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1110704

	registered interest
	date	09/04/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	World Economy
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of a recent International Monetary Fund forecast regarding the impact of a no-deal Brexit as a risk to global economic growth.
	tabling member printed	Lord Taylor of Warwick
	uin	HL15168
	answer	answer is ministerial correction date of answer 25/04/2019 answer text <p>The government has not assessed the International Monetary Fund’s World Economic Outlook April 2019 publication. The IMF is an independent organisation. Their analysis of the UK and global economy represents their own views.</p> answering member printed Lord Young of Cookham question first answered 25/04/2019 10:52:11 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1124896

	registered interest
	date	07/05/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Private Equity
	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 decline in private equity investments in UK companies due to Brexit uncertainty.
	tabling member printed	Lord Taylor of Warwick
	uin	HL15571
	answer	answer is ministerial correction date of answer 21/05/2019 answer text The government is confident that the UK will continue to represent an attractive place to do business, and be a world-leading, global financial centre for asset management, including Private Equity.<p> </p><p>Investment is crucial for the economic future of this country, and the government is committed to ensuring that businesses can access to the finance they need as we leave the EU. In April 2019, the government provided the British Business Bank with an additional £200m to invest in venture and growth capital in 2019/20.</p> answering member printed Lord Young of Cookham question first answered 21/05/2019 13:26:17 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1125515

	registered interest
	date	08/05/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of remarks by the chief executive of the Financial Conduct Authority about the impact of a post-Brexit customs union on the UK financial services sector.
	tabling member printed	Lord Taylor of Warwick
	uin	HL15610
	answer	answer is ministerial correction date of answer 21/05/2019 answer text <p>A customs union would eliminate tariff and rules of origin barriers on trade in goods only, as they do not concern trade in services.</p><p><strong> </strong></p><p>The Government’s ambition is to preserve the economic benefits of the most important financial services traded between the UK and the EU, and ensure stable institutional processes for governing the relationship in financial services. This is the best way to protect financial stability and open markets, and is in the interests of businesses and consumers on both sides. This ambition is reflected in the Political Declaration agreed by the UK and the EU in November 2018.</p><p> </p><p>We remain committed to preserving our competitive position in financial services after the UK has left the European Union. Our industry continues to innovate and to move with the times – we have world-leading positions in the markets of the future, including green and sustainable finance, FinTech, and renminbi and rupee products.</p> answering member printed Lord Young of Cookham question first answered 21/05/2019 14:01:00 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1125516

	registered interest
	date	08/05/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	EU Emissions Trading Scheme
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether they intend to replicate the European Trading Scheme carbon emissions tax on companies in the event of a no-deal Brexit.
	tabling member printed	Lord Taylor of Warwick
	uin	HL15611
	answer	answer is ministerial correction date of answer 21/05/2019 answer text <p>In the event that the UK leaves the EU ETS under a No Deal scenario, Government policy remains that we will implement a carbon emissions tax on an interim basis.</p><p>We are discussing with the Commission the implications of our exit from the EU for our future participation in the EU ETS.</p><p>A consultation on long-term carbon pricing once the UK has left the UK has now been launched.</p> answering member printed Lord Young of Cookham question first answered 21/05/2019 14:02:51 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1126332

	registered interest
	date	13/05/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Banking Hubs: Competition
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have, if any, to update competition law to allow for shared banking hubs in areas where local bank branches have been closed.
	tabling member printed	Lord Taylor of Warwick
	uin	HL15692
	answer	answer is ministerial correction date of answer 22/05/2019 answer text <p>Branch closures can be difficult for the communities affected and the Government pays close attention to this issue. However, the decision to close a branch is a commercial one for a firm, and Government does not intervene in those decisions.</p><p> </p><p>However, the Government is equally clear that as banking providers seek to respond to technological advances and changes in customer behaviour, they must also consider carefully the needs of those who still rely on their local bank branch. Since May 2017, the major high street banks have been signed up to the Access to Banking Standard, which commits them to work with customers and communities to minimise the impact of branch closures and put in place alternative banking services.</p><p> </p><p>The Government also supports the Post Office Banking Framework Agreement which enables 99% of the UK’s personal and 95% of the UK’s small business customers to withdraw money, deposit cash and cheques and check balances at any one of the Post Office’s network of 11,500 branches.</p><p> </p><p> </p><p>While banks do have to comply with competition law, there is no specific regulation that prevents banks from sharing branches or other premises where their strategies align. The Government therefore has no plans to update competition law on this basis. Government does not intervene in these commercial decisions, but will continue to encourage banks to think creatively about how they can ensure that consumers can access a wide range of banking services on a sustainable basis. For example, NatWest, Lloyds Bank and Barclays are trialling shared business banking hubs in 6 locations across the UK in the coming weeks.</p> answering member printed Lord Young of Cookham question first answered 22/05/2019 16:37:43 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1127020

	registered interest
	date	15/05/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of any increase in complaints regarding short-term and payday lenders related to those suffering with problem debt.
	tabling member printed	Lord Taylor of Warwick
	uin	HL15781
	answer	answer is ministerial correction date of answer 22/05/2019 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.</p><p> </p><p>The FCA requires payday lenders to carry out robust affordability checks, limits the number of times a payday loan can be rolled over to two, places tough restrictions on lenders’ use of continuous payment authorities, and requires all payday lending adverts to include a risk warning and information about where to get free debt advice.</p><p> </p><p>The Government has given the FCA strong powers to protect consumers and to take action against firms and individuals that do not meet its standards. In 2018, the FCA issued total fines of £60 million.</p><p><strong> </strong></p><p>On problem debt more broadly, the Government is implementing its manifesto commitment to introduce a breathing space and statutory debt repayment plan. The two polices aim to give people in problem debt the opportunity to take control of their finances and put them on a sustainable footing.</p> answering member printed Lord Young of Cookham question first answered 22/05/2019 16:23:21 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1128022

