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1464948

registered interest
date	23/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Monetary Policy
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 (a) effectiveness of money supply figures (i) six-month real, (ii) M1, (iii) M3, (iv) M4 in determining the state of the economy and (b) potential merits of more or less monetary tightening.
tabling member constituency	Bognor Regis and Littlehampton
tabling member printed	Nick Gibb
uin	6669
answer	answer is ministerial correction date of answer 26/05/2022 answer text <p>The Government continually monitors a range of economic indicators and developments to consider the impact of these on businesses and households.</p><p> </p><p>Monetary policy is the responsibility of the independent Monetary Policy Committee (MPC) of the Bank of England and this includes decisions on Bank Rate and the assets held in the Asset Purchase Facility (APF). The separation of fiscal and monetary policy is a key feature of the UK’s economic framework, and essential for the effective delivery of monetary policy, so the Government does not comment on the conduct or effectiveness of monetary policy.</p> answering member constituency Salisbury answering member printed John Glen question first answered 26/05/2022 10:19:31 answering member 4051 label Biography information for John Glen
tabling member	111 label Biography information for Nick Gibb

1464971

registered interest
date	23/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will take steps to help ensure that high street bank branches remain open.
tabling member constituency	Bury North
tabling member printed	James Daly
uin	6961
answer	answer is ministerial correction date of answer 26/05/2022 answer text <p>The Government recognises the importance of appropriate access to banking. However, decisions on opening and closing branches are a commercial decision for banks and building societies.</p><p /><p>The largest banks and building societies have been signed up to the Access to Banking Standard since 2017, which commits them to ensure that customers are well informed about branch closures, the bank’s reasons for closure and options for continued access to banking services.</p><p /><p>Guidance from the Financial Conduct Authority also sets out its expectation of firms when they are deciding to reduce their physical branches or the number of free-to-use ATMs. Firms are expected to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and consider possible alternative access arrangements. This ensures that the implementation of closure decisions is undertaken in a way that treats customers fairly.</p><p /><p>Alternative options for access can be via telephone banking, through digital means such as mobile or online banking, and the Post Office. The Post Office Banking Framework allows 99% of personal banking and 95% of business banking customers to deposit cheques, check their balance and withdraw and deposit cash at 11,500 Post Office branches in the UK.</p> answering member constituency Salisbury answering member printed John Glen question first answered 26/05/2022 10:16:37 answering member 4051 label Biography information for John Glen
tabling member	4854 label Biography information for James Daly

1465091

registered interest
date	23/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Children: Day Care
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 eligible parents take up tax free childcare.
tabling member constituency	Erith and Thamesmead
tabling member printed	Abena Oppong-Asare
uin	6944
answer	answer is ministerial correction date of answer 26/05/2022 answer text <p>As a proportion of all families who were eligible for tax-free childcare (TFC) and had qualifying childcare, the estimated take-up rate in the UK in March 2022 was 30%, corresponding to 384,280 families. Across the 2021-22 year, 40% of eligible families (512,415) used TFC.</p><p> </p><p>Take-up of TFC varies by region, as shown below. Use of TFC tends to be greater in regions with higher populations, such as London and South East England. However, over 2021-22 the estimated take-up rate is highest in the South West of England at 49% and lowest in Scotland at 26%.</p><p> </p><p> </p><table><tbody><tr><td><p><strong>Region/Country</strong></p></td><td><p><strong>Estimated no. families eligible for TFC in 2021-22</strong> <strong> </strong></p></td><td><p><strong>No users (and estimated % take up) in March 2022</strong></p></td><td><p><strong>No users (and estimated % take up) in 2021-22</strong></p></td></tr><tr><td><p>United Kingdom</p></td><td><p>1,270,000</p></td><td><p>384,280 (30%)</p></td><td><p>512,415 (40%)</p></td></tr><tr><td><p>England</p></td><td><p>1,070,000</p></td><td><p>336,150 (31%)</p></td><td><p>450,395 (42%)</p></td></tr><tr><td><p>North East</p></td><td><p>40,000</p></td><td><p>13,040 (33%)</p></td><td><p>17,425 (44%)</p></td></tr><tr><td><p>North West</p></td><td><p>140,000</p></td><td><p>50,095 (36%)</p></td><td><p>65,620 (47%)</p></td></tr><tr><td><p>Yorkshire and The Humber</p></td><td><p>100,000</p></td><td><p>33,605 (34%)</p></td><td><p>44,010 (44%)</p></td></tr><tr><td><p>East Midlands</p></td><td><p>90,000</p></td><td><p>30,915 (34%)</p></td><td><p>40,530 (45%)</p></td></tr><tr><td><p>West Midlands</p></td><td><p>100,000</p></td><td><p>33,695 (34%)</p></td><td><p>44,575 (45%)</p></td></tr><tr><td><p>East of England</p></td><td><p>140,000</p></td><td><p>37,755 (27%)</p></td><td><p>51,460 (37%)</p></td></tr><tr><td><p>London</p></td><td><p>170,000</p></td><td><p>39,220 (23%)</p></td><td><p>54,285 (32%)</p></td></tr><tr><td><p>South East</p></td><td><p>200,000</p></td><td><p>61,265 (31%)</p></td><td><p>83,305 (42%)</p></td></tr><tr><td><p>South West</p></td><td><p>100,000</p></td><td><p>36,555 (37%)</p></td><td><p>49,185 (49%)</p></td></tr><tr><td><p>Wales</p></td><td><p>60,000</p></td><td><p>13,575 (23%)</p></td><td><p>17,825 (30%)</p></td></tr><tr><td><p>Scotland</p></td><td><p>110,000</p></td><td><p>22,710 (21%)</p></td><td><p>29,110 (26%)</p></td></tr><tr><td><p>Northern Ireland</p></td><td><p>30,000</p></td><td><p>9,070 (30%)</p></td><td><p>11,050 (37%)</p></td></tr></tbody></table><p> </p><p> </p><p> </p><p> </p><p><strong> </strong></p><p><strong> </strong></p><p><strong> </strong></p><p> </p> answering member constituency Middlesbrough South and East Cleveland answering member printed Mr Simon Clarke grouped question UIN 6945 question first answered 26/05/2022 13:42:55 answering member 4655 label Biography information for Sir Simon Clarke
tabling member	4820 label Biography information for Abena Oppong-Asare

