(6 years, 8 months ago)
Written StatementsUnder the Terrorist Asset-Freezing etc. Act 2010 (TAFA-2.010), the Treasury is required to report to Parliament, quarterly, on its operation of the UK’s asset-freezing regime mandated by UN Security Council resolutions 1373 and 1452.
This report covers the period from 1 April 2017 to 30 June 2017. This report also covers the UK implementation of the UN’s ISIL (Daesh) and al-Qaeda asset-freezing regime (ISIL-AQ) and the operation of the EU asset-freezing regime in the UK under EU regulation (EC) 2580/2001 which implements UNSCR 1373 against external terrorist threats to the EU.
Under the ISIL-AQ asset-freezing regime, the UN has responsibility for designations and the Treasury, through its Office of Financial Sanctions Implementation (OFSI), has responsibility for licensing and compliance with the regime in the UK under the ISIL (Daesh) and al-Qaeda (Asset-Freezing) Regulations 2011.
Under EU regulation 2580/2001, the EU has responsibility for designations and OFSI has responsibility for licensing and compliance with the regime in the UK under part 1 of TAFA 2010.
A new EU asset-freezing regime under EU regulation (2016/1686) was implemented on 22 September 2016. This permits the EU to make autonomous al-Qaeda and ISIL (Daesh) listings. Once a designation is made under this regime it will appear in the table available online.
Annexes A and B to this statement provide a breakdown, by name, of all those designated by the UK and the EU in pursuance of UN Security Council resolution 1373.
The table, available as an attachment online, sets out the key asset-freezing activity in the UK during the quarter.
Annex A: Designated persons under TAFA 2010 by name1
Individuals
Hamed ABDOLLAHI*
Imad Khalil AL-ALAMI
Abdelkarim Hussein AL-NASSER*
Ibrahim Salih AL-YACOUB*
Manssor ARBABSIAR*
Usama HAMDAN
Hasan IZZ-AL-DIN*
Mohammed KHALED
Musa Abu MARZOUK
Khalid MISHAAL
Khalid Sheikh MOHAMMED*
Abdul Reza SHAHLAI*
Ali Gholam SHAKURI*
Qasem SOLEIMANI*
Entities
Basque Fatherland and Liberty (ETA)
Ejército de Liberación Nacional (ELN)*
Hizballah Military Wing, including external security organisation*
Popular Front for the Liberation of Palestine—General Command (PFLP-GC)*
Popular Front for the Liberation of Palestine (PFLP)*
Sendero Luminoso (SL)*
Annex B: Persons designated by the EU under Council Regulation (EC) 2580/20012
Persons
Hamed ABDOLLAHI*
Abdelkarim Hussein AL-NASSER*
Ibrahim Salih AL-YACOUB*
Manssor ARBABSIAR*
Mohammed BOUYERI
Hassan Hassan EL HAJJ
Hasan IZZ-AL-DIN*
Farad MELIAD
Khalid Sheikh MOHAMMED*
Dalokay SANLI
Abdul Reza SHAHLAI*
Ali Gholam SHAKURI*
Qasem SOLEIMANI*
Groups and entities
Abu Nidal Organisation (ANO)
Al-Aqsa E.V.
Al-Aqsa Martyrs’ Brigade
Babbar Khalsa
Communist Party of the Philippines, including New People’s Army (NPA), Philippines
Devrimci Halk Kurtuluş Partisi-Cephesi—DHKP/C (Revolutionary People’s Liberation Army/Front/Party)
Ejército de Liberación Nacional (National Liberation Army)*
Gama’a al-Islamiyya (a.k.a. Al-Gama’a al-Islamiyya) (Islamic Group—IG)
Hamas, including Hamas-Izz al-Din al-Qassem
Hizballah Military Wing, including external security organisation
Hizbul Mujahideen (HM)
Hofstadgroep
Islami Büyük Doğu Akincilar Cephesi (IBDA-C) (Great Islamic Eastern Warriors Front)
Khalistan Zindabad Force (KZF)
Kurdistan Workers Party (PKK) (a.k.a. Kongra-Gel)
Liberation Tigers of Tamil Eelam (LTTE)
Palestinian Islamic Jihad (PIJ)
Popular Front for the Liberation of Palestine—General Command (PFLP-GC)*
Popular Front for the Liberation of Palestine (PFLP)*
Sendero Luminoso (SL) (Shining Path)*
Teyrbazen Azadiya Kurdistan (TAK)
1For full listing details please refer to: https://www.gov.uk/government/publications/current-list-of-designated-persons-terrorism-and-terrorist-financing.
2For full listing details please refer to: https://www.gov.uk/government/publications/current-list-of-designated-persons-terrorism-and-terrorist-financing.
*EU listing rests on UK designation under TAFA 2010.
Attachments can be viewed online at: http://www. parliament.uk/business/publications/written-questions-answers-statements/written-statement/Commons/2017-11-29/HCWS286/.
[HCWS286]
(6 years, 8 months ago)
Written StatementsUnder the Terrorist Asset-Freezing etc. Act 2010 (TAFA 2010), the Treasury is required to report to Parliament, quarterly, on its operation of the UK’s asset-freezing regime mandated by UN Security Council resolutions 1373 and 1452.
This report covers the period from 1 January 2017 to 31 March 2017. This report also covers the UK implementation of the UN’s ISIL (Daesh) and al-Qaeda asset-freezing regime (ISIL-AQ) and the operation of the EU asset-freezing regime in the UK under EU regulation (EC) 2580/2001 which implements UNSCR 1373 against external terrorist threats to the EU.
Under the ISIL-AQ asset-freezing regime, the UN has responsibility for designations and the Treasury, through its Office of Financial Sanctions Implementation (OFSI), has responsibility for licensing and compliance with the regime in the UK under the ISIL (Daesh) and al-Qaeda (asset-freezing) regulations 2011.
Under EU regulation 2580/2001, the EU has responsibility for designations and OFSI has responsibility for licensing and compliance with the regime in the UK under part 1 of TAFA 2010.
A new EU asset-freezing regime under EU regulation (2016/1686) was implemented on 22 September 2016. This permits the EU to make autonomous al-Qaeda and ISIL (Daesh) listings. Once a designation is made under this regime it will appear in the table available online.
Annexes A and B to this statement provide a breakdown, by name, of all those designated by the UK and the EU in pursuance of UN Security Council resolution 1373.
The table, available as an attachment online, sets out the key asset-freezing activity in the UK during the quarter.
