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969347

	registered interest
	date	06/09/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cryptocurrencies
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of reports that the value of crypto-currencies in the United States is falling, and of the potential effects that such a decline might have on the UK blockchain industry.
	tabling member printed	Lord Taylor of Warwick
	uin	HL10177
	answer	answer is ministerial correction date of answer 14/09/2018 answer text <p>The Government has not made a formal assessment of any potential implications of recent changes in the value of cryptocurrencies. However, the Government continues to monitor developments in the cryptocurrency market.</p><p>The Chancellor of the Exchequer launched the Cryptoassets Taskforce in March, consisting of HM Treasury, the Bank of England and the Financial Conduct Authority. The Taskforce is considering the risks and potential benefits of cryptoassets and other applications of distributed ledger technology in financial services, as well as assessing what, if any, regulation is required in response. The Taskforce will publish a report in the Autumn.</p> answering member printed Lord Bates question first answered 14/09/2018 13:34:29 answering member 1091 label Biography information for Lord Bates
	tabling member	1796 label Biography information for Lord Taylor of Warwick

971230

	registered interest
	date	10/09/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Economic Situation
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of reports that the UK economy may face a short-term slowdown in the event of a no-deal Brexit.
	tabling member printed	Lord Taylor of Warwick
	uin	HL10226
	answer	answer is ministerial correction date of answer 19/09/2018 answer text <p>The Government has published its White Paper on the future relationship, which is our vision for a bold, ambitious and innovative new partnership with the EU.</p><p> </p><p>The Government remains confident the UK and EU will agree a mutually advantageous deal. Leaving the EU without a deal is in neither side’s interests.</p><p> </p><p>Once the Government has agreed a deal with the EU we will provide Parliament with the appropriate analysis of that deal ahead of the vote on the final deal.</p> answering member printed Lord Bates question first answered 19/09/2018 11:20:09 answering member 1091 label Biography information for Lord Bates
	tabling member	1796 label Biography information for Lord Taylor of Warwick

971918

	registered interest
	date	11/09/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: VAT
	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 recover any VAT tax receipts from City businesses lost in the event of a no-deal Brexit; and what estimate they have made of the amount of any such loss.
	tabling member printed	Lord Taylor of Warwick
	uin	HL10278
	answer	answer is ministerial correction date of answer 19/09/2018 answer text <p>It is our duty as a responsible Government to prepare for all possible outcomes of negotiations with the EU, including the unlikely scenario in which no mutually satisfactory agreement can be reached. This is why the Government will continue to publish a series of Technical Notices to help businesses and citizens prepare in the event of a ‘no deal’ scenario. However, the Government does not want, nor expect, this scenario to arise.</p> answering member printed Lord Bates question first answered 19/09/2018 11:19:51 answering member 1091 label Biography information for Lord Bates
	tabling member	1796 label Biography information for Lord Taylor of Warwick

985045

	registered interest
	date	10/10/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Digital Technology: Taxation
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether they intend to impose a digital services tax on large technology companies.
	tabling member printed	Lord Taylor of Warwick
	uin	HL10588
	answer	answer is ministerial correction date of answer 24/10/2018 answer text <p>In its position papers, the government has set out the challenges that the digital economy poses to the international tax system, and the need for global reforms of that system to acknowledge the value users create for digital businesses.</p><p> </p><p>Any changes to the tax system are a matter for the Chancellor at the Budget.</p> answering member printed Lord Bates question first answered 24/10/2018 13:14:25 answering member 1091 label Biography information for Lord Bates
	tabling member	1796 label Biography information for Lord Taylor of Warwick

985046

	registered interest
	date	10/10/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Business: Taxation
	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 Confederation of British Industry’s call to review business rates and raise the annual investment allowance to £500,000 for 2 years.
	tabling member printed	Lord Taylor of Warwick
	uin	HL10589
	answer	answer is ministerial correction date of answer 24/10/2018 answer text <p>The government is aware of the Confederation of British Industry’s proposals. All taxes remain under review and any future changes to the tax system would be considered in line with the normal Budget process.</p><p> </p> answering member printed Lord Bates question first answered 24/10/2018 13:13:52 answering member 1091 label Biography information for Lord Bates
	tabling member	1796 label Biography information for Lord Taylor of Warwick

985048

	registered interest
	date	10/10/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Film: Tax Allowances
	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 report by the British Film Institute Screen Business: How screen sector tax reliefs power economic growth across the UK, published October 2018; and whether they intend to further assist the British film industry as a result of its findings.
	tabling member printed	Lord Taylor of Warwick
	uin	HL10591
	answer	answer is ministerial correction date of answer 24/10/2018 answer text <p>The government welcomes the British Film Institute’s report. The creative industries make a valuable cultural contribution to the UK and are an important part of a dynamic and diversified economy. The government also welcomes the British Film Institute’s efforts in improving the evidence about the impact of the screen sector on the UK economy.</p><p> </p><p>2,420 films have benefitted from the film tax relief since it was introduced in 2007, providing support worth £469 million to the production of culturally British films in 2017-18, up from £424 million the year before.</p><p> </p><p>Last year the government invested almost £70 million in grant in aid and national lottery funding through the British Film Institute.</p><p> </p><p><strong> </strong></p> answering member printed Lord Bates question first answered 24/10/2018 13:14:09 answering member 1091 label Biography information for Lord Bates
	tabling member	1796 label Biography information for Lord Taylor of Warwick

