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To ask Her Majesty’s Government what assessment they have made of the effect on the United Kingdom economy of the outcomes of the “fiscal cliff” discussions in the United States of America.
To ask Her Majesty’s Government what assessment they have made of the effect on the United Kingdom economy of the outcomes of the “fiscal cliff” discussions in the United States of America.
My Lords, the Office for Budget Responsibility, which is responsible for producing independent economic and fiscal forecasts for the UK economy, based its forecasts last week on the assumption that fiscal policy will be tightened in the US by between 1% and 2% of US GDP. This, in turn, assumes that the US Congress will reach a budget settlement by the end of the year and that the fiscal cliff will be avoided.
To ask Her Majesty’s Government what is their assessment of the International Monetary Fund working paper The Chicago Plan Revisited.[HL2920]
To ask Her Majesty’s Government what is their assessment of the International Monetary Fund working paper The Chicago Plan Revisited.[HL2920]
The Government’s macroeconomic framework includes the Bank of England’s Monetary Policy Committee (MPC), which has responsibility for monetary policy operations. The MPC’s objective is to maintain price stability through an inflation target defined as a 2% annual increase in the consumer prices index. The MPC’s tools include bank rate, or the short-term nominal interest rate, and quantitative easing.
The Independent Banking Commission has stated that:
“A complete move from fractional to full reserve banking would dramatically curtail the lending capacity of the UK banking system, reducing the amount of credit to households and businesses and destroying intermediation synergies”.
To ask Her Majesty’s Government what assessment they have made of the reactions of other Governments and the European Commission to the International Monetary Fund working paper The Chicago Plan Revisited.[HL2921]
To ask Her Majesty’s Government what assessment they have made of the reactions of other Governments and the European Commission to the International Monetary Fund working paper The Chicago Plan Revisited.[HL2921]
The Government’s macroeconomic framework includes the Bank of England’s Monetary Policy Committee (MPC), which has responsibility for monetary policy operations. The MPC’s objective is to maintain price stability through an inflation target defined as a 2% annual increase in the consumer prices index. The MPC’s tools include bank rate, or the short-term nominal interest rate, and quantitative easing.
The Independent Banking Commission has stated that:
“A complete move from fractional to full reserve banking would dramatically curtail the lending capacity of the UK banking system, reducing the amount of credit to households and businesses and destroying intermediation synergies”.
To ask Her Majesty’s Government whether Regional Development Fund grants are available to companies in the devolved nations; and, if not, what similar funds exist in Northern Ireland, Scotland and Wales to assist development.[HL2613]
To ask Her Majesty’s Government whether Regional Development Fund grants are available to companies in the devolved nations; and, if not, what similar funds exist in Northern Ireland, Scotland and Wales to assist development.[HL2613]
The regional growth fund (RGF) is a £2.4 billion fund operating across England from 2011 to 2015.
The provision of financial support to business is a fully devolved matter and regional growth fund grants are not therefore available to companies in the devolved nations. However, the devolved Administrations run similar schemes. For example:
http://www.scottish-enterprise.com/fund-your-business/rsa.aspx
http ://wales.gov.uk/funding/fundgrantareas/?lang=en
http://www.investni.com/guide_to_investni_ support_ccmu_may-2011.pdf
To ask Her Majesty’s Government whether their industrial strategy is fully supported by the three devolved Governments.
To ask Her Majesty’s Government whether their industrial strategy is fully supported by the three devolved Governments.
My Lords, the Government’s industrial strategy sets out a long-term, whole-government approach to delivering economic growth. Although some measures will be UK-wide, economic development, including financial assistance to industry, is a devolved matter. Her Majesty’s Government lead regular discussions with the devolved Administrations to ensure that the strategy reflects this. This involves consulting devolved Administrations on key policies as well as sharing information and good practice on a regular basis. The Government support growth across the whole UK by introducing ultrafast broadband into Belfast, generating new investment in Scotland for North Sea oil fields, and bringing mobile coverage to 60,000 rural homes in Wales.