1465092

registered interest
date	23/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Children: Day Care
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will provide a breakdown of the proportion of eligible households that take up tax free childcare in each (a) region and (b) nation of the UK.
tabling member constituency	Erith and Thamesmead
tabling member printed	Abena Oppong-Asare
uin	6945
answer	answer is ministerial correction date of answer 26/05/2022 answer text <p>As a proportion of all families who were eligible for tax-free childcare (TFC) and had qualifying childcare, the estimated take-up rate in the UK in March 2022 was 30%, corresponding to 384,280 families. Across the 2021-22 year, 40% of eligible families (512,415) used TFC.</p><p> </p><p>Take-up of TFC varies by region, as shown below. Use of TFC tends to be greater in regions with higher populations, such as London and South East England. However, over 2021-22 the estimated take-up rate is highest in the South West of England at 49% and lowest in Scotland at 26%.</p><p> </p><p> </p><table><tbody><tr><td><p><strong>Region/Country</strong></p></td><td><p><strong>Estimated no. families eligible for TFC in 2021-22</strong> <strong> </strong></p></td><td><p><strong>No users (and estimated % take up) in March 2022</strong></p></td><td><p><strong>No users (and estimated % take up) in 2021-22</strong></p></td></tr><tr><td><p>United Kingdom</p></td><td><p>1,270,000</p></td><td><p>384,280 (30%)</p></td><td><p>512,415 (40%)</p></td></tr><tr><td><p>England</p></td><td><p>1,070,000</p></td><td><p>336,150 (31%)</p></td><td><p>450,395 (42%)</p></td></tr><tr><td><p>North East</p></td><td><p>40,000</p></td><td><p>13,040 (33%)</p></td><td><p>17,425 (44%)</p></td></tr><tr><td><p>North West</p></td><td><p>140,000</p></td><td><p>50,095 (36%)</p></td><td><p>65,620 (47%)</p></td></tr><tr><td><p>Yorkshire and The Humber</p></td><td><p>100,000</p></td><td><p>33,605 (34%)</p></td><td><p>44,010 (44%)</p></td></tr><tr><td><p>East Midlands</p></td><td><p>90,000</p></td><td><p>30,915 (34%)</p></td><td><p>40,530 (45%)</p></td></tr><tr><td><p>West Midlands</p></td><td><p>100,000</p></td><td><p>33,695 (34%)</p></td><td><p>44,575 (45%)</p></td></tr><tr><td><p>East of England</p></td><td><p>140,000</p></td><td><p>37,755 (27%)</p></td><td><p>51,460 (37%)</p></td></tr><tr><td><p>London</p></td><td><p>170,000</p></td><td><p>39,220 (23%)</p></td><td><p>54,285 (32%)</p></td></tr><tr><td><p>South East</p></td><td><p>200,000</p></td><td><p>61,265 (31%)</p></td><td><p>83,305 (42%)</p></td></tr><tr><td><p>South West</p></td><td><p>100,000</p></td><td><p>36,555 (37%)</p></td><td><p>49,185 (49%)</p></td></tr><tr><td><p>Wales</p></td><td><p>60,000</p></td><td><p>13,575 (23%)</p></td><td><p>17,825 (30%)</p></td></tr><tr><td><p>Scotland</p></td><td><p>110,000</p></td><td><p>22,710 (21%)</p></td><td><p>29,110 (26%)</p></td></tr><tr><td><p>Northern Ireland</p></td><td><p>30,000</p></td><td><p>9,070 (30%)</p></td><td><p>11,050 (37%)</p></td></tr></tbody></table><p> </p><p> </p><p> </p><p> </p><p><strong> </strong></p><p><strong> </strong></p><p><strong> </strong></p><p> </p> answering member constituency Middlesbrough South and East Cleveland answering member printed Mr Simon Clarke grouped question UIN 6944 question first answered 26/05/2022 13:42:55 answering member 4655 label Biography information for Sir Simon Clarke
tabling member	4820 label Biography information for Abena Oppong-Asare

