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919959

registered interest
date	08/06/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Public Sector Debt: Interest Rates
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what the assumptions are of his Department, the Office for Budget Responsibility and the Bank of England on the interest rates to be paid on the stock of national debt, in terms of debt repayment and total debt, in each year through to (a) 2021-22 and then to (b) 2031-32; and to what extent those assumptions on interest rates differ from otherwise having an effective interest rate of 2.83 per cent in terms of debt interest payment costs.
tabling member constituency	Wirral South
tabling member printed	Alison McGovern
uin	151423
answer	answer is ministerial correction date of answer 13/06/2018 answer text <p>The information requested is provided in the attached document.</p> answering member constituency South West Norfolk answering member printed Elizabeth Truss question first answered 13/06/2018 14:45:49 answering member 4097 label Biography information for Elizabeth Truss attachment 1 file name The independent Office for Budget Responsibility published forecast figures for debt and debt interest payments as part of the Economic and fiscal outlook in March 2018.docx title PQ151423attachment
tabling member	4083 label Biography information for Alison McGovern

919123

registered interest
date	07/06/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Customs Unions
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, pursuant to the oral evidence of the Permanent Secretary of HMRC of 23 May and 5 June 2018 to the Treasury Committee, whether he has seen briefing papers on the estimated figures of £17-20 billion on the costs of the maximum facilitation model; and what assessment he has made of the implications for his policies of those estimates.
tabling member constituency	Bethnal Green and Bow
tabling member printed	Rushanara Ali
uin	151170
answer	answer is ministerial correction date of answer 12/06/2018 answer text <p>The analysis to support the estimated £17-20 billion figure was published in a letter by the Chief Executive of Her Majesty’s Revenue and Customs to the Treasury Select Committee on 5 June, 2018.</p><p> </p><p>The government is considering two approaches to a future customs relationship with the EU: a ‘new customs partnership’ and a ‘highly streamlined customs arrangement’. Ongoing analysis continues to support the development of both models.</p> answering member constituency Central Devon answering member printed Mel Stride question first answered 12/06/2018 10:12:13 answering member 3935 label Biography information for Mel Stride
tabling member	4138 label Biography information for Rushanara Ali

919128

registered interest
date	07/06/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Fuels: Excise Duties
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what assessment he has made of the implications of the findings of the report by Professor David Begg entitled Unintended Consequences of Freezing Fuel Duty, published on 1 June 2018, for the Government's policies on (a) transport, (b) road congestion, (c) air quality and (d) lost tax revenues.
tabling member constituency	Middlesbrough
tabling member printed	Andy McDonald
uin	151175
answer	answer is ministerial correction date of answer 12/06/2018 answer text <p><em>To support British households and businesses, at Autumn Budget 2017, the government froze fuel duty for the eighth successive year. Since public finances are based on the assumption that fuel duty will increase with RPI at every Budget, any increase below this represents a cost to the Exchequer. Successive freezes since 2011 have saved the average driver £620 compared to what it would have been with RPI increases. </em></p><p><em> </em></p><p><em>Since 2011, the announced freezes to fuel duty have meant the Exchequer has not collected around £46 billion in revenues through to 2018-19. For the purposes of comparison, this is around twice as much as we spend on all NHS nurses and doctors each year.”</em></p> answering member constituency Newark answering member printed Robert Jenrick question first answered 12/06/2018 16:55:08 answering member 4320 label Biography information for Robert Jenrick
tabling member	4269 label Biography information for Andy McDonald

919173

registered interest
date	07/06/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Children: Day Care
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, when his Department plans to issue its response to the Treasury Committee's report on Childcare, HC757, published on 25 March 2018.
tabling member constituency	Hampstead and Kilburn
tabling member printed	Tulip Siddiq
uin	151232
answer	answer is ministerial correction date of answer 13/06/2018 answer text <p>The Treasury issued its response to the Treasury Committee’s report on Childcare on the 24<sup>th</sup> May.</p> answering member constituency South West Norfolk answering member printed Elizabeth Truss question first answered 13/06/2018 15:21:59 answering member 4097 label Biography information for Elizabeth Truss
tabling member	4518 label Biography information for Tulip Siddiq

919232

registered interest
date	07/06/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect on (a) the UK financial technology sector and (b) the UK economy of the current regulatory approach to the UK cryptocurrency sector.
tabling member constituency	Newcastle upon Tyne North
tabling member printed	Catherine McKinnell
uin	151160
answer	answer is ministerial correction date of answer 12/06/2018 answer text <p>The Government published the Fintech Sector Strategy on 22 March, which sets out the action we have taken to make the UK the best place to start and grow a fintech business, including setting out the current regulatory approach, and what else we plan to do to maintain this position. This strategy also looked at the impact of the Fintech sector on the UK economy.</p><p> </p><p>As part of the Fintech Sector Strategy, the Government established a Cryptoassets Taskforce, consisting of HM Treasury, the Bank of England, and the Financial Conduct Authority. This Taskforce is exploring the impact of cryptoassets, the potential benefits and challenges of the application of distributed ledger technology in financial services, and assessing what, if any, regulation is required in response. The Taskforce will report back by the end of summer.</p> answering member constituency Salisbury answering member printed John Glen question first answered 12/06/2018 14:00:21 answering member 4051 label Biography information for John Glen
tabling member	4125 label Biography information for Catherine McKinnell

