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1377850

registered interest
date	12/11/2021
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, if he will make it his policy that any central bank digital currency will not be used to direct, control or hold under surveillance the spending of holders of such currency by ensuring that the currency is not programmable.
tabling member constituency	Wycombe
tabling member printed	Mr Steve Baker
uin	73820
answer	answer is ministerial correction date of answer 17/11/2021 answer text <p>The Government and the Bank of England have not yet made a decision on whether to introduce a central bank digital currency (CBDC) in the UK, and will engage widely with stakeholders on the benefits, risks and practicalities of doing so.</p><p> </p><p>Maintaining user safety and privacy is an utmost priority as the Government and the Bank appraises the case for a CBDC in the UK.</p><p> </p><p>The Government’s commitment to ensuring any CBDCs operate within appropriate privacy frameworks was set out in the G7’s public policy principles for CBDC, as part of the UK’s G7 Presidency.  These principles set out rigorous standards of privacy, accountability for the protection of users’ data, and transparency on how information will be secured and used is essential for any CBDC to command trust and confidence.</p><p> </p><p>Earlier this month, the Government committed to public consultation with the Bank of England in 2022 setting out an assessment of the case for a UK CBDC, including the merits of further work to develop an operational and technology model for a UK CBDC.</p> answering member constituency Salisbury answering member printed John Glen question first answered 17/11/2021 15:22:37 answering member 4051 label Biography information for John Glen
tabling member	4064 label Biography information for Mr Steve Baker

1377911

registered interest
date	12/11/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Debts: Coronavirus
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 the covid-19 outbreak on the levels of household debt in (a) Coventry North East constituency, (b) Coventry, (c) the West Midlands and (d) England.
tabling member constituency	Coventry North East
tabling member printed	Colleen Fletcher
uin	73862
answer	answer is ministerial correction date of answer 19/11/2021 answer text <p>The Government regularly monitors trends in household debt levels in order to inform policy making to help people manage their money well and access support if they need to get their finances back on track. It does so by working closely with the <a href="https://en.wikipedia.org/wiki/Money_and_Pensions_Service" target="_blank">Money and Pensions Service</a> (MaPS), the Financial Conduct Authority (<a href="https://en.wikipedia.org/wiki/FCA" target="_blank">FCA</a>) and engages regularly with a range of other stakeholders on their research and findings.</p><p> </p><p>The FCA conducts a biennial Financial Lives Survey of 16,000 adults which provides a comprehensive insight into the finances of the <a href="https://en.wikipedia.org/wiki/UK" target="_blank">UK</a> population. The latest findings from the survey were published in February 2021 and showed that between March and October 2020, the number of people with low financial resilience increased by 3.5 million, from 10.7 million to 14.2 million.</p><p> </p><p>MaPS monitors financial difficulty through the Debt Need Survey of approximately 22,000 people, with data on regional levels of over-indebtedness last published in 2018. MaPS will publish the results of the 2021 Debt Need Survey early next year, which will include a regional breakdown of their new Need for Debt Advice measure.</p> answering member constituency Salisbury answering member printed John Glen question first answered 19/11/2021 16:00:47 answering member 4051 label Biography information for John Glen
tabling member	4378 label Biography information for Colleen Fletcher

1378168

registered interest
date	12/11/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent assessment has he made of the (a) current financial risks in the banking sector and (b) likelihood of further state bailouts in the next decade.
tabling member constituency	Liverpool, Walton
tabling member printed	Dan Carden
uin	73951
answer	answer is ministerial correction date of answer 19/11/2021 answer text <p>The Financial Policy Committee (FPC) of the Bank of England is responsible for identifying, monitoring and taking action to remove or reduce systemic risks with a view to protecting and enhancing the resilience of the UK financial system.</p><p> </p><p>In September, the FPC judged that the banking sector remains resilient to outcomes for the economy that are much more severe than the Monetary Policy Committee’s central forecast in the August Monetary Policy Report. This judgement is supported by the interim results of the Bank of England’s 2021 solvency stress test. HM Treasury is aware of and participates in FPC discussions through its non-voting membership of the Committee.</p><p> </p><p>Since 2008, the UK banking system has been significantly strengthened, and UK banks now hold over three times more capital than they did at the time of the financial crisis. In addition, a resolution regime has also been established which empowers the Bank of England to manage the failure of financial institutions in a way that protects depositors and maintains financial stability, while limiting the risks to public funds. In particular, minimum requirements for own funds and eligible liabilities (MREL) have been put in place to ensure systemically important banks hold sufficient equity and eligible debt so that they can be ‘bailed in’ should a bank fail.</p> answering member constituency Salisbury answering member printed John Glen question first answered 19/11/2021 16:01:53 answering member 4051 label Biography information for John Glen
tabling member	4651 label Biography information for Dan Carden

