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1251452

registered interest
date	12/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Companies: Registration
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many supervised company formation agents HMRC visited from (a) 1 Jan 2018 to 31 Dec 2018 and (b) 1 Jan 2019 to 31 Dec 2019.
tabling member constituency	Glasgow Central
tabling member printed	Alison Thewliss
uin	114930
answer	answer is ministerial correction date of answer 17/11/2020 answer text <p>HMRC supervises businesses in nine sectors under the Money Laundering Regulations (MLRs), including those Trust or Company Service Providers (TCSPs) not supervised by other bodies. HMRC does not publish information relating to targeting of supervisory visits in particular sectors. Such information could be used by criminals to aid their efforts to attempt to launder money or finance terrorism.</p><p>HM Treasury publishes aggregate details of HMRC’s supervision activity in its annual “Anti-money laundering and counter terrorist finance supervision report”.</p><p>Since 8 May 2019, HMRC has not identified any company formation agents who should be but are not registered with HMRC.</p><p>HMRC’s Anti Money Laundering Supervision team employs 16 full time equivalent staff to identify businesses that should be registered with HMRC under the MLRs but are not. These ‘policing the perimeter’ staff are not designated to specific sectors.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 114931 114932 question first answered 17/11/2020 11:45:41 answering member 4051 label Biography information for John Glen
tabling member	4430 label Biography information for Alison Thewliss

1251453

registered interest
date	12/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Companies: Registration
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many and what proportion of company formation agents that should be registered for supervision but are not have been identified by HMRC since 8 May 2019.
tabling member constituency	Glasgow Central
tabling member printed	Alison Thewliss
uin	114931
answer	answer is ministerial correction date of answer 17/11/2020 answer text <p>HMRC supervises businesses in nine sectors under the Money Laundering Regulations (MLRs), including those Trust or Company Service Providers (TCSPs) not supervised by other bodies. HMRC does not publish information relating to targeting of supervisory visits in particular sectors. Such information could be used by criminals to aid their efforts to attempt to launder money or finance terrorism.</p><p>HM Treasury publishes aggregate details of HMRC’s supervision activity in its annual “Anti-money laundering and counter terrorist finance supervision report”.</p><p>Since 8 May 2019, HMRC has not identified any company formation agents who should be but are not registered with HMRC.</p><p>HMRC’s Anti Money Laundering Supervision team employs 16 full time equivalent staff to identify businesses that should be registered with HMRC under the MLRs but are not. These ‘policing the perimeter’ staff are not designated to specific sectors.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 114930 114932 question first answered 17/11/2020 11:45:41 answering member 4051 label Biography information for John Glen
tabling member	4430 label Biography information for Alison Thewliss

1251454

registered interest
date	12/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Companies: Registration
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many HMRC full time equivalent staff are tasked with identifying company formation agents that should be registered for supervision but are not.
tabling member constituency	Glasgow Central
tabling member printed	Alison Thewliss
uin	114932
answer	answer is ministerial correction date of answer 17/11/2020 answer text <p>HMRC supervises businesses in nine sectors under the Money Laundering Regulations (MLRs), including those Trust or Company Service Providers (TCSPs) not supervised by other bodies. HMRC does not publish information relating to targeting of supervisory visits in particular sectors. Such information could be used by criminals to aid their efforts to attempt to launder money or finance terrorism.</p><p>HM Treasury publishes aggregate details of HMRC’s supervision activity in its annual “Anti-money laundering and counter terrorist finance supervision report”.</p><p>Since 8 May 2019, HMRC has not identified any company formation agents who should be but are not registered with HMRC.</p><p>HMRC’s Anti Money Laundering Supervision team employs 16 full time equivalent staff to identify businesses that should be registered with HMRC under the MLRs but are not. These ‘policing the perimeter’ staff are not designated to specific sectors.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 114930 114931 question first answered 17/11/2020 11:45:41 answering member 4051 label Biography information for John Glen
tabling member	4430 label Biography information for Alison Thewliss

1251468

registered interest
date	12/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages
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 implications for his policies of the proposals made by the London School of Economics on mortgage prisoners, published 11 November 2020.
tabling member constituency	Belfast South
tabling member printed	Claire Hanna
uin	115040
answer	answer is ministerial correction date of answer 17/11/2020 answer text <p>We are grateful to London School of Economics (LSE) and Martin Lewis for their contribution to this conversation.</p><p> </p><p>We remain committed to supporting these borrowers and are pleased that active lenders have started offering switching options specifically for mortgage prisoners taking advantage of the new flexibilities given to them by the FCA. We will monitor the impact of this in the coming months.</p> answering member constituency Salisbury answering member printed John Glen question first answered 17/11/2020 11:16:42 answering member 4051 label Biography information for John Glen
tabling member	4827 label Biography information for Claire Hanna

