argyrotsipi/train-dataset huggingface dataset:
Future of Financial Services — House of Commons, 2020-11-09
Topic: Domestic Commerce
Rishi Sunak (Conservative, Centre-right): I know the hon. Lady has spent an enormous amount of time in this Chamber focused on these issues, and rightly so. The FCA is currently taking action to address the issues in the buy now, pay later sector, but more generally to her important question around debt and consumer credit, it is worth bearing in mind that we have provided around £38 million to debt providers this financial year, bringing the total to £100 million. Colleagues will know that from May next year, the breathing space initiative that was recently passed in this place will provide a period for individuals who are struggling with debt issues to take a pause and agree a repayment plan. Indeed, in the Bill we are considering later, the Economic Secretary to the Treasury, my hon. Friend the Member for Salisbury (John Glen) will be introducing provisions for statutory debt repayment plans, which will further help those who are struggling paying back credit.
Future of Financial Services — House of Commons, 2020-11-09
Topic: Mixed Topics
Atta-Ur-Rehman Chishti (Conservative, Centre-right): I thank the Chancellor for the statement and all the financial support he has given to my constituents in Gillingham and Rainham during covid-19. My question is specifically in regard to the work of the Financial Ombudsman Service and the six-month statute of limitation when dealing with complaints, as raised with me by a constituent in Gillingham and as faced by constituents around the country. With all other ombudsmen, such as the Parliamentary and Health Service Ombudsman, there is a 12-month statute of limitation. Can the Chancellor explain that discrepancy? Will he be kind enough to take the matter away on behalf of my constituent in Gillingham and look at this anomaly in the interests of fairness?
Future of Financial Services — House of Commons, 2020-11-09
Topic: Domestic Commerce
Craig Whittaker (Conservative, Centre-right): I thank my right hon. Friend for his statement. Many of the three quarters of a million jobs outside London in the financial services sector are located in places such as West Yorkshire, and in particular in Calderdale. Does he agree that keeping the UK at the forefront of financial services regulations and supporting an open and dynamic economy is the surest way to ensure we remain a competitive economy as we emerge from the coronavirus pandemic?
Future of Financial Services — House of Commons, 2020-11-09
Topic: Domestic Commerce
Rishi Sunak (Conservative, Centre-right): The hon. Lady will have heard my previous answer about our plans to take forward initiatives on access to cash, and protecting it. The outstanding consultation will conclude shortly, and then we will decide on a future legislative strategy.
Future of Financial Services — House of Commons, 2020-11-09
Topic: Mixed Topics
Alec Shelbrooke (Conservative, Centre-right): My right hon. Friend has put in unprecedented help to people during this crisis, but tragically in my constituency almost 2,000 people have lost their jobs. Does he agree that, as he said in his statement, Leeds is a key financial hub in this country, and many of my constituents, if not employed directly in the financial services industry, are part of the support network around it? Does he also agree that the green bonds that come out will trickle down to small manufacturers, of which I have a plethora in my constituency? Will he push ahead with great speed on that, and how quickly does he think that he can get this recovery? What I have heard from him today, quite frankly, has been, "jobs, jobs, jobs."
Future of Financial Services — House of Commons, 2020-11-09
Topic: Domestic Commerce
Rishi Sunak (Conservative, Centre-right): My hon. Friend is right about the importance of Leeds to our financial services ecosystem in the UK, and about the importance of that industry to jobs in his local economy. We are keen to see the industry prosper across the country, in his constituency and elsewhere, and one thing that might be of interest to his constituents is the review that we are launching into the UK funds regime. That review will specifically consider whether, and how, fund domicile activity could be focused in specific UK areas to support our levelling-up agenda. I look forward to hearing my hon. Friend’s contributions to that, and I know that the industry in his area will continue to grow locally from strength to strength.
