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1156240

	registered interest
	date	24/10/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: International Cooperation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will take steps to establish a new global platform agreement for financial services.
	tabling member constituency	Wycombe
	tabling member printed	Mr Steve Baker
	uin	5016
	answer	answer is ministerial correction date of answer 31/10/2019 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> answering member constituency Salisbury answering member printed John Glen question first answered 31/10/2019 17:07:42 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

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

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

1422628

	registered interest
	date	18/02/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit
	house id	1
	legislature	25259 pref label House of Commons
	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.
	tabling member constituency	Wycombe
	tabling member printed	Mr Steve Baker
	uin	125129
	answer	answer is ministerial correction date of answer 28/02/2022 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> answering member constituency Salisbury answering member printed John Glen grouped question UIN 125128 125130 125131 question first answered 28/02/2022 15:02:20 answering member 4051 label Biography information for John Glen
	tabling member	4064 label Biography information for Mr Steve Baker

1422629

	registered interest
	date	18/02/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what estimate his Department has made of the savings to consumers resulting from the use of buy now, pay later low interest credit schemes in 2021.
	tabling member constituency	Wycombe
	tabling member printed	Mr Steve Baker
	uin	125130
	answer	answer is ministerial correction date of answer 28/02/2022 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> answering member constituency Salisbury answering member printed John Glen grouped question UIN 125128 125129 125131 question first answered 28/02/2022 15:02:20 answering member 4051 label Biography information for John Glen
	tabling member	4064 label Biography information for Mr Steve Baker

1422630

	registered interest
	date	18/02/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit: Retail Trade
	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 impact of buy now, pay later products on the UK’s retail industry.
	tabling member constituency	Wycombe
	tabling member printed	Mr Steve Baker
	uin	125131
	answer	answer is ministerial correction date of answer 28/02/2022 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> answering member constituency Salisbury answering member printed John Glen grouped question UIN 125128 125129 125130 question first answered 28/02/2022 15:02:20 answering member 4051 label Biography information for John Glen
	tabling member	4064 label Biography information for Mr Steve Baker

1422627

	registered interest
	date	18/02/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit: Regulation
	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 regulate buy now, pay later products.
	tabling member constituency	Wycombe
	tabling member printed	Mr Steve Baker
	uin	125128
	answer	answer is ministerial correction date of answer 28/02/2022 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> answering member constituency Salisbury answering member printed John Glen grouped question UIN 125129 125130 125131 question first answered 28/02/2022 15:02:19 answering member 4051 label Biography information for John Glen
	tabling member	4064 label Biography information for Mr Steve Baker