1-20 of 269 results for subject:Debts
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To ask Her Majesty’s Government, further to the Written Answer by Lord Deighton on 9 March (HL5261), whether they have considered setting an explicit target for private-sector and financial corporation debt, and if not, why not.
To ask Her Majesty’s Government, further to the Written Answer by Lord Deighton on 9 March (HL5261), whether they have considered setting an explicit target for private-sector and financial corporation debt, and if not, why not.
As mentioned in the answer of 9 March, the Government does not set a specific target for private sector debt. However, the Financial Policy Committee (FPC), established as a policy committee of the Bank of England, is empowered to identify, assess, monitor and take action in relation to risks across the UK financial system. This includes risks which arise from beyond the core banking sector (such as private sector debt). The FPC actively monitors developments in the aggregate level of credit extended to UK households and private non-financial corporations, and has the macroprudential policy tools required to address any risk it identifies.
For example, the countercyclical buffer is a macroprudential instrument which is designed to protect the banking sector from periods of excess aggregate credit growth that can contribute to system-wide risk. The countercyclical buffer rate in the UK is currently set at 0%, and is reviewed on a quarterly basis.
To ask Her Majesty’s Government, further to the Written Answer by Lord Deighton on 9 March (HL5261), whether they have identified a threshold level of private-sector or financial corporation debt that might "threaten financial stability", and if so, what that level is, and what steps they plan to take if...
To ask Her Majesty’s Government, further to the Written Answer by Lord Deighton on 9 March (HL5261), whether they have identified a threshold level of private-sector or financial corporation debt that might "threaten financial stability", and if so, what that level is, and what steps they plan to take if...
As mentioned in the answer of 9 March, the Government does not set a specific target for private sector debt. However, the Financial Policy Committee (FPC), established as a policy committee of the Bank of England, is empowered to identify, assess, monitor and take action in relation to risks across the UK financial system. This includes risks which arise from beyond the core banking sector (such as private sector debt). The FPC actively monitors developments in the aggregate level of credit extended to UK households and private non-financial corporations, and has the macroprudential policy tools required to address any risk it identifies.
For example, the countercyclical buffer is a macroprudential instrument which is designed to protect the banking sector from periods of excess aggregate credit growth that can contribute to system-wide risk. The countercyclical buffer rate in the UK is currently set at 0%, and is reviewed on a quarterly basis.
To ask Her Majesty’s Government, further to the Written Answer by Lord Deighton on 10 February (HL4482), what assessment they have made of what is an acceptable and safe level of borrowing for (1) individuals and households, (2) non-financial corporations, and (3) financial institutions.
To ask Her Majesty’s Government, further to the Written Answer by Lord Deighton on 10 February (HL4482), what assessment they have made of what is an acceptable and safe level of borrowing for (1) individuals and households, (2) non-financial corporations, and (3) financial institutions.
The government does not have an explicit target for household or corporate borrowing. The government is adamant not to repeat the mistakes of the past, which is why it created the independent Financial Policy Committee (FPC) within the Bank of England to ensure that emerging risks and vulnerabilities across the financial system as a whole are identified, monitored and effectively addressed.
To ask Mr Chancellor of the Exchequer, what steps he is taking to address the level of UK household debt.
To ask Mr Chancellor of the Exchequer, what steps he is taking to address the level of UK household debt.
Household debt as a proportion of income has fallen to 144 per cent in Q2 2015, from a peak of 168 per cent in Q1 2008. To avoid repeating the mistakes of the past we have created the independent Financial Policy Committee (FPC) within the Bank of England to ensure emerging risks and vulnerabilities across the financial system as a whole are identified, monitored and effectively addressed. The FPC recently re-affirmed its view that, given the actions it has taken, household indebtedness did not pose an imminent threat to financial stability.
To ask Mr Chancellor of the Exchequer, if he will make an assessment of the effect of recent increases in household debt on economic growth.
To ask Mr Chancellor of the Exchequer, if he will make an assessment of the effect of recent increases in household debt on economic growth.
Household debt as a proportion of income has fallen to 144 per cent in Q2 2015, from a peak of 168 per cent in Q1 2008. To avoid repeating the mistakes of the past we have created the independent Financial Policy Committee (FPC) within the Bank of England to ensure emerging risks and vulnerabilities across the financial system as a whole are identified, monitored and effectively addressed. Alongside this, the UK was the fastest growing economy in the G7 in 2014.
To ask the Secretary of State for Justice, how many people owe money to his Department in criminal courts charge impositions; what proportion of those people were convicted in (i) magistrates court and (b) a crown court; and what the total amount of outstanding debt is owed in criminal courts...
