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1142701

registered interest
date	02/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Overseas Loans: Registration
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions he has had with the Secretary of State for International Development on establishing an Overseas Loan Transparency Register to ensure that people using UK law in loan contracts are not able to make secret loans to governments in the Global South.
tabling member constituency	Hayes and Harlington
tabling member printed	John McDonnell
uin	284204
answer	answer is ministerial correction date of answer 09/09/2019 answer text <p>The Chancellor of the Exchequer has not discussed proposals to establish an “Overseas Loan Transparency Register” with the Secretary of State for International Development.</p><p> </p><p>The UK Government is concerned about the sustainability and transparency of loans to low income developing countries. Given the complex international nature of sovereign debt, we continue to believe that internationally-agreed approaches are the most effective way to promote sovereign debt transparency.</p><p> </p><p>The UK is working through the G20 to monitor an industry-led initiative by the Institute of International Finance (IIF) to improve the transparency of lending of private creditors. The work of the IIF was acknowledged by finance ministers in June at the G20 finance ministers’ summit in Fukuoka, and the UK government will be closely monitoring its progress.</p><p><strong> </strong></p> answering member constituency Salisbury answering member printed John Glen question first answered 09/09/2019 11:46:52 answering member 4051 label Biography information for John Glen
tabling member	178 label Biography information for John McDonnell

1142715

registered interest
date	02/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Investment Income
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what reports he has received on the level of the practice of dividend arbitrage; and what steps he is taking to end dividend arbitrage.
tabling member constituency	Hayes and Harlington
tabling member printed	John McDonnell
uin	284235
answer	answer is ministerial correction date of answer 09/09/2019 answer text <p>The Financial Conduct Authority published requirements for firms relating to dividend arbitrage in Market Watch 52, along with a summary of the findings of a review of firms engaged in the practice. These requirements are designed to ensure that firms maintain effective systems and controls to ensure they are not used to facilitate market abuse, or are used for a purpose connected with financial crime.</p><p> </p><p>The UK is taking a leading role internationally in preventing the use of these practices for illicit purposes and I am working closely with the Financial Conduct Authority to ensure that these practices are not used to facilitate market abuse.</p> answering member constituency Salisbury answering member printed John Glen question first answered 09/09/2019 11:31:16 answering member 4051 label Biography information for John Glen
tabling member	178 label Biography information for John McDonnell

1142864

registered interest
date	02/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Conduct Authority: Conduct
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment has been made of the potential merits of an independent inquiry into the conduct of the FCA prior to the collapse of Lendy.
tabling member constituency	Cambridge
tabling member printed	Daniel Zeichner
uin	284368
answer	answer is ministerial correction date of answer 09/09/2019 answer text <p>The Government has made no such assessment at this time. The operationally independent Financial Conduct Authority has an ongoing investigation into the circumstances that led to the administration of Lendy, and it would be inappropriate for the Government to pre-empt its findings.</p> answering member constituency Salisbury answering member printed John Glen question first answered 09/09/2019 11:27:31 answering member 4051 label Biography information for John Glen
tabling member	4382 label Biography information for Daniel Zeichner

