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1126332

registered interest
date	13/05/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banking Hubs: Competition
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have, if any, to update competition law to allow for shared banking hubs in areas where local bank branches have been closed.
tabling member printed	Lord Taylor of Warwick
uin	HL15692
answer	answer is ministerial correction date of answer 22/05/2019 answer text <p>Branch closures can be difficult for the communities affected and the Government pays close attention to this issue. However, the decision to close a branch is a commercial one for a firm, and Government does not intervene in those decisions.</p><p> </p><p>However, the Government is equally clear that as banking providers seek to respond to technological advances and changes in customer behaviour, they must also consider carefully the needs of those who still rely on their local bank branch. Since May 2017, the major high street banks have been signed up to the Access to Banking Standard, which commits them to work with customers and communities to minimise the impact of branch closures and put in place alternative banking services.</p><p> </p><p>The Government also supports the Post Office Banking Framework Agreement which enables 99% of the UK’s personal and 95% of the UK’s small business customers to withdraw money, deposit cash and cheques and check balances at any one of the Post Office’s network of 11,500 branches.</p><p> </p><p> </p><p>While banks do have to comply with competition law, there is no specific regulation that prevents banks from sharing branches or other premises where their strategies align. The Government therefore has no plans to update competition law on this basis. Government does not intervene in these commercial decisions, but will continue to encourage banks to think creatively about how they can ensure that consumers can access a wide range of banking services on a sustainable basis. For example, NatWest, Lloyds Bank and Barclays are trialling shared business banking hubs in 6 locations across the UK in the coming weeks.</p> answering member printed Lord Young of Cookham question first answered 22/05/2019 16:37:43 answering member 57 label Biography information for Lord Young of Cookham
tabling member	1796 label Biography information for Lord Taylor of Warwick

1125515

registered interest
date	08/05/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of remarks by the chief executive of the Financial Conduct Authority about the impact of a post-Brexit customs union on the UK financial services sector.
tabling member printed	Lord Taylor of Warwick
uin	HL15610
answer	answer is ministerial correction date of answer 21/05/2019 answer text <p>A customs union would eliminate tariff and rules of origin barriers on trade in goods only, as they do not concern trade in services.</p><p><strong> </strong></p><p>The Government’s ambition is to preserve the economic benefits of the most important financial services traded between the UK and the EU, and ensure stable institutional processes for governing the relationship in financial services. This is the best way to protect financial stability and open markets, and is in the interests of businesses and consumers on both sides. This ambition is reflected in the Political Declaration agreed by the UK and the EU in November 2018.</p><p> </p><p>We remain committed to preserving our competitive position in financial services after the UK has left the European Union. Our industry continues to innovate and to move with the times – we have world-leading positions in the markets of the future, including green and sustainable finance, FinTech, and renminbi and rupee products.</p> answering member printed Lord Young of Cookham question first answered 21/05/2019 14:01:00 answering member 57 label Biography information for Lord Young of Cookham
tabling member	1796 label Biography information for Lord Taylor of Warwick

1125516

registered interest
date	08/05/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	EU Emissions Trading Scheme
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether they intend to replicate the European Trading Scheme carbon emissions tax on companies in the event of a no-deal Brexit.
tabling member printed	Lord Taylor of Warwick
uin	HL15611
answer	answer is ministerial correction date of answer 21/05/2019 answer text <p>In the event that the UK leaves the EU ETS under a No Deal scenario, Government policy remains that we will implement a carbon emissions tax on an interim basis.</p><p>We are discussing with the Commission the implications of our exit from the EU for our future participation in the EU ETS.</p><p>A consultation on long-term carbon pricing once the UK has left the UK has now been launched.</p> answering member printed Lord Young of Cookham question first answered 21/05/2019 14:02:51 answering member 57 label Biography information for Lord Young of Cookham
tabling member	1796 label Biography information for Lord Taylor of Warwick

1124896

registered interest
date	07/05/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Private Equity
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the decline in private equity investments in UK companies due to Brexit uncertainty.
tabling member printed	Lord Taylor of Warwick
uin	HL15571
answer	answer is ministerial correction date of answer 21/05/2019 answer text The government is confident that the UK will continue to represent an attractive place to do business, and be a world-leading, global financial centre for asset management, including Private Equity.<p> </p><p>Investment is crucial for the economic future of this country, and the government is committed to ensuring that businesses can access to the finance they need as we leave the EU. In April 2019, the government provided the British Business Bank with an additional £200m to invest in venture and growth capital in 2019/20.</p> answering member printed Lord Young of Cookham question first answered 21/05/2019 13:26:17 answering member 57 label Biography information for Lord Young of Cookham
tabling member	1796 label Biography information for Lord Taylor of Warwick

