Asked by: Clive Efford (Labour - Eltham and Chislehurst)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she is taking to reduce Government borrowing.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
We need to address the UK’s borrowing and debt, so we spend less on debt interest and more on the priorities of working people.
The government has a credible consolidation plan that ensures borrowing is falling in every year of the forecast. Borrowing this year is set to be the lowest for 6 years.
The government is reducing borrowing while protecting investment, and is maintaining an increase of over £120 billion departmental capital spending over the Parliament.
From 2025 to 2030, the UK is reducing government borrowing more than any other G7 country.
Asked by: Clive Efford (Labour - Eltham and Chislehurst)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he is taking to ensure that the credit ratings of homeowners who have taken mortgage holidays during the covid-19 outbreak are not negatively affected.
Answered by John Glen
On 20 March, the Financial Conduct Authority (FCA) published guidance on what it expects mortgage lenders to do for consumers facing financial difficulties as a result of COVID-19.
As part of this guidance, the FCA requires that the arrears status on credit files should be masked to minimise the negative impacts that consumers might otherwise experience from taking a payment holiday. This was reconfirmed in the FCA’s updated guidance published on 2 June and continues to be the case for any borrower taking a payment holiday until 31 October 2020.
When considering new loan or credit applications, lenders will look at a range of factors, not just a borrower’s credit file. This could include a customer’s income and future ability to make repayments, which may have been affected by COVID-19.
Officials continue to have discussions with the FCA and credit reference agencies on these matters.
Asked by: Clive Efford (Labour - Eltham and Chislehurst)
Question to the HM Treasury:
What his policies are on the proposals for income and corporation tax set out in the 2017 Conservative Party manifesto.
Answered by Mel Stride - Shadow Chancellor of the Exchequer
The government is committed to keeping taxes as low as possible – encouraging investment in the UK, supporting working families and enabling people to keep more of what they earn.
We will continue to do this in a balanced way that allows us to properly fund our vital public services.
Asked by: Clive Efford (Labour - Eltham and Chislehurst)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how many sites approved for purchase for free schools by the Education Skills Funding Agency have been refused funding by his Department; and if he will make a statement.
Answered by Elizabeth Truss
HM Treasury reviews a number of business cases relating to free school site acquisitions. A record of instances where we have not been able to approve part or all of a business case could only be provided at disproportionate cost.
Asked by: Clive Efford (Labour - Eltham and Chislehurst)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 21 October 2016 to Question 48873, whether he plans to backdate the commencement date of secondary legislation to bring a £95,000 cap into force before 1 October 2016; and if he will make a statement.
Answered by David Gauke
The public sector exit payment cap will apply to exits specified in regulations that will be laid in Parliament and approved via the affirmative procedure. The cap will not apply to any exits that have occurred before the regulations have been laid and come into force.
Asked by: Clive Efford (Labour - Eltham and Chislehurst)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what discussions (a) Ministers in his Department and (b) the Financial Services Authority have had with the (i) Swiss authorities and (ii) US administration's Justice Department on the investigation of fraud, racketeering and money laundering at FIFA.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
The Treasury ensures up to date, proportionate and effective regulation of banks and appoints independent supervisors such as the Financial Conduct Authority (FCA). This protects the integrity and stability of the financial system, making it a hostile environment for illicit finances, and supports law enforcement agencies in the investigation of criminal and terrorist financing.
The FCA is responsible for ensuring compliance of financial institutions with their anti-money laundering requirements. The FCA is operationally independent from Government and carries out its functions within the framework of statutory objectives and duties agreed by Parliament.
The FCA is discussing with banks whether the FIFA episode has highlighted weaknesses in their AML systems and controls.
The Serious Fraud Office is the UK agency responsible for investigating and prosecuting the most serious cases of fraud, bribery and corruption. The SFO engages regularly with its overseas counterparts, and will assist overseas investigations as appropriate.
It would not be right or appropriate for ministers to intervene in regulatory or criminal investigations.
Asked by: Clive Efford (Labour - Eltham and Chislehurst)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, when the Financial Services Authority was informed of the possibility of UK financial institutions being used to carry out illegal transactions related to FIFA; what steps the Authority took to investigate; and when he was informed about that possibility.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
This is an operational matter for the Financial Conduct Authority (FCA), who are operationally independent from Government.
The question has been passed on to the FCA. The FCA will reply directly to the honourable member by letter. A copy of the letter will be placed in the Library of the House
Asked by: Clive Efford (Labour - Eltham and Chislehurst)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what steps he is taking to discover whether UK financial institutions have been used to carry out illegal transactions related to FIFA.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
The UK has a comprehensive anti-money laundering (AML) and counter financing of terrorism regime and we are committed to ensuring our financial system is a hostile environment for illicit finances.
The Treasury is responsible for appointing AML supervisors, including the Financial Conduct Authority (FCA). The FCA is responsible for ensuring compliance of financial institutions with their AML requirements.
The FCA is operationally independent from Government and carries out its functions within the framework of statutory objectives and duties agreed by Parliament.
The FCA is discussing with banks whether the FIFA episode has highlighted weaknesses in their AML systems and controls.
Asked by: Clive Efford (Labour - Eltham and Chislehurst)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what plans he has to alter the rates of air passenger duty; and if he will make a statement.
Answered by Damian Hinds
At Budget 2015, the Government announced that Air Passenger Duty (APD) rates would increase by RPI from 1 April 2016. Additionally, the Government introduced an exemption from APD for children under 12, which will be extended to include children under 16 from 1 March 2016.
In February, the Government announced that we will publish a discussion paper exploring options to support regional airports affected by APD devolution by the summer. The discussion paper will consider options to devolve APD within England, vary APD rates by regions within England, and provide aid to regional airports.
Since 2010, APD has only risen with inflation, representing an effective price freeze on short-haul rates since 2012.
Asked by: Clive Efford (Labour - Eltham and Chislehurst)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what plans he has to alter the rate of VAT relating to the tourist industry in the UK; and if he will make a statement.
Answered by David Gauke
The Government currently has no plans to alter the rates of VAT relating to the tourist industry.