked Companies House to investigate the allegations surrounding Avis Capital Limited.
Companies House are aware of concerns that have been raised about the highlighted company. Where such concerns are raised, Companies House will look into these matters further and, where necessary, take appropriate action.
Baroness in Waiting (HM Household) (Whip)
There are currently no funded projects specifically for thorium-based nuclear technologies. Potential for future investment will be subject to the Spending Review and the scope of future R&D schemes.
7 Department for Environment, Food and Rural Affairs Questions
(View all Lord Sikka's Defra questions)Since the privatisation of water and sewerage companies in 1989, all ten Water and Sewerage companies which discharge into English waters have been convicted of criminal offences. In addition, since 1997, two water only companies, Bristol Water Plc and Portsmouth Water Limited have been convicted of criminal offences. Details of the enforcement action taken against water companies by regulators are available on the relevant regulator’s websites.
We will not let companies get away with illegal activity and where breaches are found, the regulators will not hesitate to hold companies to account. The Water (Special Measures) Act 2025 provides the most significant increase in enforcement powers to the regulators in a decade, giving them the teeth they need to take tougher action against water companies. In addition, water company bosses could now face up to two years imprisonment where investigations by the regulators are obstructed.
Parliamentary Under-Secretary (Department for Environment, Food and Rural Affairs)
The Environment Agency prosecutes Water and Sewerage Companies (and the courts hand down fines) for environmental offences under the Environmental Permitting Regulations and other offences including polluting discharges to water and land, breaches of environmental permit conditions and obstruction of investigations.
Below is a breakdown of the 150 million in fines issued to water companies since 2015, as mentioned in Baroness Hayman of Ullock’s remarks on 29 January.
Water and Sewerage Company | Sum of Total Fine (£) |
Anglian Water | £5,475,000.00 |
Northumbrian Water | £807,000.00 |
Severn Trent Water | £4,056,000.00 |
South West Water | £3,406,834.00 |
Southern Water | £92,024,000.00 |
Thames Water | £37,721,000.00 |
United Utilities Water | £2,816,000.00 |
Yorkshire Water | £4,678,750.00 |
Grand Total | £150,984,584.00 |
Parliamentary Under-Secretary (Department for Environment, Food and Rural Affairs)
The Government has no intention to nationalise water companies.
Nationalisation would put a huge burden on the public purse at a time when public finances are already stretched and would not fix the root of the problem.
If the whole industry was nationalised, shareholders and debt holders would need to be compensated, which could cost over an estimated £90 billion [this is based on Ofwat’s Regulatory Capital Value 2024 estimates]
Instead, this government is focused on tackling the public’s immediate concerns to clean up the nation’s polluted waterways and turn around the sector’s performance, focusing on improving the privatised regulated model.
Parliamentary Under-Secretary (Department for Environment, Food and Rural Affairs)
The Regulatory Capital Value (RCV) of a water company represents the net stock of investment that has been contributed by debt and investors over time in delivering their investment activities. This is used by Ofwat for the purposes of setting its regulatory determinations.
Ofwat calculates an efficient totex (total expenditure) allowance for each company, covering operating, maintenance, and enhancement costs. Totex is funded in one of two ways; pay-as-you-go expenditure funded through revenue allowances, or long-term investment funded through the RCV and run-off from the RCV over time. Pay-as-you-go expenditure generally reflects forecast operational costs. Capital costs are generally added to the RCV, with the RCV run-off allowance providing companies with a funding allowance for carrying out activities such as maintenance.
As the RCV represents only the net stock of investment for delivering investment activities, it takes no account of intragroup debt and interest payments. Ofwat set the allowed return for companies on the basis of a notional capital structure which makes no assumption about the need for intragroup debt and interest payments. Where such arrangements exist, these arrangements are not funded in the determinations that are set by Ofwat and are matters for companies and their investors.
Parliamentary Under-Secretary (Department for Environment, Food and Rural Affairs)
In all of Ofwat's price determinations since privatisation, Ofwat has set the allowed return by reference to a notional capital structure. Ofwat uses a notional capital structure as it protects customers from bearing the risk of companies' actual financing decisions and it sets a signal to companies and investors on regulatory expectations about the allocation of risk within the capital structure. The use of the notional structure means it is companies and investors, rather than customers, that bear the risks of their capital and financing choices where the financing arrangements depart from the notional structure.
