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12 Oct 2009 : Column 254W—continued
Dormant Bank and Building Society Accounts Act 2008
Mrs. Maria Miller: To ask the Chancellor of the Exchequer when he plans to commence the distribution to charities of money from dormant bank accounts under the Dormant Bank and Building Society Accounts Act 2008. [289312]
Sarah McCarthy-Fry: The UK dormant accounts scheme enables money in dormant bank and building society accounts to be reinvested to the benefit of the community, while ensuring that the right of account holders to reclaim their money is protected.
Following the passage of the Dormant Bank and Building Society Accounts Act in November 2008, the Government completed the legislative framework for the scheme by passing secondary legislation to enable the FSA to regulate a reclaim fund on 29 June 2009. The FSA then published its final rules for regulating a reclaim fund on 24 July 2009. The Government are looking for the scheme to be operational as soon as possible following the authorisation of a reclaim fund.
Excise Duties: Fuels
Mr. Charles Kennedy: To ask the Chancellor of the Exchequer (1) what assessment he has made of the effects of the recent road fuel duty increase on (a) filling stations in and (b) the economy of remote rural areas; [291662]
(2) what information his Department holds for benchmarking purposes on the cost and impact of schemes operated by other EU member states which use a derogation to apply a lower rate of fuel duty to remote areas and islands; and if he will make a statement; [291663]
(3) what recent assessment his Department has made of the effects of variation in fuel prices in other EU member states on road fuel sales in the UK and associated revenue; and if he will make a statement. [291664]
Sarah McCarthy-Fry: When making decisions on fuel duty, the Chancellor takes into account all relevant economic, social and environmental factors. This includes the impact on rural areas. The increase in road fuel duty which took place on 1 September will help to support the public finances in the medium-term.
It is a key principle of the tax system that the same rate of excise duty will apply throughout the UK. The Government have therefore decided not to impose a reduced rate of fuel duty in remote areas. The Government are aware of derogations in other EU member states, but does not hold information on the cost of such schemes.
Data on fuel prices throughout the EU are available at:
The Government have not made an assessment of the impact of fuel prices in other countries on UK prices, but all countries will be similarly affected by movements in the international oil market.
Financial Institutions: Climate Change
Mr. Peter Ainsworth: To ask the Chancellor of the Exchequer what discussions he has had with representatives from each of the financial institutions which are partly or wholly owned by the Government on the Government's objective to encourage investment in low-carbon technologies; and if he will make a statement. [290125]
Sarah McCarthy-Fry: 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. As was the case with previous Administrations, it is not the Government's practice to provide details of all such meetings.
Gift Aid
Mr. Hurd: To ask the Chancellor of the Exchequer with reference to page 40 of the joint Cabinet Office-Treasury publication Real Help for Communities: Volunteers, Charities and Social Enterprises, if he will place in the Library a copy of the research on redirection of the higher rate of gift aid from donors to charities. [292172]
Ian Pearson: Budget 2009 announced research into the effect of redirecting gift aid higher rate relief from donors to charities. The Government will publish the research later this year, and the full report will be available on the HM Treasury website.
Glasgow
John Mason: To ask the Chancellor of the Exchequer whether he plans to visit Glasgow on official business during the summer adjournment. [288922]
Sarah McCarthy-Fry: Treasury Ministers' official duties entail visits throughout the United Kingdom.
Global Economy
Mr. Dai Davies: To ask the Chancellor of the Exchequer if he will place in the Library a copy of (a) the papers submitted by the United Kingdom, (b) the papers submitted by other G20 parties and (c) the speeches made by participants in respect of the G20 meeting on reform of the global economy in Pittsburgh on 24 and 25 September 2009. [292492]
Mr. Timms: At the London summit, leaders asked the Prime Minister as Chair to report on the adaptability and responsiveness of the international financial institutions. His report, titled 'Supporting Global Growth', was welcomed by leaders at the Pittsburgh summit and is available at:
Other contributions presented to the Pittsburgh summit are available at the same address. The IMF's contributions are available at:
G20 leaders meet in closed session and thus specific interventions by leaders at the summit are not publicly available. However, the Leaders' Statement is available at:
Copies of the Prime Minister's report and these web pages have been placed in the Library of the House.
