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1719738

registered interest
date	21/05/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Conduct Authority
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 potential impact of the Financial Conduct Authority's (FCA) proposals to publicly announce the names of firms and/or individuals at the commencement of enforcement investigations on the (a) commercial value of firms, (b) career prospects of individuals who are named and (c) overall competitiveness of the UK’s (i) financial and related professional services industries and (ii) wider economy; and if he will make an assessment of the compatibility of that proposal with the FCA’s secondary objective to consider international competitiveness and economic growth.
tabling member constituency	Wimbledon
tabling member printed	Stephen Hammond
uin	27312
answer	answer is ministerial correction date of answer 24/05/2024 answer text <p>I recognise that many in the financial services sector have concerns about the Financial Conduct Authority’s (FCA) proposed changes to its approach to enforcement.</p><p>This is why the Chancellor and I have been clear that we believe the FCA should reconsider its proposals, in light of responses to its consultation, and considering its new growth and competitiveness objective. The competitiveness of the UK’s world-leading financial services sector is one of the Government’s top priorities.</p><p>The legislative framework provides for the FCA to be operationally independent from the government. The independence of the FCA is vital to its role. The Government respects this operational independence, but takes holding it to account very seriously.</p><p>The specific concerns you have raised are a matter for the FCA, as the operationally independent regulator. The FCA will respond to the Honourable Member by letter on this matter, and a copy of the letter will be placed in the Library of the House of Commons.</p><p>The purpose of any consultation is to allow the regulators to test their proposals and understand their potential impact. It is therefore appropriate to suggest that the FCA reconsider its proposals in light of the feedback received. The Government will continue to engage closely with stakeholders, and with the FCA as they consider next steps.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 24/05/2024 08:59:59 answering member 4639 label Biography information for Bim Afolami
tabling member	1585 label Biography information for Stephen Hammond

1582365

registered interest
date	31/01/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Multinational Companies: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will publish the calculations by which an estimate of £2.11bn of revenue in 2024-25 from implementation of the global minimum corporate tax reforms was arrived at.
tabling member constituency	Wimbledon
tabling member printed	Stephen Hammond
uin	136517
answer	answer is ministerial correction date of answer 06/02/2023 answer text <p>The number of Multinational Enterprises which have headquarters in the UK is 387. The latest information can be found in <a href="https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.oecd.org%2Ftax%2Ftax-policy%2Fcorporate-tax-statistics-fourth-edition.pdf&amp;data=05%7C01%7Cpetr.simecek%40hmrc.gov.uk%7C34df251e06a247dc99b708db044fb466%7Cac52f73cfd1a4a9a8e7a4a248f3139e1%7C0%7C0%7C638108512587151294%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&amp;sdata=LsJnqOya44BpwAQRRQWFf5%2BKcQUcdD7K9D7Dnhdusdw%3D&amp;reserved=0" target="_blank"><em>https://www.oecd.org/tax/tax-policy/corporate-tax-statistics-fourth-edition.pdf</em></a><em>.</em> The number of multinational enterprises which have operations in the UK, but are headquartered outside of the UK is 4,000.</p><p> </p><p>The process for estimating the Exchequer yield from implementation of Pillar 2 policy in the UK can be found in the Autumn Budget 2022: Policy Costings, available here: <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1118364/Autumn_Statement_2022_Policy_Costings_.pdf" target="_blank"><em>https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1118364/Autumn_Statement_2022_Policy_Costings_.pdf</em></a><em>.</em></p> answering member constituency Louth and Horncastle answering member printed Victoria Atkins grouped question UIN 136518 136521 question first answered 06/02/2023 18:34:15 answering member 4399 label Biography information for Victoria Atkins
tabling member	1585 label Biography information for Stephen Hammond

1582366

registered interest
date	31/01/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Multinational Companies: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what account was taken of potential behaviour change in estimating revenue arising from implementation of the global minimum corporate tax reforms.
tabling member constituency	Wimbledon
tabling member printed	Stephen Hammond
uin	136518
answer	answer is ministerial correction date of answer 06/02/2023 answer text <p>The number of Multinational Enterprises which have headquarters in the UK is 387. The latest information can be found in <a href="https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.oecd.org%2Ftax%2Ftax-policy%2Fcorporate-tax-statistics-fourth-edition.pdf&amp;data=05%7C01%7Cpetr.simecek%40hmrc.gov.uk%7C34df251e06a247dc99b708db044fb466%7Cac52f73cfd1a4a9a8e7a4a248f3139e1%7C0%7C0%7C638108512587151294%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&amp;sdata=LsJnqOya44BpwAQRRQWFf5%2BKcQUcdD7K9D7Dnhdusdw%3D&amp;reserved=0" target="_blank"><em>https://www.oecd.org/tax/tax-policy/corporate-tax-statistics-fourth-edition.pdf</em></a><em>.</em> The number of multinational enterprises which have operations in the UK, but are headquartered outside of the UK is 4,000.</p><p> </p><p>The process for estimating the Exchequer yield from implementation of Pillar 2 policy in the UK can be found in the Autumn Budget 2022: Policy Costings, available here: <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1118364/Autumn_Statement_2022_Policy_Costings_.pdf" target="_blank"><em>https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1118364/Autumn_Statement_2022_Policy_Costings_.pdf</em></a><em>.</em></p> answering member constituency Louth and Horncastle answering member printed Victoria Atkins grouped question UIN 136517 136521 question first answered 06/02/2023 18:34:15 answering member 4399 label Biography information for Victoria Atkins
tabling member	1585 label Biography information for Stephen Hammond