1142920

registered interest
date	02/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Closures
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps he will take to reduce bank closures in rural areas.
tabling member constituency	Berwickshire, Roxburgh and Selkirk
tabling member printed	John Lamont
uin	284386
answer	answer is ministerial correction date of answer 05/09/2019 answer text <p>The Government recognises that the closure of bank branches is a very important issue for many people, particularly in rural communities. However, banking service providers need to balance customer interests and other commercial factors when considering their strategies. Although the Government understands the dissatisfaction, it is right that decisions on opening and closing branches are taken by the management team of each bank on a commercial basis and the Government does not intervene in these decisions.</p><p> </p><p>Government cannot reverse the changes in the market and in customer behaviour; nor can it determine firms’ commercial strategies in response to those changes. In 2018, two-thirds of UK adults used contactless payments, 72% used online banking and 48% used mobile banking, according to UK Finance. The Government is committed to ensuring that all areas of the UK benefit from world class digital connectivity, and we have invested heavily to meet that ambition. The £1.8bn superfast programme has ensured that 96% of the UK has access to download speeds of at least 24Mbps. For those premises that do not have access to download speeds of at least 10 Mbps, the Government have introduced the Universal Service Obligation (USO), which allows people to request a USO connection from the designated Universal Service provider, BT, from March 2020.</p><p> </p><p>However, the Government still firmly believes that the impact of branch closures should be understood, considered, and mitigated where possible so that all customers, wherever they live, continue to have access to over-the-counter banking services if they wish to use them. That is why the Government is in full support of the voluntary Access to Banking Standard that the major high-street banks are signed up to. This commits them to keep customers well informed about branch closures, and to set out their reasons for closures and the alternative options for continued access to services. It is also why the Government supports the Post Office Banking Framework Agreement, which enables 99% of personal customers and 95% of small business customers to carry out their everyday banking at one of the Post Office’s 11,500 branches.</p><p><strong> </strong></p> answering member constituency Salisbury answering member printed John Glen question first answered 05/09/2019 11:50:09 answering member 4051 label Biography information for John Glen
tabling member	4608 label Biography information for John Lamont

1143315

registered interest
date	02/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pensions: Tax Allowances
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what plans he has to raise the pension tax allowance above the current rate of 25 per cent.
tabling member constituency	Hyndburn
tabling member printed	Graham P Jones
uin	284754
answer	answer is ministerial correction date of answer 05/09/2019 answer text <p>The Government wishes to encourage pension saving, to help ensure that people have an income, or funds on which they can draw, throughout retirement. This is why, for the majority of savers, pension contributions are tax-free. Furthermore, investment growth of assets in a pension scheme is not subject to tax. Up to 25% of the pension pot can be taken tax-free. After this, payments of pensions are subject to income tax at an individual’s marginal rate, to reflect the fact that these are a form of deferred income and have not been previously taxed.</p><p> </p><p>In addition, the Government is committed to keeping taxes low to ensure people keep more of what they earn.</p><p> </p><p>In April of this year, the Government met its commitment to raise the personal tax-free allowance to £12,500, one year early. This means the Government has now raised the personal allowance by over 90% in less than a decade. In 2019-20, over 32 million individuals will see their income tax bill reduced and 1.74 million people on the lowest incomes will have been taken out of income tax altogether since 2015-16. A typical basic rate taxpayer will pay £1,205 less income tax compared to 2010-11.</p><p> </p><p>The Government keeps all aspects of the tax system under review and any decisions on future changes will be taken as part of the annual Budget process in the context of the wider public finances.</p> answering member constituency Salisbury answering member printed John Glen question first answered 05/09/2019 12:59:55 answering member 4051 label Biography information for John Glen
tabling member	3999 label Biography information for Graham P Jones

1143584

registered interest
date	02/09/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Motor Vehicles: Insurance
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent discussions he has had with the motor insurance industry on the cost of insurance for young people.
tabling member constituency	Sheffield Central
tabling member printed	Paul Blomfield
uin	285013
answer	answer is ministerial correction date of answer 09/09/2019 answer text <p>Treasury ministers and officials are in close contact with the insurance industry, and engage with the industry on a number of issues including pricing.</p><p> </p><p>Insurers make decisions about the terms on which they will offer cover following an assessment of the relevant risks. This is usually informed by the insurer’s claims experience and other industry-wide statistics.</p><p> </p><p>It is important that everyone has access to good insurance at the right price. The Government is determined that insurers treat customers fairly. The FCA sets the standards required of insurance firms in relation to their business to help ensure customers are treated in this manner.</p> answering member constituency Salisbury answering member printed John Glen question first answered 09/09/2019 11:31:42 answering member 4051 label Biography information for John Glen
tabling member	4058 label Biography information for Paul Blomfield

1142105

registered interest
date	25/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Equitable Life Assurance Society: Compensation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps the Government has taken to support people affected by the Equitable Life scandal.
tabling member constituency	Cardiff Central
tabling member printed	Jo Stevens
uin	282454
answer	answer is ministerial correction date of answer 03/09/2019 answer text <p>In 2010 the government allocated up to £1.5bn, tax free, for payment to affected policyholders. More detail on the history of the action taken on this issue can be found at <a href="https://www.gov.uk/government/publications/equitable-life-payment-scheme-final-report" target="_blank">https://www.gov.uk/government/publications/equitable-life-payment-scheme-final-report</a></p> answering member constituency Salisbury answering member printed John Glen question first answered 03/09/2019 08:16:00 answering member 4051 label Biography information for John Glen
tabling member	4425 label Biography information for Jo Stevens

