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79W Written Answers 20 JUNE 2011 Written Answers 80W Financial Services Authority Government Procurement Card Mr Love: To ask the Chancellor of the Exchequer what objectives he has set for the working forum of mutual trade bodies to input collectively into the policy formulation process of the Financial Services Authority; and if he will make a statement. [60217] Mr Hoban: This is a matter for the Financial Services Authority and the members of the forum. I understand that the objectives for the forum will be agreed when it meets for the first time later this year. Financial Services: City of London Jonathan Evans: To ask the Chancellor of the Exchequer what steps he is taking to support the competitiveness of the City of London as a financial centre. [60164] Mr Hoban: The Government are committed to a stable, predictable and competitive environment for financial services and one favourable to business more generally. The Government have taken immediate action to restore tax competitiveness with a phased reduction in the main rate of corporation tax from 28% to 23% over the next four years. By 2014, and based on current plans, the UK will have the 5th lowest main rate in the G20 and will maintain its position as the lowest in the G7. There are many factors which attract business to the UK—a robust and stable legal framework; high standards of transparency and accounting; excellent infrastructure; clustering benefits including associated business such as professional services; a deep and highly skilled talent pool; language; time zone; and quality of life. Ensuring that London retains its position as the preeminent international financial centre is of critical importance to the UK economy. The UK is leading the argument in the EU and internationally for robust, internationally consistent regulatory standards that will benefit the economy and make the financial sector more stable. Strong regulation and effective supervision will increase investor confidence, supporting the competitive position of the city. Financial Services: Taxation Frank Dobson: To ask the Chancellor of the Exchequer if he will estimate the amount of receipts from a tax on all cost conversions from one currency into another levied at (a) 0.005 per cent., (b) 0.05 per cent., (c) 0.5 per cent. and (d) 5 per cent. [60066] Mr Hoban: There are many issues that need to be further explored around whether a currency transaction tax model offers a stable and efficient mechanism to raise revenue. These issues need to be resolved before the potential revenue could be forecast. The UK Government believe a financial transactions tax would need to be applied globally to prevent the relocation of financial services and are willing to engage in further international discussions of such taxes. Charlie Elphicke: To ask the Chancellor of the Exchequer what the (a) date of purchase, (b) gross amount, (c) level 3 line item detail and (d) supplier was in respect of each transaction undertaken by the Valuation Office Agency using the Government Procurement Card in (i) 2008-09 and (ii) 2009-10. [59213] Mr Gauke: Tables have been placed in the Library showing the spending by the Valuation Office Agency (VOA) from the Government Procurement Cards (GPC) in 2008-09 and 2009-10. The tables list the dates of transactions, the amounts and the suppliers. VOA does not on the whole transact with suppliers with Level 3 detail transactions and any incidence of such transactions would be very small in relation to the overall number of transactions and therefore this data is only available at disproportionate cost. The average annual spend is less than 0.05% of the VOA’s overall spending. Inflation Ian Lavery: To ask the Chancellor of the Exchequer what recent assessment he has made of the effect on the economy of trends in the rate of inflation. [60518] Justine Greening: The Government consider a range of factors when making their assessment of the UK economy. The Office for Budget Responsibility (OBR) is responsible for producing independent economic and fiscal forecasts. The OBR published a full analysis of recent developments and the prospects for growth and inflation in their forecast at Budget, which can be found online at: http://budgetresponsibility.independent.gov.uk/ Loans: Republic of Ireland Frank Dobson: To ask the Chancellor of the Exchequer from which UK-based banks he received representations on financial assistance to Ireland. [60425] Mr Hoban: Treasury Ministers and officials have discussions with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Monetary Policy Steve Baker: To ask the Chancellor of the Exchequer what assessment he has made of the effects of quantitative easing on the cost of borrowing for small businesses and consumers. [48407] Mr Hoban: The Monetary Policy Committee of the Bank of England is operationally independent in setting monetary policy to meet the inflation target, including bank rate and the level of asset purchases under quantitative easing (QE). The MPC takes all relevant factors, including the cost of borrowing for businesses and consumers, into account in its assessment of the balance of risks to inflation in the medium term. The Bank’s May 2009 Inflation Report explains how asset purchases work to stimulate nominal spending along various channels.
