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1171510

	registered interest
	date	16/01/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Trade Agreements
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether it is the Government's policy that the UK EU trade deal will include the financial services sector.
	tabling member constituency	Stalybridge and Hyde
	tabling member printed	Jonathan Reynolds
	uin	4339
	answer	answer is ministerial correction date of answer 24/01/2020 answer text Yes. The UK has always been clear that we are seeking a broad and stable future relationship with the EU in financial services. answering member constituency Salisbury answering member printed John Glen question first answered 24/01/2020 10:56:10 answering member 4051 label Biography information for John Glen
	tabling member	4119 label Biography information for Jonathan Reynolds

1454806

	registered interest
	date	28/03/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Health and Social Care Levy
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what estimate he has made of the cost to employers of the health and social care levy by sector.
	tabling member constituency	Stalybridge and Hyde
	tabling member printed	Jonathan Reynolds
	uin	148172
	answer	answer is ministerial correction date of answer 31/03/2022 answer text The table below shows the estimated exchequer yield of the employer portion of the Health and Social Care Levy, in the 2022 to 2023 tax year, by sector:<p> </p><table><tbody><tr><td><p><strong>Sector</strong></p></td><td><p><strong>Exchequer yield</strong></p></td></tr><tr><td><p>Other*</p></td><td><p>£490m</p></td></tr><tr><td><p>Accommodation and food service activities</p></td><td><p>£185m</p></td></tr><tr><td><p>Administrative and support service activities</p></td><td><p>£515m</p></td></tr><tr><td><p>Arts, entertainment and recreation</p></td><td><p>£100m</p></td></tr><tr><td><p>Construction</p></td><td><p>£400m</p></td></tr><tr><td><p>Education</p></td><td><p>£995m</p></td></tr><tr><td><p>Financial and insurance activities</p></td><td><p>£1,000m</p></td></tr><tr><td><p>Human health and social work activities</p></td><td><p>£975m</p></td></tr><tr><td><p>Information and communication</p></td><td><p>£685m</p></td></tr><tr><td><p>Manufacturing</p></td><td><p>£895m</p></td></tr><tr><td><p>Other service activities</p></td><td><p>£125m</p></td></tr><tr><td><p>Professional, scientific and technical activities</p></td><td><p>£990m</p></td></tr><tr><td><p>Real estate activities</p></td><td><p>£155m</p></td></tr><tr><td><p>Transportation and storage</p></td><td><p>£345m</p></td></tr><tr><td><p>Wholesale and retail trade; repair of motor vehicles and motorcycles</p></td><td><p>£925m</p></td></tr><tr><td><p><strong>Total</strong></p></td><td><p>£8,775m</p></td></tr></tbody></table><p><strong> </strong></p><p>Figures are rounded to the nearest £5 million. Totals may not sum due to rounding.</p><p> </p><p>Other* sector includes: ‘Unknown’, ‘Activities of extraterritorial organisations and bodies’, ‘Activities of households as employers; undifferentiated goods-and services-producing activities of households for own use’, ‘Agriculture, forestry and fishing’, ‘Electricity, gas, steam and air conditioning supply’, ‘Mining and quarrying’, ‘Public administration and defence; compulsory social security’, ‘Water supply; sewerage, waste management and remediation activities’. These sectors were aggregated due to their small size, to avoid the risk of disclosure.</p> answering member constituency South East Cambridgeshire answering member printed Lucy Frazer question first answered 31/03/2022 16:03:58 answering member 4517 label Biography information for Lucy Frazer
	tabling member	4119 label Biography information for Jonathan Reynolds

1109105

	registered interest
	date	02/04/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Mortgages
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps the Government is taking to encourage greater switching and transparency in the UK mortgage market.
	tabling member constituency	Stalybridge and Hyde
	tabling member printed	Jonathan Reynolds
	uin	239957
	answer	answer is ministerial correction date of answer 10/04/2019 answer text The FCA’s final report of the Mortgage Market Study found that there are high levels of consumer engagement, with over three quarters of consumers switching to a new mortgage deal within 6 months of moving onto a reversion rate.<p> </p><p>The Government has worked closely with the FCA to consider how to remove the regulatory barriers that prevent some customers, particularly those with inactive lenders, from accessing better deals. The Government welcomes the FCA’s plans to move the affordability assessment from an absolute test to a relative one. This change removes the regulatory barrier that prevented some customers, who otherwise may have been able to switch, from accessing new mortgage products. The Government also welcomes the industry voluntary agreement covering 95% of the UK mortgage market to help ‘trapped’ customers of active lenders.</p><p> </p><p>Transparency and fairness in the mortgage market is a priority for the Government. The Treasury welcomes and supports the work the FCA are doing to improve this as a result of their findings in the final report of the Mortgage Market Study. The Government will continue to monitor the market and support the FCA when necessary.</p> answering member constituency Salisbury answering member printed John Glen question first answered 10/04/2019 15:24:04 answering member 4051 label Biography information for John Glen
	tabling member	4119 label Biography information for Jonathan Reynolds

