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1156240
star this property registered interest false more like this
star this property date less than 2019-10-24more like thismore than 2019-10-24
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Financial Services: International Cooperation more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, if he will take steps to establish a new global platform agreement for financial services. more like this
star this property tabling member constituency Wycombe more like this
star this property tabling member printed
Mr Steve Baker remove filter
star this property uin 5016 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-10-31more like thismore than 2019-10-31
unstar this property answer text <p>The UK has extensive global financial services ties with both leading advanced markets and emerging markets. When we leave the EU, we will have new tools at our disposal, which we will take advantage of to enhance our key financial services relationships. These include the chance to forge deep bilateral regulatory agreements based on equivalence and mutual recognition, and the opportunity to negotiate on financial services in Free Trade Agreements. We will also continue to use existing tools, such as engagement in the international standard setting bodies.</p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property question first answered
less than 2019-10-31T17:07:42.373Zmore like thismore than 2019-10-31T17:07:42.373Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4064
unstar this property label Biography information for Mr Steve Baker more like this
1218606
star this property registered interest false more like this
star this property date less than 2020-06-29more like thismore than 2020-06-29
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Cooperatives: Coronavirus more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property 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. more like this
star this property tabling member constituency Wycombe more like this
star this property tabling member printed
Mr Steve Baker remove filter
star this property uin 66044 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2020-07-06more like thismore than 2020-07-06
unstar this property 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> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property grouped question UIN 66045 more like this
star this property question first answered
less than 2020-07-06T07:53:41.673Zmore like thismore than 2020-07-06T07:53:41.673Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4064
unstar this property label Biography information for Mr Steve Baker more like this
1218607
star this property registered interest false more like this
star this property date less than 2020-06-26more like thismore than 2020-06-26
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Cooperatives: Coronavirus more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, if he will make it his policy to ensure there is support for co-operative entrepreneurship in the Government's covid-19 recovery strategies; and if he will make a statement. more like this
star this property tabling member constituency Wycombe more like this
star this property tabling member printed
Mr Steve Baker remove filter
star this property uin 66045 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2020-07-06more like thismore than 2020-07-06
unstar this property 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> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property grouped question UIN 66044 more like this
star this property question first answered
less than 2020-07-06T07:53:41.733Zmore like thismore than 2020-07-06T07:53:41.733Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4064
unstar this property label Biography information for Mr Steve Baker more like this
1258670
star this property registered interest false more like this
star this property date less than 2020-12-07more like thismore than 2020-12-07
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Pensions: Uprating more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property 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. more like this
star this property tabling member constituency Wycombe more like this
star this property tabling member printed
Mr Steve Baker remove filter
star this property uin 126013 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2020-12-10more like thismore than 2020-12-10
unstar this property 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>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property question first answered
less than 2020-12-10T13:22:00.067Zmore like thismore than 2020-12-10T13:22:00.067Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4064
unstar this property label Biography information for Mr Steve Baker more like this
1280797
star this property registered interest false more like this
star this property date less than 2021-01-26more like thismore than 2021-01-26
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading London Capital & Finance: Insolvency more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property 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. more like this
star this property tabling member constituency Wycombe more like this
star this property tabling member printed
Mr Steve Baker remove filter
star this property uin 143751 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2021-02-01more like thismore than 2021-02-01
unstar this property 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>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property grouped question UIN 143761 more like this
star this property question first answered
less than 2021-02-01T11:50:29.787Zmore like thismore than 2021-02-01T11:50:29.787Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4064
unstar this property label Biography information for Mr Steve Baker more like this
1336547
star this property registered interest false more like this
star this property date less than 2021-06-15more like thismore than 2021-06-15
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Cryptocurrencies: Registration more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property 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. more like this
star this property tabling member constituency Wycombe more like this
star this property tabling member printed
Mr Steve Baker remove filter
star this property uin 16090 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2021-06-21more like thismore than 2021-06-21
unstar this property 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> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property question first answered
less than 2021-06-21T12:08:08.403Zmore like thismore than 2021-06-21T12:08:08.403Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4064
unstar this property label Biography information for Mr Steve Baker more like this
1377850
star this property registered interest true more like this
