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1471016

registered interest
date	16/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages: Government Assistance
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what support he is making available for people who are mortgage prisoners and are subject to significant payment rises.
tabling member constituency	Newcastle upon Tyne East
tabling member printed	Mr Nicholas Brown
uin	19576
answer	answer is ministerial correction date of answer 21/06/2022 answer text <p>The Government has worked with the Financial Conduct Authority (FCA) on changes to regulation, making it possible for lenders to offer products to a greater number of mortgage prisoners. We have also put resources in place so that mortgage prisoners can understand their options better, including their ability to switch, and access advice through MoneyHelper.</p><p> </p><p>The Treasury continues to work with industry to determine if there are any further solutions which would meaningfully benefit mortgage prisoners and are fair to other borrowers in the wider mortgage market, including those who are also paying variable rates.</p><p> </p><p>On the cost of living more broadly, the Government has introduced over £15bn of additional support, targeted particularly at those with the greatest need. This package builds on the over £22bn announced previously, with government support for the cost of living now totalling over £37bn this year. Millions of the most vulnerable households will receive at least £1,200 of one-off support in total this year to help with the cost of living.</p> answering member constituency Salisbury answering member printed John Glen question first answered 21/06/2022 13:35:12 answering member 4051 label Biography information for John Glen
tabling member	523 label Biography information for Mr Nicholas Brown

1471132

registered interest
date	16/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Petrol: Prices
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department has completed an impact assessment on the fall in the value of sterling against the US dollar on the price of petrol since June 2012.
tabling member constituency	Richmond Park
tabling member printed	Sarah Olney
uin	19655
answer	answer is ministerial correction date of answer 22/06/2022 answer text <p>HM Treasury has not conducted an impact assessment on the impact of changes in the value of sterling on petrol prices.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 19656 19657 question first answered 22/06/2022 13:58:21 answering member 4051 label Biography information for John Glen
tabling member	4591 label Biography information for Sarah Olney

1471133

registered interest
date	16/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Petrol: Prices
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department has completed an impact assessment on the fall in the value of sterling against the US dollar on the price of petrol since June 2016.
tabling member constituency	Richmond Park
tabling member printed	Sarah Olney
uin	19656
answer	answer is ministerial correction date of answer 22/06/2022 answer text <p>HM Treasury has not conducted an impact assessment on the impact of changes in the value of sterling on petrol prices.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 19655 19657 question first answered 22/06/2022 13:58:21 answering member 4051 label Biography information for John Glen
tabling member	4591 label Biography information for Sarah Olney

1470553

registered interest
date	15/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Inflation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment has he made of the potential impact of the war in Ukraine on inflation in the next three years.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	18903
answer	answer is ministerial correction date of answer 20/06/2022 answer text <p>High inflation to date has been pushed up by global factors, including Russia’s invasion of Ukraine, which has led to significant price increases in goods and energy. In addition, the recent tightening in the labour market and rising cost pressures means that domestic factors are also playing a role and that inflationary pressures are becoming more broad-based. The independent Office for Budget Responsibility is the government’s official forecaster and will produce its next forecast in the autumn.</p><p> </p><p>The government understands the pressures people are facing with the cost of living because of high inflation. The government is providing over £15bn of additional support, building on the over £22bn announced previously, with government support for the cost of living now totalling over £37bn this year.</p> answering member constituency Salisbury answering member printed John Glen question first answered 20/06/2022 13:28:56 answering member 4051 label Biography information for John Glen
tabling member	4131 label Biography information for Jim Shannon

1470644

registered interest
date	15/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	National Savings and Investments: Media
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what total cost to the public purse, inclusive of VAT, was incurred by National Savings and Investments between May 2018 and May 2022 for media buying services provided under the Crown Commercial Service's media buying framework agreement reference RM6003.
tabling member constituency	Islington South and Finsbury
tabling member printed	Emily Thornberry
uin	18851
answer	answer is ministerial correction date of answer 20/06/2022 answer text <p>Details of HM Treasury and NS&amp;I contracts procured using CCS’ Media Buying framework agreement (RM6003) are published on the Contracts Finder website.</p> answering member constituency Salisbury answering member printed John Glen question first answered 20/06/2022 13:24:50 answering member 4051 label Biography information for John Glen
tabling member	1536 label Biography information for Emily Thornberry

1470754

registered interest
date	15/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Stamp Duties: Exemptions
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has made a recent assessment of the potential merits of updating the growth market exemption to remove the requirement for a recognised growth market to be a recognised stock exchange.
tabling member constituency	Rother Valley
tabling member printed	Alexander Stafford
uin	19029
answer	answer is ministerial correction date of answer 20/06/2022 answer text <p>SME Growth Markets are a type of multilateral trading facility (MTF) that have a distinct set of regulatory requirements designed to help small and medium-sized (SME) issuers raise capital on public markets.</p><p>MTFs, including growth markets, do not need to be operated by a recognised investment exchange (RIE). Although these can be operated by RIEs they can also be operated by investment firms and credit institutions, subject to FCA authorisation. This is set out in the FCA’s handbook.</p> answering member constituency Salisbury answering member printed John Glen question first answered 20/06/2022 13:31:17 answering member 4051 label Biography information for John Glen
tabling member	4866 label Biography information for Alexander Stafford

