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1142125

registered interest
date	25/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: UK Relations with EU
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether the EU has agreed to implement (a) temporary equivalence and recognition for UK central counterparties and central securities depositories, (b) the European Securities and Markets Authority’s decision to approve Memoranda of Understanding on allowing cross-border delegation of portfolio management between the UK and the EEA and (c) the European Insurance and Occupational Pensions Authority's recommendations on relevant member state regulators to minimise detriment to insurance policyholders in the in the event the UK leaves the EU without an agreement.
tabling member constituency	Streatham
tabling member printed	Chuka Umunna
uin	282348
answer	answer is ministerial correction date of answer 03/09/2019 answer text <p>I refer the Hon. Member to the answer that I gave on 24 July 2019 under UIN 279465.</p><p> </p><p>We welcome the steps taken by the EU and some individual member states to help mitigate cliff-edge risks to financial services. This includes:</p><ul><li>The EU’s temporary equivalence and recognition for UK central counterparties (CCPs) and central securities depositories (CSDs). This follows similar action from HMT to legislate for a process to facilitate continued access for EU and global CCPs and CSDs to the UK market.</li><li>The European Securities and Markets Authority and the FCA have agreed MoUs that include provisions to allow cross-border delegation of portfolio management between the UK and the EEA. This provides the asset management industry with certainty that portfolio delegation services between themselves and clients in the EEA can continue in any exit scenario.</li><li>Recommendations from the European Insurance and Occupational Pensions Authority which call on relevant Member State regulators to put in place measures which aim to minimise detriment to insurance policyholders. It is a matter for national regulators whether they choose to comply with this guidance.</li></ul> answering member constituency Salisbury answering member printed John Glen question first answered 03/09/2019 08:14:29 answering member 4051 label Biography information for John Glen
tabling member	4128 label Biography information for Chuka Umunna

1140616

registered interest
date	19/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to the Guidance on how to prepare for Brexit if there's no deal, published by the Department for Exiting the European Union, what parts of the plan for banking, insurance and other financial services in the event that the UK leaves the EU without a deal have been implemented.
tabling member constituency	Streatham
tabling member printed	Chuka Umunna
uin	279465
answer	answer is ministerial correction date of answer 24/07/2019 answer text <p>The Government has done the necessary work to make sure that we continue to have a stable and functioning financial services regime at the point of leaving the EU in a no deal scenario.</p><p> </p><p>The Government has delivered a programme of legislation under the EU Withdrawal Act in order to provide continuity for UK citizens and businesses and to ensure the UK regulatory regime can function effectively outside of the EU.</p><p> </p><p>This legislation includes temporary permissions for EEA firms currently passporting into the EU, and temporary permissions to allow UK firms to continue using Central Counterparties (CCPs) and Central Securities Depositories (CSDs) in the EEA. It also includes a transitional power for regulators to phase in post-exit regulatory requirements for firms where they have changed as a result of the UK leaving the EU.</p><p> </p><p>Following the six-month Article 50 extension, new EU financial services legislation will become applicable between now and 31 October 2019 and will therefore form part of UK law on exit day. We are laying further Statutory Instruments under the EU Withdrawal Act to ensure this new legislation is workable in the UK at exit.</p><p> </p><p>However, it should be noted that the UK authorities are not able through unilateral action to fully address all the risks. For example, the risks to EEA customers of UK firms currently providing services into the EEA using the financial services passport also require action from the EU or individual member states.</p><p> </p><p>We therefore welcome the steps taken by the EU and some individual member states to mitigate some of the risks. This includes: the EU’s temporary equivalence and recognition for UK CCPs and CSDs; ESMA’s decision to approve Memoranda of Understanding (MoUs) that include provisions to allow cross-border delegation of portfolio management between the UK and the EEA; and EIOPA recommendations which call on relevant member state regulators to put in place measures which aim to minimise detriment to insurance policyholders.</p><p> </p><p>As a result of all these actions, the Bank of England’s Financial Policy Committee said in its Financial Stability Report (July 2019): ‘Most risks to UK financial stability from disruption to cross-border financial services in a no-deal Brexit have been mitigated.’ But they also note that ‘in the absence of further action by EU authorities, some disruption to cross-border financial services is possible.’</p> answering member constituency Salisbury answering member printed John Glen question first answered 24/07/2019 10:57:17 answering member 4051 label Biography information for John Glen
tabling member	4128 label Biography information for Chuka Umunna