To ask Her Majesty’s Government in which regions of the United Kingdom the successful applicant bids in rounds one and two of the regional growth fund process located.[HL2336]
To ask Her Majesty’s Government in which regions of the United Kingdom the successful applicant bids in rounds one and two of the regional growth fund process located.[HL2336]
The tables below provide the regional allocation of successful bids from round 1 and 2 of the regional growth fund. 57 per cent of the successful bidders now have contracts and are able to draw down funding. We
now have a firm and agreed position with nine in 10 bids; six out of 10 projects or programmes have started. Our priority now is to agree a way forward with the final few bidders who have yet to agree terms with us; this will be done during the autumn.
| Regional
Spread Round
1 | ||
| Region | Successful
(no of
contracts) | Amount
(£m) |
| North
West | 9 | 28 |
| West
Midlands | 9 | 107 |
| North
East | 23 | 62 |
| East
Midlands | 4 | 16 |
| Yorkshire
and The
Humber | 8 | 45 |
| South
West | 6 | 9 |
| South
East | 3 | 6 |
| East
of
England | 0 | 0 |
| London | 0 | 0 |
| Nationwide | 5 | 175 |
| Total | 67 | 449 |
| Regional
Spread Round
2 | ||
| Region | Successful
(no of
contracts) | Amount
(£m) |
| North
West | 38 | 206 |
| West
Midlands | 22 | 125 |
| North
East | 55 | 98 |
| East
Midlands | 7 | 72 |
| Yorkshire
and The
Humber | 23 | 119 |
| South
West | 11 | 91 |
| South
East | 10 | 88 |
| East
of
England | 1 | 10 |
| London | 0 | 0 |
| Other
(Nationwide) | 4 | 90 |
| Total | 171 | 899 |
1. Number of bids with a significant impact (>2%) in the given region, bids may cover multiple regions so these figures will not sum to 492
2. Sum of the proportions of employment impact falling in the given region, each bid contributes an impact of 1. Total for table will sum to 492
To ask Her Majesty’s Government to which regions of the United Kingdom the shortlisted bids in round three of the regional growth fund process were related.[HL2337]
To ask Her Majesty’s Government to which regions of the United Kingdom the shortlisted bids in round three of the regional growth fund process were related.[HL2337]
The attached table details the regional breakdown of shortlisted bids from round 3 of the regional growth fund. Announcement on selected bids will be made this month.
| Region | Number
of shortlisted
bids | Amount
(£m) |
| North
East | 46 | 248 |
| North
West | 58 | 367 |
| Yorkshire
and The
Humber | 43 | 251 |
| East
Midlands | 26 | 84 |
| West
Midlands | 45 | 356 |
| Nationwide | 14 | 341 |
| South
East | 15 | 110 |
| South
West | 23 | 210 |
| London | 2 | 10 |
| East
of
England | 6 | 40 |
| Total | 278 | 2,017 |
To ask Her Majesty’s Government whether they provide funding to the Haemophilia Society and pay any of its salaried staff.[HL1551]
To ask Her Majesty’s Government whether they provide funding to the Haemophilia Society and pay any of its salaried staff.[HL1551]
The department has provided the following funding to the Haemophilia Society over the past two financial years.
2010-11—£140,709; and
2011-12—£100,000.
The funding was provided for specific projects, not for the salaries of staff, although the society may utilise the funding on salaries of the staff directly involved in the projects.
To ask Her Majesty’s Government what steps they are taking to encourage demand to promote growth in the United Kingdom economy.
To ask Her Majesty’s Government what steps they are taking to encourage demand to promote growth in the United Kingdom economy.
My Lords, the Government have set out a comprehensive strategy to deal with the challenges we face. Fiscal, monetary, financial, tax and structural reform all play a role to deliver our objective of lasting economic recovery and sustainable public finances. That strategy has reduced the deficit and helped to deliver near record low interest rates.
To ask Her Majesty’s Government what percentage of United Kingdom gross domestic product is accounted for by United Kingdom exports to Eurozone countries.[HL549]
To ask Her Majesty’s Government what percentage of United Kingdom gross domestic product is accounted for by United Kingdom exports to Eurozone countries.[HL549]
Exports to the eurozone accounted for 12.3% of gross domestic product in 2010. Exports to the eurozone accounted for 41 .8% of total exports in 2010.
