Great Britain. Parliament. House of Commons. Treasury Committee's Books

Around 43% of departmental expenditure limits are ring-fenced. As a consequence, public expenditure control - on the scale required to address the deficit - will be increasingly difficult. While ring-fencing reflects public priorities, those preferences are not equally strongly held for all ring-fenced areas. Support for the 33.5% cumulative real increase in aid over the course of this Parliament, for example, appears to be lower than for health and schools. The Committee also remains concerned about the impact of the Government's Help to Buy: Mortgage guarantee scheme. An abrupt end to the scheme could distort the market, as could announcements which radically alter people's expectations. Forecasts of additional revenue from many anti-avoidance measures are inherently extremely uncertain. The Committee warned in its report on the Autumn Statement 2012 that the forecast revenues from the UK-Swiss agreement - at £5.3 billion - were subject to uncertainty and that the proceeds may not meet expectations. These concerns appear to have been justified. Even after the event it is often very difficult to establish how much a particular measure has raised. The OBR should look again at how the Government accounts for projected revenues, based on previous experience. Even after the event it is often very difficult to establish how much a particular measure has raised. The more transparency about the yield, and therefore each proposal's effectiveness, the better

The Money Advice Service is not currently fit for purpose. The Committee considered whether to recommend that the MAS be scrapped completely but given that the Treasury had already announced its intention to conduct a review of the MAS they granted a stay of execution. They asked the Government to expedite this review and recommended that it should be independent, rather than led by the Treasury. The review must assess whether the MAS should continue to exist and, if so, how it can overcome the serious problems discussed. The current management of the MAS should also explain how they are going to act on the concerns identified. The independent review should seek to answer the following questions: Should the Money Advice Service-or something like it-exist as a statutory organisation? If so, what should the role and strategy of such a body be? Should it be a co-ordinator, commissioner or direct provider of advice? What channels should it use? If not, should the FCA take responsibility for the objectives of the Service? Does the FCA need greater statutory powers to hold the Money Advice Service to account? What are the views of other bodies in this sector about the way in which the Money Advice Service is now engaging with them? To what extent does the work of the Money Advice Service unnecessarily duplicate existing provision? What should the role of the Service be in each of the areas in which it operates? Is the remuneration of the Service's senior staff set at an appropriate level?

Written evidence is contained in Volume 2, available on the Committee website at www.parliament.uk/treascom

Report number misprinted as 5th report. Written evidence can be found on the Committee's website at www.parliament.uk/treascom

The Committee was satisfied that Professor Stephen Nickell has the profession competence and personal independence to be reappointed as a member of the Budget Responsibility Committee

Written evidence can be found on the Committee's website at www.parliament.uk/treascom

The Committee was satisfied that Professor Stephen Nickell has the profession competence and personal independence to be reappointed as a member of the Budget Responsibility Committee

Volume 2: Oral evidence. Written evidence can be found on the Committee's website at www.parliament.uk/treascom

The EU's ambitious Financial Services Action Plan, started in 1999, is drawing to an end. A single market in wholesale financial services exists. Many retail financial services institutions are expanding through acquisitions of banks and insurers across Europe, though the prospect of a single market in such services, with comparable products and services available to consumers direct across borders, is not a realistic proposition in the near future. The Commission has set out its policy objectives for 2005-2010, attaching greater importance to consistent and workable implementation of existing legislation. The Committee welcomes this, and the commitment to ensure that any new regulation will have a clear benefit to the European economy. The Committee examined three specific case studies: implementation of the Markets in Financial Instruments Directive (MiFID), the consideration of a Clearing and Settlement Directive, and consideration of mortgage credit in the context of the development of a single market in retail financial services. In all the Commission will need to demonstrate its commitment to "better regulation", and its new focus on implementation and enforcement. The Committee is concerned that MiFID will not be implemented consistently across Europe. It finds that the case for a new mortgage directive remains unproven, and that there is a clear need to reduce the additional costs associated with clearing and settlement across borders.

work of committees In 2008-09 : Second report of session 2009-10, report, together with formal minutes and Appendices

Book's by Great Britain. Parliament. House of Commons. Treasury Committee

House of Commons - Treasury Committee: Autumn Statement 2013 - HC 826

House of Commons - Treasury Committee: Autumn Statement 2013 - HC 826

House of Commons - Treasury Committee: Money Advice Service - HC 457

House of Commons - Treasury Committee: Money Advice Service - HC 457

House of Commons - Treasury Committee: Spending Round 2013 - Volume I: HC 575

House of Commons - Treasury Committee: Spending Round 2013 - Volume I: HC 575

House of Commons - Treasury Committee: Re-Appointment of Dr Martin Weale to the Monetary Policy Committee: Volume II - HC 313-II

House of Commons - Treasury Committee: Re-Appointment of Dr Martin Weale to the Monetary Policy Committee: Volume II - HC 313-II

House of Commons - Treasury Committee: Re-Appointment of Professor Stephen Nickell to the Budget Responsibility Committee: Volume II - HC 688-II

House of Commons - Treasury Committee: Re-Appointment of Professor Stephen Nickell to the Budget Responsibility Committee: Volume II - HC 688-II

House of Commons - Treasury Committee: Appointment of Sir John Cunliffe as Deputy Bank of England Governor - HC 689-II

House of Commons - Treasury Committee: Appointment of Sir John Cunliffe as Deputy Bank of England Governor - HC 689-II

House of Commons - Treasury Committee: Re-Appointment of Professor Stephen Nickell to the Budget Responsibility Committee - HC 688

House of Commons - Treasury Committee: Re-Appointment of Professor Stephen Nickell to the Budget Responsibility Committee - HC 688

House of Commons - Treasury Committee: Re-Appointment of Dr Martin Weale to the Monetary Policy Committee - HC 313-I

House of Commons - Treasury Committee: Re-Appointment of Dr Martin Weale to the Monetary Policy Committee - HC 313-I

House of Commons - Treasury Committee: Appointment of Sir Jon Cunliffe as Deputy Governmor of the Bank of England - HC 689-I

House of Commons - Treasury Committee: Appointment of Sir Jon Cunliffe as Deputy Governmor of the Bank of England - HC 689-I

European Financial Services Regulation

European Financial Services Regulation

The work of committees in 2008-09

The work of committees in 2008-09

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