Asked by: Stephen Hammond (Conservative - Wimbledon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the potential impact of the Financial Conduct Authority's (FCA) proposals to publicly announce the names of firms and/or individuals at the commencement of enforcement investigations on the (a) commercial value of firms, (b) career prospects of individuals who are named and (c) overall competitiveness of the UK’s (i) financial and related professional services industries and (ii) wider economy; and if he will make an assessment of the compatibility of that proposal with the FCA’s secondary objective to consider international competitiveness and economic growth.
Answered by Bim Afolami
I recognise that many in the financial services sector have concerns about the Financial Conduct Authority’s (FCA) proposed changes to its approach to enforcement.
This is why the Chancellor and I have been clear that we believe the FCA should reconsider its proposals, in light of responses to its consultation, and considering its new growth and competitiveness objective. The competitiveness of the UK’s world-leading financial services sector is one of the Government’s top priorities.
The legislative framework provides for the FCA to be operationally independent from the government. The independence of the FCA is vital to its role. The Government respects this operational independence, but takes holding it to account very seriously.
The specific concerns you have raised are a matter for the FCA, as the operationally independent regulator. The FCA will respond to the Honourable Member by letter on this matter, and a copy of the letter will be placed in the Library of the House of Commons.
The purpose of any consultation is to allow the regulators to test their proposals and understand their potential impact. It is therefore appropriate to suggest that the FCA reconsider its proposals in light of the feedback received. The Government will continue to engage closely with stakeholders, and with the FCA as they consider next steps.
Asked by: Stephen Hammond (Conservative - Wimbledon)
Question to the Department for Science, Innovation & Technology:
To ask the Secretary of State for Science, Innovation and Technology, what steps her Department is taking to implement the National Semiconductor Strategy.
Answered by Saqib Bhatti - Shadow Minister (Culture, Media and Sport)
Since publishing our strategy, we have made excellent progress to grow our domestic sector, improve our supply chain resilience and protect our national security.
We have launched the Semiconductor Advisory Panel, an incubator pilot programme, ChipStart UK, joined the EU Chips Joint Undertaking, agreed an ambitious partnership with Japan and secured commitments to work more closely with the US and the Republic of Korea.
We are on track to invest £240 million by April 2025.
It should be further noted that this government has invested more into priority technologies like semiconductors than any government in history.
Asked by: Stephen Hammond (Conservative - Wimbledon)
Question to the Ministry of Defence:
To ask the Secretary of State for Defence, with reference to the Answer of 18 January 2024 to Question 8883, if he will publish the outline business case for the Mobile Fires Platform.
Answered by James Cartlidge - Shadow Secretary of State for Defence
The Department does not publish the outcome of Investment Approvals Committee decisions or equipment programme business cases it has considered.
Asked by: Stephen Hammond (Conservative - Wimbledon)
Question to the Ministry of Defence:
To ask the Secretary of State for Defence, whether he has made an assessment of the potential merits of procuring unmanned ground vehicles for the Army.
Answered by James Cartlidge - Shadow Secretary of State for Defence
Work is ongoing to increase the Army's understanding of how uncrewed ground capabilities could assist in the challenges faced by last mile resupply, Unexploded Ordnance management and route assurance.
Asked by: Stephen Hammond (Conservative - Wimbledon)
Question to the Department for Transport:
To ask the Secretary of State for Transport, if his Department will make an assessment of the potential merits of introducing a standardised tender process for local authorities to install electric vehicle charging points.
Answered by Anthony Browne
I agree entirely and as part of our £381 million Local EV Infrastructure (LEVI) Fund, officials are working to deliver exactly this.
Asked by: Stephen Hammond (Conservative - Wimbledon)
Question to the Department for Transport:
To ask the Secretary of State for Transport, if he will make an assessment of the potential merits of extending the electric vehicle (a) chargepoint and (b) infrastructure grant to include the installation of cross-pavement cable gullies.
