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Written Question
Cryptocurrencies: Regulation
Tuesday 23rd April 2024

Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps his Department is taking to help ensure that the new regulatory framework for crypto assets and stablecoins will (a) enhance the UK's global competitiveness in fintech and (b) protect consumers from the volatility and risks associated with digital currencies.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

  1. The government is committed to creating a regulatory environment in the UK where firms can innovate, while crucially maintaining financial stability and clear regulatory standards.
  2. In line with this, the government has already brought cryptoassets into regulation for anti-money laundering and counter-terrorist financing, and financial promotions.
  3. As a result, the Financial Conduct Authority now regulates and supervises qualifying cryptoasset promotions, with the aim of improving consumers’ understanding of the risks and benefits associated with cryptoasset investments, and ensuring that cryptoasset promotions are held to the same high standards as for broader financial services.
  4. In October last year, the Treasury published its final proposals for creating the UK’s financial services regulatory regime for cryptoassets.
Written Question
Cryptocurrencies: Regulation
Tuesday 23rd April 2024

Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what regulatory measures are in place to ensure the stability and security of investments in cryptocurrencies; and whether any additional measures are being considered.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

  1. The government is committed to creating a regulatory environment in the UK where firms can innovate, while crucially maintaining financial stability and clear regulatory standards.
  2. In line with this, the government has already brought cryptoassets into regulation for anti-money laundering and counter-terrorist financing, and financial promotions.
  3. As a result, the Financial Conduct Authority now regulates and supervises qualifying cryptoasset promotions, with the aim of improving consumers’ understanding of the risks and benefits associated with cryptoasset investments, and ensuring that cryptoasset promotions are held to the same high standards as for broader financial services.
  4. In October last year, the Treasury published its final proposals for creating the UK’s financial services regulatory regime for cryptoassets.
Written Question
Cryptocurrencies
Tuesday 23rd April 2024

Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether his Department has made an estimate of (a) the role and (b) trends in the value of (i) bitcoin and (ii) other major cryptocurrencies in the economy in the next (A) five and (B) 10 years.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

  1. The government is committed to creating a regulatory environment in the UK where firms can innovate, while crucially maintaining financial stability and clear regulatory standards.
  2. In line with this, the government has already brought cryptoassets into regulation for anti-money laundering and counter-terrorist financing, and financial promotions.
  3. As a result, the Financial Conduct Authority now regulates and supervises qualifying cryptoasset promotions, with the aim of improving consumers’ understanding of the risks and benefits associated with cryptoasset investments, and ensuring that cryptoasset promotions are held to the same high standards as for broader financial services.
  4. In October last year, the Treasury published its final proposals for creating the UK’s financial services regulatory regime for cryptoassets.
Written Question
Cryptocurrencies and Blockchain
Tuesday 23rd April 2024

Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps his Department has taken to support innovation in blockchain and cryptocurrency technologies while ensuring robust consumer protections.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

  1. The government is committed to creating a regulatory environment in the UK where firms can innovate, while crucially maintaining financial stability and clear regulatory standards.
  2. In line with this, the government has already brought cryptoassets into regulation for anti-money laundering and counter-terrorist financing, and financial promotions.
  3. As a result, the Financial Conduct Authority now regulates and supervises qualifying cryptoasset promotions, with the aim of improving consumers’ understanding of the risks and benefits associated with cryptoasset investments, and ensuring that cryptoasset promotions are held to the same high standards as for broader financial services.
  4. In October last year, the Treasury published its final proposals for creating the UK’s financial services regulatory regime for cryptoassets.
Written Question
Cryptocurrencies
Tuesday 23rd April 2024

Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he plans to issue any (a) guidance or (b) resources to help potential investors understand the risks and benefits associated with cryptocurrency investments.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

  1. The government is committed to creating a regulatory environment in the UK where firms can innovate, while crucially maintaining financial stability and clear regulatory standards.
  2. In line with this, the government has already brought cryptoassets into regulation for anti-money laundering and counter-terrorist financing, and financial promotions.
  3. As a result, the Financial Conduct Authority now regulates and supervises qualifying cryptoasset promotions, with the aim of improving consumers’ understanding of the risks and benefits associated with cryptoasset investments, and ensuring that cryptoasset promotions are held to the same high standards as for broader financial services.
  4. In October last year, the Treasury published its final proposals for creating the UK’s financial services regulatory regime for cryptoassets.
Written Question
Iran: Israel
Tuesday 23rd April 2024

Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential impact of the conflict between Iran and Israel on (a) global economic stability, (b) oil prices and (c) inflation.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

HM Treasury is monitoring the situation closely following Iran’s attack against Israel. The UK is working urgently with our allies to de-escalate the situation.

