Results 41–60 of 4152 for speaker:John Glen

Written Answers — Treasury: Overseas Aid (18 Nov 2021)

John Glen: At the IMF’s Annual Meetings, the Chancellor committed to channelling up to 4bn in SDR, starting with an additional loan of SDR 1bn to the IMF’s Poverty Reduction and Growth Trust. This loan will be drawn down over time by the poorest and most vulnerable countries at highly concessional interest rates. The needs and demands of vulnerable countries will continue to determine the time...

Written Answers — Treasury: Central Bank Digital Currencies (17 Nov 2021)

John Glen: The Government and the Bank of England have not yet made a decision on whether to introduce a central bank digital currency (CBDC) in the UK, and will engage widely with stakeholders on the benefits, risks and practicalities of doing so. Maintaining user safety and privacy is an utmost priority as the Government and the Bank appraises the case for a CBDC in the UK. The...

Written Answers — Treasury: Gold and Foreign Exchange Reserves (17 Nov 2021)

John Glen: The additional financing programme of the Official Reserves, which ended in 2019-20, increased both the government’s liquid assets and its liabilities from gilt issuance equally at the point of issuance. Therefore, it had no net impact on public sector net debt.

Written Answers — Treasury: Gold and Foreign Exchange Reserves (17 Nov 2021)

John Glen: The Government considers the current size of the reserves to be appropriate for meeting the objectives outlined in the Exchange Equalisation Account (EEA) Act 1979. Therefore, there has been no assessment made of the potential effect of a transfer of so-called excess reserves from the EEA to the National Loans Fund on public sector debt.

Written Answers — Treasury: Gold and Foreign Exchange Reserves (17 Nov 2021)

John Glen: The reserves have a clearly defined function as set out in the Exchange Equalisation Account (EEA) Act 1979. The purpose of the reserves includes managing undue fluctuations in the exchange rate, providing foreign exchange services for government departments and to meet the UK’s financial commitment to the IMF. The reserves are available to be able to meet any potential calls as set out in...

Written Answers — Treasury: Economic Situation: China (16 Nov 2021)

John Glen: The Treasury, alongside the UK’s independent financial authorities – the FCA, PRA and Bank of England - continue to closely monitor China’s economy. Since 2008 there has been a concerted international effort to strengthen the global financial system. In the UK, banks now hold over three times more capital than they did at the time of the financial crisis. The Bank of England’s...

Written Answers — Treasury: International Monetary System (15 Nov 2021)

John Glen: Under the UK’s Presidency, G7 Finance Ministers and Central Bank Governors supported a general allocation of Special Drawing Rights (SDR) equivalent to $650bn that was approved by the IMF Board of Governors in August. The UK was a strong proponent of this allocation. G7 leaders also agreed in June to a global ambition of $100bn of SDR to support vulnerable countries most in need. At the...

Written Answers — Treasury: Banks: Closures (15 Nov 2021)

John Glen: The Government recognises the continued importance of access to banking. However, decisions on opening and closing branches are a commercial issue for banks and building societies. In May 2017, the largest banks and building societies signed up to the Access to Banking Standard which commits them to ensure customers are well informed about branch closures, the bank’s reasons for closure...

Written Answers — Treasury: Mortgages: Private Rented Housing (15 Nov 2021)

John Glen: According to data from UK Finance, 4.1 million buy-to-let mortgages have been advanced since 2000. However, it is not possible to determine if any given buy-to-let mortgage has been given to a landlord who has taken out other buy-to-let mortgages, so it is not possible to provide a number of landlords for this period. This figure includes both total purchases and remortgages. Figures prior to...

Written Answers — Treasury: Equitable Life Assurance Society (15 Nov 2021)

John Glen: I refer the Honourable Member to the answer I gave to PQ UIN67299 on 9th November.

Written Answers — Treasury: Debts: Advisory Services (15 Nov 2021)

John Glen: The Money and Pensions Service (MaPS) assesses debt advice demand and makes decisions about advice provision. MaPS’s statutory responsibilities include the need to consider the most vulnerable in its decision-making. Information on the bids received as part of MaPS’ procurement process is commercially sensitive while that process is still ongoing, with it being set to conclude early in...

Written Answers — Treasury: Mortgages: Private Rented Housing (15 Nov 2021)

John Glen: According to the latest data held by UK Finance, as of August 2021, the value of the buy-to-let mortgage stock in the UK was £281.1 billion.

Written Answers — Treasury: Overseas Aid (15 Nov 2021)

John Glen: Under the UK’s G7 Presidency, the Government led G7 and other partners to commit to channelling Special Drawing Rights (SDR) to support vulnerable countries, with G7 leaders agreeing in June to a global ambition of $100bn to countries most in need. At the IMF’s Annual Meetings, the Chancellor committed to channelling up to 4bn in SDR, starting with an additional loan of SDR 1bn to the...

Written Answers — Treasury: Overseas Aid (15 Nov 2021)

John Glen: I refer the Hon. Member to the answer given on 4 November to Question 67246 to the Hon. Member for Oxford West and Abingdon (Ms. Moran).

Written Answers — Treasury: Foreign Exchange: Fees and Charges (15 Nov 2021)

John Glen: The Government recognises the importance of transparency of fees and charges in protecting consumers and ensuring effective competition between payment service providers (PSPs) such as banks. To this end, the UK has regulatory requirements in place to ensure that currency conversation rates are clearly communicated to customers before a transaction takes place. The Government has no plans...

Written Answers — Treasury: Debts: Advisory Services (15 Nov 2021)

John Glen: The Money and Pensions Service (MaPS) assesses debt advice demand and makes decisions about advice provision. MaPS’s statutory responsibilities include the need to consider the most vulnerable in its decision-making. The Government cannot comment in detail on an ongoing commercial tendering process. However, the MaPS-led recommissioning exercise is expected to materially increase the...

Written Answers — Treasury: Banks: Corporation Tax (10 Nov 2021)

John Glen: The Exchequer impacts of the increase in corporation taxes announced in the 2021 Spring Budget are set out in table 5.2 of the Autumn Budget and Spending Review document. https://www.gov.uk/government/publications/autumn-budget-and -spending-review-2021-documents

Written Answers — Treasury: Banks: Corporation Tax (10 Nov 2021)

John Glen: The Exchequer impacts of the decrease in the Bank Surcharge rate announced 2021 Autumn Budget are set out in table 5.1 of the Autumn Budget and Spending Review document 2021. https://www.gov.uk/government/publications/autumn-budget-and -spending-review-2021-documents The Exchequer impacts assume that changing the tax rate will increase the incentive on banking companies to shift profits...

Written Answers — Treasury: Business: Loans (9 Nov 2021)

John Glen: The Government published a statutory Post-Implementation Review of the Bank Referral Scheme in December 2020, which is available here: https://www.legislation.gov.uk/uksi/2015/1946/pdfs/uksiod_20 151946_en.pdf. The Government remains committed to fostering a strong, diverse and competitive financial services sector to ensure that UK SMEs can benefit from high quality products and services...

Written Answers — Treasury: Community Development Finance Institutions (9 Nov 2021)

John Glen: The Treasury recognises the vital role that non-banks, including Community Development Financial institutions (CDFIs), play in the provision of credit to SMEs. It remains grateful for the way the sector has responded to the current crisis. The Government remains committed to promoting competition and widening the funding options available to UK businesses. Our position has always been that...


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