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1401257

registered interest
date	10/01/2022
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, whether he has made an assessment of the potential effect of the proposed changes to the Alcohol Duty System announced in October 2021 on the prices of (a) port, (b) sherry and (c) fortified wines.
tabling member constituency	St Albans
tabling member printed	Daisy Cooper
uin	100697
answer	answer is ministerial correction date of answer 18/01/2022 answer text <p>To better support public health and provide a more level playing field, we are moving to a system where all drinks between 8.5% and 22% ABV will pay the same rate of duty, linked to the alcohol content of the product. This means that the stronger the drink, the more duty will be paid, and vice versa.</p><p> </p><p>Subsequently, higher strength fortified wines, port and sherry will increase in price, while still wines below 11.5% ABV will become cheaper. However, the changes will also mean that the duty on spirit-based liqueurs will reduce, and will for the first time pay the same duty as wines.</p><p> </p><p>The Government is continuing to engage with industry on these reforms. A consultation was launched in October and industry members are encouraged to respond to the alcohol review consultation before the deadline of 30 January 2022.</p> answering member constituency Faversham and Mid Kent answering member printed Helen Whately question first answered 18/01/2022 13:33:36 answering member 4527 label Biography information for Helen Whately
tabling member	4769 label Biography information for Daisy Cooper

1401323

registered interest
date	10/01/2022
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, what assessment his Department has made of the potential risks to financial stability of the growth in cryptocurrency and other cryptoasset holdings; and if he will place a copy of that assessment in the Library.
tabling member constituency	Leeds West
tabling member printed	Rachel Reeves
uin	100509
answer	answer is ministerial correction date of answer 13/01/2022 answer text <p>The Bank of England’s Financial Policy Committee (FPC) noted in its December 2021 <a href="https://www.bankofengland.co.uk/financial-stability-report/2021/december-2021" target="_blank">Financial Stability Report</a> that direct risks to the stability of the UK financial system from cryptoassets are currently limited. However, it also noted at the current rapid pace of growth, and as these assets become more interconnected with the wider financial system, cryptoassets will present a number of financial stability risks.</p><p> </p><p>The Chancellor laid the Financial Stability report in Parliament on the 14<sup>th</sup> December.</p><p> </p><p>The Financial Conduct Authority (FCA) published consumer research in June 2021, which offered insight into the cryptoassets market in the UK. The FCA found that 4.4% of UK adults currently hold cryptocurrency, or approximately 2.3 million consumers. The FCA also found that the median value of holdings of crypto owners was £300, and 47% of crypto owners (who chose to declare their holdings) had £260 or less in crypto.</p><p> </p><p>According to the December 2021 Financial Stability Report, no major UK banks have reported having direct exposures to cryptoassets as yet, some UK and global banks are starting to offer a variety of services, such as cryptoasset derivatives trading, and custody services.</p><p> </p><p>The UK authorities continue to monitor developments in this area very closely and have already taken a series of actions to support innovation while mitigating risks to stability and market integrity. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020; consulting on proposals to ensure cryptoasset promotions are fair, clear and not misleading; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue responses to the consultations shortly.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 100510 question first answered 13/01/2022 15:02:01 answering member 4051 label Biography information for John Glen
tabling member	4031 label Biography information for Rachel Reeves

1401324

registered interest
date	10/01/2022
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, what assessment his Department has made of the estimated value of cryptocurrencies and other cryptoassets held in the UK by (a) households, (b) non-financial businesses, (c) financial businesses and (d) other organisations; and if he will place a copy of those estimates in the Library.
tabling member constituency	Leeds West
tabling member printed	Rachel Reeves
uin	100510
answer	answer is ministerial correction date of answer 13/01/2022 answer text <p>The Bank of England’s Financial Policy Committee (FPC) noted in its December 2021 <a href="https://www.bankofengland.co.uk/financial-stability-report/2021/december-2021" target="_blank">Financial Stability Report</a> that direct risks to the stability of the UK financial system from cryptoassets are currently limited. However, it also noted at the current rapid pace of growth, and as these assets become more interconnected with the wider financial system, cryptoassets will present a number of financial stability risks.</p><p> </p><p>The Chancellor laid the Financial Stability report in Parliament on the 14<sup>th</sup> December.</p><p> </p><p>The Financial Conduct Authority (FCA) published consumer research in June 2021, which offered insight into the cryptoassets market in the UK. The FCA found that 4.4% of UK adults currently hold cryptocurrency, or approximately 2.3 million consumers. The FCA also found that the median value of holdings of crypto owners was £300, and 47% of crypto owners (who chose to declare their holdings) had £260 or less in crypto.</p><p> </p><p>According to the December 2021 Financial Stability Report, no major UK banks have reported having direct exposures to cryptoassets as yet, some UK and global banks are starting to offer a variety of services, such as cryptoasset derivatives trading, and custody services.</p><p> </p><p>The UK authorities continue to monitor developments in this area very closely and have already taken a series of actions to support innovation while mitigating risks to stability and market integrity. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020; consulting on proposals to ensure cryptoasset promotions are fair, clear and not misleading; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue responses to the consultations shortly.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 100509 question first answered 13/01/2022 15:02:02 answering member 4051 label Biography information for John Glen
tabling member	4031 label Biography information for Rachel Reeves