star this property date less than 2021-11-12more like thismore than 2021-11-12
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Central Bank Digital Currencies more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property 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. more like this
star this property tabling member constituency Wycombe more like this
star this property tabling member printed
Mr Steve Baker remove filter
star this property uin 73820 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2021-11-17more like thismore than 2021-11-17
unstar this property 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>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property question first answered
less than 2021-11-17T15:22:37.017Zmore like thismore than 2021-11-17T15:22:37.017Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4064
unstar this property label Biography information for Mr Steve Baker more like this
1419033
star this property registered interest false more like this
star this property date less than 2022-02-02more like thismore than 2022-02-02
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Financial Services: Regulation more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property 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. more like this
star this property tabling member constituency Wycombe more like this
star this property tabling member printed
Mr Steve Baker remove filter
star this property uin 116913 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2022-02-09more like thismore than 2022-02-09
unstar this property 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>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property question first answered
less than 2022-02-09T08:54:12.183Zmore like thismore than 2022-02-09T08:54:12.183Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4064
unstar this property label Biography information for Mr Steve Baker more like this
1422627
star this property registered interest false more like this
star this property date less than 2022-02-18more like thismore than 2022-02-18
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Credit: Regulation more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what steps his Department is taking to regulate buy now, pay later products. more like this
star this property tabling member constituency Wycombe more like this
star this property tabling member printed
Mr Steve Baker remove filter
star this property uin 125128 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2022-02-28more like thismore than 2022-02-28
unstar this property answer text <p>The Woolard Review into the unsecured credit market found several potential risks of consumer detriment from interest-free Buy-Now Pay-Later (BNPL) products. The Government recognises those risks, but also notes that as an interest-free product, BNPL can often be lower-risk than other forms of borrowing and a useful tool to help consumers manage their finances. That is why on 2 February 2021 the Government announced its intention to regulate BNPL products in a proportionate manner.</p><p> </p><p>The Government published a consultation on policy proposals for the regulation of BNPL on 21 October 2021, which closed on 6 January. The consultation sought stakeholder views on how to define the scope of regulation and how to draw boundaries in legislation between different types of credit agreements that make use of the exemption from consumer credit regulation that is currently used by BNPL products.</p><p> </p><p>The Government is now reviewing responses to this consultation and considering next steps and intends to publish a consultation response in the spring.</p><p> </p><p>HMT does not hold information regarding the savings to consumers resulting from the use of BNPL products in 2021, or the impact of BNPL on the UK’s retail industry. Instead, HMT draws on the research of various stakeholders, including consumer groups and the wider financial services industry, to inform policy development.</p><p> </p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property grouped question UIN
125129 more like this
125130 more like this
125131 more like this
star this property question first answered
less than 2022-02-28T15:02:19.987Zmore like thismore than 2022-02-28T15:02:19.987Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4064
unstar this property label Biography information for Mr Steve Baker more like this
1422628
star this property registered interest false more like this
star this property date less than 2022-02-18more like thismore than 2022-02-18
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Credit more like this
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what plans his Department has to create a definition of buy now, pay later in statute; and whether he has made an assessment of the potential impact of establishing that definition. more like this
star this property tabling member constituency Wycombe more like this
star this property tabling member printed
Mr Steve Baker remove filter
star this property uin 125129 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2022-02-28more like thismore than 2022-02-28
unstar this property answer text <p>The Woolard Review into the unsecured credit market found several potential risks of consumer detriment from interest-free Buy-Now Pay-Later (BNPL) products. The Government recognises those risks, but also notes that as an interest-free product, BNPL can often be lower-risk than other forms of borrowing and a useful tool to help consumers manage their finances. That is why on 2 February 2021 the Government announced its intention to regulate BNPL products in a proportionate manner.</p><p> </p><p>The Government published a consultation on policy proposals for the regulation of BNPL on 21 October 2021, which closed on 6 January. The consultation sought stakeholder views on how to define the scope of regulation and how to draw boundaries in legislation between different types of credit agreements that make use of the exemption from consumer credit regulation that is currently used by BNPL products.</p><p> </p><p>The Government is now reviewing responses to this consultation and considering next steps and intends to publish a consultation response in the spring.</p><p> </p><p>HMT does not hold information regarding the savings to consumers resulting from the use of BNPL products in 2021, or the impact of BNPL on the UK’s retail industry. Instead, HMT draws on the research of various stakeholders, including consumer groups and the wider financial services industry, to inform policy development.</p><p> </p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen remove filter
star this property grouped question UIN
125128 more like this
125130 more like this
125131 more like this
star this property question first answered
less than 2022-02-28T15:02:20.08Zmore like thismore than 2022-02-28T15:02:20.08Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4064
unstar this property label Biography information for Mr Steve Baker more like this