1251837

registered interest
date	12/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Coronavirus Business Interruption Loan Scheme
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what progress has been made on implementing the rules governing the extension of the maximum loan term under the coronavirus business interruption loan scheme from six to 10 years.
tabling member constituency	Thirsk and Malton
tabling member printed	Kevin Hollinrake
uin	114957
answer	answer is ministerial correction date of answer 17/11/2020 answer text <p>As part of the Winter Economy Plan, the Chancellor announced a range of measures to extend and reinforce the support provided to businesses during this challenging time.</p><p> </p><p>The Chancellor announced Pay as you Grow options, providing greater flexibility to help Bounce Back Loan borrowers repay their loans on the terms which work best for them. In addition, we have since extended the application deadline for the Coronavirus Business Interruption Loan Scheme, the Coronavirus Large Business Interruption Loan Scheme, the Bounce Back Loan Scheme and the Future Fund until 31 January.</p><p> </p><p>The Chancellor also announced our intention to allow lenders to extend the repayment period for CBILS loans where this is needed up to 10 years. This is not a blanket extension of the term of CBILS loans. Rather, the change is to enable lenders to offer an extension of the term as forbearance where a borrower is in difficulty and could be helped by the extension. We are working to implement this change as soon as possible and will provide an update in due course.</p> answering member constituency Salisbury answering member printed John Glen question first answered 17/11/2020 11:19:28 answering member 4051 label Biography information for John Glen
tabling member	4474 label Biography information for Kevin Hollinrake

1251838

registered interest
date	12/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Government Securities: Environment Protection
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 the Welsh Government on Green Sovereign Bonds.
tabling member constituency	Ceredigion
tabling member printed	Ben Lake
uin	114997
answer	answer is ministerial correction date of answer 17/11/2020 answer text <p>On Monday 9 November, the Chancellor of the Exchequer announced the UK’s intention is issue its inaugural Sovereign Green Bond (SGB), subject to market conditions, in 2021. This bond will be a UK-wide financing instrument, like a conventional UK government bond.</p><p> </p><p>In the coming weeks and months, officials at HM Treasury and the Debt Management Office will be looking to engage with a range of stakeholders on this policy and would welcome discussions with officials representing the Welsh Government.</p> answering member constituency Salisbury answering member printed John Glen question first answered 17/11/2020 11:14:37 answering member 4051 label Biography information for John Glen
tabling member	4630 label Biography information for Ben Lake

1251006

registered interest
date	11/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Money: Coronavirus
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the difficulties faced by people who primarily use cash during the covid 19 outbreak.
tabling member constituency	Nottingham East
tabling member printed	Nadia Whittome
uin	114351
answer	answer is ministerial correction date of answer 16/11/2020 answer text <p>The Government remains closely engaged with the financial regulators, including through the Treasury-chaired Joint Authorities Cash Strategy Group, to monitor and assess risks around cash relating to COVID-19.</p><p> </p><p>The Government recognises that widespread access to cash remains extremely important to the day-to-day lives of many individuals across the UK. That is why the Chancellor announced at the March 2020 Budget that the Government will bring forward legislation to protect access to cash and ensure that the UK’s cash infrastructure is sustainable in the long term. The Government published a Call for Evidence on 15 October to inform the development of this legislation.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 16/11/2020 12:41:58 answering member 4051 label Biography information for John Glen
tabling member	4869 label Biography information for Nadia Whittome

1251022

registered interest
date	11/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages
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 support mortgage prisoners.
tabling member constituency	Sheffield, Brightside and Hillsborough
tabling member printed	Gill Furniss
uin	114277
answer	answer is ministerial correction date of answer 16/11/2020 answer text <p>The Government remains committed to supporting these borrowers and has worked with the FCA to implement rule changes to its mortgage lending rules, removing the regulatory barrier that prevented some customers, who otherwise may have been able to switch, from accessing new products. The new rules should allow customers to switch to an active lender as long as they meet the lenders’ risk appetite and meet certain criteria, such as not looking to borrow more. Lenders have now started contacting borrowers who have been struggling to switch with options specifically designed for them, and I hope to see even more options from active lenders over the coming months.</p><p> </p><p>Some customers may not be eligible to access new mortgage products in line with the adapted affordability assessment. This is why the FCA recently confirmed additional options to support borrowers, including making intragroup switching easier and extending interest-only payments, recognising the impact of Covid-19 on borrowers. These modified rules came into force on 23 October 2020.</p><p> </p><p>Moreover, on 14 September, the Money and Pensions Service (MaPS) launched online information and a dedicated phone service (accessible via MaPS’ main contact number) as a key source of information and advice for borrowers with inactive lenders, including signposting to specific brokers that will be able to help.</p><p><strong> </strong></p><p>The Government continues to work with the mortgage lending sector to ensure support is available for consumers.</p><p> </p><p>The FCA also recently noted that firms should be reviewing their variable rates to ensure they adhere to regulations regarding the fair treatment of consumers. The full statement can be found here: <a href="https://www.fca.org.uk/news/statements/statement-mortgage-prisoners" target="_blank">https://www.fca.org.uk/news/statements/statement-mortgage-prisoners</a></p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 16/11/2020 12:50:02 answering member 4051 label Biography information for John Glen
tabling member	4571 label Biography information for Gill Furniss