1367364

registered interest
date	09/11/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Gold and Foreign Exchange Reserves
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 whether the assets of the Exchange Equalisation Account are in excess of what is required after the issue of IMF Special Drawing Rights in 2021.
tabling member constituency	Birmingham, Hodge Hill
tabling member printed	Liam Byrne
uin	72365
answer	answer is ministerial correction date of answer 17/11/2021 answer text <p>The reserves have a clearly defined function as set out in the Exchange Equalisation Account (EEA) Act 1979. The purpose of the reserves includes managing undue fluctuations in the exchange rate, providing foreign exchange services for government departments and to meet the UK’s financial commitment to the IMF. The reserves are available to be able to meet any potential calls as set out in the legislation and are held on a precautionary basis in the event of any unexpected shocks.</p><p> </p><p>The government considers the current size of the reserves to be appropriate for meeting the above objectives.</p> answering member constituency Salisbury answering member printed John Glen question first answered 17/11/2021 09:27:01 answering member 4051 label Biography information for John Glen
tabling member	1171 label Biography information for Liam Byrne

1367366

registered interest
date	09/11/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Gold and Foreign Exchange Reserves
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, in the context of the termination of the 12 year programme to increase assets in the Exchange Equalisation Account, whether the financing provided via the National Loans Fund increased Net Public Sector Debt in the year funds were transferred.
tabling member constituency	Birmingham, Hodge Hill
tabling member printed	Liam Byrne
uin	72366
answer	answer is ministerial correction date of answer 17/11/2021 answer text <p>The additional financing programme of the Official Reserves, which ended in 2019-20, increased both the government’s liquid assets and its liabilities from gilt issuance equally at the point of issuance. Therefore, it had no net impact on public sector net debt.</p> answering member constituency Salisbury answering member printed John Glen question first answered 17/11/2021 09:30:18 answering member 4051 label Biography information for John Glen
tabling member	1171 label Biography information for Liam Byrne

1367372

registered interest
date	09/11/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Gold and Foreign Exchange Reserves
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 potential effect of a transfer of excess reserves from the Exchange Equalisation Account to the National Loans Fund on public sector debt.
tabling member constituency	Birmingham, Hodge Hill
tabling member printed	Liam Byrne
uin	72367
answer	answer is ministerial correction date of answer 17/11/2021 answer text <p>The Government considers the current size of the reserves to be appropriate for meeting the objectives outlined in the Exchange Equalisation Account (EEA) Act 1979. Therefore, there has been no assessment made of the potential effect of a transfer of so-called excess reserves from the EEA to the National Loans Fund on public sector debt.</p> answering member constituency Salisbury answering member printed John Glen question first answered 17/11/2021 09:28:51 answering member 4051 label Biography information for John Glen
tabling member	1171 label Biography information for Liam Byrne

1367374

registered interest
date	09/11/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Economic Situation: China
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 potential risks posed to UK financial stability as a result of developments in China’s economy in recent months; and if he will place a copy of that assessment in the Library.
tabling member constituency	Leeds West
tabling member printed	Rachel Reeves
uin	72404
answer	answer is ministerial correction date of answer 16/11/2021 answer text <p>The Treasury, alongside the UK’s independent financial authorities – the FCA, PRA and Bank of England - continue to closely monitor China’s economy.</p><p> </p><p>Since 2008 there has been a concerted international effort to strengthen the global financial system. In the UK, banks now hold over three times more capital than they did at the time of the financial crisis.</p><p> </p><p>The Bank of England’s Financial Policy Committee judges that the UK banking sector is resilient to a wide range of economic scenarios, including a contraction in both China and Hong Kong's economic activity. This judgement of the UK banking sector is supported by the interim results of the 2021 solvency stress test.</p> answering member constituency Salisbury answering member printed John Glen question first answered 16/11/2021 07:57:19 answering member 4051 label Biography information for John Glen
tabling member	4031 label Biography information for Rachel Reeves

