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Nobody has ever accused me of a lack of stamina, Mr Speaker. Am I right and accurate in my assessment that LIBOR funds can be used only for charitable purposes and will not go to a Department?
Nobody has ever accused me of a lack of stamina, Mr Speaker. Am I right and accurate in my assessment that LIBOR funds can be used only for charitable purposes and will not go to a Department?
The question is, I hope, about Air Ambulance Northern Ireland, and I confirm that we are working with the charity and the Northern Ireland Executive on how those funds are delivered. They will go to the air ambulance charity, which I know will be broadly welcomed across all communities in Northern Ireland.
The question is, I hope, about Air Ambulance Northern Ireland, and I confirm that we are working with the charity and the Northern Ireland Executive on how those funds are delivered. They will go to the air ambulance charity, which I know will be broadly welcomed across all communities in Northern Ireland.
The question is, I hope, about Air Ambulance Northern Ireland, and I confirm that we are working with the charity and the Northern Ireland Executive on how those funds are delivered. They will go to the air ambulance charity, which I know will be broadly welcomed across all communities in Northern Ireland.
Nobody has ever accused me of a lack of stamina, Mr Speaker. Am I right and accurate in my assessment that LIBOR funds can be used only for charitable purposes and will not go to a Department?
I can report solid steady growth; more jobs; lower inflation; and an economy on course for a surplus—and all done in a fair way. This is a Britain that is prepared for whatever the world throws at us, because we have stuck to our long-term economic plan.
Credible fiscal policy and...
I can report solid steady growth; more jobs; lower inflation; and an economy on course for a surplus—and all done in a fair way. This is a Britain that is prepared for whatever the world throws at us, because we have stuck to our long-term economic plan.
Credible fiscal policy and...
Both those major tax cuts will be backdated so that they are effective from 1 January this year and my hon. Friend the Exchequer Secretary will work with the industry to give them our full support.
We are only able to provide this kind of support to our oil and gas...
Both those major tax cuts will be backdated so that they are effective from 1 January this year and my hon. Friend the Exchequer Secretary will work with the industry to give them our full support.
We are only able to provide this kind of support to our oil and gas...
Hear, hear.
Hear, hear.
Today I report on an economy set to grow faster than any other major advanced economy in the world. I report on a labour market delivering the highest employment in our history, and I report on a deficit down by two thirds, falling each year, and, I can confirm today,...
Today I report on an economy set to grow faster than any other major advanced economy in the world. I report on a labour market delivering the highest employment in our history, and I report on a deficit down by two thirds, falling each year, and, I can confirm today,...
Let me turn to the OBR forecasts for the labour market. Since the autumn statement just four months ago, the businesses in our economy have created over 150,000 more jobs than the OBR expected. That is 150,000 extra families with the security of work, and that is 150,000 reasons to...
Let me turn to the OBR forecasts for the labour market. Since the autumn statement just four months ago, the businesses in our economy have created over 150,000 more jobs than the OBR expected. That is 150,000 extra families with the security of work, and that is 150,000 reasons to...
Budget statement 16 March 2016. Ways and means resolution. Agreed to on question.
Budget statement 16 March 2016. Ways and means resolution. Agreed to on question.
My pension reforms have always been about giving people more freedom and more choice. So, faced with the truth that young people are not saving enough, I am today providing a different answer to the same problem. We know people like ISAs—because they are simple. You save out of taxed...
My pension reforms have always been about giving people more freedom and more choice. So, faced with the truth that young people are not saving enough, I am today providing a different answer to the same problem. We know people like ISAs—because they are simple. You save out of taxed...
To ask the Secretary of State for Defence, what audit checks have been made on projects and organisations that have received funding from Libor fines.
To ask the Secretary of State for Defence, what audit checks have been made on projects and organisations that have received funding from Libor fines.
All £35 million of LIBOR funding has been allocated to projects which support the Armed Forces Community. For details of the organisations and projects which benefited from this money, I refer the hon. Member to the answer I gave on 2 June 2015 to Question 428 to the hon. Member for St Helens North (Mr McGinn). http://www.parliament.uk/business/publications/written-questions-answers-statements/written-question/Commons/2015-05-28/428/
Organisations that have received LIBOR funds are required to provide a monthly report of progress; these are reviewed and monitored by the Ministry of Defence (MOD) Armed Forces Covenant Team and, where appropriate, action taken to ensure that the project is on track. At the end of each project, recipients of LIBOR funding also complete a close of project report and an assessment is conducted against the original terms and conditions. This enables the MOD to confirm the closure and record lessons learnt for future grants. Where appropriate, the MOD Armed Forces Covenant Team have engaged with projects on a one-to-one basis.
To ask the Secretary of State for Defence, which organisations and projects have received funding from the £35 million transferred to his Department from HM Treasury derived from Libor fines.