Parliamentary Under-Secretary (Department for Environment, Food and Rural Affairs)
The cost of nationalisation was calculated in a report published by the Social Market Foundation titled ‘The cost of nationalising the water industry in England’. The report estimated the costs of nationalising water companies would be £90 billion. This research draws on a range of existing academic studies, as well as publicly available data from Ofwat, the London Stock Exchange and the annual accounts of the water companies. The research can be viewed on the Social Market Foundation’s website www.smf.co.uk.
Parliamentary Under-Secretary (Department for Environment, Food and Rural Affairs)
Since they were introduced in 1998, all applicants for a first photocard driving licence have been required to provide official evidence of identity.
Minister of State (Department for Transport)
No assessment has been made. The figure quoted does not take account of additional employment arising from the enhancements to employment support announced in the Green Paper, about which the Office for Budget Responsibility has announced that it will produce an impact assessment in the autumn. It also does not take account of any measures to be announced in the forthcoming Child Poverty strategy.
Further information on the impacts of the Pathways to Work Green Paper will be published in due course, in addition to the information published alongside the Spring Statement. These publications can be found in ‘Pathways to Work: Reforming Benefits and Support to Get Britain Working Green Paper’(opens in a new tab).
A further programme of analysis to support development of the proposals in the Green Paper will be developed and undertaken in the coming months.
Minister of State (Department for Work and Pensions)
The Households below average income (HBAI) statistics contain estimates of the number and percentage of people living in low-income households in the UK. This is published by the Department annually. The latest data covers financial year ending 2024.
In financial year ending 2024, it is estimated that 1.9 million pensioners were in relative poverty after housing costs, and 1.6 million pensioners were in absolute poverty after housing costs.
Minister of State (Department for Work and Pensions)
The latest available Pension Credit take-up statistics cover the financial year 2022 to 2023 and are available at: Income-related benefits: estimates of take-up: financial year ending 2023 - GOV.UK. In the financial year ending 2023, it is estimated that 1.32 million pensioner households were in receipt of Pension Credit and up to 760,000 pensioner households were entitled to Pension Credit but not receiving the benefit.
The latest available Pension Credit caseload statistics cover the period up to August 2024. At August 2024, there were 1,360,660 pensioner households in receipt of Pension Credit in Great Britain. These statistics are available via DWP Stat-Xplore.
Minister of State (Department for Work and Pensions)
Total estimates of benefit expenditure and estimates of fraud and error across all benefits can be found at: Fraud and error in the benefit system - GOV.UK
As outlined in DWP Annual Reports and Accounts 2023 to 2024 on page 103, there were 655 prosecutions but a breakdown by benefit is not available.
Debt Management Unit’s total recovery in 2023-24 amounted to £2.81 billion (excluding Housing Benefit recovered by local authorities but including £46 million Housing Benefit debt recovered by DWP), page 133 of the DWP Annual Reports and Accounts 2023 to 2024.
Minister of State (Department for Work and Pensions)
Information on amounts of State Pension by gender are available at DWP Stat-Xplore. The table below provides information on the Median State Pension amount for (i) people who reached State Pension age before 6th April 2016 and will get the basic State Pension and may get earnings-related additional State Pension, and (ii) those who reached State Pension age on or after 6th April 2016, who get the new State Pension. The information in the table below is based on the latest available quarter ending May 2024.
| Median Weekly Pre-2016 SP (bSP) May 2024 (£) | Median Weekly Post-2016 SP (nSP) May 2024 (£) |
Male | 219.93 | 220.96 |
Female | 191.04 | 220.53 |
Total | 204.06 | 220.74 |
Minister of State (Department for Work and Pensions)
Transcripts of court judgments are available upon application HMCT, DWP does not hold transcripts of court judgments. The DWP case files referred to in the question have been destroyed in line with data protection legislative requirements.
Minister of State (Department for Work and Pensions)
The Department is aware of 61 Post Office members of staff who were prosecuted by DWP between 2001 and 2006. Each of the cases involved welfare-related fraud offences. In most cases this involved encashment of stolen benefit payment order books. There is no evidence that any of the cases prosecuted by DWP relied on the Horizon system. They followed lengthy, complex investigations, relying on multiple sources of evidence.
Until 2012, DWP prosecuted its own cases. The cases were handled by DWP Solicitors who would instruct Counsel to represent DWP at Court. In March 2012, the prosecutorial function of the DWP was assigned to the Crown Prosecution Service.
