Show Search Form

Search Results

registered interest	true false
date	exactly: or between: and
answering body
answering dept id
answering dept short name
answering dept sort name
hansard heading
house id
legislature	pref label
question text
tabling member constituency
tabling member printed
uin
answer	is ministerial correction true false date of answer exactly: or between: and answer text answering member constituency answering member printed grouped question UIN question first answered answering member label
tabling member	label

Search

1491526

	registered interest
	date	21/07/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Mileage Allowances
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether he has plans to review the Approved Mileage Allowance Payments rate.
	tabling member constituency	Ceredigion
	tabling member printed	Ben Lake
	uin	42161
	answer	answer is ministerial correction date of answer 05/09/2022 answer text <p>The Government sets the Approved Mileage Allowance Payment (AMAP) rates to minimise administrative burdens.</p><p> </p><p>The current AMAP rates allow employees to claim up to 45 pence per mile for the first 10,000 miles and 25 pence for each subsequent mile, tax free if they use their private car or van for business purposes. An additional 5 pence per mile may also be claimed for every passenger transported.</p><p> </p><p>AMAPs are intended to create administrative simplicity and certainty by using an average rate, which reflects vehicle running costs including fuel, depreciation, servicing, insurance, and Vehicle Excise Duty. As it is an average, the rate is necessarily more appropriate for some drivers than others.</p><p> </p><p>Employers are not required to use the AMAP rates. Instead, they can agree to reimburse a different amount that better reflects their employees’ circumstances. If an employee is paid less than the AMAP rate, they can claim Mileage Allowance Relief (MAR) on the shortfall. However, where payments exceed the relevant AMAP rate, there will be an Income Tax and National Insurance charge on the difference.</p><p> </p><p>The Government keeps the AMAP rates, like all taxes and allowances, under review and any changes are considered by the Chancellor.</p> answering member constituency Havant answering member printed Alan Mak grouped question UIN 42162 question first answered 05/09/2022 11:55:50 answering member 4484 label Biography information for Alan Mak
	tabling member	4630 label Biography information for Ben Lake

1491528

	registered interest
	date	21/07/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Mileage Allowances
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has made of the impact of recent increases in fuel prices on the efficacy of the Approved Mileage Allowance Payments rate.
	tabling member constituency	Ceredigion
	tabling member printed	Ben Lake
	uin	42162
	answer	answer is ministerial correction date of answer 05/09/2022 answer text <p>The Government sets the Approved Mileage Allowance Payment (AMAP) rates to minimise administrative burdens.</p><p> </p><p>The current AMAP rates allow employees to claim up to 45 pence per mile for the first 10,000 miles and 25 pence for each subsequent mile, tax free if they use their private car or van for business purposes. An additional 5 pence per mile may also be claimed for every passenger transported.</p><p> </p><p>AMAPs are intended to create administrative simplicity and certainty by using an average rate, which reflects vehicle running costs including fuel, depreciation, servicing, insurance, and Vehicle Excise Duty. As it is an average, the rate is necessarily more appropriate for some drivers than others.</p><p> </p><p>Employers are not required to use the AMAP rates. Instead, they can agree to reimburse a different amount that better reflects their employees’ circumstances. If an employee is paid less than the AMAP rate, they can claim Mileage Allowance Relief (MAR) on the shortfall. However, where payments exceed the relevant AMAP rate, there will be an Income Tax and National Insurance charge on the difference.</p><p> </p><p>The Government keeps the AMAP rates, like all taxes and allowances, under review and any changes are considered by the Chancellor.</p> answering member constituency Havant answering member printed Alan Mak grouped question UIN 42161 question first answered 05/09/2022 11:55:50 answering member 4484 label Biography information for Alan Mak
	tabling member	4630 label Biography information for Ben Lake