To ask the Secretary of State for Defence, which organisations and projects have received funding from the £35 million transferred to his Department from HM Treasury derived from Libor fines.
All £35 million of LIBOR funding has been allocated to projects which support the Armed Forces Community. For details of the organisations and projects which benefited from this money, I refer the hon. Member to the answer I gave on 2 June 2015 to Question 428 to the hon. Member for St Helens North (Mr McGinn). http://www.parliament.uk/business/publications/written-questions-answers-statements/written-question/Commons/2015-05-28/428/
Organisations that have received LIBOR funds are required to provide a monthly report of progress; these are reviewed and monitored by the Ministry of Defence (MOD) Armed Forces Covenant Team and, where appropriate, action taken to ensure that the project is on track. At the end of each project, recipients of LIBOR funding also complete a close of project report and an assessment is conducted against the original terms and conditions. This enables the MOD to confirm the closure and record lessons learnt for future grants. Where appropriate, the MOD Armed Forces Covenant Team have engaged with projects on a one-to-one basis.
To ask the Secretary of State for Defence, how much of the £35 million transferred to his Department from Libor fines has been spent on projects supporting the armed forces community.
To ask the Secretary of State for Defence, how much of the £35 million transferred to his Department from Libor fines has been spent on projects supporting the armed forces community.
All £35 million of LIBOR funding has been allocated to projects which support the Armed Forces Community. For details of the organisations and projects which benefited from this money, I refer the hon. Member to the answer I gave on 2 June 2015 to Question 428 to the hon. Member for St Helens North (Mr McGinn). http://www.parliament.uk/business/publications/written-questions-answers-statements/written-question/Commons/2015-05-28/428/
Organisations that have received LIBOR funds are required to provide a monthly report of progress; these are reviewed and monitored by the Ministry of Defence (MOD) Armed Forces Covenant Team and, where appropriate, action taken to ensure that the project is on track. At the end of each project, recipients of LIBOR funding also complete a close of project report and an assessment is conducted against the original terms and conditions. This enables the MOD to confirm the closure and record lessons learnt for future grants. Where appropriate, the MOD Armed Forces Covenant Team have engaged with projects on a one-to-one basis.
I have listened carefully to what my hon. Friend has said, and we will give careful consideration to any transfer application from his constituent that is referred to us by the US authorities.
I have listened carefully to what my hon. Friend has said, and we will give careful consideration to any transfer application from his constituent that is referred to us by the US authorities.
My constituent Mr Tony Conti was convicted last November of fixing LIBOR when he worked for Rabobank. Given that the US established the international prisoner transfer programme in 1977 to make it easier for foreigners who are convicted to return to their country of origin, will my hon. Friend consider such a transfer for my constituent?
My constituent Mr Tony Conti was convicted last November of fixing LIBOR when he worked for Rabobank. Given that the US established the international prisoner transfer programme in 1977 to make it easier for foreigners who are convicted to return to their country of origin, will my hon. Friend consider such a transfer for my constituent?
My constituent Mr Tony Conti was convicted last November of fixing LIBOR when he worked for Rabobank. Given that the US established the international prisoner transfer programme in 1977 to make it easier for foreigners who are convicted to return to their country of origin, will my hon. Friend consider such a transfer for my constituent?
I have listened carefully to what my hon. Friend has said, and we will give careful consideration to any transfer application from his constituent that is referred to us by the US authorities.
To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 12 February 2016 to Question 25976, what discussions his officials have had with their counterparts in the Department for Business, Innovation and Skills on the mechanisms for implementing the Prime Minister's commitment of April 2015 to use the...
To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 12 February 2016 to Question 25976, what discussions his officials have had with their counterparts in the Department for Business, Innovation and Skills on the mechanisms for implementing the Prime Minister's commitment of April 2015 to use the...
As we have said previously, this government will be spending twice as much in cash terms on apprenticeships by 2020 compared to 2010. Spending on apprenticeships in England will be £2.5bn in 2019-20. The BIS spending review settlement for apprenticeships reflects the government’s commitment regarding the proceeds of the Libor fine the FCA announced in April 2015. Further announcements that support the government’s commitment to delivering employment opportunities for young people will be announced in due course.
To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 12 February 2016 to Question 25976, whether the proceeds from the £227 million fine imposed on Deutsche Bank will be specifically applied to a new new three-year fund to create 50,000 apprenticeships.
To ask Mr Chancellor of the Exchequer, pursuant to the Answer of 12 February 2016 to Question 25976, whether the proceeds from the £227 million fine imposed on Deutsche Bank will be specifically applied to a new new three-year fund to create 50,000 apprenticeships.
As we have said previously, this government will be spending twice as much in cash terms on apprenticeships by 2020 compared to 2010. Spending on apprenticeships in England will be £2.5bn in 2019-20. The BIS spending review settlement for apprenticeships reflects the government’s commitment regarding the proceeds of the Libor fine the FCA announced in April 2015. Further announcements that support the government’s commitment to delivering employment opportunities for young people will be announced in due course.
