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23 Mar 2009 : Column 88W—continued
State Retirement Pension
Mr. Gauke: To ask the Secretary of State for Work and Pensions what estimate he has made of the administrative costs of paying the state pension (a) weekly and (b) monthly. [263954]
Ms Rosie Winterton: The precise information requested is not available.
The cost of making payments to pensioners depends on the payment method they choose. The average costs of each payment method are:
| Cost (£) | |
| Source: Corporate Banking and Methods of Payment. | |
Making payments less frequently (four weekly, rather than weekly) would appear, on the face of it, to reduce the Department's payment costs as fewer payments would be made each year. It is not possible to say
exactly what impact on costs this would have as it would depend on a variety of factors—including customer behaviour and third party charges.
Treasury
Banks: Finance
Mr. Hoban: To ask the Chancellor of the Exchequer with reference to his Department’s press notice of 19 January 2009 on the Asset Protection Scheme, how performance against commitments to make loans to creditworthy institutions will be monitored; and what mechanisms will be used to report on such performance. [264422]
Mr. Burstow: To ask the Chancellor of the Exchequer pursuant to the Answer of 11 March 2009, Official Report, column 417W, on business: credit, when negotiations with participating banks began; whether the specific and quantified lending commitments will be (a) published and (b) regularly monitored and reported; what the remit of the lending panel is; when it first met; what data it is monitoring; and if he will make a statement. [264706]
Ian Pearson: On 19 January, the Government announced measures designed to reinforce the stability of the financial system, to increase confidence and capacity to lend, and in turn to support the recovery of the economy. Further information is available at:
These build on measures announced on 8 October last year.
The Government are negotiating quantified lending agreements with the banks participating in the Asset Protection Scheme and extended Credit Guarantee Scheme as announced in January this year. The Chancellor of the Exchequer set out in his statement to Parliament on 26 February that Royal Bank of Scotland has agreed lending agreements with the Government. The Financial Secretary to the Treasury set out in his statement to Parliament on 9 March that Lloyds Banking Group has agreed lending agreements with the Government.
The Government will report to Parliament annually on the delivery of these agreements.
As announced in the 2008 pre-Budge report, the Government have established a new lending panel, which will improve monitoring of lending to households and businesses. The remit of the panel is set out in the 2008 pre-Budget report.
Mr. Hoban: To ask the Chancellor of the Exchequer what assessment he has made of the effect of the Asset Purchase Facility on the monetary value of the (a) assets and (b) liabilities of pension funds. [264431]
Ian Pearson: Asset purchases undertaken by the Bank of England will increase the flow of money within the economy. This will help to revive the flow of credit within the economy, encourage spending and support economic activity. A prosperous and stable economy is vital for pension funds to meet their obligations.
To the extent that asset purchases by the Bank of England lead to movements in bond yields, this will affect the present value of pension funds liabilities, and also the present value of bonds and other assets held by the fund. The overall effect on an individual fund's financial position will depend on how closely the fund's assets and liabilities are matched in terms of their exposure to interest rate risk. This will vary across funds, reflecting differences in the composition of each fund's assets and liabilities.
Gordon Banks: To ask the Chancellor of the Exchequer pursuant to the answer of 9 March 2009, Official Report, column 100W, on banks, what the Government's principles on remuneration are, apart from the principle of no rewards for failure. [265730]
Ian Pearson: The Government have set out four basic principles to be applied to remuneration policies:
Rewards for failure are not appropriate.
Bonus payments should be based on long-term sustainable performance.
Bonuses are not just about past performance but are designed to shape future performance and thus should be subject to appropriate claw back.
The regulator is to take bank remuneration policy into account when supervising a bank.
The Government are clear that going forward, remuneration policies must be based on long-term sustainable performance in the interests of shareholders, taking proper account of risk.
Child Tax Credit
Steve Webb: To ask the Chancellor of the Exchequer how many and what proportion of tax credit claimants are entitled to the family element of child tax credit only. [264582]
Mr. Timms: Estimates of the number of families with tax credit awards, including those entitled to the family element of child tax credit only are published in table 2.1 of our provisional awards snapshot publication, “Child and Working Tax Credit Statistics, December 2008”. The publication is available on the HMRC website at:
Steve Webb: To ask the Chancellor of the Exchequer how many and what proportion of people claiming child tax credit were under the age of 18 years in each year since its introduction; and how many and what proportion of this group claimed the lone parent element of child tax credit in each of those years. [264659]
Mr. Timms: The information requested is available only at a disproportionate cost.
However, estimates of the number of families in receipt of tax credit, including information on lone-parent families by age bands, are published in table 3.1 of the HMRC snapshot publications, “Child and Working Tax Credit Statistics” as at 4 December of each year. The publications are available on the HMRC website at:
Departmental Bank Services
Mr. Hoban: To ask the Chancellor of the Exchequer with which banks his Department (a) holds and (b) has held contracts for the provision of financial advice, for the financial year 2008-09. [262748]
Angela Eagle: HM Treasury have contracted with the following banks for the provision of financial advice during the financial year 2008-09:
Citigroup
Credit Suisse
Deutsche Bank
Goldman Sachs
Morgan Stanley.
Departmental Meetings
Michael Fabricant: To ask the Chancellor of the Exchequer what meetings he attended on Wednesday 18 March 2009 between 1.30 pm and 4 pm; and who else was present at those meetings. [265732]
Angela Eagle: Treasury Ministers attend a wide range of meetings as part of carrying out their duties in line with the “Ministerial Code”. As was the case with previous Administrations, it is not the Government’s practice to provide details of all such meetings.
