Contributions
2,217 recent contributions in Hansard
HANSARDEuropean Structural and Investment Funds and the European Agricultural Guarantee FundMy noble friend is right that, in both schemes, as the EU funding falls away, the UK funding comes in to replace it. We are seeking to do that in as smooth a way as possible. When…21 Mar 2023HANSARDFinancial Services and Markets BillMy Lords, the Government have been transparent about their plans to enable the use of digital identities in the private sector, including in financial services, and we are…21 Mar 2023HANSARDFinancial Services and Markets BillAs I said, the approach we take will be determined alongside the consideration of any design of a central bank digital currency. The decision to move ahead with a CBDC has not yet…21 Mar 2023HANSARDFinancial Services and Markets BillMy Lords, before I speak to his Amendments 223 and 241FB, I first thank my noble friend Lord Attlee for his engagement and for bringing to my attention the specific example he has…21 Mar 2023HANSARDBritish Banking SectorMy Lords, I emphasise to people at home the words of the Governor of the Bank of England that the UK banking system “remains safe, sound, and well capitalised.” The situation is…21 Mar 2023HANSARDBritish Banking SectorMy Lords, in the Financial Services and Markets Bill we are introducing a new objective for the regulators to look at competitiveness, but we are clear that that objective comes…21 Mar 2023HANSARDBritish Banking SectorThe noble Lord is right that the Credit Suisse subsidiary in the UK was regulated by the Prudential Regulation Authority and met its obligations under those regulations.21 Mar 2023HANSARDEuropean Structural and Investment Funds and the European Agricultural Guarantee FundThe 2021 spending review announced the £2.6 billion UK shared prosperity fund, which improves on the European structural funds by empowering local places. The Government have also…21 Mar 2023HANSARDBritish Banking SectorMy Lords, one thing that UK regulators have sought to do is ensure that the fintech sector is well regulated while continuing to innovate. We have been able to use things such as…21 Mar 2023HANSARDEuropean Structural and Investment Funds and the European Agricultural Guarantee FundMy Lords, the UK shared prosperity fund was designed to give local areas more discretion about how they spend that funding, aligned with local priorities. The UK Government…21 Mar 2023HANSARDFinancial Services and Markets BillMy Lords, I will speak first to Amendment 216, which pertains to the Government’s announced reforms to Solvency II, made possible through the Bill’s revocation of retained EU law.…21 Mar 2023HANSARDFinancial Services and Markets BillMy Lords, the Government remain fully committed to the objective of unlocking pensions capital for long-term, productive investment, where it is in the best interests of members.…21 Mar 2023HANSARDFinancial Services and Markets BillThe noble Lord is right that the public consultation phases of this work are one element of the work that will be done by the Treasury and the Bank of England in developing this…21 Mar 2023HANSARDFinancial Services and Markets BillI can look to write to noble Lords on this question but I am not sure that I would be able to add more to my response at this stage, which is that the Government expect to fully…21 Mar 2023HANSARDFinancial Services and Markets BillThese are some of the questions that we want to consider through the consultation that is currently open and any further work. That consultation recognises the financial stability…21 Mar 2023HANSARDFinancial Services and Markets BillI am afraid that I have gone as far as I can in detailing the approach that we would take to Parliament. We expect to engage Parliament fully. However, the legal basis for the…21 Mar 2023HANSARDFinancial Services and Markets BillMy Lords, we may not wish to repeat the debate that we had in the Chamber earlier this year, but I was going to address my noble friend’s question about retail versus wholesale…21 Mar 2023HANSARDFinancial Services and Markets BillMy Lords, I was explaining why we think that the UK may need a digital pound in future. The central point is that we want central bank money, which is currently available to the…21 Mar 2023HANSARDBritish Banking SectorMy Lords, the Swiss authorities were in the lead in the solution for Credit Suisse but my noble friend is right that, given the significant presence of Credit Suisse in the UK,…21 Mar 2023HANSARDBritish Banking SectorI disagree with the noble Baroness. The UK’s financial services sector is one of our great strengths in and of itself and as an engine to power growth across the rest of our…21 Mar 2023