HM Treasury works closely with the Financial Conduct Authority (FCA) to ensure that the market works well, competitively and fairly for both firms and consumers, and that the advice being provided is of high quality.<\/p>
HM Treasury sets the legislative framework for financial services, including financial advice, and regulation of the sector is the responsibility of the independent FCA. Their rules require advice firms to understand the essential facts about their client\u2019s investment objectives, risk tolerance, and ability to bear losses before making a recommendation. The FCA\u2019s Consumer Duty also applies, which requires regulated firms to avoid foreseeable harm and support their customers to pursue their financial objectives.<\/p>
In 2020, the FCA published an evaluation of the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR) \u2013 significant interventions to improve the quality of financial advice. This found that the reviews enhanced the offering available to consumers and increased trust in the investment industry. It also found a small increase in the number of advisers in the market from approximately 35,000 to 36,400 between 2012 and 2019.<\/p>
The Government recognises continued concerns regarding the accessibility and cost of advice and has launched a review, alongside the FCA, of the regulatory boundary between financial guidance and financial advice. The review seeks to create a regulatory system where commercially viable, high-quality models of support can emerge for consumers at all life stages. HM Treasury and the FCA published a joint policy paper in December 2023 outlining initial proposals for reform and are currently considering the feedback provided by industry and consumer groups.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4639", "label" : {"_value" : "Biography information for Bim Afolami"} } , "answeringMemberConstituency" : {"_value" : "Hitchin and Harpenden"} , "answeringMemberPrinted" : {"_value" : "Bim Afolami"} , "dateOfAnswer" : {"_value" : "2024-03-18", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "18091"} , {"_value" : "18092"} , {"_value" : "18093"} , {"_value" : "18094"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-03-18T15:41:58.537Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-03-12", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Finance: Advisory Services"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, how many active registered financial advisers there are; how many such advisers there were in 2014; and what assessment the Financial Conduct Authority has made of the causes of changes in the levels of such advisers.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1566", "label" : {"_value" : "Biography information for Daniel Kawczynski"} } , "tablingMemberConstituency" : {"_value" : "Shrewsbury and Atcham"} , "tablingMemberPrinted" : [{"_value" : "Daniel Kawczynski"} ], "uin" : "18090"} , {"_about" : "http://data.parliament.uk/resources/1695245", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1695245/answer", "answerText" : {"_value" : "
HM Treasury works closely with the Financial Conduct Authority (FCA) to ensure that the market works well, competitively and fairly for both firms and consumers, and that the advice being provided is of high quality.<\/p>
HM Treasury sets the legislative framework for financial services, including financial advice, and regulation of the sector is the responsibility of the independent FCA. Their rules require advice firms to understand the essential facts about their client\u2019s investment objectives, risk tolerance, and ability to bear losses before making a recommendation. The FCA\u2019s Consumer Duty also applies, which requires regulated firms to avoid foreseeable harm and support their customers to pursue their financial objectives.<\/p>
In 2020, the FCA published an evaluation of the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR) \u2013 significant interventions to improve the quality of financial advice. This found that the reviews enhanced the offering available to consumers and increased trust in the investment industry. It also found a small increase in the number of advisers in the market from approximately 35,000 to 36,400 between 2012 and 2019.<\/p>
The Government recognises continued concerns regarding the accessibility and cost of advice and has launched a review, alongside the FCA, of the regulatory boundary between financial guidance and financial advice. The review seeks to create a regulatory system where commercially viable, high-quality models of support can emerge for consumers at all life stages. HM Treasury and the FCA published a joint policy paper in December 2023 outlining initial proposals for reform and are currently considering the feedback provided by industry and consumer groups.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4639", "label" : {"_value" : "Biography information for Bim Afolami"} } , "answeringMemberConstituency" : {"_value" : "Hitchin and Harpenden"} , "answeringMemberPrinted" : {"_value" : "Bim Afolami"} , "dateOfAnswer" : {"_value" : "2024-03-18", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "18090"} , {"_value" : "18092"} , {"_value" : "18093"} , {"_value" : "18094"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-03-18T15:41:58.583Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-03-12", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Finance: Advisory Services"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, how many small financial advice firms the Financial Conduct Authority has visited in the last 12 months; and for what reasons.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1566", "label" : {"_value" : "Biography information for Daniel Kawczynski"} } , "tablingMemberConstituency" : {"_value" : "Shrewsbury and Atcham"} , "tablingMemberPrinted" : [{"_value" : "Daniel Kawczynski"} ], "uin" : "18091"} , {"_about" : "http://data.parliament.uk/resources/1695246", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1695246/answer", "answerText" : {"_value" : "
