Asked by: Lord Lester of Herne Hill (Non-affiliated - Life peer)
Question to the HM Treasury:
Her Majesty's Government what is their assessment of the benefits and costs to the UK of membership of the European Insurance and Occupational Pensions Authority.
Answered by Lord Bates
As a set of single market authorities, the memberships of the European Securities and Markets Authority, European Insurance and Occupational Pensions Authority and the European Banking Authority (EBA) consist only of EU and EEA national competent authorities. As the UK is leaving the European Union, our relationship will change.
The EU has also stated its intention to relocate the EBA. The future relationship will be a matter for negotiations. We are seeking a comprehensive trade agreement, which includes financial services and is based on a deep and special partnership between the EU and UK that goes much wider than trade.
The financial costs of the three bodies are divided on a 60:40 ratio between national competent authorities across the EU, and a contribution from the European community. Details of the budgets and the activity conducted by the agencies are available on the respective websites.
Asked by: Lord Lester of Herne Hill (Non-affiliated - Life peer)
Question to the HM Treasury:
Her Majesty's Government what is their assessment of the benefits and costs to the UK of membership of the European Securities and Markets Authority.
Answered by Lord Bates
As a set of single market authorities, the memberships of the European Securities and Markets Authority, European Insurance and Occupational Pensions Authority and the European Banking Authority (EBA) consist only of EU and EEA national competent authorities. As the UK is leaving the European Union, our relationship will change.
The EU has also stated its intention to relocate the EBA. The future relationship will be a matter for negotiations. We are seeking a comprehensive trade agreement, which includes financial services and is based on a deep and special partnership between the EU and UK that goes much wider than trade.
The financial costs of the three bodies are divided on a 60:40 ratio between national competent authorities across the EU, and a contribution from the European community. Details of the budgets and the activity conducted by the agencies are available on the respective websites.
Asked by: Lord Lester of Herne Hill (Non-affiliated - Life peer)
Question to the HM Treasury:
Her Majesty's Government what is their assessment of the benefits and costs to the UK of membership of the European Banking Authority.
Answered by Lord Bates
As a set of single market authorities, the memberships of the European Securities and Markets Authority, European Insurance and Occupational Pensions Authority and the European Banking Authority (EBA) consist only of EU and EEA national competent authorities. As the UK is leaving the European Union, our relationship will change.
The EU has also stated its intention to relocate the EBA. The future relationship will be a matter for negotiations. We are seeking a comprehensive trade agreement, which includes financial services and is based on a deep and special partnership between the EU and UK that goes much wider than trade.
The financial costs of the three bodies are divided on a 60:40 ratio between national competent authorities across the EU, and a contribution from the European community. Details of the budgets and the activity conducted by the agencies are available on the respective websites.
Asked by: Lord Lester of Herne Hill (Non-affiliated - Life peer)
Question to the HM Treasury:
Her Majesty's Government whether they have evaluated the potential impact on small businesses of losing access to the Excise, Movement and Control System.
Answered by Lord Bates
As negotiations on the terms of the UK’s exit from and future relationship with the EU have only just begun, no decisions or evaluations have been made about the continuing use of the Excise Movement and Control System (EMCS).
HMRC are engaging closely with UK businesses and will consider any concerns they raise.
Asked by: Lord Lester of Herne Hill (Non-affiliated - Life peer)
Question to the HM Treasury:
Her Majesty's Government whether they have evaluated the potential effects on small businesses of losing access to the Excise, Movement and Control System.
Answered by Lord Bates
As negotiations on the terms of the UK’s exit from and future relationship with the EU have only just begun, no decisions or evaluations have been made about the continuing use of the Excise Movement and Control System (EMCS).
HMRC are engaging closely with UK businesses and will consider any concerns they raise.
Asked by: Lord Lester of Herne Hill (Non-affiliated - Life peer)
Question to the HM Treasury:
Her Majesty's Government whether they intend that UK exporters will continue to have access to the Excise, Movement and Control System following Brexit; and if not, what system they intend to introduce to replace it.
Answered by Lord Bates
As negotiations on the terms of the UK’s exit from and future relationship with the EU have only just begun, no decisions or evaluations have been made about the continuing use of the Excise Movement and Control System (EMCS).
HMRC are engaging closely with UK businesses and will consider any concerns they raise.