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1689906

	registered interest
	date	19/02/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Institutions
	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 with (a) banks and (b) other financial institutions to improve the financial sustainability of those organisations.
	tabling member constituency	Huddersfield
	tabling member printed	Mr Barry Sheerman
	uin	14467
	answer	answer is ministerial correction date of answer 27/02/2024 answer text <p>The Government is committed to retaining the UK’s position as one of the most innovative and competitive financial centres in the world. The Chancellor recently set out an ambitious reform programme at Mansion House, building on the success of the Edinburgh Reforms, which will help to deliver the Government’s vision for a financial sector that is open, sustainable, technologically innovative, and globally competitive. Additionally, the Financial Services and Markets Act 2023 introduced new secondary objectives for both the Financial Conduct Authority and Prudential Regulatory Authority to facilitate the international competitiveness of the UK economy (including the financial services sector), and its growth in the medium to long term.</p><p> </p><p>Financial stability is a pre-requisite for economic growth and is crucial for the competitiveness of the financial services sector. The government, working closely with the financial regulators, has made major improvements to the resilience of the banking system since the financial crisis with capital requirements for banks now three times higher. The government has also considered it a priority to build resilience in the non-bank system and has been working closely with the regulators and international bodies to achieve this.</p><p> </p><p>The Bank of England also undertakes regular stress tests on the UK’s major banks to test their resilience to severe economic scenarios and for the first time will be undertaking a system wide exploratory scenario which aims to improve the understanding of how banks and non-banks behave during stress and how these behaviours might interact to amplify shocks.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 27/02/2024 11:41:43 answering member 4639 label Biography information for Bim Afolami
	tabling member	411 label Biography information for Mr Barry Sheerman

1689907

	registered interest
	date	19/02/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Institutions: Ethics
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether he is taking steps to encourage (a) banks and (b) other financial institutions to engage in corporate social responsibility.
	tabling member constituency	Huddersfield
	tabling member printed	Mr Barry Sheerman
	uin	14468
	answer	answer is ministerial correction date of answer 27/02/2024 answer text <p>Corporate social responsibility, where such actions go beyond what is required in regulation, is a matter for banks and financial institutions to make individual decisions on.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 27/02/2024 11:40:14 answering member 4639 label Biography information for Bim Afolami
	tabling member	411 label Biography information for Mr Barry Sheerman

1654664

	registered interest
	date	20/07/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Renewable Fuels: Excise Duties
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether his Department has made an assessment of the potential merits of reducing fuel duty on hydrotreated vegetable oil fuel.
	tabling member constituency	Huddersfield
	tabling member printed	Mr Barry Sheerman
	uin	195327
	answer	answer is ministerial correction date of answer 04/09/2023 answer text <p>Hydrotreated vegetable oil (HVO) is treated as diesel for the purposes of fuel duty. HVO benefits from the rebated duty rate of 10.18 pence per litre (ppl) when used for an allowed purpose, and 52.95 ppl for road use.</p><p> </p><p>The Government encourages the use of HVO through the Renewable Transport Fuel Obligation (RTFO), which incentivises the use of low carbon fuels and reduces emissions from fuel supplied for use in transport and non-road mobile machinery. The RTFO has been highly successful in supporting a market for renewable fuel since its introduction in 2008. Renewable fuels supplied under the RTFO currently contribute a third of the savings required for the UK’s transport carbon budget.</p><p> </p><p>The Government’s Biomass Strategy which was published on 10 August reviews the amount of sustainable biomass available to the UK, including liquid biofuels such as HVO. It is important to ensure that biomass is prioritised within the economy where it offers the greatest opportunity to reduce greenhouse gas emissions in ‘hard to abate’ sectors where there are fewer options to decarbonise through alternative low carbon technologies.</p><p> </p><p>As with all taxes, the Government keeps the tax treatment of HVO under review.</p> answering member constituency Grantham and Stamford answering member printed Gareth Davies grouped question UIN 195358 question first answered 04/09/2023 12:01:31 answering member 4850 label Biography information for Gareth Davies
	tabling member	411 label Biography information for Mr Barry Sheerman

