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Written Question
Companies: Cost of Living and Inflation
Monday 25th March 2024

Asked by: Stephen Morgan (Labour - Portsmouth South)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment he has made of the potential impact of the level of profits made by companies outside the oil and gas industries on (a) the cost of living and (b) inflation.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

The Government monitors UK corporates’ performance on an ongoing basis. Profits as a share of GDP (Gross Domestic Product) for UK private non-financial corporations excluding firms in the UK Continental Shelf have been relatively stable since 2000.


Written Question
Tobacco: Sales
Monday 25th March 2024

Asked by: Philip Davies (Conservative - Shipley)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential impact of banning the sale of tobacco products to people born after 1 January 2009 on tobacco duties.

Answered by Gareth Davies - Exchequer Secretary (HM Treasury)

The Government published an Impact Assessment to support the ‘Tobacco and Vapes Bill’ on 20 March, which includes estimate of the reduction in tobacco duty over the period 2027 and 2056:

Tobacco_and_vapes_bill_IA.pdf (parliament.uk)

The impact of final decisions on tobacco duties will be assessed and reflected in the Office for Budget Responsibility's forecast. .
Written Question
Alcoholic Drinks: Excise Duties
Monday 25th March 2024

Asked by: Julian Sturdy (Conservative - York Outer)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of reducing alcohol duty for independent wine merchants.

Answered by Gareth Davies - Exchequer Secretary (HM Treasury)

At Spring Budget 2024, the Chancellor announced that alcohol duty will be frozen until 1 February 2025 to support alcohol producers, pubs, and consumers with cost of living pressures. This extends the six month freeze the Government announced at Autumn Statement 2023 to give businesses time to adapt to the new duty system introduced on 1 August 2023.

As with all taxes, the Government keeps the alcohol duty system under review during its yearly Budget process.


Written Question
Banks: Closures
Friday 22nd March 2024

Asked by: Rachael Maskell (Labour (Co-op) - York Central)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential impact of bank closures on (a) local communities and (b) elderly people's access to banking services.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

Whilst decisions to open or close a bank branch are commercial decisions for firms, and the Government does not intervene on individual closures, it is imperative that banks and building societies recognise the needs of all their customers, including those who still need to use in-person services. The impact of branch closures must be mitigated where possible so that all customers, wherever they live, continue to have appropriate access to banking services.

The Financial Conduct Authority (FCA)’s guidance sets out that firms must carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs, and put in place reasonable alternatives. This seeks to ensure the implementation of closure decisions is done in a way that treats customers fairly. Where firms fall short, the FCA may ask for closures to be paused or other options to be put in place.

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 or Banking Hubs. The Post Office allows personal and business customers to carry out everyday banking services at 11,500 Post Office branches across the UK.

Banking Hubs are an initiative which enable customers of participating banks to access cash and banking services in shared facilities. Over 100 Banking Hubs have been announced so far, and the Government hopes to see these Hubs open as soon as possible.


Written Question
Pension Funds
Friday 22nd March 2024

Asked by: Matt Western (Labour - Warwick and Leamington)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he is taking to ensure that investors in pension funds have the right (a) for complaints to be determined by the Financial Ombudsman Service and (b) to receive redress from the Financial Services Compensation Scheme.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

The Financial Ombudsman Service (FOS) can consider complaints about businesses regulated by the Financial Conduct Authority (FCA) which includes firms that provide self-invested personal pensions (SIPPs). The jurisdiction of the FOS, including which complaints it can deal with, is determined by the FCA and set out in the FCA Handbook. Whether a complaint is eligible or not is a matter for the FOS to consider.


Written Question
Iran: Financial Institutions
Friday 22nd March 2024

Asked by: Iain Duncan Smith (Conservative - Chingford and Woodford Green)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he has taken to investigate (a) Bank Saderat PLC, (b) Melli Bank PLC and (c) other Iranian financial institutions based in the UK with links to the Iranian Government.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

The Office of Financial Sanctions Implementation (OFSI) is the authority responsible for implementing and enforcing the UK’s financial sanctions on behalf of HM Treasury.

