Asked by: Jerome Mayhew (Conservative - Broadland and Fakenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what evidence she has seen of financial services regulators adapting their approach as a result of the secondary objective on international competitiveness and economic growth.
Answered by Tulip Siddiq - Economic Secretary (HM Treasury)
Effective, proportionate regulation is key to a thriving UK economy and delivering the government’s mission to drive the inclusive growth and international competitiveness of the UK’s financial services sector. The government is working closely with the regulators to deliver the government’s vision for the sector, and ministers meet with the FCA and PRA regularly to engage on this.
The government is required to write to the Prudential Regulation Committee and the FCA at least once in each Parliament, making recommendations about aspects of economic policy they should have regard to as they consider the advancement of the PRA’s and FCA’s objectives and the discharge of their duties. These letters must be laid before Parliament and published.
The FCA and PRA are required to report to the Treasury on how they have advanced their competitiveness and growth objectives. They published the first reports in July, which set out how they have begun to adapt their approach in light of the new objectives. The reports can be found here:
The Chief Executive of the FCA and the Chief Executive of the PRA have recently given speeches setting out more details on how they are implementing the new objectives. These can be found here:
The government will continue to work closely with the FCA and PRA to ensure they continue to embed these secondary objectives, in support of the government’s wider growth mission.
Asked by: Jerome Mayhew (Conservative - Broadland and Fakenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she is taking to ensure that financial services regulators fulfil their obligations under their secondary objective on international competitiveness and economic growth.
Answered by Tulip Siddiq - Economic Secretary (HM Treasury)
Effective, proportionate regulation is key to a thriving UK economy and delivering the government’s mission to drive the inclusive growth and international competitiveness of the UK’s financial services sector. The government is working closely with the regulators to deliver the government’s vision for the sector, and ministers meet with the FCA and PRA regularly to engage on this.
The government is required to write to the Prudential Regulation Committee and the FCA at least once in each Parliament, making recommendations about aspects of economic policy they should have regard to as they consider the advancement of the PRA’s and FCA’s objectives and the discharge of their duties. These letters must be laid before Parliament and published.
The FCA and PRA are required to report to the Treasury on how they have advanced their competitiveness and growth objectives. They published the first reports in July, which set out how they have begun to adapt their approach in light of the new objectives. The reports can be found here:
The Chief Executive of the FCA and the Chief Executive of the PRA have recently given speeches setting out more details on how they are implementing the new objectives. These can be found here:
The government will continue to work closely with the FCA and PRA to ensure they continue to embed these secondary objectives, in support of the government’s wider growth mission.
Asked by: Jerome Mayhew (Conservative - Broadland and Fakenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate she has made of the burden of business rates on small and medium-sized businesses.
Answered by James Murray - Exchequer Secretary (HM Treasury)
Recent trends in the rate of the business rates multiplier can be found at:
https://www.gov.uk/calculate-your-business-rates.
A number of reliefs are available to support businesses with their business rate liabilities. The eligibility criteria for them can be found on GOV.Uk. This includes the Small Business Rate Relief (SBRR) which provides 100% rate relief for eligible properties with rateable values below £12,000 with tapered relief available for eligible properties with rateable values between £12,000 and £15,000. SBRR means that over a third of the smallest non-domestic properties in England pay no business rates.
I am unable to comment on the Welsh business rates system, as business rates is a devolved policy area which means this is a matter for the Welsh government.
Asked by: Jerome Mayhew (Conservative - Broadland and Fakenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of trends in the level of the rate of the business rates multiplier in (a) England and (b) Wales.
Answered by James Murray - Exchequer Secretary (HM Treasury)
Recent trends in the rate of the business rates multiplier can be found at:
https://www.gov.uk/calculate-your-business-rates.
A number of reliefs are available to support businesses with their business rate liabilities. The eligibility criteria for them can be found on GOV.Uk. This includes the Small Business Rate Relief (SBRR) which provides 100% rate relief for eligible properties with rateable values below £12,000 with tapered relief available for eligible properties with rateable values between £12,000 and £15,000. SBRR means that over a third of the smallest non-domestic properties in England pay no business rates.
I am unable to comment on the Welsh business rates system, as business rates is a devolved policy area which means this is a matter for the Welsh government.
Asked by: Jerome Mayhew (Conservative - Broadland and Fakenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when her Department plans to publish a business tax roadmap.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The Government will outline a tax roadmap for business at the Budget to offer the certainty that encourages investment and gives business the confidence to grow, including our commitment to cap corporation tax at 25% for the duration of this Parliament and to retain full expensing.
Asked by: Jerome Mayhew (Conservative - Broadland and Fakenham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment his Department has made of the feasibility of implementing carbon border adjustment tariffs.
Answered by Jesse Norman - Shadow Leader of the House of Commons
As a global leader on decarbonisation, the UK recognises the importance of ensuring that policy interventions to cut domestic emissions do not lead to increased emissions elsewhere. A range of approaches could potentially help to address this, of which carbon border adjustments are one, and the Treasury continues to engage on the issue.