1140617

registered interest
date	19/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	VAT
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to the Guidance on how to prepare for Brexit if there's no deal, published by the Department for Exiting the European Union, what parts of the plan for VAT for businesses in the event that the UK leaves the EU without a deal have been implemented.
tabling member constituency	Streatham
tabling member printed	Chuka Umunna
uin	279466
answer	answer is ministerial correction date of answer 23/07/2019 answer text <p>As a responsible government, the Government has been preparing plans to minimise any disruption in the event of no deal for nearly three years.</p><p> </p><p>HM Revenue and Customs and HM Treasury are aware of the VAT policies that need to be delivered for exit day and the Government remains confident that all required SIs will be brought forward in good time.</p><p> </p><p>In light of the extension that has now been agreed, departments continue to advance their ‘no deal’ preparations and are making sensible adjustments on the timing and pace at which certain work is progressing, so that the Government is ready to implement necessary work in the lead-up to 31 October if needed.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 23/07/2019 16:09:01 answering member 3991 label Biography information for Jesse Norman
tabling member	4128 label Biography information for Chuka Umunna

1140228

registered interest
date	18/07/2019
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 (a) businesses and (b) companies (i) have an Economic Operator Registration and Identification (EORI) number, (ii) require an EORI number but do not have one and (iii) have applied for an EORI number and not received one.
tabling member constituency	Streatham
tabling member printed	Chuka Umunna
uin	279012
answer	answer is ministerial correction date of answer 23/07/2019 answer text <p>Approximately 479,000 traders hold a live Economic Operator Registration and Identification (EORI) number issued by HM Revenue and Customs (HMRC). It is not possible to provide a breakdown of this data.</p><p> </p><p>Data on the number of traders that would need a UK EORI number is not readily available.</p><p> </p><p>HMRC have issued UK EORI numbers to all traders who registered for a number and did not already possess one at the time of their registration.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 23/07/2019 12:24:54 answering member 3991 label Biography information for Jesse Norman
tabling member	4128 label Biography information for Chuka Umunna

1139767

registered interest
date	17/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Business and Consumers: Payments
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 effect of two-factor payment authentication on (a) consumers and (b) businesses.
tabling member constituency	Streatham
tabling member printed	Chuka Umunna
uin	278491
answer	answer is ministerial correction date of answer 22/07/2019 answer text <p>The implementation of Strong Customer Authentication, which mandates two-factor authentication for some online payments, will introduce more secure payments for individuals and businesses.</p><p> </p><p>This was introduced by the second Payment Services Directive. HM Treasury published an impact assessment on the implementation of this EU directive in 2017.</p><p> </p><p>In an Opinion published on 21 June, the European Banking Authority acknowledged the complexity of payments markets and the practical challenges arising from the changes that are required by Strong Customer Authentication across the EU, which may lead to some actors in the payments chain not being ready by 14 September 2019.</p><p> </p><p>The FCA is therefore working closely with industry to develop a migration plan to implement Strong Customer Authentication in a timely and effective manner.</p><p><strong> </strong></p> answering member constituency Salisbury answering member printed John Glen question first answered 22/07/2019 13:24:49 answering member 4051 label Biography information for John Glen
tabling member	4128 label Biography information for Chuka Umunna

1127475

registered interest
date	20/05/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mental Health Services: Finance
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he plans to ring-fence funding for mental health services.
tabling member constituency	Streatham
tabling member printed	Chuka Umunna
uin	256323
answer	answer is ministerial correction date of answer 23/05/2019 answer text <p>Funding for mental health services will grow as a share of the overall NHS budget over the next five years, and the NHS long-term plan states that this will form “a new ringfenced local investment fund worth at least £2.3 billion a year by 2023/24.” This investment will enable further service expansion, for example new mental health crisis services for people of all ages and more mental health support in schools.</p> answering member constituency South West Norfolk answering member printed Elizabeth Truss question first answered 23/05/2019 11:37:35 answering member 4097 label Biography information for Elizabeth Truss
tabling member	4128 label Biography information for Chuka Umunna