Annex A: Designated persons under TAFA 2010 by name1
Individuals
Hamed ABDOLLAHI*
Imad Khalil AL-ALAMI
Abdelkarim Hussein AL-NASSER*
Ibrahim Salih AL-YACOUB*
Manssor ARBABSIAR*
Usama HAMDAN
Hasan IZZ-AL-DIN*
Mohammed KHALED
Musa Abu MARZOUK
Khalid MISHAAL
Khalid Sheikh MOHAMMED*
Abdul Reza SHAHLAI*
Ali Gholam SHAKURI*
Qasem SOLEIMANI*
Entities
Basque Fatherland and Liberty (ETA)
Ejército de Liberación Nacional (ELN)*
Hizballah Military Wing, including external security organisation*
Popular Front for the Liberation of Palestine—General Command (PFLP-GC)*
Popular Front for the Liberation of Palestine (PFLP)*
Sendero Luminoso (SL)*
Annex B: Persons designated by the EU under Council Regulation (EC) 2580/20012
Persons
Hamed ABDOLLAHI*
Abdelkarim Hussein AL-NASSER*
Ibrahim Salih AL-YACOUB*
Manssor ARBABSIAR*
Mohammed BOUYERI
Hassan Hassan EL HAJJ
Hasan IZZ-AL-DIN*
Farad MELIAD
Khalid Sheikh MOHAMMED*
Dalokay SANLI
Abdul Reza SHAHLAI*
Ali Gholam SHAKURI*
Qasem SOLEIMANI*
Groups and entities
Abu Nidal Organisation (ANO)
Al-Aqsa E.V.
Al-Aqsa Martyrs’ Brigade
Babbar Khalsa
Communist Party of the Philippines, including New People’s Army (NPA), Philippines
Devrimci Halk Kurtuluş Partisi-Cephesi—DHKP/C (Revolutionary People’s Liberation Army/Front/Party)
Ejército de Liberación Nacional (National Liberation Army)*
Gama’a al-Islamiyya (a.k.a. Al-Gama’a al-Islamiyya) (Islamic Group—IG)
Hamas, including Hamas-Izz al-Din al-Qassem
Hizballah Military Wing, including external security organisation
Hizbul Mujahideen (HM)
Hofstadgroep
Islami Büyük Doğu Akincilar Cephesi (IBDA-C) (Great Islamic Eastern Warriors Front)
Khalistan Zindabad Force (KZF)
Kurdistan Workers Party (PKK) (a.k.a. Kongra-Gel)
Liberation Tigers of Tamil Eelam (LTTE)
Palestinian Islamic Jihad (PIJ)
Popular Front for the Liberation of Palestine—General Command (PFLP-GC)*
Popular Front for the Liberation of Palestine (PFLP)*
Sendero Luminoso (SL) (Shining Path)*
Teyrbazen Azadiya Kurdistan (TAK)
1For full listing details please refer to: https://www.gov.uk/government/publications/current-list-of-designated-persons-terrorism-and-terrorist-financing.
2For full listing details please refer to: https://www.gov.uk/government/publications/current-list-of-designated-persons-terrorism-and-terrorist-financing.
*EU listing rests on UK designation under TAFA 2010.
Attachments can be viewed online at: http://www.parliament.uk/business/publications/written-questions-answers-statements/written-statement/Commons/2017-11-29/HCWS285/.
[HCWS285]
(6 years, 9 months ago)
General CommitteesI beg to move,
That the Committee has considered the draft Banking Act 2009 (Service Providers to Payment Systems) Order 2017.
It is a pleasure to serve under your chairmanship, Mr Robertson. The UK payments infrastructure is the plumbing of our financial system. Every year our payment systems process about 21 billion transactions, worth more than £75 trillion, between businesses and consumers. They underpin almost all commercial activity in the UK and are vital to the day-to-day lives of every member of the public. It is, therefore, extremely important that they are secure, stable and reliable.
In the Banking Act 2009, the Government gave the Bank of England formal powers of oversight over certain inter-bank payment systems, with the aim of promoting the robustness and resilience of key UK payment systems. The Act also gave Her Majesty’s Treasury powers to specify which inter-bank systems are to be overseen by the Bank. The Bank’s supervisory powers enable it to require information directly from the operators of relevant payment systems, and to issue directions or impose requirements on them, when necessary and appropriate.
The order extends the Bank of England’s powers to include oversight of service providers. Service providers can include companies that provide infrastructure and technology—the firms that provide the hardware or software—to the payment systems that enable the 21 billion transactions each year. The responsibility for carrying out the oversight lies with the Bank’s financial market infrastructure directorate, which reports to the Bank’s financial market infrastructure board. The Bank publishes an annual report on the supervision of market infra- structure, which is laid before Parliament. Under the 2009 Act, the Bank has the power to publish principles and codes of practice to be followed by the payment systems operators; require system rule changes; give directions and set standards; and impose penalties for failure to comply. The proposed changes would give the Bank the same powers over service providers. The Bank will publish its approach to oversight of critical service providers shortly, to ensure that it is as transparent as possible.
The legislation will not automatically bring any service providers under Bank oversight. As with payment systems, HM Treasury will specify which service providers to recognised payment systems are to be brought under oversight with an order. HM Treasury can specify only firms that provide services to payment systems that are not already overseen by the Bank for financial stability purposes—that is, systemically important payment systems.
The Act does not require any other criteria to be met for a service provider to be specified. However, when considering a service provider for specification, the Treasury will take into account a number of issues, including the systemic importance of the relevant payment system, the criticality of the service provider to that system and whether the system and the service provider can be substituted. It will also consider representations made by the Bank, the payment systems regulator, the Prudential Regulation Authority, the Financial Conduct Authority, the service provider and the relevant payment systems, as required by the Act.
In summary, the Government believe that oversight should be proportionate to the level of risk presented by a firm. The proposed legislation will give the Government, together with the Bank of England, the tools they need to address any risk and to promote the robustness and resilience of the UK’s payments infrastructure. I commend the order to the Committee and hope that colleagues will join me in supporting it.
If I may first turn to the question posed by my hon. Friend the Member for Windsor about how many service providers would be designated. We do not intend to set a specific number, as this is about the Treasury’s ability to react to risk where that is perceived. It is a question of what is seen as proportionate from an oversight perspective, with regards to the services that those providers pay to those critical infrastructure systems.
