Results 1–20 of 628 for speaker:Lord O'Neill of Gatley

G20 Summit - Question for Short Debate (8 Jul 2019)

Lord O'Neill of Gatley: My Lords, it is a pleasure as well as an honour briefly to speak in this debate. I congratulate the noble Lord, Lord Howell, on securing it and join others in commending the tremendous work that he has conducted in his committee. I can only hope that his example is taken up in the commitment of others and that, in the spirit of some comments already made and a couple that I shall now reflect...

G20 Summit - Question for Short Debate (8 Jul 2019)

Lord O'Neill of Gatley: To echo the words and spirit of the noble Lords, Lord Howell and Lord Grocott, it is exceptionally important that the UK be on the front foot at the G20, with thought and serious attention. As a final thought in the spirit of the interesting comments of the noble Lord, Lord Hannay, perhaps the UK can itself outline ways in which the G20 can start monitoring and measuring what it says at meetings.

Brexit: Withdrawal Agreement and Political Declaration - Motion to Take Note (9 Jan 2019)

Lord O'Neill of Gatley: My Lords, I want to start by flattering the noble and learned Lord, Lord Hope, for his very wise words early in this debate, which have given me a little more belief in my own hunches. As suboptimal as the Government’s deal is, it might be the least suboptimal of them all. Based on my experience of thinking about the world economy and world trade, I think it important to remember that the...

Economy: Spring Statement - Motion to Take Note (15 Mar 2018)

Lord O'Neill of Gatley: My Lords, I, too, congratulate the right reverend Prelate the Bishop of Lincoln on his excellent maiden speech. By complete coincidence, I attended a wedding last Friday at which at least half of those present came from that proud county, so I can vouch that they appear to be a rather robust bunch. With respect to the Spring Statement, I will make six—hopefully brief—points, two of which...

Budget Statement - Motion to Take Note (4 Dec 2017)

Lord O'Neill of Gatley: My Lords, despite a lot of obvious things that—understandably—worry many people around the world, in fact the world economy has strengthened quite notably in 2017. Based on many of the indicators that I have followed for a very long time, the world economy is ending 2017 on a cyclically rather strong footing. I suspect that when we look back, world GDP growth may have been in the...

EU: Transition Deal - Question for Short Debate (19 Oct 2017)

Lord O'Neill of Gatley: My Lords, I now find myself wondering whether the most passionate advocates of Brexit, some of whose arguments we have just heard the noble Lord illustrate, are secretly in favour of a second referendum on the original question. If not, I cannot see any of their logic. Brexit with no trade deal—the ultimate consequence of no transition—is anywhere from worrying to extremely bad. I shall...

European Union (Notification of Withdrawal) Bill - Second Reading (2nd Day) (21 Feb 2017)

Lord O'Neill of Gatley: My Lords, I would like to make four points. First, the decision to hold a referendum on membership of the EU in the first place was driven by politics, especially those of the party governing the country. Not a great deal of thought was given to the economics of the issue, but now that we are faced with the reality we must do so. Secondly, while the decision to leave the EU is hugely...

Autumn Statement: Economy - Motion to Take Note (29 Nov 2016)

Lord O'Neill of Gatley: My Lords, as this is my first speech from these Benches, I will start by thanking the Prime Minister for allowing me to have served in her Government, as well as her predecessor for inviting me to join in the first place. It was quite a surprise at the time, as well as a huge honour. I also thank the right honourable George Osborne specifically in this regard. It was a great pleasure working...

Written Answers — HM Treasury: EU Grants and Loans (19 Sep 2016)

Lord O'Neill of Gatley: The Treasury does not hold information about individual EU funded projects, so the detailed information requested could only be provided at disproportionate cost. Information about EU funded projects in the UK is in the public domain, e.g. a list of European Structural and Investment Funds beneficiaries is available on In line with the Chief Secretary’s letter of 12th August, a...

Written Answers — HM Treasury: Occupational Pensions: Tax Allowances (19 Sep 2016)

Lord O'Neill of Gatley: The Government does not collect data on the number of workers earning less than the personal allowance who are also members of pension schemes that operate a net pay system. The Government does not hold employee level data on employees enrolled in net pay pension schemes, as such schemes are not obliged to report pension contributions to HM Revenue and Customs. The Government does not...