1041317

registered interest
date	14/01/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Customs: ICT
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 December 2018 to Question 203920 on Customs, what completion dates have been set for the contracts for the (a) development and (b) upgrade of IT systems in relation to customs declarations at British ports.
tabling member constituency	Streatham
tabling member printed	Chuka Umunna
uin	208243
answer	answer is ministerial correction date of answer 22/01/2019 answer text <p>The primary customs declaration platforms in place when the UK leaves the EU will be a combination of CHIEF, which is the existing declaration system; and the new Customs Declaration Service (CDS). The development of the new CDS service, and the upgrade of the existing CHIEF service, are being delivered through a combination of in-house technical expertise within HMRC and contracts with commercial partners. The changes required for a no deal scenario will be delivered in March 2019.</p> answering member constituency Central Devon answering member printed Mel Stride question first answered 22/01/2019 15:28:36 answering member 3935 label Biography information for Mel Stride
tabling member	4128 label Biography information for Chuka Umunna

1041319

registered interest
date	14/01/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Revenue and Customs: Blockchain
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, pursuant to the Answer of 29 October 2018 to Question 185078 on Revenue and Customs: Blockchain, what assessment he has made of the (a) time and (b) cost resources required to be allocated by HMRC to produce blockchain solutions to facilitate (a) Authorised Economic Operator status, (b) Rules of Origin certification, (c) the Single Administrative Document and (d) standard import and export declarations.
tabling member constituency	Streatham
tabling member printed	Chuka Umunna
uin	208245
answer	answer is ministerial correction date of answer 22/01/2019 answer text <p>Further work on the application of Blockchain to ‘Authorised Economic Operator’ status is deferred until after the UK leaves the EU when timescales and cost will be revisited.</p><p> </p><p>There has been no specific assessment of Rules of Origin certification, Single Administrative Documents or standard Import and Export Declarations.</p> answering member constituency Central Devon answering member printed Mel Stride question first answered 22/01/2019 15:26:11 answering member 3935 label Biography information for Mel Stride
tabling member	4128 label Biography information for Chuka Umunna

1041320

registered interest
date	14/01/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Import Controls: Northern Ireland
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 effect of the use of Blockchain technology on tackling the illegal traffic of goods across the border between (a) Northern Ireland and the Republic of Ireland and (b) Northern Ireland and the rest of the UK after the UK leaves the EU.
tabling member constituency	Streatham
tabling member printed	Chuka Umunna
uin	208246
answer	answer is ministerial correction date of answer 22/01/2019 answer text <p>The Government has been resolute in its commitments to Northern Ireland. This includes protecting the Belfast (Good Friday) Agreement in all its parts and ensuring there will be no hard border between Northern Ireland and Ireland, or between Northern Ireland and the rest of the UK.</p><p> </p><p>The Government will continue to consider the potential applications of technology, including Distributed Ledger (Blockchain), and other emerging technologies, to streamline customs processes.</p> answering member constituency Central Devon answering member printed Mel Stride question first answered 22/01/2019 15:28:54 answering member 3935 label Biography information for Mel Stride
tabling member	4128 label Biography information for Chuka Umunna

771378

registered interest
date	16/10/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	UK Trade with EU
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential additional bureaucratic requirements that will be imposed on British businesses in the event that the UK leaves the Customs Union.
tabling member constituency	Streatham
tabling member printed	Chuka Umunna
uin	107952
answer	answer is ministerial correction date of answer 19/10/2017 answer text <p>One of the government’s key objectives for the UK’s future customs regime is to ensure that trade including that with the EU remains as frictionless as possible. At this stage the level of future facilitation at the border between the UK and the EU is unknown and subject to the outcome of negotiations. It is therefore not possible to weigh up the costs and benefits to business.</p><p> </p><p>The government is undertaking a comprehensive programme of analytical work to assess, across a range of scenarios on a sector by sector basis, the economic impacts of exiting the European Union, but this analysis is sensitive in the context of negotiations with the EU. As Parliament has agreed, it would not be appropriate to publish any such information that could damage our negotiating position.</p> answering member constituency Central Devon answering member printed Mel Stride question first answered 19/10/2017 13:13:39 answering member 3935 label Biography information for Mel Stride
tabling member	4128 label Biography information for Chuka Umunna