Asked by: Iain Wright (Labour - Hartlepool)
Question
To ask the Secretary of State for Business, Innovation and Skills, with reference to his statement on 25 June 2015, HCWS54 on the Green Investment Bank, whether shares in the bank will be offered directly to the public.
Answered by Anna Soubry
Our expectation is that interest in acquiring a stake in the Green Investment Bank will come from sophisticated, large scale institutional investors such as pension funds and sovereign wealth funds. We do not currently anticipate shares in the company being offered to individuals.
Asked by: Iain Wright (Labour - Hartlepool)
Question
To ask the Secretary of State for Business, Innovation and Skills, with reference to his statement on 25 June 2015, HCWS54, whether the sale of the bank into private ownership will be undertaken using priority investors.
Answered by Anna Soubry
We will explore all options for a sale. Decisions will reflect the outcome we believe maximises value for the UK taxpayer. Our expectation is that interest in acquiring a stake in the Green Investment Bank will come from sophisticated, large scale institutional investors such as pension funds and sovereign wealth funds.
Asked by: Mark Menzies (Independent - Fylde)
Question
To ask the Secretary of State for Energy and Climate Change, what steps she is taking to ensure that shale gas community benefit funds are distributed to those households closest to potential drilling sites.
Answered by Andrea Leadsom - Parliamentary Under-Secretary (Department of Health and Social Care)
The government believes that every community hosting shale projects should share in the benefits.
The shale gas industry has made a voluntary commitment to its Community Engagement Charter, co-ordinated by its representative body UK Onshore Oil and Gas, which includes a commitment to provide benefits to local communities of £100,000 per well at the exploration/appraisal stage where hydraulic fracturing takes place and a further 1% of revenues if shale gas is discovered.
At a local level, the particular package of community benefits will be designed in conjunction with local residents. Industry have committed to keep their Charter and interaction with local communities under review, including consulting communities about it over time, in the light of operating experience.
We have also committed to setting up a Sovereign Wealth Fund for the North of England, so that the shale gas resources of the North are used to invest in the future of the North.
Asked by: Lord Soames of Fletching (Conservative - Life peer)
Question to the Ministry of Defence:
To ask the Secretary of State for Defence, what assessment he has made of the potential risks posed to national security by investments in UK defence companies by foreign (a) state-owned enterprises and (b) sovereign wealth funds; and if he will make a statement.
Answered by Philip Dunne
As made clear in our white paper National Security Through Technology (Cm 8278) published in February 2012, we will take action in the commercial market place to protect the UK's operational advantages and freedom of action where this is essential for our national security.
In a free market we welcome both domestic and foreign investment in our defence industry. Assessments of potential risk associated with ownership activity are carried out on a case by case basis.
Asked by: Lord Soames of Fletching (Conservative - Life peer)
Question to the Home Office:
To ask the Secretary of State for the Home Department, what assessment she has made of the potential risks posed to UK national security by investments in critical national infrastructure by foreign (a) state-owned enterprises and (b) sovereign wealth funds; and if she will make a statement.
Answered by John Hayes
Foreign investment, including into our critical national infrastructure, is vital for our prosperity and this Government welcomes it. We must, though, consider carefully any risks that such investments may present, including to our national security. Prosperity and security are mutually reinforcing. The National Security Council undertakes this important task.
Asked by: Lord Soames of Fletching (Conservative - Life peer)
Question
To ask the Secretary of State for Business, Innovation and Skills, what assumptions his Department has made about the powers at its disposal to regulate investments by overseas (a) state-owned enterprises and (b) sovereign wealth funds; and if he will make a statement.
Answered by Nick Boles
The UK’s traditional openness to trade and investment has served us well. This is increasingly important in a global economy where we compete for new investment and capital.
Certain investments, which may include those by state-owned enterprises or sovereign wealth funds, will be considered by the relevant competition authorities to assess whether they raise competition concerns. If a particular case gives rise to legitimate matters of public interest other than competition, UK Ministers have formal powers to intervene. In addition, the Takeover Panel has effective disciplinary powers and enforcement powers which can be used if it believes the Takeover Code has been contravened.
Asked by: Paul Flynn (Labour - Newport West)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, pursuant to his statement of 3 December 2014, Official Report, column 314, on the Autumn Statement, what the criteria are for delineation of the boundaries of the north of England for the sovereign wealth fund.
Answered by Andrea Leadsom - Parliamentary Under-Secretary (Department of Health and Social Care)
As set out at paragraph 2.210 of the Autumn Statement, “proposals [for the long-term investment fund from shale gas] will be brought forward in the next Parliament.”