Asked by: Julie Cooper (Labour - Burnley)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how many people who work in the City of London have been prosecuted for a crime relating to financial misconduct since 2008.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
We are unable to specifically identify whether alleged offenders prosecuted for committing a crime relating to financial misconduct worked in the City of London or any other geographical area. There are many criminal offences that could be construed as ‘relating to financial misconduct’ which are prosecuted by a number of differing authorities and a detailed answer could only be obtained at disproportionate cost.
Since 2009 the Financial Services Authority and the Financial Conduct Authority have prosecuted 59 individuals for offences including insider dealing, breaching the general prohibition and creating false or misleading impressions or statements, seven of whom were acquitted.
Asked by: Julie Cooper (Labour - Burnley)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what estimate he has made of the financial contribution of the solar power industry to the UK economy in (a) 2010, (b) 2011, (c) 2012, (d) 2013, (e) 2014 and (f) 2015.
Answered by Damian Hinds
Information on the financial contribution of the solar power industry to the UK economy is not available. Solar electricity generation has been incentivised by the support under the Renewables Obligation, Contract for Difference and the Small Scale Feed in Tariff schemes. Information on private sectorinvestment from 2010-2014 is obtainable from the March 2015 DECC publication, “Delivering UK Energy Investment“ which is available here https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/419024/DECC_LowCarbonEnergyReport.pdf
The Office for National Statistics are due to publish a sector report on solar in February 2016 as part of their Low Carbon and Renewable Economy Survey for 2014 which is likely to provide further relevant information.
Asked by: Julie Cooper (Labour - Burnley)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what recent discussions his Department has had with Andrew Roberts from the Royal Bank of Scotland to discuss the state of the world economy.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery.
Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at:
Asked by: Julie Cooper (Labour - Burnley)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how many high-frequency traders have been investigated by the Financial Conduct Authority for predatory practices.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
It would not be appropriate for the Government to comment on any ongoing investigations. This is an operational matter for the FCA which is an independent regulator. I have transferred this question across to them and they will respond fully in due course.
The Government is clear that any attempted manipulation of any financial market is completely unacceptable. The integrity of the City matters to the economy of Britain, and that is why the Government is taking action at home, in Europe, and globally, to ensure that this behaviour is punished and that similar scandals cannot occur again.
The Government has taken a number of steps to strengthen financial regulation in the UK. These include introducing the Senior Managers and Certification Regime to provide for effective regulation of individual conduct and accountability in the banking sector. The Bank of England and Financial Services Bill, now before the House of Commons, will extend this regime to cover all authorised financial services firms, including dealers in securities and other non-banks which may engage in high-frequency trading (HFT).
The Government has supported the European Union (EU) Markets in Financial Instruments Directive 2 (MiFID 2), which from 2017 will alter the regulatory landscape in relation to automated trading including HFT. As part of this, HFT firms will be required to disclose information concerning their trading activities to their regulator in order to increase the regulatory supervision of these markets.
Asked by: Julie Cooper (Labour - Burnley)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential effect of the recent fall in Chinese stocks on Government plans to explore connecting the UK and Chinese markets.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
HM Treasury is not conducting a feasibility study into future connections between UK and Chinese stock markets. The London Stock Exchange Group and the Shanghai Stock Exchange are carrying out a feasibility study on a stock market connection.
HM Treasury continuously monitors global economic developments, including those in China, and their impact on the UK as part of the normal process of policy development.
Asked by: Julie Cooper (Labour - Burnley)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what steps his Department is taking to protect UK businesses, the economy and the City from turbulence in Chinese stock markets.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
The Treasury continuously monitors global economic developments, including those in China, and their impact on the UK as part of the normal process of policy development.
The Chancellor has warned that “last year was the worst for global growth since the crash and this year opens with a dangerous cocktail of new threats from around the world.” As one of the most open trading economies in the world with a large financial sector, we have to recognise that the UK is not immune to the continued problems being experienced in the world economy.
We should not let this put us off engaging with China. As the Chancellor said while leading the UK’s Economic and Financial Dialogue with China in September 2015, both countries: “have a shared commitment to laying the foundations for stronger, more productive economies that can weather periods of uncertainty. At the same time, we need to continue to pursue the longer-term reform challenges that both our governments are pursuing.”
The Bank of England’s 2015 stress tests modelled a severe slowdown in commodities and emerging markets. No banks were required to submit revised capital plans following the stress tests. This provides further reassurance that the UK’s banking system is capable of weathering future financial storms both at home and abroad.
Asked by: Julie Cooper (Labour - Burnley)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what steps the Government has taken to prevent predatory high-frequency trading.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
It would not be appropriate for the Government to comment on any ongoing investigations. This is an operational matter for the FCA which is an independent regulator. I have transferred this question across to them and they will respond fully in due course.
The Government is clear that any attempted manipulation of any financial market is completely unacceptable. The integrity of the City matters to the economy of Britain, and that is why the Government is taking action at home, in Europe, and globally, to ensure that this behaviour is punished and that similar scandals cannot occur again.
The Government has taken a number of steps to strengthen financial regulation in the UK. These include introducing the Senior Managers and Certification Regime to provide for effective regulation of individual conduct and accountability in the banking sector. The Bank of England and Financial Services Bill, now before the House of Commons, will extend this regime to cover all authorised financial services firms, including dealers in securities and other non-banks which may engage in high-frequency trading (HFT).
The Government has supported the European Union (EU) Markets in Financial Instruments Directive 2 (MiFID 2), which from 2017 will alter the regulatory landscape in relation to automated trading including HFT. As part of this, HFT firms will be required to disclose information concerning their trading activities to their regulator in order to increase the regulatory supervision of these markets.
Asked by: Julie Cooper (Labour - Burnley)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, when the feasibility study on the possibility of connecting UK and Chinese stock markets will be completed.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
The London Stock Exchange Group and the Shanghai Stock Exchange are carrying out a feasibility study on a stock market connection, and will determine the date for completion in due course.
Asked by: Julie Cooper (Labour - Burnley)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how many people in Burnley receive working tax credit.
Answered by Damian Hinds
Information on the figures you have requested can be found in the latest publication, Child and Working Tax Credits statistics, Finalised annual awards - Geographical analysis, which is available at:
Asked by: Julie Cooper (Labour - Burnley)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how many people in Burnley receive child tax credit.
Answered by Damian Hinds
Information on the figures you have requested can be found in the latest publication, Child and Working Tax Credits statistics, Finalised annual awards - Geographical analysis, which is available at: