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1241231

	registered interest
	date	07/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Building Societies: Shares
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has made of the level of risk involved for purchasers in the sale of redeemable shares by building societies; and if he will make a statement.
	tabling member constituency	Harrow West
	tabling member printed	Gareth Thomas
	uin	100280
	answer	answer is ministerial correction date of answer 15/10/2020 answer text <p>HM Treasury has not made any specific assessment of the level of risk involved for purchasers in the sale of redeemable shares by building societies. When making an investment decision, consumers should make sure they are aware of the risks and seek advice where appropriate.</p><p> </p><p>The Government wants to make sure we have a strong and safe financial system which is why HM Treasury continues to work with the Financial Conduct Authority to protect consumers, including by ensuring that they have the necessary information to weigh up the risks and rewards of any decision they make.</p> answering member constituency Salisbury answering member printed John Glen question first answered 15/10/2020 10:45:16 answering member 4051 label Biography information for John Glen
	tabling member	177 label Biography information for Gareth Thomas

1241431

	registered interest
	date	07/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Money
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what his Department's policy is on the right of customers to pay in cash.
	tabling member constituency	Warley
	tabling member printed	John Spellar
	uin	100286
	answer	answer is ministerial correction date of answer 15/10/2020 answer text <p>The Government recognises that cash remains important to millions of people across the UK, which is why it has committed to legislate to protect access to cash and to ensure that the UK’s cash infrastructure is sustainable long term.</p><p>The Government remains closely engaged with the financial regulators, including through the Treasury-chaired Joint Authorities Cash Strategy Group, to monitor and assess risks around cash relating to COVID-19. In order to help control the virus, all businesses and individuals are encouraged to follow the latest Government advice. To work safely during COVID-19, retailers have been recommended to minimise contact around transactions, for example, considering using contactless payments. However, it remains the individual retailer’s choice as to whether to accept or decline any form of payment, including cash or card.</p> answering member constituency Salisbury answering member printed John Glen question first answered 15/10/2020 10:40:14 answering member 4051 label Biography information for John Glen
	tabling member	318 label Biography information for John Spellar

1401323

	registered interest
	date	10/01/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cryptocurrencies
	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 potential risks to financial stability of the growth in cryptocurrency and other cryptoasset holdings; and if he will place a copy of that assessment in the Library.
	tabling member constituency	Leeds West
	tabling member printed	Rachel Reeves
	uin	100509
	answer	answer is ministerial correction date of answer 13/01/2022 answer text <p>The Bank of England’s Financial Policy Committee (FPC) noted in its December 2021 <a href="https://www.bankofengland.co.uk/financial-stability-report/2021/december-2021" target="_blank">Financial Stability Report</a> that direct risks to the stability of the UK financial system from cryptoassets are currently limited. However, it also noted at the current rapid pace of growth, and as these assets become more interconnected with the wider financial system, cryptoassets will present a number of financial stability risks.</p><p> </p><p>The Chancellor laid the Financial Stability report in Parliament on the 14<sup>th</sup> December.</p><p> </p><p>The Financial Conduct Authority (FCA) published consumer research in June 2021, which offered insight into the cryptoassets market in the UK. The FCA found that 4.4% of UK adults currently hold cryptocurrency, or approximately 2.3 million consumers. The FCA also found that the median value of holdings of crypto owners was £300, and 47% of crypto owners (who chose to declare their holdings) had £260 or less in crypto.</p><p> </p><p>According to the December 2021 Financial Stability Report, no major UK banks have reported having direct exposures to cryptoassets as yet, some UK and global banks are starting to offer a variety of services, such as cryptoasset derivatives trading, and custody services.</p><p> </p><p>The UK authorities continue to monitor developments in this area very closely and have already taken a series of actions to support innovation while mitigating risks to stability and market integrity. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020; consulting on proposals to ensure cryptoasset promotions are fair, clear and not misleading; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue responses to the consultations shortly.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 100510 question first answered 13/01/2022 15:02:01 answering member 4051 label Biography information for John Glen
	tabling member	4031 label Biography information for Rachel Reeves

