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1697856
registered interest false more like this
date less than 2024-03-21more like thismore than 2024-03-21
answering body
Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Payment Methods more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, when he plans to publish the National Payments Vision. more like this
tabling member constituency Windsor remove filter
tabling member printed
Adam Afriyie more like this
uin 19835 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2024-03-28more like thismore than 2024-03-28
answer text <p>Payments are essential to the UK’s economy, both for individuals and for businesses, and are a cornerstone of growth and competitiveness. The government is committed to maintaining the UK’s reputation for a world-leading payments ecosystem and will publish the National Payments Vision as soon as possible later this year.</p><p> </p> more like this
answering member constituency Hitchin and Harpenden more like this
answering member printed Bim Afolami more like this
grouped question UIN
19836 more like this
19837 more like this
question first answered
less than 2024-03-28T09:06:13.51Zmore like thismore than 2024-03-28T09:06:13.51Z
answering member
4639
label Biography information for Bim Afolami more like this
tabling member
1586
label Biography information for Adam Afriyie more like this
1697857
registered interest false more like this
date less than 2024-03-21more like thismore than 2024-03-21
answering body
Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Payment Methods more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, which stakeholders he is consulting on the National Payments Vision. more like this
tabling member constituency Windsor remove filter
tabling member printed
Adam Afriyie more like this
uin 19836 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2024-03-28more like thismore than 2024-03-28
answer text <p>Payments are essential to the UK’s economy, both for individuals and for businesses, and are a cornerstone of growth and competitiveness. The government is committed to maintaining the UK’s reputation for a world-leading payments ecosystem and will publish the National Payments Vision as soon as possible later this year.</p><p> </p> more like this
answering member constituency Hitchin and Harpenden more like this
answering member printed Bim Afolami more like this
grouped question UIN
19835 more like this
19837 more like this
question first answered
less than 2024-03-28T09:06:13.557Zmore like thismore than 2024-03-28T09:06:13.557Z
answering member
4639
label Biography information for Bim Afolami more like this
tabling member
1586
label Biography information for Adam Afriyie more like this
1697858
registered interest false more like this
date less than 2024-03-21more like thismore than 2024-03-21
answering body
Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Payment Methods more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, what steps he is taking to ensure the National Payments Vision results in meaningful competition in retail payments. more like this
tabling member constituency Windsor remove filter
tabling member printed
Adam Afriyie more like this
uin 19837 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2024-03-28more like thismore than 2024-03-28
answer text <p>Payments are essential to the UK’s economy, both for individuals and for businesses, and are a cornerstone of growth and competitiveness. The government is committed to maintaining the UK’s reputation for a world-leading payments ecosystem and will publish the National Payments Vision as soon as possible later this year.</p><p> </p> more like this
answering member constituency Hitchin and Harpenden more like this
answering member printed Bim Afolami more like this
grouped question UIN
19835 more like this
19836 more like this
question first answered
less than 2024-03-28T09:06:13.603Zmore like thismore than 2024-03-28T09:06:13.603Z
answering member
4639
label Biography information for Bim Afolami more like this
tabling member
1586
label Biography information for Adam Afriyie more like this
1472852
registered interest false more like this
date less than 2022-06-23more like thismore than 2022-06-23
answering body
Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Cryptocurrencies: Regulation more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, pursuant to the Answer of 13 June 2022 to Question 11630 on Cryptocurrencies: Regulation, what assessment he has made of the (a) adequacy of existing skills and qualifications and (b) requirement to acquire further skills of brokers who (i) are already regulated and compliant with Money Laundering Regulations and (ii) do not intend to custody cryptoassets themselves but instead use a registered cryptoasset firm. more like this
tabling member constituency Windsor remove filter
tabling member printed
Adam Afriyie more like this
uin 23734 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2022-06-28more like thismore than 2022-06-28
answer text <p>It is the responsibility of the FCA to assess whether cryptoasset firms have appropriate anti-money laundering controls.</p><p> </p><p>As part of this assessment, firms must demonstrate they have the necessary skills and qualifications. Firms must also demonstrate they have proper policies and procedures in place to deal with the specific nature of the cryptoasset ecosystem. Where either is assessed to be below the required standard, they may have their application rejected or refused.</p><p> </p><p> </p><p>The Money Laundering Regulations established a risk-based approach to the supervision of cryptoasset businesses. The assessment which each firm must undergo is therefore proportionate to the risks generated by the kind of activities firms engage in.</p><p> </p><p>This means that whether the broker holds cryptoassets themselves or uses a registered cryptoasset firm, the skills &amp; procedures required will likely be different from those that a large cryptoasset exchange is expected to demonstrate.</p>
answering member constituency Salisbury more like this
answering member printed John Glen more like this
question first answered
less than 2022-06-28T13:50:19.997Zmore like thismore than 2022-06-28T13:50:19.997Z
answering member
4051
label Biography information for John Glen more like this
