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1491226

	registered interest
	date	20/07/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Mortgages: Reviews
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether his Department is responsible for the comprehensive review of the mortgage market announced by the Prime Minister on 9 June; and when that review will be published.
	tabling member constituency	Greenwich and Woolwich
	tabling member printed	Matthew Pennycook
	uin	40868
	answer	answer is ministerial correction date of answer 05/09/2022 answer text <p>The Government is committed to helping as many first-time buyers as possible onto the housing ladder, and we continue to work to understand what more can be done in this area.</p><p> </p><p>The Prime Minister announced in June a package of policy measures designed to boost home ownership, which included looking at the mortgage market to understand its role in supporting first-time buyers. Working jointly with the Department of Levelling Up, Housing and Communities, we are examining how to take this work forwa<strong>rd.</strong></p> answering member constituency North East Bedfordshire answering member printed Richard Fuller question first answered 05/09/2022 07:20:25 answering member 3912 label Biography information for Richard Fuller
	tabling member	4520 label Biography information for Matthew Pennycook

1338886

	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	Net Zero Review
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, pursuant to the Answer of 24 May 2021 to Question 3084 on Net Zero Review, when he plans to publish the final report of his Department’s Net Zero Review.
	tabling member constituency	Greenwich and Woolwich
	tabling member printed	Matthew Pennycook
	uin	20472
	answer	answer is ministerial correction date of answer 28/06/2021 answer text <p>HM Treasury’s Net Zero Review final report will be published in due course, and in advance of COP26.</p><p>It will be an analytical report that uses existing data to explore the key issues and trade-offs as the UK decarbonises. Against a backdrop of significant uncertainty on technology and costs, as well as changes to the economy over the next 30 years, it focuses on the potential exposure of households and sectors to the transition, and highlights factors to be taken into account in designing policy that will allocate costs over this time horizon. In line with the Review’s terms of reference, the report will not include policy recommendations.</p><p>The Review forms part of a cross-government effort to support the UK’s transition to net zero. The government’s Net Zero Strategy will be published later this year.</p> answering member constituency Saffron Walden answering member printed Kemi Badenoch question first answered 28/06/2021 13:05:41 answering member 4597 label Biography information for Kemi Badenoch
	tabling member	4520 label Biography information for Matthew Pennycook

1336727

	registered interest
	date	15/06/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Business: Carbon Emissions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what recent discussions he has had with representatives of (a) insurers in the Lloyd’s of London market and (b) other insurers on aligning their business objectives with the UK’s net-zero greenhouse gas emissions target in the Climate Change Act 2008.
	tabling member constituency	Greenwich and Woolwich
	tabling member printed	Matthew Pennycook
	uin	16175
	answer	answer is ministerial correction date of answer 21/06/2021 answer text <p>Input from stakeholders is a valuable part of the policy making process, ensuring government and the private sector can work together to effectively address challenges such as net zero and driving economic growth across the UK. HMT is keen to engage with industry on the Chancellor’s vision for the future of financial services, of which green finance is a key pillar. The Chancellor holds regular discussions with industry to discuss this. For example, recently the Prime Minister alongside the Chancellor and the Governor of the Bank of England hosted a virtual roundtable with financial services leaders in advance of the Chancellor’s annual Mansion House speech.</p><p> </p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 16176 16177 question first answered 21/06/2021 12:16:07 answering member 4051 label Biography information for John Glen
	tabling member	4520 label Biography information for Matthew Pennycook

1336728

	registered interest
	date	15/06/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Fossil Fuels: Insurance
	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 representatives of (a) insurers in the Lloyd’s of London market and (b) other insurers on insuring fossil fuel projects in the UK and overseas that do not support the goals of the Paris Agreement.
	tabling member constituency	Greenwich and Woolwich
	tabling member printed	Matthew Pennycook
	uin	16176
	answer	answer is ministerial correction date of answer 21/06/2021 answer text <p>Input from stakeholders is a valuable part of the policy making process, ensuring government and the private sector can work together to effectively address challenges such as net zero and driving economic growth across the UK. HMT is keen to engage with industry on the Chancellor’s vision for the future of financial services, of which green finance is a key pillar. The Chancellor holds regular discussions with industry to discuss this. For example, recently the Prime Minister alongside the Chancellor and the Governor of the Bank of England hosted a virtual roundtable with financial services leaders in advance of the Chancellor’s annual Mansion House speech.</p><p> </p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 16175 16177 question first answered 21/06/2021 12:16:07 answering member 4051 label Biography information for John Glen
	tabling member	4520 label Biography information for Matthew Pennycook

