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1136090

registered interest
date	02/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Situation
house id	1
legislature	25259 pref label House of Commons
question text	What recent assessment his Department has made of the short-term economic effect of the UK leaving the EU without a deal.
tabling member constituency	Bethnal Green and Bow
tabling member printed	Rushanara Ali
uin	911690
answer	answer is ministerial correction date of answer 02/07/2019 answer text <p>The Government has prepared extensively for a range of Brexit scenarios.</p><p> </p><p>But even with these preparations, leaving with “No Deal” would entail significant disruption in the short term. And in the long-term, the government’s analysis shows clearly that regions, nations and sectors of the UK would have lower economic output compared to today’s arrangements.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 02/07/2019 14:11:29 answering member 4051 label Biography information for John Glen
tabling member	4138 label Biography information for Rushanara Ali

1135816

registered interest
date	01/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Juan Guaidó
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has taken steps to release assets held by the Bank of England to the Official Representative to the UK of interim Venezuelan President Juan Guaidó; and if he will make a statement.
tabling member constituency	Warley
tabling member printed	John Spellar
uin	271357
answer	answer is ministerial correction date of answer 08/07/2019 answer text <p>Assets held on behalf of foreign central banks are a matter for the Bank of England. HM Treasury only has direct control over the UK Government’s own holdings of gold within its official reserves, which are held at the Bank of England.</p> answering member constituency Salisbury answering member printed John Glen question first answered 08/07/2019 12:12:26 answering member 4051 label Biography information for John Glen
tabling member	318 label Biography information for John Spellar

1135818

registered interest
date	01/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of introducing (a) a minimum dwell time and (b) prompts that require active demonstrations of consumer understanding on consumer credit application pages.
tabling member constituency	Newcastle-under-Lyme
tabling member printed	Paul Farrelly
uin	271398
answer	answer is ministerial correction date of answer 04/07/2019 answer text <p>The Government has fundamentally reformed regulation of the consumer credit market, transferring regulatory responsibility to the Financial Conduct Authority (FCA) on 1 April 2014. Although the Treasury sets the legal framework for the regulation of financial services, the FCA is an independent body. Therefore this is a matter for the FCA.</p><p> </p><p>The FCA has tough enforcement powers – criminal, civil and regulatory – to protect consumers and to take action against firms and individuals that do not meet its standards. Since the transfer, the FCA has taken a proactive approach on consumer credit, to ensure that all consumers who use high-cost credit products are treated fairly.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 04/07/2019 14:11:40 answering member 4051 label Biography information for John Glen
tabling member	1436 label Biography information for Paul Farrelly

1135483

registered interest
date	28/06/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Life Insurance: Mental Illness
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent assessment he has made of the adequacy of access to life insurance for people with mental health problems.
tabling member constituency	Glasgow North West
tabling member printed	Carol Monaghan
uin	270750
answer	answer is ministerial correction date of answer 08/07/2019 answer text <p>The Government is determined that all insurers should treat customers fairly and firms are required to do so under the Financial Conduct Authority’s (FCA) rules. The FCA has placed access and vulnerability at the core of the its Mission and Business Plan, and plans to consult on guidance for firms on the treatment of vulnerable consumers, including those with mental health conditions, in Summer 2019.</p> answering member constituency Salisbury answering member printed John Glen question first answered 08/07/2019 12:08:40 answering member 4051 label Biography information for John Glen
tabling member	4443 label Biography information for Carol Monaghan

1135506

registered interest
date	28/06/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Money Laundering: EU Action
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of UK compliance with (a) current and (b) future EU anti-money laundering policies after the UK leaves the EU.
tabling member constituency	North East Fife
tabling member printed	Stephen Gethins
uin	270754
answer	answer is ministerial correction date of answer 08/07/2019 answer text <p>The UK is a founding member and strong support of the Financial Action Taskforce (FATF), which sets global anti-money laundering and counter-terrorist financing (AML/CTF) standards. These standards are generally incorporated into UK law through the transposition of EU directives.</p><p> </p><p>The Fourth EU Anti-Money Laundering Directive was transposed into UK law by the Money Laundering Regulations 2017. This directive updated EU anti-money laundering policy to reflect the 2012 update to the FATF standards.</p><p> </p><p>The Fifth EU Anti-Money Laundering Directive (5MLD) was finalised in 2018 to further strengthen transparency and counter-terrorist legislation. The UK played a significant role in the negotiation of 5MLD and shares the objectives which it seeks to achieve on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. HM Treasury is currently running a consultation process inviting views and evidence on the steps the government proposes to take to meet the UK’s expected obligation to implement 5MLD by January 2020, and expects to publish an impact assessment in due course.</p><p> </p><p>The Sanctions and Anti-Money Laundering Act gives the UK the powers to update its future anti-money laundering regime post EU-exit. As a leading member of the FATF, the UK will continue updating anti-money laundering policies according to international standards, ensuring the UK’s AML/CTF regime is kept up to date, effective and proportionate.</p><p> </p><p>The Political Declaration that has been agreed with the EU contains a statement of mutual intent that the future relationship should cover money laundering and terrorist-financing.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 08/07/2019 12:10:45 answering member 4051 label Biography information for John Glen
tabling member	4434 label Biography information for Stephen Gethins