To ask the Secretary of State for Justice, how many people owe money to his Department in criminal courts charge impositions; what proportion of those people were convicted in (i) magistrates court and (b) a crown court; and what the total amount of outstanding debt is owed in criminal courts...
Data relating to the criminal courts charge for the period April to September 2015 will be published on 17 December 2015.
Enforcement action is taken against the total amount an offender owes and offenders are often ordered to pay more than one type of financial imposition.
The cost of enforcing the criminal courts charge cannot be separated from the total cost of enforcing all types of court ordered financial impositions.
It is not possible to identify how many people have had a criminal courts charge imposed in magistrates or crown courts or for specific offences without carrying out a manual search of all financial imposition accounts which would incur disproportionate costs.
To ask Her Majesty’s Government what is the current level of HM Treasury's outstanding statutory debt in relation to the Dunfermline Building Society; how much has been paid by the Financial Services Compensation Scheme towards that debt; and whether any assets have been retrieved or sold since the Society went...
To ask Her Majesty’s Government what is the current level of HM Treasury's outstanding statutory debt in relation to the Dunfermline Building Society; how much has been paid by the Financial Services Compensation Scheme towards that debt; and whether any assets have been retrieved or sold since the Society went...
In March 2009, Dunfermline Building Society (DBS) was entered into special administration under the Banking Act 2009. As part of the resolution, HM Treasury provided just under £1.6 billion to enable the transfer of the core DBS business to Nationwide Building Society. The remainder of DBS is currently being wound-down by KPMG affiliated administrators.
Most of the estate has been wound-down and the remaining commercial book is expected to run-off over the next 1-2 years, at which point the administration will be complete. In 2014, the remaining residential mortgage portfolio was sold by the administrators to Arbuthnot Latham and Co. As of 31 March 2015, HM Treasury has received just over £1 billion from the DBS estate.
The Financial Services and Markets Act 2000 ‘Contribution Regulations’ allow the Treasury to recover any shortfall from the estate from the Financial Services Compensation Scheme (FSCS), subject to a cap, via an interim levy on industry. In October 2014, the FSCS made the first payment to HM Treasury with respect to DBS, of £100 million.
HMT expects to recover the amount in full.
To ask the Secretary of State for Health, how much PCTs are owed by foreign patients for medical treatment received from the NHS.
To ask the Secretary of State for Health, how much PCTs are owed by foreign patients for medical treatment received from the NHS.
Under the Health and Social Care Act 2012, primary care trusts (PCTs) ceased to exist from 1 April 2013, being replaced by clinical commissioning groups.
The Department does not hold information centrally on the amounts owed to clinical commissioning groups by foreign patients for National Health Service medical treatment received.
To ask the Secretary of State for Health, how much West Yorkshire PCTs are owed by foreign patients for medical treatment from the NHS.
To ask the Secretary of State for Health, how much West Yorkshire PCTs are owed by foreign patients for medical treatment from the NHS.
Under the Health and Social Care Act 2012, primary care trusts (PCTs) ceased to exist from 1 April 2013, being replaced by clinical commissioning groups.
The Department does not hold information centrally on the amounts owed to clinical commissioning groups by foreign patients for National Health Service medical treatment received.
My Lords, by virtue of Clause 4 the Government are committing themselves to reporting annually on their life chances measures of children in workless households, including long-term worklessness in England and the educational attainment of children, including disadvantaged children, in England at the end of key stage 4. The collective...
My Lords, by virtue of Clause 4 the Government are committing themselves to reporting annually on their life chances measures of children in workless households, including long-term worklessness in England and the educational attainment of children, including disadvantaged children, in England at the end of key stage 4. The collective...
I will speak to Amendment 22, moved by my noble friend Lord Ramsbotham and to which my name is attached, simply to say I strongly support the idea of taking measurements earlier in the child’s life. I note what my noble friend said, his reference to a strategy and that...
I will speak to Amendment 22, moved by my noble friend Lord Ramsbotham and to which my name is attached, simply to say I strongly support the idea of taking measurements earlier in the child’s life. I note what my noble friend said, his reference to a strategy and that...
To ask Mr Chancellor of the Exchequer, if he will take steps to reduce the level of charges imposed on credit card debt; and if he will make a statement.
To ask Mr Chancellor of the Exchequer, if he will take steps to reduce the level of charges imposed on credit card debt; and if he will make a statement.
he Government has fundamentally reformed regulation of the consumer credit market, which includes the credit card sector. Consumer credit regulation transferred from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) on 1 April 2014.