1465114

registered interest
date	23/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Consumers: Protection
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 impact on UK competitiveness of the Financial Conduct Authority's recently consulted proposals entitled A New Consumer Duty; and what cost benefit analysis he has done of those proposals.
tabling member constituency	West Worcestershire
tabling member printed	Harriett Baldwin
uin	6751
answer	answer is ministerial correction date of answer 26/05/2022 answer text <p>The Government is committed to ensuring that all consumers of financial services are appropriately protected.</p><p> </p><p>That is why the Government legislated in the Financial Services Act 2021 to require the Financial Conduct Authority (FCA) to consult on whether it should make rules, giving regulated financial service providers a duty of care over their customers. This was in response to concerns from Parliamentarians, who wanted to reduce levels of consumer harm in financial services.</p><p> </p><p>In response, the FCA has proposed a new Consumer Duty, which seeks to clarify and raise expectations for the standard of care that should be provided by financial services firms to consumers, and ensure consumers benefit from a higher level of care from financial services firms.</p><p> </p><p>The FCA has published a cost benefit analysis covering its proposed Consumer Duty which is available on its website.</p><p> </p><p>The FCA, as an operationally independent regulator, is responsible for carrying out its Consumer Duty consultation including assessing the potential costs and benefits of the proposals and for making any new rules which it considers appropriate following that consultation.</p> answering member constituency Salisbury answering member printed John Glen question first answered 26/05/2022 10:23:49 answering member 4051 label Biography information for John Glen
tabling member	4107 label Biography information for Dame Harriett Baldwin

1465115

registered interest
date	23/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services Compensation Scheme: Cost of Living
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 impact on the cost of living of the twentyfold increase since 2017 in the levy paid by investment managers for the Financial Services Compensation Scheme.
tabling member constituency	West Worcestershire
tabling member printed	Harriett Baldwin
uin	6752
answer	answer is ministerial correction date of answer 26/05/2022 answer text <p>Under the Financial Services and Markets Act 2000 (FSMA), the Financial Conduct Authority (FCA) is responsible for setting the rules of the compensation framework of the Financial Services Compensation Scheme (FSCS) in relation to the levy paid by investment managers.</p><p> </p><p>The FCA recently published a discussion paper <a href="https://www.fca.org.uk/publication/discussion/dp21-5.pdf" target="_blank">DP21/5</a> in December 2021 which explored ways in which aspects of the compensation framework which the FCA is responsible for could be improved. This paper invited responses from stakeholders and those responses are now being considered by the FCA.</p><p> </p><p>The FSCS provides important protection for consumers by allowing them access compensation where a firm has failed. This is important to maintaining overall confidence in the financial system.</p> answering member constituency Salisbury answering member printed John Glen question first answered 26/05/2022 10:25:40 answering member 4051 label Biography information for John Glen
tabling member	4107 label Biography information for Dame Harriett Baldwin