1652456

	registered interest
	date	12/07/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Central Bank Digital Currencies
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps his Department is taking to help ensure the introduction of a Central Bank Digital Currency will be complementary to the cash infrastructure.
	tabling member constituency	Ceredigion
	tabling member printed	Ben Lake
	uin	193759
	answer	answer is ministerial correction date of answer 17/07/2023 answer text <p>HM Treasury and the Bank of England judge that a UK central bank digital currency (CBDC), the “digital pound”, is likely to be needed in the future. However, a final decision on its introduction has not yet been made and will be informed by public consultation and future work.</p><p> </p><p>On 7 February 2023, HM Treasury and the Bank of England published a joint consultation paper setting out analysis on the case for the digital pound and consulting on the key features of a potential model. The consultation closed on 30 June, and we are now assessing the responses. We are committed to being transparent about the views and issues raised by respondents and we will publish a consultation response publication in due course.</p><p> </p><p>As we enter the design phase of work following the closure of the consultation, HM Treasury and the Bank of England will continue to engage with a wide range of stakeholders across the United Kingdom, including with civil society groups and consumer representatives, on the digital pound proposal and as part of our efforts to have an open and national conversation about the future of our money.</p><p> </p><p>The CBDC Engagement Forum consists of senior stakeholders from industry, civil society including consumer groups, and academia to gather strategic input on policy considerations and functional requirements pertaining to the digital pound. The Forum will continue to play an important role in the design phase, helping the Bank and HM Treasury understand the practical challenges of designing, implementing and operating a digital pound. The Technology Forum engages stakeholders and gathers input on all technology aspects of CBDC from a diverse cross-section of expertise and perspectives. The Forum helps the Bank to understand the technological challenges of designing, implementing and operating a digital pound. The membership of these Forums is available on the Bank of England website.</p><p> </p><p>The digital pound would sit alongside cash, not replace cash, and would be subject to rigorous standards of privacy and data protection. UK authorities remain committed to protecting access to cash. In recognition that cash continues to be relied on and used by many people, including vulnerable groups and the elderly, the Government has legislated to protect access to cash across the UK as part of the Financial Services and Markets Act 2023. The Act establishes the Financial Conduct Authority as the lead regulator for access to cash with responsibility and powers to seek to ensure reasonable provision of withdrawal and deposit facilities.</p><p> </p><p>Regarding costs associated with the digital pound, further work will be undertaken through the design phase to evaluate the commercial proposition. The digital pound would be widely accessible to the public, and exist alongside and be easily exchangeable with cash and bank deposits. We would therefore expect there to be no additional costs to consumers accessing a digital pound compared to existing payment methods.</p><p> </p><p>Financial inclusion will continue to be an important consideration for HM Treasury and the Bank as the next phase of work on the digital pound begins. We have consulted and will continue to engage with a wide range of organisations, including those representing vulnerable groups, in order to get their feedback on the proposal. We understand that not everyone has access to a stable internet connection or smartphone, or that some people may find smartphones difficult to use. We are therefore looking at how the digital pound could be delivered through options such as physical cards, in a way that would help to support financial inclusion and accessibility. We will also continue to explore options for offline payments.</p><p>The Government’s ambition is to connect at least 85% of UK premises to gigabit-capable broadband by 2025, and for nationwide connectivity (at least 99%) to be realised by 2030. Project Gigabit is the government’s £5bn programme that will ensure the whole of the UK benefits from gigabit connectivity by providing subsidy to deliver gigabit-capable connectivity to uncommercial premises, which are typically in rural or remote locations. The Government is also ensuring that very hard to reach areas will have access to improved broadband, even where gigabit is not possible, with an £8m fund for new satellite connectivity connecting 35,000 of the most remote premises.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 193753 193754 193755 193756 193757 193758 question first answered 17/07/2023 11:45:12 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4630 label Biography information for Ben Lake