In the early 2000’s the Department moved to paying benefits automatically into people’s bank accounts which significantly reduced the opportunity for benefit fraud, including potential offences by Post Office staff.
To assist, please find attached a table setting out the information the Department holds for each of the 61 cases. The information includes the date of conviction, the location of the court, and the sentence (outcome) for each of the 61 cases.
Minister of State (Department for Work and Pensions)
The Department is aware of 61 Post Office members of staff who were prosecuted by DWP between 2001 and 2006. Each of the cases involved welfare-related fraud offences. In most cases this involved encashment of stolen benefit payment order books. There is no evidence that any of the cases prosecuted by DWP relied on the Horizon system. They followed lengthy, complex investigations, relying on multiple sources of evidence.
Until 2012, DWP prosecuted its own cases. The cases were handled by DWP Solicitors who would instruct Counsel to represent DWP at Court. In March 2012, the prosecutorial function of the DWP was assigned to the Crown Prosecution Service.
In the early 2000’s the Department moved to paying benefits automatically into people’s bank accounts which significantly reduced the opportunity for benefit fraud, including potential offences by Post Office staff.
To assist, please find attached a table setting out the information the Department holds for each of the 61 cases. The information includes the date of conviction, the location of the court, and the sentence (outcome) for each of the 61 cases.
Minister of State (Department for Work and Pensions)
At the Overseas Territories Joint Ministerial Council (JMC) in November 2024, the Falkland Islands and Saint Helena committed to implement fully public registers by April 2025. The British Virgin Islands (BVI), Cayman Islands, Bermuda, Anguilla and Turks and Caicos Islands agreed to implement registers of beneficial ownership, accessible to those with a legitimate interest, by June 2025. It remains our expectation that the Overseas Territories and Crown Dependencies will ultimately implement fully public registers, such as those that are already in place in Gibraltar and Montserrat.
Every Territory is making progress towards these commitments and Foreign, Commonwealth and Development Office officials are in regular contact with counterparts in the Overseas Territories on their proposals for registers to ensure they meet the agreement made at JMC. The Cayman Islands has introduced an accessible beneficial ownership register. Officials are working together to ensure that this system offers the best possible level of transparency and accessibility.
The Minister of State, Stephen Doughty MP continues to raise this directly with elected leaders across the Overseas Territories including a recent conference call with all leaders and representatives - and has recently spoken to and written to the Premiers of a number of territories individually on this issue, and offered further assistance to the small number who remain off track from meeting their commitments.
Parliamentary Under-Secretary (Foreign, Commonwealth and Development Office)
The UK condemns terrorism in all forms and our thoughts are with those affected by the Pahalgam terror attack, their loved ones and the people of India. Until all the facts are established, we must not speculate on the nature of the attack. The UK has transitioned from a traditional aid relationship with Pakistan to a mutually beneficial partnership which underpins UK national interests, including in keeping us safe from irregular migration, terror threats and organised crime. Some of the technical assistance we provide through UK Official Development Assistance is integral to these efforts.
Parliamentary Under-Secretary (Foreign, Commonwealth and Development Office)
The Crown Dependencies (CDs) and Overseas Territories (OTs) are separate legal jurisdictions to the United Kingdom and responsible for their own domestic affairs including, in those CDs and OTs with provisions for financial services, the responsibility for regulation and company registry in their jurisdictions.
The Economic Crime and Corporate Transparency Act 2023 amends the Companies Act 2006 to mandate identity verification requirements for those setting up and controlling companies in the UK. This will apply to directors and PSCs (people with significant control) of existing companies and any new companies being incorporated. Companies registered in the CDs and OTs with a place of business or branch in the UK will also be required to have their directors and PSCs identities verified.
The UK Government is committed to working with international financial centres, including the CDs and OTs, to help tackle illicit finance, including increasing the transparency of their corporate beneficial ownership registers. The UK's ultimate expectation of the CDs and OTs remains fully public registers.
Parliamentary Under-Secretary (Foreign, Commonwealth and Development Office)
The Government understands the importance of face-to-face banking to communities and businesses, and is committed to championing sufficient access for all as a priority.
That is why the Government is working closely with industry to roll out 350 banking hubs across the UK. The UK banking sector has committed to deliver these hubs by the end of this Parliament. Over 220 hubs have been announced so far, and over 150 are already open.
