DOCSLIB.ORG

Infrastructure Finance Review Consultation

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Infrastructure Finance Review Consultation Infrastructure Finance Review consultation March 2019 Infrastructure Finance Review consultation March 2019 © Crown copyright 2019 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open- government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: [email protected]. Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned. This publication is available at www.gov.uk/government/publications Any enquiries regarding this publication should be sent to us at [email protected] ISBN 978-1-912809-48-6 PU2247 Contents Foreword 2 Chapter 1 Executive summary and review process 3 Chapter 2 The infrastructure finance market 7 Chapter 3 Investment models and existing tools 18 Chapter 4 Governance 26 Annex A International comparisons 30 Annex B Consultation questions 36 1 Foreword This government is committed to improving and renewing our infrastructure. This matters for increasing productivity and boosting growth, but it also matters for our everyday lives and quality of life. The infrastructure we are developing needs to be adaptable to fast growing technological change, from autonomous vehicles and electric cars to the next generation of broadband and harnessing the power of data to improve delivery and maintenance. Both the public and private sectors will need to play their part. The government has already made great strides – in the last few years we have established the National Infrastructure Commission (NIC) and the Infrastructure and Projects Authority, created the £37 billion National Productivity Investment Fund to target spending in critical areas, and set out plans that will see public investment rise to levels not consistently sustained for 40 years. This is a long-term programme, and later this year the government will publish a comprehensive National Infrastructure Strategy, the first of its kind. The strategy will respond in detail to the NIC’s National Infrastructure Assessment, and will set out how we can continue to embrace the opportunities afforded by new technologies, decarbonise the economy, and create infrastructure fit for the 21st century. The role of the private sector is vital to these efforts, and the government remains firmly committed to supporting private investment in infrastructure. As this document sets out, we support private investment through a variety of tools, and the UK infrastructure finance market has huge strengths, attracting investment from around the world. We want to facilitate further private investment and involvement in infrastructure delivery. As we leave the European Union, our relationship with the European Investment Bank will change, and while we will explore the options for a future relationship with the EIB, we must and will be prepared for all scenarios. I am therefore pleased to be launching this open consultation process. Over the course of this review we will consider the infrastructure finance market, analyse future challenges, and look at the future role of the government in ensuring that viable projects can raise the private investment they need. I urge interested parties to engage with this review, and I look forward to many interesting discussions throughout the process. Robert Jenrick Exchequer Secretary to the Treasury 2 Chapter 1 Executive summary and review process Executive summary Context for the review 1.1 Infrastructure is essential for jobs, growth and productivity, and is one of five pillars of the government’s modern Industrial Strategy. Creating infrastructure fit for the 21st century includes improving broadband speeds and mobile coverage, enabling housing development, decarbonising our energy networks, reducing journey times, investing in water networks and increasing our resilience to climate change. 1.2 This requires major investment from both the public and the private sectors. The government is increasing public investment and targeting it in productivity enhancing sectors through the National Productivity Investment Fund. The government is also committed to the role of private investment in infrastructure. Of the projected £600 billion infrastructure investment pipeline for the next 10 years, half is forecast to come from the private sector.1 1.3 This investment will be made in a changing landscape. The rapid development of new technologies could create financing challenges, and the UK’s relationship with the European Investment Bank (EIB) will change as we leave the European Union. The government is keen to maintain momentum, and in this context, is reviewing both its existing set of tools for supporting infrastructure finance, and the way they are delivered. 1.4 This review looks to the long-term, and will inform both the 2019 Spending Review and the National Infrastructure Strategy. The review is being led by HM Treasury, working with the Infrastructure and Projects Authority. It will be supported by an expert panel. The infrastructure finance market 1.5 Chapter 2 sets out the role of private investment in infrastructure. The UK has one of the world’s most developed private markets for infrastructure, with investment from both UK and international investors flowing into numerous sectors including transport, energy, water, and digital communications. This is supported by a sophisticated system of independent regulation and, more broadly, by the UK’s strong legal framework and the 1 ‘National Infrastructure and Construction Pipeline 2018’, Infrastructure and Projects Authority, December 2018. 