Danny Alexander: As is usual for a project financing transaction, extensive due diligence is being carried out covering areas including: Project contractual structure Technical issues Equity funding arrangements The results of the due diligence are informing the negotiation of the UK guarantee based financing.
Danny Alexander: Six guarantees and one stand-by facility, with a capital value of over £3 billion, have been issued to projects through the legislation underpinning the UK Guarantees Scheme. Twelve additional projects that were previously prequalified reached financial close without using the scheme. A list of prequalified projects and those issued guarantees can be found at the following link:...
Danny Alexander: The estimated cost to the taxpayer, to the end of March 2016, of raising regulated national rail fares by the retail price index (RPI) in January 2015 is £39m. The estimated cost to the taxpayer, to the end of March 2016, of raising Transport for London rail fares by the retail price index (RPI) in January 2015 is £43m. The estimated cost to the taxpayer, to the end of March...
Danny Alexander: The UK Guarantees scheme was announced in July 2012 with enabling legislation, the Infrastructure (Financial Assistance) Act 2012, receiving Royal Assent on 31 October 2012. The scheme provides a sovereign-backed guarantee to help infrastructure projects raise debt finance. Guarantees for up to £40 billion in aggregate can be offered under the initiative. The Government are confirming that...
Danny Alexander: The impact of the reclassification on the government’s financial position is set out in the OBR’s Economic and Fiscal Outlook as at March 2014.
Danny Alexander: The impacts on budget allocations to the devolved administrations following changes in UK Government departmental allocations are set out at Spending Reviews and subsequent Budgets and Autumn Statements.
Danny Alexander: Treasury ministers meet with their counterparts in the Welsh Government from time to time to discuss matters of mutual interest, including Welsh Government funding allocations.
Danny Alexander: In 2013 the UK Government and Northern Ireland Executive signed an economic pact taking forward a constructive and positive programme of work examining the potential for devolving Corporation Tax powers to the Northern Ireland Assembly.
Danny Alexander: The government’s commitment to supporting infrastructure investment and delivery is a key element of its long-term economic plan. The infrastructure pipeline, now published twice a year, is a forward-looking bottom up assessment of planned infrastructure investment across the public and private sectors. It enhances visibility and certainty for investors and the supply chain and allows...
Danny Alexander: We receive many representatives across policy areas for the Autumn Statement.
Danny Alexander: Public Sector Net Debt (PSND) is not currently geographically split and so only overall Public Sector Net Debt (PSND) has increased.
Danny Alexander: I have done so.
Danny Alexander: On 7 September the Government announced the government would extend the freeze on rail fares so that no regulated rail fares will increase by more than inflation. The Chancellor also announced that for 2015, train companies will no longer have the flexibility to increase some fares by 2% above the cap. As set out in the press release these measures will cost £100m by 2015/16.
Danny Alexander: The Northern Ireland Executive, like the devolved administrations in Scotland and Wales, is expected to meet the costs of public sector pensions and spending on health and education from within its existing budgets.
Danny Alexander: The Treasury have made no assessment of the potential effects on the British economy of a closure of the Suez Canal to shipping.
Danny Alexander: The Government has already devolved significant powers and responsibilities to London. The Government passed responsibility for housing, economic development and the Olympic legacy to London through the Localism Act 2011, in addition to transport, planning and the police already controlled by the Mayor. The Government keeps all decisions on tax policy under review.
Danny Alexander: Treasury ministers have discussions with the Northern Ireland Executive from time to time on a range of financial issues.
Danny Alexander: Progress has been made on reducing the deficit; it is down by more than a third from its peak and borrowing in 2013-14 was under £100 billion for the first time in six years. The latest public finance release shows that the impact of the great recession is still being felt in our economy and the public finances. The Office for Budget Responsibility expects real earnings to rise faster than...
Danny Alexander: First, I would think that the hon. Gentleman would welcome the substantial increase in employment we have seen in the past two or three years—after all, it was his Front-Bench team who predicted that that would not happen under this Government. In fact, 80% of the jobs created in the past 12 months have been in full-time employment, not the part-time employment he is talking about, which is...
Danny Alexander: I agree with my hon. Friend that strong tax receipts require a strong economy, and the focus of this Government’s economic policy since the coalition was formed has been to rebuild the UK economy and clear up the mess left to us by the Labour party. We now have the strongest growth in the major world economies, and Government Members should be very proud of that.