1582367

registered interest
date	31/01/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Taxation: USA
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to paragraph 3.6 of the consultation on implementation of OECD Pillar 2 published on11 January 2022, whether his Department has made an assessment of the implications for his policies of the progress towards the consistent implementation of the rules in the United States; and if he will make a statement.
tabling member constituency	Wimbledon
tabling member printed	Stephen Hammond
uin	136519
answer	answer is ministerial correction date of answer 07/02/2023 answer text <p>The international group representing more than 135 countries that are collaborating to tackle tax avoidance (known as the ‘Inclusive Framework’) have agreed that Pillar 2 implementation is subject to a ‘common approach’. This means that countries that implement Pillar 2 must do so in line with the intended outcomes of the rules, ensuring consistency in implementation. A qualification process for each country that implements Pillar 2 is under discussion by the Inclusive Framework.</p><p> </p><p>The United States have already implemented a tax on low taxed foreign profits called Global Intangible Low Taxed Income (GILTI). The Government recognises that the US has committed to reforming the GILTI rules so that they align with the Pillar 2 rules. How GILTI and Pillar 2 will interact, pending such reform, is being agreed internationally.</p> answering member constituency Louth and Horncastle answering member printed Victoria Atkins grouped question UIN 136745 question first answered 07/02/2023 19:32:11 answering member 4399 label Biography information for Victoria Atkins
tabling member	1585 label Biography information for Stephen Hammond

1582369

registered interest
date	31/01/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Multinational Companies: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to HM Revenue and Customs' policy paper ‘Multinational top-up tax: UK adoption of Organisation for Economic Co-operation and Development Pillar 2, published on 20 July 2022, if he will publish the calculations behind the estimate of £8.2m annual costs to businesses affected by the measure.
tabling member constituency	Wimbledon
tabling member printed	Stephen Hammond
uin	136520
answer	answer is ministerial correction date of answer 08/02/2023 answer text <p>The £8.2 million average reoccurring annual impact cost was calculated based on HMRC’s Standard Cost Model methodology for determining the administrative impacts of compliant, efficient businesses complying with new measures.</p> answering member constituency Louth and Horncastle answering member printed Victoria Atkins question first answered 08/02/2023 16:28:20 answering member 4399 label Biography information for Victoria Atkins
tabling member	1585 label Biography information for Stephen Hammond

1582370

registered interest
date	31/01/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Multinational Companies: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many multinational enterprises with global revenues in excess of 750 million euros per annum conduct business activities in the UK.
tabling member constituency	Wimbledon
tabling member printed	Stephen Hammond
uin	136521
answer	answer is ministerial correction date of answer 06/02/2023 answer text <p>The number of Multinational Enterprises which have headquarters in the UK is 387. The latest information can be found in <a href="https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.oecd.org%2Ftax%2Ftax-policy%2Fcorporate-tax-statistics-fourth-edition.pdf&amp;data=05%7C01%7Cpetr.simecek%40hmrc.gov.uk%7C34df251e06a247dc99b708db044fb466%7Cac52f73cfd1a4a9a8e7a4a248f3139e1%7C0%7C0%7C638108512587151294%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&amp;sdata=LsJnqOya44BpwAQRRQWFf5%2BKcQUcdD7K9D7Dnhdusdw%3D&amp;reserved=0" target="_blank"><em>https://www.oecd.org/tax/tax-policy/corporate-tax-statistics-fourth-edition.pdf</em></a><em>.</em> The number of multinational enterprises which have operations in the UK, but are headquartered outside of the UK is 4,000.</p><p> </p><p>The process for estimating the Exchequer yield from implementation of Pillar 2 policy in the UK can be found in the Autumn Budget 2022: Policy Costings, available here: <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1118364/Autumn_Statement_2022_Policy_Costings_.pdf" target="_blank"><em>https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1118364/Autumn_Statement_2022_Policy_Costings_.pdf</em></a><em>.</em></p> answering member constituency Louth and Horncastle answering member printed Victoria Atkins grouped question UIN 136517 136518 question first answered 06/02/2023 18:34:15 answering member 4399 label Biography information for Victoria Atkins
tabling member	1585 label Biography information for Stephen Hammond

