Asked by: Lord Austin of Dudley (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what powers his Department possesses to prevent the trading of certain shares on the London Stock Exchange on grounds of national security.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Financial Conduct Authority (FCA) is the competent authority for listings. For listed companies, the UK Listing Authority (a division of the FCA) monitors and enforces compliance with the Listing Rules. The decision as to whether to prevent the trading of certain shares on the London Stock Exchange rests with the FCA and London Stock Exchange. The FCA has no power to refuse a listing for reasons of security or national interests. Under the applicable legislation, the Treasury has no power to intervene to block a flotation on national security grounds.
The Government operates a rule of law based system whereby sanctions can only be applied when clear criteria are met. Any additional legislation on listings on the grounds of national security would need to demonstrably add value to the Government’s existing powers.
Asked by: Lord Austin of Dudley (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether the Government plans to take action in respect of the listing of Russian state-owned energy company Rosneft on the London Stock Exchange; and if he will make a statement.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Financial Conduct Authority (FCA) is the competent authority for listings. For listed companies, the UK Listing Authority (a division of the FCA) monitors and enforces compliance with the Listing Rules. The decision as to whether to prevent the trading of certain shares on the London Stock Exchange rests with the FCA and London Stock Exchange. The FCA has no power to refuse a listing for reasons of security or national interests. Under the applicable legislation, the Treasury has no power to intervene to block a flotation on national security grounds.
The Government operates a rule of law based system whereby sanctions can only be applied when clear criteria are met. Any additional legislation on listings on the grounds of national security would need to demonstrably add value to the Government’s existing powers.
Asked by: Lord Austin of Dudley (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what steps the Government plans to take under the provisions of the Sanctions and Anti-Money Laundering Act 2018 in respect of the listing of shares in the Russian state-owned energy company Rosneft on the London Stock Exchange.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
Council Regulation (EU) 833/2014 implements measures aimed at limiting investment in 11 Russian entities with a view to increasing the costs of Russia's actions to undermine Ukraine's territorial integrity, sovereignty and independence. Rosneft is captured by this Regulation, but this does not stop the London Stock Exchange allowing them to be listed. As we will be bound by EU sanctions until we leave the EU, if Rosneft can be listed on the London Stock Exchange according to the EU Council Regulation, the Financial Conduct Authority (FCA) is under no obligation to stop them from being listed. Until the Sanctions and Anti-Money Laundering Act is commenced, we will continue to impose sanctions in alignment with EU partners. The UK complies with EU sanctions, which include economic restrictions on Rosneft under the Economic Sanctions linked to the full implementation of the Minsk Agreements.
Asked by: Lord Austin of Dudley (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if the Government will review the regulations governing the admission of Russian companies to the London Stock Exchange and thereby close the loophole in the sanctions regime that allowed companies such as EN+ to float on that stock exchange.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Financial Conduct Authority (FCA) is the competent authority for listings. For listed companies, the UK Listing Authority (a division of the FCA) monitors and enforces compliance with the Listing Rules. The decision as to whether to prevent the trading of certain shares on the London Stock Exchange rests with the FCA and London Stock Exchange. The FCA has no power to refuse a listing for reasons of security or national interests. Under the applicable legislation, the Treasury has no power to intervene to block a flotation on national security grounds.
The Government operates a rule of law based system whereby sanctions can only be applied when clear criteria are met. Any additional legislation on listings on the grounds of national security would need to demonstrably add value to the Government’s existing powers.
Asked by: Lord Austin of Dudley (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what plans the Government has to address the listing of Russian state-owned energy company Rosneft on the London Stock Exchange and thereby close the loophole in the sanctions regime that allowed companies such as EN+ to float on that stock exchange.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Financial Conduct Authority (FCA) is the competent authority for listings. For listed companies, the UK Listing Authority (a division of the FCA) monitors and enforces compliance with the Listing Rules. The decision as to whether to prevent the trading of certain shares on the London Stock Exchange rests with the FCA and London Stock Exchange. The FCA has no power to refuse a listing for reasons of security or national interests. Under the applicable legislation, the Treasury has no power to intervene to block a flotation on national security grounds.
The Government operates a rule of law based system whereby sanctions can only be applied when clear criteria are met. Any additional legislation on listings on the grounds of national security would need to demonstrably add value to the Government’s existing powers.
Asked by: Lord Austin of Dudley (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what discussions his Department has had with the Ministry of Housing, Communities and Local Government about office space at the Waterfront in Dudley.
Answered by Mel Stride - Secretary of State for Work and Pensions
In line with the practice of successive administrations, details of ministerial discussions are not normally disclosed.
Asked by: Lord Austin of Dudley (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what discussions he has had with the Secretary of State for Work and Pensions on the transfer of staff employed by HMRC at the Waterfront offices in Dudley.
Answered by Mel Stride - Secretary of State for Work and Pensions
In line with the practice of successive administrations, details of ministerial discussions are not normally disclosed.
Asked by: Lord Austin of Dudley (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether the HMRC offices at the Waterfront in Dudley are owned or leased by his Department; and what assessment has been made of the costs to the public purse of closing those office.
Answered by Mel Stride - Secretary of State for Work and Pensions
HMRC had two buildings in Waterfront Business Park. HMRC lease the office at Unit 7 Waterfront Business Park, Brierley Hill, Dudley.
Bridge House, Waterfront East was vacated in February 2017, and the staff moved into Unit 7 Waterfront Business Park.
Moving to regional centres will save more than £300 million up to 2025. The Programme will deliver annual cash savings of £74 million in 2025-26, rising to around £90 million by 2028, while improving customer service and modernising how HMRC work.
It also avoids costs of £75m per annum from 2021, when the current PFI contract with Mapeley (the STEPS contract) comes to an end.
Asked by: Lord Austin of Dudley (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, if he will establish a task force comprised of his Department, the Department for Work and Pensions, Dudley Metropolitan Borough Council, advice agencies and training organisations to support staff who lose their job in the event of the proposed closure of the HMRC Waterfront offices in Dudley.
Answered by Mel Stride - Secretary of State for Work and Pensions
HMRC intends to retain the skills, knowledge and experience of everyone who wishes to continue their career with HMRC and if necessary re-skill them to take on a new role, new work and/or move to a new office.
Asked by: Lord Austin of Dudley (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assistance the Government plans to provide to staff made redundant by HMRC at the Waterfront offices in Dudley in terms of advice, financial support, retraining and job search to help them obtain alternative employment in the event of the proposed closure of that office.
Answered by Mel Stride - Secretary of State for Work and Pensions
HMRC intends to retain the skills, knowledge and experience of everyone who wishes to continue their career with HMRC and if necessary re-skill them to take on a new role, new work and/or move to a new office.