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1171510

	registered interest
	date	16/01/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Trade Agreements
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether it is the Government's policy that the UK EU trade deal will include the financial services sector.
	tabling member constituency	Stalybridge and Hyde
	tabling member printed	Jonathan Reynolds
	uin	4339
	answer	answer is ministerial correction date of answer 24/01/2020 answer text Yes. The UK has always been clear that we are seeking a broad and stable future relationship with the EU in financial services. answering member constituency Salisbury answering member printed John Glen question first answered 24/01/2020 10:56:10 answering member 4051 label Biography information for John Glen
	tabling member	4119 label Biography information for Jonathan Reynolds

1454806

	registered interest
	date	28/03/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Health and Social Care Levy
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what estimate he has made of the cost to employers of the health and social care levy by sector.
	tabling member constituency	Stalybridge and Hyde
	tabling member printed	Jonathan Reynolds
	uin	148172
	answer	answer is ministerial correction date of answer 31/03/2022 answer text The table below shows the estimated exchequer yield of the employer portion of the Health and Social Care Levy, in the 2022 to 2023 tax year, by sector:<p> </p><table><tbody><tr><td><p><strong>Sector</strong></p></td><td><p><strong>Exchequer yield</strong></p></td></tr><tr><td><p>Other*</p></td><td><p>£490m</p></td></tr><tr><td><p>Accommodation and food service activities</p></td><td><p>£185m</p></td></tr><tr><td><p>Administrative and support service activities</p></td><td><p>£515m</p></td></tr><tr><td><p>Arts, entertainment and recreation</p></td><td><p>£100m</p></td></tr><tr><td><p>Construction</p></td><td><p>£400m</p></td></tr><tr><td><p>Education</p></td><td><p>£995m</p></td></tr><tr><td><p>Financial and insurance activities</p></td><td><p>£1,000m</p></td></tr><tr><td><p>Human health and social work activities</p></td><td><p>£975m</p></td></tr><tr><td><p>Information and communication</p></td><td><p>£685m</p></td></tr><tr><td><p>Manufacturing</p></td><td><p>£895m</p></td></tr><tr><td><p>Other service activities</p></td><td><p>£125m</p></td></tr><tr><td><p>Professional, scientific and technical activities</p></td><td><p>£990m</p></td></tr><tr><td><p>Real estate activities</p></td><td><p>£155m</p></td></tr><tr><td><p>Transportation and storage</p></td><td><p>£345m</p></td></tr><tr><td><p>Wholesale and retail trade; repair of motor vehicles and motorcycles</p></td><td><p>£925m</p></td></tr><tr><td><p><strong>Total</strong></p></td><td><p>£8,775m</p></td></tr></tbody></table><p><strong> </strong></p><p>Figures are rounded to the nearest £5 million. Totals may not sum due to rounding.</p><p> </p><p>Other* sector includes: ‘Unknown’, ‘Activities of extraterritorial organisations and bodies’, ‘Activities of households as employers; undifferentiated goods-and services-producing activities of households for own use’, ‘Agriculture, forestry and fishing’, ‘Electricity, gas, steam and air conditioning supply’, ‘Mining and quarrying’, ‘Public administration and defence; compulsory social security’, ‘Water supply; sewerage, waste management and remediation activities’. These sectors were aggregated due to their small size, to avoid the risk of disclosure.</p> answering member constituency South East Cambridgeshire answering member printed Lucy Frazer question first answered 31/03/2022 16:03:58 answering member 4517 label Biography information for Lucy Frazer
	tabling member	4119 label Biography information for Jonathan Reynolds