HM Treasury works closely with the Financial Conduct Authority (FCA) to ensure that the market works well, competitively and fairly for both firms and consumers, and that the advice being provided is of high quality.<\/p>
HM Treasury sets the legislative framework for financial services, including financial advice, and regulation of the sector is the responsibility of the independent FCA. Their rules require advice firms to understand the essential facts about their client\u2019s investment objectives, risk tolerance, and ability to bear losses before making a recommendation. The FCA\u2019s Consumer Duty also applies, which requires regulated firms to avoid foreseeable harm and support their customers to pursue their financial objectives.<\/p>
In 2020, the FCA published an evaluation of the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR) \u2013 significant interventions to improve the quality of financial advice. This found that the reviews enhanced the offering available to consumers and increased trust in the investment industry. It also found a small increase in the number of advisers in the market from approximately 35,000 to 36,400 between 2012 and 2019.<\/p>
The Government recognises continued concerns regarding the accessibility and cost of advice and has launched a review, alongside the FCA, of the regulatory boundary between financial guidance and financial advice. The review seeks to create a regulatory system where commercially viable, high-quality models of support can emerge for consumers at all life stages. HM Treasury and the FCA published a joint policy paper in December 2023 outlining initial proposals for reform and are currently considering the feedback provided by industry and consumer groups.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4639", "label" : {"_value" : "Biography information for Bim Afolami"} } , "answeringMemberConstituency" : {"_value" : "Hitchin and Harpenden"} , "answeringMemberPrinted" : {"_value" : "Bim Afolami"} , "dateOfAnswer" : {"_value" : "2024-03-18", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "18090"} , {"_value" : "18091"} , {"_value" : "18093"} , {"_value" : "18094"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-03-18T15:41:58.63Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-03-12", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Finance: Advisory Services"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, how many regulations governing the financial advice sector there are; how many there were in 2014; and what assessment the Financial Conduct Authority has made of the potential impact of changes in the level of such regulations on the work of the sector.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1566", "label" : {"_value" : "Biography information for Daniel Kawczynski"} } , "tablingMemberConstituency" : {"_value" : "Shrewsbury and Atcham"} , "tablingMemberPrinted" : [{"_value" : "Daniel Kawczynski"} ], "uin" : "18092"} , {"_about" : "http://data.parliament.uk/resources/1695247", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1695247/answer", "answerText" : {"_value" : "
HM Treasury works closely with the Financial Conduct Authority (FCA) to ensure that the market works well, competitively and fairly for both firms and consumers, and that the advice being provided is of high quality.<\/p>
HM Treasury sets the legislative framework for financial services, including financial advice, and regulation of the sector is the responsibility of the independent FCA. Their rules require advice firms to understand the essential facts about their client\u2019s investment objectives, risk tolerance, and ability to bear losses before making a recommendation. The FCA\u2019s Consumer Duty also applies, which requires regulated firms to avoid foreseeable harm and support their customers to pursue their financial objectives.<\/p>
In 2020, the FCA published an evaluation of the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR) \u2013 significant interventions to improve the quality of financial advice. This found that the reviews enhanced the offering available to consumers and increased trust in the investment industry. It also found a small increase in the number of advisers in the market from approximately 35,000 to 36,400 between 2012 and 2019.<\/p>
