Results 1–20 of 1111 for speaker:Stephen Barclay

Written Answers — HM Treasury: Financial Services: Regulation (21 Jul 2017)

Stephen Barclay: The Financial Conduct Authority (FCA) is responsible for the prudential and conduction regulation for UK asset managers and UK authorised funds.

Written Answers — HM Treasury: Financial Services (20 Jul 2017)

Stephen Barclay: The government recognises that there are different views on the merits of introducing a duty of care for financial services providers. The government welcomes the Financial Conduct Authority’s commitment to publish a discussion paper to explore the issue of duty of care, as part of the planned review of their Handbook described in their Mission document published in April.

Written Answers — HM Treasury: Pay (20 Jul 2017)

Stephen Barclay: The Office for National Statistics (ONS) estimate that total pay increased by 1.8% on the year in the three months to May. In their Spring Budget Forecast, the Office for Budget Responsibility (OBR) also expected wages to increase in each year of their forecast. The Government is taking action to support incomes. This includes increasing the National Living Wage, raising the personal...

Written Answers — HM Treasury: Debts (20 Jul 2017)

Stephen Barclay: Based on data from the Office of National Statistics, household debt-to-income ratio was 145% in Q1 2017. This is notably below the pre-crisis high of 160% in Q1 2008. The independent Financial Policy Committee (FPC) was set up by the government to assess and mitigate financial stability risks, including from household debt. The FPC has taken action to ensure against a significant rise in...

Written Answers — HM Treasury: Tax Avoidance: USA (20 Jul 2017)

Stephen Barclay: As part of the process of reviewing the Inter-Governmental Agreement between the UK and the US that implements FATCA in the UK, my officials have raised a wide range of issues with the US Treasury and the IRS, including the obligations placed by the US on the non-life insurance industry.

Written Answers — HM Treasury: Foreign Exchange (20 Jul 2017)

Stephen Barclay: In my answer of 5 July I stated that the Government was conducting research on the effects of transparency in overseas money transfers (involving foreign exchange) on consumer decisions. This research helped to inform the Government’s response to the consultation on the implementation of the second Payment Services Directive (PSDII), which was published on 19 July 2017. The...

Written Answers — HM Treasury: Bank Services (20 Jul 2017)

Stephen Barclay: 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. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at:...

Written Answers — HM Treasury: Consumers: Credit (20 Jul 2017)

Stephen Barclay: The assessment of the effect of the decisions made by the Financial Policy Committee (FPC) on the financial stability of the UK is a matter for the FPC. The government established the independent FPC in 2013, giving the FPC a primary objective to identify, monitor and take action to remove or reduce systemic risks with a view to protecting and enhancing the resilience of the UK financial...

Written Answers — HM Treasury: Economic Growth (20 Jul 2017)

Stephen Barclay: We are confident that we will be able to deliver a good deal for the UK via the Brexit negotiations. The government is committed to driving growth in the economy and raising long run living standards, and is always looking at ways to achieve this. For example, we have established of a National Productivity Investment Fund targeted at the productivity-critical areas of transport, R&D,...

Written Answers — HM Treasury: Economic Growth: Scotland (20 Jul 2017)

Stephen Barclay: Estimated growth of Gross Domestic Product in Scotland for the first quarter of 2017 is published by the Scottish Government here: http://www.gov.scot/Topics/Statistics/Browse/Economy/PubGDP/ GDP2017Q1 Estimated growth of Gross Domestic Product for the whole UK for the first quarter of 2017 is published by the Office for National Statistics here:...

Written Answers — HM Treasury: Pay (20 Jul 2017)

Stephen Barclay: The Office for Budget Responsibility do not produce their forecast on a monthly basis, but do publish some variables on a quarterly basis in their supplementary economy tables. Using their forecast for consumer price inflation and average earnings, the level of real earnings is expected to rise by 1.6% from 2017 Q2 to 2019 Q4. The Government is taking action to support incomes. This...

Written Answers — HM Treasury: Economic Growth: Equality (20 Jul 2017)

Stephen Barclay: The independent Office for Budget Responsibility is tasked with creating the forecasts for economic growth on which the government sets fiscal policy. These are published in the ‘Economic and fiscal outlook’, most recently at the Spring Budget 2017. At Spring Budget 2017, the OBR revised up growth in 2017 to 2.0%. There are no official projections of inequality. The latest data...

Written Answers — HM Treasury: Norfolk and Norwich University Hospital NHS Trust: Octagon Healthcare (20 Jul 2017)

Stephen Barclay: The Treasury response to the National Audit Office report partially accepted the recommendation and made clear that we would take the recommendation into account for new projects. This has been done and we are in the process of collecting the information, which we will publish in due course. The Norfolk and Norwich Hospital is not included as it was already subject to a signed contract that...

Written Answers — HM Treasury: Financial Services: Refugees (19 Jul 2017)

Stephen Barclay: Since September 2016, the nine largest personal current account providers in the UK are legally required to offer basic bank accounts to customers who do not have a bank account or who are ineligible for a bank’s standard current account, provided that the customer is legally resident in the EU. The industry produced Joint Money Laundering Steering Group (JMLSG) guidance notes contain...

Written Answers — HM Treasury: Consumer Price Index: Disposable Income (18 Jul 2017)

Stephen Barclay: The Government is taking action to support incomes. This includes increasing the National Living Wage, raising the personal allowance and freezing fuel duty. Following strong gains in recent years, higher inflation is expected to weigh on Real Household Disposable Income (RHDI) per head in 2017. The Office for Budget Responsibility forecast growth in subsequent years, with the level of RHDI...

Written Answers — HM Treasury: TARGET System (18 Jul 2017)

Stephen Barclay: As the Bank of England explained in their article ‘FinTech Accelerator Proof of Concept’, the Bank of England’s trial found that the Interledger Protocol was able to support synchronisation of payments between two Real Time Gross Settlement (RTGS) ledgers. The trial highlighted the importance of ensuring that the Bank’s High Value Payments System is able to support...

Written Answers — HM Treasury: Inflation: Low Incomes (18 Jul 2017)

Stephen Barclay: The Office for Budget Responsibility (OBR) expect inflation to average 2.4% over 2017 and 2.3% over 2018. Their forecast was reflected in HMT’s distributional analysis published alongside Spring Budget 2017, which illustrates how changes to tax, welfare, and spending policy impact upon households of different incomes. The Government is taking action to support the lowest income...

Written Answers — HM Treasury: Mortgages: Repossession Orders (18 Jul 2017)

Stephen Barclay: The Treasury has not made an assessment of the potential effect of a rise in interest rates on mortgage possessions. However, affordability requirements imposed by the Bank of England’s Financial Policy Committee (FPC) require lenders to conduct an interest rate ‘stress test’ on all new mortgage loans. The requirement ensures that all borrowers must be able to afford their...

Written Answers — HM Treasury: Loans: Cars (18 Jul 2017)

Stephen Barclay: The independent Financial Policy Committee, was set up by the government to assess and mitigate financial stability risks. The FPC recently published in June the Financial Stability Report (FSR) which assessed recent trends in the consumer credit market including car finance. The FSR noted that consumer credit has been growing rapidly but that loss rates on consumer credit lending are low at...

Oral Answers to Questions — Treasury: Youth Unemployment (18 Jul 2017)

Stephen Barclay: Youth unemployment is at a record low: 5.1% of 16 to 12-year-olds are unemployed or not in full-time education. That compares with 9.4% in 2009, under the previous Labour Government.


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