Asked by: James Naish (Labour - Rushcliffe)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether the Office of Financial Sanctions Implementation plans to issue updated guidance to asset managers on the risks of holding Hong Kong-listed securities that track sanctioned Chinese parent companies through Stock Connect.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
UK businesses should ensure compliance with all UK sanctions regulations as part of their business operations, including performing due diligence checks on all of their clients, suppliers and partners. Non-compliance with UK sanctions is a serious offence and punishable through financial penalties or criminal prosecution.
OFSI has delivered a wealth of guidance, advisories, alerts and threat assessment reports assessing sectoral threats and vulnerabilities relating to financial sanctions. These products have been produced to support industry to comply with UK sanctions, including as part of their global operations. OFSI is not currently working on further guidance for the Hong Kong securities sector. If firms are unclear on their obligations, they should seek legal advice.
If somebody has evidence or information of activity that contravenes UK financial sanctions, this should be reported to OFSI immediately using the reporting form available on GOV.UK(https://www.gov.uk/guidance/suspected-breach-of-financial-sanctions-what-to-do).
Asked by: James Naish (Labour - Rushcliffe)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will commission a review of UK (a) pension fund and (b) insurance fund exposure to Chinese corporations sanctioned by allied jurisdictions.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
There are currently no plans to commission a review of UK pension fund and insurance fund exposure to Chinese corporations sanctioned by allied jurisdictions.
The Government does routinely assess the impacts of its sanctions.
Asked by: James Naish (Labour - Rushcliffe)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many people are affected by the Loan Charge that have open pre-2010 enquiries.
Answered by James Murray - Chief Secretary to the Treasury
The Government has commissioned an independent review of the Loan Charge to help bring the matter to a close for those affected whilst ensuring fairness for all taxpayers.
HMRC is currently providing updated information that the review has requested. It would be wrong to pre-empt the outcome of the review by disclosing that information before the review has concluded. The information provided to the review will be published in due course.
Asked by: James Naish (Labour - Rushcliffe)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate she has made of the number of people impacted by the Loan Charge Scandal.
Answered by James Murray - Chief Secretary to the Treasury
The Government has commissioned an independent review of the Loan Charge to help bring the matter to a close for those affected whilst ensuring fairness for all taxpayers.
HMRC is currently providing updated information that the review has requested. It would be wrong to pre-empt the outcome of the review by disclosing that information before the review has concluded. The information provided to the review will be published in due course.
Asked by: James Naish (Labour - Rushcliffe)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many people have settled with HMRC to avoid the Loan Charge.
Answered by James Murray - Chief Secretary to the Treasury
The Government has commissioned an independent review of the Loan Charge to help bring the matter to a close for those affected whilst ensuring fairness for all taxpayers.
HMRC is currently providing updated information that the review has requested. It would be wrong to pre-empt the outcome of the review by disclosing that information before the review has concluded. The information provided to the review will be published in due course.
Asked by: James Naish (Labour - Rushcliffe)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an estimate of the revenue to the public purse from the taxes paid by British National (Overseas) visa holders since 2021.
Answered by James Murray - Chief Secretary to the Treasury
An estimate of the revenue to the public purse from the taxes paid by British National (Overseas) visa holders since 2021 is not available, as the information is not held.
Asked by: James Naish (Labour - Rushcliffe)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether funding decisions through the National Wealth Fund consider food supply chain resilience.
Answered by Darren Jones - Minister for Intergovernmental Relations
The National Wealth Fund does not provide grant funding, it invests in capital intensive projects and companies by offering financing in the form of debt, equity and guarantees.
The Statement of Strategic Priorities to the National Wealth Fund, issued by the Chancellor on 19 March 2025, sets out that the National Wealth Fund will prioritise investment into the Industrial Strategy sectors of clean energy, advanced manufacturing, digital and technologies, and transport, and support supply chain resilience across these priority sectors. The NWF remains flexible to invest in support of emerging government priorities and in response to changing market conditions.
Asked by: James Naish (Labour - Rushcliffe)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether the Growth Mission Fund will include eligibility criteria for (a) rural job creation and (b) the farming supply chain.
Answered by Darren Jones - Minister for Intergovernmental Relations
The Growth Mission Fund will invest £240 million of capital from 2026/27 to 2029/30 in projects that enable local job creation and the economic regeneration of local communities. Further detail on this fund and the criteria that will be applied for project selection will be set out in due course.
Asked by: James Naish (Labour - Rushcliffe)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will publish her Department's plans for an open finance regulatory framework.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
As set out in the National Payments Vision, the government’s ambition is for the UK to be a world leader in Open Finance – the next generation of financial data sharing. The benefits are potentially transformative for businesses and customers, enabling choice, innovation and a greater ability to engage with financial services.
The government is prioritising the development of a long-term regulatory framework for Open Banking, which will lay the foundations for Open Finance.
Asked by: James Naish (Labour - Rushcliffe)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential impact of extending the 90-day open banking consumer consent period on the economy.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
The UK has been a world leader in Open Banking since 2018. Open Banking providers offer innovative services using customer data, and can help with improving financial inclusion, such as by allowing customers to gain better oversight of their finances, or by improving access to credit.
The Government is committed to maintaining the UK’s leadership in this area. This is why the government set out in the National Payments Vision, published in November, that Open Banking must transition to a sustainable long-term regulatory framework. The government is committed to delivering this framework and intends to use incoming smart data powers in the Data (Use and Access) Bill, currently progressing through Parliament, to do so.
The Government is working to ensure that individuals have access to the appropriate financial products and services they need. This is why I have committed to publish a Financial Inclusion Strategy later this year, which will examine the barriers consumers face and solutions to address them.
On the 90-day Open Banking consumer consent period - this is a matter for the Financial Conduct Authority (FCA), which is independent from Government. The FCA will respond to the Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.