Asked by: Lord Cromwell (Crossbench - Excepted Hereditary)
Question to the Foreign, Commonwealth & Development Office:
To ask His Majesty's Government what steps they are taking to support mine clearance in Ukraine with specific reference to the areas surrounding (1) power stations, and (2) electricity substations.
Answered by Lord Ahmad of Wimbledon - Minister of State (Foreign, Commonwealth and Development Office)
The Foreign, Commonwealth and Development Office (FCDO) has a £2m agreement with The Halo Trust under the Global Mine Action Programme to undertake mine action activities, including clearance, in Ukraine. The FCDO is also providing demining equipment and training to the State Emergency Services (SES) as part of its £14.5m contribution to the multi-donor Partnership Fund for Resilient Ukraine, and providing £0.6m to the UNDP to help sector coordination. The Ukrainian national mine action authority is responsible for mine clearance tasking, including for critical infrastructure, and can use either national operators like SES or accredited international organisations like the Halo Trust.
Asked by: Lord Cromwell (Crossbench - Excepted Hereditary)
Question to the Foreign, Commonwealth & Development Office:
To ask His Majesty's Government how many electricity generators they have supplied to Ukraine since February; what are the models of each generator supplied; how they are being distributed; and what is the timetable for their full deployment.
Answered by Lord Ahmad of Wimbledon - Minister of State (Foreign, Commonwealth and Development Office)
Through the Ukraine Electricity Network Support Taskforce, the Department for Business, Energy and Industrial Strategy has funded the procurement for Ukraine of 856 mobile generators of various models. These have all been delivered to Ukraine, where they are being used to provide power to homes disconnected from the electricity grid. The Prime Minister recently announced £4 million for the International Organisation for Migration in Ukraine. This new support includes the provision of generators for households and collective centres. The UK has also committed £10 million to the Energy Community's Ukraine Energy Support Fund. Since March 2022, the Energy Community has been coordinating business-to-business donations of specialised equipment for repairs, including generators and replacements for damaged infrastructure.
Asked by: Lord Cromwell (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask Her Majesty's Government whether they intend to update current Stamp Duty Reserve Tax legislation to ensure that the growth market exemption can apply to regulated recognised growth markets that are not part of a recognised stock exchange.
Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)
There are currently no plans to extend the recognised growth market exemption from Stamp Duty Reserve Tax to markets that are not part of a recognised stock exchange.
However, as with all aspects of the tax system, the Government will continue to keep this legislation under review.
Asked by: Lord Cromwell (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask Her Majesty's Government whether regulated securities such as equity and debt are classified as digital assets; and what consideration they have given to the possible future use of such securities as a mechanism of fundraising.
Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)
The regulatory treatment of a particular asset or instrument depends on its structure, the rights attached to it and how it is used in practice.
The FCA set out in its 2019 perimeter guidance that certain digital assets have characteristics which mean they are the same as or akin to traditional instruments like shares, debentures or units in a collective investment scheme.
Such assets are therefore within the scope of FCA regulation, and it is the responsibility of firms that use them to ensure they are meeting relevant regulatory requirements.
The Government is taking forward various initiatives in this space. The Government’s response to the Call for Evidence on the Investment and Wholesale uses of Cryptoassets published earlier this year made clear that legislation should be technology-neutral and able to accommodate innovation – such as distributed ledger technology – that could more easily enable the transfer of assets. The Government also set out its plans for a Financial Market Infrastructure Sandbox, which could enable firms to test the use of digital technologies in financial markets.
As announced by the Economic Secretary on 4 April, the Government will also be undertaking a programme of work to explore the possibilities for applying distributed ledger technology to the debt issuance process.
Separately, the Law Commission has been tasked by Government to make recommendations for private law reform to ensure that private law is capable of accommodating certain digital assets, including cryptoassets, and to clarify their legal status as objects of property rights.
Asked by: Lord Cromwell (Crossbench - Excepted Hereditary)
Question to the Home Office:
To ask Her Majesty's Government whether their proposed Economic Crime Bill will make it an offence to (1) undertake, or (2) knowingly participate in, Strategic Litigation Against Public Participation (SLAPPs).
Answered by Baroness Williams of Trafford - Captain of the Honourable Corps of Gentlemen-at-Arms (HM Household) (Chief Whip, House of Lords)
Building on the recently enacted Economic Crime (Transparency and Enforcement) Act, the Economic Crime and Corporate Transparency Bill will bear down on kleptocrats, criminals and terrorists who abuse our financial system, strengthening the UK's reputation as a place where legitimate business can thrive while driving dirty money out of the UK. It will include reform of Companies House, reforms to prevent abuse of limited partnerships, additional powers to seize suspect cryptoassets more quickly and easily, and reforms to give businesses more confidence to share information in order to tackle money laundering and other economic crime.
My right hon. Friend, the Deputy Prime Minister, is giving Strategic Lawsuits Against Public Participation (‘SLAPPs’) and libel reform in UK courts urgent consideration in light of reports that Russia and its allies may be funding litigation against free speech in the UK.
An urgent call for evidence was launched in response to the challenges presented by the increasing use of SLAPPs – Strategic Lawsuits Against Public Participation.
The call for evidence set out options for possible reforms and sought views on those proposals. It also invited those who have been subject to SLAPPs or who have an interest to share their experiences and the impact on them.
The call for evidence closed on 19 May and the Ministry of Justice, working with several other Government departments and regulators, are considering the options for reform. In doing so we are committed to a robust defence of transparency, the rule of law and freedom of speech.