Future of Financial Services — House of Commons, 2020-11-09
Topic: Mixed Topics
Rishi Sunak (Conservative, Centre-right): As my hon. Friend knows well from his own private sector experience, we absolutely need to attract private capital alongside public capital to deliver on all our ambitions. That is why a sovereign bond is so important—it can help to catalyse a domestic private sector industry for corporates and other institutions that issue on the back of a Government issuance. All of that will leverage private sector capital and expertise to build the infrastructure that we need.
Future of Financial Services — House of Commons, 2020-11-09
Topic: Mixed Topics
Rishi Sunak (Conservative, Centre-right): Without commenting on specific projects, I think my hon. Friend is right to highlight some of the areas of interest to the Government. On carbon capture and storage, he will that know we have already outlined over £800 million of investment over the next few years to help develop two carbon capture and storage clusters with the private sector. This is something the UK can be world-leading on, and it is important that we move quickly.
Future of Financial Services — House of Commons, 2020-11-09
Topic: Domestic Commerce
Abimbola Afolami (Conservative, Centre-right): I welcome the Chancellor’s statement, which foreshadows a huge increase in powers for the Financial Conduct Authority and a huge increase in the amount of legislation and regulations that will come through this House. What thought has the Chancellor given to establishing a specialist financial services Select Committee of this House, perhaps with some oversight capacity, so that we can manage this huge influx of legislation and regulations once we get out of the transition period on 1 January?
Future of Financial Services — House of Commons, 2020-11-09
Topic: Domestic Commerce
Neil John O'Brien (Conservative, Centre-right): Short-termism in financing public companies has long been a concern in the UK, so I welcome the measures my right hon. Friend is taking today, which build on the work of the patient capital taskforce. I welcome the review of Solvency II, which is potentially deterring long-term investment, and I welcome the long-term asset fund, too. Will my right hon. Friend set out what he hopes it will achieve and what metrics he will use to assess whether it is working or not?
Future of Financial Services — House of Commons, 2020-11-09
Topic: Domestic Commerce
Rishi Sunak (Conservative, Centre-right): I pay tribute to my hon. Friend’s campaigning on this important issue. She asks the right question to make sure the money is going where we want it to go. I can give her the reassurance that we will be using the use of proceeds structure, along with the principles from the International Capital Market Association. That is the most widely used and recognised structure in the ESG—environmental, social and governance—investing space, and it is the structure that is used by pretty much all other sovereign issuers. It will ensure that the money raised goes where it is required and deserves to go.
Future of Financial Services — House of Commons, 2020-11-09
Topic: Domestic Commerce
Rishi Sunak (Conservative, Centre-right): The hon. Gentleman is absolutely right about the importance of credit unions in providing credit to those who need it. My hon. Friend the Economic Secretary recently hosted a roundtable to make sure the industry is getting the support it requires.
Future of Financial Services — House of Commons, 2020-11-09
Topic: Mixed Topics
Gareth Mark Davies (Conservative, Centre-right): I warmly welcome the statement today, particularly on the issuance of green gilts, which is a great idea. Does my right hon. Friend agree with me that the issuance of a green gilt marks a great opportunity to showcase Britain’s place in the world in terms of our financial services power to move towards net zero by 2050?
Future of Financial Services — House of Commons, 2020-11-09
Topic: Domestic Commerce
Rishi Sunak (Conservative, Centre-right): What we are announcing today will ensure that the UK remains the most open, competitive, technology-leaning and dynamic place to do financial services anywhere in the world. It is a constantly changing industry and it is right that we are on the cutting edge of developments. Now that we are outside the EU and leaving the transition period, we have the ability to make further changes to our regulatory regime, to enhance our competitiveness and to attract jobs, capital and business to the UK.