Data for 2011 will be published in July 2012.
To ask Her Majesty’s Government whether they will give shareholders in listed companies a binding vote on senior executives’ and directors’ pay and bonuses.
To ask Her Majesty’s Government whether they will give shareholders in listed companies a binding vote on senior executives’ and directors’ pay and bonuses.
My Lords, the Government have recently consulted on a new model of shareholder voting on directors’ remuneration. This proposes giving the shareholders of quoted companies binding votes on the policy for the remuneration of directors and on exit payments. We are considering the responses and will announce final proposals shortly. These reforms will require primary legislation, and we aim to introduce measures during the Committee stage of the Enterprise and Regulatory Reform Bill in another place.
To ask Her Majesty’s Government whether the National Audit Office is able to examine more than the cost of BBC support services out of the total licence fee spending in 2010-11.[HL192]
To ask Her Majesty’s Government whether the National Audit Office is able to examine more than the cost of BBC support services out of the total licence fee spending in 2010-11.[HL192]
Under the terms of the amended BBC Agreement, the subject matter of National Audit Office (NAO) reviews is at the discretion of the Comptroller and Auditor-General (CAG). In practice, NAO reviews cover a wide range of areas of BBC expenditure and are listed on the BBC Trust website: (http://www.bbc.co.uk/bbctrust/our_work/vfm/ index.shtml).
The CAG is not, however, entitled to question the merits of any editorial or creative judgement of the BBC, nor of any policy objective of the BBC relating to the manner in which BBC services are made or distributed.
To ask Her Majesty’s Government how many peers were created during the premiership of each of the last three Prime Ministers, including the present incumbent; and, in each case, how many of those were appointed to serve as (1) Conservative, (2) Labour, (3) Liberal Democrat, and (4) crossbench, members of...
To ask Her Majesty’s Government how many peers were created during the premiership of each of the last three Prime Ministers, including the present incumbent; and, in each case, how many of those were appointed to serve as (1) Conservative, (2) Labour, (3) Liberal Democrat, and (4) crossbench, members of...
I refer my right honourable friend to the table below:
| Party | Tony
Blair | Gordon
Brown | David
Cameron |
| Conservative | 62 | 4 | 47 |
| Labour | 162 | 11 | 39 |
| Liberal
Democrat | 54 | 2 | 24 |
| Independent/Crossbench/other | 96 | 17 | 10 |
To ask Her Majesty's Government to what extent the Export Enterprise Finance Guarantee scheme and the continuation of the Enterprise Capital Funds programme have been applied to Wales, and have promoted investments there.
To ask Her Majesty's Government to what extent the Export Enterprise Finance Guarantee scheme and the continuation of the Enterprise Capital Funds programme have been applied to Wales, and have promoted investments there.
To ask Her Majesty's Government how many loans, with what total value, have been made to small and medium-sized enterprises in Wales under the Enterprise Finance Guarantee scheme.
To ask Her Majesty's Government how many loans, with what total value, have been made to small and medium-sized enterprises in Wales under the Enterprise Finance Guarantee scheme.
To ask Her Majesty’s Government what is their latest estimate of the totality of (1) private sector debt in the United Kingdom, and (2) public sector debt.
To ask Her Majesty’s Government what is their latest estimate of the totality of (1) private sector debt in the United Kingdom, and (2) public sector debt.
| UK. 3 Quarter 2011 | |
| £ billions | |
| Public sector total financial liabilities | 1,650 |
| Private sector total financial liabilities | 28,063 |
To ask Her Majesty’s Government what amount they will allocate to the Welsh Government for the freezing of council tax.
To ask Her Majesty’s Government what amount they will allocate to the Welsh Government for the freezing of council tax.
To ask Her Majesty’s Government whether money allocated for freezing council tax in Wales is restricted to that purpose and cannot be used for other purposes.
To ask Her Majesty’s Government whether money allocated for freezing council tax in Wales is restricted to that purpose and cannot be used for other purposes.