1250316

registered interest
date	10/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Northern Rock
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 effectiveness of permitting a standard variable rate of over 4 per cent on former Northern Rock mortgages now managed by unregulated lenders, following confirmation by the Bank of England that interest rates will remain at 0.1 per cent; and what recent discussions he has had with the Financial Conduct Authority in relation to their oversight of unregulated lenders.
tabling member constituency	Feltham and Heston
tabling member printed	Seema Malhotra
uin	113556
answer	answer is ministerial correction date of answer 16/11/2020 answer text <p>The setting of SVRs is a generally a matter for lenders, in which the government plays no role. In government sales of NRAM mortgages, however, purchasers have been restricted in the changes they can make to the SVR for at least 12 months after the transfer of ownership. The purchasers in most recent UKAR asset sales have been required to set the SVR by reference to the SVRs charged by a basket of 15 active lenders, for the lifetime of customers’ loans.</p><p> </p><p>Recent data from Moneyfacts found the average standard variable rate (SVR) across the entire mortgage market to be 4.44%. The rates former NRAM customers pay are therefore consistent with market standard rates.</p><p> </p><p>In all sales of UKAR assets, the servicer of customers’ loans has remained FCA-regulated. In all but the first sale, the legal title holder of customers’ loans has also remained FCA-regulated.</p><p> </p><p>The Government is open to considering an extension to the regulatory perimeter where the benefits to consumers and markets can be demonstrated. It is important to note, though, that a change in perimeter will not help customers to switch to a cheaper deal, or materially lower the rates of their mortgage.</p><p> </p><p>Thousands of borrowers will now find it easier to switch to an active lender or continue interest only payments thanks to recent rule changes by the FCA, and we continue to work with the FCA to look for practical new solutions to help borrowers.</p> answering member constituency Salisbury answering member printed John Glen question first answered 16/11/2020 12:53:41 answering member 4051 label Biography information for John Glen
tabling member	4253 label Biography information for Seema Malhotra

1250448

registered interest
date	10/11/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pension Funds: Government Securities
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment the Government has made of the effect of switching from RPI to CPIH in 2025 on pension funds’ holdings of index-linked government bonds.
tabling member constituency	Oxford East
tabling member printed	Anneliese Dodds
uin	113629
answer	answer is ministerial correction date of answer 16/11/2020 answer text <p>The Retail Prices Index (RPI) is a measure of inflation with a number of shortcomings. To address these shortcomings, the UK Statistics Authority (UKSA) has made a proposal to reform RPI by bringing the methods and data sources of the Consumer Prices Index including owner occupiers’ housing costs (CPIH) into RPI. Owing to the use of RPI in specific index-linked gilts, prior to 2030 the Chancellor’s consent to this proposal is required before it can be implemented.</p><p> </p><p>At the Budget in March, the government and UKSA launched a consultation to consider whether UKSA’s proposal should be implemented at a date other than 2030, and, if so, when between 2025 and 2030. The consultation closed for responses on 21 August. As part of the consultation, the government invited views on matters including how the holders of the government’s issues of index-linked gilts, all of which use RPI as their reference rate, will be affected by the implementation of reform.</p><p> </p><p>The consultation can be found at the following link: <a href="https://www.gov.uk/government/consultations/a-consultation-on-the-reform-to-retail-prices-index-rpi-methodology" target="_blank">https://www.gov.uk/government/consultations/a-consultation-on-the-reform-to-retail-prices-index-rpi-methodology</a>.</p><p> </p><p>As announced on 9 November, the government and UKSA will respond to the consultation alongside the Spending Review on 25 November.</p><p> </p><p>The 9 November announcement can be found at the following link: <a href="https://www.gov.uk/government/publications/a-letter-from-rishi-sunak-to-sir-david-norgrove-on-the-date-of-the-government-and-uk-statistics-authoritys-response-to-their-joint-consultation-on-re" target="_blank">https://www.gov.uk/government/publications/a-letter-from-rishi-sunak-to-sir-david-norgrove-on-the-date-of-the-government-and-uk-statistics-authoritys-response-to-their-joint-consultation-on-re</a>.</p> answering member constituency Salisbury answering member printed John Glen question first answered 16/11/2020 12:44:19 answering member 4051 label Biography information for John Glen
tabling member	4657 label Biography information for Anneliese Dodds