Asked by: Stella Creasy (Labour (Co-op) - Walthamstow)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the Retained EU Law Bill, whether he plans to (a) retain, (b) replace and (c) revoke the Deposit Guarantee Scheme Regulations 2015.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
Retained EU law in financial services is not repealed automatically by the Retained EU Law (Revocation and Reform) Bill. Instead, the Financial Services and Markets Bill repeals retained EU law in financial services so that it can be replaced with an approach to regulation designed for the UK. This includes the Deposit Guarantee Scheme Regulations 2015, which are listed in Schedule 1 of the Bill.
As part of the Edinburgh Reforms, the government published “Building a Smarter Financial Services Framework for the UK “, which sets out its approach to repealing and replacing retained EU law in financial services using the powers in the Financial Services and Markets Bill. This includes identifying the first two “tranches” of reforms.
The Deposit Guarantee Scheme Regulations 2015 will not form part of the first two tranches of reforms, and the government will set out plans regarding these regulations in due course.
Much of the UK’s deposit protection framework is already delegated to the Prudential Regulation Authority (PRA), and sits in PRA rules. These rules are not repealed by the Financial Services and Markets Bill. The rules include, among other things, the depositor coverage limit, which is currently set at £85,000 per eligible person, per bank.
Asked by: Stella Creasy (Labour (Co-op) - Walthamstow)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what the value of tax relief granted under (a) Part 15 of the Corporation Tax 2009, (b) Part 15A of the Corporation Tax 2009 and (c) Part 15B of the Corporation Tax 2009 was in each of the last five financial years.
Answered by Victoria Atkins - Secretary of State for Health and Social Care
The information can be found in the following link:
https://www.gov.uk/government/statistics/creative-industries-statistics-august-2022
Asked by: Stella Creasy (Labour (Co-op) - Walthamstow)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many officials in (a) his Department and (b) HMRC are working on Retained EU Law legislation, as (i) headcount and (ii) Full Time Equivalent.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
HMT and HMRC hold a large body of Retained EU Law (REUL), primarily in relation to Financial Services and tax (including excise, customs and VAT). A number of officials from both HMT and HMRC work on REUL legislation. This work is carried out as part of officials’ normal business activities, and we do not record the amount of staff time spent specifically on this work.
Asked by: Stella Creasy (Labour (Co-op) - Walthamstow)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when he plans to publish the Government's response to its consultation on the Regulation of Buy-Now Pay-Later.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government published a consultation on policy proposals for the regulation of Buy-Now Pay-Later (BNPL) on 21 October 2021, which closed on 6 January 2022. The Government is now reviewing responses to this consultation and considering next steps, and intends to publish a consultation response in the spring.