tabling member
1586
label Biography information for Adam Afriyie more like this
1467600
registered interest false more like this
date less than 2022-06-06more like thismore than 2022-06-06
answering body
Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Wines: Excise Duties more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, whether he has had discussions with the Secretary of State for Business, Energy and Industrial Strategy on the impact of the proposed increase in excise duty on small and medium size enterprises in the wine industry. more like this
tabling member constituency Windsor remove filter
tabling member printed
Adam Afriyie more like this
uin 13084 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2022-06-10more like thismore than 2022-06-10
answer text <p>The Government is currently considering all feedback put forward to it through the alcohol duty review consultation, which closed on 30 January. The Government will respond to the consultation in due course.</p> more like this
answering member constituency Faversham and Mid Kent more like this
answering member printed Helen Whately more like this
question first answered
less than 2022-06-10T12:41:38.817Zmore like thismore than 2022-06-10T12:41:38.817Z
answering member
4527
label Biography information for Helen Whately more like this
tabling member
1586
label Biography information for Adam Afriyie more like this
1467417
registered interest false more like this
date less than 2022-06-01more like thismore than 2022-06-01
answering body
Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Taxation more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, what plans he has to reduce tax for working people. more like this
tabling member constituency Windsor remove filter
tabling member printed
Adam Afriyie more like this
uin 11628 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2022-06-10more like thismore than 2022-06-10
answer text <p>As the Government announced at Spring Statement 2022, the basic rate of Income Tax will be reduced from 20 per cent to 19 per cent in April 2024. This will be the first cut to the basic rate in 16 years, and is over a £5 billion tax cut for workers, savers, and pensioners.</p><p> </p><p>The Government is committed to doing this in a responsible and sustainable way. The cut to the basic rate of Income Tax will require continued fiscal discipline and depend on the broader economy</p><p> </p><p>The Government has raised the Personal Allowance (PA) by over 40 per cent in real terms in the last decade. A typical basic rate taxpayer will still be over £600 better off in 2025-26 than they would have been if the Government had not taken this action to increase the PA above inflation since 2010-11.</p><p> </p><p>The Government is aligning the Primary Threshold and Lower Profits Limit – the point at which employees and the self-employed respectively start paying Class 1 and Class 4 National Insurance contributions– with the internationally high Income Tax Personal Allowance rising to £12,570 from July 2022. This means the amount that people will be able to earn tax free will increase by £2,690 and is a tax cut worth over £330 for a typical employee in the first year.</p><p> </p>
answering member constituency South East Cambridgeshire more like this
answering member printed Lucy Frazer more like this
question first answered
less than 2022-06-10T08:47:00.49Zmore like thismore than 2022-06-10T08:47:00.49Z
answering member
4517
label Biography information for Lucy Frazer more like this
tabling member
1586
label Biography information for Adam Afriyie more like this
1467418
registered interest false more like this
date less than 2022-06-01more like thismore than 2022-06-01
answering body
Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Digital Technology: Greater London more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, what steps he is taking to (a) foster digital innovation and (b) maintain London as a key global capital market and fintech centre. more like this
tabling member constituency Windsor remove filter
tabling member printed
Adam Afriyie more like this
uin 11629 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2022-06-13more like thismore than 2022-06-13
answer text <p>Digital innovation is a major priority for the Government and the UK has a world leading tech sector valued at over $1 trillion. To foster cutting-edge innovation, at the 2021 Autumn Budget and Spending Review the Chancellor announced an increase in public research and development investment to £20bn by 2024/25, including £1.1bn for core Innovate UK programmes targeting business innovation. At Spring Statement 2022, the Chancellor went further in support of digital innovation by announcing reforms to R&amp;D tax credits which will expand qualifying costs to include data and cloud computing.</p><p> </p><p>The UK is well known internationally as a hub for high quality capital markets backed by strong and effective regulation. Last year, the Chancellor launched the Wholesale Markets Review (WMR) with the aim to deliver a rulebook that is fair, outcomes-based and supports competitiveness, whilst ensuring the UK maintains the highest regulatory standards.</p><p> </p><p>In addition, a sweeping set of reforms to sharpen the UK’s competitive advantage in financial services is underway. As set out in the Queen's Speech, the upcoming Financial Services and Markets Bill will implement the outcomes of the Future Regulatory Framework (FRF) Review as well as a series of important initiatives underpinning the Government’s ambitious vision for the financial services sector.</p><p> </p><p>Finally, innovation and technology are central to the Government’s vision for the future of the UK’s financial services sector. The Government and regulators are taking forward the recommendations of the recent Kalifa Review of how government, regulators and industry can maximise the future growth of the fintech sector across the UK. In particular, on 29 October 2021, the Government announced £5 million of seed funding for a new Centre for Finance, Innovation and Technology (CFIT) as part of the Spending Review.</p>
answering member constituency Salisbury more like this
answering member printed John Glen more like this
question first answered
less than 2022-06-13T12:30:06.503Zmore like thismore than 2022-06-13T12:30:06.503Z