1470755

registered interest
date	15/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has had recent discussions with Financial Conduct Authority on steps to create a conducive operating environment for cryptoasset companies in the UK.
tabling member constituency	Rother Valley
tabling member printed	Alexander Stafford
uin	19030
answer	answer is ministerial correction date of answer 20/06/2022 answer text <p>The government set out at Fintech Week our firm ambition to make Britain a global hub for cryptoasset technology and investment. The government wants to ensure firms can invest, innovate and scale up in this country. And the government have announced a number of reforms which will see the regulation and aspects of tax treatment of cryptoassets evolve – our clear message to cryptoasset firms is that the UK is open for business.</p><p> </p><p>These include committing to consult on a future regulatory regime later this year; legislating to bring stablecoins into payments regulation; setting up a ministerial-chaired Cryptoasset Engagement Group, bringing together key figures in industry; working with the Royal Mint to create a Non-Fungible Token; and exploring ways of enhancing the competitiveness of the UK tax system to encourage further development of the cryptoasset market in the UK.</p><p> </p><p>HM Treasury holds regular discussions with the Financial Conduct Authority (FCA) on a range of issues regarding the regulation of financial markets, including cryptoassets.</p><p> </p><p>The government established a Cryptoassets Taskforce in 2018, consisting of HM Treasury, the Bank of England, the Payment Systems Regulator (PSR) and the FCA. The Taskforce’s objectives include exploring the impact of cryptoassets, the potential benefits and challenges of Distributed Ledger Technology (DLT) in financial services; as well as assessing what, if any, regulation is required in response.</p><p> </p><p>The decisions about what products are offered, including commercial accounts, and to whom remain commercial decisions for banks and building societies.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 19031 question first answered 20/06/2022 13:34:06 answering member 4051 label Biography information for John Glen
tabling member	4866 label Biography information for Alexander Stafford

1470756

registered interest
date	15/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Digital Assets: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has had discussions with representatives from the UK banking sector on ensuring that reputable and regulated digital asset companies can secure business bank accounts in the UK.
tabling member constituency	Rother Valley
tabling member printed	Alexander Stafford
uin	19031
answer	answer is ministerial correction date of answer 20/06/2022 answer text <p>The government set out at Fintech Week our firm ambition to make Britain a global hub for cryptoasset technology and investment. The government wants to ensure firms can invest, innovate and scale up in this country. And the government have announced a number of reforms which will see the regulation and aspects of tax treatment of cryptoassets evolve – our clear message to cryptoasset firms is that the UK is open for business.</p><p> </p><p>These include committing to consult on a future regulatory regime later this year; legislating to bring stablecoins into payments regulation; setting up a ministerial-chaired Cryptoasset Engagement Group, bringing together key figures in industry; working with the Royal Mint to create a Non-Fungible Token; and exploring ways of enhancing the competitiveness of the UK tax system to encourage further development of the cryptoasset market in the UK.</p><p> </p><p>HM Treasury holds regular discussions with the Financial Conduct Authority (FCA) on a range of issues regarding the regulation of financial markets, including cryptoassets.</p><p> </p><p>The government established a Cryptoassets Taskforce in 2018, consisting of HM Treasury, the Bank of England, the Payment Systems Regulator (PSR) and the FCA. The Taskforce’s objectives include exploring the impact of cryptoassets, the potential benefits and challenges of Distributed Ledger Technology (DLT) in financial services; as well as assessing what, if any, regulation is required in response.</p><p> </p><p>The decisions about what products are offered, including commercial accounts, and to whom remain commercial decisions for banks and building societies.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 19030 question first answered 20/06/2022 13:34:06 answering member 4051 label Biography information for John Glen
tabling member	4866 label Biography information for Alexander Stafford

1470146

registered interest
date	14/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Interest Rates
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make an assessment of the potential effect on the economy of a raising of interest rates to 3 per cent.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	17941
answer	answer is ministerial correction date of answer 17/06/2022 answer text <p>Monetary policy is the responsibility of the independent Monetary Policy Committee (MPC) of the Bank of England and this includes decisions on Bank Rate and the assets held in the Asset Purchase Facility (APF). The separation of fiscal and monetary policy is a key feature of the UK’s economic framework, and essential for the effective delivery of monetary policy, so the Government does not comment on the conduct or effectiveness of monetary policy, including the effect of a change in Bank Rate.</p><p> </p><p>The Government continually monitors a range of economic indicators and developments to consider the impact of these on businesses and households.</p> answering member constituency Salisbury answering member printed John Glen question first answered 17/06/2022 15:20:55 answering member 4051 label Biography information for John Glen
tabling member	4131 label Biography information for Jim Shannon

1470235

registered interest
date	14/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Lump Sum Payments
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of increasing the upper limit of lump sum pension withdrawals to above the £30,000 limit set out in the Pension Schemes Act 2015.
tabling member constituency	Bassetlaw
tabling member printed	Brendan Clarke-Smith
uin	18062
answer	answer is ministerial correction date of answer 21/06/2022 answer text <p>The pensions regime has various features to ensure that pension scheme members are protected.</p><p> </p><p>The Pension Schemes Act 2015 introduced a requirement for members of pension schemes with safeguarded benefits, such as defined benefit schemes or those with a guaranteed annuity rate, to take independent financial advice before accessing their pension pot flexibly, where the total value of the member’s benefits exceeds £30,000. This is because these schemes offer a high level of security and, in some cases, valuable guarantees that should not be relinquished without fully understanding the risks of doing so. Therefore, it is important that consumers get suitable advice to ensure that the implications are clear before proceeding with a decision to transfer.</p><p> </p><p>Separately, trivial commutation rules allow individuals to access their pension as a lump sum if they are at least 55 years old (or retiring at an earlier age because of ill-health) and the total value of their rights in registered pension schemes is less than £30,000.</p><p> </p><p>The Government keeps all policies under review. Any changes would be announced in the usual way.</p> answering member constituency Salisbury answering member printed John Glen question first answered 21/06/2022 13:51:05 answering member 4051 label Biography information for John Glen
tabling member	4756 label Biography information for Brendan Clarke-Smith