Asked by: Andy Slaughter (Labour - Hammersmith and Chiswick)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what the timescale is for loans provided to companies bailed out through Project Birch to be converted into shares; and what conditions the Government plans to attach to such conversions into shares.
Answered by Kemi Badenoch - Leader of HM Official Opposition
As part of its normal operations the government has always considered providing support to strategically important companies that can reasonably be expected to have a long-term viable future, and whose failure or distress could cause disproportionate harm to the UK economy or society. Companies must have exhausted all other options before being considered, and any support given is on terms that protect the taxpayer, with existing lenders and shareholders expected to contribute to, and share in, the financial burden.
Asked by: Andy Slaughter (Labour - Hammersmith and Chiswick)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he has taken to prepare a new mandate for UK Government Investments to manage new shareholdings in bailed out companies.
Answered by Kemi Badenoch - Leader of HM Official Opposition
The government will keep the management of assets from the COVID-19 response under review.
Asked by: Andy Slaughter (Labour - Hammersmith and Chiswick)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how the Government plans to monitor companies’ compliance with any conditions that are attached to bailout loans and to hold those companies accountable if those conditions are breached.
Answered by Kemi Badenoch - Leader of HM Official Opposition
As part of its normal operations the government has always considered providing support to strategically important companies. As with any agreement commercial and policy conditions can be attached, these are monitored using a variety of appropriate mechanisms.
Asked by: Andy Slaughter (Labour - Hammersmith and Chiswick)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will extend the business rates holiday for 2020-21 to supply chain businesses servicing the retail, leisure, and hospitality sector that ceased trading as a result of the covid-19 outbreak.
Answered by Jesse Norman - Shadow Leader of the House of Commons
The Government has provided enhanced support to the retail, hospitality and leisure sectors through the business rates holiday, given the acute impacts of COVID-19. The Ministry for Housing, Communities and Local Government has published guidance for local authorities on eligibility for the relief, which excludes properties that are not reasonably accessible to visiting members of the public.
A range of measures to support all businesses has also been made available, including the new Bounce Back Loans scheme, the Coronavirus Business Interruption Loan scheme, and the Coronavirus Job Retention Scheme to help firms continue to keep people in employment.
Asked by: Andy Slaughter (Labour - Hammersmith and Chiswick)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether his Department's decision not to gold-plate the Payment Services Regulations by increasing transparency in foreign exchange pricing is consistent with the Government's stated approach to gold-plating; and if he will make a statement.
Answered by Steve Barclay
The decision not to increase transparency in foreign exchange pricing is consistent with the Government’s approach to transposing other EU Directives, which is not to gold-plate and go beyond the requirements of the Directive wherever possible.
Asked by: Andy Slaughter (Labour - Hammersmith and Chiswick)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, with reference to the Government response to the consultation on the Payment Services Regulations, what steps his Department will take to (a) bear in mind the disclosure requirements listed in recital 84 of the Payment Services Directive and (b) achieve greater transparency.
Answered by Steve Barclay
The Government did not include a requirement in the Payment Services Regulations 2017 (PSRs) for increased transparency as it had to weigh up the potential benefits of doing so against other issues, such as the Government’s approach to implementing maximum harmonising Directives. The Government encourages all firms to bear in mind the recitals of the second Payment Services Directive and operate within the spirit of the Directive.
The Financial Conduct Authority (FCA) is the regulatory body responsible for enforcing the PSRs. As part of ensuring that firms comply with the specific requirements of the Regulations, the Government is extending the FCA's rule-making powers to allow them to, among other things, make rules on financial promotions for payment institutions and e-money institutions.
On 19 July 2017 the FCA clarified concerns it has about some firms' misleading use of currency converter tools in relation to their currency transfer services. It announced plans to consult on making new rules within this market using the extended powers.
Asked by: Andy Slaughter (Labour - Hammersmith and Chiswick)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether he plans to publish the results of the research on foreign exchange; whether those results will be published with the Government response to that consultation; whether he plans to use those results to inform amendments to the draft Payment Services Regulations 2017; and if he will make a statement.
Answered by Steve Barclay
The Government does not intend to publish the research it conducted earlier in the year on the effects of transparency in overseas money transfers (involving foreign exchange) on consumer decisions at this point in time as it relates to the formulation and development of ongoing government policy.
However, the research will help to inform the Government’s response to its consultation on the implementation of the second Payment Services Directive, which will be published shortly. The Government will need to weigh up the benefits of requiring greater transparency with other considerations, such as the Government’s approach to implementing maximum harmonising Directives.
Asked by: Andy Slaughter (Labour - Hammersmith and Chiswick)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, with reference to the Answer of 18 April 2017 to Question 69488, if he will place in the Library the results of the research commissioned by his Department on the effect of current pricing structures used by foreign exchange providers on consumer value choices.
Answered by Steve Barclay
In its Answer of 18 April 2017 to Question 69488, the Government stated that it was conducting research on the effects of transparency in overseas money transfers (involving foreign exchange), on consumer decisions. This research will help to inform the Government's response to the consultation on draft regulations for the implementation of the Second Payment Services Directive. This response will be published shortly.
Asked by: Andy Slaughter (Labour - Hammersmith and Chiswick)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether his Department is monitoring content that is publicly available on social networking sites using overt monitoring techniques.
Answered by Simon Kirby
In respect of media management and campaign communications, the Treasury’s communications team monitors relevant publicly available social media content to evaluate the effectiveness of Government campaigns. The Treasury follows Government Communications Service (GCS) Standards using the GCS Evaluation Framework https://gcs.civilservice.gov.uk/guidance/evaluation/tools-and-resources/
Asked by: Andy Slaughter (Labour - Hammersmith and Chiswick)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what (a) written and (b) other contacts he or Ministers of his Department had with senior executives at (a) AXA UK, (b) Ageas UK, (c) General Insurance, (d) Direct Line Insurance and (e) Admiral Insurance between 1 September and 26 November 2015.
Answered by Harriett Baldwin - Shadow Minister (Business and Trade)
Treasury Ministers and officials have meetings and representations with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery.
Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at:
www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel