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1422627

registered interest
date	18/02/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit: Regulation
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 regulate buy now, pay later products.
tabling member constituency	Wycombe
tabling member printed	Mr Steve Baker
uin	125128
answer	answer is ministerial correction date of answer 28/02/2022 answer text <p>The Woolard Review into the unsecured credit market found several potential risks of consumer detriment from interest-free Buy-Now Pay-Later (BNPL) products. The Government recognises those risks, but also notes that as an interest-free product, BNPL can often be lower-risk than other forms of borrowing and a useful tool to help consumers manage their finances. That is why on 2 February 2021 the Government announced its intention to regulate BNPL products in a proportionate manner.</p><p> </p><p>The Government published a consultation on policy proposals for the regulation of BNPL on 21 October 2021, which closed on 6 January. The consultation sought stakeholder views on how to define the scope of regulation and how to draw boundaries in legislation between different types of credit agreements that make use of the exemption from consumer credit regulation that is currently used by BNPL products.</p><p> </p><p>The Government is now reviewing responses to this consultation and considering next steps and intends to publish a consultation response in the spring.</p><p> </p><p>HMT does not hold information regarding the savings to consumers resulting from the use of BNPL products in 2021, or the impact of BNPL on the UK’s retail industry. Instead, HMT draws on the research of various stakeholders, including consumer groups and the wider financial services industry, to inform policy development.</p><p> </p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 125129 125130 125131 question first answered 28/02/2022 15:02:19 answering member 4051 label Biography information for John Glen
tabling member	4064 label Biography information for Mr Steve Baker

1422628

registered interest
date	18/02/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what plans his Department has to create a definition of buy now, pay later in statute; and whether he has made an assessment of the potential impact of establishing that definition.
tabling member constituency	Wycombe
tabling member printed	Mr Steve Baker
uin	125129
answer	answer is ministerial correction date of answer 28/02/2022 answer text <p>The Woolard Review into the unsecured credit market found several potential risks of consumer detriment from interest-free Buy-Now Pay-Later (BNPL) products. The Government recognises those risks, but also notes that as an interest-free product, BNPL can often be lower-risk than other forms of borrowing and a useful tool to help consumers manage their finances. That is why on 2 February 2021 the Government announced its intention to regulate BNPL products in a proportionate manner.</p><p> </p><p>The Government published a consultation on policy proposals for the regulation of BNPL on 21 October 2021, which closed on 6 January. The consultation sought stakeholder views on how to define the scope of regulation and how to draw boundaries in legislation between different types of credit agreements that make use of the exemption from consumer credit regulation that is currently used by BNPL products.</p><p> </p><p>The Government is now reviewing responses to this consultation and considering next steps and intends to publish a consultation response in the spring.</p><p> </p><p>HMT does not hold information regarding the savings to consumers resulting from the use of BNPL products in 2021, or the impact of BNPL on the UK’s retail industry. Instead, HMT draws on the research of various stakeholders, including consumer groups and the wider financial services industry, to inform policy development.</p><p> </p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 125128 125130 125131 question first answered 28/02/2022 15:02:20 answering member 4051 label Biography information for John Glen
tabling member	4064 label Biography information for Mr Steve Baker

1422629

registered interest
date	18/02/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what estimate his Department has made of the savings to consumers resulting from the use of buy now, pay later low interest credit schemes in 2021.
tabling member constituency	Wycombe
tabling member printed	Mr Steve Baker
uin	125130
answer	answer is ministerial correction date of answer 28/02/2022 answer text <p>The Woolard Review into the unsecured credit market found several potential risks of consumer detriment from interest-free Buy-Now Pay-Later (BNPL) products. The Government recognises those risks, but also notes that as an interest-free product, BNPL can often be lower-risk than other forms of borrowing and a useful tool to help consumers manage their finances. That is why on 2 February 2021 the Government announced its intention to regulate BNPL products in a proportionate manner.</p><p> </p><p>The Government published a consultation on policy proposals for the regulation of BNPL on 21 October 2021, which closed on 6 January. The consultation sought stakeholder views on how to define the scope of regulation and how to draw boundaries in legislation between different types of credit agreements that make use of the exemption from consumer credit regulation that is currently used by BNPL products.</p><p> </p><p>The Government is now reviewing responses to this consultation and considering next steps and intends to publish a consultation response in the spring.</p><p> </p><p>HMT does not hold information regarding the savings to consumers resulting from the use of BNPL products in 2021, or the impact of BNPL on the UK’s retail industry. Instead, HMT draws on the research of various stakeholders, including consumer groups and the wider financial services industry, to inform policy development.</p><p> </p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 125128 125129 125131 question first answered 28/02/2022 15:02:20 answering member 4051 label Biography information for John Glen
tabling member	4064 label Biography information for Mr Steve Baker