The FCA is currently undertaking a thorough review of the credit card market through its ‘credit card market study’. The market study is investigating three areas, one of which is the extent of unaffordable credit card debt. On the 3rd November 2015 the FCA published its interim report which found that the market was working reasonably well for most customers. However, the FCA expressed concern about the scale of potentially problematic debt in this sector, and the incentives for firms to manage this.
The interim report also included the FCA’s early thinking on potential remedies which include measures to give consumers more control over their credit limits, measures to encourage customers to pay off debt quicker when they can afford to, and proposals that firms do more to identify earlier those consumers who may be struggling to repay and take action to help them manage their repayments. The FCA is currently asking for feedback on the findings and potential remedies.
The Government is looking forward to the full report in the spring, and would encourage interested parties to give their views to the FCA to assist it in addressing the issues it has identified.
What recent estimate he has made of the level of household debt.
What recent estimate he has made of the level of household debt.
Since the financial crisis, households’ financial positions have improved. Household debt as a proportion of income has fallen to 144% in the second quarter of 2015, down from a peak of 168% in the first quarter of 2008.
What recent estimate he has made of the level of household debt.
What recent estimate he has made of the level of household debt.
Since the financial crisis, households’ financial positions have improved. Household debt as a proportion of income has fallen to 144% in the second quarter of 2015, down from a peak of 168% in the first quarter of 2008.
Since the financial crisis, households’ financial positions have improved. Household debt as a proportion of income has fallen to 144% in the second quarter of 2015, down from a peak of 168% in the first quarter of 2008.
What recent estimate he has made of the level of household debt.
I thank the Minister for her response, but a large number of my constituents have been alarmed that mistaken overpayments of working tax credits made by Her Majesty’s Revenue and Customs have been recovered, without warning, from their child tax credit entitlements. Is the Department’s policy now to push people into poverty and debt by punishing them for HMRC’s mistakes?
I thank the Minister for her response, but a large number of my constituents have been alarmed that mistaken overpayments of working tax credits made by Her Majesty’s Revenue and Customs have been recovered, without warning, from their child tax credit entitlements. Is the Department’s policy now to push people into poverty and debt by punishing them for HMRC’s mistakes?
The hon. Lady might remember the terrible roll-out of working tax credits that occurred when the Labour Government were in power. I can assure her that we will continue to improve the administration of tax credits. When her party was in power, people could have a £25,000 change in their income without it affecting their tax credits. We have brought the figure down to £2,500.
The hon. Lady might remember the terrible roll-out of working tax credits that occurred when the Labour Government were in power. I can assure her that we will continue to improve the administration of tax credits. When her party was in power, people could have a £25,000 change in their income without it affecting their tax credits. We have brought the figure down to £2,500.
The hon. Lady might remember the terrible roll-out of working tax credits that occurred when the Labour Government were in power. I can assure her that we will continue to improve the administration of tax credits. When her party was in power, people could have a £25,000 change in their income without it affecting their tax credits. We have brought the figure down to £2,500.
I thank the Minister for her response, but a large number of my constituents have been alarmed that mistaken overpayments of working tax credits made by Her Majesty’s Revenue and Customs have been recovered, without warning, from their child tax credit entitlements. Is the Department’s policy now to push people into poverty and debt by punishing them for HMRC’s mistakes?
Thank you, Mr Speaker. Household debt will be kept low, thanks to the Government’s support for savers, including the Help to Buy ISA that was launched today. Will the Minister join me in encouraging first-time buyers and young savers to take advantage of this new Government support, which is part of the Government’s long-term economic plan?
Thank you, Mr Speaker. Household debt will be kept low, thanks to the Government’s support for savers, including the Help to Buy ISA that was launched today. Will the Minister join me in encouraging first-time buyers and young savers to take advantage of this new Government support, which is part of the Government’s long-term economic plan?
I am delighted that, on behalf of his constituents in Havant, my hon. Friend has noticed that the Help to Buy ISA scheme launches today. Fourteen financial institutions are already offering this exciting new opportunity to save for a home, and I hope that many of his constituents will take advantage of it.
I am delighted that, on behalf of his constituents in Havant, my hon. Friend has noticed that the Help to Buy ISA scheme launches today. Fourteen financial institutions are already offering this exciting new opportunity to save for a home, and I hope that many of his constituents will take advantage of it.
I am delighted that, on behalf of his constituents in Havant, my hon. Friend has noticed that the Help to Buy ISA scheme launches today. Fourteen financial institutions are already offering this exciting new opportunity to save for a home, and I hope that many of his constituents will take advantage of it.
Thank you, Mr Speaker. Household debt will be kept low, thanks to the Government’s support for savers, including the Help to Buy ISA that was launched today. Will the Minister join me in encouraging first-time buyers and young savers to take advantage of this new Government support, which is part of the Government’s long-term economic plan?