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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

1458215

	registered interest
	date	19/04/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Institutions: Ethnic Groups
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, with reference to the report published by Lloyds Bank entitled Black. British. In Business & Proud, what steps he is taking to increase the confidence of the UK's Black business community in the banking and financial services sector.
	tabling member constituency	Wycombe
	tabling member printed	Mr Steve Baker
	uin	155697
	answer	answer is ministerial correction date of answer 26/04/2022 answer text <p>On 17 March, the Government published “Inclusive Britain” in response to the independent report by the Commission on Race and Ethnic Disparities, setting out a ground-breaking action plan to tackle negative disparities, promote unity and build a fairer Britain for all. The Government has responded in detail to each of the Commission’s 24 recommendations from its report. In some cases, The Government’s response has gone further than the report envisaged, to ensure that our action plan is as wide-reaching as possible and builds a fairer and more inclusive society in the long-term.</p><p> </p><p>The Government is very supportive of the Race At Work Charter, which over 100 financial services firms have already signed up to. The Charter commits firms that sign up to take practical steps to tackle barriers that ethnic minority people face in recruitment and progression.</p><p> </p><p>We are also supporting entrepreneurs through the Start-Up Loans scheme, which offers businesses 12 months of free mentoring. Of all loans issued up to December 2021, 20% went to Asian people, Black people, or people from other Ethnic Minorities (excluding White minorities). At the end of December 2021, the programme had delivered more than 90,000 loans, providing more than £819m of funding to entrepreneurs.</p><p>In March 2021, the Parker Review published statistics showing that significant progress has been made on improving ethnic diversity of UK boards, with 89 out of 100 FTSE 100 companies reporting they had appointed a director from a minority ethnic group.</p><p> </p><p>The Treasury remains committed to supporting individuals and businesses of all backgrounds to access the finance they need and continues to engage with the private sector and other government departments including BEIS and Cabinet Office on this important issue.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 155698 155699 question first answered 26/04/2022 14:57:12 answering member 4051 label Biography information for John Glen
	tabling member	4064 label Biography information for Mr Steve Baker

1458216

	registered interest
	date	19/04/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Banks: Ethnic Groups
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, with reference to the report published by Lloyds Bank entitled Black. British. In Business & Proud, what steps he is taking to increase (a) cultural awareness and (b) Black representation in the banking sector.
	tabling member constituency	Wycombe
	tabling member printed	Mr Steve Baker
	uin	155698
	answer	answer is ministerial correction date of answer 26/04/2022 answer text <p>On 17 March, the Government published “Inclusive Britain” in response to the independent report by the Commission on Race and Ethnic Disparities, setting out a ground-breaking action plan to tackle negative disparities, promote unity and build a fairer Britain for all. The Government has responded in detail to each of the Commission’s 24 recommendations from its report. In some cases, The Government’s response has gone further than the report envisaged, to ensure that our action plan is as wide-reaching as possible and builds a fairer and more inclusive society in the long-term.</p><p> </p><p>The Government is very supportive of the Race At Work Charter, which over 100 financial services firms have already signed up to. The Charter commits firms that sign up to take practical steps to tackle barriers that ethnic minority people face in recruitment and progression.</p><p> </p><p>We are also supporting entrepreneurs through the Start-Up Loans scheme, which offers businesses 12 months of free mentoring. Of all loans issued up to December 2021, 20% went to Asian people, Black people, or people from other Ethnic Minorities (excluding White minorities). At the end of December 2021, the programme had delivered more than 90,000 loans, providing more than £819m of funding to entrepreneurs.</p><p>In March 2021, the Parker Review published statistics showing that significant progress has been made on improving ethnic diversity of UK boards, with 89 out of 100 FTSE 100 companies reporting they had appointed a director from a minority ethnic group.</p><p> </p><p>The Treasury remains committed to supporting individuals and businesses of all backgrounds to access the finance they need and continues to engage with the private sector and other government departments including BEIS and Cabinet Office on this important issue.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 155697 155699 question first answered 26/04/2022 14:57:13 answering member 4051 label Biography information for John Glen
	tabling member	4064 label Biography information for Mr Steve Baker