To ask Mr Chancellor of the Exchequer, what progress officials in his Department have made on incorporating the proceeds of the £227 million fine imposed on Deutsche Bank in relation to their Libor activities into a new three-year fund to create 50,000 apprenticeships.
To ask Mr Chancellor of the Exchequer, what progress officials in his Department have made on incorporating the proceeds of the £227 million fine imposed on Deutsche Bank in relation to their Libor activities into a new three-year fund to create 50,000 apprenticeships.
This government will be spending twice as much in cash terms on apprenticeships by 2020 compared to 2010. Spending on apprenticeships in England will be £2.5bn in 2019-20. The BIS spending review settlement for apprenticeships reflects the government’s commitment regarding the proceeds of the Libor fine the FCA announced in April 2015. Further announcements that support the government’s commitment to delivering employment opportunities for young people will be announced in due course.
To ask Mr Chancellor of the Exchequer, what recent discussions he has had with financial regulators to ensure that regulations on fixing the rates of the London Interbank Offered Rate are better enforced.
To ask Mr Chancellor of the Exchequer, what recent discussions he has had with financial regulators to ensure that regulations on fixing the rates of the London Interbank Offered Rate are better enforced.
The Treasury is in regular close contact with the FCA and the Prudential Regulatory Authority (PRA) on all issues relating to financial market conduct.
Following benchmark cases on LIBOR, Foreign Exchange and Gold, the government passed legislation to regulate benchmark activities in UK. The administrators and submitters to eight benchmarks, including LIBOR, are now subject to the Financial Conduct Authority’s (FCA’s) standards of governance, controls, accountability, management of conflicts of interest and record keeping. This domestic regime will be superseded by the EU Benchmark Regulation when that enters into force.
The European Parliament and the Council of the EU reached a compromise on an EU Benchmark Regulation on 24 November 2015. The Regulation brings in a set of rules to ensure that benchmark providers in the EU have prior authorisation and are subject to supervision, in line with internationally agreed principles drawn up by the International Organization of Securities Commissions (IOSCO).
The government regularly engages with all the relevant European institutions to ensure that European-level regulations are strong and effective.
To ask Her Majesty’s Government how much money has been (1) provided, and (2) committed through to 2018–19, from the LIBOR fines to support the Imperial War Museum's educational work; and how that money has been disbursed or allocated by the museum.
To ask Her Majesty’s Government how much money has been (1) provided, and (2) committed through to 2018–19, from the LIBOR fines to support the Imperial War Museum's educational work; and how that money has been disbursed or allocated by the museum.
Thanks to my noble friend's work in this area, and the Chancellor's commitment to use fines paid by banks for good causes, £8 million has been committed from the LIBOR funds to support the Imperial War Museum’s education work over the period 2015-2019. The Museum has allocatedaround£2 million for each year of this period and a total of £1.3m has been invested so far in 2015-2016 on ongoing education work. This includes support to the First World War Centenary learning programme with over 3,500 member organisations from more than 50 different countries including universities, museums, schools, libraries, archives, operas, orchestras and local community organisations.
To ask the Secretary of State for Defence, pursuant to the Answer of 2 June 2015 to Question 428, what progress has been made in ensuring funding from the Armed Forces Covenant (Libor) Fund is distributed across the UK; and which organisations in each region of the UK have benefited...
To ask the Secretary of State for Defence, pursuant to the Answer of 2 June 2015 to Question 428, what progress has been made in ensuring funding from the Armed Forces Covenant (Libor) Fund is distributed across the UK; and which organisations in each region of the UK have benefited...
Further to my answer of 2 June 2015 to Question 428 which detailed the information held centrally by the Ministry of Defence. The final project under the Veterans Accommodation Fund (VAF) was announced on 20 July 2015 and that was for £50,000 to the RAF Benevolent Fund, for replacement windows at Forge House in England. The £40 million VAF and the £35 million LIBOR Fund have now closed.
This year saw the implementation of a permanent commitment to the Armed Forces Covenant through a £10 million per annum Covenant Fund, and will be ring-fenced from the UK Defence Budget. Assessments of the first-round of small grants (up to £20,000) are currently taking place and those selected will be announced around the New Year. The deadline for the second round of applications is 17 December 2015.
The deadline for expressions of interest for the large grant scheme (£20,000 to £500,000) has now closed. Those projects accepted for round two will also be informed by 26 November 2015, the deadline for stage two applications is 13 January 2016 with stage two decisions communicated by 10 March 2016.
Although we welcome applications from across the whole of the UK, these will be selected on the basis of defined criteria. The selection panel is made up of MOD officials, sector experts and representatives from each of the Devolved Administrations.