Future of Financial Services — House of Commons, 2020-11-09
Topic: Domestic Commerce
Richard Quentin Fuller (Conservative, Centre-right): Regarding the comment made by the hon. Member for Wirral South (Alison McGovern), I do not know where Labour MPs have been these past few weeks, but the Chancellor has been here today, 9 November, and on 5 November, on 22 October, on 20 October, on 14 October, on 24 September and on 15 September. No Chancellor has been more responsive to the needs of Members of Parliament than this Chancellor, which is why I welcome his statement today. It demonstrates that neither the financial services sector nor he as UK Chancellor are going to sit around and wait for the EU to respond, but that he will point the way forward in leadership in green finance, in financial technology and in financial transparency. Will my right hon. Friend build on the green sovereign bond announced today, so that ahead of COP26 retail investments will be available for retail investors?
Future of Financial Services — House of Commons, 2020-11-09
Topic: Domestic Commerce
Rishi Sunak (Conservative, Centre-right): I thank my hon. Friend for his question. He will know from his extensive experience in financial services how important the announcements today are. He makes a very interesting suggestion, and I would love to meet him to discuss it further and see what we can do.
Supporting Disadvantaged Families — House of Commons, 2020-11-09
Topic: Housing
Thérèse Anne Coffey (Conservative, Centre-right): I am conscious that we did boost the local housing allowance to the 30th percentile, which cost more than £1 billion, and I am sure that that may have helped some of the hon. Gentleman’s constituents. One thing we must recognise—we are working across Government on this—is what we can do to try to help reduce the cost of living. An interesting paper by the University of Bristol talks about the poverty premium, half of which is energy related—about £250 out of the £490 it identified. That is why I am working with people such as the Under-Secretary of State for Education, my hon. Friend the Member for Chelmsford (Vicky Ford), the Minister for Business, Energy and Clean Growth, my right hon. Friend the Member for Spelthorne (Kwasi Kwarteng) and a wide range of people in this Government to tackle issues that face not only the poorest in society, but other households as well. We will continue to do that and I look forward to ongoing activity in and out of Government in order to ensure that we reach as many people as possible and make their lives better.
Supporting Disadvantaged Families — House of Commons, 2020-11-09
Topic: Mixed Topics
Thérèse Anne Coffey (Conservative, Centre-right): The Chancellor has appeared before this House on several occasions, as have other Treasury Ministers, setting out how we are supporting self-employed people. I am very conscious that there is access to help, whether it is through business loans, or, for those people who do not have savings that are not business assets, universal credit, but one thing about this particular scheme is that it will be for local councils to identify and decide who is eligible for support. I am conscious that the hon. Gentleman wishes to see other elements, but this is a comprehensive package from which many of the people he refers to may well benefit.
Supporting Disadvantaged Families — House of Commons, 2020-11-09
Topic: Mixed Topics
Thérèse Anne Coffey (Conservative, Centre-right): Throughout this pandemic, we have seen communities and councils come together to support those in more difficulty than themselves. It has been a tremendous response by the people of this country. I think it is fair to say that the £63 million of funding allocated to councils earlier in the year was designed to extend from the beginning of August through to October. Of course, councils used it in a variety of ways. My own council—Suffolk County Council—was allocated £700,000 and added another £800,000 itself, and it has used £600,000 of the funds in total. It wanted to ensure that it was using the best knowledge to reach the most vulnerable people, and I am sure that Calderdale Council can be congratulated on ensuring that it has done that too.
Supporting Disadvantaged Families — House of Commons, 2020-11-09
Topic: Housing
Thérèse Anne Coffey (Conservative, Centre-right): One of the things the hon. Lady fails to mention is that if those who are new to benefits have had full contributions over the last nine months, there is no cap on the benefits that they may receive. The support for mortgage interest is continuing. She is right to say that the Government changed that from a grant to a loan. That was the right thing to do, because people have an asset, and we are helping them to keep it. I am conscious of the extensive work undertaken by the Chancellor on ensuring that mortgages could be rearranged or that payments could be made. I am also conscious of the excellent work done by my right hon. Friend the Secretary of State for Housing, Communities and Local Government on ensuring that no evictions would happen as a result of the issues we are facing, except, more recently, for people who are nuisance neighbours. We have done a lot to ensure that people can stay in their homes and keep a roof over their heads.