81W Written Answers 20 JUNE 2011 Written Answers 82W The Bank’s analysis, for example in the Quarterly Bulletin 2011 Q1, is that QE has had a positive impact on spending by households and businesses. National Insurance Contributions Mr Binley: To ask the Chancellor of the Exchequer how many occasions he has met representatives of the Federation of Small Businesses to discuss proposals to extend the national insurance contributions holiday to existing businesses with up to four employees. [60556] Mr Gauke: In advance of the Budget Treasury Ministers met with a number of representative bodies to discuss issues faced by small businesses. The Federation of Small Business was one such body. Northern Rock plc Mr Love: To ask the Chancellor of the Exchequer what discussions his Department has had with UK Financial Investments on the priority to be given to the commitment in the coalition agreement to foster diversity and promote mutuals in the banking industry when evaluating options for the return of Northern Rock to the private sector; and if he will make a statement. [60218] Mr Hoban: Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. As was the case with previous Administrations, it is not the Government’s practice to provide details of all such meetings. The development and execution of strategies for disposing of the Government’s shareholding in Northern Rock is part of UK Financial Institutions Ltd (UKFI) remit. UKFI has been looking at the full range of alternatives for divestment, and has been exploring options based on maximising value for the taxpayer, maintaining financial stability and paying due regard to promoting competition. UKFI will provide advice on the future of Northern Rock plc to the Chancellor, who will make the final decision. The Chancellor of the Exchequer, my right hon. Friend the Member for Tatton (Mr Osborne), launched the sale process of Northern Rock plc on 15 June in his Mansion House speech. Any party, including mutuals are invited to enter a bid for Northern Rock. At this stage, all viable options, including remutualisation, remain available for further consideration; however, a sale is being explored as the first option. The Government remain committed to promoting mutuals as outlined in the coalition document. Oil Stephen Williams: To ask the Chancellor of the Exchequer what plans his Department has to address the challenges posed by peak oil. [60094] Justine Greening: The Government recognise the challenges of peak oil, including the analysis from leading energy organisations such as the International Energy Agency (IEA). HM Treasury engages actively with the Department of Energy and Climate Change (DECC) on these matters. Tax Avoidance Mr Love: To ask the Chancellor of the Exchequer what estimate he has made of the (a) cost to the Exchequer and (b) potential administrative savings arising from reform and simplification of the administration of IR35 in a 12 month period; and if he will make a statement. [60229] Mr Gauke: No estimate has been made of the cost to the Exchequer, or the potential administrative savings arising from a change in the way HM Revenue and Customs (HMRC) administer IR35. Following the recent review of the legislation by the Office of Tax Simplification, the Government announced their commitment to making clear improvements in the way IR35 is administered. HMRC has established the IR35 Forum to advise on possible changes and to monitor progress. Details about the IR35 Forum are available on HMRC’s website at: http://www.hmrc.gov.uk/consultations/ir35forum-home.htm Taxation: Self-assessment Jason McCartney: To ask the Chancellor of the Exchequer what research HM Revenue and Customs (HMRC) has carried out into levels of satisfaction with assistance to persons contacting HMRC with queries about self-assessment. [58275] Mr Gauke: HMRC has commissioned research from TNS-BMRB to measure the customer experience of dealing with HMRC. The survey has been running since 2008 and covers customer perceptions of a recent dealing relating to self-assessment. The headline measure of customer experience is published quarterly on the HMRC website. A full report of HMRC and Line of Business results (2008-10) has also been published on the HMRC website: http://www.hmrc.gov.uk/research/report108.pdf UK Banks: Ireland Frank Dobson: To ask the Chancellor of the Exchequer what estimate he has made of the extent of the exposure of UK bonds to the banking and credit situation in the Republic of Ireland. [32133] Mr Hoban [holding answer 21 December 2010]: A number of factors influence UK gilt yields and it is impossible to isolate the impact of any individual factor, including that of the banking and credit problems in the Republic of Ireland. VAT: Channel Islands Mr MacShane: To ask the Chancellor of the Exchequer pursuant to the answer of 24 May 2011, Official Report, column 590W, on VAT: Channel Islands, whether he is taking steps to control imports of beauty products from the Channel Islands ordered over the internet. [60151] Mr Gauke: All commercial imports from outside the EU, including those of beauty products from the Channel Islands, will be subject to the new restrictions announced by the Chancellor of the Exchequer, my right hon. Friend the Member for Tatton (Mr Osborne), in his 2011 Budget statement.
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HER MAJESTY’S GOVERNMENT MEMBERS
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HER MAJESTY’S GOVERNMENT—cont.
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THE SPEAKER—The Rt Hon. John Berc
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