Asked by: Lord Patten (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government what assessment they have made of the economic resilience of the Isles of Scilly.
Answered by Lord Agnew of Oulton
We recognise that every region and community, including the Isles of Scilly, will be feeling the impacts of this crisis and we are working to monitor the impact of Covid-19 on local communities across the United Kingdom.
The Government has provided an unprecedented national package of support; supporting businesses, protecting jobs, and providing our public services with the resources they need to cope with the current economic emergency. These measures are helping the most vulnerable people and business across all parts of the country.
We are working closely with local areas to make sure that individuals and businesses in all regions are directed to the right support during this difficult period.
Asked by: Lord Patten (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government whether they retain a definitive list of countries suspected of money laundering; and if so, which countries are specified on that list.
Answered by Lord Bates
The UK is at the forefront of tackling tax evasion and avoidance and ensuring tax transparency internationally. The EU list of non-cooperative jurisdictions for tax purposes marks an important step in our ongoing efforts on this agenda.
The UK has been working constructively with European partners on the EU list. Finance Ministers endorsed the list at the December Economic and Financial Affairs Council meeting.
Separately, the EU has also established, as provided for by Directive 2015/849 (EU), a list of third countries with strategic deficiencies in their national anti-money laundering and counter-terrorist financing regimes that pose significant threats to the financial system of the EU. Within the UK, firms that are regulated through the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 are required to apply enhanced due diligence measures in relation to a business relationship or transaction with any person established in such a country.
Asked by: Lord Patten (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty's Government what assessment they have made of the EU list of non-cooperative jurisdictions for tax purposes and in particular of countries suspected of money laundering; and how this differs from the UK approach.
Answered by Lord Bates
The UK is at the forefront of tackling tax evasion and avoidance and ensuring tax transparency internationally. The EU list of non-cooperative jurisdictions for tax purposes marks an important step in our ongoing efforts on this agenda.
The UK has been working constructively with European partners on the EU list. Finance Ministers endorsed the list at the December Economic and Financial Affairs Council meeting.
Separately, the EU has also established, as provided for by Directive 2015/849 (EU), a list of third countries with strategic deficiencies in their national anti-money laundering and counter-terrorist financing regimes that pose significant threats to the financial system of the EU. Within the UK, firms that are regulated through the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 are required to apply enhanced due diligence measures in relation to a business relationship or transaction with any person established in such a country.
Asked by: Lord Patten (Conservative - Life peer)
Question to the HM Treasury:
Her Majesty's Government what is their assessment of the contribution of the mutual reinsurer Pool Re to the mitigation of terrorism risk.
Answered by Lord Bates
Pool Re is a Government backed terrorism reinsurance scheme, established after insurers withdrew from proving terrorism cover in the wake of the IRA bombing campaign in the 1990s, which left businesses unprotected.
Pool Re provides reinsurance to its members and is backed by a Government guarantee to ensure they can provide cover for losses resulting from acts of terrorism, while being protected from catastrophic losses. This helps businesses insure against the financial risks of a terrorist attack. To date, Pool Re has dealt with 16 separate terrorism events paying total losses in excess of £600m.
Treasury is in active discussions with Pool Re in relation to the evolving nature of the terrorism threat.
Asked by: Lord Patten (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government what is their assessment of the remarks by Dr Andreas Dombret, executive board member of the German Central Bank, that post-Brexit London would remain "the most important financial centre in Europe".
Answered by Baroness Neville-Rolfe - Shadow Minister (Treasury)
The Government welcomes Dr Dombret’s assessment of London as the European hub for financial services and shares his vision of the UK’s continuing strength and status in this vital industry.
We are absolutely clear that a flourishing UK financial services sector is in everyone’s interests. At present 60% of European capital markets business is conducted through the UK and in 2015 our firms provided more than £1.1 trillion of lending to the EU. In addition to a world-class legal system and expertise in accountancy and project management, the UK is home to leading regulators and hosts financial markets of breadth, depth and concentration. This is unmatched in Europe and almost anywhere in the world.
Therefore, an enduring relationship in financial services is in the mutual interest of both the EU and the UK. This is one of the areas where a bold and ambitious agreement will be sought. We want to ensure that British companies have the maximum freedom to trade with and operate within European markets – and to agree mutual arrangements that let European businesses do the same in Britain.
As we prepare to leave the EU, we are determined to preserve this status and to reach an agreement that will allow the UK to provide the finance that helps the European economy grow and create jobs. In any event, London will continue to represent an attractive place to do business, and will continue to be a world-leading, global financial centre.
Asked by: Lord Patten (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government whether they have had discussions with the Chairman of the National Infrastructure Commission concerning railway links between London and south-west England.
Answered by Lord O'Neill of Gatley
The government has had discussions on a range of topics with the Chair of the National Infrastructure Commission. The commission will examine all forms of economic infrastructure, including rail transport.
Asked by: Lord Patten (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government when ministers last met representatives of the Investment Association to discuss fund management industry matters.
Answered by Lord O'Neill of Gatley
Treasury Ministers have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery.
Ministers’ Quarterly Transparency Returns provide details of ministerial meetings with external organisations on departmental business and are published on a quarterly basis and can be found on the Government’s website.
Asked by: Lord Patten (Conservative - Life peer)
Question to the HM Treasury:
To ask Her Majesty’s Government what is their assessment of the transparency of costs charged to investors by asset managers based and regulated in the United Kingdom.
Answered by Lord O'Neill of Gatley
This is a matter for the Financial Conduct Authority (FCA), which is operationally independent from Government.
This question has been passed on to the FCA. They will reply directly to the noble Lord by letter. A copy of the letter will be placed in the Library of the House.