1652455

	registered interest
	date	12/07/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Central Bank Digital Currencies
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether any costs will be associated with accessing the proposed Central Bank Digital Currency; and if he will make a statement.
	tabling member constituency	Ceredigion
	tabling member printed	Ben Lake
	uin	193758
	answer	answer is ministerial correction date of answer 17/07/2023 answer text <p>HM Treasury and the Bank of England judge that a UK central bank digital currency (CBDC), the “digital pound”, is likely to be needed in the future. However, a final decision on its introduction has not yet been made and will be informed by public consultation and future work.</p><p> </p><p>On 7 February 2023, HM Treasury and the Bank of England published a joint consultation paper setting out analysis on the case for the digital pound and consulting on the key features of a potential model. The consultation closed on 30 June, and we are now assessing the responses. We are committed to being transparent about the views and issues raised by respondents and we will publish a consultation response publication in due course.</p><p> </p><p>As we enter the design phase of work following the closure of the consultation, HM Treasury and the Bank of England will continue to engage with a wide range of stakeholders across the United Kingdom, including with civil society groups and consumer representatives, on the digital pound proposal and as part of our efforts to have an open and national conversation about the future of our money.</p><p> </p><p>The CBDC Engagement Forum consists of senior stakeholders from industry, civil society including consumer groups, and academia to gather strategic input on policy considerations and functional requirements pertaining to the digital pound. The Forum will continue to play an important role in the design phase, helping the Bank and HM Treasury understand the practical challenges of designing, implementing and operating a digital pound. The Technology Forum engages stakeholders and gathers input on all technology aspects of CBDC from a diverse cross-section of expertise and perspectives. The Forum helps the Bank to understand the technological challenges of designing, implementing and operating a digital pound. The membership of these Forums is available on the Bank of England website.</p><p> </p><p>The digital pound would sit alongside cash, not replace cash, and would be subject to rigorous standards of privacy and data protection. UK authorities remain committed to protecting access to cash. In recognition that cash continues to be relied on and used by many people, including vulnerable groups and the elderly, the Government has legislated to protect access to cash across the UK as part of the Financial Services and Markets Act 2023. The Act establishes the Financial Conduct Authority as the lead regulator for access to cash with responsibility and powers to seek to ensure reasonable provision of withdrawal and deposit facilities.</p><p> </p><p>Regarding costs associated with the digital pound, further work will be undertaken through the design phase to evaluate the commercial proposition. The digital pound would be widely accessible to the public, and exist alongside and be easily exchangeable with cash and bank deposits. We would therefore expect there to be no additional costs to consumers accessing a digital pound compared to existing payment methods.</p><p> </p><p>Financial inclusion will continue to be an important consideration for HM Treasury and the Bank as the next phase of work on the digital pound begins. We have consulted and will continue to engage with a wide range of organisations, including those representing vulnerable groups, in order to get their feedback on the proposal. We understand that not everyone has access to a stable internet connection or smartphone, or that some people may find smartphones difficult to use. We are therefore looking at how the digital pound could be delivered through options such as physical cards, in a way that would help to support financial inclusion and accessibility. We will also continue to explore options for offline payments.</p><p>The Government’s ambition is to connect at least 85% of UK premises to gigabit-capable broadband by 2025, and for nationwide connectivity (at least 99%) to be realised by 2030. Project Gigabit is the government’s £5bn programme that will ensure the whole of the UK benefits from gigabit connectivity by providing subsidy to deliver gigabit-capable connectivity to uncommercial premises, which are typically in rural or remote locations. The Government is also ensuring that very hard to reach areas will have access to improved broadband, even where gigabit is not possible, with an £8m fund for new satellite connectivity connecting 35,000 of the most remote premises.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 193753 193754 193755 193756 193757 193759 question first answered 17/07/2023 11:45:12 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4630 label Biography information for Ben Lake