Supporting Disadvantaged Families — House of Commons, 2020-11-09
Topic: Housing
Thérèse Anne Coffey (Conservative, Centre-right): I know Basingstoke well, because that is where I worked for many years, and I am conscious of the wide variety of communities there that are supportive of one another. I hope my right hon. Friend will be aware of the £700 million package announced by my right hon. Friend the Secretary of State for Housing, Communities and Local Government last week, to ensure that rough sleeping really does become history.
Supporting Disadvantaged Families — House of Commons, 2020-11-09
Topic: Mixed Topics
Thérèse Anne Coffey (Conservative, Centre-right): This is a massive expansion of the holiday activities fund that we have been running for the past three years, and I am sure that the hon. Gentleman will welcome that. In terms of building on what we distributed earlier in the year—£63 million, as well as the covid summer scheme—£170 million will be there to make sure that every child has no need to go hungry in this country. I am sure that he will welcome that too. We will continue to work on helping people to try to get ready to get back into work as and when the economy recovers. We are doing that through our plan for jobs, which I am sure he will welcome too.
Supporting Disadvantaged Families — House of Commons, 2020-11-09
Topic: Mixed Topics
Jonathan Edward Gullis (Conservative, Centre-right): Obviously, this is a very welcome package, and I thank the Secretary of State for giving this much-needed money—over £1 million for Stoke-on-Trent City Council and over £2 million for Staffordshire County Council. The Hubb Foundation in Stoke-on-Trent, in the mother town of Burslem, is an amazing holiday club, run by Carol Shanahan. I really implore the Minister and ask the Minister to meet me and Ms Shanahan to discuss how its holiday programme is one of those exemplary holiday programmes not just locally but nationally, and to ensure that it gets funding for the Christmas and Easter period coming up?
Supporting Disadvantaged Families — House of Commons, 2020-11-09
Topic: Mixed Topics
Thérèse Anne Coffey (Conservative, Centre-right): My hon. Friend is right to point out that the Government continue to try to support people through this challenging time. They have put their money where their mouth is to get that direct support to families, as well as to businesses and communities more generally. On the national food strategy, Henry Dimbleby has produced his initial review, and once we get phase 2 of his work and suggestions, the Government will develop a food strategy. We are united in ensuring, particularly through Healthy Start vouchers, that the food that young children and expectant mothers have is nutritious, because that is important for the development of our young children.
Financial Services Bill — House of Commons, 2020-11-09
Topic: Mixed Topics
John Philip Glen (Conservative, Centre-right): I am grateful to the hon. Gentleman for his intervention. The driving principle guiding the Government in bringing forward the Bill is to maintain the highest possible standards; indeed, our reputation globally relies on the maintenance of such standards. However, it will be in the role of our regulators, with their technical expertise, to determine how those standards are implemented Let me move on to the next part of the Bill.
Financial Services Bill — House of Commons, 2020-11-09
Topic: Domestic Commerce
Kevin Paul Hollinrake (Conservative, Centre-right): My hon. Friend mentioned the word "banks", which obviously stimulated my interest as the co-chair of the all-parliamentary parliamentary group on fair business banking. He mentioned prudential risk around banks. Currently, the capital adequacy requirements for banks are all pretty much treated the same, which can deter competition from new entrants, such as regional mutual banks. Is he interested in looking at that issue in this legislation or in a future piece of legislation?
