Asked by: Emma Reynolds (Labour - Wolverhampton North East)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what the Government's policy is on executive pay being approved by an annual vote of shareholders.
Answered by Margot James
Remuneration policies of quoted companies must be put to a binding shareholder vote at least once every three years. A binding shareholder vote is required to approve any Directors’ remuneration that falls outside the scope of the approved remuneration policy.
The annual Directors Remuneration Report on implementation of the remuneration policy is subject to an advisory shareholder vote. If this vote is lost, a company must put a new remuneration policy to a binding shareholder vote within twelve months.
The Government has no current plans to change these existing shareholder voting provisions.
Asked by: Emma Reynolds (Labour - Wolverhampton North East)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, when the Government plans to introduce the register on shareholder voting announced by the Prime Minister on 27 August 2017; and whether his Department has undertaken an impact assessment of the number of companies it expects to be placed on that register.
Answered by Margot James
The Government’s response to the Corporate Governance Reform green paper consultation invited The Investment Association to implement its proposal to establish a public register of quoted companies encountering shareholder opposition of 20% or more to executive pay and other resolutions. The Investment Association is working to establish the register by the end of the year and the number of companies included will be confirmed at that time.
Asked by: Emma Reynolds (Labour - Wolverhampton North East)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, whether the Government has plans to increase the national living wage for apprentices above £3.50 per hour.
Answered by Margot James
The independent Low Pay Commission (LPC) review and recommend the National Minimum Wage rates each year, following extensive consultation and analysis. Their recommendations for 2018 will be provided to the Government in autumn, and Ministers will announce the rates, including the apprentice rate, to apply from April 2018 following that.
Asked by: Emma Reynolds (Labour - Wolverhampton North East)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what discussions he or his officials have had with UK businesses on the consequences on them of leaving the EU Customs Union.
Answered by Margot James
My Rt Hon Friend the Secretary of State for Business, Energy and Industrial Strategy and his officials have on-going discussions with businesses operating in multiple sectors to understand their views on a range of issues following the referendum.
Asked by: Emma Reynolds (Labour - Wolverhampton North East)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment his Department has made of the potential effect of leaving the EU Customs Union on (a) businesses and (b) complex supply chains.
Answered by Margot James
The Department is currently working closely with the Department for Exiting the EU to understand the impacts that withdrawal from the EU will have on businesses, consumers and other economic actors. As my Rt Hon Friend the Prime Minister has said we will work hard to get the best deal for Britain.
Asked by: Emma Reynolds (Labour - Wolverhampton North East)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Energy and Industrial Strategy, what estimate his Department has made of the costs to UK businesses of being outside the common external tariff of the EU.
Answered by Margot James
The Department is currently working closely with the Department for Exiting the EU to understand the impacts that withdrawal from the EU will have on businesses, consumers and other economic actors. As my right hon. Friend the Prime Minister has said we will work hard to get the best deal for Britain.
Asked by: Emma Reynolds (Labour - Wolverhampton North East)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Innovation and Skills, how much funding UK universities have been allocated under (a) the EU's 7th Framework Programme for Research and Technological Development, (b) Horizon 2020 and (c) the Erasmus programme; and what estimate of the future level of EU funding to UK universities his Department has made.
Answered by Lord Johnson of Marylebone
The UK received around €7 billion under the EU’s 7th Framework Programme for Research and Technological Development (FP7) and was the second highest recipient amongst Member States. Of this, €4.97 billion was awarded to UK Secondary and Higher Education Establishments. The UK had the top four Secondary and Higher Education Establishments in terms of FP7 funding received between 2007-2013 (Cambridge, Oxford, University College London and Imperial).
Under the current Horizon 2020 programme (2014-2020), UK Secondary and Higher Education Establishments have been awarded €0.89 billion up to the October 2015 release of grant data.
Under the current Erasmus+ programme, provisional figures indicate that UK Higher Education Institutions received a total of €114 million in 2014 and 2015. Approximately 220,000 students have benefitted from the Erasmus Programme since it began.
The Department for Business, Innovation & Skills does not make estimates of future funding to UK participants in these programmes.
Asked by: Emma Reynolds (Labour - Wolverhampton North East)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Innovation and Skills, what assessment his Department has made of the (a) level of tariffs which UK businesses would operate in the event of the UK leaving the EU and negotiating a free trade deal with the EU equivalent to the Comprehensive Economic and Trade agreement between the EU and Canada and (b) costs of customs checks and rules of origin requirements for UK businesses in the event of the UK leaving the EU; and what the annual value to the UK economy is of the EU's trade agreements with third parties.
Answered by Anna Soubry
At the February European Council, the Government negotiated a new settlement, giving the United Kingdom a special status in a reformed European Union. The Government's position, as set out by the Prime Minister to the House on 22 February, is that the UK will be stronger, safer and better off remaining in a reformed EU.
The document “Alternatives to membership: possible models for the United Kingdom, outside the European Union”, published on 2 March, looks at the potential models for the UK’s relationship with the European Union, including negotiated bilateral agreements, such as the recent EU-Canada Free Trade Agreement. It concludes that such an agreement would bring significantly less advantageous terms for UK trade than those we currently enjoy, with particular issues for UK services losing access to the Single Market.
The estimated value to the UK of EU FTA negotiations that have already been concluded is around £ 2.5 billion.
Asked by: Emma Reynolds (Labour - Wolverhampton North East)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Energy and Climate Change, what assessment her Department has made of the potential merits for the UK economy of the completion of a EU internal energy market.
Answered by Amber Rudd
My Department assesses that the completion of the EU internal energy market would put downward pressure on energy bills; encourage efficient investment in the UK energy sector; and enhance energy security.
Asked by: Emma Reynolds (Labour - Wolverhampton North East)
Question to the Department for Business, Energy and Industrial Strategy:
To ask the Secretary of State for Business, Innovation and Skills, how many officials of his Department are (a) responsible for external trade policy, (b) working on policy related to the Transatlantic Trade and Investment Partnership and (c) worked on policy related to the Comprehensive Economic and Trade Agreement.
Answered by Anna Soubry
There are 41 civil servants in my Department primarily working on trade policy. Of these 10 are primarily working on the Transatlantic Trade and Investment Partnership. The Comprehensive Economic and Trade Agreement was one of a number of trade negotiations being handled by a team of 5 BIS officials. They are assisted by officials in other Government Departments, notably the Department for International Development and the Foreign and Commonwealth Office, as well as by other officials within my Department for whom trade policy is not their primary responsibility.