Asked by: Barry Gardiner (Labour - Brent West)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment the Government has made of the potential cost to British exporters of increased red tape in the event of the UK leaving the EU customs union related to (a) quota requirements, (b) rules of origin, (c) inspection certifications, (d) advance cargo declarations and (f) customs checks.
Answered by Jane Ellison
The Government is committed to ensuring that Britain remains one of the best countries in the world to do business and is engaging with businesses to understand the possible impacts on exporters and importers of leaving the Customs Union.
Asked by: Barry Gardiner (Labour - Brent West)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether his Department has commissioned cost-benefit analysis of the potential effect of the UK leaving the single market and the customs union on the UK's balance of trade.
Answered by David Gauke
The Government continues to undertake a range of analyses to inform the UK’s position for the upcoming EU exit negotiations. We are seeking the best possible arrangement for trade in goods and services and the work being conducted reflects this.
The UK’s future relationship with the EU will be contingent on the exit negotiations and the Government will not provide a running commentary on these negotiations.
Asked by: Barry Gardiner (Labour - Brent West)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what research his Department has commissioned on the effect on the UK's future trade balance of the UK leaving the customs union.
Answered by David Gauke
The Government continues to undertake a range of analyses to inform the UK’s position for the upcoming EU exit negotiations. We are seeking the best possible arrangement for trade in goods and services and the work being conducted reflects this.
The UK’s future relationship with the EU will be contingent on the exit negotiations and the Government will not provide a running commentary on these negotiations.
Asked by: Barry Gardiner (Labour - Brent West)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what steps he is taking to ensure that the Prudential Regulation Authority, the Bank of England and the Financial Conduct Authority are adequately ensuring that companies disclose the financial risk to their company associated with climate change.
Answered by Simon Kirby
Climate change is not only a huge threat to our natural environment, but to our economic prosperity too. The private sector’s involvement is crucial if we are to be successful in reaching the ambitious targets agreed in Paris last year. The UK government and regulators are together at the forefront of engaging with the private sector to address this pressing issue:
The Prudential Regulation Authority’s pioneering report on the impact of climate change on the UK insurance sector last year kick-started the global debate around climate-related financial risks.
The Bank of England is leading global efforts to develop the international framework for green finance as co-chair of the G20 Green Finance Study Group.
Governor Carney’s speech in Berlin last week stressed the importance of disclosure in addressing climate-related financial risks.
The Financial Stability Board, chaired by Governor Carney, set up an industry-led Task Force on Climate-related Financial Disclosures in late 2015, under the leadership of Michael Bloomberg. The Task Force is developing recommendations for voluntary, consistent, comparable, reliable and clear disclosures around climate-related financial risks for companies to provide information to investors, lenders, insurers, and other stakeholders. The Task Force published its initial report in April, and will publish a final report in early 2017. The Government looks forward to the publication of the Task Force’s report.