1110704

registered interest
date	09/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	World Economy
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of a recent International Monetary Fund forecast regarding the impact of a no-deal Brexit as a risk to global economic growth.
tabling member printed	Lord Taylor of Warwick
uin	HL15168
answer	answer is ministerial correction date of answer 25/04/2019 answer text <p>The government has not assessed the International Monetary Fund’s World Economic Outlook April 2019 publication. The IMF is an independent organisation. Their analysis of the UK and global economy represents their own views.</p> answering member printed Lord Young of Cookham question first answered 25/04/2019 10:52:11 answering member 57 label Biography information for Lord Young of Cookham
tabling member	1796 label Biography information for Lord Taylor of Warwick

1108873

registered interest
date	01/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what steps they are taking to provide clarity surrounding new sales rules for UK asset managers in the event of a no-deal Brexit.
tabling member printed	Lord Taylor of Warwick
uin	HL14980
answer	answer is ministerial correction date of answer 15/04/2019 answer text <p>The Treasury is in frequent contact with firms regarding their contingency planning for EU exit. UK asset managers that are using the EU “passport” to serve clients in the EEA have undertaken and will continue to carry out contingency plans with respect to their operations in the EEA in order to be ready for a no deal scenario. Some European countries have introduced measures to ensure that UK asset managers will continue to be able to service EEA clients.</p><p> </p><p>The Government has undertaken the necessary work to ensure that we have a stable and functioning domestic framework for asset managers at the point of leaving the EU without a deal. This includes establishing the ‘temporary marketing permissions regime’ which enables EEA funds to continue to be able to market into the UK for up to 3 years. These measures have been welcomed across the UK asset management industry.</p> answering member printed Lord Bates question first answered 15/04/2019 14:53:14 answering member 1091 label Biography information for Lord Bates
tabling member	1796 label Biography information for Lord Taylor of Warwick

1108874

registered interest
date	01/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Investment
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of reports suggesting that Brexit may have cost the UK approximately 2.4 per cent of GDP due to a fall in investment.
tabling member printed	Lord Taylor of Warwick
uin	HL14981
answer	answer is ministerial correction date of answer 15/04/2019 answer text <p>Despite the uncertainty around Brexit, the economy remains resilient. We are currently enjoying the longest unbroken quarterly growth streak of any G7 nation, employment is at a record high and regular wages are growing at their fastest pace in over a decade. The government's priority is to continue to press the case for an orderly Brexit that delivers on the result of the referendum and ends the uncertainty facing businesses and consumers.</p><p> </p> answering member printed Lord Bates question first answered 15/04/2019 14:57:44 answering member 1091 label Biography information for Lord Bates
tabling member	1796 label Biography information for Lord Taylor of Warwick

1108876

registered interest
date	01/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Claims Management Services: Regulation
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the impact of sector regulation on closures of financial claims management firms; and of the impact that could have on consumers.
tabling member printed	Lord Taylor of Warwick
uin	HL14982
answer	answer is ministerial correction date of answer 15/04/2019 answer text <p>The government conducted an impact assessment for the transfer of the responsibility of Claims Management Companies (CMCs) regulation from the Claims Management Regulator (CMR) to the Financial Conduct Authority (FCA), and the FCA have also assessed the costs to industry.</p><p> </p><p>The number of CMCs has declined for several years, and if this trend continues, compliance costs for the industry will likely reduce. Remaining CMCs will now be required to meet FCA rules and higher standards of conduct. This will increase trust and confidence in the sector, which will benefit consumers and CMCs.</p> answering member printed Lord Bates question first answered 15/04/2019 14:28:53 answering member 1091 label Biography information for Lord Bates
tabling member	1796 label Biography information for Lord Taylor of Warwick

1105372

registered interest
date	26/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	British Nationals Abroad: EU Countries
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the impact that a no-deal Brexit could have on possible delays experienced by British citizens at the borders of EU countries.
tabling member printed	Lord Taylor of Warwick
uin	HL14835
answer	answer is ministerial correction date of answer 09/04/2019 answer text <p>The European Commission has indicated that member states will need to carry out more stringent checks on UK nationals arriving in the EU in a No Deal scenario. While the UK government cannot know how these checks will impact passengers, departments are working with relevant operators and airlines to prepare mitigations in the event of increased queues and delays.</p> answering member printed Lord Bates question first answered 09/04/2019 11:46:39 answering member 1091 label Biography information for Lord Bates
tabling member	1796 label Biography information for Lord Taylor of Warwick

1104674

registered interest
date	25/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Debts
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what steps they are taking to improve measures to support those with problem debt.
tabling member printed	Lord Taylor of Warwick
uin	HL14799
answer	answer is ministerial correction date of answer 08/04/2019 answer text The government is taking a proactive approach to support those in problem debt. First, the government has increased funding for publicly-funded debt advice to over £56 million in this financial year, enough to provide support to over 530,000 people. This advice helps vulnerable consumers to seek expert help with their debts and get their finances back on track.<p> </p><p>Second, the government is also implementing its manifesto commitment to introduce a breathing space and statutory debt repayment plan. The polices aim to give people in problem debt the opportunity to take control of their finances and put them on a sustainable footing.</p> answering member printed Lord Bates question first answered 08/04/2019 15:24:56 answering member 1091 label Biography information for Lord Bates
tabling member	1796 label Biography information for Lord Taylor of Warwick