Written Answers — HM Treasury: Immigration (19 Sep 2016)

Lord O'Neill of Gatley: As noted in the 2012 report by the Migration Advisory Committee (MAC), the empirical literature suggests that the impact of migration on productivity may be mixed and heavily dependent on the type of migrant coming to the UK. Migrants may increase productivity either through a simple ‘batting average’ effect if they work in higher productivity roles relative to the average for...

Written Answers — HM Treasury: International Monetary Fund (19 Sep 2016)

Lord O'Neill of Gatley: The IMF Executive Board discussed the report entitled The IMF and the crises in Greece, Ireland, and Portugal on 19 July 2016. The UK plays an active part in such dialogues. While we welcome the report, board discussions remain confidential until the minutes are made accessible three years after the meeting. The Chairman’s summing up, and the statement by the IMF Managing Director offering...

Written Answers — HM Treasury: Personal Savings: Tax Allowances (19 Sep 2016)

Lord O'Neill of Gatley: Since April 2016 savers have benefitted from a new Personal Savings Allowance of up to £1,000 for basic rate taxpayers, and £500 for higher rate taxpayers. They can also save up to £15,240 tax-free in ISAs this tax year. Together these measures mean that 95% of taxpayers have no savings tax to pay at all.

Written Answers — HM Treasury: International Monetary Fund (19 Sep 2016)

Lord O'Neill of Gatley: The government continues to value the IMF’s forecasts and other analytical outputs, which are supported by high quality technical analysis and data-gathering. This is used alongside the government’s own analysis, and the work of other institutions. We do not believe that the International Evaluation Office’s (IEO) report entitled The IMF and the Crises in Greece, Ireland and Portugal...

Written Answers — HM Treasury: Pensions: Taxation (19 Sep 2016)

Lord O'Neill of Gatley: HM Revenue and Customs (HMRC) publishes the number and value of flexible payments made from pensions since April 2015. The quarterly publication does not include breakdowns of pension payments by characteristic, nor are there any plans to. In accordance with the National Statistics Code of Practice, Official Statistics are shared with a minimal number of named officials 24 hours prior to...

Written Answers — HM Treasury: Broadband: Finance (19 Sep 2016)

Lord O'Neill of Gatley: The Infrastructure and Projects Authority has received seven proposals from prospective commercial partners for the proposed Broadband Investment Fund. Officials are currently evaluating the proposals and carrying out due diligence. The government will announce a decision in due course.

Written Answers — HM Treasury: National Infrastructure Commission (19 Sep 2016)

Lord O'Neill of Gatley: The National Infrastructure Commission has a crucial role to play in setting out the country’s infrastructure priorities. Since being set up, it has produced three challenging and authoritative reports on smart power, London transport and a long-term strategy for transport in the North, and has recently consulted on its approach to the first National Infrastructure Assessment. The...

Written Answers — HM Treasury: National Infrastructure Commission (19 Sep 2016)

Lord O'Neill of Gatley: To allow the Neighbourhood Planning Bill to focus on essential planning measures, legislation for the National Infrastructure Commission has not be included at this time. The Commission is an important part of the government’s overall approach on infrastructure and has already made a significant impact through its first three reports. We remain fully committed to the Commission which...

Written Answers — HM Treasury: Pensions: Taxation (16 Sep 2016)

Lord O'Neill of Gatley: The latest estimate of the tax revenue consequences of the introduction of pensions flexibility was set out in the Office for Budget Responsibility’s Economic and Fiscal Outlook in March 2016. This stated, in paragraph 4.40, that: “tax from pension withdrawals relating to the pension flexibility measure is expected to be around £0.9 billion for the whole of 2015-16, around £0.2 billion...

Written Answers — HM Treasury: Investment (16 Sep 2016)

Lord O'Neill of Gatley: Before the referendum on the UK’s membership of the EU, the UK government published short-term and long-term assessments of the likely impact on the economy of the UK leaving the EU. HM Government is monitoring economic developments closely and the independent Office for Budget Responsibility will produce an updated economic forecast alongside Autumn Statement 2016.

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