Asked by: Nickie Aiken (Conservative - Cities of London and Westminster)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential merits of applying a net-zero test to proposed (a) spending and (b) taxation in support of the Government’s commitment to reduce greenhouse gas emissions to net zero by 2050.
Answered by Kemi Badenoch - President of the Board of Trade
The Government continues to work towards achieving the long-term changes in our economy that are necessary to achieve net zero by 2050. The Treasury is conducting a review into how the transition over the next 30 years will be funded and where the costs will fall. This will include principles to guide decision-making. In parallel, we are committed to applying an ambitious carbon price from 1 January 2021 and are legislating to establish a UK Emissions Trading System as well as a Carbon Emissions Tax. HM Treasury’s world-leading Green Book guidance on appraisal and evaluation provides detailed advice for valuing the costs and benefits of interventions, including climate change mitigation and other environmental impacts.
Asked by: Nickie Aiken (Conservative - Cities of London and Westminster)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what progress the (a) UK and (b) EU has made in concluding equivalence assessments for financial services by the June 2020 deadline set out in the Political Declaration on the future relationship with the EU.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
Equivalence assessments are unilateral processes and thus not part of the ongoing negotiations on the future UK/EU partnership. The UK and EU are currently conducting their own assessments in line with their internal processes, and collecting information from the corresponding authorities.
Asked by: Nickie Aiken (Conservative - Cities of London and Westminster)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions have taken place between UK and EU regulators on progressing the equivalence assessments for financial services by the June 2020 deadline set out in the Political Declaration on the future relationship with the EU.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
Equivalence assessments are made unilaterally by both the European Commission and Her Majesty’s Government. HM Treasury have engaged constructively and are working with our UK regulators to support HM Treasury’s ongoing equivalence assessments of the EU.
Asked by: Nickie Aiken (Conservative - Cities of London and Westminster)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what progress has been made on agreeing supervisory co-operation agreements on future trade in financial services with the EU.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The UK and the EU have a common interest in an enduring relationship on financial services that is based on mutual trust and cooperation. We have discussed our respective positions in relation to the Political Declaration and our mandates.
Asked by: Nickie Aiken (Conservative - Cities of London and Westminster)
Question to the HM Treasury:
What steps he is taking to ensure that the level of the Financial Services Compensation Scheme levy is (a) equitable and (b) proportionate.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The FSCS is an independent non-governmental body. It operates within the rules set by the FCA and the PRA, who are also independent from government.
The FSCS levy is set annually, within the overall levy limits set by the FCA and PRA. It is for the FCA and PRA to consider the impact of the levy on the firms they regulate. The Government has no role in setting the levy.