Asked by: Joan Walley (Labour - Stoke-on-Trent North)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, by what date does he plan to grant the Green Investment Bank powers to borrow from the private capital markets.
Answered by David Gauke
The Green Investment Bank (GIB) has a budget of £3.8bn and there is no immediate need for the bank to borrow.
As set out in ‘investing in Britain’s future’, the GIB has the power to borrow from the NLF if desired.
Asked by: Joan Walley (Labour - Stoke-on-Trent North)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 9 March 2015 to Question 225717, if he will request that the Prudential Regulation Authority and the Financial Conduct Authority report on their performance in relation to sustainable growth in their annual reports.
Answered by David Gauke
The Financial Services and Markets Act 2000 requires the Prudential Regulation Authority and Financial Conduct Authority to include consideration of the principles of good regulation in their annual report.
These statutory principles of good regulation include “the desirability of sustainable growth in the economy of the United Kingdom in the medium or long term”.
Asked by: Joan Walley (Labour - Stoke-on-Trent North)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will introduce further incentives to encourage resource efficiency.
Answered by Priti Patel - Shadow Secretary of State for Foreign, Commonwealth and Development Affairs
This Government is committed to encouraging resource efficiency. The resource and waste management sector has grown faster than the wider economy over the past two decades, while waste arisings have fallen. We are extracting significantly more economic value from each tonne of waste managed by the sector, a 43% increase from £32 to £46 per tonne since 2004. As such, there are already a number of incentives in place to promote resource efficiency, for example:
Landfill Tax has reduced the amount of waste going to landfill by approximately 65% since its introduction in 1996, and has contributed to a threefold increase in household recycling;
Enhanced Capital Allowances enable the cost of investment in water and energy-efficient equipment to be written off against taxable profits of the period in which the investment is made;
Government–funded Innovate UK is to invest up to £800k in feasibility studies into the business case for retaining value in durable goods through reuse, remanufacture or leasing/maintenance. This competition opened on 2 March 2015;
Government is funding Action Based Research projects to explore innovative ways for businesses to develop more resource-efficient systems and products. £1.2m of support is being provided over the lifetime of the current round of projects; and
Government are providing £17.9m funding in 2014-15 for the Waste and Resources Action Programme (WRAP) to support English businesses, industry, civil society organisations, as well as local authorities and households in realising the benefits of resource efficiency and improved resource management.
Asked by: Joan Walley (Labour - Stoke-on-Trent North)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what steps he has taken to integrate natural capital into the national infrastructure plan.
Answered by Priti Patel - Shadow Secretary of State for Foreign, Commonwealth and Development Affairs
The Government takes natural capital very seriously. It has set long-term goals to stop decades of decline in wildlife and habitats, which have already resulted in improvements. Since 2010, it has helped to create over 150,000 acres of field margins, wetlands and woodlands; woodland cover is at its highest level in 700 years.
The Government’s environmental objectives are reflected in the National Infrastructure Plan. Its Top 40 Priority Infrastructure Investments include rail electrification, renewable energy and Smart Meters. These projects support a transition to a less resource intensive economy.
Asked by: Joan Walley (Labour - Stoke-on-Trent North)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will incorporate a section on natural capital in his annual budget report.
Answered by Priti Patel - Shadow Secretary of State for Foreign, Commonwealth and Development Affairs
Economic growth and improving the environment go hand-in-hand, and the Natural Capital Committee has made a range of recommendations on how we manage the environment in a way that will enhance it for future generations whilst meeting our economic needs.
Given the significance of this work, the Government is carefully analysing the recommendations made in the Natural Capital Committee’s report, and will respond in due course. As part of that response, we will set out how Government plans to integrate natural capital into wider policy making and reporting.
The Government takes natural capital very seriously. We have set long term-goals to stop the decades of decline in wildlife and habitats, and have already seen some improvements. Since 2010 we have helped to create over 150,000 acres of field margins, wetlands and woodlands, and woodland cover is at its highest level in 700 years.
Asked by: Joan Walley (Labour - Stoke-on-Trent North)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will make representations to the Bank of England and the Financial Conduct Authority to encourage them to take sustainability issues into account in the regulatory frameworks governing financial markets.
Answered by Andrea Leadsom
The Bank of England, its subsidiary the Prudential Regulation Authority (PRA), and the Financial Conduct Authority (FCA) operate independently within the statutory remit agreed by Parliament.
The statutory principles of good regulation to which the PRA and FCA must have regard, provided for at section 3B of the Financial Services and Markets Act 2000 include “the desirability of sustainable growth in the economy of the United Kingdom in the medium or long term”.
Asked by: Joan Walley (Labour - Stoke-on-Trent North)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what progress he has made in reducing levels of tax avoidance in the UK's Overseas Territories.
Answered by David Gauke
The UK Government is at the forefront of the global response to international aggressive tax planning and cross-border evasion, driving the international tax, transparency and trade agenda forward under the UK's G8 presidency in 2013, and fully backing the OECD's Base Erosion and Profit Shifting project.
Under the Prime Minister's leadership of the G8, the UK has led a global leap forward in international tax transparency, meaning there are fewer places to hide. We are imposing tough new sanctions for those who do not come forward under HM Revenue and Customs' (HMRC) offshore disclosure facilities. There will be serious consequences for those who continue to believe they can hide wealth offshore, when later on this year HMRC will consult on a new strict liability criminal offence that could mean jail for those who do not declare taxable offshore income. HMRC will also consult on tougher civil sanctions. In addition, last year the Government entered into a series of Intergovernmental Agreements with the overseas territories which will ensure that from September 2016 HMRC will receive details of UK residents who have bank accounts and other investments in the overseas territories.
HMRC co-operates with tax authorities in other countries, in areas such as exchange of information and recovery of tax. Following the commitments made at the G8, all of the UK's Overseas Territories with financial centres and the Crown Dependencies have taken significant steps forward on tax transparency putting them at the forefront of this agenda globally. In addition to signing agreements with the UK for the automatic exchange of tax information, they have also agreed to be early adopters of the new global standard for automatic exchange of tax information, committing to an ambitious timetable of implementation as members of a group of 44 countries and jurisdictions.
Asked by: Joan Walley (Labour - Stoke-on-Trent North)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, when he expects to complete the loan guarantee arrangement for the proposed nuclear power station investments.
Answered by Baroness Morgan of Cotes
Completion of the loan guarantee arrangements for the proposed nuclear power station for Hinkley Point C will coincide with the European Commission's closing decision on the government's state aid notification in relation to the project. This is expected by the end of 2014.
If a guarantee is signed it will be reported to Parliament as required by the legislation, Infrastructure (Financial Assistance) Act 2012, underpinning the scheme.