3 expertise and advisory capabilities of the UK’s world-leading financial and professional services sectors. 1.6 The chapter goes on to outline the characteristics of existing sources of infrastructure finance, and the role of the EIB as a source of lending. Working alongside commercial investors, the EIB has been a source of long- term investment in UK infrastructure. The UK will leave the EIB when it ceases to be a member of the European Union, and under the terms of the Withdrawal Agreement, the UK’s €3.5 billion of paid-in capital will be returned, with the first €300 million instalment due in December 2019. The government is actively exploring options for a future relationship with the EIB Group, and these options will be explored as part of broader negotiations on the UK’s future relationship with the EU. 1.7 The chapter closes with an assessment of the future challenges for financing UK infrastructure. The UK has a strong track record of attracting investment and there remains significant ongoing appetite for infrastructure investment. Future challenges could include attracting finance to new, unproven technologies and large, complex projects, and ensuring a steady supply of finance during periods of adverse market conditions. Investment models and existing tools 1.8 Chapter 3 looks at the existing tools used to support investment in infrastructure. The government and independent regulators have created mechanisms to ensure stable and predictable revenues. These include the Regulated Asset Base model in water and energy networks, and Contracts for Difference auctions in renewable energy. These existing mechanisms are updated and refined periodically by government departments and regulators, and are not the focus of this review. However, the government is interested in stakeholders’ views on whether lessons from these existing tools could be applied in new contexts. 1.9 The government has also historically used private investment to deliver economic and social infrastructure projects through the PFI and PF2 models. At the Budget, the government announced it would no longer use PFI and PF2 models for new projects. Government will not be seeking a like-for-like replacement for these models. The government is open to exploring new ways to use private finance in government projects, but the benefits brought by private finance must outweigh the additional cost to the taxpayer of using private capital, and the government will not consider proposals demonstrating the same characteristics as PFI or PF2. 1.10 The chapter then sets out the role for government in supporting financing where it is in line with broader policy objectives and offers value for money for the taxpayer. The chapter describes the tools the government currently uses to support financing directly, including the UK Guarantees Scheme (UKGS) and co-investment funds for new technologies. The government is seeking views on whether, looking to the future, it should expand, reduce or change the use of these tools. 4 Governance 1.11 Chapter 4 explores the institutional options for delivering government support for infrastructure finance. Existing tools such as the UKGS and co- investment funds are delivered by the Infrastructure and Projects Authority, the government’s centre of expertise for infrastructure and major projects. In the National Infrastructure Assessment, the National Infrastructure Commission recommended that if access to the EIB is lost, the government should establish a new operationally independent institution (see Box 4A for the full recommendation). The House of Lords European Union Committee also recently recommended the government should consider the case for a new institution.2 The government is seeking views on whether reform of the existing institutional structure is needed, and the costs and
Load more

Recommended publications
  • Parliamentary Debates (Hansard)
    Thursday Volume 507 11 March 2010 No. 55 HOUSE OF COMMONS OFFICIAL REPORT PARLIAMENTARY DEBATES (HANSARD) Thursday 11 March 2010 £5·00 © Parliamentary Copyright House of Commons 2010 This publication may be reproduced under the terms of the Parliamentary Click-Use Licence, available online through the Office of Public Sector Information website at www.opsi.gov.uk/click-use/ Enquiries to the Office of Public Sector Information, Kew, Richmond, Surrey TW9 4DU; e-mail: [email protected] 409 11 MARCH 2010 410 too important to be done on the cheap, and that there is House of Commons no substitute in many parts of the country and with many target groups for knocking on doors, finding out Thursday 11 March 2010 who lives there and making sure that they are registered to vote? The House met at half-past Ten o’clock Mr. Streeter: The hon. Gentleman is absolutely right, and that is the responsibility of electoral returning officers throughout the country.The Electoral Commission PRAYERS is introducing better and clearer guidelines for them on the activity that it expects. The hon. Gentleman is [MR.SPEAKER in the Chair] absolutely right to say that we must find those young people and make sure that they are put on the electoral register so that they are at least given the opportunity to Oral Answers to Questions vote come polling day. Sir Robert Smith (West Aberdeenshire and Kincardine) (LD): One very worrying thing about young people not voting is that they are the people on whom the decisions ELECTORAL COMMISSION COMMITTEE will have the longest-term effect.