Cash Access UK, who oversee the rollout of banking hubs, reported from their research in Brixham (Devon) and Rochford (Essex), in October 2024 that spend on the high street is 71% higher amongst those who have visited the banking hub. Almost half (47%) of businesses surveyed said they have experienced an increase in footfall thanks to the banking hub.
In addition, Financial Conduct Authority (FCA) guidance expects firms to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and put in place alternatives where reasonable. This seeks to ensure that branch closures are implemented in a way that treats customers, including business customers, fairly. Where firms fall short of expectations, the FCA may ask for closures to be paused or other options to be put in place.
Financial Secretary (HM Treasury)
HMRC publishes estimates of the direct effects of illustrative tax changes, including changes to the dividend allowance, which are available here:
https://www.gov.uk/government/statistics/direct-effects-of-illustrative-tax-changes
The additional revenue gained from abolishing the dividend allowance may not be completely scalable to the published ready reckoner because the distribution of dividend income may not be uniform and therefore scalable. Furthermore, the assumed behavioural responses may not be scalable either.
Financial Secretary (HM Treasury)
To produce an estimate for the tax revenues raised from the abolition of the Annual Exempt Amount (AEA) on Capital Gains Tax (CGT) would require a disproportionate cost.
Estimates for the tax relief afforded by the AEA can be found in HMRC’s structural tax relief publication [1] . Please note that these estimates do not represent the gain to the Exchequer should the relief be abolished as they do not explicitly model additional behavioural responses or wider economic impacts that could result from changes to the relief. The latest published estimates also reflect the AEA being £12,300 for individuals in 2022/23, compared to the current AEA of £3,000.
You may also be interested in HMRC’s direct effects of illustrative tax changes publication [2] which includes estimates for an illustrative change to the AEA. Please note that these estimates are non-linear and asymmetrical. For example, doubling or halving the AEA estimates will not accurately predict the change in revenue for a proportionate change in the AEA.
[1] https://www.gov.uk/government/statistics/minor-tax-expenditures-and-structural-reliefs/structural-tax-relief-statistics-december-2024
[2] https://www.gov.uk/government/statistics/direct-effects-of-illustrative-tax-changes/direct-effects-of-illustrative-tax-changes-bulletin-january-2025
Financial Secretary (HM Treasury)
The Duchy of Cornwall is not liable to pay corporation tax as it is a Crown body subject to Crown exemption. This is a matter of common law.
The Prince of Wales receives the annual income generated by the Duchy of Cornwall, but is not entitled to the capital of the Duchy. While the Crown exemption applies to income received from the Duchy, the Prince of Wales pays tax voluntarily on his income received from the Duchy of Cornwall to the extent that is not used to meet official expenditure. The Prince of Wales is otherwise subject to taxation in the normal way. These arrangements are set out in The Memorandum of Understanding on Royal Taxation, which is available at www.gov.uk/government/publications/memorandum-of-understanding-on-royal-taxation-2023
Financial Secretary (HM Treasury)
Financial Year | Write-offs | Remissions | Total Losses |
2023-24 | £5,049m | £567m | £5,616m |
2022-23 | £3,154m | £596m | £3,750m |
2021-22 | £1,892m | £515m | £2,407m |
2020-21 | £1,517m | £445m | £1,962m |
2019-20 | £3,538m | £546m | £4,084m |
2018-19 | £3,669m | £794m | £4,463m |
2017-18 | £3,370m | £367m | £3,737m |
2016-17 | £3,564m | £303m | £3,867m |
2015-16 | £3,171m | £604m | £3,775m |
2014-15 | £3,865m | £372m | £4,237m |
HMRC revenue losses are made up of remissions and write-offs. Remissions are debts capable of recovery, but HMRC has decided not to pursue the liability on the grounds of value for money. Write-offs are debts that are considered to be irrecoverable because there is no practical means for pursuing the liability.
Financial Secretary (HM Treasury)
The Bank of England has operational independence from the government to carry out its statutory responsibilities for monetary policy and financial stability. Monetary policy, including quantitative easing, is the responsibility of the independent Monetary Policy Committee at the Bank of England.
The separation of fiscal and monetary policy is a key feature of the UK’s economic framework, it is in line with international standards and essential for the effective delivery of monetary policy, so the government does not comment on the conduct or effectiveness of monetary policy.