1401324

	registered interest
	date	10/01/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cryptocurrencies
	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 estimated value of cryptocurrencies and other cryptoassets held in the UK by (a) households, (b) non-financial businesses, (c) financial businesses and (d) other organisations; and if he will place a copy of those estimates in the Library.
	tabling member constituency	Leeds West
	tabling member printed	Rachel Reeves
	uin	100510
	answer	answer is ministerial correction date of answer 13/01/2022 answer text <p>The Bank of England’s Financial Policy Committee (FPC) noted in its December 2021 <a href="https://www.bankofengland.co.uk/financial-stability-report/2021/december-2021" target="_blank">Financial Stability Report</a> that direct risks to the stability of the UK financial system from cryptoassets are currently limited. However, it also noted at the current rapid pace of growth, and as these assets become more interconnected with the wider financial system, cryptoassets will present a number of financial stability risks.</p><p> </p><p>The Chancellor laid the Financial Stability report in Parliament on the 14<sup>th</sup> December.</p><p> </p><p>The Financial Conduct Authority (FCA) published consumer research in June 2021, which offered insight into the cryptoassets market in the UK. The FCA found that 4.4% of UK adults currently hold cryptocurrency, or approximately 2.3 million consumers. The FCA also found that the median value of holdings of crypto owners was £300, and 47% of crypto owners (who chose to declare their holdings) had £260 or less in crypto.</p><p> </p><p>According to the December 2021 Financial Stability Report, no major UK banks have reported having direct exposures to cryptoassets as yet, some UK and global banks are starting to offer a variety of services, such as cryptoasset derivatives trading, and custody services.</p><p> </p><p>The UK authorities continue to monitor developments in this area very closely and have already taken a series of actions to support innovation while mitigating risks to stability and market integrity. These include launching a new anti-money laundering and counter-terrorist financing regime for cryptoassets in 2020; consulting on proposals to ensure cryptoasset promotions are fair, clear and not misleading; and consulting on a proposal to ensure cryptoassets known as ‘stablecoins’ meet the same high standards expected of other payment methods. The Government will issue responses to the consultations shortly.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 100509 question first answered 13/01/2022 15:02:02 answering member 4051 label Biography information for John Glen
	tabling member	4031 label Biography information for Rachel Reeves

1401570

	registered interest
	date	10/01/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Bounce Back Loan Scheme
	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 support businesses that have not sufficiently recovered from the impact of the covid-19 pandemic to be able to afford repayments on their Bounce Back Loans, even after they have taken advantage of the six month repayment holiday.
	tabling member constituency	Bermondsey and Old Southwark
	tabling member printed	Neil Coyle
	uin	100565
	answer	answer is ministerial correction date of answer 13/01/2022 answer text <p>Any business concerned about repayments should get in touch with their lender who will be able to provide support and talk them through their options.</p><p> </p><p>In order to give businesses who have borrowed under the Bounce Back Loan Scheme further support and flexibility in making their repayments, the Chancellor announced “Pay as You Grow” (PAYG) options in September 2020. In addition to the six month full repayment holiday, PAYG gives businesses the option to extend their Bounce Back Loan repayments over ten years, reducing their average monthly repayments on the loan by almost half. Businesses also have the option to move to interest-only payments for periods of up to six months (an option which they can use up to three times). If borrowers want to take advantage of these options, they should notify their lender.</p> answering member constituency Salisbury answering member printed John Glen question first answered 13/01/2022 15:04:29 answering member 4051 label Biography information for John Glen
	tabling member	4368 label Biography information for Neil Coyle

1241826

	registered interest
	date	08/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cash Dispensing
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will publish a timetable for bringing forward legislative proposals to protect people's access to cash.
	tabling member constituency	Dumfriesshire, Clydesdale and Tweeddale
	tabling member printed	David Mundell
	uin	100901
	answer	answer is ministerial correction date of answer 15/10/2020 answer text <p>The Government recognises that cash remains important to millions of people across the UK, which is why it has committed to legislate to protect access to cash and to ensure that the UK’s cash infrastructure is sustainable in the long term. Government is working at pace, engaging with industry and the regulators – the Financial Conduct Authority, Payment Systems Regulator, and Bank of England – whilst designing legislation. To inform the development of this legislation, today (15 October) the Government published a Call for Evidence seeking views on the key considerations associated with cash access, including deposit and withdrawal facilities, cash acceptance, and regulatory oversight of the cash system.</p><p> </p><p> </p><p>The Government also remains closely engaged with the financial regulators, including through the Treasury-chaired Joint Authorities Cash Strategy Group, to monitor and assess risks around cash relating to COVID-19. In order to help control the virus, all businesses and individuals are encouraged to follow the latest Government advice. To work safely during COVID-19, retailers have been recommended to minimise contact around transactions, for example, considering using contactless payments. However, it remains the individual retailer’s choice as to whether to accept or decline any form of payment, including cash or card.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 100902 100903 question first answered 15/10/2020 10:42:19 answering member 4051 label Biography information for John Glen
	tabling member	1512 label Biography information for David Mundell

