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1689906
registered interest false remove filter
date less than 2024-02-19more like thisremove minimum value filter
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Financial Institutions more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, what steps his Department is taking with (a) banks and (b) other financial institutions to improve the financial sustainability of those organisations. more like this
tabling member constituency Huddersfield remove filter
tabling member printed
Mr Barry Sheerman more like this
uin 14467 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2024-02-27more like thismore than 2024-02-27
answer text <p>The Government is committed to retaining the UK’s position as one of the most innovative and competitive financial centres in the world. The Chancellor recently set out an ambitious reform programme at Mansion House, building on the success of the Edinburgh Reforms, which will help to deliver the Government’s vision for a financial sector that is open, sustainable, technologically innovative, and globally competitive. Additionally, the Financial Services and Markets Act 2023 introduced new secondary objectives for both the Financial Conduct Authority and Prudential Regulatory Authority to facilitate the international competitiveness of the UK economy (including the financial services sector), and its growth in the medium to long term.</p><p> </p><p>Financial stability is a pre-requisite for economic growth and is crucial for the competitiveness of the financial services sector. The government, working closely with the financial regulators, has made major improvements to the resilience of the banking system since the financial crisis with capital requirements for banks now three times higher. The government has also considered it a priority to build resilience in the non-bank system and has been working closely with the regulators and international bodies to achieve this.</p><p> </p><p>The Bank of England also undertakes regular stress tests on the UK’s major banks to test their resilience to severe economic scenarios and for the first time will be undertaking a system wide exploratory scenario which aims to improve the understanding of how banks and non-banks behave during stress and how these behaviours might interact to amplify shocks.</p>
answering member constituency Hitchin and Harpenden more like this
answering member printed Bim Afolami more like this
question first answered
less than 2024-02-27T11:41:43.46Zmore like thismore than 2024-02-27T11:41:43.46Z
answering member
4639
label Biography information for Bim Afolami more like this
tabling member
411
label Biography information for Mr Barry Sheerman more like this