1652454

	registered interest
	date	12/07/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Central Bank Digital Currencies: Wales
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will make it his policy that a Central Bank Digital Currency will not be rolled out until all (a) households and (b) businesses in Wales have the ability to access a stable internet connection.
	tabling member constituency	Ceredigion
	tabling member printed	Ben Lake
	uin	193757
	answer	answer is ministerial correction date of answer 17/07/2023 answer text <p>HM Treasury and the Bank of England judge that a UK central bank digital currency (CBDC), the “digital pound”, is likely to be needed in the future. However, a final decision on its introduction has not yet been made and will be informed by public consultation and future work.</p><p> </p><p>On 7 February 2023, HM Treasury and the Bank of England published a joint consultation paper setting out analysis on the case for the digital pound and consulting on the key features of a potential model. The consultation closed on 30 June, and we are now assessing the responses. We are committed to being transparent about the views and issues raised by respondents and we will publish a consultation response publication in due course.</p><p> </p><p>As we enter the design phase of work following the closure of the consultation, HM Treasury and the Bank of England will continue to engage with a wide range of stakeholders across the United Kingdom, including with civil society groups and consumer representatives, on the digital pound proposal and as part of our efforts to have an open and national conversation about the future of our money.</p><p> </p><p>The CBDC Engagement Forum consists of senior stakeholders from industry, civil society including consumer groups, and academia to gather strategic input on policy considerations and functional requirements pertaining to the digital pound. The Forum will continue to play an important role in the design phase, helping the Bank and HM Treasury understand the practical challenges of designing, implementing and operating a digital pound. The Technology Forum engages stakeholders and gathers input on all technology aspects of CBDC from a diverse cross-section of expertise and perspectives. The Forum helps the Bank to understand the technological challenges of designing, implementing and operating a digital pound. The membership of these Forums is available on the Bank of England website.</p><p> </p><p>The digital pound would sit alongside cash, not replace cash, and would be subject to rigorous standards of privacy and data protection. UK authorities remain committed to protecting access to cash. In recognition that cash continues to be relied on and used by many people, including vulnerable groups and the elderly, the Government has legislated to protect access to cash across the UK as part of the Financial Services and Markets Act 2023. The Act establishes the Financial Conduct Authority as the lead regulator for access to cash with responsibility and powers to seek to ensure reasonable provision of withdrawal and deposit facilities.</p><p> </p><p>Regarding costs associated with the digital pound, further work will be undertaken through the design phase to evaluate the commercial proposition. The digital pound would be widely accessible to the public, and exist alongside and be easily exchangeable with cash and bank deposits. We would therefore expect there to be no additional costs to consumers accessing a digital pound compared to existing payment methods.</p><p> </p><p>Financial inclusion will continue to be an important consideration for HM Treasury and the Bank as the next phase of work on the digital pound begins. We have consulted and will continue to engage with a wide range of organisations, including those representing vulnerable groups, in order to get their feedback on the proposal. We understand that not everyone has access to a stable internet connection or smartphone, or that some people may find smartphones difficult to use. We are therefore looking at how the digital pound could be delivered through options such as physical cards, in a way that would help to support financial inclusion and accessibility. We will also continue to explore options for offline payments.</p><p>The Government’s ambition is to connect at least 85% of UK premises to gigabit-capable broadband by 2025, and for nationwide connectivity (at least 99%) to be realised by 2030. Project Gigabit is the government’s £5bn programme that will ensure the whole of the UK benefits from gigabit connectivity by providing subsidy to deliver gigabit-capable connectivity to uncommercial premises, which are typically in rural or remote locations. The Government is also ensuring that very hard to reach areas will have access to improved broadband, even where gigabit is not possible, with an £8m fund for new satellite connectivity connecting 35,000 of the most remote premises.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 193753 193754 193755 193756 193758 193759 question first answered 17/07/2023 11:45:11 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4630 label Biography information for Ben Lake