Government Securities
David T.C. Davies: To ask the Chancellor of the Exchequer what estimate he has made of the monetary value of gilts and bonds sold to organisations in (a) China and (b) India in each of the last three years. [291777]
Sarah McCarthy-Fry: The Debt Management Office (DMO) predominantly sells gilts competitively via auctions in the primary market to the primary market dealers, that is, the Gilt-Edged Market Makers (GEMMs), only. GEMMs are financial institutions recognised as such by the DMO. The DMO does not sell gilts direct to other organisations. GEMMs place bids at auctions on behalf of their clients. Foreign investors can also acquire their gilts in the secondary market.
Kaupthing Singer and Friedlander: Compensation
Mr. Brady:
To ask the Chancellor of the Exchequer what estimate his Department has made of the numbers of depositors with Kaupthing, Singer and
Friedlander (UK) who (a) are eligible for compensation, (b) have been compensated or informed they will be compensated and (c) are awaiting compensation from the Financial Services Compensation Scheme. [292145]
Sarah McCarthy-Fry: The Financial Services Compensation Scheme (FSCS) has provided the following information:
(a) The estimated number of KSF eligible depositors is 174,686;
(b) 173,703 depositors have already received compensation; and
(c) 285 applications for compensation remain under consideration by the FSCS, with around 700 application forms remaining unreturned.
Keydata Investment Services
Mr. Sheerman: To ask the Chancellor of the Exchequer what estimate he has made of the number of UK residents affected by the entry into administration of Key Data Investment Services (KIS); and what assessment he has made of the financial consequences of the Financial Services Authority's decision to require KIS to enter administration. [292416]
Sarah McCarthy-Fry: On 8 June 2009, as a result of the application by the FSA on the grounds that Keydata was insolvent, the Court placed Keydata into administration.
PricewaterhouseCoopers ('PwC') were appointed as administrators for KIS and the administration process is still ongoing. A dedicated website and telephone number have been made available for investors and other interested parties.
The FSA is now working closely with PwC and the Financial Services Compensation Scheme as well as with other interested parties, including the Serious Fraud Office and overseas regulatory authorities. In addition HMRC is working with the administrators to establish what the tax implications of this are to ISA investors in light of all the relevant information. HMRC will soon be advising individuals as to the tax implications of their non-qualifying Keydata investments.
PwC and the FSA will keep the public updated.
Members: Correspondence
Sir Michael Spicer: To ask the Chancellor of the Exchequer pursuant to the answer of 20 May 2009, Official Report, column 1401W, on Members: correspondence, when he will reply to the correspondence from the hon. Member for West Worcestershire of 15 April 2009, on green businesses. [289940]
Sarah McCarthy-Fry: A reply has been sent to the hon. Member.
John Barrett: To ask the Chancellor of the Exchequer when the MP's Parliamentary Business Unit of the Tax Credit Office will be in a position to respond to the hon. Member for Edinburgh West's correspondence on 24 March and 10 June 2009 on his constituent Mr. John Reid. [290002]
Mr. Timms: The Tax Credit Office has contacted the hon. Member's office about his constituent to apologise for the delay and clarify the current position.
Sir Gerald Kaufman: To ask the Chancellor of the Exchequer when he plans to reply to the letter of 10 June 2009 from the right hon. Member for Manchester, Gorton on Mr. M Rathfelder. [290236]
Mr. Timms: A reply has been sent to the hon. Member.
Sir Gerald Kaufman: To ask the Chancellor of the Exchequer when he plans to reply to the letter of 9 March 2009 from the right hon. Member for Manchester, Gorton on Mr. B. McGill. [290237]
Sarah McCarthy-Fry: A reply has been sent to the right hon. Member.
John Penrose: To ask the Chancellor of the Exchequer when he plans to reply to the letters of 20 March and 8 June 2009 from the hon. Member for Weston-Super-Mare sent on behalf of a constituent, Mr. Ian Wild. [291692]
Sarah McCarthy-Fry: A reply was sent to the hon. Member on 30 August.
