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804334

	registered interest
	date	11/12/2017
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Cryptocurrencies
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what assessment his Department has been made of the risks to the UK economy of the potential failure of Bitcoin and other crypto-currencies.
	tabling member constituency	Walsall North
	tabling member printed	Eddie Hughes
	uin	118577
	answer	answer is ministerial correction date of answer 19/12/2017 answer text <p>The independent Financial Policy Committee (FPC), established by the Government, aims to ensure the UK financial system is resilient to, and prepared for, the wide range of risks it could face — so that the system could support the real economy, even in difficult conditions.</p><p> </p><p>The Bank of England continues to monitor developments, and provided its latest assessment of the risks to financial stability in the Financial Stability Report, published in November 2017.</p><p> </p><p>In addition, the Financial Conduct Authority (FCA) has stated that it will continue to monitor distributed ledger technology (DLT)-related market developments, working collaboratively with industry, HM Treasury, the Bank of England, the Information Commissioner’s Office, and other UK bodies to ensure a coordinated approach towards DLT in the UK.</p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay question first answered 19/12/2017 15:36:16 answering member 4095 label Biography information for Steve Barclay
	tabling member	4635 label Biography information for Eddie Hughes

804335

	registered interest
	date	11/12/2017
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Cryptocurrencies
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what assessment his Department has been made of the value to the UK economy of Bitcoin and other cryptocurrencies.
	tabling member constituency	Walsall North
	tabling member printed	Eddie Hughes
	uin	118579
	answer	answer is ministerial correction date of answer 19/12/2017 answer text <p>The government has not made any formal assessment of the value to the UK of Bitcoin or other cryptocurrencies.</p><p> </p><p>The government is currently negotiating amendments to the European Anti-Money Laundering Directive which will extend regulation to virtual currency exchange platforms and custodian wallet providers. These amendments will enable competent authorities to ensure these firms are mitigating the risks regarding money laundering and terrorist financing, and enable the legitimate sector to grow. We expect these negotiations to conclude at EU level by early 2018, with a year for Member States to then implement the Directive.</p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay grouped question UIN 118581 question first answered 19/12/2017 14:05:17 answering member 4095 label Biography information for Steve Barclay
	tabling member	4635 label Biography information for Eddie Hughes

843877

	registered interest
	date	19/02/2018
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Customs: Distributed Ledger Technology
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the merits of using distributed ledger technology for any new customs system after the UK leaves the EU.
	tabling member constituency	Walsall North
	tabling member printed	Eddie Hughes
	uin	128296
	answer	answer is ministerial correction date of answer 27/02/2018 answer text <p>HMRC are actively considering the use of distributed ledger technologies alongside other technical options for both tax and the Customs and Excise systems. The department is currently running a proof of concept exercise in support of one of their Customs initiatives and will provide further updates as this work progresses.</p> answering member constituency South West Norfolk answering member printed Elizabeth Truss question first answered 27/02/2018 14:37:02 answering member 4097 label Biography information for Elizabeth Truss
	tabling member	4635 label Biography information for Eddie Hughes

845722

	registered interest
	date	20/02/2018
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Cryptocurrencies: Taxation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the potential benefits of using blockchain for (a) the tax system and (b) the customs and excise system; and if he will make a statement.
	tabling member constituency	Walsall North
	tabling member printed	Eddie Hughes
	uin	128694
	answer	answer is ministerial correction date of answer 28/02/2018 answer text <p>HM Revenue and Customs are considering the use of blockchain alongside other technical options for both tax and customs and excise systems.</p> answering member constituency Central Devon answering member printed Mel Stride question first answered 28/02/2018 12:57:34 answering member 3935 label Biography information for Mel Stride
	tabling member	4635 label Biography information for Eddie Hughes

834762

	registered interest
	date	01/02/2018
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Football: Taxation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what assessment his Department has made of trends in the level of tax that professional football clubs have paid on player transfers in each of the last five years.
	tabling member constituency	Walsall North
	tabling member printed	Eddie Hughes
	uin	126184
	answer	answer is ministerial correction date of answer 09/02/2018 answer text <p>The information requested cannot be provided as it is not collated centrally by HMRC. Football transfer fees are subject to VAT according to the normal rules. Any profits made by football clubs are subject to Corporation Tax in the usual way. Payments made to players as part of their transfer, such as signing-on fees, are taxable as earnings.</p> answering member constituency Central Devon answering member printed Mel Stride question first answered 09/02/2018 14:01:28 answering member 3935 label Biography information for Mel Stride
	tabling member	4635 label Biography information for Eddie Hughes