1652453

	registered interest
	date	12/07/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Central Bank Digital Currencies
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps his Department is taking ensure that stakeholders who (a) rely on cash and (b) choose to use cash are engaged in the next steps following the publication of the Government’s response to the consultation on the digital pound.
	tabling member constituency	Ceredigion
	tabling member printed	Ben Lake
	uin	193756
	answer	answer is ministerial correction date of answer 17/07/2023 answer text <p>HM Treasury and the Bank of England judge that a UK central bank digital currency (CBDC), the “digital pound”, is likely to be needed in the future. However, a final decision on its introduction has not yet been made and will be informed by public consultation and future work.</p><p> </p><p>On 7 February 2023, HM Treasury and the Bank of England published a joint consultation paper setting out analysis on the case for the digital pound and consulting on the key features of a potential model. The consultation closed on 30 June, and we are now assessing the responses. We are committed to being transparent about the views and issues raised by respondents and we will publish a consultation response publication in due course.</p><p> </p><p>As we enter the design phase of work following the closure of the consultation, HM Treasury and the Bank of England will continue to engage with a wide range of stakeholders across the United Kingdom, including with civil society groups and consumer representatives, on the digital pound proposal and as part of our efforts to have an open and national conversation about the future of our money.</p><p> </p><p>The CBDC Engagement Forum consists of senior stakeholders from industry, civil society including consumer groups, and academia to gather strategic input on policy considerations and functional requirements pertaining to the digital pound. The Forum will continue to play an important role in the design phase, helping the Bank and HM Treasury understand the practical challenges of designing, implementing and operating a digital pound. The Technology Forum engages stakeholders and gathers input on all technology aspects of CBDC from a diverse cross-section of expertise and perspectives. The Forum helps the Bank to understand the technological challenges of designing, implementing and operating a digital pound. The membership of these Forums is available on the Bank of England website.</p><p> </p><p>The digital pound would sit alongside cash, not replace cash, and would be subject to rigorous standards of privacy and data protection. UK authorities remain committed to protecting access to cash. In recognition that cash continues to be relied on and used by many people, including vulnerable groups and the elderly, the Government has legislated to protect access to cash across the UK as part of the Financial Services and Markets Act 2023. The Act establishes the Financial Conduct Authority as the lead regulator for access to cash with responsibility and powers to seek to ensure reasonable provision of withdrawal and deposit facilities.</p><p> </p><p>Regarding costs associated with the digital pound, further work will be undertaken through the design phase to evaluate the commercial proposition. The digital pound would be widely accessible to the public, and exist alongside and be easily exchangeable with cash and bank deposits. We would therefore expect there to be no additional costs to consumers accessing a digital pound compared to existing payment methods.</p><p> </p><p>Financial inclusion will continue to be an important consideration for HM Treasury and the Bank as the next phase of work on the digital pound begins. We have consulted and will continue to engage with a wide range of organisations, including those representing vulnerable groups, in order to get their feedback on the proposal. We understand that not everyone has access to a stable internet connection or smartphone, or that some people may find smartphones difficult to use. We are therefore looking at how the digital pound could be delivered through options such as physical cards, in a way that would help to support financial inclusion and accessibility. We will also continue to explore options for offline payments.</p><p>The Government’s ambition is to connect at least 85% of UK premises to gigabit-capable broadband by 2025, and for nationwide connectivity (at least 99%) to be realised by 2030. Project Gigabit is the government’s £5bn programme that will ensure the whole of the UK benefits from gigabit connectivity by providing subsidy to deliver gigabit-capable connectivity to uncommercial premises, which are typically in rural or remote locations. The Government is also ensuring that very hard to reach areas will have access to improved broadband, even where gigabit is not possible, with an £8m fund for new satellite connectivity connecting 35,000 of the most remote premises.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 193753 193754 193755 193757 193758 193759 question first answered 17/07/2023 11:45:11 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4630 label Biography information for Ben Lake

