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1338665

registered interest
date	22/06/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Policy: Coronavirus
house id	1
legislature	25259 pref label House of Commons
question text	What economic contingency planning his Department has undertaken in the event of a third wave of covid-19.
tabling member constituency	Bethnal Green and Bow
tabling member printed	Rushanara Ali
uin	901630
answer	answer is ministerial correction date of answer 22/06/2021 answer text <p>Throughout the pandemic, the Government has sought to protect people’s jobs and livelihoods while also supporting businesses and public services across the UK.</p><p>We have put in place an economic package of support totalling £352 billion through the furlough and self-employed income support schemes, support for businesses through grants and loans, business rates and VAT relief.</p><p>At the Budget, the Chancellor extended this package of economic support to accommodate even the most cautious view about the time it might take to exit restrictions and to provide certainty and continuity to business. The Government continues to keep all impacts and policies under review.</p> answering member constituency North East Cambridgeshire answering member printed Steve Barclay grouped question UIN 901628 901629 901640 question first answered 22/06/2021 13:25:02 answering member 4095 label Biography information for Steve Barclay
tabling member	4138 label Biography information for Rushanara Ali

1338666

registered interest
date	22/06/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Fraud
house id	1
legislature	25259 pref label House of Commons
question text	What recent discussions he has had with the Financial Conduct Authority on tackling online financial crime.
tabling member constituency	East Ham
tabling member printed	Stephen Timms
uin	901634
answer	answer is ministerial correction date of answer 22/06/2021 answer text <p>Whilst the FCA is an independent, non-governmental regulator, the Treasury, as the department jointly responsible for economic crime policy with Home Office, is in regular contact with the FCA on matters to do with online financial crime. I can confirm that my officials hold regular discussions with their FCA counterparts on these issues, including on the delivery of the Economic Crime Plan, the prevention of online harms, including financial promotions and online fraud, and issues related to anti-money laundering supervision. In addition, the FCA is a member of the Economic Crime Strategic Board, through which the government, regulators, law enforcement, and industry discuss and drive forward the UK’s overall response to economic crime.</p><p><strong> </strong></p> answering member constituency Salisbury answering member printed John Glen question first answered 22/06/2021 13:27:08 answering member 4051 label Biography information for John Glen
tabling member	163 label Biography information for Sir Stephen Timms

1338297

registered interest
date	21/06/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Small Businesses: Debts
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the level of personal debt of (1) entrepreneurs, and (2) company directors of small businesses, who have not been eligible for assistance through the Coronavirus Job Retention Scheme; and what assessment they have made of the proportion of such debt which has been used to keep businesses afloat.
tabling member printed	Lord Allen of Kensington
uin	HL1221
answer	answer is ministerial correction date of answer 01/07/2021 answer text <p>The Coronavirus Job Retention Scheme (CJRS) has helped to pay the wages of people in 11.5 million jobs across the country, and the Self-Employment Income Support Scheme (SEISS) has paid out £24.5 billion in grants to 2.8 million self-employed individuals.</p><p> </p><p>Both of these schemes were designed with two principles in mind. First, the need to target support at those who need it most. Second, the need to protect money against error, fraud and abuse, whilst reaching as many people as possible. The Government recognises that some of the eligibility criteria and conditions needed to ensure that the CJRS or SEISS work for the vast majority of people have meant that some may not qualify for them.</p><p> </p><p>Those ineligible for the SEISS or CJRS may still be eligible for other elements of the unprecedented financial support available, such as tax deferrals and billions in loans and business grants.</p><p> </p><p>The Government loan guarantee schemes (including the Bounce Back Loan Scheme (BBLS)) have provided unprecedented support to businesses, with over 1.5 million loans worth over £75bn. Under BBLS no repayments are due from the borrower for the first 12 months of the loan, giving businesses the breathing space they need during this difficult time. In addition, the Government covers the first 12 months of interest payments charged to the business by the lender.</p><p> </p><p>To give businesses further support and flexibility in making their BBLS repayments, the Government has implemented the “Pay as You Grow” (PAYG) options. PAYG will give businesses the option to repay their BBLS facility over ten years. The Government has also made the full repayment holiday available to borrowers from the first repayment. Together, the 12-month payment holiday and interest-free period for borrowers, along with the PAYG options, provide a generous support package giving businesses the time to get back on their feet. Businesses concerned about repayment should contact their lender to discuss the options available to them.</p> answering member printed Lord Agnew of Oulton question first answered 01/07/2021 11:38:10 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4304 label Biography information for Lord Allen of Kensington