Since October 2022, HM Treasury has transferred £85.9bn to the Bank of England to cover losses arising from the indemnity of the Asset Purchase Facility, the vehicle used to implement quantitative easing. This covers losses incurred from net interest costs and the sale and redemption of bonds as the portfolio is unwound.
Data on these cash transfers between HM Treasury and the Bank of England are made publicly available by the Office for National Statistics (ONS) in its monthly Public Sector Finances publication. The data are available in the ONS data series ID MF7A in worksheet PSA9B [1].
Financial Secretary (HM Treasury)
The Bank of England has operational independence from the government to carry out its statutory responsibilities for monetary policy and financial stability. Monetary policy, including quantitative easing, is the responsibility of the independent Monetary Policy Committee at the Bank of England.
The separation of fiscal and monetary policy is a key feature of the UK’s economic framework, it is in line with international standards and essential for the effective delivery of monetary policy, so the government does not comment on the conduct or effectiveness of monetary policy.
Since October 2022, HM Treasury has transferred £85.9bn to the Bank of England to cover losses arising from the indemnity of the Asset Purchase Facility, the vehicle used to implement quantitative easing. This covers losses incurred from net interest costs and the sale and redemption of bonds as the portfolio is unwound.
Data on these cash transfers between HM Treasury and the Bank of England are made publicly available by the Office for National Statistics (ONS) in its monthly Public Sector Finances publication. The data are available in the ONS data series ID MF7A in worksheet PSA9B [1].
Financial Secretary (HM Treasury)
The Dame Linda Dobbs Review began in April 2017. The review was originally scheduled to be completed by the end of 2020. It is now expected to be completed in 2025.
The review, and appointment of Dame Linda Dobbs, has been instigated by Lloyds Banking Group. No interim report is planned and the number of victims giving evidence has not been made public.
The review has stated it will cover the period from the acquisition of HBOS in 2009 to 2017, and examine relevant evidence from before 2009 to assess what ought to have been known at the time of the HBOS acquisition.
Once completed, the review’s findings will be shared with the Financial Conduct Authority (FCA), which will then consider what action is appropriate to take.
Financial Secretary (HM Treasury)
Stamp Duty Land Tax (SDLT) is a transaction tax paid on the purchase of the property in England or Northern Ireland. A range of complex factors influence house prices in the UK.
On SDLT, the Office for Budget Responsibility publishes its assumptions on the relationship between SDLT and property prices.
Financial Secretary (HM Treasury)
The Government regularly engages with a range of stakeholders across the financial services landscape, and it is important that communication can take place in a free and frank way.
The matter of HBOS Reading is first and foremost for the Financial Conduct Authority as the independent non-governmental body responsible for regulating and supervising the financial services industry, and is subject to an ongoing review being led by Dame Linda Dobbs DBE.
The most appropriate form of investigation is a matter for the Financial Conduct Authority to determine. However, the Government notes that the regulator has already undertaken an investigation into this matter, in addition to the Cranston Review and, latterly, the work of Sir David Foskett to ensure adequate compensation. The Financial Conduct Authority will receive a copy of the Dobbs Report in due course and will be able to consider whether any further action is appropriate.
Financial Secretary (HM Treasury)
The Government regularly engages with a range of stakeholders across the financial services landscape, and it is important that communication can take place in a free and frank way.
The matter of HBOS Reading is first and foremost for the Financial Conduct Authority as the independent non-governmental body responsible for regulating and supervising the financial services industry, and is subject to an ongoing review being led by Dame Linda Dobbs DBE.
The most appropriate form of investigation is a matter for the Financial Conduct Authority to determine. However, the Government notes that the regulator has already undertaken an investigation into this matter, in addition to the Cranston Review and, latterly, the work of Sir David Foskett to ensure adequate compensation. The Financial Conduct Authority will receive a copy of the Dobbs Report in due course and will be able to consider whether any further action is appropriate.
Financial Secretary (HM Treasury)
Institutional investment is vital for growth, and investment in starts ups and scale ups is an important part of that. The Myners Report contains valuable insights that are still valuable today. However, the pensions market in particular is now significantly different than it was in 2001. The Chancellor has launched a landmark pensions review which will focus on increasing investment, improving saver returns and tackling waste in the pensions system. This is alongside other major initiatives to drive economic growth such as the National Wealth Fund to mobilise private capital and institutional investment.
Financial Secretary (HM Treasury)