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To ask the Chancellor of the Exchequer, what criteria does the Department use in considering whether an increase in the quantity of monetary gold held in the Exchange Equalisation Account is appropriate.
To ask the Chancellor of the Exchequer, what criteria does the Department use in considering whether an increase in the quantity of monetary gold held in the Exchange Equalisation Account is appropriate.
The Exchange Equalisation Account (EEA) has held 9.98 million ounces of gold since March 2002. The Government has no plans to permanently change the stock of gold it holds.
HM Treasury and the Bank of England agree the strategic asset allocation of EEA annually. The allocation is determined in line with the EEA’s policy objectives and its investment principles of readiness, risk tolerance and optimising risk-adjusted return.
Gold remains an important component of the EEA’s diversified portfolio.
To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential role of monetary gold in improving the resilience of the UK’s official reserves during periods of (a) financial market stress, (b) geopolitical conflict, (c) disruption to international payment systems and (d) significant currency volatility.
To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential role of monetary gold in improving the resilience of the UK’s official reserves during periods of (a) financial market stress, (b) geopolitical conflict, (c) disruption to international payment systems and (d) significant currency volatility.
The Exchange Equalisation Account (EEA) has held 9.98 million ounces of gold since March 2002. The Government has no plans to permanently change the stock of gold it holds.
HM Treasury and the Bank of England agree the strategic asset allocation of EEA annually. The allocation is determined in line with the EEA’s policy objectives and its investment principles of readiness, risk tolerance and optimising risk-adjusted return.
Gold remains an important component of the EEA’s diversified portfolio.
To ask the Chancellor of the Exchequer, what assessment his department has made of the counterparty-risk characteristics of monetary gold compared with foreign-currency securities held within the UK’s official reserves.
To ask the Chancellor of the Exchequer, what assessment his department has made of the counterparty-risk characteristics of monetary gold compared with foreign-currency securities held within the UK’s official reserves.
The Exchange Equalisation Account (EEA) has held 9.98 million ounces of gold since March 2002. The Government has no plans to permanently change the stock of gold it holds.
HM Treasury and the Bank of England agree the strategic asset allocation of EEA annually. The allocation is determined in line with the EEA’s policy objectives and its investment principles of readiness, risk tolerance and optimising risk-adjusted return.
Gold remains an important component of the EEA’s diversified portfolio.
To ask the Chancellor of the Exchequer, what assessment his Department has made of the adequacy of the United Kingdom’s official gold reserves in the context of changes in the level of gold reserves held by other central banks since 2022.
To ask the Chancellor of the Exchequer, what assessment his Department has made of the adequacy of the United Kingdom’s official gold reserves in the context of changes in the level of gold reserves held by other central banks since 2022.
The Exchange Equalisation Account (EEA) has held 9.98 million ounces of gold since March 2002. The Government has no plans to permanently change the stock of gold it holds.
HM Treasury and the Bank of England agree the strategic asset allocation of EEA annually. The allocation is determined in line with the EEA’s policy objectives and its investment principles of readiness, risk tolerance and optimising risk-adjusted return.
Gold remains an important component of the EEA’s diversified portfolio.
To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential impact of fragmentation of the international financial system on the appropriate composition of the UK’s official reserves.
To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential impact of fragmentation of the international financial system on the appropriate composition of the UK’s official reserves.
The Government does not comment on market movements. The UK’s official reserves are held in the Exchange Equalisation Account (EEA) and managed to ensure that the policy objectives set out in the EEA Act 1979 can be met at all times.
HM Treasury and the Bank of England agree the EEA’s strategic asset allocation annually. In doing so, the liquidity, credit and market risk of the reserves is managed in line with the EEA’s investment principles: readiness, risk tolerance and, subject to these, optimising risk-adjusted return. Reserve composition decisions reflect these principles.
Information on the size and composition of the reserves is published monthly.
To ask the Chancellor of the Exchequer, whether geopolitical risk is explicitly considered when determining the strategic asset allocation of the Exchange Equalisation Account.
To ask the Chancellor of the Exchequer, whether geopolitical risk is explicitly considered when determining the strategic asset allocation of the Exchange Equalisation Account.
The Government does not comment on market movements. The UK’s official reserves are held in the Exchange Equalisation Account (EEA) and managed to ensure that the policy objectives set out in the EEA Act 1979 can be met at all times.
HM Treasury and the Bank of England agree the EEA’s strategic asset allocation annually. In doing so, the liquidity, credit and market risk of the reserves is managed in line with the EEA’s investment principles: readiness, risk tolerance and, subject to these, optimising risk-adjusted return. Reserve composition decisions reflect these principles.
Information on the size and composition of the reserves is published monthly.
To ask the Chancellor of the Exchequer, whether his Department has considered reducing the proportion of the official reserves invested in foreign sovereign debt and increasing the proportion held in monetary gold.
To ask the Chancellor of the Exchequer, whether his Department has considered reducing the proportion of the official reserves invested in foreign sovereign debt and increasing the proportion held in monetary gold.
The Government does not comment on market movements. The UK’s official reserves are held in the Exchange Equalisation Account (EEA) and managed to ensure that the policy objectives set out in the EEA Act 1979 can be met at all times.