Departmental Ministerial Policy Advisers
Andrew Rosindell: To ask the Chancellor of the Exchequer how many full-time equivalent staff in his Department provide assistance to special advisers; and what the cost of employing such staff was in each of the last three years. [251661]
Angela Eagle: I refer the hon. Member to the answer given on 26 November 2008, Official Report, column 1891W.
Departmental Visits Abroad
Mr. Hands: To ask the Chancellor of the Exchequer how much expenditure was incurred in respect of the overseas visits (a) he, (b) other Treasury Ministers in his Department and (c) officials of his Department undertook in 2008. [265867]
Angela Eagle: I refer the hon. Gentleman to the answer that the Economic Secretary to the Treasury, my hon. Friend the Member for Dudley, South (Ian Pearson), gave to the hon. Member for Upper Bann (David Simpson) on 12 March 2009, Official Report, column 718W.
Equitable Life: Compensation
Gregory Barker: To ask the Chancellor of the Exchequer what progress has been made in making compensation payments to Equitable Life policyholders; and if he will make a statement. [265570]
Ian Pearson:
Sir John Chadwick has begun the work the Government asked him to undertake on aspects of the ex gratia payments scheme for Equitable Life policyholders announced by the Chief Secretary to the Treasury on 15 January At this stage, it is not possible
to determine how long it will take to make payments under the scheme. The Government will keep the House updated and report back on progress at regular intervals.
Income Tax
Mr. Sanders: To ask the Chancellor of the Exchequer if he will make an assessment of the merits of reducing the basic rate of income tax to 16 per cent. [264513]
Mr. Timms: All taxpayers who pay any income tax at the basic rate would benefit. A reduction in the basic rate would result in a loss of tax revenue which can be approximated from table 1.6 ‘Direct effects of illustrative tax changes’ on the HM Revenue and Customs website at:
The figures exclude any estimate of behavioural response.
There would need to be a corresponding reduction in income tax deducted at source on interest.
Members: Correspondence
Mr. McLoughlin: To ask the Chancellor of the Exchequer pursuant to the answer of 23 February 2009, Official Report, column 322W, on hon. Members: correspondence, when he plans to respond to the letter from the right hon. Member for West Derbyshire of 21 November 2008 on the Derbyshire Building Society. [265526]
Ian Pearson: A reply has been sent to the right hon. Member.
Mr. McLoughlin: To ask the Chancellor of the Exchequer pursuant to the answer of 23 February 2009, Official Report, column 322W, on hon. Members: correspondence, when the Financial Secretary plans to respond to the letter from the right hon. Member for West Derbyshire of November 2008 concerning Kaupthing Bank. [265527]
Ian Pearson: A reply has been sent to the right hon. Member.
Mr. McLoughlin: To ask the Chancellor of the Exchequer pursuant to the Answer of 23 February 2009, Official Report, column 322W, on hon. Members: correspondence, when the Economic Secretary plans to reply to the letter from the right hon. Member for West Derbyshire of 23 October 2008 on the Government’s decision to implement a financial support package for the banking industry. [265529]
Ian Pearson: A reply has been sent to the hon. Member.
Mr. McLoughlin: To ask the Chancellor of the Exchequer pursuant to the Answer of 23 February 2009, Official Report, column 322W, on hon. Members: correspondence, when the Economic Secretary plans to respond to the letter from the right hon. Member for West Derbyshire of 23 October 2008 on the merger between the Derbyshire and Nationwide Building Societies. [265530]
Ian Pearson: A reply has been sent to the hon. Member.
Sir Michael Spicer: To ask the Chancellor of the Exchequer when he plans to reply to the email from the hon. Member for West Worcestershire, dated 4 December 2008, on red diesel fuel. [265578]
Angela Eagle: I have replied to the hon. Member.
Mortgages
Mr. Sanders: To ask the Chancellor of the Exchequer what the monetary value of guarantees made in respect of new mortgage lending was in the last six months for which figures are available. [264770]
Ian Pearson: The Government have not provided guarantees in respect of new mortgage lending.
The Government have announced a comprehensive package designed to reinforce the stability of the financial system, to increase confidence and capacity to lend, and in turn to support the recovery of the economy. Details are available at:
Moscow
Mr. Heathcoat-Amory: To ask the Chancellor of the Exchequer (1) how many visits were made by staff of his Department to Moscow in the financial year 2007-08; [264561]
(2) how many visits were made by staff of his Department to Beijing in the financial year 2007-08. [264564]
Angela Eagle: The Treasury's accounting system does not hold travel information by destination but the Department's travel provider confirmed that staff made three visits to Beijing and one to Moscow in 2007-08. All visits by staff are undertaken in accordance with the Civil Service Code and the Civil Service Management Code.
Revenue and Customs
Jim Cousins: To ask the Chancellor of the Exchequer if he will establish a new range of contact points for the public for HM Revenue and Customs services in addition to existing helplines, co-located with other local and national information services. [264723]
Mr. Timms: Since December 2007, HMRC has co-located face to face advice services with six Jobcentre Plus branches, and two local authority offices. There are four further co-locations currently planned for 2009, three with local authorities and one with a Jobcentre Plus office. When an HMRC inquiry centre is relocated, the preferred option is to co-locate face to face services with central and local government departments, in line with the wider government service transformation agenda. Customers can also access HMRC information through the Directgov and Business Link websites.
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