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1712656

registered interest
date	22/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Foreign Investment in UK
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of the impact of the delay of the Overseas Funds Regime on the UK's attractiveness to overseas asset managers; and what steps they are taking to mitigate any negative effects.
tabling member printed	Lord Taylor of Warwick
uin	HL4017
answer	answer is ministerial correction date of answer 02/05/2024 answer text <p>The UK’s world-leading asset management sector is the second largest by assets under management, 48% of which are managed on behalf of overseas investors.</p><p> </p><p>The Overseas Funds Regime was legislated for in the Financial Services Act 2021, to create a more streamlined process for overseas investment funds to be sold to UK investors.</p><p> </p><p>On 30<sup>th</sup> January, the Economic Secretary to the Treasury announced that the Government had found the states in the European Economic Area, including the EU member states, equivalent under the Overseas Funds Regime, in respect of certain retail funds. This followed a detailed assessment of the states’ regulatory regimes.</p><p> </p><p>HM Treasury and the Financial Conduct Authority (FCA) jointly published a roadmap to equivalence on the 1<sup>st</sup> of May setting out the key milestones to implement this decision.</p><p> </p><p>Alongside this, the FCA published detailed guidance setting out that funds in scope of the OFR – but without temporary marketing access – will be able to apply to the FCA for recognition from September 2024. The FCA intends to invite funds with temporary marketing access to apply for recognition in tranches between October 2024 and September 2026.</p> answering member printed Baroness Vere of Norbiton question first answered 02/05/2024 11:28:09 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick

1712895

registered interest
date	22/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Hybrid Vehicles: Fuels
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has plans to introduce a specific advisory fuel rate for hybrid vehicles.
tabling member constituency	Warrington South
tabling member printed	Andy Carter
uin	23054
answer	answer is ministerial correction date of answer 30/04/2024 answer text <p>Advisory Fuel Rates apply when an employer reimburses an employee for business travel in a company car, or when an employee reimburses an employer for the cost of fuel used for private travel. Rates vary by engine size and fuel type and are reviewed quarterly. There are no current plans to introduce a specific advisory rate for hybrid vehicles.</p><p> </p><p>The Advisory Fuel Rates are not mandatory. Employers and employees can instead agree to reimburse different amounts, subject to certain tax conditions.</p> answering member constituency Grantham and Stamford answering member printed Gareth Davies question first answered 30/04/2024 08:28:44 answering member 4850 label Biography information for Gareth Davies
tabling member	4791 label Biography information for Andy Carter

1702003

registered interest
date	17/04/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	New Businesses: Capital Investment
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of reports of a decline in venture capital investment in UK start-ups in the first quarter of 2024; and what steps they are taking to support the growth of the UK's innovation ecosystem.
tabling member printed	Lord Taylor of Warwick
uin	HL3918
answer	answer is ministerial correction date of answer 30/04/2024 answer text <p>The government notes that while there have been reports of a decline in venture capital (VC) investment in UK start-ups, this has been broad based and global in nature. We also note that because of the nature of private markets, there is a lag in data reporting for VC deals, meaning that final data on investments made in Q1 2024 will not be available until later in the year.</p><p> </p><p>The BBB’s Small Business Finance Monitor 2024, which covers data up to the end of Q3 2023, found that there has been a “slowdown in activity that has occurred in the market since Q2 2022” and that the market decline over the past 18 months is not unique to the UK and can be seen across other global regions.</p><p> </p><p>However, we also note that VC funding in the UK has reduced from record levels in 2021/2022, and that despite this slowdown, early stage/seed funding has remained robust, indicating that there is a pipeline of future investment opportunities still being created.</p><p> </p><p>The government recognises that VC funding is an important source of finance for innovative companies and is proud of the fact that the UK has the third largest VC market in the world, behind only the US and China. The government is backing British business by tackling barriers to investment, cutting taxes and rewarding work, and by supporting the priority growth sectors, including digital technology, which are helping to turn the UK into the world’s next Silicon Valley.</p><p> </p><p>This includes making over £3.5 billion of public investment in the AI ecosystem since 2014, extending the sunset clause for the Enterprise Investment Scheme and the Venture Capital Trust scheme to 6 April 2035, making changes to simplify and improve R&amp;D tax reliefs, extending the British Business Bank’s Future Fund: Breakthrough investment programme, and implementing the measures the Chancellor announced at last year’s Mansion House speech to reform the pensions market to unlock investment into high growth sectors and generate increased returns for savers.</p> answering member printed Baroness Vere of Norbiton question first answered 30/04/2024 10:37:03 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	1796 label Biography information for Lord Taylor of Warwick