On the question asked by the hon. Member for Stalybridge and Hyde about transparency and how we will specify a service provider, a number of factors will be taken into consideration, including the systemic importance of the payment service to which the service provider is providing services; the service provider’s criticality to that payments service; and the extent to which another provider could be substituted in due course. On the issue of transparency, the decision will be taken in consultation with, and on the basis of representations from, the Bank, the payment systems regulator, the PRA and the FCA.
I thank the Minister for giving way and I apologise for being late. This small business commissioner will employ fewer than 50 staff. Will that organisation really be capable of taking on the big multinationals that are likely to be the main miscreants in late payments to small businesses?
This is about having oversight to set requirements on what information is needed, and being able to react to risk in a quick and proportionate way. This is a piece of enabling legislation that will allow the Bank to ask those questions of service providers rather than simply rely, as is currently the case, on the payment systems themselves to manage that risk. That is why this is a proportionate response. The order simply switches on a provision that is already in the existing legislation, but it allows the Bank to give force to it. The Banking Act already enables that; the issue is what it does once it is switched on. The order gives the Bank that power, facilitated by the Treasury.
Coming back to the point raised by the hon. Member for Stalybridge and Hyde about transparency, the decision will be taken in consultation with the relevant regulators, including the PRA and FCA, and following representations from the payments systems operators themselves. That reflects our proportionate approach.
In conclusion, the order will enable the Bank of England to oversee service providers to specify payment systems. In some cases those services are critical to the smooth running of our payment systems. The order will support the Bank’s supervision of systemically important payment systems and promote the robustness and resilience of the UK’s financial system.
I hope that the Committee has found this morning’s sitting informative and that it will join me in supporting the order.
Question put and agreed to.
(6 years, 10 months ago)
Written StatementsThe UK is one of the world’s largest and most open economies. The Government are committed to tackling the risk of illicit financial flows from money laundering and terrorist financing, and to protecting the UK as an attractive country for legitimate business and a leading global financial centre. As the threats from illicit finance and terrorist financing continue to evolve, so must our understanding of the risks and our response.
Today, the Government are publishing the UK’s second national risk assessment of money laundering and terrorist financing. This 2017 assessment, jointly published by the Treasury and the Home Office, shows how our understanding of and response to money laundering and terrorist financing have developed since the first assessment in 2015.
The key findings of the 2017 assessment are as follows:
High end money laundering and cash based money laundering remain the greatest areas of money laundering risk to the UK. New typologies continue to emerge, including money laundering through capital markets and increased exploitation of technology.
The distinctions between money laundering typologies are becoming increasingly blurred. Criminal funds are progressing from lower level laundering and are being accumulating into larger sums to be sent overseas using more sophisticated methods.
Professional services are a crucial gateway for criminals looking to disguise the origin of their funds.
Cash, alongside cash intensive sectors, remains the favoured method for terrorists to move funds through and out of the UK.
A wide-ranging set of reforms by Government and law enforcement over recent years is still in its early days, but is starting to take effect.
The UK has been at the forefront of recent global efforts to shut down money laundering and terrorist financing. The 2016 London anti-corruption summit led to over 600 specific commitments made by more than 40 countries and six major international organisations.
In 2015, the UK published its first ever national risk assessment of money laundering and terrorist financing. This set out candidly the areas where action was needed. In 2016, the Government published an action plan and committed to the most significant reforms to our anti-money laundering and counter-terrorist financing regime in over a decade.
Many of the actions in this plan have now been delivered or are underway. The Criminal Finances Act 2017 will provide tough new powers such as unexplained wealth orders. The Money Laundering Regulations 2017 bring the latest international regulatory standards into UK law. The publicly accessible register of people with significant control (PSC) was introduced in 2016, and records the beneficial owner of a company, thus improving corporate transparency. Progress continues with reforms to the suspicious activity reporting and supervisory regimes.
This 2017 assessment provides a critical component of continued partnership and prioritisation between Government, law enforcement, supervisors and the private sector.
A copy of the report has been deposited in the Library of the House.
[HCWS200]
(6 years, 10 months ago)
Commons ChamberI thank my hon. Friend for his work on the London Finance Commission, which recommended giving London a wide range of additional powers. The Government have committed to continue to work with the Greater London Authority and London Councils to ensure that London has the powers it needs to maintain its status as a world-leading city.
I am grateful for that response, but will my hon. Friend particularly and urgently consider whether an element of fiscal devolution—for example, a tourist levy or something similar—might be part of a robust funding package for Crossrail 2, which is a critical part of national infrastructure and will give a boost worth around £150 billion to the whole UK economy?
As my hon. Friend is aware, the Department for Transport is scrutinising the business case for Crossrail and discussing it with Transport for London. It is right that the London region does not retain disproportionate amounts of revenue. Some of the recommendations in the commission’s report are very broad ranging.
If the ministerial team are to deliver anything for the London Finance Commission, will the Minister at least talk to the commission about the difficulty, with Brexit coming, of recruiting anyone to come to live and work in London? The search for talent is very difficult indeed. No one wants to work in this financial capital because of Brexit—what is he going to do about it?
The hon. Gentleman needs to question whether Labour Members are fully signed up to the recommendations of the London Finance Commission. For example, many of his colleagues on the Opposition Benches may not support the retaining of almost half of all stamp duty across England.
Infrastructure is at the heart of the Government’s economic strategy, and our investment will boost productivity and growth. Since 2010, more than £250 billion has been spent on public and private sector infrastructure.
The biggest investments in transport infrastructure in generations, including the Ordsall rail curve in Greater Manchester, have been made possible by this Government. Will my hon. Friend commit to further investment in our rail network, particularly on local commuter routes through my constituency?
My hon. Friend makes a good point. This Government have committed to the largest rail investment programme since Victorian times, including a £55.7 billion investment in High Speed 2. He will be aware of the Chancellor’s announcement in Manchester last month of £300 million to improve connectivity to High Speed 2 across the northern region.
Will my hon. Friend confirm his commitment to the Tay cities and the Clackmannanshire and Stirling city deals, and will he commit to meeting the local leaders and me to discuss how we can deliver this transformational change for our region?
The Government remain fully committed to agreeing both city deals, and to working constructively with the Scottish Government and local partners. I am, of course, very happy to meet my hon. Friend to discuss this further.
A decent transport infrastructure is an essential platform for economic growth, but the Minister will be aware that public transport investment in the north-east is only £200 per head, whereas it is £2,000 per head in London. Will he now commit to investing in the north-east on the Tyne and Wear metro, and with public money, not some private finance initiative?