1401348

registered interest
date	10/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Treasury: Consultants
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department has had any (a) financial contract and (b) meetings with (i) Clifford Chance LLP, (ii) FTI Consulting and (iii) Fenchurch Advisory Partners in the last five years; and if he will make a statement.
tabling member constituency	Harrow West
tabling member printed	Gareth Thomas
uin	100413
answer	answer is ministerial correction date of answer 18/01/2022 answer text <p>HM Treasury has contracted with Clifford Chance LLP in the last five years as follows:</p><p> </p><table><tbody><tr><td><p>Service Description</p></td><td><p>Start Date</p></td><td><p>End Date</p></td><td><p>Value</p></td></tr><tr><td><p>Provision of legal services to support the issuance of UK Sovereign Sukuk</p></td><td><p>28/10/2019</p></td><td><p>20/08/2024</p></td><td><p>£1,000,000</p></td></tr><tr><td><p>Provision of legal services to support the launch of the inaugural UK Green Gilt</p></td><td><p>03/03/2021</p></td><td><p>02/03/2023</p></td><td><p>£200,000</p></td></tr><tr><td><p>Provision of legal services supporting UK engagement with the European Commission on financial services equivalence questionnaires</p></td><td><p>04/06/2020</p></td><td><p>31/07/2020</p></td><td><p>£90,000</p></td></tr><tr><td><p>Provision of legal services supporting UK engagement with the European Commission on financial services equivalence questionnaires</p></td><td><p>09/04/2020</p></td><td><p>31/07/2020</p></td><td><p>£35,000</p></td></tr><tr><td><p>Provision of additional legal resource for Treasury Legal Advisors</p></td><td><p>01/02/2018</p></td><td><p>24/05/2019</p></td><td><p>£1,000,000</p></td></tr></tbody></table><p>The department has not contracted with the other named suppliers in that period.</p><p> </p><p>Details of ministerial meetings are published quarterly and can be found on <a href="http://gov.uk/" target="_blank">GOV.UK</a></p> answering member constituency Faversham and Mid Kent answering member printed Helen Whately question first answered 18/01/2022 13:36:10 answering member 4527 label Biography information for Helen Whately
tabling member	177 label Biography information for Gareth Thomas

1401408

registered interest
date	10/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Beer: Coronavirus
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 economic impact of covid-19 on the brewing sector.
tabling member constituency	Midlothian
tabling member printed	Owen Thompson
uin	100619
answer	answer is ministerial correction date of answer 18/01/2022 answer text <p>The Government is continuing to monitor the economic impact of covid-19 on the brewing sector and is taking steps to support pubs and brewers in their recovery.</p><p> </p><p>As announced at Autumn Budget, the duty rates on alcohol including beer will be frozen for another year. This is expected to save beer drinkers £900 million over the next five years, and has resulted in beer duty rates being at their lowest level in real terms since the 1990s.</p><p> </p><p>In addition, as part of our alcohol duty review, the Government has announced a number of reforms which will further support brewers. This includes our proposal to widen the reduced rate for lower strength beers from 2.8% alcohol by volume (ABV) to extend to beers below 3.5% ABV, and to move the higher rate for beers above 7.5% ABV to start at 8.5% ABV.</p><p> </p><p>The Government has also announced it will reduce the duty on draught beer by 5% from 2023. This will cut the duty on a pint of beer served in a pub by 3p.</p> answering member constituency Faversham and Mid Kent answering member printed Helen Whately grouped question UIN 100620 question first answered 18/01/2022 13:38:15 answering member 4527 label Biography information for Helen Whately
tabling member	4482 label Biography information for Owen Thompson

1401409

registered interest
date	10/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Beer
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 the brewing sector.
tabling member constituency	Midlothian
tabling member printed	Owen Thompson
uin	100620
answer	answer is ministerial correction date of answer 18/01/2022 answer text <p>The Government is continuing to monitor the economic impact of covid-19 on the brewing sector and is taking steps to support pubs and brewers in their recovery.</p><p> </p><p>As announced at Autumn Budget, the duty rates on alcohol including beer will be frozen for another year. This is expected to save beer drinkers £900 million over the next five years, and has resulted in beer duty rates being at their lowest level in real terms since the 1990s.</p><p> </p><p>In addition, as part of our alcohol duty review, the Government has announced a number of reforms which will further support brewers. This includes our proposal to widen the reduced rate for lower strength beers from 2.8% alcohol by volume (ABV) to extend to beers below 3.5% ABV, and to move the higher rate for beers above 7.5% ABV to start at 8.5% ABV.</p><p> </p><p>The Government has also announced it will reduce the duty on draught beer by 5% from 2023. This will cut the duty on a pint of beer served in a pub by 3p.</p> answering member constituency Faversham and Mid Kent answering member printed Helen Whately grouped question UIN 100619 question first answered 18/01/2022 13:38:15 answering member 4527 label Biography information for Helen Whately
tabling member	4482 label Biography information for Owen Thompson