1367376

registered interest
date	09/11/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Debts: Advisory Services
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 potential effect of the proposed (a) increase in digital and (b) reduction in community face-to-face debt advice provision under the Money and Pension Services proposed recommissioning model on the adequacy of the levels of face-to-face provision of debt advice for people who (i) are digitally excluded and (ii) have difficulty accessing advice over the telephone as a result of (A) complex mental health issues, (B) disability and (C) language barriers; and if he will make a statement.
tabling member constituency	Brighton, Pavilion
tabling member printed	Caroline Lucas
uin	72394
answer	answer is ministerial correction date of answer 15/11/2021 answer text <p>The Money and Pensions Service (MaPS) assesses debt advice demand and makes decisions about advice provision. MaPS’s statutory responsibilities include the need to consider the most vulnerable in its decision-making.</p><p> </p><p>Information on the bids received as part of MaPS’ procurement process is commercially sensitive while that process is still ongoing, with it being set to conclude early in 2022. However, the procurement exercise is expected to materially increase the amount of debt advice available to people in England, and ensure services – including face-to-face provision – are built around customers’ needs. The exercise is an important step towards a more resilient debt advice sector and will drive better quality of advice and customer outcomes over the longer term.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 72395 question first answered 15/11/2021 15:02:16 answering member 4051 label Biography information for John Glen
tabling member	3930 label Biography information for Caroline Lucas

1367377

registered interest
date	09/11/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Debts: Advisory Services
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 relevant stakeholders on the potential effect of the timeframe for the recommissioning process for debt advice services on the ability of smaller debt advice organisations and charities to (a) lead bids for one of the three proposed regional debt advice services and (b) become a delivery partner in joint bids; and if he will make a statement.
tabling member constituency	Brighton, Pavilion
tabling member printed	Caroline Lucas
uin	72395
answer	answer is ministerial correction date of answer 15/11/2021 answer text <p>The Money and Pensions Service (MaPS) assesses debt advice demand and makes decisions about advice provision. MaPS’s statutory responsibilities include the need to consider the most vulnerable in its decision-making.</p><p> </p><p>Information on the bids received as part of MaPS’ procurement process is commercially sensitive while that process is still ongoing, with it being set to conclude early in 2022. However, the procurement exercise is expected to materially increase the amount of debt advice available to people in England, and ensure services – including face-to-face provision – are built around customers’ needs. The exercise is an important step towards a more resilient debt advice sector and will drive better quality of advice and customer outcomes over the longer term.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 72394 question first answered 15/11/2021 15:02:16 answering member 4051 label Biography information for John Glen
tabling member	3930 label Biography information for Caroline Lucas

1367464

registered interest
date	09/11/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	International Monetary System
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what plans he has to draw down the Special Drawing Rights issued recently to the UK by the International Monetary Fund.
tabling member constituency	West Worcestershire
tabling member printed	Harriett Baldwin
uin	72407
answer	answer is ministerial correction date of answer 15/11/2021 answer text <p>Under the UK’s Presidency, G7 Finance Ministers and Central Bank Governors supported a general allocation of Special Drawing Rights (SDR) equivalent to $650bn that was approved by the IMF Board of Governors in August. The UK was a strong proponent of this allocation. G7 leaders also agreed in June to a global ambition of $100bn of SDR to support vulnerable countries most in need.</p><p>At the IMF’s Annual Meetings in October, the Chancellor committed to channelling up to SDR 4bn of the UK’s new allocation, starting with an additional loan of SDR 1bn to the IMF’s Poverty Reduction and Growth Trust which provides zero interest loans to low-income countries.</p><p>The UK is also supportive of the IMF’s proposed Resilience and Sustainability Trust (RST) which would redirect SDR towards supporting vulnerable countries in addressing climate change and other long-term structural challenges.</p> answering member constituency Salisbury answering member printed John Glen question first answered 15/11/2021 15:10:29 answering member 4051 label Biography information for John Glen
tabling member	4107 label Biography information for Dame Harriett Baldwin