Money market funds (MMFs) play an important role in the financial system. MMFs are widely used for cash management and provide an alternative or complement to bank deposits for a broad range of investors, including asset managers, insurers, pension funds, large corporates and local authorities. However, recent periods of market...

Money market funds (MMFs) play an important role in the financial system. MMFs are widely used for cash management and provide an alternative or complement to bank deposits for a broad range of investors, including asset managers, insurers, pension funds, large corporates and local authorities. However, recent periods of market...

My honourable friend the Economic Secretary to the Treasury (Lucy Rigby) has today made the following Written Ministerial Statement.

Money market funds (MMFs) play an important role in the financial system. MMFs are widely used for cash management and provide an alternative or complement to bank deposits for a broad range...

My honourable friend the Economic Secretary to the Treasury (Lucy Rigby) has today made the following Written Ministerial Statement.

Money market funds (MMFs) play an important role in the financial system. MMFs are widely used for cash management and provide an alternative or complement to bank deposits for a broad range...

Sanctions

The following is an extract from the debate on Sanctions on 1 March 2022.

In the past seven years, Russian companies have raised £8 billion on UK markets.

[Official Report, 1 March 2022, Vol. 709, c. 954.]

Letter of correction from the Minister for the Cabinet Office and Paymaster General:

An error has been...

Sanctions

The following is an extract from the debate on Sanctions on 1 March 2022.

In the past seven years, Russian companies have raised £8 billion on UK markets.

[Official Report, 1 March 2022, Vol. 709, c. 954.]

Letter of correction from the Minister for the Cabinet Office and Paymaster General:

An error has been...

I beg to move,

That the Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2022 (SI, 2022, No. 194), dated 28 February 2022, a copy of which was laid before this House on 28 February, be approved.

I beg to move,

That the Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2022 (SI, 2022, No. 194), dated 28 February 2022, a copy of which was laid before this House on 28 February, be approved.

The instruments before us were laid under the powers provided by the Sanctions and Anti-Money Laundering Act 2018—also known as the sanctions Act. These instruments came into effect at midnight last night.

As stated by my right hon. Friend the Prime Minister, we have announced the largest and the most severe...

The instruments before us were laid under the powers provided by the Sanctions and Anti-Money Laundering Act 2018—also known as the sanctions Act. These instruments came into effect at midnight last night.

As stated by my right hon. Friend the Prime Minister, we have announced the largest and the most severe...

Let me take the right hon. and learned Gentleman back to what he said about the number of individuals who have been sanctioned, as I do not think it is hundreds since this situation in Ukraine—it is eight. It is hundreds since 2014, and that conflation is unhelpful. As I...

Let me take the right hon. and learned Gentleman back to what he said about the number of individuals who have been sanctioned, as I do not think it is hundreds since this situation in Ukraine—it is eight. It is hundreds since 2014, and that conflation is unhelpful. As I...

I note what the hon. Gentleman says, but it is not often that people refer to the mechanisms of the EU as speedy. If he says that they are speedier than ours, clearly that is something for the system to look at. But we have a system that we are...

I note what the hon. Gentleman says, but it is not often that people refer to the mechanisms of the EU as speedy. If he says that they are speedier than ours, clearly that is something for the system to look at. But we have a system that we are...

Will my right hon. and learned Friend update the House on what action the Government are taking to deal with the loophole that remains Scottish limited partnerships? They remain popular with Russians and Belarusians in terms of being able to invest in property and raise cash in the UK, which...

Will my right hon. and learned Friend update the House on what action the Government are taking to deal with the loophole that remains Scottish limited partnerships? They remain popular with Russians and Belarusians in terms of being able to invest in property and raise cash in the UK, which...

I thank my hon. Friend for his question, and of course he is right to focus on those areas in particular, as he has a marked interest in them as regards Scotland. Where these measures are applied, they apply throughout the UK. We always want to look at any areas...

I thank my hon. Friend for his question, and of course he is right to focus on those areas in particular, as he has a marked interest in them as regards Scotland. Where these measures are applied, they apply throughout the UK. We always want to look at any areas...

I want to make a little progress. Last night, we laid new legislation in Parliament on financial measures, including on sovereign debt; a prohibition to limit access to sterling; and a ban on any Russian company issuing securities or raising finance in the UK. That significantly further strengthens our arsenals...

I want to make a little progress. Last night, we laid new legislation in Parliament on financial measures, including on sovereign debt; a prohibition to limit access to sterling; and a ban on any Russian company issuing securities or raising finance in the UK. That significantly further strengthens our arsenals...

I am going to make a little progress and then I will give way. Sanctions announced by the UK and our allies are already having an impact. Yesterday, the rouble dropped 40% of its value, before closing 25% down; central bank interest rates have more than doubled, from 9% to...

I am going to make a little progress and then I will give way. Sanctions announced by the UK and our allies are already having an impact. Yesterday, the rouble dropped 40% of its value, before closing 25% down; central bank interest rates have more than doubled, from 9% to...

I appreciate all that my right hon. and learned Friend is doing, but we are talking about the cronies and not the institutions as well. The hon. Member for Rhondda (Chris Bryant) is right; I do not see why we cannot just use privilege in this House to name some...

I appreciate all that my right hon. and learned Friend is doing, but we are talking about the cronies and not the institutions as well. The hon. Member for Rhondda (Chris Bryant) is right; I do not see why we cannot just use privilege in this House to name some...

We work with our allies around the world on names. This is an effort between allies; we co-operate and discuss the matters, and officials work on that. The idea is to continue to work with our allies to bring forward further sanctions and press for further collective action to reduce...

We work with our allies around the world on names. This is an effort between allies; we co-operate and discuss the matters, and officials work on that. The idea is to continue to work with our allies to bring forward further sanctions and press for further collective action to reduce...

I want to pursue the point made by my hon. Friend the Member for Rhondda (Chris Bryant), because 23 people on the

EU sanctions list are not on the UK sanctions list. There are some surprising omissions—not just the oligarchs on the Navalny list, but the commanders in chief of...

I want to pursue the point made by my hon. Friend the Member for Rhondda (Chris Bryant), because 23 people on the

EU sanctions list are not on the UK sanctions list. There are some surprising omissions—not just the oligarchs on the Navalny list, but the commanders in chief of...

Nothing is off the table. Everything is being considered and is open for consideration. We have rightly taken unprecedented moves, which have been extremely rare in international precedent, if not unheard of, and which go further, in many instances, than what our allies have done. We have led the way...

Nothing is off the table. Everything is being considered and is open for consideration. We have rightly taken unprecedented moves, which have been extremely rare in international precedent, if not unheard of, and which go further, in many instances, than what our allies have done. We have led the way...

Let me make a little progress and then I will give way. The solidarity of NATO is resolute, which is why the UK and our NATO allies have been moving troops to our NATO allied states. We will continue to support the legitimate Government of Ukraine and the people of...

Let me make a little progress and then I will give way. The solidarity of NATO is resolute, which is why the UK and our NATO allies have been moving troops to our NATO allied states. We will continue to support the legitimate Government of Ukraine and the people of...

I suppose the frustration is that we have been told for a long time that economic crime and kleptocracy and the proceeds of economic crime are going to be clamped down on, yet very little that is effective has happened. Now we are hearing something similar from the Minister. What...

I suppose the frustration is that we have been told for a long time that economic crime and kleptocracy and the proceeds of economic crime are going to be clamped down on, yet very little that is effective has happened. Now we are hearing something similar from the Minister. What...