Asked by: Gregory Campbell (Democratic Unionist Party - East Londonderry)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 20 November 2023 to Question 1823 on Business: Insolvency, what steps his Department is taking to help tackle the trend in the number of companies declaring insolvency in that period.
Answered by Gareth Davies - Exchequer Secretary (HM Treasury)
The Government was pleased to see that the latest statistics reported by the Insolvency Service showed the number of corporate insolvencies in March 2024 had fallen by 28% compared to March 2023.
The Government continues to help businesses, including through a swathe of policy measures in the Autumn explicitly aimed at ‘Backing British business’. Recent and current policies supporting businesses include:
• Energy Bills Discount Scheme that provided discounts on high energy bills to eligible businesses and other non-domestic energy users from April 2023 to April 2024.
• Continued frozen small business rates multiplier and business rates relief for the Retail, Hospitality and Leisure sector, the latter policy supporting around 230,000 properties up to £110,000 per business.
• Payment and cashflow review outlining measures to combat late payments that can jeopardise stable cashflows.
The Government will continue to monitor the UK corporate sector, using official data and engaging with firms and business groups to inform policy decisions.
Asked by: Gregory Campbell (Democratic Unionist Party - East Londonderry)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what his planned timetable is to amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 to differentiate between (a) domestic and (b) foreign politically exposed persons.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
The Government has already amended the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 to distinguish between domestic and non-domestic politically exposed persons (PEPs).
The amendment came into force on 10 January 2024 and makes clear that regulated firms must apply a lower level of enhanced due diligence to domestic PEPs and family members or close associates of domestic PEPs, compared to non-domestic PEPs, unless other risk factors are present.
Asked by: Gregory Campbell (Democratic Unionist Party - East Londonderry)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he expects the pilot No Interest Loan Scheme run by Fair4AllFinance to be launched in Northern Ireland before the end of the calendar year.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
The government funded No Interest Loan Scheme (NILS) is being run by Fair4AllFinance, in conjunction with their partners. The pilot is designed to test the impact that NILS could have on addressing the needs of vulnerable consumers across the UK.
Fair4AllFinance have now rolled out the pilot in England, Scotland and Wales. Fair4AllFinance will continue to engage closely with stakeholders, including the Northern Ireland Executive, in an effort to deliver our shared ambition to launch a pilot site in Northern Ireland.
Asked by: Gregory Campbell (Democratic Unionist Party - East Londonderry)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will hold discussions with insurance companies on trends in the level of car insurance premia.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
Treasury Ministers and officials have regular meetings with a wide variety of organisations in the public and private sectors, including financial services firms, on an ongoing basis.
The Government does not prescribe the terms, conditions or price that insurance companies set when offering insurance. Insurers make commercial decisions about the pricing of insurance following their assessment of the relevant risks. The Government does not intervene in these decisions as this could damage competition in the market.
The Financial Conduct Authority (FCA) is the independent regulator responsible for supervising the insurance industry. The FCA requires firms to ensure their products offer fair value (i.e. if the price a consumer pays for a product or service is reasonable compared to the overall benefits they can expect to receive). The FCA has been clear that it will be monitoring firms to ensure they are providing products that are fair value, and, where necessary, it will take action.
Asked by: Gregory Campbell (Democratic Unionist Party - East Londonderry)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has made an estimate of the number of people paying basic rate income tax in the financial years (a) 2022-23 and (b) 2023-24.
Answered by Nigel Huddleston - Financial Secretary (HM Treasury)
This data is published in Table 2.1 Number of individual Income Tax payers in the Income Tax statistics and distributions publication.
Asked by: Gregory Campbell (Democratic Unionist Party - East Londonderry)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he plans to take in the 2024-25 financial year to help tackle crypto currency fraud.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
The Government takes the issue of fraud very seriously, and published a comprehensive Fraud Strategy in May last year. Through this the Government will work: with industry to remove the vulnerabilities that fraudsters exploit; with intelligence agencies to shut down fraudulent infrastructure; with law enforcement to identify and bring the most harmful offenders to justice; and with all partners to ensure that the public have the advice and support they need
Further, the Financial Conduct Authority (FCA) commenced enforcement of the cryptoassets financial promotion regime in October last year, requiring such promotions to be fair, clear and not misleading. This is aimed at improving consumers’ understanding of the risks and benefits associated with cryptoasset purchases and ensuring that cryptoasset promotions are held to the same standards as similar risk financial services products. In the next phase of its work, the Government is creating a comprehensive financial services regulatory regime for cryptoassets in the UK.
Asked by: Gregory Campbell (Democratic Unionist Party - East Londonderry)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what progress he has made on the UK Green Taxonomy financial proposals.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
The Government remains committed to delivering a UK Green Taxonomy to support an increase in financing for activities supporting the transition to net zero and delivering on UK environmental objectives.
The Government expects to publish the consultation on the UK Green Taxonomy shortly.
Asked by: Gregory Campbell (Democratic Unionist Party - East Londonderry)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he plans to hold discussions with representatives of the main banks on the potential merits of agreeing a new banking framework with the Post Office for the period after 2025.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
The Government is supportive of industry initiatives that assist access to in-person banking. These include the Post Office Banking Framework, which allows personal and business customers to carry out everyday banking services at 11,500 Post Office branches across the UK.
Negotiations between the banking industry and the Post Office regarding any future Banking Framework are commercial discussions and the Government has no role.
Asked by: Gregory Campbell (Democratic Unionist Party - East Londonderry)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, Approximately, how much stamp duty was paid on the purchase of UK-based shares in each of the last two financial years.
Answered by Nigel Huddleston - Financial Secretary (HM Treasury)
HM Revenue & Customs do not hold the information on the amount of stamp duty paid on the purchase of shares solely based in the UK.
Asked by: Gregory Campbell (Democratic Unionist Party - East Londonderry)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how much his Department received in Emissions Trading Scheme fees from (a) Belfast International, (b) Belfast City and (c) Londonderry airport in the financial year 2022/23.
Answered by Gareth Davies - Exchequer Secretary (HM Treasury)
Belfast International, Belfast City and Londonderry airports are not covered by the UK Emissions Trading Scheme and therefore do not contribute to Emission Trading Scheme revenue.