Answered by Anthony Browne
As part of the Plan for Drivers, the Government announced its intention to expand the Electric Vehicle Chargepoint Grant as a trial to support the installation of safe cross-pavement solutions. This measure would apply across the UK and is intended to make EV ownership a more practical option for those without off-street parking.
The Government will closely monitor this trial, once implemented, to determine the success of the rollout and decide on future policy accordingly.
Asked by: Stephen Hammond (Conservative - Wimbledon)
Question to the Ministry of Housing, Communities and Local Government:
To ask the Secretary of State for Levelling Up, Housing and Communities, what assessment he has made of the adequacy of the speed with which (a) London and Quadrant and (b) other social landlords in Wimbledon constituency have complied with their obligations under the Building Safety Act 2022; and if he will meet with (i) the hon. Member for Wimbledon and (ii) residents in Wimbledon constituency to discuss this matter.
Answered by Lee Rowley
The Regulator of Social Housing recently completed a Fire Remediation Survey on the progress that Registered Providers of social housing are making towards identifying and fixing fire safety defects in their stock above 11 metres. We intend to publish findings by the end of the year. I would be happy to meet with my Hon Friend to discuss remediation in his Wimbledon constituency, should that be helpful.
Asked by: Stephen Hammond (Conservative - Wimbledon)
Question to the Department for Education:
To ask the Secretary of State for Education, what steps her Department is taking to ensure that all primary children receive a high-quality and effective financial education by 2030.
Answered by Nick Gibb
Education on financial matters helps to ensure that young people are prepared to manage their money well, make sound financial decisions, and know where to seek further information when needed.
At primary school, financial education is included in the mathematics curriculum. In the curriculum, there is a strong emphasis on the essential arithmetic that pupils should be taught. This knowledge is vital, as a strong grasp of mathematics will underpin pupils’ ability to manage budgets and money, including, for example, using percentages. The mathematics curriculum also includes specific content regarding financial education, such as calculations with money.
Primary schools can also teach financial education through citizenship. Although this is not part of the National Curriculum until Key Stage 3, the Department has published a non-statutory citizenship curriculum for Key Stages 1 and 2, to support schools to ensure that pupils are taught how to look after their money and realise that future wants and needs may be met through saving. There is also a wide range of resources available for schools, including the Money and Pension Service’s (MaPS) financial education guidance for primary and secondary schools in England. This can be found here: https://maps.org.uk/2021/11/11/financial-education-guidance-for-primary-and-secondary-schools-in-england/.
The Department continues to work with MaPS and HM Treasury to consider the evidence and explore opportunities to promote the importance of financial education to schools. The Department is currently working with MaPS to deliver financial education webinars this academic year, promoting the importance of financial education and building teachers’ confidence in this area.
Asked by: Stephen Hammond (Conservative - Wimbledon)
Question to the Department for Digital, Culture, Media & Sport:
To ask the Secretary of State for Culture, Media and Sport, if she will take steps to extend the Dormant Assets Scheme to include financial education causes.
Answered by Stuart Andrew - Shadow Secretary of State for Culture, Media and Sport
I refer the honourable Member to the answer I gave on 21 June 2023, in my capacity as a Department for Culture, Media and Sport Minister, to Question UIN 190569.
Asked by: Stephen Hammond (Conservative - Wimbledon)
Question to the Home Office:
To ask the Secretary of State for the Home Department, whether her Department plans to issue guidance to (a) HSBC and (b) other UK-based pension providers on acceptance of a British National Overseas passport as a valid document for accessing the pension assets of Hong Kongers who have moved to the UK.
Answered by Robert Jenrick - Shadow Secretary of State for Justice
We are aware of the difficulties British National (Overseas) (BN(O)) status holders are experiencing in seeking early withdrawal of their pension held by the Mandatory Provident Fund in Hong Kong. The root of the problem is the Chinese Government's decision not to recognise the BN(O) passport as a valid identity document in Hong Kong. The UK firmly opposes the discrimination of BN(O)s in this way. We have urged the Hong Kong authorities to facilitate the early drawdown of funds as is the case for other Hong Kong residents who move overseas permanently.