1652450

	registered interest
	date	12/07/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Central Bank Digital Currencies: Wales
	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 his counterparts in the Welsh Government on the potential implications of a Central Bank Digital Currency on Welsh citizens in the context of (a) areas with poor digital connectivity and (b) Wales’ age demographics.
	tabling member constituency	Ceredigion
	tabling member printed	Ben Lake
	uin	193755
	answer	answer is ministerial correction date of answer 17/07/2023 answer text <p>HM Treasury and the Bank of England judge that a UK central bank digital currency (CBDC), the “digital pound”, is likely to be needed in the future. However, a final decision on its introduction has not yet been made and will be informed by public consultation and future work.</p><p> </p><p>On 7 February 2023, HM Treasury and the Bank of England published a joint consultation paper setting out analysis on the case for the digital pound and consulting on the key features of a potential model. The consultation closed on 30 June, and we are now assessing the responses. We are committed to being transparent about the views and issues raised by respondents and we will publish a consultation response publication in due course.</p><p> </p><p>As we enter the design phase of work following the closure of the consultation, HM Treasury and the Bank of England will continue to engage with a wide range of stakeholders across the United Kingdom, including with civil society groups and consumer representatives, on the digital pound proposal and as part of our efforts to have an open and national conversation about the future of our money.</p><p> </p><p>The CBDC Engagement Forum consists of senior stakeholders from industry, civil society including consumer groups, and academia to gather strategic input on policy considerations and functional requirements pertaining to the digital pound. The Forum will continue to play an important role in the design phase, helping the Bank and HM Treasury understand the practical challenges of designing, implementing and operating a digital pound. The Technology Forum engages stakeholders and gathers input on all technology aspects of CBDC from a diverse cross-section of expertise and perspectives. The Forum helps the Bank to understand the technological challenges of designing, implementing and operating a digital pound. The membership of these Forums is available on the Bank of England website.</p><p> </p><p>The digital pound would sit alongside cash, not replace cash, and would be subject to rigorous standards of privacy and data protection. UK authorities remain committed to protecting access to cash. In recognition that cash continues to be relied on and used by many people, including vulnerable groups and the elderly, the Government has legislated to protect access to cash across the UK as part of the Financial Services and Markets Act 2023. The Act establishes the Financial Conduct Authority as the lead regulator for access to cash with responsibility and powers to seek to ensure reasonable provision of withdrawal and deposit facilities.</p><p> </p><p>Regarding costs associated with the digital pound, further work will be undertaken through the design phase to evaluate the commercial proposition. The digital pound would be widely accessible to the public, and exist alongside and be easily exchangeable with cash and bank deposits. We would therefore expect there to be no additional costs to consumers accessing a digital pound compared to existing payment methods.</p><p> </p><p>Financial inclusion will continue to be an important consideration for HM Treasury and the Bank as the next phase of work on the digital pound begins. We have consulted and will continue to engage with a wide range of organisations, including those representing vulnerable groups, in order to get their feedback on the proposal. We understand that not everyone has access to a stable internet connection or smartphone, or that some people may find smartphones difficult to use. We are therefore looking at how the digital pound could be delivered through options such as physical cards, in a way that would help to support financial inclusion and accessibility. We will also continue to explore options for offline payments.</p><p>The Government’s ambition is to connect at least 85% of UK premises to gigabit-capable broadband by 2025, and for nationwide connectivity (at least 99%) to be realised by 2030. Project Gigabit is the government’s £5bn programme that will ensure the whole of the UK benefits from gigabit connectivity by providing subsidy to deliver gigabit-capable connectivity to uncommercial premises, which are typically in rural or remote locations. The Government is also ensuring that very hard to reach areas will have access to improved broadband, even where gigabit is not possible, with an £8m fund for new satellite connectivity connecting 35,000 of the most remote premises.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 193753 193754 193756 193757 193758 193759 question first answered 17/07/2023 11:45:11 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4630 label Biography information for Ben Lake