The Government are committed to increasing infrastructure investment across all regions, including the north-east. Indeed, investment is 30% higher than it was under the Labour Government. It would be better for Opposition Members to recognise the record investment in infrastructure, which is driving productivity and growth.
Will the Minister say how much investment is going to the west midlands, as it is very important to the British economy?
The investment going to the west midlands as part of the midlands engine and through the devolution deal is part of wider investment—the £23 billion of investment that has been announced through the national productivity investment fund. The hon. Gentleman will be aware of the Secretary of State for Transport’s announcement on rail spending between 2019 and 2024, which includes the £24 billion announced just last week.
We are having difficulties with mobile banking in my constituency. I know of instances in which two different mobile banks have arrived in the same community while other communities have seen no mobile banks at all. We have problems with people queueing in rough weather and getting wet, and problems with paper banking. Will the Chancellor, or some other Minister, propose ways of reorganising mobile banking and making it more user-friendly, and of getting the banks to co-operate with each other to deliver a service that is vital in the highlands?
Mobile branches are vital to many communities, and I am sure that many banks will have heard the hon. Gentleman express his concerns, but these are commercial decisions. It should be recognised that since 2011 the number of branch visits has fallen by roughly a third, that more than 600,000 people aged over 80 are now registered for internet banking, and that a fifth less cash is used for payments. Those changes in the market reflect the way in which branches, including mobile branches, are being used.
My hon. Friend is right. The UK financial services industry pays more than £71 billion to the Exchequer in tax and employs more than 1 million people directly and 2.2 million through the sector as a whole, two thirds of whom are outside London. Because of his work as chair of the all-party parliamentary group for Gibraltar, my hon. Friend will be aware of the importance not just of financial services in the UK, but of our links with industries in territories including Gibraltar.
Teachers have travelled from all over the country today to lobby Parliament about severe real-terms cuts in their pay. The Chief Secretary has said that she has lifted the pay cap owing to the pressure that Labour has placed on her, but will she confirm that her Department will fund the recommendations of the pay review body rather than cash-strapped local authorities?
(6 years, 10 months ago)
Westminster HallWestminster Hall is an alternative Chamber for MPs to hold debates, named after the adjoining Westminster Hall.
Each debate is chaired by an MP from the Panel of Chairs, rather than the Speaker or Deputy Speaker. A Government Minister will give the final speech, and no votes may be called on the debate topic.
This information is provided by Parallel Parliament and does not comprise part of the offical record
It is a pleasure to serve under your chairmanship, Mr Hollobone. I thank all those who signed the petition—more than 140,000 people did so—and Members from across the House for this good-natured and constructive debate. The petition shows the importance of debating these issues, which clearly resonate with many people. It is right that the House should consider them.
I thank my hon. Friend the Member for Sutton and Cheam (Paul Scully) for his very helpful suggestion of a market-based solution for fintech, and I am happy to discuss that with him further. I also had a very constructive meeting with Lord Bird, who has done a lot of important work in this area, and came forward with important suggestions. The hon. Member for Plymouth, Sutton and Devonport (Luke Pollard) also demonstrated a degree of cross-party consensus in terms of how we move forward on these issues.
To address directly the issue that the petition refers to—the extent to which paying rent should be evidence of affordability of a mortgage—it is important to note that affordability assessments are not just based on one factor. That is why mortgage affordability assessments include a requirement to assess possible changes to income. It is responsible for lenders to have a long-term perspective when making assessments.
Lenders can currently include payments of rent as a factor, but it is right to highlight that the Financial Conduct Authority independently makes those affordability assessments, or sets the terms relating to affordability for firms. My hon. Friend the Member for South Suffolk (James Cartlidge) drew on his professional experience and expertly explained that a wider suite of issues affects affordability—it is not just one’s past ability to pay rent.
Let me address the issues that hon. Members raised during the debate. My hon. Friend the Member for Sutton and Cheam called for reform of stamp duty. He will be aware that we are very close to a Budget, so I will take that as a Budget submission; I am sure that was the spirit in which he offered it to the House. It is obviously important that we balance people’s right to buy a second home or to buy to let against the impact that that has on other people’s ability to get on to the property ladder. I think that was the point that he was making. He also mentioned supporting the Rental Exchange scheme, which has already lifted 4.2 million social housing tenants into better credit. I encourage housing associations to play a more active role in raising awareness of important schemes such as that.
The hon. Member for Poplar and Limehouse (Jim Fitzpatrick) raised, with great authority, the issue of ground rents. The Department for Communities and Local Government has published a consultation, as I am sure he knows, on that important subject. I assure him that the Treasury will take an active interest in the course of those discussions, but he can probably get a flavour of the Government’s position from the comments of the Secretary of State for Communities and Local Government, who said that too many homebuyers are being exploited. That goes to the heart of the hon. Gentleman’s concerns.
As a result of the Government’s Help to Buy scheme, a lot of Government money—taxpayer’s money—has gone into the pockets of developers, who are taking advantage of the good Government policies that encourage first-time buyers. They are taking that as clear profit. I know that the Government are very interested in that, so I look forward to seeing what they do in the Budget.
I am happy to alert the Housing Minister to the hon. Gentleman’s concerns, but more than half the homes triggered by the policy are new, so Help to Buy has helped with the supply issue. I will raise that point with the relevant policy Minister.
My right hon. Friend the Member for Clwyd West (Mr Jones) asked why the Government are not solving the problem of including rental payments within credit scores through the standing order system. I encourage any stakeholders with views about how best to encourage rental payments within credit scores to write to me about that. Perhaps my right hon. Friend and I can have a further discussion about that point.
My hon. Friend the Member for South Suffolk said that credit scores are a good predictor of credit risk, and I agree. That is why capturing a history of payment on time in people’s credit scores will help lenders make better decisions. My hon. Friend’s point is very pertinent. He also mentioned the ability of self-employed people to get a mortgage. Mortgage regulation means that the self-certifying mortgages seen before the financial crisis are no longer available, and I think he and I would agree that that is a good thing. However, some lenders will accept relatively short payment histories—12 to 18-month periods—as evidence of income, which suggests constructive engagement on that point.
My hon. Friend also mentioned lending into retirement. There is no reason why older customers could not obtain a mortgage if they could demonstrate their ability to repay. The FCA continues to consider how the financial services sector can better work with older people through its ageing population strategy, which was published in September.