1109105

	registered interest
	date	02/04/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Mortgages
	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 encourage greater switching and transparency in the UK mortgage market.
	tabling member constituency	Stalybridge and Hyde
	tabling member printed	Jonathan Reynolds
	uin	239957
	answer	answer is ministerial correction date of answer 10/04/2019 answer text The FCA’s final report of the Mortgage Market Study found that there are high levels of consumer engagement, with over three quarters of consumers switching to a new mortgage deal within 6 months of moving onto a reversion rate.<p> </p><p>The Government has worked closely with the FCA to consider how to remove the regulatory barriers that prevent some customers, particularly those with inactive lenders, from accessing better deals. The Government welcomes the FCA’s plans to move the affordability assessment from an absolute test to a relative one. This change removes the regulatory barrier that prevented some customers, who otherwise may have been able to switch, from accessing new mortgage products. The Government also welcomes the industry voluntary agreement covering 95% of the UK mortgage market to help ‘trapped’ customers of active lenders.</p><p> </p><p>Transparency and fairness in the mortgage market is a priority for the Government. The Treasury welcomes and supports the work the FCA are doing to improve this as a result of their findings in the final report of the Mortgage Market Study. The Government will continue to monitor the market and support the FCA when necessary.</p> answering member constituency Salisbury answering member printed John Glen question first answered 10/04/2019 15:24:04 answering member 4051 label Biography information for John Glen
	tabling member	4119 label Biography information for Jonathan Reynolds

1172525

	registered interest
	date	22/01/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: EU Law
	house id	1
	legislature	25259 pref label House of Commons
	question text	What plans the Government has to comply with provisions of the Markets in Financial Institutions Directive on broker dealers after the UK leaves the EU.
	tabling member constituency	Stalybridge and Hyde
	tabling member printed	Jonathan Reynolds
	uin	6676
	answer	answer is ministerial correction date of answer 29/01/2020 answer text <p>We will leave the EU on 31 January with the same regulatory rulebook, including Markets in Financial Instruments Directive (MiFID) II regulations on broker dealers, as the EU27. We have brought MiFID II regulations into UK law. Firms will be expected to comply with these UK regulations after the Implementation Period.</p><p> </p><p>The UK is committed to building a strong and mutually beneficial future relationship on Financial Services with the EU after we leave.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 29/01/2020 12:41:26 answering member 4051 label Biography information for John Glen
	tabling member	4119 label Biography information for Jonathan Reynolds

1092243

	registered interest
	date	20/03/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Access to Cash Review
	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 (a) minimise the effect of IT outages on consumers’ ability to pay for goods and services and (b) ensure that digital payment systems are more reliable.
	tabling member constituency	Stalybridge and Hyde
	tabling member printed	Jonathan Reynolds
	uin	234748
	answer	answer is ministerial correction date of answer 26/03/2019 answer text <p>We take the operational resilience of the finance sector and any detrimental impacts on consumers very seriously. HM Treasury works closely with the Bank of England, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) (collectively the ‘Financial Authorities’) to assess, test and improve the operational resilience of the sector and to respond to any major disruption, including to payment systems.</p><p> </p><p>In July 2018, the PRA and the FCA published a joint Discussion Paper on an approach to improve the operational resilience of firms and financial market infrastructures, including to payment systems. The Authorities will use responses to this to inform supervisory activity and future policy-making to support firms’ and FMIs’ operational resilience[i].</p><p> </p><p>The Financial Authorities also have a single mechanism, the Authorities’ Response Framework, to coordinate a response to incidents affecting the finance sector. The Financial Authorities regularly exercise incident response frameworks with the sector to assess their effectiveness and identify improvements. The Bank of England held a sector resilience exercise (SIMEX18) in November 2018 which tested the joint response by public authorities and industry to a simulated disruption.</p><p> </p><p>1 <a href="https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/discussion-paper/2018/dp118.pdf?la=en&amp;hash=4238F3B14D839EBE6BEFBD6B5E5634FB95197D8A" target="_blank">https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/discussion-paper/2018/dp118.pdf?la=en&amp;hash=4238F3B14D839EBE6BEFBD6B5E5634FB95197D8A</a></p><p> </p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 26/03/2019 13:41:49 answering member 4051 label Biography information for John Glen
	tabling member	4119 label Biography information for Jonathan Reynolds

1454805

	registered interest
	date	28/03/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Infosys: Russia
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what discussions he has had with Cabinet colleagues on UK involvement with Infosys in response to that company's ongoing operational links to Russia.
	tabling member constituency	Stalybridge and Hyde
	tabling member printed	Jonathan Reynolds
	uin	148171
	answer	answer is ministerial correction date of answer 31/03/2022 answer text <p>Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery.</p><p> </p><p>Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at:</p><p><a href="https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel" target="_blank">https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel</a></p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 148175 question first answered 31/03/2022 15:01:53 answering member 4051 label Biography information for John Glen
	tabling member	4119 label Biography information for Jonathan Reynolds