804333

	registered interest
	date	11/12/2017
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Cryptocurrencies
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what holdings of Bitcoin and other crypto-currencies are held by the Government.
	tabling member constituency	Walsall North
	tabling member printed	Eddie Hughes
	uin	118575
	answer	answer is ministerial correction date of answer 19/12/2017 answer text <p>HM Treasury does not have any holdings of Bitcoin or other crypto-currencies. HM Treasury and the Bank of England publish details of the UK’s current international reserves, including foreign currency assets, on a monthly basis.</p> answering member constituency Harrogate and Knaresborough answering member printed Andrew Jones question first answered 19/12/2017 14:01:00 answering member 3996 label Biography information for Andrew Jones
	tabling member	4635 label Biography information for Eddie Hughes

804336

	registered interest
	date	11/12/2017
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Cryptocurrencies: Regulation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what plans his Department has to regulate the use of cryptocurrencies in the UK.
	tabling member constituency	Walsall North
	tabling member printed	Eddie Hughes
	uin	118581
	answer	answer is ministerial correction date of answer 19/12/2017 answer text <p>The government has not made any formal assessment of the value to the UK of Bitcoin or other cryptocurrencies.</p><p> </p><p>The government is currently negotiating amendments to the European Anti-Money Laundering Directive which will extend regulation to virtual currency exchange platforms and custodian wallet providers. These amendments will enable competent authorities to ensure these firms are mitigating the risks regarding money laundering and terrorist financing, and enable the legitimate sector to grow. We expect these negotiations to conclude at EU level by early 2018, with a year for Member States to then implement the Directive.</p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay grouped question UIN 118579 question first answered 19/12/2017 14:05:17 answering member 4095 label Biography information for Steve Barclay
	tabling member	4635 label Biography information for Eddie Hughes

1156169

	registered interest
	date	24/10/2019
	answering body	Cabinet Office
	answering dept id	53
	answering dept short name	Cabinet Office
	answering dept sort name	Cabinet Office
	hansard heading	Electronic Government: Personal Records
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Duchy of Lancaster and Minister for the Cabinet Office, on what date funding for gov.verify stops.
	tabling member constituency	Walsall North
	tabling member printed	Eddie Hughes
	uin	5083
	answer	answer is ministerial correction date of answer 29/10/2019 answer text <p>In October 2018, the Cabinet Office announced that government funding would stop in March 2020. GOV.UK Verify provides secure access to 21 government services and has over 5.2 million accounts. The government is committed to ensuring that services are able to access the identity services they need beyond April 2020 and has set out plans for how it will support the creation of a thriving digital ID market.</p> answering member constituency Carmarthen West and South Pembrokeshire answering member printed Simon Hart question first answered 29/10/2019 16:36:29 answering member 3944 label Biography information for Simon Hart
	tabling member	4635 label Biography information for Eddie Hughes

1147166

	registered interest
	date	30/09/2019
	answering body	Cabinet Office
	answering dept id	53
	answering dept short name	Cabinet Office
	answering dept sort name	Cabinet Office
	hansard heading	Electronic Government: Proof of Identity
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Duchy of Lancaster and Minister for the Cabinet Office, what assessment he has made of the effect of the withdrawal from the Verify scheme of service providers on people in (a) Walsall North constituency that have enrolled with that service and are required to re-enrol with another service provider.
	tabling member constituency	Walsall North
	tabling member printed	Eddie Hughes
	uin	292335
	answer	answer is ministerial correction date of answer 04/10/2019 answer text <p>Under the current GOV.UK Verify contracts, no users will have to re-enroll with a different identity provider to create a new GOV.UK Verify account.</p> answering member constituency Carmarthen West and South Pembrokeshire answering member printed Simon Hart question first answered 04/10/2019 15:39:14 answering member 3944 label Biography information for Simon Hart
	tabling member	4635 label Biography information for Eddie Hughes

1051412

	registered interest
	date	30/01/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Customs: Distributed Ledger 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 19 February 2018 to Question 128296 on Brexit, if he will provide an update on (a) the potential use of distributed ledger technology for any new customs system after the UK leaves the EU and (b) the outcome of the proof of concept trials referenced in the Answer.
	tabling member constituency	Walsall North
	tabling member printed	Eddie Hughes
	uin	214643
	answer	answer is ministerial correction date of answer 07/02/2019 answer text <p>The pilot focussed on building a single ‘permissioned’ Blockchain that could be used to inform a trader’s ‘Authorised Economic Operator’ status. The proof of concept ran for six weeks, and established that government could use Blockchain to securely share the results of sensitive risk checks to improve the efficiencies of certain customs processes.</p><p> </p><p>Any significant implementation of Blockchain would require significant further work by HMRC. Further work on the application of Blockchain to ‘Authorised Economic Operator’ status is deferred until after the UK leaves the EU when timescales and cost will be revisited.</p><p> </p><p>We are working with the cross government Future Borders Programme to progress the pilot as part of their Trusted Trader initiative</p><p> </p> answering member constituency Central Devon answering member printed Mel Stride question first answered 07/02/2019 15:01:12 answering member 3935 label Biography information for Mel Stride
	tabling member	4635 label Biography information for Eddie Hughes