The hon. Member for Aberdeen North (Kirsty Blackman) raised the issue of the cost of living: people paying rent cannot save for a mortgage. The Government have clearly taken some measures in this space, such as the crackdown on payday loans, which was widely welcomed across the House. The FCA is reviewing the high cost of credit and the car finance markets, as well as issues such as persistent debt in the credit card market. There will be further updates in 2018.
The hon. Member for Bath (Wera Hobhouse) made an intervention about not encouraging debt. That emphasises the importance of the affordability assessments for mortgages being based on a holistic view of an individual’s finances, which in a way goes to the heart of the point that drove the petition—one cannot look at rental payments; one needs to take a holistic view in order to address the point that she pertinently intervened on.
The shadow Economic Secretary, the hon. Member for Stalybridge and Hyde (Jonathan Reynolds), raised the issue of housing supply. We very much recognise the imperative of housing supply. That is why the Government launched our housing White Paper in February, which proposed an ambitious package of long-term reform: releasing more land for homes where people want to live; building the homes we need faster; getting more people building, and supporting those who need help to buy. A suite of measures in the White Paper already speaks to many of the issues to which he referred.
Those leasing their home face the challenge of saving for a deposit while paying rent. That was the tenor of much of what was raised by colleagues across the House, and the Government very much recognise that through policies with which Members will be familiar: the Help to Buy scheme, which has helped with in excess of 320,000 housing transactions, more than 270,000 of which were for first-time buyers; and the help to buy ISA and the lifetime ISA, which both top up savings for a deposit to buy a first home.
Helping individuals to save for a deposit, however, will not address the problem on its own. That is why the Government intervened through the Help to Buy mortgage guarantee scheme, to ensure that the mortgage market works for people who rely on high loan-to-value mortgages. The Government also committed an extra £10 billion to the Help to Buy equity loan scheme.
Fundamentally, however, we also recognise the need to build more homes. Since 2010 significant progress has been made, with almost 900,000 homes built, including 300,000 affordable ones. The White Paper sought to address that and to accelerate the pace at which homes, including affordable homes, are built.
Turning to the specifics of the petition, the Government agree that a history of paying rent on time is a factor that lenders can consider when assessing creditworthiness, but it is a factor alongside others—not the sole factor to take on board. It is important to stress that mortgage regulations do not prevent lenders from taking into account rent payment as one of the criteria on which to assess affordability.
I therefore want to outline some of the opportunities that exist for connecting housing associations and others with lenders—my hon. Friend the Member for Sutton and Cheam focused on that in his remarks—and how we encourage them all to work to build the profile of those who are renting and seeking to build their mortgage history. The diverse nature of the mortgage market means that prospective borrowers should shop around to take advantage of the variety of options that are available. It is also important to highlight the reforms that took place to prevent the poor lending practices seen before the crisis. Again pertinently, my hon. Friend the Member for South Suffolk highlighted that in his remarks—it is important for us to take on board the lessons of the financial crash of some time ago.
Today, to address such concerns, the banks are required to conduct a comprehensive examination of an individual’s expenditure and income, and an interest rate stress test of that individual’s ability to make repayments. I hope that is one of the measures that will satisfy the concerns expressed by my hon. Friend. Overall, the changes are designed to ensure that the problems of the past are not repeated, but that means that the bar for getting a mortgage can be higher.
My right hon. Friend the Member for Clwyd West mentioned opportunities for making better use of rental data in creditworthiness assessments. Options are available that allow renters to ensure that their rental history is captured in the information that credit reference agencies provide to lenders. That has the potential to improve the chances of someone getting a mortgage. He correctly cited the example of Experian and the potential for housing associations and credit reference agencies to work together to build more examples than the existing Experian one.
Part of the problem is that awareness of such schemes is low. The Government would like take-up to be increased and more ways to develop such models. I am happy to discuss the issue with my right hon. Friend. It is important to do things in a way that works with and builds on existing systems and processes, to avoid increasing costs for business and making it more expensive or difficult for people to access mortgages.
In the social housing sector, I want landlords to play a more active role in increasing awareness and take-up of the existing options. In the private rented sector, as well as the social housing sector, technology and innovation should be pivotal. The open banking changes, which will come into force in January 2018, will help to open up access to our data in a secure way, leading to all manner of innovations that will make it easier to build the creditworthiness models that have been discussed.
To conclude, although it is encouraging to see the number of mortgages granted to first-time buyers, now at the highest levels since the financial crisis, it is clear that many people still struggle to make the first step on to the housing ladder. Lenders and credit reference agencies being able to access data relating to a prospective borrower’s history of paying rent will benefit both the borrower and the lender. There are already private sector solutions, some of which we have heard about in the debate. I am keen to look for ways to raise awareness of those, and to look at how we use open banking to open up further possibilities in future. We have had a very constructive debate and I look forward to having further discussions with Members in the coming weeks.
(6 years, 10 months ago)
Written StatementsThe Treasury has laid before the House of Commons a report required under section 231 of the Banking Act 2009 covering the period from 1 October 2016 to 31 March 2017. Copies of the document are available in the Vote Office.
[HCWS184]
(6 years, 11 months ago)
Commons ChamberThe debate has been wide-ranging, covering virtually every aspect of the Bill. That is right and proper for a Bill of such importance. We have heard a number of impressive contributions, including two maiden speeches.
The hon. Member for Liverpool, Walton (Dan Carden) made a powerful and assured maiden speech in which he rightly talked about the cultural richness of Liverpool. His reference to his 85.7% share of the vote at the election is a good example of the improved performance and productivity to which all MPs can aspire. There are not too many Members who can say to the hon. Member for Bootle (Peter Dowd) that his election result was on the low side at 84%.
My hon. Friend the Member for Moray (Douglas Ross) gave an excellent maiden speech. He spoke of the successful business growth in his constituency and his ambition for the area, particularly for its local growth deal. I am sure that colleagues in Government will work closely with him on that. I am even surer that the Father of the House will very much look forward to sharing a dram of the whisky to which my hon. Friend referred.
I will respond to the detailed points raised by Members shortly, but I first want to be clear about the purpose of the Bill, which is underpinned by principles that I hope we all share: that tax should be competitive and fair, and that it should be paid where it is due. In the weeks ahead, we will have the opportunity to scrutinise the detailed provisions in Committee. The majority of the Bill has already been subject to significant scrutiny following announcements made last year or even earlier. Consultation has been widespread. Together with the pre-election Finance Bill, the measures have had almost nine hours of debate before today.