Mortgages: Debts
Mr. Godsiff: To ask the Chancellor of the Exchequer what estimate he has made of the number of repossessions arising from actions by sub-prime lenders in the last 12 months; and whether such repossessions are reflected in the repossession statistics compiled by the Financial Services Authority. [291812]
Sarah McCarthy-Fry: The Government have made no estimate of the number of repossessions arising from actions by specific categories of lenders in the last 12 months. The Financial Services Authority (FSA) publishes quarterly data on residential mortgage lending, covering the period from the first quarter of 2007, available at:
These data are collected from all lenders with FSA authorisation, regardless of individual firm or product characteristics.
National Insurance Contributions
Jim Dowd: To ask the Chancellor of the Exchequer if he will bring forward measures to make national insurance contributions cumulative from each employment up to the maximum income level. [290083]
Mr. Timms: In October 2007 the Treasury published a report Income tax and National Insurance alignment: an evidence-based assessment. It is available at:
The report noted that changing to a National Insurance system in which earnings were cumulated across all employment for those with more than one job would allow a small number of individuals (currently estimated
at around 40,000) to gain access to contributory benefits. However others, including some low earners, would lose out by having to pay more National Insurance Contributions. The report considered more widely aligning the administration of National Insurance Contributions with that of income tax. The Government's conclusion in the Report was that on balance the benefits of administrative alignment did not outweigh the costs.
Pensions
Mr. Willetts: To ask the Chancellor of the Exchequer pursuant to the answers of 15 July 2009, Official Report, columns 482W-83W, and 30 June 2009, Official Report, column 208W, on pensions, what expenditure items are included in the row entitled other spending of Table 4.1 on page 36 of the Long-term Public Finance Report of March 2008. [289402]
Mr. Byrne: The Long-term Public Finance report and the analysis on which the report is based focus on demographic change. Table 4.1 of the Long-term Public Finance report shows the results of modelling the impact of demographic change on total expenditure (including gross investment but excluding interest and dividend payments). The 'other spending' line includes all other Government expenditure not otherwise included in table 4.1, excluding interest and dividend payments.
Pensions: Public Sector
Dr. Pugh: To ask the Chancellor of the Exchequer what estimate he has made of the total cost of pensions for retired public sector workers in each of the next 10 years. [288182]
Mr. Byrne: The Public Expenditure Statistical Analyses (PESA) 2009 (Cmd Paper 7630) provides forward estimates of pensions in payment in the Pay As You Go (PAYG) public service schemes in table D1. These estimates are derived from spending plans and therefore cover up to 2010-11.
The main schemes covered are those for the NHS, teachers, civil service and armed forces. These figures include cash payments of members' continuing pensions, lump sums, spouses' benefits and similar payments, and bulk and individual transfers out.
Performance Standards
Mr. Brady: To ask the Chancellor of the Exchequer what consideration his Department has given to the potential role of the private sector in meeting the public sector efficiency targets published in the Financial Statement and Budget Report 2009; and if he will make a statement. [289639]
Mr. Byrne: Budget 2009 published a departmental breakdown of the Government's £35 billion VFM target, and the "2009 VFM Update" published further detail on some of the reforms Departments will take forward to achieve their targets. Departments may use the private sector to help deliver their targets; these decisions are a matter for individual Departments to make based on their own value for money assessment.
Private Finance Initiative: Government Assistance
Mr. Meacher: To ask the Chancellor of the Exchequer how much public money has been spent to assist companies with private finance initiative contracts which have been adversely affected by the credit crunch; how much such expenditure has been committed but not spent; which companies (a) have been assisted and (b) are planned to be assisted in this way; and what his estimate is of the likely total public expenditure for this purpose. [292137]
Ian Pearson: No money has been spent assisting companies with private finance contracts and there are no plans to do so. In March 2009 the Treasury established its Infrastructure Financing Unit (TIFU) as a temporary and reversible initiative, which can provide loans on market terms to PFI projects struggling to reach financial close due to problems in the debt market. TIFU does not provide direct financial support to companies operating PFI contracts but lends at a commercial rate to PFI projects in procurement.
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