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Lords motion to take note of the case for creating an environment which encourages (1) business growth, and (2) job creation, especially in relation to the tax system. Agreed to on question.
Lords motion to take note of the case for creating an environment which encourages (1) business growth, and (2) job creation, especially in relation to the tax system. Agreed to on question.
To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 6 June (HL15957), whether the placement of British Steel in receivership on 25 May (1) disqualifies that company from receiving, or (2) places it at risk of not receiving, 2019 carbon credits; if so, what are the implications...
To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 6 June (HL15957), whether the placement of British Steel in receivership on 25 May (1) disqualifies that company from receiving, or (2) places it at risk of not receiving, 2019 carbon credits; if so, what are the implications...
The Deed of Forfeiture bridge facility agreed between Government and British Steel Limited provides legal protections to give Government control of 2019 EU ETS allowances, even under the scenario of insolvency.
Under the Deed of Forfeiture agreed between the company and British Steel Limited, the companyâs 2019 allowances will be assigned to the Government once issued, and the proceeds from selling these is expected to cover the costs of purchasing the allowances. Greybull are not party to this Deed of Forfeiture, and as a result of the liquidation, day-to-day control has passed to the liquidator of British Steel Limited.
The terms of the commercial agreement between Government and British Steel are set out in letters from the Permanent Secretary of the Department for Business, Energy and Industrial Strategy to the Chair of the Public Accounts Committee and the Comptroller & Auditor General, copies of which have been placed in the Libraries of both Houses.
To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 22 May (HL15809), whether the review and assessment process followed by the British Business Bank also applied to the process supporting their grant of a £120 million loan to British Steel; and whether that process included...
To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 22 May (HL15809), whether the review and assessment process followed by the British Business Bank also applied to the process supporting their grant of a £120 million loan to British Steel; and whether that process included...
The British Business Bank was not involved.
To ask Her Majesty's Government whether the recent loan of £120 million to enable British Steel to meet its emissions trading compliance costs required a Ministerial direction.
To ask Her Majesty's Government whether the recent loan of £120 million to enable British Steel to meet its emissions trading compliance costs required a Ministerial direction.
The Secretary of State for Business, Energy and Industrial Strategy has not issued any Ministerial Directions in respect of British Steel.
This loan agreement was fully commercial and state aid compliant, valued at around £120m, under Section 7 of the Industrial Development Act 1982. Under the agreement the Government purchased emissions allowances on behalf of British Steel ensuring it met its 2018 ETS obligations. Failure to comply with its ETS obligations would have led to a fine of around £500m, on top of the costs of ETS compliance of around £120m.
In return, under a deed of forfeiture, the company’s 2019 allowances will be assigned to the Government once issued, and the proceeds from selling these is expected to cover the costs of purchasing allowances for British Steel. The Government’s view is that the 2019 allowances will still be issued to British Steel in insolvency.
The Government’s assessment is that the Deed of Forfeiture offered value for money to the taxpayer, with benefits exceeding the costs, predicated on the level of confidence around security, even in the event of insolvency.
This position was supported by the independent Industrial Development Advisory Board which assessed the proposal in their statutory role and agreed with the Government’s value for money assessment.
To ask Her Majesty's Government whether civil servants expressed any concerns about the loan made to British Steel to enable it to meet its emissions trading compliance costs; and whether this loan is subject to enforceable security.
To ask Her Majesty's Government whether civil servants expressed any concerns about the loan made to British Steel to enable it to meet its emissions trading compliance costs; and whether this loan is subject to enforceable security.
I refer the Noble Lord to the answer I gave him on 4th June 2019 to Question HL15896, and to letters from the Permanent Secretary to the Department for Business, Energy and Industrial Strategy to the Chair of the Public Accounts Committee and the Comptroller & Auditor General, placed in the Libraries of both Houses, outlining the terms of the Deed of Forfeiture bridge facility agreed between Government and British Steel.