919233

registered interest
date	07/06/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, whether he has made an assessment of the policy of (a) Gibraltar, (b) Switzerland and (c) Malta on cryptocurrencies; and if he will make a statement.
tabling member constituency	Newcastle upon Tyne North
tabling member printed	Catherine McKinnell
uin	151161
answer	answer is ministerial correction date of answer 12/06/2018 answer text <p>The government has established a Cryptoassets Taskforce, consisting of HM Treasury, the Bank of England, and the Financial Conduct Authority. It is exploring the impact of cryptoassets, the potential benefits and challenges of the application of distributed ledger technology in financial services, and assessing what, if any, regulation is required in response. The Taskforce will report back by the end of summer.</p><p> </p><p>As part of this work, officials will be looking further at international approaches and working closely with our international counterparts, for example through the OECD and G20.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 12/06/2018 14:02:41 answering member 4051 label Biography information for John Glen
tabling member	4125 label Biography information for Catherine McKinnell

919234

registered interest
date	07/06/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Royal Bank of Scotland
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what estimate he has made of the financial loss to the public purse of the sale of RBS shares on 4 June 2018.
tabling member constituency	Newcastle upon Tyne North
tabling member printed	Catherine McKinnell
uin	151162
answer	answer is ministerial correction date of answer 12/06/2018 answer text <p>The Government’s shareholding in the Royal Bank of Scotland (RBS) is managed at arm's length and on a commercial basis through UK Government Investments Ltd (UKGI), a company which is wholly owned by the government, with the objective of creating and protecting value for the taxpayer.</p><p> </p><p>On 5 June 2018, the Government concluded a second sale of its shareholding in RBS, restarting the phased return of the bank to full private ownership. The Government sold approximately 7.7% of the bank (925m shares) through an overnight accelerated bookbuild (ABB) process, raising just over £2.5bn for the taxpayer (at a price of 271p per share). This reduced the government shareholding to 62.4% (from 70.1% pre-sale).</p><p> </p><p>The Government should not be in the business of owning banks. The original intervention in RBS was undertaken to protect the financial stability of the UK economy, not to make a profit. With that objective achieved, the Government is delivering on its intention to return the shareholding to private ownership when market conditions allow and it represents value for money to do so. The proceeds of this sale will go towards reducing our national debt.</p> answering member constituency Salisbury answering member printed John Glen question first answered 12/06/2018 14:05:23 answering member 4051 label Biography information for John Glen
tabling member	4125 label Biography information for Catherine McKinnell

919257

registered interest
date	07/06/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Funerals: Pre-payment
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, with reference to section 3.1 of his Department’s consultation entitled, Pre-paid funeral plans: call for evidence, published in June 2018, what the evidential basis is for the statement that the current framework of self-regulation in the funeral plan sector is not sufficient.
tabling member constituency	Airdrie and Shotts
tabling member printed	Neil Gray
uin	151193
answer	answer is ministerial correction date of answer 12/06/2018 answer text <p>The Funeral Planning Authority regulates 95% of the market. The FPA reviews registered providers’ compliance with its code of practice and has the power to terminate membership or levy a fine of up to £5,000 should a firm fail to adhere to its principals. These powers have never been used. Moreover, the voluntary nature of the FPA’s jurisdiction means it cannot prevent firms from trading, and that some firms are currently operating outside of regulation entirely. Where things do go wrong, consumers do not have access to adequate redress or arbitration services.</p><p> </p><p>HM Treasury has conducted meetings with several market participants who have indicated that the current framework of self-regulation is insufficient. Citizens Advice Scotland and Fairer Finance have published reports which analyse the pre-paid funeral plan market. The reports highlight numerous failings in the sector including a lack of clarity for consumers and high pressure and misleading sales activity.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 12/06/2018 14:10:05 answering member 4051 label Biography information for John Glen
tabling member	4365 label Biography information for Neil Gray

919259

registered interest
date	07/06/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Funerals: Pre-payment
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, how many meetings his Department has had with the Financial Conduct Authority on the content in the consultation entitled Pre-paid funeral plans: call for evidence, published in June 2018.
tabling member constituency	Airdrie and Shotts
tabling member printed	Neil Gray
uin	151194
answer	answer is ministerial correction date of answer 12/06/2018 answer text <p>HM Treasury has engaged extensively with the Financial Conduct Authority through a variety of channels in the run up to launching the Call for Evidence on the pre-paid funeral plan market.</p> answering member constituency Salisbury answering member printed John Glen question first answered 12/06/2018 14:08:31 answering member 4051 label Biography information for John Glen
tabling member	4365 label Biography information for Neil Gray

919310

registered interest
date	07/06/2018
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Arts: National Insurance Contributions
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect of the proposed abolition of Class 2 National Insurance Contributions on creators earning less than £6,205 per year.
tabling member constituency	Cardiff West
tabling member printed	Kevin Brennan
uin	151097
answer	answer is ministerial correction date of answer 12/06/2018 answer text <p>On November 2<sup>nd</sup> 2017, the Government announced a one year delay to the abolition of Class 2 National Insurance contributions (NICs) to allow time to engage with interested parties and Parliamentarians with concerns relating to the impact on self-employed individuals with low profits. The Government is considering these concerns, including those you have raised, and will respond in due course.</p> answering member constituency Newark answering member printed Robert Jenrick question first answered 12/06/2018 08:36:42 answering member 4320 label Biography information for Robert Jenrick
tabling member	1400 label Biography information for Kevin Brennan