1338298

registered interest
date	21/06/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Business Rates: Reviews
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government when they expect to publish the results of their fundamental review of business rates; and when they expect that proposals for reform resulting from that review will be available for parliamentary scrutiny.
tabling member printed	Lord Allen of Kensington
uin	HL1222
answer	answer is ministerial correction date of answer 29/06/2021 answer text <p>As set out in the Government’s Interim Report, published in March 2021, the final report of the Fundamental Review will be published by Autumn 2021.</p> answering member printed Lord Agnew of Oulton question first answered 29/06/2021 16:18:15 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4304 label Biography information for Lord Allen of Kensington

1338304

registered interest
date	21/06/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Corporation Tax
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether parliamentary approval will be required for a future increase in the world minimum rate of corporation tax under Pillar 2 of the framework on Base Erosion and Profit Shifting.
tabling member printed	Lord Hannan of Kingsclere
uin	HL1240
answer	answer is ministerial correction date of answer 29/06/2021 answer text <p>It is a UK priority to reach a comprehensive two-pillar solution addressing the tax challenges of digitisation.</p><p> </p><p>The details of a final agreement, including on the exact framework for implementation, are still subject to international negotiation.</p><p> </p><p>If a political agreement is reached and both pillars are implemented in the UK, they will be subject to the normal tax policymaking process. That would include legislation in the relevant Finance Bill, with impacts then being formally assessed and set out in a Tax Information and Impact Note upon the introduction of the legislation.</p><p> </p><p>Any significant subsequent changes to that legislation would likewise be made through a future Finance Bill.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL1241 question first answered 29/06/2021 16:18:33 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4905 label Biography information for Lord Hannan of Kingsclere

1338305

registered interest
date	21/06/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Corporation Tax
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the impact of the Organisation for Economic Co-operation and Development's proposal for a global minimum corporation tax on the ability of the UK Government to adjust its domestic taxation policy.
tabling member printed	Lord Hannan of Kingsclere
uin	HL1241
answer	answer is ministerial correction date of answer 29/06/2021 answer text <p>It is a UK priority to reach a comprehensive two-pillar solution addressing the tax challenges of digitisation.</p><p> </p><p>The details of a final agreement, including on the exact framework for implementation, are still subject to international negotiation.</p><p> </p><p>If a political agreement is reached and both pillars are implemented in the UK, they will be subject to the normal tax policymaking process. That would include legislation in the relevant Finance Bill, with impacts then being formally assessed and set out in a Tax Information and Impact Note upon the introduction of the legislation.</p><p> </p><p>Any significant subsequent changes to that legislation would likewise be made through a future Finance Bill.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL1240 question first answered 29/06/2021 16:18:33 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	4905 label Biography information for Lord Hannan of Kingsclere