    [Show full text]
  • Web of Power
    Media Briefing MAIN HEADING PARAGRAPH STYLE IS main head Web of power SUB TITLE PARAGRAPH STYLE IS main sub head The UK government and the energy- DATE PARAGRAPH STYLE IS date of document finance complex fuelling climate change March 2013 Research by the World Development Movement has Government figures embroiled in the nexus of money and revealed that one third of ministers in the UK government power fuelling climate change include William Hague, are linked to the finance and energy companies driving George Osborne, Michael Gove, Oliver Letwin, Vince Cable climate change. and even David Cameron himself. This energy-finance complex at the heart of government If we are to move away from a high carbon economy, is allowing fossil fuel companies to push the planet to the government must break this nexus and regulate the the brink of climate catastrophe, risking millions of lives, finance sector’s investment in fossil fuel energy. especially in the world’s poorest countries. SUBHEAD PARAGRAPH STYLE IS head A Introduction The world is approaching the point of no return in the Energy-finance complex in figures climate crisis. Unless emissions are massively reduced now, BODY PARAGRAPH STYLE IS body text Value of fossil fuel shares on the London Stock vast areas of the world will see increased drought, whole Exchange: £900 billion1 – higher than the GDP of the countries will be submerged and falling crop yields could whole of sub-Saharan Africa.2 mean millions dying of hunger. But finance is continuing to flow to multinational fossil fuel companies that are Top five UK banks’ underwrote £170 billion in bonds ploughing billions into new oil, gas and coal energy.
    [Show full text]
  • The Choice of Finance for Capital Investment
    Briefing by the National Audit Office HM Treasury The choice of finance for capital investment MARCH 2015 Our vision is to help the nation spend wisely. Our public audit perspective helps Parliament hold government to account and improve public services. The National Audit Office scrutinises public spending for Parliament and is independent of government. The Comptroller and Auditor General (C&AG), Sir Amyas Morse KCB, is an Officer of the House of Commons and leads the NAO, which employs some 820 employees. The C&AG certifies the accounts of all government departments and many other public sector bodies. He has statutory authority to examine and report to Parliament on whether departments and the bodies they fund have used their resources efficiently, effectively, and with economy. Our studies evaluate the value for money of public spending, nationally and locally. Our recommendations and reports on good practice help government improve public services, and our work led to audited savings of £1.1 billion in 2013. Contents Summary 4 Part One Trends in public finance 11 Part Two Trends in private finance 18 Part Three Decision-making process and budgets 26 Part Four Recent developments in infrastructure financing 35 Appendix One Cost of private capital 41 Appendix Two Special Purpose Vehicles 51 The National Audit Office study team consisted of: Daniel Fairhead, Vasilisa Starodubtseva, Simon Reason, under the direction of Matthew Rees. This report can be found on the National Audit Office website at www.nao.org.uk For further information about the National Audit Office please contact: National Audit Office Press Office 157–197 Buckingham Palace Road Victoria London SW1W 9SP Tel: 020 7798 7400 Enquiries: www.nao.org.uk/contact-us Links to external websites were valid at the time of Website: www.nao.org.uk publication of this report.
    [Show full text]
  • Web of Power the UK Government and the Energy- Finance Complex Fuelling Climate Change March 2013
    Media briefing Web of power The UK government and the energy- finance complex fuelling climate change March 2013 Research by the World Development Movement has Government figures embroiled in the nexus of money and revealed that one third of ministers in the UK government power fuelling climate change include William Hague, are linked to the finance and energy companies driving George Osborne, Michael Gove, Oliver Letwin, Vince Cable climate change. and even David Cameron himself. This energy-finance complex at the heart of government If we are to move away from a high carbon economy, is allowing fossil fuel companies to push the planet to the government must break this nexus and regulate the the brink of climate catastrophe, risking millions of lives, finance sector’s investment in fossil fuel energy. especially in the world’s poorest countries. Introduction The world is approaching the point of no return in the Energy-finance complex in figures climate crisis. Unless emissions are massively reduced now, Value of fossil fuel shares on the London Stock vast areas of the world will see increased drought, whole Exchange: £900 billion1 – higher than the GDP of the countries will be submerged and falling crop yields could whole of sub-Saharan Africa.2 mean millions dying of hunger. But finance is continuing to flow to multinational fossil fuel companies that are Top five UK banks’ underwrote £170 billion in bonds ploughing billions into new oil, gas and coal energy. and share issues for fossil fuel companies 2010-12 – more than 11 times the amount the UK contributed in The vested interests of big oil, gas and coal mining climate finance for developing countries.3 companies are in favour of the status quo.
