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An escrow is a contractual arrangement in which a third party receives and disburses money or property for the primary transacting parties, with the disbursement dependent on conditions agreed to by the transacting parties. Examples include an account established by a broker for holding funds on behalf of the broker's principal or some other person until the consummation or termination of a transaction; or, a trust account held in the borrower's name to pay obligations such as property taxes and insurance premiums. The word derives from the Old French word escroue, meaning a scrap of paper or a scroll of parchment; this indicated the deed that a third party held until a transaction was completed.
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The Higher Education Act 2004 is an Act of the Parliament of the United Kingdom that introduced several changes to the higher education system in the United Kingdom, the most important and controversial being a major change to the funding of universities, and the operation of tuition fees, which affects England and Wales. University funding is a devolved matter for Northern Ireland and Scotland. After complex and controversial debates, the Higher Education Bill received royal assent on 1 July 2004.
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Short Money is the common name for the annual payment to opposition parties in the United Kingdom House of Commons to help them with their costs. It includes funding to assist an opposition party in carrying out its parliamentary business, for travel and associated expenses, and for the running costs of the Leader of the Opposition's office.
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Political funding in the United Kingdom has been a source of controversy for many years. Political parties in the UK may be funded through membership fees, party donations or through state funding, the latter of which is reserved for administrative costs. The general restrictions in the UK were held in Bowman v United Kingdom to be fully compatible with Article 10 of the European Convention on Human Rights.
The basic annual salary of a Member of Parliament (MP) in the House of Commons is £91,346, plus expenses, from April 2024. In addition, MPs are able to claim allowances to cover the costs of running an office and employing staff, and maintaining a constituency residence or a residence in London. Additional salary is paid for appointments or additional duties, such as ministerial appointments, being a whip, chairing a select committee or chairing a Public Bill committee.
The European Stability Mechanism (ESM) is an intergovernmental organization located in Luxembourg City, which operates under public international law for all eurozone member states having ratified a special ESM intergovernmental treaty. It was established on 27 September 2012 as a permanent firewall for the eurozone, to safeguard and provide instant access to financial assistance programmes for member states of the eurozone in financial difficulty, with a maximum lending capacity of €500 billion. It has replaced two earlier temporary EU funding programmes: the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism (EFSM).
The term "Brexit divorce bill" refers to payment due to the European Union (EU) from the United Kingdom (UK) when it left the EU to settle the UK's share of the financing of all the obligations undertaken while it was a member of the EU. In the Withdrawal Agreement, it is officially referred to as the "financial settlement".
References
- ↑ "Financial Assistance To Oppositionparties". Parliamentary Debates (Hansard) . House of Lords. 27 November 1996. col. 267–272.
- ↑ Kelly, Richard (9 May 2013). "Short Money" . Retrieved 7 April 2014.