1465166

registered interest
date	23/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, pursuant to the Answer of 19 May 2022 to Question 1257 on Cryptocurrencies, if he will provide the 2022 estimate for the proportion of UK adults holding money on crypto exchanges who give their reason for buying cryptocurrencies as a gamble to make or lose money.
tabling member constituency	Hampstead and Kilburn
tabling member printed	Tulip Siddiq
uin	6852
answer	answer is ministerial correction date of answer 26/05/2022 answer text <p>The Financial Conduct Authority plan to re-run the UK cryptoassets consumer research later this year.</p><p> </p><p>There is currently no 2022 estimate for the proportion of UK adults holding money on crypto exchanges who give their reason for buying cryptocurrencies as a gamble to make or lose money.</p> answering member constituency Salisbury answering member printed John Glen question first answered 26/05/2022 10:21:36 answering member 4051 label Biography information for John Glen
tabling member	4518 label Biography information for Tulip Siddiq

1464601

registered interest
date	19/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cash Dispensing
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what steps they are taking to prevent the withdrawal of ATMs ahead of the proposed powers in the Financial Services and Markets Bill coming into effect.
tabling member printed	Lord Bourne of Aberystwyth
uin	HL359
answer	answer is ministerial correction date of answer 26/05/2022 answer text <p>The Government recognises that cash remains an important part of daily life for millions of people across the UK, and remains committed to legislating to protect access to cash.</p><p> </p><p>LINK (the scheme that runs the UK's largest ATM network) has commitments to protect the broad geographic spread of free-to-use ATMs and is held to account against these commitments by the Payment Systems Regulator. LINK has committed to protect free-to-use ATMs more than one kilometre away from the next nearest free ATM or Post Office, and free access to cash on high streets (where there is a cluster of five or more retailers) that do not have a free-to-use ATM or a Post Office counter within one kilometre. Furthermore, LINK operates a scheme to enable communities with poor access to cash to request an ATM.</p><p> </p><p>The Government intends to introduce legislation on cash access as part of the Financial Services and Markets Bill when Parliamentary time allows. The Government recently published a summary of responses to the Access to Cash consultation, setting out the government’s planned approach to legislating for access to cash.</p><p><strong> </strong></p> answering member printed Baroness Penn question first answered 26/05/2022 16:34:57 answering member 4726 label Biography information for Baroness Penn
tabling member	4282 label Biography information for Lord Bourne of Aberystwyth

1463682

registered interest
date	17/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Safe Hands Plans: Insolvency
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 setting up an emergency fund to support the customers of the failed Safe Hands Funeral Plans who may fall into funeral poverty as a result of that company's collapse.
tabling member constituency	Hemsworth
tabling member printed	Jon Trickett
uin	3473
answer	answer is ministerial correction date of answer 26/05/2022 answer text <p>In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA) from 29 July 2022. When FCA regulation takes effect, funeral plan providers will need to be authorised by the FCA in order to enter into or carry out funeral plan contracts.</p><p> </p><p>Safe Hands Plans has recently gone into administration. The government understands that this development will be concerning for customers of Safe Hands and continues to monitor the implementation of regulation in this sector closely.</p><p> </p><p>Dignity’s recent commitment to provide ongoing support to Safe Hands’ customers for the next six months is welcome. This will ensure that any planholders who pass away during this time will receive a funeral without any additional charge.</p><p> </p><p>It is unfortunate but unavoidable that bringing a previously unregulated sector into regulation – whatever form that may take – creates a possibility that some providers are not able to meet the threshold for authorisation. However, a well-regulated market should promote effective competition and drive better outcomes for consumers in the long-term.</p><p> </p><p>Where a provider is unable to obtain FCA authorisation because of underlying issues, it is important to understand that this is not an issue created by bringing the sector into regulation. Rather, bringing the sector into regulation exposes these unsustainable business models and prevents these problems from getting worse.</p> answering member constituency Salisbury answering member printed John Glen question first answered 26/05/2022 07:49:15 answering member 4051 label Biography information for John Glen
tabling member	410 label Biography information for Jon Trickett

1462914

registered interest
date	16/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Sequestration of Assets: Russia
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 amount of Russian foreign exchange reserves that are held frozen in the UK.
tabling member printed	Lord Patten
uin	HL265
answer	answer is ministerial correction date of answer 26/05/2022 answer text <p>The Russian government is unable to access any of their foreign exchange reserves held in the UK due to the measures the UK government have put in place that prevent UK persons from providing financial services for the purposes of foreign exchange and asset management to the Russian Ministry of Finance or Russia's Central Bank.</p><p> </p><p>No formal assessment has been made of the quantum of Russian foreign exchange reserves.</p> answering member printed Baroness Penn question first answered 26/05/2022 16:31:23 answering member 4726 label Biography information for Baroness Penn
tabling member	1137 label Biography information for Lord Patten