	registered interest
	date	21/05/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Markets: Regulation
	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 role of (1) the European Securities and Markets Authority, and (2) the Financial Conduct Authority, will have in regulating financial markets after Brexit.
	tabling member printed	Lord Taylor of Warwick
	uin	HL15907
	answer	answer is ministerial correction date of answer 04/06/2019 answer text <p>The European Supervisory Authorities - which includes the European Securities and Markets Authority - are a part of the EU’s joint supervisory framework for financial services. The UK’s future position outside of the EU will mean that the UK is no longer part of the joint supervisory framework.</p><p> </p><p>As part of preparations for leaving the EU in any scenario, HM Treasury has delivered a programme of legislation under the EU (Withdrawal) Act designed to ensure that the UK’s regulatory regime is workable. These preparations include transferring certain regulatory and supervisory functions currently carried out by the ESAs to the appropriate UK regulator, including the FCA, where the transfer of those functions is necessary to ensure an operable regulatory regime at exit.</p><p> </p><p>If the UK leaves the EU under the terms of the Withdrawal Agreement reached between the UK and the EU, the UK’s exit preparations would be delayed until the end of the agreed Implementation Period. Market access arrangements would continue and the UK would remain part of the joint supervisory framework, with ESA functions continuing to apply to the UK, until the end of the Implementation Period.</p><p> </p><p>In any exit scenario, we expect UK regulators to continue to work closely with their counterparts in the EU. This is demonstrated in the Political Declaration agreed between the UK and the EU on the future relationship, in which both sides commit to close cooperation on supervisory and regulatory matters.</p> answering member printed Lord Young of Cookham question first answered 04/06/2019 13:50:53 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1128023

	registered interest
	date	21/05/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Banks: Digital Technology
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what steps, if any, they are taking to invest in digital technology hubs in the UK banking sector.
	tabling member printed	Lord Taylor of Warwick
	uin	HL15908
	answer	answer is ministerial correction date of answer 04/06/2019 answer text <p>The government is committed to ensuring the UK is one of the best places in the world to start and grow a digital business. That is why we are unlocking £20bn of finance for innovative firms over the next 10 years, and why we announced £21m to establish Tech Nation and its network of 10 regional hubs, supporting further innovation in financial services.</p><p><br> We also recognise the important role that digital technology hubs, such as Level 39 in Canary Wharf, have played in promoting the adoption of technology in the UK banking sector, and we are engaging with industry to explore how we can further support digital technology hubs in the UK.</p> answering member printed Lord Young of Cookham question first answered 04/06/2019 13:48:57 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1129572

	registered interest
	date	04/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Bank Services: Internet
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to remain closely aligned to any new EU security regulations for online banking transactions after Brexit.
	tabling member printed	Lord Taylor of Warwick
	uin	HL16057
	answer	answer is ministerial correction date of answer 18/06/2019 answer text <p>The Strong Customer Authentication Regulatory Technical Standards (“the SCA RTS”), which are intended to reduce fraud and increase payments security, came into force on 14 March 2018 in EU law. The majority of its provisions will apply from 14 September 2019, and will apply in full in the UK.</p><p> </p><p>The EU (Withdrawal) Act (“the Act”) will bring into UK law all directly applicated EU regulations which are operative at exit day, as defined by the Act, or at the end of the proposed Implementation Period if the withdrawal agreement reached between the Government and the EU is ratified. This includes operative Regulatory Technical Standards (RTS). The Act also permits ministers to make amendments which correct deficiencies in these regulations, if that is necessary to ensure they operate effectively in the UK.</p><p>The Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018, made under the Act, delegated responsibility for fixing deficiencies in the SCA RTS to the FCA. Under the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018, the FCA is also the competent authority for the SCA RTS after EU Exit.</p><p> </p><p>The FCA consulted on its approach to the SCA RTS after the UK has left the EU (see CP18/44, published on 19 December 2018). It proposes to substantially maintain these technical standards in UK law, to support consumer protection and to provide firms with certainty and clarity about the systems they have been building.</p> answering member printed Lord Young of Cookham question first answered 18/06/2019 15:19:22 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1130631

	registered interest
	date	06/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cash Dispensing: Rural Areas
	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 decline in the number of free-to-use cash machines on rural communities.
	tabling member printed	Lord Taylor of Warwick
	uin	HL16175
	answer	answer is ministerial correction date of answer 20/06/2019 answer text <p>The Government recognises that widespread free access to cash remains important to the day-to-day lives of many people and businesses in the UK. At Spring Statement 2018, the Treasury launched a Call for Evidence on Cash &amp; Digital Payments. This sought to gather evidence on how changing preferences for cash and digital payments impact on different sectors, regions and demographics. In its response document, the Government reiterated its policy is to safeguard access to cash for those who need it while supporting digital payments.</p><p> </p><p>LINK, the scheme that runs the UK’s ATM network, has committed to maintain the broad geographical coverage of the ATM network in the UK. LINK has put in place specific arrangements to protect free-to-use ATMs more than 1 kilometre away from the next nearest free-to-use ATM. Furthermore, LINK recently announced new additional premiums to safeguard the presence of free-to-use ATMs in remote and deprived areas.</p><p> </p><p>The Government-established Payment Systems Regulator, which regulates LINK, is closely monitoring developments within ATM provision and has used its powers to hold LINK to account over its commitments.</p><p> </p><p><strong> </strong></p> answering member printed Lord Young of Cookham question first answered 20/06/2019 11:28:32 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	1796 label Biography information for Lord Taylor of Warwick