1336729

	registered interest
	date	15/06/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Greenhouse Gas Emissions
	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 representatives of financial services companies on reducing global greenhouse gas emissions from projects and companies financed and underwritten by those companies in line with the goals of the Paris Agreement.
	tabling member constituency	Greenwich and Woolwich
	tabling member printed	Matthew Pennycook
	uin	16177
	answer	answer is ministerial correction date of answer 21/06/2021 answer text <p>Input from stakeholders is a valuable part of the policy making process, ensuring government and the private sector can work together to effectively address challenges such as net zero and driving economic growth across the UK. HMT is keen to engage with industry on the Chancellor’s vision for the future of financial services, of which green finance is a key pillar. The Chancellor holds regular discussions with industry to discuss this. For example, recently the Prime Minister alongside the Chancellor and the Governor of the Bank of England hosted a virtual roundtable with financial services leaders in advance of the Chancellor’s annual Mansion House speech.</p><p> </p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 16175 16176 question first answered 21/06/2021 12:16:07 answering member 4051 label Biography information for John Glen
	tabling member	4520 label Biography information for Matthew Pennycook

1327855

	registered interest
	date	25/05/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Greenhouse Gas Emissions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what estimate his Department has made of the global emissions footprint of the UK financial sector.
	tabling member constituency	Greenwich and Woolwich
	tabling member printed	Matthew Pennycook
	uin	7234
	answer	answer is ministerial correction date of answer 28/05/2021 answer text <p>The UK follows the agreed international approach for estimating and reporting greenhouse gas emissions under the UN Framework Convention on Climate Change (UNFCCC), which is for countries to report emissions produced within their territories. All UK domestic and international GHG emissions reductions targets, including our Net Zero commitment, are based on these territorial emissions.</p><p> </p><p>The UK was the first major economy to commit to Net Zero by 2050, and to achieve that ambition, we want to ensure that every financial decision takes climate change into account. This will require a drastic increase in the quantity, quality and comparability of climate-related disclosures.</p><p> </p><p>That is why, in November 2020, the Chancellor announced the UK’s intention to make disclosures in line with the recommendations of the Task Force for Climate-related Financial Disclosures mandatory in the UK across the economy, including the financial services sector, by 2025. This commitment is world-leading and significant progress towards achieving our ambition, including new requirements for premium-listed firms to disclose their Greenhouse Gas emissions, has already been made.</p><p> </p><p>We have also committed to implementing a green taxonomy that will establish a common definition for ’sustainable economic activities’ and improve understanding around the impact of firms’ activities and investments on the environment.</p><p> </p><p>Together, these measures will ensure that firms across the whole economy are disclosing robust and comparable climate and sustainability-related information that is decision-useful for investors. This will help close the sustainability data gap, as well as preventing greenwashing and supporting the greening of the UK economy.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 28/05/2021 09:52:36 answering member 4051 label Biography information for John Glen
	tabling member	4520 label Biography information for Matthew Pennycook

1315726

	registered interest
	date	18/05/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Net Zero Review
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, when he plans to publish the final report of his Department’s Net Zero Review.
	tabling member constituency	Greenwich and Woolwich
	tabling member printed	Matthew Pennycook
	uin	3084
	answer	answer is ministerial correction date of answer 24/05/2021 answer text <p>HM Treasury’s Net Zero Review final report will be published this spring.</p> answering member constituency Saffron Walden answering member printed Kemi Badenoch question first answered 24/05/2021 07:06:39 answering member 4597 label Biography information for Kemi Badenoch
	tabling member	4520 label Biography information for Matthew Pennycook

