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Treasury Committee: Formal Minutes 2017–19

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Treasury Committee: Formal Minutes 2017–19 Thursday 14 September 2017 Members present: Nicky Morgan, in the Chair1 Charlie Elphicke John Mann Stephen Hammond Alison McGovern Mr Alister Jack Catherine McKinnell Kit Malthouse 1. Declaration of interests Members declared their interests, in accordance with the Resolution of the House of 13 July 1992 (for details of declarations of interests, see Appendix I). 2. Committee’s working methods Ordered, That the public be admitted during the examination of witnesses unless the Committee orders otherwise. Resolved, That witnesses who submit written evidence to the Committee are authorised to publish it on their own account in accordance with Standing Order No. 135, subject always to the discretion of the Chair or where the Committee orders otherwise. Resolved, That the Committee shall not consider individual cases. 3. Sub-Committee Ordered, That a Sub-Committee be appointed to consider HM Revenue and Customs and other associated bodies of HM Treasury. Ordered, That all the members of the Committee be members of the Sub-Committee. Ordered, That John Mann be Chair of the Sub-Committee. Ordered, That the Chair have leave to report from time to time evidence taken before the Sub- Committee. 4. Future Programme The Committee considered this matter. Resolved, That the Committee inquire into the HMRC Annual Report and Accounts. 1 Resolved, That the Committee inquire into EU Insurance Regulation. 5. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet: HM Treasury to previous Chair: RBS’ state aid commitments (dated 21 April 2017) HM Treasury to Clerk: Appointment of new MPC member (dated 19 June 2017) Chair to PRA: Contingency plans (dated 24 July 2017) Chair to HMRC: Childcare Service website (dated 24 July 2017) Chair to Prime Minister: Economic Crime Review (dated 24 July 2017) HM Treasury to Chair: Appointment of BoE Deputy Governor (dated 26 July 2017) HM Treasury to Chair: RBS’ state aid commitments (dated 27 July 2017) PRA to Chair: Contingency plans (dated 2 August 2017) HMRC to Chair: Childcare Service website (dated 17 August 2017) Prime Minister to Chair: Economic Crime Review (dated 22 August 2017) Chair to FCA: GRG (dated 4 September 2017) Chair to FCA: Saudi Aramco (dated 5 September 2017) Chair to VOA: Staircase Tax (dated 5 September 2017) FCA to Chair: GRG (dated 11 September 2017) HMRC to Chair: Customs Declaration Service (dated 12 September 2017) Chair to HM Treasury: Insurance contracts (dated 14 September 2017) 6. EU Insurance Regulation Ordered, That Ian Dilks, Ian Marshall and David Murray be appointed Specialist Advisers to assist the Committee in matters related to EU Insurance Regulation (for details of declarations of interests, see Appendix II). Ordered, That the written evidence relating to EU Insurance Regulation submitted by Legal and General Group Plc be reported to the House for publication on the internet. 7. HMRC Annual Report and Accounts Jon Thompson, Chief Executive and Permanent Secretary, Jim Harra, Tax Assurance Commissioner, Director General Customer Strategy and Tax Design and·Nick Lodge, Director General, Transformation, HM Revenue and Customs gave oral evidence. [Adjourned till Wednesday 11 October at 9.15 a.m. Wednesday 11 October 2017 Members present: Nicky Morgan, in the Chair Rushanara Ali Alison McGovern Charlie Elphicke Catherine McKinnell Stephen Hammond Kit Malthouse Stewart Hosie John Mann Mr Alister Jack Wes Streeting 1. Declaration of interests Rushanara Ali, Stewart Hosie and Wes Streeting declared their interests, in accordance with the Resolution of the House of 13 July 1992 (for details of declarations of interests, see Appendix I). 2. Future Programme The Committee considered this matter. Resolved, That the Committee inquire into the work of the Chancellor of the Exchequer. Resolved, That the Committee inquire into the appointment of Sir Dave Ramsden as Deputy Governor for Markets and Banking at the Bank of England. Resolved, That the Committee inquire into the appointment of Professor Silvana Tenreyro to the Bank of England Monetary Policy Committee. Resolved, That the Committee inquire into the work of the Bank of England. Resolved, That the Committee inquire into Student Loans. Charlie Elphicke declared a non-pecuniary interest in relation to the inquiry into Student Loans as his wife, Natalie Elphicke OBE, is a director of the Student Loans Company (and an independent external advisor to the Department of Education's audit & risk committee); and declared that he would take no further part in the inquiry. Ordered, That Andrew Green QC and Fraser Campbell be appointed Specialist Advisers to the Committee (for details of declarations of interests, see Appendix II). 3. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet: Chief Executive of VOA to Chair: Staircase Tax (dated 13 September 2017) Chancellor to Chair: Brexit and Insurance Contracts (dated 20 September 2017) Chancellor to Chair: RBS State Aid Commitments (dated 20 September 2017) Chancellor to Chair: HMT/Bank of England MoU (dated 29 September 2017) HMRC to Chair: Tax-Free Childcare Compensation (dated 4 October 2017) FCA to Chair and Chair BEIS Committee: Saudi Aramco (dated 6 October 2017) 4. EU Insurance Regulation Ordered, That the following correspondence relating to EU Insurance Regulation be reported to the House for publication on the internet: Chair to Chief Executive officer of the PRA (dated 7 September 2017) Chief Executive officer of the PRA to Chair (dated 22 September 2017) 5. The work of the Chancellor of the Exchequer The Rt Hon Philip Hammond MP, Chancellor of the Exchequer and Katharine Braddick, Director General, Financial Services, HM Treasury gave oral evidence. [Adjourned till Tuesday 17 October at 9.00 a.m. Tuesday 17 October 2017 Members present: Nicky Morgan, in the Chair Rushanara Ali Catherine McKinnell Charlie Elphicke Kit Malthouse Stewart Hosie John Mann Mr Alister Jack Wes Streeting Alison McGovern 1. Skilled person’s report into the Royal Bank of Scotland’s Global Restructuring Group The Committee considered this matter. Ordered, That the following correspondence be reported to the House for publication on the internet: Chief Executive of the FCA to Chair (dated 16 October 2017) Chair to Chief Executive of the FCA (dated 17 October2017) 2. Appointment of Sir Dave Ramsden as Deputy Governor for Markets and Banking, Bank of England Ordered, That the following written evidence relating to the Appointment of Sir Dave Ramsden as Deputy Governor for Markets and Banking, Bank of England be reported to the House for publication: Sir Dave Ramsden CV (ADR0001) Sir Dave Ramsden questionnaire (ADR0002) Sir Dave Ramsden, Deputy Governor for Markets and Banking, Bank of England gave oral evidence. 3. Appointment of Professor Silvana Tenreyro to the Bank of England Monetary Policy Committee Ordered, That the following written evidence relating to the Appointment of Professor Silvana Tenreyro to the Bank of England Monetary Policy Committee be reported to the House for publication: Professor Silvana Tenreyro CV (AST0001) Professor Silvana Tenreyro questionnaire (AST0002) Professor Silvana Tenreyro, Member of the Monetary Policy Committee, Bank of England gave oral evidence. 4. Work of the Bank of England Dr Mark Carney, Governor, Bank of England gave oral evidence. [Adjourned till Wednesday 18 October at 2.00 p.m. Wednesday 18 October 2017 Members present: Nicky Morgan, in the Chair Rushanara Ali Kit Malthouse Charlie Elphicke John Mann Stephen Hammond Wes Streeting Mr Alister Jack 1. Appointment of Sir Dave Ramsden as Deputy Governor for Markets and Banking, Bank of England Draft Report (Appointment of Sir Dave Ramsden as Deputy Governor for Markets and Banking, Bank of England), proposed by the Chair, brought up and read. The draft Report was agreed to; the Formal Minutes relating to the consideration of the Report are published with the First Report of the Committee, HC 472. 2. Appointment of Professor Silvana Tenreyro to the Bank of England Monetary Policy Committee Draft Report (Appointment of Professor Silvana Tenreyro to the Bank of England Monetary Policy Committee), proposed by the Chair, brought up and read. The draft Report was agreed to; the Formal Minutes relating to the consideration of the Report are published with the Second Report of the Committee, HC 471. Written evidence was ordered to be reported to the House for printing with the Report: Professor Silvana Tenreyro CV 3. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet: Chair to Chancellor of the Exchequer: Student Loans (dated 11 October 2017) Chancellor of the Exchequer to Chair: Student Loans (dated 16 October 2017) 4. Future Programme The Committee considered this matter. Resolved, That the Committee inquire into the work of the Financial Conduct Authority. Resolved, That the Committee inquire into work of the National Infrastructure Commission. Resolved, That the Committee inquire into women in finance. Resolved, That the Committee inquire into the UK’s economic relationship with the European Union. Resolved, That the Committee inquire into household finances: income, savings and debt. 5. Sub-Committee The Committee considered this matter. Resolved, That the Sub-Committee inquire into the work of the Money Advice Service. Resolved, That the Sub-Committee inquire into HMRC Transformation Programme. 6. Student Loans Dr Helen Carasso, Author and Lecturer in Higher Education, Department for Education University of Oxford and Andrew McGettigan, Author and Lecturer gave oral evidence. [Adjourned till Tuesday 24 October at 9.00 a.m. Tuesday 24 October 2017 Members present: Nicky Morgan, in the Chair Rushanara Ali Catherine McKinnell Stephen Hammond Kit Malthouse Stewart Hosie John Mann Mr Alister Jack 1. Future Programme The Committee considered this matter. 2. Women in Finance Jayne-Anne Gadhia, CEO, Virgin Money and Government Women in Finance Champion gave oral evidence. [Adjourned till Wednesday 25 October at 2.00 p.m.
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