1172525

	registered interest
	date	22/01/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: EU Law
	house id	1
	legislature	25259 pref label House of Commons
	question text	What plans the Government has to comply with provisions of the Markets in Financial Institutions Directive on broker dealers after the UK leaves the EU.
	tabling member constituency	Stalybridge and Hyde
	tabling member printed	Jonathan Reynolds
	uin	6676
	answer	answer is ministerial correction date of answer 29/01/2020 answer text <p>We will leave the EU on 31 January with the same regulatory rulebook, including Markets in Financial Instruments Directive (MiFID) II regulations on broker dealers, as the EU27. We have brought MiFID II regulations into UK law. Firms will be expected to comply with these UK regulations after the Implementation Period.</p><p> </p><p>The UK is committed to building a strong and mutually beneficial future relationship on Financial Services with the EU after we leave.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 29/01/2020 12:41:26 answering member 4051 label Biography information for John Glen
	tabling member	4119 label Biography information for Jonathan Reynolds

1092243

	registered interest
	date	20/03/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Access to Cash Review
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps the Government is taking to (a) minimise the effect of IT outages on consumers’ ability to pay for goods and services and (b) ensure that digital payment systems are more reliable.
	tabling member constituency	Stalybridge and Hyde
	tabling member printed	Jonathan Reynolds
	uin	234748
	answer	answer is ministerial correction date of answer 26/03/2019 answer text <p>We take the operational resilience of the finance sector and any detrimental impacts on consumers very seriously. HM Treasury works closely with the Bank of England, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) (collectively the ‘Financial Authorities’) to assess, test and improve the operational resilience of the sector and to respond to any major disruption, including to payment systems.</p><p> </p><p>In July 2018, the PRA and the FCA published a joint Discussion Paper on an approach to improve the operational resilience of firms and financial market infrastructures, including to payment systems. The Authorities will use responses to this to inform supervisory activity and future policy-making to support firms’ and FMIs’ operational resilience[i].</p><p> </p><p>The Financial Authorities also have a single mechanism, the Authorities’ Response Framework, to coordinate a response to incidents affecting the finance sector. The Financial Authorities regularly exercise incident response frameworks with the sector to assess their effectiveness and identify improvements. The Bank of England held a sector resilience exercise (SIMEX18) in November 2018 which tested the joint response by public authorities and industry to a simulated disruption.</p><p> </p><p>1 <a href="https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/discussion-paper/2018/dp118.pdf?la=en&amp;hash=4238F3B14D839EBE6BEFBD6B5E5634FB95197D8A" target="_blank">https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/discussion-paper/2018/dp118.pdf?la=en&amp;hash=4238F3B14D839EBE6BEFBD6B5E5634FB95197D8A</a></p><p> </p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 26/03/2019 13:41:49 answering member 4051 label Biography information for John Glen
	tabling member	4119 label Biography information for Jonathan Reynolds

1454805

	registered interest
	date	28/03/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Infosys: Russia
	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 Cabinet colleagues on UK involvement with Infosys in response to that company's ongoing operational links to Russia.
	tabling member constituency	Stalybridge and Hyde
	tabling member printed	Jonathan Reynolds
	uin	148171
	answer	answer is ministerial correction date of answer 31/03/2022 answer text <p>Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery.</p><p> </p><p>Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at:</p><p><a href="https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel" target="_blank">https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel</a></p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 148175 question first answered 31/03/2022 15:01:53 answering member 4051 label Biography information for John Glen
	tabling member	4119 label Biography information for Jonathan Reynolds

1454811

	registered interest
	date	28/03/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Sanctions: Russia
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether any Ministers or senior civil servants in his Department have met anyone currently subject to sanctions imposed following the Russian invasion of Ukraine in the last 18 months.
	tabling member constituency	Stalybridge and Hyde
	tabling member printed	Jonathan Reynolds
	uin	148175
	answer	answer is ministerial correction date of answer 31/03/2022 answer text <p>Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery.</p><p> </p><p>Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at:</p><p><a href="https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel" target="_blank">https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel</a></p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 148171 question first answered 31/03/2022 15:01:53 answering member 4051 label Biography information for John Glen
	tabling member	4119 label Biography information for Jonathan Reynolds