1454811

	registered interest
	date	28/03/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Sanctions: Russia
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether any Ministers or senior civil servants in his Department have met anyone currently subject to sanctions imposed following the Russian invasion of Ukraine in the last 18 months.
	tabling member constituency	Stalybridge and Hyde
	tabling member printed	Jonathan Reynolds
	uin	148175
	answer	answer is ministerial correction date of answer 31/03/2022 answer text <p>Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery.</p><p> </p><p>Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at:</p><p><a href="https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel" target="_blank">https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel</a></p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 148171 question first answered 31/03/2022 15:01:53 answering member 4051 label Biography information for John Glen
	tabling member	4119 label Biography information for Jonathan Reynolds

604705

	registered interest
	date	18/10/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Financial Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what recent discussions the Economic Secretary to the Treasury has had with representatives of the UK financial services sector on the UK's exit from the EU since assuming office.
	tabling member constituency	Stalybridge and Hyde
	tabling member printed	Jonathan Reynolds
	uin	49292
	answer	answer is ministerial correction date of answer 25/10/2016 answer text <p>Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery.</p><p> </p><p>Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at:</p><p> </p><p><a href="https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel" target="_blank">https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel</a></p> answering member constituency Brighton, Kemptown answering member printed Simon Kirby question first answered 25/10/2016 09:32:58 answering member 3929 label Biography information for Simon Kirby
	tabling member	4119 label Biography information for Jonathan Reynolds

457459

	registered interest
	date	03/03/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Government Departments: Bank Services
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, which banks are permitted by his Department to hold government funds.
	tabling member constituency	Stalybridge and Hyde
	tabling member printed	Jonathan Reynolds
	uin	29596
	answer	answer is ministerial correction date of answer 08/03/2016 answer text <p>The vast majority of funds is held within the exchequer at the Government Banking Service. It is not held in commercial bank accounts. Public sector organisations require permission from HM Treasury and the Crown Commercial Representative for banking, currently the Head of the Government Banking Service, to open a commercial bank account. Public sector organisations should follow guidelines set out in the banking annex of “Managing Public Money”. The key points within these guidelines are that the balances held in commercial accounts should be minimised and the commercial bank providing the banking service needs to be a member of relevant UK clearing bodies.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 08/03/2016 14:21:01 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	4119 label Biography information for Jonathan Reynolds

824594

	registered interest
	date	17/01/2018
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Funerals
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what plans he has to introduce legislative proposals to strengthen the regulation of the funeral plan market and improve consumer protection.
	tabling member constituency	Stalybridge and Hyde
	tabling member printed	Jonathan Reynolds
	uin	123395
	answer	answer is ministerial correction date of answer 24/01/2018 answer text <p>The provision of a funeral plan is defined as a regulated activity and falls within the Financial Conduct Authority’s regulatory remit unless specific exemption criteria are met. This arrangement and these exemption criteria are set out in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.</p><p> </p><p>This legislation exempts funeral plan providers from the Financial Conduct Authority’s regulatory remit where the following financial arrangements are conducted, which are designed to ensure that the customer’s payments are secure:</p><p> </p><ol><ol><li><p>the customer’s money is held in a trust fund, where more than half of the trustees are unconnected with the funeral plan provider. This trust must be managed by an authorised fund manager and be overseen by a Fellow of the Institute and Faculty of Actuaries; or</p></li><li><p>the customer’s money is placed in a life insurance policy, issued by an authorised insurer.</p><p> </p><p>HM Treasury sets the legislative framework for the regulation of financial services, including the provision of funeral plans, and continues to keep such exemptions under review to ensure the maintenance of effective prudential and conduct standards.</p><p> </p><p>HM Treasury regularly engages with external stakeholders and has heard views relating to the funeral plan market from a range of sources, including consumer groups and funeral plan providers.</p></li></ol></ol> answering member constituency Salisbury answering member printed John Glen grouped question UIN 123396 question first answered 24/01/2018 13:42:55 answering member 4051 label Biography information for John Glen
	tabling member	4119 label Biography information for Jonathan Reynolds