Results 1–20 of 1000 for in the 'Written Answers' (speaker:Lord Myners OR speaker:Lord Myners)

Written Answers — House of Lords: EU: Emissions Trading Scheme (12 Jan 2009)

Lord Myners: On the 19 November 2008 the UK Government held the first auction of carbon allowances. The sale price (clearing price) was £13.61 (€16.15) per allowance. The reserve price set by the Government was below the clearing price. According to the Community Emissions Trading Scheme (Allocation of Allowances for Payment) Scheme 2008, section 19(2), the Government will reveal the reserve price...

Written Answers — House of Lords: International Economies: Germany (12 Jan 2009)

Lord Myners: HM Treasury monitors economic developments in key international economies on an on-going basis. This includes monitoring and analysis of the main factors affecting the German economy. This analysis feeds into our forecast for the global economy published in the Pre-Budget Report and Budget.

Written Answers — House of Lords: Pensions (12 Jan 2009)

Lord Myners: Information is not held centrally across public sector pension schemes to calculate an overall average employer contribution rate, which would in any case be misleading, as it would, for example, combine unfunded pay as you go schemes with funded schemes that have investment surpluses and deficits. Questions about the details of schemes would be for those responsible for the individual schemes.

Written Answers — House of Lords: Pensions: Taxation (12 Jan 2009)

Lord Myners: The Government introduced a streamlined and simplified regime for the taxation of pensions on 6 April 2006. As part of that regime, tax relief, estimated to be worth around £30 billion in 2007-08, is given to incentivise saving for a pension. Pensions tax relief for individuals is limited by annual and lifetime allowances that were pre-announced from their introduction in 2006-07 until...

Written Answers — House of Lords: Taxation: Interest Rates (12 Jan 2009)

Lord Myners: HM Revenue and Customs recalculates its interest rates following any rate change in line with procedures laid down in legislation. The legislation sets out how the rates for various taxes and duties should be calculated and when they apply from. In accordance with the legislation the rate of interest charged on underpaid instalment payments of corporation tax changed from 4 per cent to 3 per...

Written Answers — House of Lords: Banking: Iceland (13 Jan 2009)

Lord Myners: The Government have taken urgent action to protect the interests of UK depositors in Icelandic banks and are actively pursuing a full resolution. The Government have and will continue to ensure that Parliament and the public are updated on developments as and when possible, without compromising negotiations with the Icelandic Government. The Chancellor, along with the Governor of the Bank of...

Written Answers — House of Lords: Public Expenditure (13 Jan 2009)

Lord Myners: The definitions of PSCE and PSNI are available from HMT's PESA publication. The definitions as included in PESA are: Public sector current expenditure: is the sum of the current expenditure of general government and certain distributive transactions (interest and rent) paid by public corporations to the private sector and abroad;does not include expenditure incurred in producing goods and...

Written Answers — House of Lords: Wealth Distribution (13 Jan 2009)

Lord Myners: My statement was based on poverty indicators for different demographic groups which are included in Households Below Average Income (HBAI), published annually by the Department for Work and Pensions (DWP). From 1998-99 to 2006-07 the number of pensioners in relative and absolute low-income poverty has declined respectively by 900,000 and 1.9 million after housing costs. During the same...

Written Answers — House of Lords: Inherited Estates (21 Jan 2009)

Lord Myners: The regulation of insurance inherited estates is a matter for the Financial Services Authority (FSA), which sets the rules covering the management of with-profits funds.

Written Answers — House of Lords: Alcohol (27 Jan 2009)

Lord Myners: Decisions on alcohol duty rates will be made by the Chancellor as part of the Budget process.

Written Answers — House of Lords: Alcohol (27 Jan 2009)

Lord Myners: Pricing decisions by alcohol manufacturers, retailers, pubs and bars are determined by competitive conditions in the relevant markets. The revenue forecast published in the PBR assumes that changes in duty are passed on in full to consumers, as explained in annexe A, paragraph A.2.3 on page 131 of the 2008 Budget document. The Government do not see taxation primarily as a tool for reducing...

Written Answers — House of Lords: Alcohol (27 Jan 2009)

Lord Myners: The review of the impact of alcohol pricing and promotion carried out by the University of Sheffield School of Health and Related Research was a systematic review of international evidence. This work reflects the assumption made in a number of other studies that alcohol duty increases are passed on in full to consumers. In practice, pricing decisions by alcohol manufacturers, supermarkets,...

Written Answers — House of Lords: Alcohol (27 Jan 2009)

Lord Myners: The calculations and assumptions on the effects of changing alcohol duties at the Pre-Budget Report were based on a HM Customs and Excise working paper, which is published on the HMRC website. The paper is available at http://customs.hmrc. gov.uk/channelsPortalWebApp/downloadFile? contentID=HMCE_PROD_008459. A copy of this paper will be placed in the Library of the House. Although the...

Written Answers — House of Lords: Alcohol (27 Jan 2009)

Lord Myners: The revenue received from alcohol duty for beer, wine and spirits in each month since January 2007 can be found in the HM Revenue and Customs national statistics bulletins for beer and cider, made wine, spirits and wine of fresh grape, which are available from the HM Revenue and Customs website addresses at: www.uktradeinfo.co.uk/index.cfm?task=bullbeer...

Written Answers — House of Lords: Banking (27 Jan 2009)

Lord Myners: The law is clear. There is no legal bar to accepting deposits from non-residents. The decision by a bank whether to accept deposits from non-residents is therefore a commercial one on which it would not be right to issue guidance.

Written Answers — House of Lords: Bonuses (27 Jan 2009)

Lord Myners: UK Financial Investments Limited (UKFI), which is wholly owned by the Government, will oversee the conditions attached to subscribing to the Government's recapitalisation fund, including in relation to remuneration policies. UKFI will work to ensure management incentivisation based on long-term value maximisation, which attracts and retains high-quality management and which minimises the...

Written Answers — House of Lords: Slovakia: Euro (27 Jan 2009)

Lord Myners: The Government's policy on membership of the single currency is unchanged. It remains as set out by the previous Chancellor in his Statement to the House of Commons in October 1997, and again in the Chancellor's Statement on the five tests assessment in June 2003. The determining factor underpinning any government decision on membership of the single currency is the national economic interest...

Written Answers — House of Lords: Tax Credits (27 Jan 2009)

Lord Myners: The working tax credit is already available to single people, couples without children and carers. Anyone who fulfils the qualifying work conditions can apply. Full details of eligibility criteria are available on the HMRC website at www.hmrc.gov.uk/taxcredits/.

Written Answers — House of Lords: Taxation: Corporation Tax (27 Jan 2009)

Lord Myners: The Government keep all taxes under review to ensure that they meet the objectives of a fair, modern and competitive tax system while ensuring that all sectors pay a fair share of tax. The Government have no plans to impose a higher rate of corporation tax on international media companies.

Written Answers — House of Lords: BNFL: Sale of Assets (2 Feb 2009)

Lord Myners: HM Treasury were involved in the development of BNFL's strategy. This strategy involved transferring the management of decommissioning sites to NDA appointed contractors through competitive processes, ceasing to carry out any non-commercial activities and seeking to realise value from other assets including the sale of the BNFL stake in the management company for the Atomic Weapons...


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