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20 Apr 2009 : Column 376W—continued
Mortgages
Mr. Brady: To ask the Chancellor of the Exchequer how many (a) banks, (b) building societies and (c) other lending institutions have (i) withdrawn from the UK mortgage market and (ii) stopped accepting new mortgage business during the last 12 months. [265152]
Ian Pearson: I refer the hon. Member to my answer to the hon. Member for Twickenham (Dr. Cable) of 9 March 2009, Official Report, column 99W.
Mortgages: Government Assistance
Mr. Brady: To ask the Chancellor of the Exchequer (1) on what basis the eligibility of financial institutions to participate in the new guarantee scheme for residential mortgage-backed securities will be determined; and whether UK non-bank lenders will be permitted access to the scheme; [265149]
(2) what assessment he has made of the likely effects on competition in the UK mortgage market of restricting access to the new guarantee scheme for residential mortgage-backed securities to banks and building societies; [265150]
(3) pursuant to the oral statement of 19 January 2009, Official Report, columns 482-6, on financial markets, whether any schemes being developed to encourage lending to businesses and consumers will be open to UK non-bank financial institutions; [265196]
(4) whether his Department plans to develop a scheme to support new lending by UK non-bank financial institutions. [265197]
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. These build on measures announced on 8 October last year.
This included a guarantee scheme for asset-backed securities to help improve lenders' access to wholesale funding markets and help promote robust and stable markets in the medium term. The scheme draws on the recommendations made by Sir James Crosby and will commence in April 2009 subject to state aid approval.
UK banks and building societies (i.e. deposit takers currently eligible for the Credit Guarantee Scheme) are eligible to participate in the new scheme. The Government will work closely with the industry and keep the scope of the scheme under review. Eligible institutions will be able to access the scheme subject to fulfilling conditions that will be announced by the Debt Management Office in due course.
The Government have not, at this time, produced any assessment of the impact on competition in UK mortgages of limiting participation to deposit taking institutions. However, the measures announced on 19 January were put in place with the express purpose of boosting confidence in the banking sector and are part of ongoing, successful efforts to stabilise financial markets.
Personal Equity Plans
David Taylor: To ask the Chancellor of the Exchequer how much revenue was derived by the Exchequer from the taxation of personal equity plans in each year since such plans have been in operation. [266575]
Ian Pearson: Personal equity plans were tax-advantaged savings products, not revenue-raising schemes.
When ISAs were introduced in 1999, PEPs initially continued to exist but could not be subscribed to, and new accounts could not be opened. However, from April 2008, all PEPs automatically became stocks and shares ISAs as part of the ISA reforms. PEPs are therefore no longer in operation.
Personal Income
Dr. Cable: To ask the Chancellor of the Exchequer if he will publish an update to HM Revenue and Customs' tax table 2.5 based on the 2006-07 Survey of Personal Incomes; and if he will make a statement. [269043]
Mr. Timms: Table 2.5 ‘Income tax liabilities, by income range’ based on the 2006-07 Survey of Personal Incomes will be available on the HM Revenue and Customs website at the end of May 2009.
Information for 2007-08 to 2009-10 will be projected in line with Budget 2009.
Post Offices
Lorely Burt: To ask the Chancellor of the Exchequer what recent discussions on the underwriting of the banking service offered through the Post Office network his Department has had. [265587]
Mr. McFadden: I have been asked to reply.
The Post Office provides a wide range of financial services. Details of the specific protections in place are available from the Post Office website:
http://www.postoffice.co.uk/portal/po/contentl?catId=19300232&;mediaId=92400749
Public Sector: Pensions
Mr. Hoban: To ask the Chancellor of the Exchequer pursuant to the answer of 16 March 2009, Official Report, columns 89-90W, on banks: finance, what assessment he has made of the effect of the Asset Purchase Scheme on levels of public sector pension scheme deficits. [268309]
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 schemes to meet their obligations.
Public sector pensions are predominantly run on a pay as you go basis. This means that pension liabilities are financed when they become due, mainly from contributions into pension schemes and otherwise out of other current Government revenues.
For funded pension schemes, 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.
Students: Loans
Grant Shapps: To ask the Chancellor of the Exchequer (1) how many persons HM Revenue and Customs identified as having made full repayment of a student loan in each of the last three years; [269124]
(2) what measures are in place for HM Revenue and Customs to notify the Student Loans Company of full repayment of a student loan; [269132]
(3) how long on average HM Revenue and Customs took to inform the Student Loans Company that a graduate had paid back the full amount of a student loan in the latest period for which figures are available; and if he will make a statement. [269133]
Mr. Timms: HM Revenue and Customs collects student loan repayments through the tax system, and passes on repayment information to the Student Loans Company (SLC). SLC is responsible for maintaining and updating borrower loan accounts, and informs HMRC when collection should begin and end. HMRC does not hold any information on borrowers’ outstanding balances, and is not able to tell when a loan has been fully repaid.
Taxation
Mr. Gordon Prentice: To ask the Chancellor of the Exchequer (1) whether he has examined the practice in other tax jurisdictions of publishing the tax returns of individuals; and if he will make a statement; [268884]
(2) what assessment he has made of the merits of publishing the tax returns of individual taxpayers. [268885]
Mr. Timms: The Government regularly monitor developments in other jurisdictions, including in jurisdictions where individual tax returns are published, such as Sweden and (in the case of elected officials) the United States. Tax returns of individuals contain confidential information and the UK Government have no plans to publish them.
