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Written Question
Cryptocurrencies: Regulation
Monday 24th June 2019

Asked by: Gavin Shuker (Independent - Luton South)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment he has made of the adequacy of the regulation of cryptocurrencies in the UK.

Answered by John Glen - Paymaster General and Minister for the Cabinet Office

The Government established the Cryptoassets Taskforce - comprised of HM Treasury, the FCA, and the Bank of England – to explore the risks and potential benefits of cryptoassets and consider the appropriate response. The Taskforce’s report[1] set out commitments to further consider the regulatory approach to cryptoassets.

The Government has recently consulted on plans to go beyond the requirements set out in the EU’s Fifth Anti-Money Laundering Directive to bring all relevant cryptoasset firms into anti-money laundering regulation.

The Government will consult on its approach to unregulated cryptoassets later this year.

[1] https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/752070/cryptoassets_taskforce_final_report_final_web.pdf


Written Question
Social Services: Finance
Thursday 29th November 2018

Asked by: Gavin Shuker (Independent - Luton South)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what his long-term plans are for the adult social care precept after 2019-20.

Answered by Elizabeth Truss

Funding for Local Government after 2019-20 will be agreed at the Spending Review next year.


Written Question
Cooperatives
Tuesday 16th January 2018

Asked by: Gavin Shuker (Independent - Luton South)

Question to the HM Treasury:

What plans he has to increase his Department's support for the co-operative sector.

Answered by John Glen - Paymaster General and Minister for the Cabinet Office

This Government recognises the value of co-operatives and their contribution to the diversity of the UK economy, and is strongly supportive of the sector.

For example, before Christmas, my Department legislated to increase the asset and turnover threshold at which co-operatives have to conduct a full audit from April this year.

The Government will continue to explore further ways to support the sector.


Written Question
Overseas Companies
Monday 15th January 2018

Asked by: Gavin Shuker (Independent - Luton South)

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, whether his Department maintains a list of all UK companies which have a global turnover of more than (a) £16 million, (b) £26 million, (c) £36 million and (d) £46 million; and if he will make a statement.

Answered by Elizabeth Truss

The department does not maintain such a list of UK companies. However we engage with businesses of all sizes in order to understand their needs and priorities


Written Question
Fiscal Policy: Females
Tuesday 17th January 2017

Asked by: Gavin Shuker (Independent - Luton South)

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what steps he is taking to ensure that women are not disproportionately affected by the Government's fiscal policies.

Answered by Jane Ellison

It is equally important for the future finances of both women and men that we remain committed to tackling the deficit and strengthening the economy.

Recent government decisions have also been of benefit to women. Around two thirds of those benefitting from the National Living Wage are estimated to be women. And of the 680,000 people who will be lifted out of income tax by 2017/18 as a result of increases in the personal tax allowance, over 60% will be women.


Written Question
Companies: Ownership
Wednesday 8th July 2015

Asked by: Gavin Shuker (Independent - Luton South)

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessment he has made of the level of take-up of public registers of beneficial ownership in the UK's Overseas Territories and Crown Dependencies; and what steps he is taking to persuade such areas to adopt the UK's standard for transparency of company ownership.

Answered by David Gauke

International standards on anti-money laundering and counter terrorist financing, including transparency of legal persons, are set by the Financial Action Task Force (FATF) of which the UK is a leading member. The Caribbean Overseas Territories (OTs) are members of the Caribbean Financial Action Task Force and as such have signed up to implement the FATF standards. Similarly, the Crown Dependencies (CDs) are members of MONEYVAL, the equivalent organisation for Europe. The OTs and CDs are also subject to mutual evaluations of their AML/CTF regimes through these bodies. The UK Government continues to engage actively with the OTs and CDs to encourage them to make improvements to their AML and CTF regimes in line with the international standards and the UK’s approach.

More specifically, the Government expects each of the OTs with a financial centre to set out timetables for implementing central registries or similarly effective systems by November 2015. The Minister for the Overseas Territories and I wrote to the Leaders of the British Virgin Islands, the Cayman Islands and Bermuda, which already has a central register, in March stressing the importance of adhering to their commitment to help combat tax evasion.

Finally, The Government welcomes the commitment already made by the Government of Gibraltar to implement the EU Fourth Money Laundering Directive which includes a central register of company beneficial ownership.


Written Question
Multinational Companies: Taxation
Tuesday 7th July 2015

Asked by: Gavin Shuker (Independent - Luton South)

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what steps he is taking to make country-by-country tax reporting rules publicly available.

Answered by David Gauke

The UK introduced legislation in Finance Bill 2015 in order to implement the G20-OECD model for Country-by-Country reporting. This will require multinational companies to provide information on the global allocation of income, economic activity and taxes, and will give tax authorities a clear picture of a multinational company’s global business, whilst ensuring the administrative costs for businesses are minimised.

The OECD model for Country-by-Country reporting to tax authorities is for high level risk assessment purposes and includes protections to ensure sensitive information remains confidential. Making the reporting information public would not enhance risk assessment for tax authorities. The UK has however transposed the EU Capital Requirements Directive IV, which requires public reporting for the banking and capital markets industry.

The European Commission has launched a public consultation on this issue and will evaluate the costs and benefits of different forms of Country-by-Country reporting, including the public disclosure of this information. The UK will be interested in understanding their findings.


Written Question

Question Link

Tuesday 13th May 2014

Asked by: Gavin Shuker (Independent - Luton South)

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what estimate his Department has made of the potential effect on GDP of the reform to the air passenger duty banding system announced in the 2014 Budget; and if he will make a statement.

Answered by Baroness Morgan of Cotes

The economic and fiscal effects of Government policies are routinely assessed by the Office for Budget Responsibility. Information can be found in the OBR's economic and fiscal outlook, at:

http://budgetresponsibility.org.uk/economic-fiscal-outlook-march-2014

The Government expects the reform to air passenger duty announced in Budget 2014 to support export trade confidence by strengthening UK links to overseas markets.

The Chancellor keeps the use of dynamic modelling under review.


Written Question

Question Link

Tuesday 13th May 2014

Asked by: Gavin Shuker (Independent - Luton South)

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, if he will commission a dynamic modelling study on the economic effects of air passenger duty; and if he will make a statement.

Answered by Baroness Morgan of Cotes

The economic and fiscal effects of Government policies are routinely assessed by the Office for Budget Responsibility. Information can be found in the OBR's economic and fiscal outlook, at:

http://budgetresponsibility.org.uk/economic-fiscal-outlook-march-2014

The Government expects the reform to air passenger duty announced in Budget 2014 to support export trade confidence by strengthening UK links to overseas markets.

The Chancellor keeps the use of dynamic modelling under review.