The Office for Budget Responsibility (OBR) estimated the potential UK economic impacts of a widening of conflict in the Middle East in their March 2024 Economic and Fiscal Outlook (https://obr.uk/efo/economic-and-fiscal-outlook-march-2024/ ).

Written Question
Motor Vehicles: Exports
Tuesday 26th March 2024

Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether his Department is taking steps to monitor the end destination of vehicle exports to ensure compliance with international sanctions.

Answered by Nigel Huddleston - Financial Secretary (HM Treasury)

HMRC is responsible for the civil and criminal enforcement of export controls and trade sanctions which fall within its customs remit. In addition, for certain trade sanctions outside its customs, HMRC enforces under criminal law on referral from a civil enforcement body.

At UK ports and airports, HMRC in partnership with Border Force carries out targeted risk and intelligence-based checks to ensure traders are compliant with sanction measures and identify breaches.

HMRC takes breaches of sanctions seriously and undertakes a preliminary investigation into all credible allegations of Trade Sanctions offences.

Options for tackling breaches of export controls or sanctions range from the issuing of written warnings, through to compound settlements and, in the most serious cases, referral to the UK Prosecution Authorities for consideration of criminal prosecution.

Written Question
Debt Collection
Monday 25th March 2024

Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he is taking to ensure that companies in the (a) finance and (b) utility sectors use best practice when collecting debts from vulnerable customers.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

The Government wants to see fair treatment of individuals in problem debt, and there is a range of work underway across government and regulators to promote responsible debt collection practices.

In June 2023 the FCA, Ofgem, Ofwat and Ofcom published a joint letter via the UK Regulators’ Network (UKRN) setting out how firms in their respective sectors should support customers in financial difficulty. On 18 March 2024, the same group of regulators issued further guidance, setting out their shared expectations on firms’ debt collection practices. This is to ensure that firms support customers in debt and that firms’ collection practices are not causing harm to customers.

Written Question
Mortgages: Interest Rates
Monday 25th March 2024

Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he is taking to (a) help ensure mortgage rate stability and (b) support the housing market.

Answered by Bim Afolami - Economic Secretary (HM Treasury)

The path to lower interest rates is through low inflation, and the Government is fully committed to supporting the Bank of England get inflation back down to the 2% target, including by keeping borrowing under control.

While the pricing of mortgages is ultimately a commercial decision for lenders in which the Government does not intervene, our plan is working, and the average offered mortgage rates on 2-year and 5-year fixed rates are now lower compared to their peak in Summer 2023. The Government’s Mortgage Charter - in addition to the significant safeguards already in place - is providing support to vulnerable households; and mortgage arrears and repossessions remain low.

Housebuilding is a priority for this Government. At SR21, we demonstrated the Government’s commitment to investing in safe and affordable housing by confirming a settlement of nearly £24 billion up to 2025-26.

In 2022-2023, more than 230,000 net additional dwellings were delivered and government is on track to meet our commitment to deliver one million additional homes across this Parliament.

Written Question
National Insurance
Wednesday 20th March 2024

Asked by: Tanmanjeet Singh Dhesi (Labour - Slough)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the potential impact of changes to National Insurance contributions on incentivising workforce participation (a) generally and (b) among people not currently looking for work.

Answered by Nigel Huddleston - Financial Secretary (HM Treasury)

The Office for Budget Responsibility provide the official government forecasts. Their estimate of the impact of personal tax policies on work incentives can be found in Box 3.2 of their Economic and Fiscal Outlook – March 2024.