Asked by: Geraint Davies (Independent - Swansea West)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, if she will make it her policy to monitor firms with financial ties to sovereign wealth funds originating from countries that do not have transparent and democratic systems to ensure the (a) effective allocation, (b) efficient implementation and (c) transparent reporting of committed funds.
Answered by Kevin Hollinrake - Minister of State (Department for Business and Trade)
The UK is an open economy and we welcome global investment. UK firms that have financial ties to Sovereign Wealth Funds already have to abide by the UK's regulatory regimes for corporate practice, including the Companies Act, 2006.
Asked by: Geraint Davies (Independent - Swansea West)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what assessment she has made of the implications for her policies of the recommendations in Council of Europe report entitled Safeguarding democracy, rights and the environment in international trade, published in April 2023, on protecting the environment.
Answered by Nigel Huddleston - Financial Secretary (HM Treasury)
As an independent nation in control of our trading future, the UK government considers a broad range of factors when developing international trade policy – including benefits to the UK economy and our international obligations.
In line with those international obligations, the Government will continue to ensure that our trade policy reflects our high standards and protections – both in new trade agreements and via multilateral fora.
Having secure and growing trading relationships can increase UK influence and assist open conversations with partners on a range of issues, many of which are listed in the Council of Europe report “Doc. 15739”.
Asked by: Geraint Davies (Independent - Swansea West)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, if she will make an assessment of the implications for her policies of the recommendations of the report of the Committee on Social Affairs, Health and Sustainable Development on Safeguarding democracy, rights and the environment in international trade, which was adopted by the Parliamentary Assembly of the Council of Europe on 27 April 2023.
Answered by Nigel Huddleston - Financial Secretary (HM Treasury)
I refer the Hon. Member to the answer I gave to my Hon. Friend the Member for Henley on 18th May 2023, UIN 183392.