1582371

registered interest
date	31/01/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Multinational Companies: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether international agreement on Pillar 1 of the Organisation for Economic Cooperation and Development’s base erosion and profit shifting 2.0 proposals is necessary for Pillar 2 to become operational in the UK..
tabling member constituency	Wimbledon
tabling member printed	Stephen Hammond
uin	136522
answer	answer is ministerial correction date of answer 07/02/2023 answer text <p>At Autumn Statement 2022, the Government confirmed that Pillar 2 will be implemented in the UK from 31 December 2023. This can be viewed on page 51 of the Autumn Statement document on gov.uk <a href="https://www.gov.uk/government/publications/autumn-statement-2022-documents" target="_blank"><em>https://www.gov.uk/government/publications/autumn-statement-2022-documents</em></a></p><p> </p><p>Alongside this the Government remains focused on delivering a Multilateral Convention on Pillar 1 by mid-2023, in line with the aim set out in the OECD’s Progress Report on Pillar 1 in July 2022, with the aim of that agreement then coming into force as soon as possible.</p> answering member constituency Louth and Horncastle answering member printed Victoria Atkins grouped question UIN 136747 question first answered 07/02/2023 19:36:02 answering member 4399 label Biography information for Victoria Atkins
tabling member	1585 label Biography information for Stephen Hammond

1581260

registered interest
date	26/01/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Children
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 improve financial inclusion of under-18s.
tabling member constituency	Wimbledon
tabling member printed	Stephen Hammond
uin	133572
answer	answer is ministerial correction date of answer 02/02/2023 answer text <p>The Government wants to ensure that people, regardless of their background or income, have access to useful and affordable financial products and services and is committed to ensuring that people build financial capability. This means they are able to use, and maximise their use of, products and services made available by the financial services industry.</p><p> </p><p>To promote financial inclusion and capability, the Government works closely together with regulators and stakeholders from the public, private and third sectors. For people under the age of 18, economic and financial education are important parts of a broad and balanced curriculum that provide the essential knowledge to ensure that young people are prepared to manage money well and make sound financial decisions.</p><p> </p><p>Financial education is a statutory part of the national citizenship curriculum for 11- to 16-year-olds in England and primary schools can choose to teach citizenship, using non-statutory programmes of study.</p><p> </p><p>To further support schools to deliver high quality financial education, the Money and Pensions Service published financial education guidance for schools in England in 2021. This guidance supports school leaders and education decision makers to enhance the financial education currently delivered in their schools.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 133538 question first answered 02/02/2023 09:29:18 answering member 4874 label Biography information for Andrew Griffith
tabling member	1585 label Biography information for Stephen Hammond

1539292

registered interest
date	03/11/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Planning and Infrastructure: Legislation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he plans to bring forward a Planning and Infrastructure Bill in this Parliament.
tabling member constituency	Wimbledon
tabling member printed	Stephen Hammond
uin	78665
answer	answer is ministerial correction date of answer 10/11/2022 answer text <p>Infrastructure is a vital means to drive the UK’s economic growth, increasing long-term energy security and delivering Net Zero by 2050. The government remains committed to delivering high quality infrastructure in a timely manner across the UK.</p><p> </p><p>Further detail on the government’s legislative priorities during the remainder of this Parliament will be set out in due course.</p> answering member constituency South Suffolk answering member printed James Cartlidge question first answered 10/11/2022 10:54:48 answering member 4519 label Biography information for James Cartlidge
tabling member	1585 label Biography information for Stephen Hammond

1506053

registered interest
date	07/09/2022
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	UK Infrastructure Bank
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made for the implication of his policies of the Institution of Civil Engineer's recommendation that the National Infrastructure Strategy should be on a statutory footing to provide more clarity and guidance on where the UK Infrastructure Bank should focus.
tabling member constituency	Wimbledon
tabling member printed	Stephen Hammond
uin	49112
answer	answer is ministerial correction date of answer 15/09/2022 answer text <p>As the Prime Minister set out earlier this month, the government is committed to delivery of infrastructure commitments – including those set out in the National Infrastructure Strategy (NIS) – to improve the UK’s energy security, transport networks and digital connectivity. There are no plans to legislate for the NIS.</p><p> </p><p>The UK Infrastructure Bank (UKIB) was established in June 2021. Since then, it has entered into 10 deals worth a total of £1 billion, investing to drive economic growth and to strengthen the UK’s energy supply. The former Chancellor wrote to the UKIB on 18<sup>th</sup> March 2022 to set out his strategic priorities for the Bank. This letter has been published and is available on gov.uk.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 15/09/2022 15:00:17 answering member 4874 label Biography information for Andrew Griffith
tabling member	1585 label Biography information for Stephen Hammond