HM Treasury ministers have regular discussions with their colleagues across Government on climate change, including on the implementation of the Green Finance Strategy. The breadth of work the Government is doing through the Strategy will reinforce the UK\u2019s status as a leading centre for green finance.<\/p>
<\/p>
The Chancellor of the Exchequer is responsible for setting the Remit for the Financial Policy Committee (FPC) once per year, and may also make recommendations regarding matters the FPC should consider as relevant to its primary financial stability objective and its secondary objective to support the Government\u2019s economic policy.<\/p>
<\/p>
The FPC's remit is an important accountability mechanism to ensure the Committee has a clear framework through which it can make policy decisions and consider any trade-offs. This is important given the complexity of the FPC\u2019s work.<\/p>
<\/p>
Yearly updates to the Remit ensure that it reflects the current economic context, the Government\u2019s policy, as well as the FPC\u2019s responsibilities and powers. Climate change is an important part of the FPC's remit: both due to the relevance of climate related risks to the Committee\u2019s primary financial stability objective, and because increasing long-term energy security and delivering Net Zero are included as key parts of the Government\u2019s economic policy and are therefore relevant to its secondary objective.<\/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" : "2023-12-05", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "4639"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2023-12-05T16:28:16.95Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2023-11-30", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Financial Policy Committee"} , "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 recent discussions he has had with the Secretary of State for Energy Security and Net Zero on Remit and Recommendations of the Financial Policy Committee of the Bank of England.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1491", "label" : {"_value" : "Biography information for Kerry McCarthy"} } , "tablingMemberConstituency" : {"_value" : "Bristol East"} , "tablingMemberPrinted" : [{"_value" : "Kerry McCarthy"} ], "uin" : "4638"} , {"_about" : "http://data.parliament.uk/resources/1674338", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1674338/answer", "answerText" : {"_value" : "
HM Treasury ministers have regular discussions with their colleagues across Government on climate change, including on the implementation of the Green Finance Strategy. The breadth of work the Government is doing through the Strategy will reinforce the UK\u2019s status as a leading centre for green finance.<\/p>
<\/p>
The Chancellor of the Exchequer is responsible for setting the Remit for the Financial Policy Committee (FPC) once per year, and may also make recommendations regarding matters the FPC should consider as relevant to its primary financial stability objective and its secondary objective to support the Government\u2019s economic policy.<\/p>
<\/p>
The FPC's remit is an important accountability mechanism to ensure the Committee has a clear framework through which it can make policy decisions and consider any trade-offs. This is important given the complexity of the FPC\u2019s work.<\/p>
<\/p>
Yearly updates to the Remit ensure that it reflects the current economic context, the Government\u2019s policy, as well as the FPC\u2019s responsibilities and powers. Climate change is an important part of the FPC's remit: both due to the relevance of climate related risks to the Committee\u2019s primary financial stability objective, and because increasing long-term energy security and delivering Net Zero are included as key parts of the Government\u2019s economic policy and are therefore relevant to its secondary objective.<\/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" : "2023-12-05", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "4638"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2023-12-05T16:28:16.907Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2023-11-30", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Monetary Policy"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, with reference to his letters to the Governor of the Bank of England on the Remit and Recommendations for the Financial Policy Committee of 17 November 2022 and 22 November 2023, for what reason the bullet point on climate change and energy security in part C ii of the 2022 Remit and Recommendations is not present in that part of the 2023 Remit and Recommendations.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1491", "label" : {"_value" : "Biography information for Kerry McCarthy"} } , "tablingMemberConstituency" : {"_value" : "Bristol East"} , "tablingMemberPrinted" : [{"_value" : "Kerry McCarthy"} ], "uin" : "4639"} , {"_about" : "http://data.parliament.uk/resources/1674398", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1674398/answer", "answerText" : {"_value" : "
Decisions on opening and closing branches are taken by the management team of each bank on a commercial basis, with which the Government does not interfere.<\/p>
<\/p>
Nonetheless, the Government believes that the impact of branch closures should be mitigated where possible so that all customers, wherever they live, continue to have access to appropriate banking services.<\/p>
<\/p>
The Government supports industry working together to provide alternative banking and cash services, such as Banking Hubs. To date, industry has committed to delivering new shared Banking Hubs in over 100 communities. Further alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office. The Post Office Banking Framework also allows 99% of personal banking and 95% of business customers to deposit cheques, check their balance and withdraw and deposit cash at more than 11,500 Post Office branches across the UK.<\/p>
<\/p>
Guidance from the Financial Conduct Authority sets out its expectation of firms when they are deciding to close their branches. Firms are expected to carefully consider the impact of a planned closure on their customers\u2019 everyday banking and cash access needs and consider possible alternative access arrangements. This seeks to ensure the implementation of closure decisions is done in a way that treats customers fairly. The Consumer Duty also requires that firms deliver \u201cgood outcomes\u201d for customers.<\/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" : "2023-12-06", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2023-12-06T13:16:50.997Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2023-11-30", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Banks: Closures"} , "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 he is taking to help prevent the closure of high street banks in rural areas.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/350", "label" : {"_value" : "Biography information for Sir John Hayes"} } , "tablingMemberConstituency" : {"_value" : "South Holland and The Deepings"} , "tablingMemberPrinted" : [{"_value" : "Sir John Hayes"} ], "uin" : "4617"} , {"_about" : "http://data.parliament.uk/resources/1674403", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1674403/answer", "answerText" : {"_value" : "