990166

	registered interest
	date	17/10/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Taxation
	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 conclusion by the Institute for Fiscal Studies report, The IFS Green Budget, published on 16 October, that it would be necessary to raise tax revenues by 1 per cent of national income to "end austerity".
	tabling member printed	Lord Taylor of Warwick
	uin	HL10788
	answer	answer is ministerial correction date of answer 25/10/2018 answer text <p>The government has been clear that it is committed to a balanced approach, funding our public services, keeping tax as low as possible while getting debt down. The Chancellor will set out his approach in more detail at next Monday’s Budget.</p> answering member printed Lord Bates question first answered 25/10/2018 13:51:23 answering member 1091 label Biography information for Lord Bates
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1002275

	registered interest
	date	05/11/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Exports
	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 report by the Office for Budget Responsibility, Economic and fiscal outlook, published in October, which anticipates exports falling as a share of the overall economy in the next five years.
	tabling member printed	Lord Taylor of Warwick
	uin	HL11296
	answer	answer is ministerial correction date of answer 19/11/2018 answer text <p>The Office for Budget Responsibility is independent of Ministers and any views published are their own.</p><p>Since November 2016, the OBR has not assumed any one particular outcome to EU exit negotiations but has based its forecasts on broad-brush assumptions regarding Brexit that are consistent with a range of possible outcomes, as well as judgements about the economy following the referendum.</p><p>In its October 2018 forecast, the OBR have included a two-year transition period. After this they assume leaving the EU will reduce trade intensity which affects both imports and exports with a broadly offsetting impact on net trade. In its latest forecast, the OBR also revised down its forecast for world trade growth, contributing to a downward revision in UK export market growth in the near term. These factors contribute to the decline in exports as a share of GDP.</p><p>Going forward, the Government will continue to provide support for UK exporters through the Department for International Trade by encouraging more businesses to export, providing information, advice and practical assistance on exporting, connecting UK businesses to overseas buyers, and putting finance at the heart of our offer through UK Export Finance.</p> answering member printed Lord Bates question first answered 19/11/2018 16:40:52 answering member 1091 label Biography information for Lord Bates
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1010143

	registered interest
	date	19/11/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Banks: Closures
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of bank branch closures on the financial well-being of the elderly.
	tabling member printed	Lord Taylor of Warwick
	uin	HL11590
	answer	answer is ministerial correction date of answer 03/12/2018 answer text <p>The Treasury does not make assessments of bank branch closures, including the impact on the financial well-being of the elderly, as this is a commercial matter for banks. However, the Government believes it is important the impact of branch closures on communities is understood, considered and mitigated where possible.</p><p> </p><p>That’s why the Government supports the industry’s Access to Banking Standard which helps customers to understand the options they have locally to continue to access banking services, including specialist assistance for customers who need more help, which may include the elderly.</p><p> </p><p>The Government also considers it important that all customers, wherever they live and especially those who are vulnerable, can still access over the counter banking services. The Post Office’s Banking Framework Agreement enables 99% of banks’ personal customers to carry out their everyday banking at a Post Office counter via its network of 11,500 branches. The Government believes it is essential that more customers are aware of these useful services. This is why we asked UK Finance and the Post Office to create a 5-point action plan to increase publicity of Post Office banking services and ensure more customers can benefit from them.</p> answering member printed Lord Bates question first answered 03/12/2018 14:38:20 answering member 1091 label Biography information for Lord Bates
	tabling member	1796 label Biography information for Lord Taylor of Warwick

1015870

	registered interest
	date	27/11/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cryptocurrencies
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether they have any plans for market regulation of crypto-currencies.
	tabling member printed	Lord Taylor of Warwick
	uin	HL11865
	answer	answer is ministerial correction date of answer 11/12/2018 answer text <p>The government established the Cryptoassets Taskforce - comprised of HM Treasury, the FCA, and the Bank of England – earlier this year, to explore the risks and potential benefits of cryptoassets and consider the appropriate response. The Taskforce’s report sets out the path forward with respect to cryptoasset regulation in the UK.</p><p> </p><p>The government will:</p><ul><li><p>bring cryptoasset exchanges and custodian wallet providers within the scope of anti-money laundering and counter-terrorist financing regulation through the transposition of the EU Fifth Anti-Money Laundering Directive (5MLD), and consult on going beyond the requirements of 5MLD;</p></li><li><p>consult on whether the regulatory perimeter requires extension in relation to cryptoassets that have comparable features to specified investments but that fall outside the perimeter; and</p></li><li><p>issue a consultation to further explore whether and how exchange tokens and related firms, such as exchanges and wallet providers, could be regulated effectively.</p></li></ul> answering member printed Lord Bates question first answered 11/12/2018 14:52:39 answering member 1091 label Biography information for Lord Bates
	tabling member	1796 label Biography information for Lord Taylor of Warwick