1458217

	registered interest
	date	19/04/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Banks: Ethnic Groups
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, with reference to the report published by Lloyds Bank entitled Black. British. In Business & Proud, if he will take steps to work with the banking sector on creating a bespoke mentoring programme for Black-owned businesses.
	tabling member constituency	Wycombe
	tabling member printed	Mr Steve Baker
	uin	155699
	answer	answer is ministerial correction date of answer 26/04/2022 answer text <p>On 17 March, the Government published “Inclusive Britain” in response to the independent report by the Commission on Race and Ethnic Disparities, setting out a ground-breaking action plan to tackle negative disparities, promote unity and build a fairer Britain for all. The Government has responded in detail to each of the Commission’s 24 recommendations from its report. In some cases, The Government’s response has gone further than the report envisaged, to ensure that our action plan is as wide-reaching as possible and builds a fairer and more inclusive society in the long-term.</p><p> </p><p>The Government is very supportive of the Race At Work Charter, which over 100 financial services firms have already signed up to. The Charter commits firms that sign up to take practical steps to tackle barriers that ethnic minority people face in recruitment and progression.</p><p> </p><p>We are also supporting entrepreneurs through the Start-Up Loans scheme, which offers businesses 12 months of free mentoring. Of all loans issued up to December 2021, 20% went to Asian people, Black people, or people from other Ethnic Minorities (excluding White minorities). At the end of December 2021, the programme had delivered more than 90,000 loans, providing more than £819m of funding to entrepreneurs.</p><p>In March 2021, the Parker Review published statistics showing that significant progress has been made on improving ethnic diversity of UK boards, with 89 out of 100 FTSE 100 companies reporting they had appointed a director from a minority ethnic group.</p><p> </p><p>The Treasury remains committed to supporting individuals and businesses of all backgrounds to access the finance they need and continues to engage with the private sector and other government departments including BEIS and Cabinet Office on this important issue.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 155697 155698 question first answered 26/04/2022 14:57:12 answering member 4051 label Biography information for John Glen
	tabling member	4064 label Biography information for Mr Steve Baker

1258670

	registered interest
	date	07/12/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Pensions: Uprating
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, with reference to the outcome of the consultation on the Reform to Retail Prices Index (RPI), published on 25 November 2020. what steps the Government plans to take to (a) protect the lifetime value of people’s defined benefit pension savings which are RPI-linked from 2030 and (b) maintain confidence in defined benefit pension schemes.
	tabling member constituency	Wycombe
	tabling member printed	Mr Steve Baker
	uin	126013
	answer	answer is ministerial correction date of answer 10/12/2020 answer text <p>On 25 November, the Government and UK Statistics Authority (UKSA) published their response to the consultation on the timing of reform to the Retail Prices Index (RPI). Owing to shortcomings in its calculation, UKSA intends to bring the methods and data sources of the Consumer Prices Index including owner occupiers’ housing costs (CPIH) into RPI.</p><p> </p><p>The Government and UKSA are mindful of the widespread use of RPI in the economy, and, as such, sought views in the consultation on the broader impacts of reform. The Government and UKSA received approximately 550 responses from members of defined benefit (DB) pension schemes whose benefits are linked to RPI.</p><p> </p><p>It is apparent that some DB pension schemes members will be affected by UKSA’s reform. The effect of reform on the members of such schemes will depend on whether their benefits are linked to RPI under the trust deed and rules of the scheme.</p><p> </p><p>The announcement in the response by the Chancellor and UKSA Chair means that reform will not be implemented before 2030. The Government keeps the occupational pensions system under review and will continue to do so.</p><p> </p><p>For further information please see the consultation response at: <a href="https://www.gov.uk/government/consultations/a-consultation-on-the-reform-to-retail-prices-index-rpi-methodology" target="_blank">https://www.gov.uk/government/consultations/a-consultation-on-the-reform-to-retail-prices-index-rpi-methodology</a>.</p> answering member constituency Salisbury answering member printed John Glen question first answered 10/12/2020 13:22:00 answering member 4051 label Biography information for John Glen
	tabling member	4064 label Biography information for Mr Steve Baker

1336547

	registered interest
	date	15/06/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cryptocurrencies: Registration
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether all firms that have applied for crypto anti-money laundering authorisation with the Financial Conduct Authority will have their applications processed by the deadline of 9 July 2021.
	tabling member constituency	Wycombe
	tabling member printed	Mr Steve Baker
	uin	16090
	answer	answer is ministerial correction date of answer 21/06/2021 answer text <p>The Financial Conduct Authority (FCA) announced on 3 June that the Temporary Registration Regime for cryptoasset firms would be extended from 9 July 2021 to 31 March 2022. Extending the regime will allow firms which are currently part of the regime to continue trading whilst their applications for anti-money laundering supervision are being assessed. The FCA has increased considerably the resources allocated to assessing applications, with a view to processing the remaining applications by the new deadline.</p> answering member constituency Salisbury answering member printed John Glen question first answered 21/06/2021 12:08:08 answering member 4051 label Biography information for John Glen
	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

