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Speech in General Committees - Thu 31 Oct 2019
Draft Income Tax (Trading and Other Income) Act 2005 (Amendments to Chapter 2A of Part 5) Regulations 2019

"As ever, it is a pleasure to see you in the Chair, Mr Stringer. I thank the Minister for his explanation of the instrument, and wish all Members good fortune in the forthcoming general election. It is something of a highlight for me to be allowed to scrutinise a statutory …..."
Jonathan Reynolds - View Speech

View all Jonathan Reynolds (LAB - Stalybridge and Hyde) contributions to the debate on: Draft Income Tax (Trading and Other Income) Act 2005 (Amendments to Chapter 2A of Part 5) Regulations 2019
Written Question
Public Works Loan Board
Tuesday 29th October 2019

Asked by: Jonathan Reynolds (Labour (Co-op) - Stalybridge and Hyde)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, for what reason (a) the borrowing rate for local authorities from the Public Works Loan Board was increased by HM Treasury by 100bps on 9 October 2019 and (b) that increase was not disclosed in a Delegated Legislation Committee which considered the Instrument that increased the borrowing limit for that board on 3 October 2019.

Answered by John Glen

The Public Works Loan Board enables Local Authorities to borrow money at low rates. Some local authorities substantially increased their use of the Public Works Loan Board over the summer, as the cost of borrowing fell to record lows. To ensure the continued availability of lending for local government investment in capital projects the Government increased the level of available PWLB funding by £10 billion and restored rates to levels available in 2018. In 2018 Local Authorities delivered £25.8bn of capital expenditure in England.

Borrowing from the Public Works Loan Board sits on the Government’s balance sheet and HM Treasury keeps this under review.

It was not possible to announce the rate change prior to its implementation because the change was market sensitive.

Speech in General Committees - Wed 23 Oct 2019
Draft Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019

"It is a pleasure to see you in the Chair, Mr Bailey. We have read out the title of this statutory instrument twice already, so I will exempt myself from that particular duty.

For the benefit of any new members of the Committee and for the record, my Opposition colleagues …..."
Jonathan Reynolds - View Speech

View all Jonathan Reynolds (LAB - Stalybridge and Hyde) contributions to the debate on: Draft Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019
Speech in General Committees - Wed 23 Oct 2019
Draft Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019

"It is an entirely reasonable observation that the UK pensions industry is structured differently and requires a different set of regulations and approach, but we have always known that. Is the Minister saying that, if we had not spotted this back then and left the European Union without passing the …..."
Jonathan Reynolds - View Speech

View all Jonathan Reynolds (LAB - Stalybridge and Hyde) contributions to the debate on: Draft Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019
Written Question
Financial Services: EU Countries
Monday 21st October 2019

Asked by: Jonathan Reynolds (Labour (Co-op) - Stalybridge and Hyde)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what the Government's preferred method is of ensuring continued market access to the EU for UK-based financial services firms after the UK leaves the EU.

Answered by John Glen

The Government is determined to leave the EU with a deal. We are committed to an ambitious, broad, deep and flexible economic partnership, based on a best in class Free Trade Agreement. This is the best way to maintain and enhance our position as an open, global leader in financial services after we leave the EU.

The UK is committed to a relationship based on an expanded and improved approach to equivalence. That is the best short and long-term solution for markets, firms and investors in both the UK and the EU. Such a relationship respects the autonomy of each Party over judgements about access to their market and over legislation.

Speech in General Committees - Mon 07 Oct 2019
FINANCIAL SERVICES (ELECTRONIC MONEY, PAYMENT SERVICES AND MISCELLANEOUS AMENDMENTS) (EU EXIT) REGULATIONS 2019

"It is a genuine pleasure to see you in the Chair, Ms Buck. It is good to be with the Minister for the second time today to discuss our contingency plans in the event of a no-deal Brexit. While this statutory instrument appears to address payments primarily, as the Minister …..."
Jonathan Reynolds - View Speech

View all Jonathan Reynolds (LAB - Stalybridge and Hyde) contributions to the debate on: FINANCIAL SERVICES (ELECTRONIC MONEY, PAYMENT SERVICES AND MISCELLANEOUS AMENDMENTS) (EU EXIT) REGULATIONS 2019
Speech in General Committees - Mon 07 Oct 2019
CAPITAL REQUIREMENTS (AMENDMENT) (EU EXIT) REGULATIONS 2019

"May I, too, say what a pleasure it is to see you in the Chair, Mr Bailey?

The statutory instrument returns the Minister and I to our preparations for the country’s potential exit from the European Union without a deal. For the avoidance of any doubt, let me state that …..."
Jonathan Reynolds - View Speech

View all Jonathan Reynolds (LAB - Stalybridge and Hyde) contributions to the debate on: CAPITAL REQUIREMENTS (AMENDMENT) (EU EXIT) REGULATIONS 2019
Speech in General Committees - Thu 03 Oct 2019
Draft Local Loans (Increase of Limit) Order 2019

"It is a pleasure to see you in the Chair, Mr Gray, and, to be frank, it is a pleasure for the Minister and me to consider a statutory instrument that is not related to a no-deal Brexit. Instead, as he outlined, it relates to a fairly routine increase in …..."
Jonathan Reynolds - View Speech

View all Jonathan Reynolds (LAB - Stalybridge and Hyde) contributions to the debate on: Draft Local Loans (Increase of Limit) Order 2019
Speech in Commons Chamber - Tue 01 Oct 2019
Oral Answers to Questions

"The Government’s current policy is that we can have higher public spending, falling debt and a no-deal Brexit, but those three things are impossible to deliver together, so on which of them are the Government not telling the truth?..."
Jonathan Reynolds - View Speech

View all Jonathan Reynolds (LAB - Stalybridge and Hyde) contributions to the debate on: Oral Answers to Questions
Speech in General Committees - Mon 09 Sep 2019
Draft Financial Services (Miscellaneous) (Amendment) (EU Exit) (No. 3) Regulations 2019

"It is always a pleasure, Sir Edward, to see you in the Chair.

We now know that this is one of the last chances the Opposition will have to be heard on the matter of a no-deal Brexit, given the Government’s decision to prorogue Parliament this evening. The Opposition’s concerns …..."
Jonathan Reynolds - View Speech

View all Jonathan Reynolds (LAB - Stalybridge and Hyde) contributions to the debate on: Draft Financial Services (Miscellaneous) (Amendment) (EU Exit) (No. 3) Regulations 2019