answering member
4051
label Biography information for John Glen more like this
tabling member
1586
label Biography information for Adam Afriyie more like this
1467419
registered interest false more like this
date less than 2022-06-01more like thismore than 2022-06-01
answering body
Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Cryptocurrencies: Regulation more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, if he will allow UK FCA regulated firms, such as brokers, to be exempt from the FCA Cryptoasset Register as they already have equivalent approved processes in place. more like this
tabling member constituency Windsor remove filter
tabling member printed
Adam Afriyie more like this
uin 11630 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2022-06-13more like thismore than 2022-06-13
answer text <p>Under the Money Laundering Regulations (MLRs), any firm operating as a cryptoasset exchange provider or custodian wallet provider must be registered with the FCA for anti-money laundering supervision as a cryptoasset business. It is the responsibility of the FCA, as the independent supervisor for these firms, to assess whether firms have appropriate anti-money laundering controls in place for the kinds of activity they carry out, prior to admitting them to the register. There is no statutory exemption to this requirement for firms that are already registered with the FCA for another activity.</p><p> </p><p>It is necessary for firms dealing with cryptoassets to demonstrate that their controls are adequate to deal with the specific nature of the cryptoasset ecosystem. Having adequate AML controls for one type of business activity does not guarantee that these controls are suitable for another.</p><p> </p><p>The government is committed to supporting the safe and sustainable growth of the cryptoasset sector. The MLRs established a risk-based approach to the supervision of cryptoasset businesses, and the assessment which each firm must undergo should therefore be proportionate to the risks generated by the kind of activities it engages in. The processes that a broker is expected to put in place will therefore likely be different from those that a large cryptoasset exchange is expected to demonstrate.</p><p><strong> </strong></p><p> </p>
answering member constituency Salisbury more like this
answering member printed John Glen more like this
question first answered
less than 2022-06-13T12:38:43.637Zmore like thismore than 2022-06-13T12:38:43.637Z
answering member
4051
label Biography information for John Glen more like this
tabling member
1586
label Biography information for Adam Afriyie more like this
1467420
registered interest false more like this
date less than 2022-06-01more like thismore than 2022-06-01
answering body
Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Cryptocurrencies: Regulation more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, what assessment he has made of the implications for his policies of the FCA’s decision to classify cryptoassets as a restricted mass market investment. more like this
tabling member constituency Windsor remove filter
tabling member printed
Adam Afriyie more like this
uin 11631 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2022-06-13more like thismore than 2022-06-13
answer text <p>In January 2022 the government published a response to its consultation on a proposal to bring certain cryptoassets into the scope of the Financial Promotion Order to ensure that cryptoasset promotions are fair, clear, and not misleading.</p><p> </p><p>The forthcoming legislation, and supportive FCA rules, will regulate in-scope cryptoasset financial promotions. This is aimed at improving consumers’ understanding of the risks and benefits associated with cryptoasset purchases and ensuring that cryptoasset promotions are held to the same standards as similar risk financial services products.</p><p> </p><p>The FCA’s consultation on its rules closed in March 2022 and it is currently considering representations from firms.</p> more like this
answering member constituency Salisbury more like this
answering member printed John Glen more like this
question first answered
less than 2022-06-13T12:37:00.67Zmore like thismore than 2022-06-13T12:37:00.67Z
answering member
4051
label Biography information for John Glen more like this
tabling member
1586
label Biography information for Adam Afriyie more like this
1461889
registered interest false more like this
date less than 2022-05-11more like thismore than 2022-05-11
answering body
Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Bank Services more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, what steps the Government is taking to help ensure that open banking is able to benefit as many consumers as possible. more like this
tabling member constituency Windsor remove filter
tabling member printed
Adam Afriyie more like this
uin 678 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2022-05-16more like thismore than 2022-05-16
answer text <p>Open Banking is a great UK success story that has brought significant benefits to the 5.5 million UK consumers and businesses who now use products and services enabled by this technology.</p><p> </p><p>The government recently set out its plan for the future of UK Open Banking in a joint statement with the Competition and Markets Authority (CMA), the Financial Conduct Authority (FCA), and the Payment Systems Regulator (PSR), including a cross-authority committee for oversight of a new entity to succeed the Open Banking Implementation Entity. Through this Joint Authority Oversight Committee the government and regulators will work closely together to maintain the UK’s leadership in Open Banking. The government is seeking to build on the initial success of UK Open Banking to help unlock and realise further benefits for consumers, businesses, and the wider economy. Open Banking should continue to support innovation and greater competition for consumers and businesses.</p> more like this
answering member constituency Salisbury more like this
answering member printed John Glen more like this
question first answered
less than 2022-05-16T13:43:19.547Zmore like thismore than 2022-05-16T13:43:19.547Z
answering member
4051
label Biography information for John Glen more like this
tabling member
1586
label Biography information for Adam Afriyie more like this