1142125

registered interest
date	25/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: UK Relations with EU
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether the EU has agreed to implement (a) temporary equivalence and recognition for UK central counterparties and central securities depositories, (b) the European Securities and Markets Authority’s decision to approve Memoranda of Understanding on allowing cross-border delegation of portfolio management between the UK and the EEA and (c) the European Insurance and Occupational Pensions Authority's recommendations on relevant member state regulators to minimise detriment to insurance policyholders in the in the event the UK leaves the EU without an agreement.
tabling member constituency	Streatham
tabling member printed	Chuka Umunna
uin	282348
answer	answer is ministerial correction date of answer 03/09/2019 answer text <p>I refer the Hon. Member to the answer that I gave on 24 July 2019 under UIN 279465.</p><p> </p><p>We welcome the steps taken by the EU and some individual member states to help mitigate cliff-edge risks to financial services. This includes:</p><ul><li>The EU’s temporary equivalence and recognition for UK central counterparties (CCPs) and central securities depositories (CSDs). This follows similar action from HMT to legislate for a process to facilitate continued access for EU and global CCPs and CSDs to the UK market.</li><li>The European Securities and Markets Authority and the FCA have agreed MoUs that include provisions to allow cross-border delegation of portfolio management between the UK and the EEA. This provides the asset management industry with certainty that portfolio delegation services between themselves and clients in the EEA can continue in any exit scenario.</li><li>Recommendations from the European Insurance and Occupational Pensions Authority which call on relevant Member State regulators to put in place measures which aim to minimise detriment to insurance policyholders. It is a matter for national regulators whether they choose to comply with this guidance.</li></ul> answering member constituency Salisbury answering member printed John Glen question first answered 03/09/2019 08:14:29 answering member 4051 label Biography information for John Glen
tabling member	4128 label Biography information for Chuka Umunna

1142217

registered interest
date	25/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Technology
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps his Department is taking to increase the level of support it provides to the FinTech sector in the UK.
tabling member constituency	St Albans
tabling member printed	Mrs Anne Main
uin	282253
answer	answer is ministerial correction date of answer 05/09/2019 answer text <p>The UK has been independently ranked as the best place in the world to start and grow a Fintech firm, and the government is committed to maintaining the UK’s leading edge in the sector. That is why the government has delivered against all of the commitments made in the Fintech Sector Strategy, which was launched last year.</p><p> </p><p>The government announced at Mansion House 2019 that HM Treasury would launch a review into the payments landscape, which looks to ensure that regulation and infrastructure is able to keep pace with new payments models. The government also announced that it would explore building on the success of Open Banking by developing an agenda for ‘Open Finance’, looking at ways to safely and securely share data across a wider range of financial services products. This will further revolutionise the sector and increase the ability of Fintech firms to compete with traditional financial services firms.</p> answering member constituency Salisbury answering member printed John Glen question first answered 05/09/2019 10:00:44 answering member 4051 label Biography information for John Glen
tabling member	1568 label Biography information for Mrs Anne Main

1141689

registered interest
date	24/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Health Insurance
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many and what proportion of people in the UK have private medical insurance.
tabling member constituency	Bootle
tabling member printed	Peter Dowd
uin	281774
answer	answer is ministerial correction date of answer 03/09/2019 answer text <p>The Government monitors the insurance market and is responsible for setting the overall legal framework of financial services regulation.</p><p> </p><p>The Government does not hold information on the amount spent on private medical cover, or on the number and proportion of people in the UK with private medical insurance.</p><p> </p><p>However, data from the Office for National Statistics reports that total expenditure on voluntary health insurance was £6 billion in 2017.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 281775 question first answered 03/09/2019 07:04:19 answering member 4051 label Biography information for John Glen
tabling member	4397 label Biography information for Peter Dowd