1652449

	registered interest
	date	12/07/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Central Bank Digital Currencies: Wales
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what steps he is taking to help ensure that the (a) the Welsh Government and (b) stakeholders representing those who rely on access to cash are engaged through the (i) Central Bank Digital Taskforce, (ii) the Central Bank Digital Currency Engagement Forum and (iii) The Central Bank Digital Currency technology forum on issues relating to a Central Bank Digital Currency.
	tabling member constituency	Ceredigion
	tabling member printed	Ben Lake
	uin	193754
	answer	answer is ministerial correction date of answer 17/07/2023 answer text <p>HM Treasury and the Bank of England judge that a UK central bank digital currency (CBDC), the “digital pound”, is likely to be needed in the future. However, a final decision on its introduction has not yet been made and will be informed by public consultation and future work.</p><p> </p><p>On 7 February 2023, HM Treasury and the Bank of England published a joint consultation paper setting out analysis on the case for the digital pound and consulting on the key features of a potential model. The consultation closed on 30 June, and we are now assessing the responses. We are committed to being transparent about the views and issues raised by respondents and we will publish a consultation response publication in due course.</p><p> </p><p>As we enter the design phase of work following the closure of the consultation, HM Treasury and the Bank of England will continue to engage with a wide range of stakeholders across the United Kingdom, including with civil society groups and consumer representatives, on the digital pound proposal and as part of our efforts to have an open and national conversation about the future of our money.</p><p> </p><p>The CBDC Engagement Forum consists of senior stakeholders from industry, civil society including consumer groups, and academia to gather strategic input on policy considerations and functional requirements pertaining to the digital pound. The Forum will continue to play an important role in the design phase, helping the Bank and HM Treasury understand the practical challenges of designing, implementing and operating a digital pound. The Technology Forum engages stakeholders and gathers input on all technology aspects of CBDC from a diverse cross-section of expertise and perspectives. The Forum helps the Bank to understand the technological challenges of designing, implementing and operating a digital pound. The membership of these Forums is available on the Bank of England website.</p><p> </p><p>The digital pound would sit alongside cash, not replace cash, and would be subject to rigorous standards of privacy and data protection. UK authorities remain committed to protecting access to cash. In recognition that cash continues to be relied on and used by many people, including vulnerable groups and the elderly, the Government has legislated to protect access to cash across the UK as part of the Financial Services and Markets Act 2023. The Act establishes the Financial Conduct Authority as the lead regulator for access to cash with responsibility and powers to seek to ensure reasonable provision of withdrawal and deposit facilities.</p><p> </p><p>Regarding costs associated with the digital pound, further work will be undertaken through the design phase to evaluate the commercial proposition. The digital pound would be widely accessible to the public, and exist alongside and be easily exchangeable with cash and bank deposits. We would therefore expect there to be no additional costs to consumers accessing a digital pound compared to existing payment methods.</p><p> </p><p>Financial inclusion will continue to be an important consideration for HM Treasury and the Bank as the next phase of work on the digital pound begins. We have consulted and will continue to engage with a wide range of organisations, including those representing vulnerable groups, in order to get their feedback on the proposal. We understand that not everyone has access to a stable internet connection or smartphone, or that some people may find smartphones difficult to use. We are therefore looking at how the digital pound could be delivered through options such as physical cards, in a way that would help to support financial inclusion and accessibility. We will also continue to explore options for offline payments.</p><p>The Government’s ambition is to connect at least 85% of UK premises to gigabit-capable broadband by 2025, and for nationwide connectivity (at least 99%) to be realised by 2030. Project Gigabit is the government’s £5bn programme that will ensure the whole of the UK benefits from gigabit connectivity by providing subsidy to deliver gigabit-capable connectivity to uncommercial premises, which are typically in rural or remote locations. The Government is also ensuring that very hard to reach areas will have access to improved broadband, even where gigabit is not possible, with an £8m fund for new satellite connectivity connecting 35,000 of the most remote premises.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 193753 193755 193756 193757 193758 193759 question first answered 17/07/2023 11:45:11 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4630 label Biography information for Ben Lake