1135556

registered interest
date	28/06/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent assessment he has made of the potential effect on (a) financial services and (b) the wider service economy of the UK leaving the EU without an agreement.
tabling member constituency	Mid Sussex
tabling member printed	Sir Nicholas Soames
uin	270692
answer	answer is ministerial correction date of answer 03/07/2019 answer text <p>As a responsible Government, we have been preparing for a range of potential EU exit outcomes for over two years, including the possibility of no deal.</p><p>In November 2018 the Government published a detailed set of economic analyses on the long-term impacts of EU exit on the UK economy, its sectors, nations and regions, and the public finances.</p><p>The analysis shows that the spectrum of outcomes for the future UK-EU relationship would deliver significantly higher economic output than the no deal scenario. Every sector, nation and region would be better-off than in a no deal scenario.</p><p>The complete analysis can be found in the “EU Exit: Long-Term Economic Analysis” paper, available on the Gov.uk website in Exiting the European Union: Publications section.</p> answering member constituency Salisbury answering member printed John Glen question first answered 03/07/2019 16:05:28 answering member 4051 label Biography information for John Glen
tabling member	116 label Biography information for Lord Soames of Fletching

1135258

registered interest
date	27/06/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	EU Budget
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether the UK has financial liabilities to the EU in the event that the UK leaves the EU without a withdrawal agreement.
tabling member constituency	Wokingham
tabling member printed	John Redwood
uin	270233
answer	answer is ministerial correction date of answer 04/07/2019 answer text <p>The Government has been clear from the outset of negotiations that if we left the EU without a deal, the UK has obligations to the EU, and the EU obligations to the UK that will survive the UK’s withdrawal, and that these would need to be resolved. <br></p> answering member constituency Salisbury answering member printed John Glen question first answered 04/07/2019 14:16:51 answering member 4051 label Biography information for John Glen
tabling member	14 label Biography information for Sir John Redwood

1135312

registered interest
date	27/06/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Post Offices: Bank Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions his Department has had with representatives from Post Office Ltd on expanding the provision of banking services in post offices in rural communities.
tabling member constituency	Angus
tabling member printed	Kirstene Hair
uin	270430
answer	answer is ministerial correction date of answer 04/07/2019 answer text <p>The Post Office agreed a three-year, industry-wide agreement known as the Banking Framework in January 2017. This agreement allows 95% of business and 99% of personal banking customers to access their account at post offices and marked the largest expansion of face-to-face banking in a generation, allowing communities and businesses to withdraw money, deposit cash and cheques and check balances at 11,500 Post Office branches in the UK. The volume of basic banking transactions undertaken at Post Offices has steadily increased since the introduction of the Banking Framework, with close to 130 million transactions in 2018.</p><p> </p><p>The Post Office has recently renegotiated the commercial terms and service enhancements for Banking Framework 2, which will take effect from January 2020. Under the new agreement, there will be a significant increase to the fees that the Post Office will receive from the banks for processing transactions. The Post Office’s overall income through Banking Framework 2 will only increase further as transaction volumes continue to grow.</p><p> </p><p>HM Treasury is very supportive of the agreement and recognises fully its role in providing continued access to over-the-counter banking services for customers across the country, particularly when a bank branch closes. However, these are commercial matters for the banks and the Post Office and they require full commercial freedom to consider what, if any, further banking services might be feasible to offer through the Post Office network.</p> answering member constituency Salisbury answering member printed John Glen question first answered 04/07/2019 14:18:47 answering member 4051 label Biography information for John Glen
tabling member	4675 label Biography information for Kirstene Hair

1135313

registered interest
date	27/06/2019
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 recent assessment his Department has made of the effect on (a) high streets, (b) businesses and (c) communities of the closure of local bank branches.
tabling member constituency	Angus
tabling member printed	Kirstene Hair
uin	270431
answer	answer is ministerial correction date of answer 04/07/2019 answer text <p>The Treasury does not make assessments of the bank branch network. The decision to close a branch is a commercial issue for the management team of the bank. However, Government believes it is important the impact on communities must be understood, considered and mitigated where possible. That is why the Government continues to be very supportive of the Access to Banking Standard and the commitment it places on banks to minimise the impact of branch closures, including by ensuring that customers are aware of the alternative ways they can continue to access banking services.</p><p> </p><p>The Financial Conduct Authority undertook an analysis of branch closures as part of their Strategic Review of Retail Banking Business Models. This analysis can be found in Annex 1 of the final report (https://www.fca.org.uk/publication/multi-firm-reviews/strategic-review-retail-banking-business-models-final-report.pdf)</p> answering member constituency Salisbury answering member printed John Glen question first answered 04/07/2019 14:08:54 answering member 4051 label Biography information for John Glen
tabling member	4675 label Biography information for Kirstene Hair

1135335

registered interest
date	27/06/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Crime
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, pursuant to Answer of 27 June 2019 to Question 268541 on Economic Crime Strategic Board, whether the Economic Crime Plan will be published before the House rises on 25 July 2019.
tabling member constituency	Oxford East
tabling member printed	Anneliese Dodds
uin	270445
answer	answer is ministerial correction date of answer 02/07/2019 answer text <p>The Economic Crime Strategic Board will meet on 10 July 2019 at which it will discuss the draft Economic Crime Plan and a public-private economic crime threat update. The Economic Crime Plan will be published after it has been approved by the Board.</p> answering member constituency Salisbury answering member printed John Glen question first answered 02/07/2019 14:18:35 answering member 4051 label Biography information for John Glen
tabling member	4657 label Biography information for Anneliese Dodds