The Government recognises continued concerns regarding the accessibility and cost of advice and has launched a review, alongside the FCA, of the regulatory boundary between financial guidance and financial advice. The review seeks to create a regulatory system where commercially viable, high-quality models of support can emerge for consumers at all life stages. HM Treasury and the FCA published a joint policy paper in December 2023 outlining initial proposals for reform and are currently considering the feedback provided by industry and consumer groups.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4639", "label" : {"_value" : "Biography information for Bim Afolami"} } , "answeringMemberConstituency" : {"_value" : "Hitchin and Harpenden"} , "answeringMemberPrinted" : {"_value" : "Bim Afolami"} , "dateOfAnswer" : {"_value" : "2024-03-18", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "18090"} , {"_value" : "18091"} , {"_value" : "18092"} , {"_value" : "18094"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-03-18T15:41:58.66Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-03-12", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Finance: Advisory Services"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what steps the Financial Conduct Authority is taking to increase the (a) availability and (b) affordability of financial advice for consumers, and how the effectiveness of such steps is measured.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1566", "label" : {"_value" : "Biography information for Daniel Kawczynski"} } , "tablingMemberConstituency" : {"_value" : "Shrewsbury and Atcham"} , "tablingMemberPrinted" : [{"_value" : "Daniel Kawczynski"} ], "uin" : "18093"} , {"_about" : "http://data.parliament.uk/resources/1695248", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1695248/answer", "answerText" : {"_value" : "
HM Treasury works closely with the Financial Conduct Authority (FCA) to ensure that the market works well, competitively and fairly for both firms and consumers, and that the advice being provided is of high quality.<\/p>
HM Treasury sets the legislative framework for financial services, including financial advice, and regulation of the sector is the responsibility of the independent FCA. Their rules require advice firms to understand the essential facts about their client\u2019s investment objectives, risk tolerance, and ability to bear losses before making a recommendation. The FCA\u2019s Consumer Duty also applies, which requires regulated firms to avoid foreseeable harm and support their customers to pursue their financial objectives.<\/p>
In 2020, the FCA published an evaluation of the Retail Distribution Review (RDR) and the Financial Advice Market Review (FAMR) \u2013 significant interventions to improve the quality of financial advice. This found that the reviews enhanced the offering available to consumers and increased trust in the investment industry. It also found a small increase in the number of advisers in the market from approximately 35,000 to 36,400 between 2012 and 2019.<\/p>
The Government recognises continued concerns regarding the accessibility and cost of advice and has launched a review, alongside the FCA, of the regulatory boundary between financial guidance and financial advice. The review seeks to create a regulatory system where commercially viable, high-quality models of support can emerge for consumers at all life stages. HM Treasury and the FCA published a joint policy paper in December 2023 outlining initial proposals for reform and are currently considering the feedback provided by industry and consumer groups.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4639", "label" : {"_value" : "Biography information for Bim Afolami"} } , "answeringMemberConstituency" : {"_value" : "Hitchin and Harpenden"} , "answeringMemberPrinted" : {"_value" : "Bim Afolami"} , "dateOfAnswer" : {"_value" : "2024-03-18", "_datatype" : "dateTime"} , "groupedQuestionUIN" : [{"_value" : "18090"} , {"_value" : "18091"} , {"_value" : "18092"} , {"_value" : "18093"} ], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-03-18T15:41:58.71Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-03-12", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Finance: Advisory Services"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what assessment he has made of the adequacy of the number of financial advisers in relation to the demand for financial advice from consumers (a) now and (b) in the future.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1566", "label" : {"_value" : "Biography information for Daniel Kawczynski"} } , "tablingMemberConstituency" : {"_value" : "Shrewsbury and Atcham"} , "tablingMemberPrinted" : [{"_value" : "Daniel Kawczynski"} ], "uin" : "18094"} , {"_about" : "http://data.parliament.uk/resources/1684373", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1684373/answer", "answerText" : {"_value" : "
The UK\u2019s R&D tax reliefs provide generous support to encourage companies to conduct R&D activity, driving innovation and growth in the UK.<\/p>
Where a claim is disallowed because it is not legitimate R&D, HMRC would not expect this to have an impact on either retention or the amount of R&D undertaken by companies.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4407", "label" : {"_value" : "Biography information for Nigel Huddleston"} } , "answeringMemberConstituency" : {"_value" : "Mid Worcestershire"} , "answeringMemberPrinted" : {"_value" : "Nigel Huddleston"} , "dateOfAnswer" : {"_value" : "2024-01-26", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-01-26T10:18:52.993Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-01-23", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Research: Tax Allowances"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what assessment has been made of the potential impact of research and development (R&D) tax relief claims being disallowed by HMRC on (a) the level of R&D being undertaken by individual companies and (b) retention of R&D companies in the UK.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1566", "label" : {"_value" : "Biography information for Daniel Kawczynski"} } , "tablingMemberConstituency" : {"_value" : "Shrewsbury and Atcham"} , "tablingMemberPrinted" : [{"_value" : "Daniel Kawczynski"} ], "uin" : "11035"} , {"_about" : "http://data.parliament.uk/resources/1681921", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1681921/answer", "answerText" : {"_value" : "