Asked by: Lord Cromwell (Crossbench - Excepted Hereditary)
Question to the Home Office:
To ask Her Majesty's Government whether their proposed Economic Crime Bill will establish an (1) earlier, and (2) low-cost, procedure to (a) identify, and (b) dismiss, Strategic Litigation Against Public Participation (SLAPPs).
Answered by Baroness Williams of Trafford - Captain of the Honourable Corps of Gentlemen-at-Arms (HM Household) (Chief Whip, House of Lords)
Building on the recently enacted Economic Crime (Transparency and Enforcement) Act, the Economic Crime and Corporate Transparency Bill will bear down on kleptocrats, criminals and terrorists who abuse our financial system, strengthening the UK's reputation as a place where legitimate business can thrive while driving dirty money out of the UK. It will include reform of Companies House, reforms to prevent abuse of limited partnerships, additional powers to seize suspect cryptoassets more quickly and easily, and reforms to give businesses more confidence to share information in order to tackle money laundering and other economic crime.
My right hon. Friend, the Deputy Prime Minister, is giving Strategic Lawsuits Against Public Participation (‘SLAPPs’) and libel reform in UK courts urgent consideration in light of reports that Russia and its allies may be funding litigation against free speech in the UK.
An urgent call for evidence was launched in response to the challenges presented by the increasing use of SLAPPs – Strategic Lawsuits Against Public Participation.
The call for evidence set out options for possible reforms and sought views on those proposals. It also invited those who have been subject to SLAPPs or who have an interest to share their experiences and the impact on them.
The call for evidence closed on 19 May and the Ministry of Justice, working with several other Government departments and regulators, are considering the options for reform. In doing so we are committed to a robust defence of transparency, the rule of law and freedom of speech.
Asked by: Lord Cromwell (Crossbench - Excepted Hereditary)
Question to the Home Office:
To ask Her Majesty's Government whether their proposed Economic Crime Bill will include a legal definition of Strategic Litigation Against Public Participation (SLAPPs).
Answered by Baroness Williams of Trafford - Captain of the Honourable Corps of Gentlemen-at-Arms (HM Household) (Chief Whip, House of Lords)
Building on the recently enacted Economic Crime (Transparency and Enforcement) Act, the Economic Crime and Corporate Transparency Bill will bear down on kleptocrats, criminals and terrorists who abuse our financial system, strengthening the UK's reputation as a place where legitimate business can thrive while driving dirty money out of the UK. It will include reform of Companies House, reforms to prevent abuse of limited partnerships, additional powers to seize suspect cryptoassets more quickly and easily, and reforms to give businesses more confidence to share information in order to tackle money laundering and other economic crime.
My right hon. Friend, the Deputy Prime Minister, is giving Strategic Lawsuits Against Public Participation (‘SLAPPs’) and libel reform in UK courts urgent consideration in light of reports that Russia and its allies may be funding litigation against free speech in the UK.
An urgent call for evidence was launched in response to the challenges presented by the increasing use of SLAPPs – Strategic Lawsuits Against Public Participation.
The call for evidence set out options for possible reforms and sought views on those proposals. It also invited those who have been subject to SLAPPs or who have an interest to share their experiences and the impact on them.
The call for evidence closed on 19 May and the Ministry of Justice, working with several other Government departments and regulators, are considering the options for reform. In doing so we are committed to a robust defence of transparency, the rule of law and freedom of speech.
Asked by: Lord Cromwell (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask Her Majesty's Government what progress they have made with evaluating the benefits of a UK Central Bank Digital Currency.
Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)
The UK, like many countries globally, is actively exploring the potential role of central bank digital currencies (CBDC): an electronic form of central bank money that could be used by households and businesses to make payments.
The government has taken several actions to signal its commitment to leading the global conversation on the opportunities and risks of a potential CBDC.
This includes creating a new Taskforce led by HM Treasury and the Bank of England to lead exploration of a CBDC, with separate forums to engage civil society and technology experts. The government has also made a public commitment to issue a joint consultation with the Bank of England on the use cases for a UK CBDC in 2022, followed by the publication of a technical specification.
At the international level, we have used our 2021 G7 Presidency to develop and agree a set of public policy principles for CBDC, which are intended to support and inform exploration of CBDCs in the G7 and beyond.
The government and the Bank of England have not yet made a decision on whether to introduce a CBDC in the UK, and will engage widely with stakeholders on the benefits, risks and practicalities of doing so.
Asked by: Lord Cromwell (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask Her Majesty's Government what assessment they have made of the benefits of stablecoins, including as an efficient means of payment.
Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)
On April 4, the government confirmed its intention to legislate, when Parliamentary time allows, to bring certain stablecoins within the regulatory perimeter for payments. It will achieve this primarily by amending the existing e-money and payments regulatory frameworks.
The government’s proposed approach focusses on stablecoins in the near term, given their potential use as a widespread means of payment. The proposed legislative changes will create the conditions for stablecoin issuers and service providers to operate and grow in the UK. For consumers, bringing stablecoins used for payments into the regulatory framework means they will be able to use stablecoin services with confidence.
Asked by: Lord Cromwell (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask Her Majesty's Government when they intend to publish their response to their consultation on the UK regulatory approach to cryptoassets and stablecoins, which closed on 21 March 2021.
Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)
On April 4, the government confirmed its intention to legislate, when Parliamentary time allows, to bring certain stablecoins within the regulatory perimeter for payments. It will achieve this primarily by amending the existing e-money and payments regulatory frameworks.
The government’s proposed approach focusses on stablecoins in the near term, given their potential use as a widespread means of payment. The proposed legislative changes will create the conditions for stablecoin issuers and service providers to operate and grow in the UK. For consumers, bringing stablecoins used for payments into the regulatory framework means they will be able to use stablecoin services with confidence.