Asked by: Stephen Gethins (Scottish National Party - Arbroath and Broughty Ferry)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential implications for her policies of the Office for Budget Responsibility's analysis of the change in the volume of UK imports and exports compared to if the UK had remained in the EU.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
HM Treasury does not prepare forecasts for the UK economy and public finances, including assessments of potential impacts of policy changes. These are the responsibility of the independent Office for Budget Responsibility (OBR) which confirmed its assessment of EU exit’s economic impacts in its March 2024 Economic and Fiscal Outlook.
HM Treasury continues to consider a range of data sources, including trade import and export figures, as part of the department’s ongoing monitoring of the UK economy.
The Government is working with the EU to identify areas where we can strengthen cooperation for mutual benefit, and as part of this we will welcome EU leaders to the UK for the first UK-EU Leaders’ Summit on 19 May.
Asked by: Stephen Gethins (Scottish National Party - Arbroath and Broughty Ferry)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to paragraph 2.28 of the Office of Budget Responsibility's publication entitled Economic and fiscal outlook, published in October 2024, if she will make an estimate of the macro economic cost of the change in overall trade intensity.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
HM Treasury does not prepare forecasts for the UK economy and public finances, including assessments of potential impacts of policy changes. These are the responsibility of the independent Office for Budget Responsibility (OBR) which confirmed its assessment of EU exit’s economic impacts in its March 2024 Economic and Fiscal Outlook.
HM Treasury continues to consider a range of data sources, including trade import and export figures, as part of the department’s ongoing monitoring of the UK economy.
The Government is working with the EU to identify areas where we can strengthen cooperation for mutual benefit, and as part of this we will welcome EU leaders to the UK for the first UK-EU Leaders’ Summit on 19 May.
Asked by: Stephen Gethins (Scottish National Party - Arbroath and Broughty Ferry)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to paragraph 2.28 of the Office of Budget Responsibility's publication entitled Economic and fiscal outlook, published in October 2024, what estimate she has made of the cost to the public purse of the change in overall trade intensity.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
HM Treasury does not prepare forecasts for the UK economy and public finances, including assessments of potential impacts of policy changes. These are the responsibility of the independent Office for Budget Responsibility (OBR) which confirmed its assessment of EU exit’s economic impacts in its March 2024 Economic and Fiscal Outlook.
HM Treasury continues to consider a range of data sources, including trade import and export figures, as part of the department’s ongoing monitoring of the UK economy.
The Government is working with the EU to identify areas where we can strengthen cooperation for mutual benefit, and as part of this we will welcome EU leaders to the UK for the first UK-EU Leaders’ Summit on 19 May.
Asked by: Stephen Gethins (Scottish National Party - Arbroath and Broughty Ferry)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to paragraph 2.28 of the Office of Budget Responsibility's publication entitled Economic and fiscal outlook, published in October 2024, which sectors will be impacted by the change in overall trade intensity.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
HM Treasury does not prepare forecasts for the UK economy and public finances, including assessments of potential impacts of policy changes. These are the responsibility of the independent Office for Budget Responsibility (OBR) which confirmed its assessment of EU exit’s economic impacts in its March 2024 Economic and Fiscal Outlook.
HM Treasury continues to consider a range of data sources, including trade import and export figures, as part of the department’s ongoing monitoring of the UK economy.
The Government is working with the EU to identify areas where we can strengthen cooperation for mutual benefit, and as part of this we will welcome EU leaders to the UK for the first UK-EU Leaders’ Summit on 19 May.
Asked by: Stephen Gethins (Scottish National Party - Arbroath and Broughty Ferry)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when she plans to reply to correspondence from the hon. Member for Arbroath and Broughty Ferry of 31 January and 25 February 2025, reference SG00234.
Answered by James Murray - Chief Secretary to the Treasury
The correspondence from the hon. Member for Arbroath and Broughty Ferry was transferred to the Ministry of Housing, Communities & Local Government. This transfer was confirmed by email on 03 March 2025.
Asked by: Stephen Gethins (Scottish National Party - Arbroath and Broughty Ferry)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when she plans to respond to correspondence from the hon. Member for Arbroath and Broughty Ferry of 3 November 2024 on loan charges, with reference SG00072.
Answered by James Murray - Chief Secretary to the Treasury
I can confirm that a response has been sent on 27 February 2025 to the hon. Member for Arbroath and Broughty Ferry.Asked by: Stephen Gethins (Scottish National Party - Arbroath and Broughty Ferry)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of placing Russia on a domestic money laundering watchlist.
Answered by Tulip Siddiq
The UK’s list of high-risk third countries aligns with those countries identified by the Financial Action Task Force (FATF) as having strategic deficiencies in their anti-money laundering and counter terrorist financing regimes, which ensures that the identification of high-risk third countries is underpinned by the FATF’s consistent, technical methodology, and robust assessment processes.
Russia is not included in either the FATF’s or UK’s list of high-risk third countries. However, regulated businesses should in practice already be taking enhanced due diligence measures in relation to Russia because the UK Money Laundering Regulations require enhanced scrutiny in situations that present a high risk of money laundering or terrorist financing, and the UK’s National Risk Assessment of Money Laundering and Terrorist Financing 2020 specifically highlights the significant volume of illicit finance emanating from Russia.
Asked by: Stephen Gethins (Scottish National Party - Arbroath and Broughty Ferry)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if her Department will provide guidance for businesses on the money laundering risks of transactions (a) directly and (b) indirectly linked to Russia.
Answered by Tulip Siddiq
The Treasury and the Home Office hold joint responsibility for publishing a periodic national risk assessment which sets out the money laundering and terrorist financing risks in the UK. The national risk assessment provides guidance to regulated firms by informing them of risks and the jurisdictions that these risks may come from.
The UK National Risk Assessment of Money Laundering and Terrorist Financing 2020 provided an outline of those jurisdictions assessed to be particularly relevant to the cross-border money laundering faced by the UK. This included an assessment of the money laundering risks linked to Russia.
The next UK National Risk Assessment is now underway, underpinned by a rigorous process in collaboration with law enforcement and other key stakeholders.
The UK has also issued red alerts to the financial sector and other regulated sectors on specific areas of high risk relating to Russia to inform and direct their scrutiny.
Asked by: Stephen Gethins (Scottish National Party - Arbroath and Broughty Ferry)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department is taking steps to strengthen anti-money laundering regulations.
Answered by Tulip Siddiq
We are committed to ensuring the UK’s anti-money laundering and counter terrorist financing regime is both effective and proportionate. To that end, a consultation on improving the effectiveness of the Money Laundering Regulations closed in June 2024 and collected feedback on a range of potential changes to the Regulations. HM Treasury is currently analysing this feedback and the Government will publish a response in due course.
Asked by: Stephen Gethins (Scottish National Party - Arbroath and Broughty Ferry)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to oral contribution of 3 December 2024 by the Chief Secretary to the Treasury, if she will make an overall estimate of the impact of the UK’s exit from the EU.
Answered by Darren Jones - Minister for Intergovernmental Relations
No. The Government is focussed on resetting the relationship with the EU, which will support economic growth, the central mission of the Government.