Oral Answers to Questions

Debate between John Glen and Gregory Campbell

Tuesday 17th May 2022 Commons Chamber

[John Glen]

Yes, absolutely, and my officials are meeting the Cryptoasset Business Council later this week. We want to take a dynamic approach to industry engagement. Lots of similar organisations have spawned over the last few months, and I and my officials will work very closely with them as we lead this global leadership aspiration.

[Mr Gregory Campbell (East Londonderry) (DUP)]

The cryptocurrency market is expanding rapidly, but what are the Government doing to ensure that the wider public are aware of the wild swings that exist in the market? Yes, profits can be made, but so can significant losses, as the past few months have demonstrated.

[John Glen]

We watch these things very carefully. That is why, in January this year, we announced that certain cryptoassets will be brought within the scope of financial promotions regulation. I am very aware of the Financial Conduct Authority’s advice, which shows that only one in 10 cryptoholders are aware that they can lose all their money. We need to get that number up.

Oral Answers to Questions

Debate between John Glen and Gregory Campbell

Tuesday 22nd May 2018 Commons Chamber

[John Glen]

I am taking this up further, but I am concerned not to put a misleading flat-rate percentage on there, given that most savers who make an unauthorised withdrawal will pay a different amount according to their circumstances.

[Mr Gregory Campbell (East Londonderry) (DUP)]

We have junior ISAs, cash ISAs, stocks and shares ISAs and lifetime ISAs. Will the Minister consider simplifying the entire ISA system to help young people in particular with long-term, cost-effective saving?

[John Glen]

The Government have developed a range of savings products and incentives, or encouraged providers to do so, to reflect the range of needs. We have also raised the ISA allowance to £20,000 and introduced the personal savings allowance, meaning that 95% of people do not pay any tax on their savings income. It is important that we have that range of options for all age groups.