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Written Question
Cryptocurrencies
Monday 25th March 2024

Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to mitigate any risks associated with trading crypto-backed exchange traded notes by professional investors, particularly in relation to market manipulation and investor protection.

Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)

The question of whether to allow the listing of exchange-traded products that reference cryptoassets is a matter for the Financial Conduct Authority as the independent regulator.
Written Question
Financial Services: Equality
Monday 25th March 2024

Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to accelerate progress towards gender equality in the financial services industry.

Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)

The Government has a wide programme of work aimed at tackling gender inequality and supporting women in the workplace.

Since 2017, organisations with 250 or more employees have been required to publish specific data on their gender pay gaps annually, ensuring they are aware of their gender pay gaps and are taking steps to improve gender equality in their organisation.

The Government has taken action to ensure that working parents can balance work and care by expanding childcare entitlements, making flexible working simpler to access, and introducing carer's leave.

Regarding the financial services industry specifically, the Government has taken action to ensure the sector remains world-class, and as productive, innovative and competitive as it can be. In 2016, the Government launched the Women in Finance Charter, which aims to ensure that the right talent is being attracted to the sector and that the best and brightest can continue to rise to the top, regardless of their gender.

The Charter’s Annual Reviews have consistently shown that the Charter has stimulated positive progress across the sector. Participation in the Charter is voluntary, and the first wave of signatories to the Charter started out with an average level of senior female representation of 27%. The signatory base has grown since then and average representation now stands at 35%.

The Treasury Committee’s Sexism in the City inquiry recently made a number of recommendations to the industry, the regulators and Government to consider in order to accelerate progress. The Government will respond to the report and its recommendations in due course.


Written Question
Exchange Rates: Overseas Trade
Monday 25th March 2024

Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the impact of recent fluctuations in the exchange rate of the pound sterling on the price of imports and exports.

Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)

Many factors have been relevant in driving movements in aggregate trade prices.

While movements in the exchange rate would likely have influenced these changes in trade prices, movements in broader global prices (such as energy and other tradable commodities) have been a far bigger factor in driving movements in aggregate trade prices.


Written Question
Shein: London Stock Exchange
Monday 25th March 2024

Asked by: Lord Alton of Liverpool (Crossbench - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government, following reporting that Shein is considering listing on the London Stock Exchange, what steps they are taking to ensure that such listings do not violate the UK’s commitments to uphold the UN Guiding Principles on Business and Human Rights and International Labour Organization Conventions.

Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)

The Government does not comment on individual companies. Furthermore, a decision to apply for a listing is for an individual firm to make. It is then for the independent regulator, the Financial Conduct Authority, to decide whether a firm meets the requirements of the UK listings rules.


Written Question
Financial Services: Carbon Emissions
Monday 25th March 2024

Asked by: Baroness Drake (Labour - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the role of the financial sector, including the pension sector, in decarbonising the UK economy while safeguarding investors' interests.

Answered by Baroness Vere of Norbiton - Parliamentary Secretary (HM Treasury)

The Government recognises crucial role of the financial sector in decarbonising the economy, whilst safeguarding investors.

As set out in The Green Finance Strategy in March 2023, the Department of Work and Pensions have committed to hold a series of stakeholder roundtables on this matter, planned for this Spring.

The Financial Reporting Council have also committed to undertake a fundamental review of the UK Stewardship Code 2020.


Written Question
Holiday Accommodation: Taxation
Monday 25th March 2024

Asked by: Anne Marie Morris (Conservative - Newton Abbot)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what data his Department used to estimate the number of short-term lets that would be suitable for primary residences when the furnished holiday let tax regime has ended.

Answered by Nigel Huddleston - Financial Secretary (HM Treasury)

The Government has announced that it will abolish the Furnished Holiday Lettings (FHL) tax regime, equalising the tax treatment of landlords with short-term holiday lets and those with standard residential properties. This will make the taxation of property fairer and simpler while raising revenue for public services. The changes will not penalise or prohibit the provision of FHLs more widely.

The Government keeps all aspects of tax policy under review and any decisions on future changes will be taken by the Chancellor in the context of the wider public finances.


Written Question
Climate Change: Investment
Monday 25th March 2024

Asked by: Caroline Lucas (Green Party - Brighton, Pavilion)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of (a) the economy-wide investment needs for adapting the UK to climate change and (b) the current funding gap.

Answered by Gareth Davies - Exchequer Secretary (HM Treasury)

The Government is taking action to respond to climate risks and their impacts on our economy and way of life. The Third National Adaptation Programme (NAP3) was published in July 2023. It set out policies and actions to respond to the 61 climate risks and opportunities identified in the Third Climate Change Risk Assessment (CCRA3).

There is significant public investment underpinning the policies and actions in NAP3, with the Government having committed a record-breaking £5.2 billion investment in flood and coastal schemes in England between 2021 and 2027, helping to better protect hundreds of thousands of properties and avoid £32 billion of wider economic damages. However, adaptation actions cannot be funded through public spending alone, and additional investment from the private sector will therefore be required to support adaptation action over the coming decades. The Government has committed to support the flow of this private finance into adaptation through the 2023 Green Finance Strategy.


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.