The Government recognises the widespread benefits of digital identity use.<\/p>
<\/p>
HM Treasury\u2019s Money Laundering Regulations (MLRs) 2017 require banks and other regulated financial firms to verify a customer\u2019s identity to open, access or maintain a bank account or other financial products. The MLRs do not impose a preference in how a regulated firm should verify its customers\u2019 identities, either using traditional paper or digital identity sources.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4639", "label" : {"_value" : "Biography information for Bim Afolami"} } , "answeringMemberConstituency" : {"_value" : "Hitchin and Harpenden"} , "answeringMemberPrinted" : {"_value" : "Bim Afolami"} , "dateOfAnswer" : {"_value" : "2024-01-23", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-01-23T11:38:41.317Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-01-15", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Financial Services: Non-fungible Tokens"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, whether he has had discussions with relevant stakeholders on the potential merits of using non-fungible tokens to replace paper identification required to (a) open a bank account and (b) access (i) loans, (ii) mortgages, (iii) credit cards, (iv) investment opportunities and (v) other financial instruments.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1566", "label" : {"_value" : "Biography information for Daniel Kawczynski"} } , "tablingMemberConstituency" : {"_value" : "Shrewsbury and Atcham"} , "tablingMemberPrinted" : [{"_value" : "Daniel Kawczynski"} ], "uin" : "9488"} , {"_about" : "http://data.parliament.uk/resources/1681925", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1681925/answer", "answerText" : {"_value" : "
HM Treasury has made no assessment of the potential role of non-fungible tokens in tackling corruption in the administration of public finances.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4639", "label" : {"_value" : "Biography information for Bim Afolami"} } , "answeringMemberConstituency" : {"_value" : "Hitchin and Harpenden"} , "answeringMemberPrinted" : {"_value" : "Bim Afolami"} , "dateOfAnswer" : {"_value" : "2024-01-18", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-01-18T12:34:01.803Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-01-15", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Public Finance: Non-fungible Tokens"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential role of Non-Fungible Tokens in tackling corruption in the administration of public finances.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1566", "label" : {"_value" : "Biography information for Daniel Kawczynski"} } , "tablingMemberConstituency" : {"_value" : "Shrewsbury and Atcham"} , "tablingMemberPrinted" : [{"_value" : "Daniel Kawczynski"} ], "uin" : "9491"} , {"_about" : "http://data.parliament.uk/resources/1678452", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1678452/answer", "answerText" : {"_value" : "
The government is not pursuing the use of Non-Fungible Tokens for issuing and tracking government debt at this time, though all decisions in this regard remain under review.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4639", "label" : {"_value" : "Biography information for Bim Afolami"} } , "answeringMemberConstituency" : {"_value" : "Hitchin and Harpenden"} , "answeringMemberPrinted" : {"_value" : "Bim Afolami"} , "dateOfAnswer" : {"_value" : "2024-01-08", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-01-08T17:35:03.03Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2023-12-18", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Non-fungible Tokens"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of using Non-Fungible Tokens in the (a) issuing and (b) tracking of government loans.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1566", "label" : {"_value" : "Biography information for Daniel Kawczynski"} } , "tablingMemberConstituency" : {"_value" : "Shrewsbury and Atcham"} , "tablingMemberPrinted" : [{"_value" : "Daniel Kawczynski"} ], "uin" : "7302"} , {"_about" : "http://data.parliament.uk/resources/1611847", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1611847/answer", "answerText" : {"_value" : "
The revenue raised from IPT helps the Government to fund public services, including the NHS and social care. Reform leading to any loss in tax revenue would have to be balanced by a reduction in public spending, increased borrowing or increased taxation elsewhere.<\/p>
Given this, there are currently no plans to change the IPT treatment of medical insurance, however, all taxes are kept under review and the views expressed to us are carefully considered as part of the Budget process.<\/p>
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