The Opposition suggest that our strategy to keep tax competitive in some way undermines our absolute commitment to world-class public services and that lower taxes somehow mean less investment in hospitals, schools and our emergency services. But the Government know that it is only through a strong, growing and dynamic economy that we can afford the vital public services our country needs. When we help business to do well, to invest and to create jobs, we are building our tax base to secure that funding for the long term. Competitive taxes protect revenues. Look at what happened when we reduced our level of corporation tax. The private sector created 3.4 million new jobs with an additional £18 billion in corporation tax. In contrast, raising taxes—as the Opposition threaten—to what the Institute for Fiscal Studies describes as their “highest ever peacetime level” would put the brakes on our economy, drive investment elsewhere, reduce employment and, ultimately, diminish our ability to raise the funds our public services need.
Let me deal with some of the specific points raised during the debate. The hon. Member for Aberdeen North (Kirsty Blackman) once again raised the issue of termination payments. These reforms are about providing clarity in the legislation and ensuring that there are no loopholes that people can use to avoid tax. They will not affect statutory termination payments or payments arising as a result of employment tribunals. They will not reduce the £30,000 tax-free allowance that exists to protect the less well-off when they are made redundant. We have no plans to change the £30,000 allowance. In any case, that would require an affirmative statutory instrument under this Bill.
The hon. Lady raised with the Financial Secretary the issue of whether a statutory instrument on tax relief for museums and galleries had been tabled, and I am happy to reassure her that it has, as he thought, been tabled today, so it is before the House.
The hon. Member for High Peak (Ruth George) raised the issue of non-doms. Let me be clear: this Bill abolishes permanent non-domiciled status. When people live in the UK permanently, it is right that they should pay UK tax. Non-doms already contribute over £9 billion a year to the Exchequer, and we expect the Bill to raise a further £1.6 billion over the next five years. So this Finance Bill will deliver fairness and protect revenue. This is a balanced approach, and one that has been subject to extensive consultation.
During the debate, Opposition Members criticised the provisions for offshore trusts. Let. be clear again: if funds are taken out of trusts, they will become liable for tax. As the Financial Secretary set out in the debate last week, our international agreements on the exchange of information will provide a critical boost to enforcement.
A number of Members, including my hon. Friends the Members for Newark (Robert Jenrick) and for Harborough (Neil O'Brien), raised the issue of avoidance and evasion. The Bill implements a large number of measures to tackle tax avoidance and evasion. It prevents businesses from claiming excessive tax deductions, by updating the rules around how companies claim deductions for interest expenses. It continues our crackdown on artificial disguised remuneration schemes, and it introduces a new penalty for those who enable tax avoidance.
It is this Government who are tackling tax avoidance and evasion head-on. It is this Government who have announced more than 75 measures to tackle tax evasion and avoidance since 2010. We have seen HMRC more than double the annual number of prosecutions for avoidance and evasion in that time. That is how we have secured almost £160 billion in extra tax revenue. We secured over £8 billion in extra tax from the largest and most complex UK businesses in 2016 alone. In 2015-16, we secured £900 million in tax from the wealthiest, which would otherwise have gone unpaid—more than doubling the amount secured in 2011-12.
We now have over 100 countries around the world that are exchanging financial account information so that we can track down offshore money. We have published one of the first public registers of beneficial ownership in the world.
In 2016-17, HMRC brought in £574.9 billion in tax revenue—the seventh record year in a row. We have seen the tax gap drop to a level unprecedented under the Labour Government—a level that is among the lowest in the world. There is only one party in this House that can point to a record like that on tax avoidance and evasion, and it is not the Labour party.
Members raised a wide range of points in the debate. In a powerful speech, my right hon. Friend the Member for Wokingham (John Redwood) highlighted the importance of the mobility of high net worth individuals. He also recognised the £9 billion tax contribution of non-doms and the fact that our tax take has gone up under the corporation tax changes—a hugely important point to note.
My right hon. Friend the Member for Forest of Dean (Mr Harper) brought the attention of the House to the importance of productivity if we are to deliver the sustainability we want to see in higher wages. My hon. Friend the Member for Braintree (James Cleverly), who is a doughty champion of small and medium-sized businesses, correctly highlighted the importance of the sector, including microbusiness.
The hon. Member for Dundee East (Stewart Hosie) welcomed the provisions in clauses 3 and 4, as well as the extension of a number of reliefs. He raised concerns about retrospection, but the Bill will simply ensure that measures come into effect from their originally intended commencement date.
The hon. Member for Walthamstow (Stella Creasy) spoke about her concerns at the level of debt, which is really why she should support the Bill.
My hon. Friend the Member for Berwickshire, Roxburgh and Selkirk (John Lamont) highlighted the significant fall in unemployment in his constituency and the importance of growth in driving those jobs. My hon. Friend the Member for Gordon (Colin Clark) spoke about the importance of investment and about the distinction between investment and spending.
My hon. Friend the Member for South Thanet (Craig Mackinlay) welcomed the Bill and brought his professional insight to the debate as an accountant. He flagged a number of issues that colleagues in the Treasury will be keen to discuss with him.
My hon. Friend the Member for Wealden (Ms Ghani) spoke of the progress that the Government have made in tackling areas of abuse. My hon. Friend the Member for South Suffolk (James Cartlidge), who is always a strong defender of capitalism, spoke about its importance. My hon. Friend the Member for North West Hampshire (Kit Malthouse) welcomed the constructive way that the Government had listened to his campaign on Making Tax Digital. In his role on the Treasury Committee, there will be scope for further discussions with him on other areas where he brings his expertise, and we very much welcome that. My hon. Friend the Member for Brentwood and Ongar (Alex Burghart) highlighted the record of job creation under this Government. My hon. Friend the Member for Redditch (Rachel Maclean) spoke of her pride in the Government tackling abuses. My hon. Friend the Member for Hitchin and Harpenden (Bim Afolami) talked about the difference between the tax rate and the tax take.
This Bill will deliver through supporting families, supporting the less well-off, supporting our public services, and ensuring a stable and dynamic economy. It will deliver by raising new finances to finance new infrastructure and technical education, putting productivity first. It will deliver by raising new revenues from those who would otherwise avoid or evade tax altogether. This Bill lies at the heart of a plan to go on building a prosperous nation.