HM Treasury and the Bank of England agree the EEA’s strategic asset allocation annually. In doing so, the liquidity, credit and market risk of the reserves is managed in line with the EEA’s investment principles: readiness, risk tolerance and, subject to these, optimising risk-adjusted return. Reserve composition decisions reflect these principles.
Information on the size and composition of the reserves is published monthly.
To ask the Chancellor of the Exchequer, what assessment his department has made of the potential benefits and costs of holding an increased proportion of official reserves in assets that do not constitute liabilities of another sovereign state or financial institution.
To ask the Chancellor of the Exchequer, what assessment his department has made of the potential benefits and costs of holding an increased proportion of official reserves in assets that do not constitute liabilities of another sovereign state or financial institution.
The Government does not comment on market movements. The UK’s official reserves are held in the Exchange Equalisation Account (EEA) and managed to ensure that the policy objectives set out in the EEA Act 1979 can be met at all times.
HM Treasury and the Bank of England agree the EEA’s strategic asset allocation annually. In doing so, the liquidity, credit and market risk of the reserves is managed in line with the EEA’s investment principles: readiness, risk tolerance and, subject to these, optimising risk-adjusted return. Reserve composition decisions reflect these principles.
Information on the size and composition of the reserves is published monthly.
To ask the Chancellor of the Exchequer, whether his department has assessed the implications for UK reserve management of foreign sovereign assets having been frozen or otherwise restricted as a consequence of international sanctions since 2022.
To ask the Chancellor of the Exchequer, whether his department has assessed the implications for UK reserve management of foreign sovereign assets having been frozen or otherwise restricted as a consequence of international sanctions since 2022.
The Government does not comment on market movements. The UK’s official reserves are held in the Exchange Equalisation Account (EEA) and managed to ensure that the policy objectives set out in the EEA Act 1979 can be met at all times.
HM Treasury and the Bank of England agree the EEA’s strategic asset allocation annually. In doing so, the liquidity, credit and market risk of the reserves is managed in line with the EEA’s investment principles: readiness, risk tolerance and, subject to these, optimising risk-adjusted return. Reserve composition decisions reflect these principles.
Information on the size and composition of the reserves is published monthly.
To ask the Chancellor of the Exchequer, what stress tests his department applies to the Exchange Equalisation Account in respect of movements in (a) the US dollar, (b) the euro, (c) the yen, (d) interest rates and (e) the gold price.
To ask the Chancellor of the Exchequer, what stress tests his department applies to the Exchange Equalisation Account in respect of movements in (a) the US dollar, (b) the euro, (c) the yen, (d) interest rates and (e) the gold price.
The Government does not comment on market movements. The UK’s official reserves are held in the Exchange Equalisation Account (EEA) and managed to ensure that the policy objectives set out in the EEA Act 1979 can be met at all times.
HM Treasury and the Bank of England agree the EEA’s strategic asset allocation annually. In doing so, the liquidity, credit and market risk of the reserves is managed in line with the EEA’s investment principles: readiness, risk tolerance and, subject to these, optimising risk-adjusted return. Reserve composition decisions reflect these principles.
Information on the size and composition of the reserves is published monthly.
To ask the Chancellor of the Exchequer, what recent estimate his Department has made of the national debt per British household; and the potential impact net debt has on long-term fiscal stability.
To ask the Chancellor of the Exchequer, what recent estimate his Department has made of the national debt per British household; and the potential impact net debt has on long-term fiscal stability.
The Office for National Statistics publishes statistics on the level of public debt in its monthly Public Sector Finances release.
For full ONS statistics please see their most recent publication:
https://www.ons.gov.uk/economy/governmentpublicsectorandtaxes/publicsectorfinance/bulletins/publicsectorfinances/july2026
The Chancellor has been clear that fiscal discipline is a priority, and is committed to the fiscal rules, which put debt on a downward path.
To ask the Secretary of State for Work and Pensions, what estimate he has made of the number of parents entitled to an enhanced State Pension as a result of Home Responsibilities Protection but yet to apply.
To ask the Secretary of State for Work and Pensions, what estimate he has made of the number of parents entitled to an enhanced State Pension as a result of Home Responsibilities Protection but yet to apply.
Statistics on HMRC and DWP's Legal Entitlements and Administrative Practice exercise to correct historical errors involving Home Responsibilities Protection can be found here: Home Responsibilities Protection (HRP) State Pension underpayments: LEAP exercise to 31 March 2025.
To ask the Chancellor of the Exchequer, what steps the Treasury is taking to evaluate the potential impact of energy bill increases on domestic inflation and household disposable income.
To ask the Chancellor of the Exchequer, what steps the Treasury is taking to evaluate the potential impact of energy bill increases on domestic inflation and household disposable income.
The Government is closely monitoring energy prices and their potential impact on inflation and household incomes.
This Government is also committed to helping households with the cost of living: from 1 October, VAT will be removed from domestic electricity bills, which Ofgem has confirmed will take around £45 off the annual Ofgem price cap. This comes on top of action taken at the last Budget to remove around £150 from household energy bills, reducing inflation by around 0.2 percentage points in 2026/27.