1338314

registered interest
date	21/06/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what is their response to the research by the Financial Conduct Authority Cryptoasset consumer research 2021, published on 17 June, which estimates that 2.3 million people in the UK own cryptocurrencies and that 14 per cent of those borrowed money to invest in cryptocurrencies.
tabling member printed	Lord Lee of Trafford
uin	HL1250
answer	answer is ministerial correction date of answer 01/07/2021 answer text <p>The Government welcomes the FCA’s recent consumer research, which offers insights into the growth of the cryptoasset market in the UK over the past year.</p><p> </p><p>The Government is closely monitoring developments in the industry through the UK’s Cryptoassets Taskforce. HM Treasury and UK authorities have taken a series of actions to mitigate risks to stability and market integrity and prevent the use of cryptoassets in illicit activity.</p><p> </p><p>The Government launched a consultation on its regulatory approach to cryptoassets and stablecoins on 7 January. It also included a call for evidence on the use of Distributed Ledger Technology (DLT) in financial markets. This set out the Government’s position that new innovations in the sector could deliver substantial benefits, but also present new challenges and risks.</p><p> </p><p>Last year, the Government issued a consultation on a proposal to bring certain cryptoassets, including Bitcoin, into the scope of financial promotions regulation. This would ensure that relevant cryptoasset promotions are held to the same high standards for fairness, clarity, and accuracy that pertain in the financial services industry. The Government will be publishing its response in due course.</p><p> </p><p>To further protect consumers, the FCA has banned the sale of cryptoasset derivatives to retail consumers, and alongside the Bank of England has issued consumer warnings stating that consumers who invest in cryptoassets should be prepared to lose their money. Alongside this, the Government launched a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020.</p> answering member printed Lord Agnew of Oulton question first answered 01/07/2021 11:31:55 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	1132 label Biography information for Lord Lee of Trafford

1338339

registered interest
date	21/06/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Taxation: International Cooperation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what steps they plan to take to deliver on the international agreement on global tax reform agreed by the G7 on 5 June.
tabling member printed	Viscount Waverley
uin	HL1277
answer	answer is ministerial correction date of answer 29/06/2021 answer text The Government is delighted that the G7 has, under the UK’s Presidency, reached an agreement on how the international tax framework should be reformed in response to the challenges created by globalisation and digitisation. These reforms would involve two pillars; changing where multinational group profits are taxed as well as requiring a minimum level of tax to be paid on profits in each jurisdiction. The Government believes that the G7 agreement provides the basis for a more comprehensive agreement at the level of the G20 and the 139 members of the OECD Inclusive Framework, and is working actively and constructively with other countries to support this aim. answering member printed Lord Agnew of Oulton question first answered 29/06/2021 16:18:06 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	1744 label Biography information for Viscount Waverley

1338393

registered interest
date	21/06/2021
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 the rate of inflation will be in (a) 2022-23 and (b) 2023-24.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	19587
answer	answer is ministerial correction date of answer 24/06/2021 answer text <p>In its latest published Economic and Fiscal Outlook, from March 2021, the independent Office for Budget Responsibility forecast CPI inflation to be 1.8% in 2022, 1.9% in 2023 and 1.9% in 2024.</p> answering member constituency Salisbury answering member printed John Glen question first answered 24/06/2021 13:57:40 answering member 4051 label Biography information for John Glen
tabling member	4131 label Biography information for Jim Shannon

1338424

registered interest
date	21/06/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	National Savings Bonds: Environment Protection
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what the timetable is for the proposed green savings bond announced in the Budget of 3 March 2021 to be released for sale to the public.
tabling member constituency	Hendon
tabling member printed	Dr Matthew Offord
uin	19573
answer	answer is ministerial correction date of answer 24/06/2021 answer text <p>Since the Chancellor’s announcement at Spring Budget 2021 that a Green Savings Bond will be offered through NS&amp;I, work has continued at pace on the development of this product. The Green Savings Bond will be linked to the UK’s sovereign Green Bond framework, due to be published later this month, and will give UK savers the opportunity to take part in the collective effort to tackle climate change. Further details on the Green Savings Bond will be published in due course, prior to the product going on sale later this year.</p> answering member constituency Salisbury answering member printed John Glen question first answered 24/06/2021 13:59:06 answering member 4051 label Biography information for John Glen
tabling member	4006 label Biography information for Dr Matthew Offord