Financial Services Bill — House of Commons, 2020-11-09
Topic: Domestic Commerce
John Philip Glen (Conservative, Centre-right): My hon. Friend has unrivalled expertise and tenacity in bringing these matters before the House. He is right that there is a challenge to examine the relative regimes for different sized banks and institutions. That is something that regulators, subsequent to this Bill, will need to look at—indeed, they are keen to look at it—and I would welcome my hon. Friend’s further interventions in discussions in this place as we move forward on that legitimate question Eight years ago, the world was shocked by the LIBOR scandal. As the House will recall, traders at multiple banks attempted to manipulate that crucial benchmark, which contributes to interest rates for everything from complex derivatives to mortgages. Since then, significant improvements have been made to the benchmark’s administration. However, the Financial Stability Board, an international body that monitors and makes recommendations about the global financial system, has stated that continued use of LIBOR and other major interest rate benchmarks poses a serious source of systemic risk. That is because the decline in the inter-bank lending market has meant that such benchmarks depend increasingly on the judgments of panel banks rather than actual transactions. UK regulators have been encouraging firms to gradually shift away from LIBOR and are at the forefront of the global response to the transition, so to ensure that that transition was orderly, the FCA agreed with the LIBOR panel banks that they would continue to contribute to the benchmark for a temporary period. However, that temporary period will expire at the end of 2021, and after that point there is a risk that the benchmark will become unrepresentative of the market that it measures, potentially leading to disruption While we want firms to take the initiative in migrating from LIBOR, we recognise that there are some contracts that cannot be realistically amended to achieve that goal, so clauses 8 to 19, along with schedule 5, will give the FCA the powers that it needs to oversee the orderly wind-down of critical benchmarks, including LIBOR, and clause 20 will extend the transitional period for benchmarks with non-UK administrators from the end of 2022 until the end of 2025. This will avoid difficulties for our firms while the Government consider any changes required to our third country benchmarks regime to ensure that it is appropriate for the United Kingdom I will move on to the second objective of the Bill: to promote openness to overseas markets. I am delighted that clauses 22 and 23, along with schedules 6 to 8, establish a framework to provide long-term market access between the UK and Gibraltar for financial services firms. As many will know, Gibraltar boasts an array of thriving businesses in the sector, many of which are UK household names, including Admiral and Hastings, to name just two. The new Gibraltar authorisation regime in this Bill delivers on an earlier ministerial commitment and recognises our long-standing special relationship.
Financial Services Bill — House of Commons, 2020-11-09
Topic: Domestic Commerce
John Philip Glen (Conservative, Centre-right): My hon. Friend is absolutely right with that 20% statistic and to point to the extensive orientation of the Gibraltarian insurance industry towards the UK. Ninety per cent. of the business that it writes comes to the UK. He is right to say that this is foundational to a deepening relationship, and I will ensure that Gibraltarian firms can continue to access the UK market on the basis of aligned regulation and supervision. I look forward to listening to him, as we move forward, on further steps that he thinks would be appropriate The proposals will guarantee close co-operation between our regulators, and this measure highlights the spirit of openness that underpins our approach. The same can be said of clauses 24 to 26 and schedule 9, which make up the overseas funds regime. These measures will simplify the process under which overseas investment funds are marketed in the UK. Under the present system, the FCA has to assess the protection standards of every individual fund before allowing it to be offered to UK consumers. However, the Bill will allow the Treasury to give market access to entire categories of funds from other countries that have so-called equivalent regulatory standards to those in the UK. Funds in this group can then undergo a simpler application process, due to the confidence provided by their home regime, which will allow overseas investment funds to be marketed in the UK, maintaining the UK’s position as a global centre of asset management. There are currently over 9,000 funds that passport into the UK from the EU, and let me stress that the existing process will remain for funds that have not been declared equivalent.
Financial Services Bill — House of Commons, 2020-11-09
Topic: Domestic Commerce
Robert James MacGillivray Neill (Conservative, Centre-right): I am grateful to the Minister for correcting me. Of course, my figure of 20% related purely to motor insurance policies; it is 90% for all Gibraltar-based insurance. Can he help me on the specific point of the overseas funds regime? It is widely welcomed in the sector that he will allow access for overseas funds that have not yet achieved equivalence, but can he help give some clarity on a matter that is of concern to some providers? What is the position if people have invested in the fund and for some reason equivalency is withdrawn? What would then happen in practical terms if, for example, additional money is invested in the fund after suspension? Can he help as far as that is concerned? It is important for many people.