1422630

registered interest
date	18/02/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit: Retail Trade
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the impact of buy now, pay later products on the UK’s retail industry.
tabling member constituency	Wycombe
tabling member printed	Mr Steve Baker
uin	125131
answer	answer is ministerial correction date of answer 28/02/2022 answer text <p>The Woolard Review into the unsecured credit market found several potential risks of consumer detriment from interest-free Buy-Now Pay-Later (BNPL) products. The Government recognises those risks, but also notes that as an interest-free product, BNPL can often be lower-risk than other forms of borrowing and a useful tool to help consumers manage their finances. That is why on 2 February 2021 the Government announced its intention to regulate BNPL products in a proportionate manner.</p><p> </p><p>The Government published a consultation on policy proposals for the regulation of BNPL on 21 October 2021, which closed on 6 January. The consultation sought stakeholder views on how to define the scope of regulation and how to draw boundaries in legislation between different types of credit agreements that make use of the exemption from consumer credit regulation that is currently used by BNPL products.</p><p> </p><p>The Government is now reviewing responses to this consultation and considering next steps and intends to publish a consultation response in the spring.</p><p> </p><p>HMT does not hold information regarding the savings to consumers resulting from the use of BNPL products in 2021, or the impact of BNPL on the UK’s retail industry. Instead, HMT draws on the research of various stakeholders, including consumer groups and the wider financial services industry, to inform policy development.</p><p> </p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 125128 125129 125130 question first answered 28/02/2022 15:02:20 answering member 4051 label Biography information for John Glen
tabling member	4064 label Biography information for Mr Steve Baker

1419033

registered interest
date	02/02/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has taken steps to review the corpus of retained EU law, other UK regulations and potential new financial services regulations, for the purposes of improving UK competitiveness; and what steps he is taking to ensure that any such new regulations and legislative changes are introduced in a timely manner.
tabling member constituency	Wycombe
tabling member printed	Mr Steve Baker
uin	116913
answer	answer is ministerial correction date of answer 09/02/2022 answer text <p>In his Mansion House statement last July, the Chancellor set out the Government’s vision for an open, competitive, green, and technologically advanced financial services sector. A sweeping set of reforms to sharpen the UK’s competitive advantage in financial services is already underway.</p><p> </p><p>In November, the Government published the second consultation in its Future Regulatory Framework (FRF) Review. This provides a once-in-a-generation opportunity to ensure that, having left the EU, the UK establishes a coherent, agile, and internationally respected approach to financial services regulation that is right for the UK. This includes proposals to repeal a significant volume of retained EU law relating to financial services, so that the financial services regulators can take responsibility for making the appropriate rules in these areas.</p><p>As set out in the recent publication, <em>The Benefits of Brexit: How the UK is taking advantage of leaving the EU, </em>the Government is actively seeking out opportunities to tailor the regulation of our financial services sector, within the new framework the FRF Review will deliver, through measures including:</p><p> </p><ul><li>A ground-breaking Mutual Recognition Agreement with Switzerland.</li><li>Reforming our capital markets through the Wholesale Markets Review and Prospectus Regime Review.</li><li>Establishing a new Centre for Finance, Innovation and Technology.</li><li>Becoming the world’s first net zero-aligned financial centre.</li></ul> answering member constituency Salisbury answering member printed John Glen question first answered 09/02/2022 08:54:12 answering member 4051 label Biography information for John Glen
tabling member	4064 label Biography information for Mr Steve Baker

1399778

registered interest
date	05/01/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Events Industry: Finance
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent financial provisions he has made, following the implementation of covid-19 Plan B, for businesses within the live events sector.
tabling member constituency	Wycombe
tabling member printed	Mr Steve Baker
uin	98268
answer	answer is ministerial correction date of answer 10/01/2022 answer text <p>For businesses within the live events sector, the Live Events Reinsurance Scheme supports events that the general public are able to purchase tickets to - such as music festivals, sporting and business events - that are at risk of being halted or delayed due to an inability to obtain COVID-19 cancellation insurance. Over £800 million in cover will be available to purchase alongside standard commercial events insurance for an additional premium. Cover is being bought by events across the UK. This intervention supports the UK’s economic recovery from the COVID-19 crisis by giving events across the country the confidence they need to plan for the future.</p><p> </p><p>This is a world-leading insurance scheme, backed by a number of prominent insurers in the Lloyd’s market, including Arch, Beazley, Dale, Hiscox and Munich Re, with few countries offering this kind of cover. It builds on our existing offering of support to the industry, including the £500 million Film and TV Production Restart scheme.</p><p> </p><p>The government announced last month that it is making available an additional £30m through the nearly £2 billion Culture Recovery Fund (CRF) to increase the Emergency Resource Support currently available for cultural organisations to apply for. So far more than £1.5 billion has been allocated to around 5,000 individual organisations and sites through the CRF including theatres, orchestras, dance and music venues, supporting live events and performance.</p> answering member constituency Middlesbrough South and East Cleveland answering member printed Mr Simon Clarke question first answered 10/01/2022 16:29:26 answering member 4655 label Biography information for Sir Simon Clarke
tabling member	4064 label Biography information for Mr Steve Baker