    [Show full text]
  • Infrastructure Finance Review Consultation
    Infrastructure Finance Review consultation March 2019 16 17 Infrastructure Finance Review consultation March 2019 18 © Crown copyright 2019 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open- government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: [email protected]. Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned. This publication is available at www.gov.uk/government/publications Any enquiries regarding this publication should be sent to us at [email protected] ISBN 978-1-912809-48-6 PU2247 19 Contents Foreword 2 Chapter 1 Executive summary and review process 3 Chapter 2 The infrastructure finance market 7 Chapter 3 Investment models and existing tools 18 Chapter 4 Governance 26 Annex A International comparisons 30 Annex B Consultation questions 36 1 20 Foreword This government is committed to improving and renewing our infrastructure. This matters for increasing productivity and boosting growth, but it also matters for our everyday lives and quality of life. The infrastructure we are developing needs to be adaptable to fast growing technological change, from autonomous vehicles and electric cars to the next generation of broadband and harnessing the power of data to improve delivery and maintenance. Both the public and private sectors will need to play their part. The government has already made great strides – in the last few years we have established the National Infrastructure Commission (NIC) and the Infrastructure and Projects Authority, created the £37 billion National Productivity Investment Fund to target spending in critical areas, and set out plans that will see public investment rise to levels not consistently sustained for 40 years.
    [Show full text]
  • Spring Statement 2019 What Should You Take Away from This Year’S Chancellor’S Announcement?
    GUIDE TO SPRING STATEMENT 2019 WHAT SHOULD YOU TAKE AWAY FROM THIS YEAR’S CHANCELLOR’S ANNOUNCEMENT? boosst, Church View, Hulcote MK17 8BW t: 01908 584925 e: hello@boosst.financial Authorised and Regulated by the Financial Conduct Authority. FCA No. 791683 Church View, Hulcote, Bedfordshire, MK17 8BW. Company Registration Number 05536508. SPRING STATEMENT 2019 SPRING STATEMENT 2019 The Chancellor announced the UK economy continues to grow, with wages increasing and unemployment Contents at historic lows, providing a solid 02 Welcome foundation on which to build Britain’s Spring Statement 2019 economic future. 04 Spring Statement 2019 Key announcements from the Chancellor at a glance 05 Deal dividend Brexit war chest to boost economy 05 Enterprise Investment Schemes Government to publish approved funds guidelines 06 Fixing the broken housing market Critical to unlocking productivity growth and 04 making properties more afordable 07 Building a stronger, fairer economy Infation expected to stay close to or on target for the duration of the forecast 07 New science and technologies economy Transforming the economy, creating highly skilled jobs and boosting living standards 08 UK open for business and international visitors Improving the fow of passengers and the overall 05 07 experience at the UK border 08 Public fnances reach a turning point Welcome Government’s fscal responsibility and the hard work Spring Budget 2019 09 Investment in energy efciency 10 and clean growth ’25 Year Environment Plan’ builds on Philip Hammond, the Chancellor of the Exchequer, delivered government commitment his Spring Statement 2019 to Parliament on 13 March. 10 Employers’ co-investment 08 rate cut by a half et against continuing uncertainty over Brexit and just hours set departmental budgets, including three-year budgets for resource Education and skills to succeed in before MPs were due to vote on whether to exit the EU without spending, if an EU exit deal is agreed.
    [Show full text]
  • Spring Budget 2020: Background Briefing
    BRIEFING PAPER Number CBP-8842, 5 March 2020 By Matthew Keep Spring Budget 2020: Philip Brien Daniel Harari Background briefing Chris Rhodes Contents: 1. Introduction 2. Economic situation 3. Regional economic inequalities 4. The public finances 5. New rules for the public finances 6. Public spending: developments since March 2019 7. Infrastructure: spending and policy 8. Tax 9. Next steps www.parliament.uk/commons-library | intranet.parliament.uk/commons-library | [email protected] | @commonslibrary 2 Spring Budget 2020: Background briefing Contents Summary 4 1. Introduction 7 1.1 Autumn Budget 2019 was postponed: What’s happened since? 7 1.2 Brexit 8 Negotiating the future relationship 8 How has the OBR forecast for Brexit? 8 1.3 Will the forecasts be affected by coronavirus? 9 2. Economic situation 11 2.1 Economic developments up to early 2020 11 2.2 Economic outlook 12 2.3 Potential impact of coronavirus 15 3. Regional economic inequalities 19 3.1 GDP and GDP per head comparisons 19 3.2 Differences in productivity 21 3.3 Household incomes 24 3.4 Regional economic development policy 25 3.5 Further information 28 4. The public finances 29 4.1 Government borrowing (the deficit) 29 4.2 Current budget deficit 32 4.3 Government Debt 33 5. New rules for the public finances 36 5.1 A new set of rules 36 5.2 Why are new rules being proposed? 40 5.3 How constraining are the new rules? 42 5.4 Further information 45 6. Public spending: developments since March 2019 47 6.1 Spending announced since Spring Statement 2019 47 6.2 Replacing EU funding after Brexit 50 6.3 The end of the benefits freeze 51 7.
