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1697856

registered interest
date	21/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Payment Methods
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, when he plans to publish the National Payments Vision.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	19835
answer	answer is ministerial correction date of answer 28/03/2024 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> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 19836 19837 question first answered 28/03/2024 09:06:13 answering member 4639 label Biography information for Bim Afolami
tabling member	1586 label Biography information for Adam Afriyie

1697857

registered interest
date	21/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Payment Methods
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, which stakeholders he is consulting on the National Payments Vision.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	19836
answer	answer is ministerial correction date of answer 28/03/2024 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> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 19835 19837 question first answered 28/03/2024 09:06:13 answering member 4639 label Biography information for Bim Afolami
tabling member	1586 label Biography information for Adam Afriyie

1697858

registered interest
date	21/03/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Payment Methods
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 ensure the National Payments Vision results in meaningful competition in retail payments.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	19837
answer	answer is ministerial correction date of answer 28/03/2024 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> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 19835 19836 question first answered 28/03/2024 09:06:13 answering member 4639 label Biography information for Bim Afolami
tabling member	1586 label Biography information for Adam Afriyie

1472852

registered interest
date	23/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies: Regulation
house id	1
legislature	25259 pref label House of Commons
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.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	23734
answer	answer is ministerial correction date of answer 28/06/2022 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 answering member printed John Glen question first answered 28/06/2022 13:50:19 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

1467600

registered interest
date	06/06/2022
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 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.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	13084
answer	answer is ministerial correction date of answer 10/06/2022 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> answering member constituency Faversham and Mid Kent answering member printed Helen Whately question first answered 10/06/2022 12:41:38 answering member 4527 label Biography information for Helen Whately
tabling member	1586 label Biography information for Adam Afriyie

1467417

registered interest
date	01/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what plans he has to reduce tax for working people.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	11628
answer	answer is ministerial correction date of answer 10/06/2022 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 answering member printed Lucy Frazer question first answered 10/06/2022 08:47:00 answering member 4517 label Biography information for Lucy Frazer
tabling member	1586 label Biography information for Adam Afriyie

1467418

registered interest
date	01/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Digital Technology: Greater London
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 (a) foster digital innovation and (b) maintain London as a key global capital market and fintech centre.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	11629
answer	answer is ministerial correction date of answer 13/06/2022 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 answering member printed John Glen question first answered 13/06/2022 12:30:06 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

1467419

registered interest
date	01/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies: Regulation
house id	1
legislature	25259 pref label House of Commons
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.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	11630
answer	answer is ministerial correction date of answer 13/06/2022 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 answering member printed John Glen question first answered 13/06/2022 12:38:43 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

1467420

registered interest
date	01/06/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cryptocurrencies: Regulation
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 FCA’s decision to classify cryptoassets as a restricted mass market investment.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	11631
answer	answer is ministerial correction date of answer 13/06/2022 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> answering member constituency Salisbury answering member printed John Glen question first answered 13/06/2022 12:37:00 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie

1461889

registered interest
date	11/05/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank Services
house id	1
legislature	25259 pref label House of Commons
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.
tabling member constituency	Windsor
tabling member printed	Adam Afriyie
uin	678
answer	answer is ministerial correction date of answer 16/05/2022 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> answering member constituency Salisbury answering member printed John Glen question first answered 16/05/2022 13:43:19 answering member 4051 label Biography information for John Glen
tabling member	1586 label Biography information for Adam Afriyie