Taxation: Energy
Graham Stringer: To ask the Chancellor of the Exchequer if he will make an estimate of the level of additional taxation on (a) electricity, (b) natural gas, (c) oil, (d) liquefied petroleum gas which would be equivalent to the required subsidy for biomass to meet the UK renewables energy target in 2020. [268801]
Angela Eagle: The Government do not hypothecate revenue—spending priorities are not, in general, determined by the way in which the money is raised.
The expected costs of meeting our renewable energy targets were published in the Government’s Renewable Energy Strategy last summer. The document can be found at:
VAT: Construction
Sir Nicholas Winterton: To ask the Chancellor of the Exchequer if he will widen the range of construction products and the labour associated with their installation to which a reduced rate of value added tax applies. [269516]
Mr. Timms: All taxes are kept under review and any changes are made as part of the Budget process.
VAT is governed by EU agreements entered into by successive Governments. Under these agreements EU member states may only apply a reduced VAT rate to a prescribed list of goods and services.
The Government only apply reduced VAT rates where they believe these would provide well-targeted and cost-effective support for their policy objectives, compared with other measures.
Transport
A1079: Accidents
Mr. Greg Knight: To ask the Secretary of State for Transport how many people were (a) killed and (b) injured in road traffic incidents on the A1079 road in each of the last five years; and if he will make a statement. [269353]
Jim Fitzpatrick: The number of (a) killed and (b) injured casualties resulting from reported personal injury road accidents on the A1079 in each of the last five years is given in the table:
| Number of casualties | |||||
| 2003 | 2004 | 2005 | 2006 | 2007 | |
The 2008 data will be available at the end of the June 2009.
A127: Speed Limits
Bob Spink: To ask the Secretary of State for Transport when the system of average speed check cameras on the A127 between Basildon and Southend will be fully operational; and if he will make a statement. [269801]
Jim Fitzpatrick: This information is not held by the Department for Transport. Since 1 April 2007 the deployment of safety cameras has been the responsibility of individual local partnerships. The operation of the average speed cameras on the A127 will therefore be a matter for the Essex road safety partnership.
Airports: High Speed Trains
Mrs. Villiers: To ask the Secretary of State for Transport whether his Department is working on proposals for a draft national policy statement on (a) airports and (b) high speed rail. [268992]
Jim Fitzpatrick: The Department for Transport is planning to produce three national policy statements (NPS) on ports, national networks (i.e. strategic roads and railways, including strategic rail freight interchanges), and airports respectively.
Aviation
Mrs. Villiers: To ask the Secretary of State for Transport whether his Department plans to issue a new version of the Aviation White Paper to take account of developments since 2004. [268994]
Jim Fitzpatrick: Since the publication of “The Future of Air Transport” White Paper in 2003, the Department for Transport has undertaken a significant programme of work to ensure that the long-term strategy set out in the White Paper remains up-to-date, including: “The Future of Air Transport Progress Report” in 2006; the consultation on “Adding Capacity at Heathrow Airport” and the decisions announced on 15 January 2009, and updated UK air passenger demand and CO2 forecasts in 2007 and 2009. A further progress report on the White Paper is due to be published within the next two years, which will take into account developments across the range of White Paper policies. The Government have also stated their intention to produce a national policy statement on airports, based on the Air Transport White Paper, which satisfies the requirements of the 2008 Planning Act.
Cycleways: North West
Mark Hunter: To ask the Secretary of State for Transport how many miles of cycle lanes were introduced in local authority areas in the North West in each year since 1997. [268716]
Paul Clark: This information is no longer collected centrally by the Department for Transport as part of our drive to reduce the burden upon local authorities in respect of the information we request annually from them.
However, we do hold some historical information. This has been placed in the Libraries of the House and covers the whole of England. The data are not verified by the Department, may be incomplete and may include estimates.
Cycling: Greater Manchester
Mark Hunter: To ask the Secretary of State for Transport what plans his Department has to improve facilities for cyclists in the Greater Manchester area. [268714]
Paul Clark: The Department for Transport has allocated £98 million from 2009 to 2011 to Greater Manchester to spend on integrated transport. It is for Greater Manchester authorities to determine how much of this they allocate to improving facilities in Greater Manchester including completion of the cycle network and schemes at cycle investment sites.
Departmental Carbon Emissions
Greg Clark: To ask the Secretary of State for Transport for how long his Department has followed the Carbon Trust's Carbon Management programme. [269285]
Mr. Hoon: The Department for Transport began discussions with the Carbon Trust in June 2007, and commenced a targeted approach, concentrating on the main energy using areas of the Department identified in the Sustainable Development in Government Report.
This resulted in the completion of a Carbon Management Energy Efficiency Report in January 2008, which made recommendations to the Department on those areas where the greatest energy (carbon emissions) savings might be made.
The Department for Transport will consult the Carbon Trust to determine the best next steps. The main objective of working with the Carbon Trust will be to continue improving the sustainable performance of the Department for Transport estate.
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