994153

	registered interest
	date	24/10/2018
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Brexit
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will publish immediately and in full detail the cross-Whitehall Brexit analysis and the underlying models and assumptions supporting that analysis.
	tabling member constituency	Wycombe
	tabling member printed	Mr Steve Baker
	uin	183423
	answer	answer is ministerial correction date of answer 29/10/2018 answer text <p>The Government has confirmed that once we have agreed a deal with the EU, the Government will provide Parliament with the appropriate analysis of that deal ahead of the vote on the final deal.</p><p> </p><p>With negotiations ongoing, it would not be practical or sensible to set out the details of exactly how the Government will analyse the final deal.</p><p> </p><p>The Government will therefore not provide an ongoing commentary on internal analytical work.</p> answering member constituency Salisbury answering member printed John Glen question first answered 29/10/2018 13:05:22 answering member 4051 label Biography information for John Glen
	tabling member	4064 label Biography information for Mr Steve Baker

1280797

	registered interest
	date	26/01/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	London Capital & Finance: Insolvency
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, with reference to Dame Elizabeth Gloster's report entitled, Independent Investigation into the Financial Conduct Authority’s Regulation of London Capital & Finance plc, published on 23 November 2020, what steps he has taken to implement the recommendations of that report and re-compensate bondholders.
	tabling member constituency	Wycombe
	tabling member printed	Mr Steve Baker
	uin	143751
	answer	answer is ministerial correction date of answer 01/02/2021 answer text <p>The Government recognises that this has been a very difficult time for LCF bondholders. That is why on 23 May 2019, following a request from Charles Randell, Chair of the FCA, we formally directed the FCA to launch an independent investigation into the events at LCF, and approved the FCA’s appointment of Dame Elizabeth Gloster to lead it.</p><p> </p><p>Dame Elizabeth’s independent investigation considered the events and circumstances surrounding the failure of LCF and whether, in its supervision of LCF, the FCA discharged its functions in a manner which enabled it to effectively fulfil its statutory objectives. Dame Elizabeth delivered her report to the FCA on 23 November 2020, and the report alongside the FCA’s response was published on 17 December 2020. A Written Ministerial Statement was made on the same day setting out the Government’s response. These documents are available online at gov.uk.</p><p> </p><p>Dame Elizabeth makes nine recommendations for the FCA. The Government welcomes the FCA’s apology to LCF bondholders and their commitment to implement Dame Elizabeth’s recommendations.</p><p> </p><p>HM Treasury has also accepted the four recommendations that Dame Elizabeth Gloster made for the government regarding the regulatory regime. The Written Statement set out the steps that the Government will be taking to implement them.</p><p>As set out in the Written Statement, there are three main channels through which London Capital &amp; Finance plc (LCF) bondholders can seek compensation. These are the administration process, the Financial Services Compensation Scheme (FSCS), and the Financial Conduct Authority’s (FCA) Complaints Scheme.</p><p> </p><p>The Written Statement also set out that, taking into consideration the specific and complex set of circumstances surrounding the collapse of LCF, the Treasury will set up a compensation scheme which will assess whether there is justification for further one-off compensation payments in certain circumstances for some LCF bondholders. The Government will announce further details in due course.</p><p> </p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 143761 question first answered 01/02/2021 11:50:29 answering member 4051 label Biography information for John Glen
	tabling member	4064 label Biography information for Mr Steve Baker

1218606

	registered interest
	date	29/06/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cooperatives: Coronavirus
	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 implications for his policies of Co-operatives UK’s campaign to build back better following the covid-19 outbreak.
	tabling member constituency	Wycombe
	tabling member printed	Mr Steve Baker
	uin	66044
	answer	answer is ministerial correction date of answer 06/07/2020 answer text <p>The Government recognises the value of co-operatives, and the contribution they make to all sectors of the economy. The first phase of our economic response has seen us take unprecedented steps to support the economy through the crisis; to keep as many people as possible in their existing jobs, to support viable businesses, including co-operatives, to stay afloat, and to protect the incomes of the most vulnerable.</p><p> </p><p>As we start to open the economy up and we look forward, our energies will focus on planning for the recovery, we will consider how best to support the economic recovery. We will develop new measures to grow the economy, to back business, including co-operatives, to boost skills, and to help people thrive in the new post-Covid world. We will continue to consider how we can best support the co-operative sector to reach its potential, and welcome the views of Co-operatives UK and others in the sector as we do.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 66045 question first answered 06/07/2020 07:53:41 answering member 4051 label Biography information for John Glen
	tabling member	4064 label Biography information for Mr Steve Baker