Asked by: Ben Wallace (Conservative - Wyre and Preston North)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, by how much (a) Resource Departmental Expenditure Limits and (b) Capital Departmental Expenditure Limits will be reduced following the cancellation of the northern leg of HS2 in each affected Department; and if he will publish in which Departments these savings will be made.
Answered by Laura Trott - Chief Secretary to the Treasury
The government has committed to re-invest every penny that is saved from the cancelled phases of HS2 into alternative transport projects through Network North.
This means that every penny of the £19.8 billion committed to the Northern leg of HS2 will be reinvested in the North; every penny of the £9.6 billion committed to the Midlands leg will be reinvested in the Midlands; and the full £6.5 billion saved through our rescoped approach at Euston will be spread across every other region in the country.
Departmental Expenditure Limits in 2024-25 are published at the relevant Estimates in the usual way. Departmental budgets beyond 2024-25 will be set as part of the next Spending Review.
Asked by: Jonathan Ashworth (Labour (Co-op) - Leicester South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the policy paper entitled Transforming for a digital future: 2022 to 2025 roadmap for digital and data, updated on 29 February 2024, what steps his Department has taken to mitigate the risks of red-rated legacy IT systems.
Answered by Gareth Davies - Exchequer Secretary (HM Treasury)
I refer the hon Member to the answer given on 29 November 23 to PQ UIN 3658.
Asked by: Mohammad Yasin (Labour - Bedford)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of changing the terms of the Financial Services Compensation Scheme to (a) protect savers when (i) banks and (ii) building societies merge and (b) increase the level of protection for accounts that originated under separate banking licences.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
The Financial Services Compensation Scheme (FSCS) carries out its deposit protection function within rules set by the Prudential Regulation Authority (PRA). Under PRA rules, customer deposits held by authorised banks, building societies and credit unions in UK establishments are protected by the FSCS up to £85,000 per person, per banking licence. Under PRA rules, if there is a merger, the relevant firm must normally inform depositors at least one month before it takes effect. They must then give depositors three months to withdraw or transfer any deposit balances above the FSCS compensation limit without incurring penalties.
The PRA is required to review the deposit protection limit every five years, with the next review due to occur by 2025.
Asked by: Matt Hancock (Independent - West Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many Financial Conduct Authority employees were seconded to the Digital Regulation Cooperation Forum in the 2022-2023 financial year.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
These are matters for the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR), which are operationally independent from Government. The FCA and the PSR will respond to the Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.
Asked by: Matt Hancock (Independent - West Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how much funding the Financial Conduct Authority provided to the Digital Regulation Cooperation Forum in the 2022-23 financial year.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
These are matters for the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR), which are operationally independent from Government. The FCA and the PSR will respond to the Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.
Asked by: Kenny MacAskill (Alba Party - East Lothian)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 15 April 2024 to Question 20433, (a) how many such consignments have been declared and (b) whether HMRC has taken such enforcement action since 21 July 2022.
Answered by Nigel Huddleston - Financial Secretary (HM Treasury)
The indirect supply prohibition, concerning Russian Origin imports of Oil and Oil products came into force on 05 December 2022.
HMRC publishes UK trade data on the www.uktradeinfo.com website.
HM Revenue and Customs does not comment on operational enforcement matters pertaining to specific import or export scenarios.
Asked by: Kenny MacAskill (Alba Party - East Lothian)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 15 April 2024 to Question 20431, whether HMRC has taken enforcement action on oil originating in Russia and imported from a refinery in India since 21 July 2022.
Answered by Nigel Huddleston - Financial Secretary (HM Treasury)
HM Revenue and Customs does not comment on operational enforcement matters pertaining to specific import or export scenarios.Asked by: Chris Law (Scottish National Party - Dundee West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department made an assessment of the potential merits of requiring the immediate regulation of funeral plan companies that (a) were founded and (b) changed ownership after the announcement of regulatory change in 2018.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA) from 29 July 2022. This has ensured that, for the first time,1.6 million funeral plan customers are protected by compulsory and robust regulation.
The government consulted widely on the regulation of pre-paid funeral plans. It published a consultation, draft statutory instrument, and impact assessment in June 2019. The FCA also published a consultation and detailed cost-benefit analysis on their proposed regulatory rules for the pre-paid funeral plan sector in March 2021.
Asked by: Chris Law (Scottish National Party - Dundee West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the implications for his policies of the proportion of funeral plan companies that failed to gain regulation following the new regulatory regime in the funeral plan market.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA) from 29 July 2022. This has ensured that, for the first time,1.6 million funeral plan customers are protected by compulsory and robust regulation.
The government consulted widely on the regulation of pre-paid funeral plans. It published a consultation, draft statutory instrument, and impact assessment in June 2019. The FCA also published a consultation and detailed cost-benefit analysis on their proposed regulatory rules for the pre-paid funeral plan sector in March 2021.
Asked by: Chris Law (Scottish National Party - Dundee West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment (a) his Department and (b) the Financial Conduct Authority made of the implications for their policies of the speed of growth of the funeral plan market between 2001 and 2022.
Answered by Bim Afolami - Economic Secretary (HM Treasury)
In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA) from 29 July 2022. This has ensured that, for the first time,1.6 million funeral plan customers are protected by compulsory and robust regulation.
The government consulted widely on the regulation of pre-paid funeral plans. It published a consultation, draft statutory instrument, and impact assessment in June 2019. The FCA also published a consultation and detailed cost-benefit analysis on their proposed regulatory rules for the pre-paid funeral plan sector in March 2021.