Asked by: Craig Tracey (Conservative - North Warwickshire)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what effect the reduction in corporation tax rates has had on receipts from that tax.
Answered by Mel Stride - Shadow Chancellor of the Exchequer
Since 2010, the headline corporation tax rate has been cut from 28 to 19 percent.
Despite that, onshore corporation tax receipts have increased by over 50 percent, from £36.2 billion in 2010-11 to £55.1 billion in 2016-17.
Asked by: Craig Tracey (Conservative - North Warwickshire)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment he has made of progress on implementing the Competition and Markets Authority's key recommendations on promoting open banking.
Answered by Simon Kirby
The Treasury welcomes the Competition and Market Authority’s (CMA’s) remedies on Open Banking, which has the potential to bring significant benefits to consumers and SMEs by promoting competition in the retail banking sector.
Responsibility for assessing and monitoring the progress on implementation rests with the independent CMA.
As set out by the CMA, the element of Open Banking dealing with non-personal information must be delivered by 13 March 2017, with the delivery of the full scope by January 2018.
Asked by: Craig Tracey (Conservative - North Warwickshire)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what the timescale is for implementing the Open Banking Standard.
Answered by Simon Kirby
The Treasury welcomes the Competition and Market Authority’s (CMA’s) remedies on Open Banking, which has the potential to bring significant benefits to consumers and SMEs by promoting competition in the retail banking sector.
Responsibility for assessing and monitoring the progress on implementation rests with the independent CMA.
As set out by the CMA, the element of Open Banking dealing with non-personal information must be delivered by 13 March 2017, with the delivery of the full scope by January 2018.
Asked by: Craig Tracey (Conservative - North Warwickshire)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, which regulator will be responsible for monitoring the implementation of the Open Banking Standard.
Answered by Simon Kirby
The Treasury welcomes the Competition and Market Authority’s (CMA’s) remedies on Open Banking, which has the potential to bring significant benefits to consumers and SMEs by promoting competition in the retail banking sector.
Responsibility for assessing and monitoring the progress on implementation rests with the independent CMA.
As set out by the CMA, the element of Open Banking dealing with non-personal information must be delivered by 13 March 2017, with the delivery of the full scope by January 2018.
Asked by: Craig Tracey (Conservative - North Warwickshire)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment he has made of whether the retail banks' terms and conditions are a barrier to FinTech innovation.
Answered by Simon Kirby
The Treasury is working hard to promote the UK FinTech industry.
At Autumn Statement the government announced specific measures to boost the industry: the Treasury commissioned EY to produce an annual ‘State of UK FinTech’ report on key FinTech metrics to raise the profile of FinTech as an investment opportunity.
The Treasury has also appointed regional FinTech envoys for the Northern Powerhouse and Scotland to build networks and raise awareness of opportunities in these regions - alongside Special Envoy, Eileen Burbidge, whom the Treasury appointed last year to promote the UK FinTech sector at home and abroad.
Together with the Department for International Trade, the Treasury is hosting an International FinTech Conference, on 12 April 2017 in London, to showcase UK FinTech firms to investors from across the globe.
The Treasury is establishing FinTech bridges, which provide opportunities for UK FinTechs that want to scale-up internationally. By establishing links between Government, regulators and private sectors, FinTech Bridges reduce the barriers to entry in new jurisdictions and link UK FinTechs with opportunities for international investment. The UK currently has 3 FinTech Bridges with Singapore, the Republic of Korea and China.
The Treasury is also launching a FinTech Delivery Panel, designed to bring the industry together to develop an overarching FinTech strategy for the UK and to monitor and drive forward FinTech initiatives.
The Government continually engages with the Fintech industry and has not found any significant barriers for innovation arising from bank terms and conditions.
Asked by: Craig Tracey (Conservative - North Warwickshire)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what steps his Department is taking to promote the UK's FinTech industry.
Answered by Simon Kirby
The Treasury is working hard to promote the UK FinTech industry.
At Autumn Statement the government announced specific measures to boost the industry: the Treasury commissioned EY to produce an annual ‘State of UK FinTech’ report on key FinTech metrics to raise the profile of FinTech as an investment opportunity.
The Treasury has also appointed regional FinTech envoys for the Northern Powerhouse and Scotland to build networks and raise awareness of opportunities in these regions - alongside Special Envoy, Eileen Burbidge, whom the Treasury appointed last year to promote the UK FinTech sector at home and abroad.
Together with the Department for International Trade, the Treasury is hosting an International FinTech Conference, on 12 April 2017 in London, to showcase UK FinTech firms to investors from across the globe.
The Treasury is establishing FinTech bridges, which provide opportunities for UK FinTechs that want to scale-up internationally. By establishing links between Government, regulators and private sectors, FinTech Bridges reduce the barriers to entry in new jurisdictions and link UK FinTechs with opportunities for international investment. The UK currently has 3 FinTech Bridges with Singapore, the Republic of Korea and China.
The Treasury is also launching a FinTech Delivery Panel, designed to bring the industry together to develop an overarching FinTech strategy for the UK and to monitor and drive forward FinTech initiatives.
The Government continually engages with the Fintech industry and has not found any significant barriers for innovation arising from bank terms and conditions.