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1184865

registered interest
date	13/03/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages: Coronavirus
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps his Department is taking to ensure banks offer flexibility in meeting monthly mortgage repayments to households whose finances may be disrupted by the economic effect of covid-19.
tabling member constituency	York Outer
tabling member printed	Julian Sturdy
uin	29215
answer	answer is ministerial correction date of answer 19/03/2020 answer text <p>Financial Conduct Authority (FCA) rules set out requirements that mortgage lenders are expected to treat borrowers fairly and show forbearance when customers are in financial difficulty. The Government has made sure that repossession is always a last resort after other reasonable attempts to resolve the position have failed.</p><p> </p><p>Banks and building societies are ready and able to support consumers impacted by COVID-19. On the 17 March, the Chancellor announced on behalf of the sector that banks and building societies will offer a 3-month ‘mortgage holiday’ for borrowers that are financially struggling with their repayments. This forbearance measure will enable affected borrowers to defer their mortgage payments for up to 3 months while they get back on their feet. Customers who are concerned about the current financial situation should get in touch with their lender at the earliest possible opportunity.</p> answering member constituency Salisbury answering member printed John Glen question first answered 19/03/2020 15:08:40 answering member 4051 label Biography information for John Glen
tabling member	4079 label Biography information for Julian Sturdy

1184916

registered interest
date	13/03/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Corporation Tax: Digital Technology
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, pursuant to the Answer of 12 March 2020 to Question 27067 on Corporation Tax: Digital Technology, whether he has made an assessment of the potential effect on UK tax revenues of the changes proposed in the OECD's Two-pillar approach to address the tax challenges arising from the digitalisation of the economy.
tabling member constituency	Oxford East
tabling member printed	Anneliese Dodds
uin	29282
answer	answer is ministerial correction date of answer 18/03/2020 answer text <p>The impact on UK tax revenues remains highly sensitive to the detailed design and implementation of the OECD proposals, which remain the subject of discussion.</p><p> </p><p>It is therefore too early to provide a detailed assessment.</p><p> </p><p>The UK will continue to work constructively with international counterparts on these proposals as they progress.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 18/03/2020 11:41:03 answering member 3991 label Biography information for Jesse Norman
tabling member	4657 label Biography information for Anneliese Dodds

1184944

registered interest
date	13/03/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Treasury: Off-payroll Working
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many contractors working for his Department have had their employment status assessed in relation to the new IR35 rules on off-payroll working; and how many of those staff are subject to those rules.
tabling member constituency	Ellesmere Port and Neston
tabling member printed	Justin Madders
uin	29238
answer	answer is ministerial correction date of answer 23/03/2020 answer text <p>The information is not held centrally. Sourcing interim staff is decentralised to individual business groups across HM Treasury who take responsibility for making IR35 assessments in line with HMRC guidance.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 23/03/2020 12:18:30 answering member 4051 label Biography information for John Glen
tabling member	4418 label Biography information for Justin Madders

1184995

registered interest
date	13/03/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Central Counterparties
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether the recent equity market falls have surpassed stress test levels used to determine the capital adequacy of central clearing houses supervised by the Financial Conduct Authority.
tabling member printed	Lord Myners
uin	HL2584
answer	answer is ministerial correction date of answer 26/03/2020 answer text <p>Central clearing houses, or central counterparties (CCPs), are financial institutions firms use to manage some of the risks arising from traded markets. UK CCPs are subject to many requirements to manage financial risk, including maintaining risk models to quantify the level of financial resources they need to operate safely. As such, it is right that the level of resource held by CCPs is subject to rigorous and frequent internal stress tests, as set out in the legislation that governs them. These stress tests assess the resilience of a CCP in extreme but plausible market conditions. Furthermore, UK CCPs remain subject to EU-wide stress tests during the Transition Period.</p><p> </p><p>The Bank of England supervises UK CCPs as part of its financial stability objective. However, it is not possible to publicly disclose specific quantitative details on individual firm’s stress tests because this is firm sensitive information.</p><p> </p> answering member printed Lord Agnew of Oulton question first answered 26/03/2020 15:42:00 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1184996

registered interest
date	13/03/2020
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 plans they have to issue guidance to (1) unit trust, and (2) open-ended investment company, managers to limit fund redemptions instead of obliging fund managers to be forced sellers of shares and bonds.
tabling member printed	Lord Myners
uin	HL2585
answer	answer is ministerial correction date of answer 26/03/2020 answer text <p>The government is committed to ensuring that the UK has a robust framework for regulating financial services and that consumers are treated fairly. There are a range of existing rules in this area and there is work underway to address ‘liquidity mismatch’ in open-ended funds and to protect consumers.</p><p> </p><p>Financial services firms are required to treat customers fairly under rules set by the Financial Conduct Authority (FCA), and the FCA is responsible for overseeing the conduct standards of financial services firms. There are already a number of rules on eligible assets, which aim to protect consumers. Such rules apply to both types of fund that can be sold to retail investors – UCITS and non-UCITS retail schemes. Additionally, in September, the FCA published a policy response to their consultation on illiquid assets and open-ended funds. This outlined new rules for certain structures that invest in illiquid assets, which will come into effect in September 2020. The new rules will include a requirement that non-UCITS retail schemes investing in inherently illiquid assets must suspend dealing where the independent valuer determines there is material uncertainty regarding the value of more than 20% of the fund’s assets. The FCA is also currently working with the Bank of England’s Financial Policy Committee to assess how funds’ redemption terms might be better aligned with the liquidity of their assets.</p><p> </p><p>Fund suspensions can be a necessary safety feature which ensures that a fund is not forced to sell assets at a distressed market price, which would lead to further losses for end investors in the fund. FCA rules permit suspensions, which may last for as long as is necessary to protect the interests of the remaining investors in the fund.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL2640 question first answered 26/03/2020 15:41:22 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners

1184997

registered interest
date	13/03/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Markets
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have to secure extra dollar swap arrangements to support trade and financial settlements.
tabling member printed	Lord Myners
uin	HL2586
answer	answer is ministerial correction date of answer 24/03/2020 answer text <p>Dollar swap line arrangements are made between central banks, and are therefore a matter for the Bank of England.</p><p> </p> answering member printed Lord Agnew of Oulton question first answered 24/03/2020 17:23:46 answering member 4689 label Biography information for Lord Agnew of Oulton
tabling member	3869 label Biography information for Lord Myners