1654908

	registered interest
	date	20/07/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Renewable Fuels
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether he plans to update the Hydrocarbon Oil Duty Act 1979 to categorise hydrotreated vegetable oil as a biodiesel.
	tabling member constituency	Huddersfield
	tabling member printed	Mr Barry Sheerman
	uin	195358
	answer	answer is ministerial correction date of answer 04/09/2023 answer text <p>Hydrotreated vegetable oil (HVO) is treated as diesel for the purposes of fuel duty. HVO benefits from the rebated duty rate of 10.18 pence per litre (ppl) when used for an allowed purpose, and 52.95 ppl for road use.</p><p> </p><p>The Government encourages the use of HVO through the Renewable Transport Fuel Obligation (RTFO), which incentivises the use of low carbon fuels and reduces emissions from fuel supplied for use in transport and non-road mobile machinery. The RTFO has been highly successful in supporting a market for renewable fuel since its introduction in 2008. Renewable fuels supplied under the RTFO currently contribute a third of the savings required for the UK’s transport carbon budget.</p><p> </p><p>The Government’s Biomass Strategy which was published on 10 August reviews the amount of sustainable biomass available to the UK, including liquid biofuels such as HVO. It is important to ensure that biomass is prioritised within the economy where it offers the greatest opportunity to reduce greenhouse gas emissions in ‘hard to abate’ sectors where there are fewer options to decarbonise through alternative low carbon technologies.</p><p> </p><p>As with all taxes, the Government keeps the tax treatment of HVO under review.</p> answering member constituency Grantham and Stamford answering member printed Gareth Davies grouped question UIN 195327 question first answered 04/09/2023 12:01:31 answering member 4850 label Biography information for Gareth Davies
	tabling member	411 label Biography information for Mr Barry Sheerman

1644167

	registered interest
	date	13/06/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Development Aid
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether he has made a recent assessment of the potential merits of increasing the level of the overseas aid budget to 0.7 per cent of GDP.
	tabling member constituency	Huddersfield
	tabling member printed	Mr Barry Sheerman
	uin	189169
	answer	answer is ministerial correction date of answer 15/06/2023 answer text <p>I refer the hon. Member to the answer I gave on 13 June 2023 to Question 188649. [https://questions-statements.parliament.uk/written-questions/detail/2023-06-08/188649].</p> answering member constituency Salisbury answering member printed John Glen question first answered 15/06/2023 12:08:08 answering member 4051 label Biography information for John Glen
	tabling member	411 label Biography information for Mr Barry Sheerman

1604872

	registered interest
	date	16/03/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Banks: Surcharges
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will make an estimate of the revenue expected to accrue to the Exchequer from the bank surcharge in each of the next four financial quarters.
	tabling member constituency	Huddersfield
	tabling member printed	Mr Barry Sheerman
	uin	167040
	answer	answer is ministerial correction date of answer 21/03/2023 answer text <p>The latest estimate of the revenue expected to accrue to the Exchequer from the Bank Surcharge for the next 4 quarters (financial year 2023-24) is provided in Table A.5 in <a href="https://obr.uk/efo/economic-and-fiscal-outlook-march-2023/#annex-a" target="_blank">Appendix A of the OBR’s Economic and Fiscal Outlook</a>, which was published on 15 March 2023.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 21/03/2023 16:19:38 answering member 4874 label Biography information for Andrew Griffith
	tabling member	411 label Biography information for Mr Barry Sheerman