1652447

	registered interest
	date	12/07/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Central Bank Digital Currencies: Public Consultation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, when he expects to publish the findings of the consultation on the digital pound.
	tabling member constituency	Ceredigion
	tabling member printed	Ben Lake
	uin	193753
	answer	answer is ministerial correction date of answer 17/07/2023 answer text <p>HM Treasury and the Bank of England judge that a UK central bank digital currency (CBDC), the “digital pound”, is likely to be needed in the future. However, a final decision on its introduction has not yet been made and will be informed by public consultation and future work.</p><p> </p><p>On 7 February 2023, HM Treasury and the Bank of England published a joint consultation paper setting out analysis on the case for the digital pound and consulting on the key features of a potential model. The consultation closed on 30 June, and we are now assessing the responses. We are committed to being transparent about the views and issues raised by respondents and we will publish a consultation response publication in due course.</p><p> </p><p>As we enter the design phase of work following the closure of the consultation, HM Treasury and the Bank of England will continue to engage with a wide range of stakeholders across the United Kingdom, including with civil society groups and consumer representatives, on the digital pound proposal and as part of our efforts to have an open and national conversation about the future of our money.</p><p> </p><p>The CBDC Engagement Forum consists of senior stakeholders from industry, civil society including consumer groups, and academia to gather strategic input on policy considerations and functional requirements pertaining to the digital pound. The Forum will continue to play an important role in the design phase, helping the Bank and HM Treasury understand the practical challenges of designing, implementing and operating a digital pound. The Technology Forum engages stakeholders and gathers input on all technology aspects of CBDC from a diverse cross-section of expertise and perspectives. The Forum helps the Bank to understand the technological challenges of designing, implementing and operating a digital pound. The membership of these Forums is available on the Bank of England website.</p><p> </p><p>The digital pound would sit alongside cash, not replace cash, and would be subject to rigorous standards of privacy and data protection. UK authorities remain committed to protecting access to cash. In recognition that cash continues to be relied on and used by many people, including vulnerable groups and the elderly, the Government has legislated to protect access to cash across the UK as part of the Financial Services and Markets Act 2023. The Act establishes the Financial Conduct Authority as the lead regulator for access to cash with responsibility and powers to seek to ensure reasonable provision of withdrawal and deposit facilities.</p><p> </p><p>Regarding costs associated with the digital pound, further work will be undertaken through the design phase to evaluate the commercial proposition. The digital pound would be widely accessible to the public, and exist alongside and be easily exchangeable with cash and bank deposits. We would therefore expect there to be no additional costs to consumers accessing a digital pound compared to existing payment methods.</p><p> </p><p>Financial inclusion will continue to be an important consideration for HM Treasury and the Bank as the next phase of work on the digital pound begins. We have consulted and will continue to engage with a wide range of organisations, including those representing vulnerable groups, in order to get their feedback on the proposal. We understand that not everyone has access to a stable internet connection or smartphone, or that some people may find smartphones difficult to use. We are therefore looking at how the digital pound could be delivered through options such as physical cards, in a way that would help to support financial inclusion and accessibility. We will also continue to explore options for offline payments.</p><p>The Government’s ambition is to connect at least 85% of UK premises to gigabit-capable broadband by 2025, and for nationwide connectivity (at least 99%) to be realised by 2030. Project Gigabit is the government’s £5bn programme that will ensure the whole of the UK benefits from gigabit connectivity by providing subsidy to deliver gigabit-capable connectivity to uncommercial premises, which are typically in rural or remote locations. The Government is also ensuring that very hard to reach areas will have access to improved broadband, even where gigabit is not possible, with an £8m fund for new satellite connectivity connecting 35,000 of the most remote premises.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 193754 193755 193756 193757 193758 193759 question first answered 17/07/2023 11:45:11 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4630 label Biography information for Ben Lake

1643477

	registered interest
	date	09/06/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Small Businesses: Insurance
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether he has made an estimate of the average increase in insurance premiums for small businesses in the last two years; and what assessment he has made of the impact of increases in insurance premiums on small businesses.
	tabling member constituency	Ceredigion
	tabling member printed	Ben Lake
	uin	188765
	answer	answer is ministerial correction date of answer 14/06/2023 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. Details of ministerial 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-giftsand-overseas-travel" target="_blank">https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-giftsand-overseas-travel</a>.</p><p>Under the independent Financial Conduct Authority’s (FCA) rules, insurers are required to handle claims fairly and promptly and settle claims quickly once settlement terms are agreed. The FCA has also outlined that all deductions from business interruption insurance settlements should be assessed on a case-by-case basis as policies differ significantly. The FCA may intervene and take further actions where firms do not appear to be meeting their expectations.</p><p> </p><p>Policyholders who feel that their claim has not been handled fairly may be able to refer the matter to the Financial Ombudsman Service, an independent body set up to provide arbitration in such cases.</p><p> </p><p>The information requested on business insurance premiums is not held. The Government works closely with the FCA and insurers to support businesses who are under pressure from the rising cost of living. The Government recognises the impact of increased costs on small businesses and has taken unprecedented action to protect millions of businesses, including the Recovery Loan Scheme, which has been extended until June 2024, cutting business rates by 75% for eligible retail, hospitality and leisure businesses in 2022-23, support via the Energy Bill Relief Scheme, and increasing the Employment Allowance to £5,000.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 188763 188764 question first answered 14/06/2023 14:04:03 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4630 label Biography information for Ben Lake