The Deed of Forfeiture provides legal protections to give Government control of 2019 EU ETS allowances, even under the scenario of insolvency.
To ask Her Majesty's Government to which company in the British Steel group of companies they extended a loan of £120 million for the purchase of carbon credits; whether that loan was guaranteed by Greybull Capital and associates; whether the borrower benefited from, or was exposed to, guarantees to other...
To ask Her Majesty's Government to which company in the British Steel group of companies they extended a loan of £120 million for the purchase of carbon credits; whether that loan was guaranteed by Greybull Capital and associates; whether the borrower benefited from, or was exposed to, guarantees to other...
The support was provided to British Steel Limited in the form of a bridge facility. Under the terms of the commercial arrangement, the Government purchased the necessary allowances on behalf of British Steel Limited in the week leading up to 30 April and then surrendered them, via British Steel Limited's Operator Holding Account, to the EU Surrender Account. This occurred before the 30th April compliance deadline to surrender allowances for the 2018 reporting year, thus enabling British Steel Limited to meet its environmental obligations and avoid any penalties that would otherwise have resulted from non-compliance. In return, under a deed of forfeiture, the companyâs 2019 allowances will be assigned to the Government once issued, and the proceeds from selling these is expected to cover the costs of purchasing the allowances.
The terms of the commercial agreement between the Government and British Steel are set out in letters from the Permanent Secretary of the Department for Business, Energy and Industrial Strategy to the Chair of the Public Accounts Committee and the Comptroller & Auditor General, copies of which have been placed in the Libraries of both Houses.
To ask Her Majesty's Government whether they used external independent advisers in connection with the evaluation of British Steel's applications for financial support over the last three months; and, if so, (1) who those advisers were, and (2) how much they were paid.
To ask Her Majesty's Government whether they used external independent advisers in connection with the evaluation of British Steel's applications for financial support over the last three months; and, if so, (1) who those advisers were, and (2) how much they were paid.
The Government sought commercial and legal advice from external independent advisers. Exact costs have not been finalised.
To ask Her Majesty's Government what assurance they received that the terms on which they provided financial support to British Steel were at commercial rates.
To ask Her Majesty's Government what assurance they received that the terms on which they provided financial support to British Steel were at commercial rates.
The agreement between the Government and British Steel regarding their EU Emissions Trading Scheme compliance was fully commercial and state aid compliant, under Section 7 of the Industrial Development Act 1982.
The terms of the commercial agreement are set out in letters from the Permanent Secretary to the Department for Business, Energy and Industrial Strategy to the Chair of the Public Accounts Committee and the Comptroller & Auditor General, copies of which have been placed in the libraries of both Houses.
The Government carried out all of the necessary checks and due diligence which a typical commercial lender would undertake in relation to the company before making a commercial offer, including working closely with legal and commercial advisors to scrutinise the terms of the transaction.
The Deed of Forfeiture contains the terms and conditions which would be required by a commercial lender.
To ask Her Majesty's Government whether they took into consideration British Steel’s acquisition of Ascoval when reaching their decision on lending to that company.
To ask Her Majesty's Government whether they took into consideration British Steel’s acquisition of Ascoval when reaching their decision on lending to that company.
The purchase of Ascoval was undertaken by the shareholder, and not by British Steel.
To ask Her Majesty's Government whether, in extending credit to British Steel, they took into account (1) the management of the borrower, (2) the value for money provided by Greybull Capital in respect of their management charges and other related party transfers, and (3) the use of a capital structure by...
To ask Her Majesty's Government whether, in extending credit to British Steel, they took into account (1) the management of the borrower, (2) the value for money provided by Greybull Capital in respect of their management charges and other related party transfers, and (3) the use of a capital structure by...
I refer the noble Lord to the answer I gave to him on 10 May 2019 to Question HL15469.
To ask Her Majesty's Government whether they will publish the terms of their commercial loan to British Steel; and what consideration they have given to financing other companies in a similar position.