1605104

	registered interest
	date	16/03/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Civil Society and Small Businesses: Bank Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether he has had recent discussions with banks on taking steps to support small businesses, social enterprises and charities to open bank accounts.
	tabling member constituency	Huddersfield
	tabling member printed	Mr Barry Sheerman
	uin	904251
	answer	answer is ministerial correction date of answer 23/03/2023 answer text <p>I and senior officials engage regularly with banks on a range of issues, including access to bank accounts for small businesses, social enterprises and charities.</p><p> </p><p>In relation to social enterprises and charities specifically, the Treasury recognises the challenges they have faced accessing and managing banking services. That’s why the previous Economic Secretary hosted a roundtable event last year, bringing together lenders and representatives from bodies representing charities and community organisations to discuss this important issue. Lenders heard firsthand the problems many charities and community groups have experienced, and also used this opportunity to set out the products they offer, and the diverse range of factors charities and community groups need to consider in relation to banking requirements.</p><p> </p><p>Banking and finance industry group UK Finance is now working with banks and sector representatives to identify any changes banks can make to simplify processes like changing signatories on accounts, and to produce guidance aimed at helping charities and community groups access and understand banking.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 23/03/2023 09:48:01 answering member 4874 label Biography information for Andrew Griffith
	tabling member	411 label Biography information for Mr Barry Sheerman

1549966

	registered interest
	date	08/12/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cost of Living: Huddersfield
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether he has had discussions with representatives of charities operating in Huddersfield on the impact of the cost of living crisis on residents of that town in the last 12 months.
	tabling member constituency	Huddersfield
	tabling member printed	Mr Barry Sheerman
	uin	106343
	answer	answer is ministerial correction date of answer 13/12/2022 answer text <p>Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery.</p><p> </p><p>Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at:</p><p>https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel</p><p> </p><p>The government has announced further support in the Autumn Statement for next year designed to target the most vulnerable households. This cost of living support is worth £26 billion in 2023-24, in addition to benefits uprating, which is worth £11 billion to working age households and people with disabilities.</p><p> </p><p>This support for 2023-24 is in addition to the generous support already in place to support households this winter.</p> answering member constituency South Suffolk answering member printed James Cartlidge question first answered 13/12/2022 11:15:15 answering member 4519 label Biography information for James Cartlidge
	tabling member	411 label Biography information for Mr Barry Sheerman

1549973

	registered interest
	date	08/12/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Alcoholic Drinks: Excise Duties
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of reducing (a) beer duty and (b) other alcohol duties for pubs.
	tabling member constituency	Huddersfield
	tabling member printed	Mr Barry Sheerman
	uin	106344
	answer	answer is ministerial correction date of answer 13/12/2022 answer text <p>The Government keeps the duty rates under review during its yearly budget process and aims to balance the impact on businesses with its public health objectives.</p><p> </p><p>The alcohol duty uprating decision and interactions with the wider reforms to alcohol duties will be considered in due course.</p> answering member constituency South Suffolk answering member printed James Cartlidge question first answered 13/12/2022 11:14:03 answering member 4519 label Biography information for James Cartlidge
	tabling member	411 label Biography information for Mr Barry Sheerman

1549974

	registered interest
	date	08/12/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Public Houses: Business Rates
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what recent assessment he has made of the potential merits of introducing a reformed business rate for pubs that is equitable to other small businesses.
	tabling member constituency	Huddersfield
	tabling member printed	Mr Barry Sheerman
	uin	106345
	answer	answer is ministerial correction date of answer 15/12/2022 answer text <p>The Valuation Office Agency determines the rateable value of public houses using the Fair Maintainable Turnover (FMT) basis, as agreed with representative trade bodies.</p><p> </p><p>At Autumn Statement 2022, the government announced a package of support worth £13.6 billion to businesses over the next five years. This includes an extended and increased 75 per cent relief for retail, hospitality, and leisure properties, up to a cash cap of £110,000 per business for 2023-24. This is a tax cut worth over £2 billion for around 230,000 businesses, which will support the businesses that make our high streets and town centres successful.</p><p> </p><p>This support builds on the previous temporary 50 per cent retail, hospitality and leisure scheme announced at Autumn Budget 2021, as well as the unprecedented £16 billion of business rates relief provided to the retail, hospitality and leisure sectors throughout the pandemic.</p> answering member constituency Louth and Horncastle answering member printed Victoria Atkins question first answered 15/12/2022 15:37:27 answering member 4399 label Biography information for Victoria Atkins
	tabling member	411 label Biography information for Mr Barry Sheerman