Education is a devolved matter in Northern Ireland.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4780", "label" : {"_value" : "Biography information for Laura Trott"} } , "answeringMemberConstituency" : {"_value" : "Sevenoaks"} , "answeringMemberPrinted" : {"_value" : "Laura Trott"} , "dateOfAnswer" : {"_value" : "2023-12-05", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2023-12-05T09:26:24.56Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2023-11-30", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Schools: Northern Ireland"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, if he will make it his policy to provide additional funding to the Department of Finance in Northern Ireland to help address RAAC in schools.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4827", "label" : {"_value" : "Biography information for Claire Hanna"} } , "tablingMemberConstituency" : {"_value" : "Belfast South"} , "tablingMemberPrinted" : [{"_value" : "Claire Hanna"} ], "uin" : "4755"} , {"_about" : "http://data.parliament.uk/resources/1674422", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1674422/answer", "answerText" : {"_value" : "
The government believes its approach to the taxation of Carried Interest, which is consistent with that taken in comparable jurisdictions, is a balanced one.<\/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" : "2023-12-05", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2023-12-05T11:43:40.347Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2023-11-30", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Private Equity: Taxation"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of taxing carried interest at 45 per cent.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4630", "label" : {"_value" : "Biography information for Ben Lake"} } , "tablingMemberConstituency" : {"_value" : "Ceredigion"} , "tablingMemberPrinted" : [{"_value" : "Ben Lake"} ], "uin" : "4689"} , {"_about" : "http://data.parliament.uk/resources/1674423", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1674423/answer", "answerText" : {"_value" : "
The Barnett formula will continue to apply in the usual way as set out in the published Statement of Funding Policy document. The Barnett formula is applied when departmental budgets change \u2013 not when departments announce how they are spending their budgets.<\/p>
The Written Ministerial Statement of 23 October 2023 entitled 'Bus Funding Update\u2019 did not announce additional funding for the Department of Transport. Any additional funding for the Department for Transport will be confirmed in the usual way.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4780", "label" : {"_value" : "Biography information for Laura Trott"} } , "answeringMemberConstituency" : {"_value" : "Sevenoaks"} , "answeringMemberPrinted" : {"_value" : "Laura Trott"} , "dateOfAnswer" : {"_value" : "2023-12-05", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "4691"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2023-12-05T16:12:51.3Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2023-11-30", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Bus Services: Wales"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, with reference to the Written Ministerial Statement of 23 October 2023 entitled Bus Funding Update, HCWS1084, how much Barnett consequential funding the Welsh government will receive following the increase to the bus service operator grant.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4630", "label" : {"_value" : "Biography information for Ben Lake"} } , "tablingMemberConstituency" : {"_value" : "Ceredigion"} , "tablingMemberPrinted" : [{"_value" : "Ben Lake"} ], "uin" : "4690"} , {"_about" : "http://data.parliament.uk/resources/1674424", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1674424/answer", "answerText" : {"_value" : "
The Barnett formula will continue to apply in the usual way as set out in the published Statement of Funding Policy document. The Barnett formula is applied when departmental budgets change \u2013 not when departments announce how they are spending their budgets.<\/p>
The Written Ministerial Statement of 23 October 2023 entitled 'Bus Funding Update\u2019 did not announce additional funding for the Department of Transport. Any additional funding for the Department for Transport will be confirmed in the usual way.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4780", "label" : {"_value" : "Biography information for Laura Trott"} } , "answeringMemberConstituency" : {"_value" : "Sevenoaks"} , "answeringMemberPrinted" : {"_value" : "Laura Trott"} , "dateOfAnswer" : {"_value" : "2023-12-05", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "4690"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2023-12-05T16:12:51.347Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2023-11-30", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Bus Services: Wales"} , "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 his Department's fiscal rules require (a) programme and (b) departmental comparability factors to be applied to new funding announcements made outside of a Spending Review; and, with reference to the Written Ministerial Statement of 23 October 2023 entitled Bus Funding Update, HCWS1084, whether the announcement of additional funding for the bus service operators grant programme will have a 100% programme comparability factor applied for Barnett formula consequential funding for Wales.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4630", "label" : {"_value" : "Biography information for Ben Lake"} } , "tablingMemberConstituency" : {"_value" : "Ceredigion"} , "tablingMemberPrinted" : [{"_value" : "Ben Lake"} ], "uin" : "4691"} , {"_about" : "http://data.parliament.uk/resources/1674425", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1674425/answer", "answerText" : {"_value" : "
The Barnett formula will continue to apply in the usual way as set out in the published Statement of Funding Policy document. The Barnett formula applies when departmental budgets change, not when departments announce how they are spending those budgets.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4780", "label" : {"_value" : "Biography information for Laura Trott"} } , "answeringMemberConstituency" : {"_value" : "Sevenoaks"} , "answeringMemberPrinted" : {"_value" : "Laura Trott"} , "dateOfAnswer" : {"_value" : "2023-12-05", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2023-12-05T09:28:05.7Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2023-11-30", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Transport: North of England"} , "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 his Department's fiscal rules require (a) programme and (b) departmental comparability factors to be applied to new spending on projects included in Network North.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4630", "label" : {"_value" : "Biography information for Ben Lake"} } , "tablingMemberConstituency" : {"_value" : "Ceredigion"} , "tablingMemberPrinted" : [{"_value" : "Ben Lake"} ], "uin" : "4692"} , {"_about" : "http://data.parliament.uk/resources/1673903", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1673903/answer", "answerText" : {"_value" : "