1401450

registered interest
date	10/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Shared Outcomes Fund
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what the status is of the Shared Outcomes Fund; whether that fund is (a) reserved or (b) devolved; and how much the Welsh Government has received for that fund as a result of the Barnett consequential.
tabling member constituency	Vale of Glamorgan
tabling member printed	Alun Cairns
uin	100532
answer	answer is ministerial correction date of answer 17/01/2022 answer text <p>The Shared Outcomes Fund is a UK government fund testing innovative ways of working across the public sector with an emphasis on thorough evaluation. Where funding is given for a Shared Outcomes Fund project in a devolved area, the Barnett formula will apply in the normal way.</p><p> </p><p>HM Treasury’s Block Grant Transparency publication sets out the breakdown of changes in the devolved administrations’ block grants, including all Barnett consequentials related to the Shared Outcomes Fund, since the 2015 Spending Review. This is available on the gov.uk website here:</p><p><a href="https://www.gov.uk/government/publications/block-grant-transparency-december-2021" target="_blank">https://www.gov.uk/government/publications/block-grant-transparency-december-2021</a></p> answering member constituency Middlesbrough South and East Cleveland answering member printed Mr Simon Clarke question first answered 17/01/2022 15:58:30 answering member 4655 label Biography information for Sir Simon Clarke
tabling member	4086 label Biography information for Alun Cairns

1401493

registered interest
date	10/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	UK Trade with EU
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many queries HMRC has received from UK businesses about the VAT regimes and operation of EU member states.
tabling member constituency	St Albans
tabling member printed	Daisy Cooper
uin	100699
answer	answer is ministerial correction date of answer 18/01/2022 answer text HMRC is not able to advise on the VAT regimes of EU member states and its correspondence systems do not systematically record where queries specifically relate to EU VAT regimes. When HMRC receives such enquiries, it directs businesses to guidance on EU websites or advises them to contact the relevant tax authority. answering member constituency South East Cambridgeshire answering member printed Lucy Frazer question first answered 18/01/2022 12:21:19 answering member 4517 label Biography information for Lucy Frazer
tabling member	4769 label Biography information for Daisy Cooper

1401516

registered interest
date	10/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Wines: Excise Duties
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has made an assessment of the effect of the review of excise duties on wine and subsequent price impacts on small businesses and independent wine sellers of higher strength and higher value wines.
tabling member constituency	Thirsk and Malton
tabling member printed	Kevin Hollinrake
uin	100618
answer	answer is ministerial correction date of answer 21/01/2022 answer text <p>The Government believes the reforms announced at the Budget will produce an alcohol duty system that is overall simpler, fairer and healthier.</p><p> </p><p>The reforms announced at Autumn Budget 2021 mean higher strength still wines will pay more duty, while lighter wines (below 11.5% alcohol by volume – ABV) will become cheaper.</p><p> </p><p>The Government also announced that the 28% higher duty rate on sparkling wine will be abolished, so that sparkling wines will pay considerably less duty in future. From 2023 sparkling and still wines of the same strength will pay the same duty.</p><p> </p><p>The Government is continuing to engage with industry – including small businesses – for further information about the effect of the changes on them. Industry members are encouraged to respond to the alcohol review consultation before the deadline of 30 January 2022.</p> answering member constituency Faversham and Mid Kent answering member printed Helen Whately question first answered 21/01/2022 10:34:51 answering member 4527 label Biography information for Helen Whately
tabling member	4474 label Biography information for Kevin Hollinrake

1401570

registered interest
date	10/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bounce Back Loan Scheme
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 to support businesses that have not sufficiently recovered from the impact of the covid-19 pandemic to be able to afford repayments on their Bounce Back Loans, even after they have taken advantage of the six month repayment holiday.
tabling member constituency	Bermondsey and Old Southwark
tabling member printed	Neil Coyle
uin	100565
answer	answer is ministerial correction date of answer 13/01/2022 answer text <p>Any business concerned about repayments should get in touch with their lender who will be able to provide support and talk them through their options.</p><p> </p><p>In order to give businesses who have borrowed under the Bounce Back Loan Scheme further support and flexibility in making their repayments, the Chancellor announced “Pay as You Grow” (PAYG) options in September 2020. In addition to the six month full repayment holiday, PAYG gives businesses the option to extend their Bounce Back Loan repayments over ten years, reducing their average monthly repayments on the loan by almost half. Businesses also have the option to move to interest-only payments for periods of up to six months (an option which they can use up to three times). If borrowers want to take advantage of these options, they should notify their lender.</p> answering member constituency Salisbury answering member printed John Glen question first answered 13/01/2022 15:04:29 answering member 4051 label Biography information for John Glen
tabling member	4368 label Biography information for Neil Coyle