1315884

	registered interest
	date	18/05/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Institutions: Carbon Emissions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, with reference to the report by the Advisory Group on Finance for the Climate Change Committee entitled The road to net-zero finance, published in December 2020, whether he plans to take steps to implement the recommendation in that report that net-zero greenhouse gas targets should be made mandatory for financial institutions.
	tabling member constituency	Greenwich and Woolwich
	tabling member printed	Matthew Pennycook
	uin	3085
	answer	answer is ministerial correction date of answer 24/05/2021 answer text <p>In a Statement to the House of Commons in November 2020, the Chancellor set out his vision for the financial services sector for an open, green, and technologically advanced sector acting in the interests of communities and citizens across the UK, creating jobs, supporting businesses, and powering growth as we direct all our energies towards economic recovery.</p><p>In November 2020 we became the first country in the world to announce our intention to make TCFD-aligned disclosures fully mandatory across the UK economy. Concurrently, the Chancellor announced that the UK would create a green taxonomy to help companies and investors determine which activities are sustainable. Both policies will facilitate transition finance and prevent greenwashing.</p> answering member constituency Salisbury answering member printed John Glen question first answered 24/05/2021 13:27:59 answering member 4051 label Biography information for John Glen
	tabling member	4520 label Biography information for Matthew Pennycook

1315885

	registered interest
	date	18/05/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Climate Change Convention: Greenhouse Gas Emissions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether it is Government policy for the Financial Conduct Authority and Prudential Regulation Authority to discharge their functions consistently with the goals of the (a) Paris Agreement and (b) global greenhouse gas emissions reductions required to meet those goals.
	tabling member constituency	Greenwich and Woolwich
	tabling member printed	Matthew Pennycook
	uin	3086
	answer	answer is ministerial correction date of answer 24/05/2021 answer text <p>The Chancellor sent letters of recommendations to the Financial Conduct Authority (FCA) and Prudential Regulation Committee on 23 March 2021. These letters make recommendations about aspects of the government’s economic policy that the two organisations should have regard to when considering how to advance their objectives and discharge their duties. For the first time, these letters specified that the regulators should have regard to the government’s commitment to achieve a net-zero economy by 2050 under the Climate Change Act 2008 (Order 2019).</p><p>However, it is important to note that both the FCA and Prudential Regulation Authority (PRA) are operationally independent, non-governmental bodies. Although the Treasury sets the legal framework for the regulation of financial services, it has strictly limited powers in relation to the FCA and PRA. In particular, the Treasury has no general power of direction over the FCA and PRA.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 3087 question first answered 24/05/2021 13:43:04 answering member 4051 label Biography information for John Glen
	tabling member	4520 label Biography information for Matthew Pennycook

1315887

	registered interest
	date	18/05/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Climate Change Convention: Greenhouse Gas Emissions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether he has plans to direct the Financial Conduct Authority and Prudential Regulation Authority to discharge their functions consistently with the goals of the (a) Paris Agreement and (b) global greenhouse gas emissions reductions required to meet those goals.
	tabling member constituency	Greenwich and Woolwich
	tabling member printed	Matthew Pennycook
	uin	3087
	answer	answer is ministerial correction date of answer 24/05/2021 answer text <p>The Chancellor sent letters of recommendations to the Financial Conduct Authority (FCA) and Prudential Regulation Committee on 23 March 2021. These letters make recommendations about aspects of the government’s economic policy that the two organisations should have regard to when considering how to advance their objectives and discharge their duties. For the first time, these letters specified that the regulators should have regard to the government’s commitment to achieve a net-zero economy by 2050 under the Climate Change Act 2008 (Order 2019).</p><p>However, it is important to note that both the FCA and Prudential Regulation Authority (PRA) are operationally independent, non-governmental bodies. Although the Treasury sets the legal framework for the regulation of financial services, it has strictly limited powers in relation to the FCA and PRA. In particular, the Treasury has no general power of direction over the FCA and PRA.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 3086 question first answered 24/05/2021 13:43:04 answering member 4051 label Biography information for John Glen
	tabling member	4520 label Biography information for Matthew Pennycook