On 14 December 2023, the UK announced a new sanctions regime that gives the UK extensive new powers to disrupt and deter Iran’s hostile activities in the UK and around the world. This has been developed to respond to unprecedented threats from the Iranian regime, including efforts to undermine peace and security across the Middle East and plots to kill individuals on UK soil. Overall, the UK has designated over 400 Iranian individuals and entities including in relation to Iran’s destabilising regional activity, human rights abuses, and nuclear proliferation.

OFSI assesses every instance of reported non-compliance and will act in all cases where we conclude a breach has occurred. OFSI does not comment on specific cases.

Non-compliance with UK sanctions is a serious offence and punishable through disclosures, large financial penalties, or criminal prosecution. Departments from across HMG including FCDO, HMT, OFSI, HMRC, HO, and the NCA, are working together, and with UK companies, to ensure that sanctions are enforced.


Written Question
Iran: Sanctions
Friday 22nd March 2024

Asked by: Iain Duncan Smith (Conservative - Chingford and Woodford Green)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he plans to take to hold to account UK-based (a) entities and (b) people continuing to deal with the (i) Iranian Government and (ii) IRGC in breach of UK sanctions.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

The Office of Financial Sanctions Implementation (OFSI) is the authority responsible for implementing and enforcing the UK’s financial sanctions on behalf of HM Treasury.

On 14 December 2023, the UK announced a new sanctions regime that gives the UK extensive new powers to disrupt and deter Iran’s hostile activities in the UK and around the world. This has been developed to respond to unprecedented threats from the Iranian regime, including efforts to undermine peace and security across the Middle East and plots to kill individuals on UK soil. Overall, the UK has designated over 400 Iranian individuals and entities including in relation to Iran’s destabilising regional activity, human rights abuses, and nuclear proliferation.

OFSI assesses every instance of reported non-compliance and will act in all cases where we conclude a breach has occurred. OFSI does not comment on specific cases.

Non-compliance with UK sanctions is a serious offence and punishable through disclosures, large financial penalties, or criminal prosecution. Departments from across HMG including FCDO, HMT, OFSI, HMRC, HO, and the NCA, are working together, and with UK companies, to ensure that sanctions are enforced.


Written Question
Iran: Financial Institutions
Friday 22nd March 2024

Asked by: Iain Duncan Smith (Conservative - Chingford and Woodford Green)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he is taking to ensure that UK financial institutions comply with UK sanctions against Iran.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

The Office of Financial Sanctions Implementation (OFSI) is the authority responsible for implementing and enforcing the UK’s financial sanctions on behalf of HM Treasury.

On 14 December 2023, the UK announced a new sanctions regime that gives the UK extensive new powers to disrupt and deter Iran’s hostile activities in the UK and around the world. This has been developed to respond to unprecedented threats from the Iranian regime, including efforts to undermine peace and security across the Middle East and plots to kill individuals on UK soil. Overall, the UK has designated over 400 Iranian individuals and entities including in relation to Iran’s destabilising regional activity, human rights abuses, and nuclear proliferation.

OFSI assesses every instance of reported non-compliance and will act in all cases where we conclude a breach has occurred. OFSI does not comment on specific cases.

Non-compliance with UK sanctions is a serious offence and punishable through disclosures, large financial penalties, or criminal prosecution. Departments from across HMG including FCDO, HMT, OFSI, HMRC, HO, and the NCA, are working together, and with UK companies, to ensure that sanctions are enforced.


Written Question
Debt Collection: Regulation
Friday 22nd March 2024

Asked by: Dan Carden (Labour - Liverpool, Walton)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will bring forward legislative proposals to improve the regulation of debt collection practices.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

The Government wants to see fair treatment of individuals in problem debt, and there is a range of work underway across government and regulators to promote responsible debt collection practices.

In June 2023 the FCA, Ofgem, Ofwat and Ofcom published a joint letter via the UK Regulators’ Network (UKRN) setting out how firms in their respective sectors should support customers in financial difficulty. On 18 March 2024, the same group of regulators issued further guidance, setting out their shared expectations on firms’ debt collection practices. This is to ensure that firms support customers in debt and that firms’ collection practices are not causing harm to customers.


Written Question
Credit: Regulation
Friday 22nd March 2024

Asked by: Dan Carden (Labour - Liverpool, Walton)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether his Department plans to increase the regulation digital buy-now pay-later products.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

The Government is committed to regulating Buy-Now Pay-Later (BNPL).The Government will publish a response to the consultation, which will set out next steps, in due course.