1241827

	registered interest
	date	08/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Money: Coronavirus
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what information the Government holds on the number of retailers no longer accepting cash due to the covid-19 outbreak; and what steps his Department is taking to ensure that people can continue to use cash to pay for goods and services for as long as is needed.
	tabling member constituency	Dumfriesshire, Clydesdale and Tweeddale
	tabling member printed	David Mundell
	uin	100902
	answer	answer is ministerial correction date of answer 15/10/2020 answer text <p>The Government recognises that cash remains important to millions of people across the UK, which is why it has committed to legislate to protect access to cash and to ensure that the UK’s cash infrastructure is sustainable in the long term. Government is working at pace, engaging with industry and the regulators – the Financial Conduct Authority, Payment Systems Regulator, and Bank of England – whilst designing legislation. To inform the development of this legislation, today (15 October) the Government published a Call for Evidence seeking views on the key considerations associated with cash access, including deposit and withdrawal facilities, cash acceptance, and regulatory oversight of the cash system.</p><p> </p><p> </p><p>The Government also remains closely engaged with the financial regulators, including through the Treasury-chaired Joint Authorities Cash Strategy Group, to monitor and assess risks around cash relating to COVID-19. In order to help control the virus, all businesses and individuals are encouraged to follow the latest Government advice. To work safely during COVID-19, retailers have been recommended to minimise contact around transactions, for example, considering using contactless payments. However, it remains the individual retailer’s choice as to whether to accept or decline any form of payment, including cash or card.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 100901 100903 question first answered 15/10/2020 10:42:19 answering member 4051 label Biography information for John Glen
	tabling member	1512 label Biography information for David Mundell

1241828

	registered interest
	date	08/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Money: Coronavirus
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether cash is a safe payment method to use and should continue to be accepted by retailers during the covid-19 outbreak.
	tabling member constituency	Dumfriesshire, Clydesdale and Tweeddale
	tabling member printed	David Mundell
	uin	100903
	answer	answer is ministerial correction date of answer 15/10/2020 answer text <p>The Government recognises that cash remains important to millions of people across the UK, which is why it has committed to legislate to protect access to cash and to ensure that the UK’s cash infrastructure is sustainable in the long term. Government is working at pace, engaging with industry and the regulators – the Financial Conduct Authority, Payment Systems Regulator, and Bank of England – whilst designing legislation. To inform the development of this legislation, today (15 October) the Government published a Call for Evidence seeking views on the key considerations associated with cash access, including deposit and withdrawal facilities, cash acceptance, and regulatory oversight of the cash system.</p><p> </p><p> </p><p>The Government also remains closely engaged with the financial regulators, including through the Treasury-chaired Joint Authorities Cash Strategy Group, to monitor and assess risks around cash relating to COVID-19. In order to help control the virus, all businesses and individuals are encouraged to follow the latest Government advice. To work safely during COVID-19, retailers have been recommended to minimise contact around transactions, for example, considering using contactless payments. However, it remains the individual retailer’s choice as to whether to accept or decline any form of payment, including cash or card.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 100901 100902 question first answered 15/10/2020 10:42:19 answering member 4051 label Biography information for John Glen
	tabling member	1512 label Biography information for David Mundell

1241690

	registered interest
	date	08/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Investment Income: Coronavirus
	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 effect on pension companies of the decision by some UK listed companies to cancel dividend payments to their shareholders.
	tabling member constituency	Hendon
	tabling member printed	Dr Matthew Offord
	uin	100961
	answer	answer is ministerial correction date of answer 16/10/2020 answer text <p>Whilst dividend income is important for pension schemes, they have long-term investment horizons and a range of other sources including fixed income from corporate and sovereign bonds, rental income and capital gains, although many of these are under strain.</p><p>When market conditions recover and firms have rebuilt their balance sheets we anticipate that dividends will be restored.</p> answering member constituency Salisbury answering member printed John Glen question first answered 16/10/2020 12:52:59 answering member 4051 label Biography information for John Glen
	tabling member	4006 label Biography information for Dr Matthew Offord

1547395

	registered interest
	date	01/12/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Aggregates Levy: Wales
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of devolving the Aggregates Levy to Wales.
	tabling member constituency	Dwyfor Meirionnydd
	tabling member printed	Liz Saville Roberts
	uin	101034
	answer	answer is ministerial correction date of answer 09/12/2022 answer text <p>The government has committed to keep devolution of the Aggregates Levy to Wales under review. This is with the intention of devolving it in future, subject to the agreement of both governments and legislatures.</p><p> </p><p>Devolution would be subject to cross border impacts being worked through in full, to ensure the best outcome for businesses and consumers on both sides of the border.</p> answering member constituency Salisbury answering member printed John Glen question first answered 09/12/2022 11:30:36 answering member 4051 label Biography information for John Glen
	tabling member	4521 label Biography information for Liz Saville Roberts