    [Show full text]
  • Spring Statement 2019 What Should You Take Away from This Year’S Chancellor’S Announcement?
    GUIDE TO SPRING STATEMENT 2019 WHAT SHOULD YOU TAKE AWAY FROM THIS YEAR’S CHANCELLOR’S ANNOUNCEMENT? Robert Bruce Associates Ltd, 73 St. Leonards Road, Northampton, NN4 8DN Tel: 01604 760 766 Email: [email protected] Web: www.robertbrucefp.com Robert Bruce Associates Ltd (trading as ‘Robert Bruce Financial Planning’) is authorised and regulated by the Financial Conduct Authority (Reference No: 610277) Company Number: 07749126 (Registered in England and Wales). The value of investments and the income from them can fall as well as rise, and you may not recover the amount of your original investment. SPRING STATEMENT 2019 The Chancellor announced the UK economy continues to grow, with wages increasing and unemployment at historic lows, providing a solid foundation on which to build Britain’s economic future. Welcome Spring Budget 2019 Philip Hammond, the Chancellor of the Exchequer, delivered his Spring Statement 2019 to Parliament on 13 March. et against continuing uncertainty over Brexit and just hours set departmental budgets, including three-year budgets for resource before MPs were due to vote on whether to exit the EU without spending, if an EU exit deal is agreed. Ahead of that, the Chancellor Sa deal, Mr Hammond devoted much of his speech to the announced extra funding to tackle serious violence and knife crime, possible efects that leaving the European Union could have on the with £100 million available to police forces in the worst afected areas UK’s fnances. in England and Wales. t The Chancellor announced that the UK economy continues to grow, with wages increasing and unemployment at historic lows, providing a solid foundation on which to build Britain’s economic future.
    [Show full text]
  • Spring Statement 2019 Daniel Harari
    BRIEFING PAPER Number CBP-8517, 6 March 2019 By Matthew Keep Philip Brien Spring Statement 2019 Daniel Harari Contents: 1. Spring Statement and Brexit 2. Economic situation 3. The public finances 4. Parliament’s fiscal year www.parliament.uk/commons-library | intranet.parliament.uk/commons-library | [email protected] | @commonslibrary 2 Spring Statement 2019 Contents Summary 3 1. Spring Statement and Brexit 5 1.1 The second Spring Statement 5 What can we expect from the statement? 5 1.2 Brexit 5 Key votes in Parliament 5 The OBR: forecasting and Brexit 6 2. Economic situation 8 2.1 Recent economic developments 8 Economic growth slowed towards end of 2018... 8 ...as did the world economy 9 Consumer spending the main source of growth 10 Business investment has declined 12 2.2 Economic outlook 13 Modest GDP growth expected in early 2019 13 OBR unlikely to change its growth forecasts much 13 Forecasts assume a ‘smooth’ Brexit 14 3. The public finances 16 3.1 Government borrowing (the deficit) 16 Borrowing has fallen significantly since 2010…. 16 ….has been falling in 2018/19…. 17 ….and is forecast to fall further. 18 3.2 Public sector net debt 18 The debt-to-GDP ratio remains relatively high…. 19 ….but has started to fall 19 3.3 Targets for the public sector finances 19 3.4 The 2019 Spending Review 21 4. Parliament’s fiscal year 23 Appendix 1: Further information 24 Appendix 2: Economic and public finance data 1979-2023 26 Contributing Authors: Philip Brien (spending review) Daniel Harari (economic situation) Cover page image copyright Grey squirrel by Bruno Nascimento.
