Asked by: Lord Swire (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what estimate they have made of the total value of the assets in the UK belonging to sanctioned Russian citizens.
Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)
Between February and October 2022, £18.39 billion in frozen funds were reported to the Office of Financial Sanctions Implementation (OFSI) as being held or controlled on behalf of an individual or entity designated under the Russia sanctions regime. This is in addition to frozen funds reported to OFSI as part of the 2021 Frozen Asset Review, which totalled £44.5 million under the Russia regime. These figures are provided in aggregate so as not to disclose the value of any funds held by particular individuals. HM Treasury does not break down reported assets in the manner requested.
Each year, OFSI undertakes a review of frozen assets as a result of UK financial sanctions legislation. The value of assets reported to OFSI as part of the 2022 Frozen Asset Review will be published in OFSI’s 2022-2023 Annual Review, in Autumn 2023.
Asked by: Lord Swire (Conservative - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what instructions he has issued to the Financial Conduct Authority to obtain confidential information on investors and their financial positions.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Financial Conduct Authority (FCA) is operationally independent from government and their remit is set by parliament.
The FCA has an objective set out in legislation to ensure the relevant markets work well. It expects firms to understand their customers both for anti-money laundering (AML) purposes and to ensure the provision of the appropriate services.
Asked by: Lord Swire (Conservative - Life peer)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the effect of the Financial Conduct Authority's requirement for investment management firms to obtain confidential financial information on their clients on compliance with (a) privacy (b) human rights regulations.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Financial Conduct Authority (FCA) is operationally independent from government and their remit is set by parliament.
The FCA has an objective set out in legislation to ensure the relevant markets work well. It expects firms to understand their customers both for anti-money laundering (AML) purposes and to ensure the provision of the appropriate services.
Asked by: Lord Swire (Conservative - Life peer)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will consider mitigating the effects of the soft drinks industry levy on those manufacturers currently paying additional tax to use organic rather than conventional sugar.
Answered by Jane Ellison
The levy is designed to encourage companies to reformulate their products to tackle the overconsumption of sugar in the UK. Treating soft drinks producers who use organic sugar differently would be counter to the aims of the levy and would not encourage producers to reduce the amount of added sugar in their drinks. Health experts have told us that sugary soft drinks are a leading factor in the over-consumption of sugar, a source of “empty calories” and a specific driver of childhood obesity.
Organic soft drink producers can reduce their levy liability, or escape the charge altogether, by reducing the amount of added sugar in their drinks or reducing portion sizes for high sugar products.
Asked by: Lord Swire (Conservative - Life peer)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether he plans to commission technical advisory committees to oversee and review large infrastructure projects.
Answered by David Gauke
The Chancellor announced at the Autumn Statement 2016 that the Chief Secretary to the Treasury will chair a new ministerial group that will oversee the delivery of priority infrastructure projects.
The Infrastructure and Projects Authority has a mandate to ensure timely and cost effective delivery of the government’s infrastructure priorities alongside other major government projects and programmes.
The National Infrastructure Commission will help solve complex infrastructure problems by providing robust and impartial analysis of the country’s long-term infrastructure needs.
Asked by: Lord Swire (Conservative - Life peer)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether he is taking steps to encourage banks to reduce interest rates inline with base rate reductions.
Answered by Simon Kirby
Alongside the Monetary Policy Committee’s decision to cut Bank Rate to 0.25%, the Chancellor on 4 August authorised the introduction of a new Term Funding Scheme.
The Term Funding Scheme will lend central bank reserves to banks and building societies for an extended period at rates close to Bank Rate, in order to ensure the low level of Bank Rate is passed onto borrowing rates faced by households and businesses.