1377850

registered interest
date	12/11/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Central Bank Digital Currencies
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make it his policy that any central bank digital currency will not be used to direct, control or hold under surveillance the spending of holders of such currency by ensuring that the currency is not programmable.
tabling member constituency	Wycombe
tabling member printed	Mr Steve Baker
uin	73820
answer	answer is ministerial correction date of answer 17/11/2021 answer text <p>The Government and the Bank of England have not yet made a decision on whether to introduce a central bank digital currency (CBDC) in the UK, and will engage widely with stakeholders on the benefits, risks and practicalities of doing so.</p><p> </p><p>Maintaining user safety and privacy is an utmost priority as the Government and the Bank appraises the case for a CBDC in the UK.</p><p> </p><p>The Government’s commitment to ensuring any CBDCs operate within appropriate privacy frameworks was set out in the G7’s public policy principles for CBDC, as part of the UK’s G7 Presidency.  These principles set out rigorous standards of privacy, accountability for the protection of users’ data, and transparency on how information will be secured and used is essential for any CBDC to command trust and confidence.</p><p> </p><p>Earlier this month, the Government committed to public consultation with the Bank of England in 2022 setting out an assessment of the case for a UK CBDC, including the merits of further work to develop an operational and technology model for a UK CBDC.</p> answering member constituency Salisbury answering member printed John Glen question first answered 17/11/2021 15:22:37 answering member 4051 label Biography information for John Glen
tabling member	4064 label Biography information for Mr Steve Baker

1377852

registered interest
date	12/11/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Alcoholic Drinks: Excise Duties
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 that the savings induced by his reforms to alcohol duty will be passed to consumers.
tabling member constituency	Wycombe
tabling member printed	Mr Steve Baker
uin	73821
answer	answer is ministerial correction date of answer 17/11/2021 answer text <p>These are commercial matters between vendors and their suppliers.</p> answering member constituency Faversham and Mid Kent answering member printed Helen Whately question first answered 17/11/2021 15:24:24 answering member 4527 label Biography information for Helen Whately
tabling member	4064 label Biography information for Mr Steve Baker

1366808

registered interest
date	08/11/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Off-payroll Working: Reform
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what his planned timetable is for the (a) completion and (b) publication of the independent research commissioned by the Government into the short-term impacts of the April 2021 reform of the off-payroll working rules.
tabling member constituency	Wycombe
tabling member printed	Mr Steve Baker
uin	71326
answer	answer is ministerial correction date of answer 17/11/2021 answer text <p>HMRC has commissioned external research into the short-term effects of the April 2021 off-payroll working rules reform in the private and voluntary sectors, and fieldwork for this research started in October.</p><p> </p><p>The research is expected to be completed in spring 2022 and will be published in due course once complete.</p> answering member constituency South East Cambridgeshire answering member printed Lucy Frazer question first answered 17/11/2021 11:08:18 answering member 4517 label Biography information for Lucy Frazer
tabling member	4064 label Biography information for Mr Steve Baker

1361101

registered interest
date	19/10/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Large Goods Vehicle Drivers: Recruitment
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent assessment he has made of the impact of the implementation of IR35 on the number of drivers in the haulage industry.
tabling member constituency	Wycombe
tabling member printed	Mr Steve Baker
uin	58833
answer	answer is ministerial correction date of answer 22/10/2021 answer text <p>The Tax Information and Impact Note published in March 2021 sets out expected impacts of the April 2021 reform of the off-payroll working rules: <a href="https://www.gov.uk/government/publications/off-payroll-working-rules-from-april-2021/off-payroll-working-rules-from-april-2021" target="_blank">https://www.gov.uk/government/publications/off-payroll-working-rules-from-april-2021/off-payroll-working-rules-from-april-2021</a>.</p><p> </p><p>The Government committed to commission independent research into the short-term impacts of the reform by October 2021 during the debate on the Finance Bill 2020. That research has now been commissioned, and the findings will be published once complete.</p> answering member constituency South East Cambridgeshire answering member printed Lucy Frazer question first answered 22/10/2021 11:19:50 answering member 4517 label Biography information for Lucy Frazer
tabling member	4064 label Biography information for Mr Steve Baker