    [Show full text]
  • The Public Expenditure Statistical Analysis (PESA) 2019
    Public Expenditure Statistical Analyses 2019 CP 143 July 2019 Public Expenditure Statistical Analyses 2019 Presented to Parliament by the Chief Secretary to the Treasury by Command of Her Majesty July 2019 CP 143 © Crown copyright 2019 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives. gov.uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: [email protected]. Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned. This publication is available at www.gov.uk/government/publications Any enquiries regarding this publication should be sent to us at [email protected] ISBN 978-1-5286-1484-9 CCS0719570952 07/19 Printed on paper containing 75% recycled fibre content minimum Printed in the UK by the APS Group on behalf of the Controller of Her Majesty’s Stationery Office Contents Page i How to use PESA 3 ii List of tables 9 Chapter 1 Departmental budgets 15 Chapter 2 Economic analyses of budgets 37 Chapter 3 Changes in departmental budgets 47 Chapter 4 Trends in public sector expenditure 63 Chapter 5 Public sector expenditure by function, sub-function and economic category 69 Chapter 6 Central government own expenditure 83 Chapter 7 Local government financing and expenditure 93 Chapter 8 Public corporations 107 Chapter 9 Public expenditure by country,
    [Show full text]
  • March 2020 Budget Overview the Chancellor, Rishi Sunak, Delivered His First Budget Today
    11 March 2020 March 2020 Budget Overview The Chancellor, Rishi Sunak, delivered his first Budget today. This Budget saw a change in approach from the government on public finances, with an increase in both short and longer term spending on public services and a large programme of investment. The Office for Budget Responsibility (OBR) has said this is the ‘largest giveaway’ since Norman Lamont’s pre-election Budget in 1992, taking real day-to-day spending per person back to pre-austerity levels. However, as we set out below the Government’s response to COVID-19 came too late to include in the OBR projections. The Budget included a significant package of measures designed to support those affected by COVID-10. The Chancellor also outlined a number of announcements which make good on commitments in the Conservative Party manifesto. The most significant announcement for the NHS is the Chancellor’s announcement of a rise to the annual allowance taper thresholds within the NHS pension. Although there is a restatement of the government’s commitment to abolish car parking charges, there is no mention of how the associated costs will be met. There was also an extra £1bn of capital funding announced for the NHS for this year, with further details to come in the comprehensive spending review later in the year. Economic Overview • The OBR forecasts were undertaken when it was assumed the COVID-19 outbreak would be “relatively limited”. Annual GDP growth of 1.1% had been forecast in 2020, down from the 1.4% forecast in the 2019 Spring Statement.
    [Show full text]
  • Private Finance 2
    House of Commons Treasury Committee Private Finance 2 Tenth Report of Session 2013–14 Volume I: Report, together with formal minutes, and oral evidence Written evidence is contained in Volume II, available on the Committee website at www.parliament.uk/treascom. Ordered by the House of Commons to be printed 12 March 2014 HC 97 [Incorporating HC 990, Session 2012–13] Published June 2014 by authority of the House of Commons London: The Stationery Office Limited £14.50 The Treasury Committee The Treasury Committee is appointed by the House of Commons to examine the expenditure, administration, and policy of HM Treasury, HM Revenue and Customs and associated public bodies. All publications of the Committee (including press notices) and further details can be found on the Committee’s web pages at www.parliament.uk/treascom. Membership at time of the report Mr Andrew Tyrie MP (Conservative, Chichester) (Chairman) Mark Garnier MP (Conservative, Wyre Forest) Stewart Hosie MP (Scottish National Party, Dundee East) Andrea Leadsom MP (Conservative, South Northamptonshire) Mr Andy Love MP (Labour, Edmonton) John Mann MP (Labour, Bassetlaw) Mr Pat McFadden MP (Labour, Wolverhampton South West) Mr George Mudie MP (Labour, Leeds East) Mr Brooks Newmark MP (Conservative, Braintree) Jesse Norman MP (Conservative, Hereford and South Herefordshire) Teresa Pearce MP (Labour, Erith and Thamesmead) David Ruffley MP (Conservative, Bury St Edmunds) John Thurso MP (Liberal Democrat, Caithness, Sutherland, and Easter Ross) Powers The Committee is one of the departmental select committees, the powers of which are set out in House of Commons Standing Orders, principally in SO No 152. These are available on the Internet via www.parliament.uk.
    [Show full text]