The Opposition profess to be tough on tax avoidance and evasion, to want to tighten up the rules for non-doms, and to want to clamp down on the tax gap. The Bill before the House does exactly that. So let the question tonight be not simply whether this Bill should proceed but whether Labour Members really do wish to deliver on these principles rather than succumb to the easy place of opposition for opposition’s sake—whether they wish to stand up to the avoiders and the evaders, or themselves to avoid and evade their responsibility. I commend this Bill to the House.
Question put, that the Bill be now read a Second time.
(6 years, 11 months ago)
Written StatementsUnder the Terrorist Asset-Freezing etc. Act 2010 (TAFA 2010), the Treasury is required to report to Parliament, quarterly, on its operation of the UK’s asset-freezing regime mandated by UN Security Council resolutions 1373 and 1452.
This report covers the period from 1 October 2016 to 31 December 2016.1 This report also covers the UK implementation of the UN’s ISIL (Daesh) and Al-Qaida asset freezing regime (ISIL-AQ) and the operation of the EU asset-freezing regime in the UK under EU regulation (EC) 2580/2001 which implements UNSCR 1373 against external terrorist threats to the EU.
Under the ISIL-AQ asset-freezing regime, the UN has responsibility for designations and the Treasury, through its Office of Financial Sanctions implementation (OFSI), has responsibility for licensing and compliance with the regime in the UK under the ISIL (Daesh) and Al-Qaida (Asset-Freezing) regulations 2011.
Under EU regulation 2580/2001, the EU has responsibility for designations and OFSI has responsibility for licensing and compliance with the regime in the UK under part 1 of TAFA 2010.
A new EU asset-freezing regime under EU regulation (2016/1686) was implemented on 22 September 2016. This permits the EU to make autonomous Al-Qaida and ISIL (Daesh) listings. Once a designation is made under this regime it will appear in the table available as an online attachment.
Annexes A and B to this statement provide a breakdown, by name, of all those designated by the UK and the EU in pursuance of UN Security Council resolution 1373.
The table, available as an online attachment, sets out the key asset-freezing activity in the UK during the quarter.
Legal Proceedings
In November a Court of Appeal considered whether or not Begg met the minimum criteria for the grant of a protective costs order and concluded that he did. The Court of Appeal thereafter remitted the matter back to the High Court for the protective costs order to be granted.
Annex A: Designated persons under TAFA 2010 by name2
Individuals
1. Hamed ABDOLLAHI*
2. Imad Khalil AL-ALAMI
3. Abdelkarim Hussein AL-NASSER*
4. Ibrahim Salih AL-YACOUB*
5. Manssor ARBABSIAR*
6. Usama HAMDAN
7. Hasan IZZ-AL-DIN*
8. Mohammed KHALED
9. Musa Abu MARZOUK
10. Khalid MISHAAL
11. Khalid Sheikh MOHAMMED*
12. Abdul Reza SHAHLAI*
13. Ali Gholam SHAKURI*
14. Qasem SOLEIMANI*
Entities
1. Basque Fatherland and Liberty (ETA)
2. Ejército de Liberación Nacional (ELN)*
3. Hizballah Military Wing, including external security organisation*
4. Popular Front for the Liberation of Palestine—General Command (PFLP-GC)*
5. Popular Front for the Liberation of Palestine (PFLP)*
6. Sendero Luminoso (SL)*
Annex B: Persons designated by the EU under Council regulation (EC) 2580/20013
Persons
1. Hamed ABDOLLAHI*
2. Abdelkarim Hussein AL-NASSER*
3. Ibrahim Salih AL-YACOUB*
4. Manssor ARBABSIAR*
5. Mohammed BOUYERI
6. Hassan Hassan EL HAJJ
7. Hasan IZZ-AL-DIN*
8. Farad MELIAD
9. Khalid Sheikh MOHAMMED*
10. Dalokay SANLI
11. Abdul Reza SHAHLAI*
12. Ali Gholam SHAKURI*
13. Qasem SOLEIMANI*
Groups and Entities
1. Abu Nidal Organisation (ANO)
2. Al-Aqsa E.V.
3. Al-Aqsa Martyrs’ Brigade
4. Babbar Khalsa
5. Communist Party of the Philippines, including New People’s Army (NPA), Philippines
6. Devrimci Halk Kurtuluş Partisi-Cephesi—DHKP/C (Revolutionary People’s Liberation Army/Front/Party)
7. Ejército de Liberación Nacional (National Liberation Army)*
8. Gama’a al-Islamiyya (a.k.a. Al-Gama’a al-Islamiyya) (Islamic Group—IG)
9. Hamas, including Hamas-Izz al-Din al-Qassem
10. Hizballah Military Wing, including external security organisation
11. Hizbul Mujahideen (HM)
12. Hofstadgroep
13. Islami Büyük Doğu Akincilar Cephesi (IBDA-C) (Great Islamic Eastern Warriors Front)
14. Khalistan Zindabad Force (KZF)
15. Kurdistan Workers Party (PKK) (a.k.a. Kongra-Gel)
16. Liberation Tigers of Tamil Eelam (LTTE)
17. Palestinian Islamic Jihad (PIJ)
18. Popular Front for the Liberation of Palestine—General Command (PFLP-GC)*
19. Popular Front for the Liberation of Palestine (PFLP)*
20. Sendero Luminoso (SL) (Shining Path)*
21. Teyrbazen Azadiya Kurdistan (TAK)
1Financial institutions update OFSI on individual account balances annually. The figures in the first row of the table are based on account balances which were last reported to HM Treasury on 30 September 2016. At the end of each quarter HM Treasury will adjust the figures to reflect any accounts that have been frozen or unfrozen in that quarter.
2For full listing details please refer to: https://www.gov.uk/government/publications/current-list-of-designated-persons-terrorism-and-terrorist-financing.
3For full listing details please refer to: https://www.gov.uk/government/publications/current-list-of-designated-persons-terrorism-and-terrorist-financing.
*EU listing rests on UK designation under TAFA 2010
Attachments are available online: http://www.parliament.juk/business/publications/written-questions-answers-statements/written-statement/Commons/2017-09-06/HCWS115/.
[HCWS115]
(7 years, 1 month ago)
Commons Chamber9. What progress is being made on reducing youth unemployment.
Youth unemployment is at a record low: 5.1% of 16 to 12-year-olds are unemployed or not in full-time education. That compares with 9.4% in 2009, under the previous Labour Government.