To ask Her Majesty's Government whether they will publish the terms of their commercial loan to British Steel; and what consideration they have given to financing other companies in a similar position.
The terms of the commercial agreement between the Government and British Steel are set out in letters from the Permanent Secretary to the Department for Business, Energy and Industrial Strategy to the Chair of the Public Accounts Committee and the Comptroller & Auditor General, copies of which have been placed in the Libraries of both Houses.
The Government has been in regular communication with all EU ETS participants since November 2017 to notify of the risks associated with a no deal scenario. All UK installations met their 2018 obligations in full before the compliance deadline on the 30th April.
To ask Her Majesty's Government what assessment they have made of the impact of Brexit on those small businesses that are trying to secure finance.
To ask Her Majesty's Government what assessment they have made of the impact of Brexit on those small businesses that are trying to secure finance.
The most recent figures from the SME Finance Monitor[1] (September 2017) show that 78% of applications for finance made in the 18 months to Q2 2017 resulted in a loan and overdraft. Established businesses are more likely to be funded, with 96% of applications for a loan or overdraft renewal being successful as against 63% of new applications.
There is no evidence of any adverse direct effect on these figures arising from the decision to exit the European Union. It is worth noting that the proportion of SMEs planning to grow in the next 12 months has remained largely consistent over the last two years, with 45% reporting an intention to grow in Q2 2017, compared with 43% in the previous quarter. Larger SMEs (with 50-249 employees) report greater ambition to grow in the coming year, at 72%.
[1] An independent report by BDRC Continental, September 2017
https://www.bdrc-group.com/wp-content/uploads/2017/09/BDRC_SME_Finance_Monitor_Q2_2017.pdf
To ask Her Majesty’s Government what will be the maximum amount a student from the least affluent background studying for a three-year course at a university charging the maximum permitted level can borrow under the 2012 student loans arrangements; and what will be the estimated level of debt to be...
To ask Her Majesty’s Government what will be the maximum amount a student from the least affluent background studying for a three-year course at a university charging the maximum permitted level can borrow under the 2012 student loans arrangements; and what will be the estimated level of debt to be...
| Living at the parental home | Living away from parental home and studying in London | Living away from parental home and studying elsewhere | |
| Total tuition fee loan | £27,000 | £27,000 | £27,000 |
| Maintenance loan year 1 | £2,750 | £6,050 | £3,875 |
| Maintenance loan year 2 | £2,750 | £6,050 | £3,875 |
| Maintenance loan final year | £2,395 | £5,365 | £3,490 |
| Maximum loan available for a 3-year course | £34,895 | £44,465 | £38,240 |
To ask Her Majesty’s Government whether the funding of university tuition fees for, and repayment of loans by, mature students taking first degrees varies from that which applies to other students.
To ask Her Majesty’s Government whether the funding of university tuition fees for, and repayment of loans by, mature students taking first degrees varies from that which applies to other students.
To ask Her Majesty’s Government whether outstanding student debts will be written off when a mature student reaches retirement age.
To ask Her Majesty’s Government whether outstanding student debts will be written off when a mature student reaches retirement age.
To ask Her Majesty’s Government when the current rate for the repayment of student loans was agreed, what was the estimated retail price index at that time; and whether there are proposals to limit either the three per cent rate of interest or the retail price index-based level of interest...
To ask Her Majesty’s Government when the current rate for the repayment of student loans was agreed, what was the estimated retail price index at that time; and whether there are proposals to limit either the three per cent rate of interest or the retail price index-based level of interest...
To ask Her Majesty’s Government, further to the Written Answer by Lord Henley on 26 April (WA 67), what criteria are used by the Secretary of State for Business, Innovation and Skills in order to designate, for student support purposes, specific courses at private higher education institutions in England.
To ask Her Majesty’s Government, further to the Written Answer by Lord Henley on 26 April (WA 67), what criteria are used by the Secretary of State for Business, Innovation and Skills in order to designate, for student support purposes, specific courses at private higher education institutions in England.