Asked by: Alison McGovern (Labour - Wirral South)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate his Department has made in each of the last five years of the effect on the public purse of the sale of the Government's stake in the Royal Bank of Scotland.
Answered by Harriett Baldwin
The Office for Budget Responsibility regularly publishes its assessment of the fiscal impact of financial interventions in its Economic and Fiscal Outlook. The publications can be viewed online at www.budgetresponsibility.org.uk
In announcing the sale of the Government’s shareholding in Royal Bank of Scotland, the Chancellor is acting on independent advice from the Governor of the Bank of England and a report from Rothschild investment bank that it is in the public interest for the Government to begin now to sell its stake. The report by Rothschild, and the corresponding advice from the Governor, are both available online at www.gov.uk.
Asked by: Alison McGovern (Labour - Wirral South)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect on the public purse of the overall cost of intervention in UK banks following the financial crisis of 2007-08.
Answered by Harriett Baldwin
The Office for Budget Responsibility regularly publishes its assessment of the fiscal impact of financial interventions in its Economic and Fiscal Outlook. The publications can be viewed online at www.budgetresponsibility.org.uk
In announcing the sale of the Government’s shareholding in Royal Bank of Scotland, the Chancellor is acting on independent advice from the Governor of the Bank of England and a report from Rothschild investment bank that it is in the public interest for the Government to begin now to sell its stake. The report by Rothschild, and the corresponding advice from the Governor, are both available online at www.gov.uk.
Asked by: Alison McGovern (Labour - Wirral South)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, when he last met with representatives of the (a) Financial Conduct Authority and (b) Bank of England to discuss recommendations made by the Fair and Effective Markets Review.
Answered by Harriett Baldwin
The Fair and Effective Markets Review was a joint review between the Bank of England, the Financial Conduct Authority (FCA) and HM Treasury. It was chaired by Nemat “Minouche” Shafik, Deputy Governor at the Bank of England, with Martin Wheatley (CEO of the FCA) and Charles Roxburgh (Director General Financial Services at HM Treasury) as co-chairs.
The Review’s secretariat was based at the Bank of England and was drawn from all three authorities, including from HM Treasury. This has been a collaborative piece of work across the institutions and officials maintained a continuous two-way communication between the Review and HM Treasury throughout the life of the Review.
The Review has concluded its findings and made recommendations to the Chancellor on 10 June. The Chancellor and the Governor of the Bank of England have welcomed the Review’s final recommendations in their Mansion House speeches. To ensure that momentum is maintained on the recommendations, the three Principals have committed to providing a full implementation update to the Chancellor and the Governor of the Bank of England, by June 2016.
Asked by: Alison McGovern (Labour - Wirral South)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what responses the Government has made to the recommendations of the Fair and Effective Markets Review 2015.
Answered by Harriett Baldwin
The Government has an ongoing commitment to deal with abuses and ensure that these markets are fair for all who depend on them. The Chancellor has welcomed the Review’s recommendations and the Review chairs have committed to provide further detail about the implementation of these recommendations by June 2016.
The Government will go through the normal processes to consider the implementation of the recommendations that fall to the UK Government.
Asked by: Alison McGovern (Labour - Wirral South)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what performance indicators he has agreed with NS&I for the delivery of tax-free childcare; how often NS&I will be benchmarked against those indicators; and what penalties he has agreed for poor performance against those indicators.
Answered by Priti Patel
Tax-Free Childcare will provide support to hard-working families for childcare costs. The introduction of TFC will give almost two million families the opportunity to receive up to £2,000 per annum of support per child, via a new simple online system. We will deliver this important support as soon as possible.
HM Treasury and HM Revenue and Customs (HMRC) are working closely together to ensure that HMRC is funded to deliver Tax-Free Childcare in a way that provides value for money for the taxpayer. The costs of the scheme are yet to be finalised and will be confirmed once the full details have been settled with the appointed account provider for the scheme.
Asked by: Alison McGovern (Labour - Wirral South)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, when he expects registration for the tax-free childcare scheme to open; and when the first payments under that scheme will be delivered.
Answered by Priti Patel
Tax-Free Childcare will provide support to hard-working families for childcare costs. The introduction of TFC will give almost two million families the opportunity to receive up to £2,000 per annum of support per child, via a new simple online system. We will deliver this important support as soon as possible.
HM Treasury and HM Revenue and Customs (HMRC) are working closely together to ensure that HMRC is funded to deliver Tax-Free Childcare in a way that provides value for money for the taxpayer. The costs of the scheme are yet to be finalised and will be confirmed once the full details have been settled with the appointed account provider for the scheme.
Asked by: Alison McGovern (Labour - Wirral South)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how the Government intends to promote take-up of the tax-free childcare scheme; and what budget he is allocating for that purpose.
Answered by Priti Patel
Tax-Free Childcare will provide support to hard-working families for childcare costs. The introduction of TFC will give almost two million families the opportunity to receive up to £2,000 per annum of support per child, via a new simple online system. We will deliver this important support as soon as possible.
HM Treasury and HM Revenue and Customs (HMRC) are working closely together to ensure that HMRC is funded to deliver Tax-Free Childcare in a way that provides value for money for the taxpayer. The costs of the scheme are yet to be finalised and will be confirmed once the full details have been settled with the appointed account provider for the scheme.
Asked by: Alison McGovern (Labour - Wirral South)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will estimate the benefit to the economy of London of a five per cent increase in the number of women in employment.
Answered by Andrea Leadsom - Parliamentary Under-Secretary (Department of Health and Social Care)
We have made considerable progress in getting women into work since the election: the number of women in jobs is at a record high, there are more women led businesses and board members than ever before.
Female employment in London has risen by 58,000 over the last year – and is up 210,000 since 2010.
As the Chancellor set out in his long-term economic plan for London this Government has an ambition to create over half a million extra jobs in London by 2020.
Asked by: Alison McGovern (Labour - Wirral South)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how many people have used the childcare calculator since it was launched.
Answered by Priti Patel
I refer the honourable member to the answer that my honourable friend the Economic Secretary to the Treasury, Andrea Leadsom MP, gave on 9 January 2015, official report question number 219642
Asked by: Alison McGovern (Labour - Wirral South)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what the average cost of providing childcare accounts for households in receipt of tax-free childcare will be per child; and how much has been set aside for the annual administration and running costs of the tax-free childcare system.
Answered by Priti Patel
I refer the Hon. Lady to the Impact Assessment, which sets out that HM Treasury and HM Revenue and Customs (HMRC) are working closely together to ensure that HMRC is funded to deliver Tax-Free Childcare in a way that provides value for money for the taxpayer. The costs of the scheme are yet to be finalised and will be confirmed once the full details have been settled with the appointed account provider for the scheme.