1586328

	registered interest
	date	17/02/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Post Office: Bank 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 adequacy of Post Office banking deposit limits for business customers.
	tabling member constituency	Stalybridge and Hyde
	tabling member printed	Jonathan Reynolds
	uin	146957
	answer	answer is ministerial correction date of answer 27/02/2023 answer text <p>The government recognises that cash continues to be used by millions of people across the UK and that access to deposit facilities is an important factor in supporting the continued acceptance of cash.</p><p> </p><p>In 2020, the National Risk Assessment of Money Laundering and Terrorist Financing noted an increase in the abuse of cash-related services, such as cash deposit services, in Post Offices.</p><p> </p><p>The Financial Conduct Authority (FCA) and banking sector have since been working to address these vulnerabilities. As part of this, banks are implementing a range of enhanced financial crime controls for cash deposits made at the Post Office.</p><p> </p><p>Throughout, the FCA has discussed with banks the importance of considering the impact of the changes they are making on customers. The rollout of these financial controls is still at an early stage and the FCA is continuing to work with the Post Office and the banking sector to ensure that the financial controls strike an appropriate balance between dynamically combating illicit finance, and helping to maintain appropriate access to cash deposit services for legitimate customers.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 27/02/2023 11:42:31 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4119 label Biography information for Jonathan Reynolds

928799

	registered interest
	date	21/06/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Tax Avoidance
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what representations he has received from (a) financial organisations (b) other organisations and (c) individuals on the introduction of the 2019 Loan Charge.
	tabling member constituency	Stalybridge and Hyde
	tabling member printed	Jonathan Reynolds
	uin	156421
	answer	answer is ministerial correction date of answer 29/06/2018 answer text <p>The charge on disguised remuneration (DR) loans was announced at Budget 2016 and has been introduced to tackle the use of DR tax avoidance schemes. These schemes are contrived arrangements that pay loans in place of ordinary remuneration to avoid income tax and National Insurance contributions. The charge will apply to outstanding DR loan balances on 5 April 2019 to ensure scheme users pay their fair share of tax.</p><p> </p><p>The Government published a consultation document on this policy on 10 August 2016. The Government received 338 written responses to the consultation, of which 260 were from individuals and 78 from organisations including businesses, and professional bodies. A list of the organisations which responded can be found at Annex A of the ‘Tackling disguised remuneration: Technical note and summary of responses document’. This can be found here:</p><p><a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/574567/Tackling_disguised_remuneration_-_Technical_note_and_summary_of_responses.pdf" target="_blank">https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/574567/Tackling_disguised_remuneration_-_Technical_note_and_summary_of_responses.pdf</a></p><p> </p><p>The charge on DR loans was introduced by Finance (no. 2) Act 2017, with supplementary provisions in Finance Act 2018. Representations were made by organisations and individuals as legislation passed through Parliament.</p><p> </p> answering member constituency Central Devon answering member printed Mel Stride question first answered 29/06/2018 09:28:27 answering member 3935 label Biography information for Mel Stride
	tabling member	4119 label Biography information for Jonathan Reynolds

1639261

	registered interest
	date	22/05/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Mutual Societies
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, how many officials in his Department work on policies relating to mutual societies.
	tabling member constituency	Stalybridge and Hyde
	tabling member printed	Jonathan Reynolds
	uin	186089
	answer	answer is ministerial correction date of answer 25/05/2023 answer text <p>The Treasury allocates resources based on the priorities of the department, and officials within the Financial Services Group of HM Treasury provide advice to ministers on issues related to the mutuals sector. Resourcing is kept under regular review to ensure priorities are delivered.</p><p>The government recognises the value that mutuals bring to the UK economy. That is why we are taking appropriate steps to ensure that the legislative framework in which mutuals operate under is both a modern and supportive business environment.</p><p>As part of the Financial Services and Markets Bill, the Government is amending existing legislation so that credit unions in Great Britain can offer a wider range of products and services. In due course the government will also bring forward legislation to amend the Building Societies Act 1986, which will give building societies further flexibility in raising funds and modernise corporate governance requirements.</p><p>In addition, the government is supporting Sir Mark Hendrick’s Private Member’s Bill which would allow co-operatives, mutual insurers, and friendly societies further flexibility in determining for themselves the best strategies for their business, relating to their surplus capital and restrictions on the use of these assets.</p><p>Furthermore, the government is in active discussions with the Law Commission on options to proceed with a review of both the Co-operative and Community Benefit Societies Act 2014 and the Friendly Societies Act 1992 with a view to launching the reviews in the next financial year.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 25/05/2023 12:59:34 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4119 label Biography information for Jonathan Reynolds