To ask the Chancellor of the Exchequer, whether HM Treasury holds any evidence of price gouging by (a) supermarkets and (b) petrol stations, following the current instability in the Middle East.
To ask the Chancellor of the Exchequer, whether HM Treasury holds any evidence of price gouging by (a) supermarkets and (b) petrol stations, following the current instability in the Middle East.
The Government is determined to ensure consumers get a fair deal. We continue to work closely with the CMA to monitor prices in light of instability in the Middle East, and fully support the CMA’s ongoing efforts to protect consumers and investigate any evidence of anti-competitive or unfair practices.
To ask the Chancellor of the Exchequer, what strategy HM Treasury is implementing to ensure that annual public sector borrowing aligns with long-term fiscal rules without increasing debt burdens on future generations.
To ask the Chancellor of the Exchequer, what strategy HM Treasury is implementing to ensure that annual public sector borrowing aligns with long-term fiscal rules without increasing debt burdens on future generations.
The government is committed to meeting the fiscal rules with a buffer against uncertainty.
The fiscal rules put the public finances on a sustainable path, and reduce borrowing, by moving the current budget into balance, so day-to-day spending is met by revenues. They also put debt on a declining path.
To ask the Chancellor of the Exchequer, with reference to HM Treasury annual report and accounts 2025 to 2026, HC 424, July 2026, page 15, what information his Department holds on the reasons for the 0.3% fall in Real Household Disposable Income per capita in 2025-26; and whether this remains...
To ask the Chancellor of the Exchequer, with reference to HM Treasury annual report and accounts 2025 to 2026, HC 424, July 2026, page 15, what information his Department holds on the reasons for the 0.3% fall in Real Household Disposable Income per capita in 2025-26; and whether this remains...
Real Household Disposable Income (RHDI) per capita fell by 0.3% in 2025-26, following growth of 3.0% in 2024-25. Growth in 2024-25 reflected strong labour income growth, including wages and salaries, whereas the largest contribution to the fall in 2025-26 came from higher consumer prices.
RHDI per capita remains 1.1% higher than at the start of this Parliament. This compares with a 2.3% decline over the previous Parliament, which remains the only Parliament on record in which living standards fell.
This Government will set out its economic strategy over the coming months. The Government continues to monitor a range of indicators of household economic wellbeing.
To ask the Secretary of State for Work and Pensions, whether his Department prioritises Home Responsibilities Protection correction claims according to the age or vulnerability of the applicant; what the average waiting time is for a determination; how many claims remain outstanding; and what steps he is taking to reduce...
To ask the Secretary of State for Work and Pensions, whether his Department prioritises Home Responsibilities Protection correction claims according to the age or vulnerability of the applicant; what the average waiting time is for a determination; how many claims remain outstanding; and what steps he is taking to reduce...
DWP does not maintain data on the average waiting time, or number of claims outstanding, for Home Responsibilities Protection claims specifically. This information is only available at disproportionate cost to DWP.
When an amendment is made by HMRC to a customer's National Insurance record, which results in a change to their State Pension entitlement, the information provided by HMRC does not include the reason for the National Insurance record amendment or whether a customer is known to be vulnerable. Therefore, DWP processes all State Pension reviews based on the datal order of receipt of the notification from HMRC.
To ask the Secretary of State for Work and Pensions, when he plans to publish a response to the consultation entitled Trust-based pension schemes: Trustees and governance, building a stronger future, which closed on 5 March 2026.
To ask the Secretary of State for Work and Pensions, when he plans to publish a response to the consultation entitled Trust-based pension schemes: Trustees and governance, building a stronger future, which closed on 5 March 2026.
We are continuing to analyse responses to the consultation to support policy development and will publish the Government's response in due course.
To ask the Secretary of State for Work and Pensions, with reference to the speech entitled Pension reform, published on 20 July 2026, what recent discussions he has had with pension providers on implementing the pensions reform roadmap.
To ask the Secretary of State for Work and Pensions, with reference to the speech entitled Pension reform, published on 20 July 2026, what recent discussions he has had with pension providers on implementing the pensions reform roadmap.
As we set out in the updated workplace pensions roadmap, we have now entered the delivery phase of our reforms. We have launched a range of consultations on policy proposals and draft regulations, with more to follow, consistent with our plans. We are engaging closely with stakeholders, including pension providers, employers and their representatives to support effective implementation of the programme.
To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential impact of a sustained depreciation in the US dollar on the value and resilience of the UK’s official reserves.
To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential impact of a sustained depreciation in the US dollar on the value and resilience of the UK’s official reserves.
The Government does not comment on market movements. The UK’s official reserves are held in the Exchange Equalisation Account (EEA) and managed to ensure that the policy objectives set out in the EEA Act 1979 can be met at all times.
HM Treasury and the Bank of England agree the EEA’s strategic asset allocation annually. In doing so, the liquidity, credit and market risk of the reserves is managed in line with the EEA’s investment principles: readiness, risk tolerance and, subject to these, optimising risk-adjusted return. Reserve composition decisions reflect these principles.
Information on the size and composition of the reserves is published monthly.