Although I welcome the record unemployment figures that the Minister has given this morning, youth unemployment is still higher in my constituency and in Scotland than the UK average, so will he work with me and others across the House to encourage more investment in my constituency and in Scotland as a whole?
I will be very happy to work with my hon. Friend, because we recognise that work is the best route out of poverty. Indeed, unemployed households are 13 times more likely to be in relative poverty than those with people in full-time work.
I understand what the Minister says about less unemployment, but my concern is that this is not just about employment, but about retention. Does he agree that now is the time for hard-working, tax-paying public sector workers to get the pay rise that they have earned, and that he should scrap the cap?
We can see the effects, were we to follow the hon. Lady’s policy, by looking at youth unemployment rates elsewhere in Europe. In Greece it is 45.9%, and even in France it is 22%. The best way of addressing poverty is by keeping young people in work.
18. Government investment in Cheltenham’s cyber-accelerator since 2015 is now yielding results, with numerous cyber start-ups benefiting from local mentoring from experts at GCHQ. Does my hon. Friend agree that mobilising the UK’s sovereign expertise in areas such as cyber boosts jobs for young people and opportunity in places such as Cheltenham?
How does the Minister expect to reduce youth unemployment, given the further education budget cuts across the country, particularly in Coventry, where the budget has been cut by 27%?
Actually, we are seeing record numbers of people, in particular disadvantaged students, going to university. The situation will not be helped if people are conned with the idea that student debts will be written off.
Well, that was a first in this place, certainly during my time in the Chair: I have never known a ministerial swap to take place mid-answer. I assume that it was inadvertent; the Exchequer Secretary to the Treasury is nothing if not immaculate in his parliamentary manners. I put it down to error. But I hope that the Ministers know their own identities. I would be worried for them if they did not.
15. What discussions he has had with the Secretary of State for Education on the effect of Government investment in skills since 2010.
Treasury Ministers have engaged on a regular basis with the Secretary of State for Education. We will double spending on apprenticeships over the decade to 2020, allowing 3 million apprenticeship starts in England by 2020 and giving people the best start in their career.
Since 2010, the substantial increase in apprenticeships has helped many young people into work. Stansted airport in my constituency is a great provider of apprenticeships, and its employment academy placed 700 people into work in the last year alone. Does the Minister agree that apprenticeships have contributed to the record low level of youth unemployment?
I very much agree with my hon. Friend. In fact, there are 55,000 fewer young people unemployed than there were a year ago, thanks in large part to the investment that this Government are putting into apprenticeships.
Is the Minister aware that if we are going to do anything about skills or productivity in our country and our communities, we have got to look to local further education colleges? Will he support, with money, resources and leadership, the introduction of a practical maths course to help young people who are waiting in colleges up and down the country, struggling to get apprenticeships? Will he talk to the Education Secretary about doing that, to get these young people on their way?
The hon. Gentleman will welcome the Government’s record investment of £500 million in T-levels, to tackle exactly the issue that he has raised in technical education. The Government’s commitment can also be seen in apprenticeships. Whereas under the last Labour Government there were just 280,000 apprenticeship starts, there were more than half a million last year under this Government.
16. What effect the reduction in corporation tax rates has had on receipts from that tax.
Personal contract purchase plans for financing cars have gone up by 394% in the past five years, and the Governor of the Bank of England has said that we are failing to learn the lessons of the past when it comes to easy credit. What action is the Chancellor taking to ensure that lending is affordable and does not pose a risk to the wider economy?
May I first congratulate the hon. Lady on her appointment as Chair of the Business, Energy and Industrial Strategy Committee? As she will be aware from her Bank of England days, this is a matter for the Financial Policy Committee. Indeed, the FPC noted in its recent report that consumer credit is growing at a lower rate than it was under the previous Labour Government, but loss rates on lending remain low, as they are at present.
T2. My right hon. Friend the Chancellor will know from his time in the Foreign Office that one of the great strengths of our great kingdom is the perception of fairness we enjoy around the world. Will he talk a little about fairness in financial transactions, as the hidden taxes imposed by many companies on investment are grossly unfair on those who are saving in pensions for the future?
There is a theme here, because I should congratulate my hon. Friend on his election as Chair of the Foreign Affairs Committee. The Government are committed to the principles of transparency. He will have noted the recent Financial Conduct Authority report on the asset management market study. Indeed, we are seeing technology—in particular, through FinTech—driving the sort of transparency to which he refers.
T9. As chair of the all-party group on refugees, I am told by refugees that they are desperate to work once they have achieved such status, but are hindered by various fixable problems in the system. Will the Minister tell us what the Government are doing to make it easier for refugees to have bank accounts?
The hon. Lady will be aware that when the Home Office grants refugee status, it includes the biometric residence permit as proof of the holder’s right to stay, but I am very happy to discuss with the hon. Lady any further measures that she feels would be helpful.
T3. To promote the drive towards world free trade, will the Chancellor of the Exchequer assure the House that he is absolutely, personally and enthusiastically committed to following our manifesto commitment to leave not just the EU at the end of 2019, but the single market and the customs union?
The hon. Gentleman misstates the position. It is an independent responsibility of the Bank of England to address that—[Interruption.] It is. It is of course an area where there will always be frequent discussions with the Treasury, but it is a Bank of England matter.
T4. The UK Government have a strong record of supporting Scottish businesses, and the British Business Bank has provided nearly £1.5 million of support to small businesses in East Renfrewshire. However, many businesses in my constituency are disadvantaged compared with competitors and counterparts in England due to the Scottish Government’s approach to business rates. Will my right hon. Friend join me in calling for the Scottish Government to reverse their decision to double the large business supplement, restore rates parity on both sides of the border and allow Scottish businesses to compete on a level playing field?
T10. Last night, I met a major financial institution. Does my hon. Friend agree that for London to retain its place as the leading financial centre we need a regulatory regime based on mutual recognition and an early-agreed transitional phase to provide certainty?
My hon. Friend rightly champions that key sector which provides £71 billion of tax to fund public services. It is in the interests of the UK and the EU to avoid fragmentation because that will increase costs, and the Prime Minister has made it clear that we are ambitious, in terms of the trade deal that we reach with the EU, to come to an arrangement that delivers regulatory equivalence.
Does the Chancellor accept that the confusion and conflicting ambitions of the Government’s policy on Brexit are already having an impact on investment? In the long run, that will be massively damaging to the economic prospects of this country.