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To ask the Secretary of State for Northern Ireland, what discussions he has had with relevant stakeholders on reports of businesses in Northern Ireland processing card transactions in euros, in the context of currency conversion charges for customers.
To ask the Secretary of State for Northern Ireland, what discussions he has had with relevant stakeholders on reports of businesses in Northern Ireland processing card transactions in euros, in the context of currency conversion charges for customers.
The decision on which currencies to accept for payment, including whether to process card transactions in euros or any other international currency, is a matter for individual businesses across the UK, including in Northern Ireland.
Businesses are responsible for ensuring transparency in any associated currency conversion charges applied to customers. The Financial Conduct Authority (FCA) regulates the conduct of financial services firms in the UK and sets out rules to ensure customers are treated fairly, including in relation to payment services and foreign exchange disclosures.
The Government continues to monitor developments and maintain dialogue with relevant regulators and stakeholders where appropriate.
To ask the Chancellor of the Exchequer, pursuant to the Answer of 25 November 2024 to Question 13971 on Financial Services: Euro, what steps her Department is taking to mitigate against the risk of the EU not extending its equivalence decision for UK central counterparties after June 2025.
To ask the Chancellor of the Exchequer, pursuant to the Answer of 25 November 2024 to Question 13971 on Financial Services: Euro, what steps her Department is taking to mitigate against the risk of the EU not extending its equivalence decision for UK central counterparties after June 2025.
As set out in my previous response, it is a decision for EU authorities whether to extend further the Article 25 EMIR decision for UK CCPs. As the Bank of England has noted previously, there are financial stability risks which might arise from EU firms having to exit from UK CCPs at pace. HM Treasury, alongside the financial services regulators, will therefore continue to monitor the situation.
To ask the Chancellor of the Exchequer, what discussions she has had with her European Union counterparts on the future of EU denominated clearing in the UK beyond June 2025.
To ask the Chancellor of the Exchequer, what discussions she has had with her European Union counterparts on the future of EU denominated clearing in the UK beyond June 2025.
The EU took the decision in early 2022 to extend its equivalence decision for UK central counterparties, made under Article 25 of the European Market Infrastructure Regulation, until June 2025. Equivalence decisions are made on a unilateral basis by EU authorities and it is therefore a decision for EU authorities on whether this is extended. The UK Government is committed to maintain and strengthen our high standards for CCP regulation.
Lords motion to approve. Agreed to on question.
Lords motion to approve. Agreed to on question.
My Lords, I beg to move that the House considers the Russia (Sanctions) (EU Exit) (Amendment) (No. 11) Regulations 2022, and will also speak to the Russia (Sanctions) (EU Exit) (Amendment) (No. 12) Regulations 2022, the Russia (Sanctions) (EU Exit) (Amendment) (No. 13) Regulations 2022, and the Russia (Sanctions) (EU...
My Lords, I beg to move that the House considers the Russia (Sanctions) (EU Exit) (Amendment) (No. 11) Regulations 2022, and will also speak to the Russia (Sanctions) (EU Exit) (Amendment) (No. 12) Regulations 2022, the Russia (Sanctions) (EU Exit) (Amendment) (No. 13) Regulations 2022, and the Russia (Sanctions) (EU...
My Lords, I hope the Minister will allow me briefly to mention the No. 11 regulations. I understand from what he said that they derive in part from discussions at the G7, and I presume that all G7 countries are in the process of putting similar ranges of sanctions in...
My Lords, I hope the Minister will allow me briefly to mention the No. 11 regulations. I understand from what he said that they derive in part from discussions at the G7, and I presume that all G7 countries are in the process of putting similar ranges of sanctions in...
My Lords, the Minister knows that these measures are supported by the Liberal Democrat Benches. As when we have debated previous sanctions, I am grateful for the Minister maintaining contact and keeping us informed. He knows of our strong support for measures which aim to ratchet up the pressure on...
My Lords, the Minister knows that these measures are supported by the Liberal Democrat Benches. As when we have debated previous sanctions, I am grateful for the Minister maintaining contact and keeping us informed. He knows of our strong support for measures which aim to ratchet up the pressure on...
My Lords, I too would like to start by reiterating the backing of the Opposition for the Government’s support for the people of Ukraine, and of course these sanctions are a vital element of that support. I am pleased to see such a
wide range of issues being covered in...
My Lords, I too would like to start by reiterating the backing of the Opposition for the Government’s support for the people of Ukraine, and of course these sanctions are a vital element of that support. I am pleased to see such a
wide range of issues being covered in...
My Lords, I thank all three noble Lords for their contributions this evening. I say from the outset to the noble Lords, Lord Purvis and Lord Collins—both will appreciate this, as we are working at speed—on the effectiveness of comparisons with our international partners, that there is information readily available,...
My Lords, I thank all three noble Lords for their contributions this evening. I say from the outset to the noble Lords, Lord Purvis and Lord Collins—both will appreciate this, as we are working at speed—on the effectiveness of comparisons with our international partners, that there is information readily available,...
I cannot speak for the noble Lord, Lord Collins, but I say on behalf of my noble friends Lady Kramer and Lord Fox, who take an interest in these issues, that if the Minister wanted to facilitate a private briefing with officials to give an update on the Government’s estimate...
I cannot speak for the noble Lord, Lord Collins, but I say on behalf of my noble friends Lady Kramer and Lord Fox, who take an interest in these issues, that if the Minister wanted to facilitate a private briefing with officials to give an update on the Government’s estimate...
I can certainly share some of these issues, on the wider and general impact, this evening. However, particularly as we are working in very close alignment with our partners, I shall be certain to provide updates and private briefings in that respect.
I again thank all noble Lords for their strong...
I can certainly share some of these issues, on the wider and general impact, this evening. However, particularly as we are working in very close alignment with our partners, I shall be certain to provide updates and private briefings in that respect.
I again thank all noble Lords for their strong...
On that specific point, Stephen Doughty asked at the other end about goods for internal repression and how we are introducing that ban now, when surely we should have adopted it much earlier, particularly with the invasion of Crimea. Have we been exporting equipment for internal repression before?
On that specific point, Stephen Doughty asked at the other end about goods for internal repression and how we are introducing that ban now, when surely we should have adopted it much earlier, particularly with the invasion of Crimea. Have we been exporting equipment for internal repression before?
As I said in my opening remarks, there are areas where SIs are already present and there may be a degree of overlap in the application, but what we are seeking to do with all these SIs is to ensure that our regulations are fully comprehensive. It is not that...
As I said in my opening remarks, there are areas where SIs are already present and there may be a degree of overlap in the application, but what we are seeking to do with all these SIs is to ensure that our regulations are fully comprehensive. It is not that...
To ask the Secretary of State for Defence, with reference to the NAO's report of 27 February 2020, The equipment plan 2019 to 2029, HC 111, 2019-20, what the percentages are of (a) USD and (b) EU foreign exchange rate losses of the £1.5 billion losses referenced in that report.
To ask the Secretary of State for Defence, with reference to the NAO's report of 27 February 2020, The equipment plan 2019 to 2029, HC 111, 2019-20, what the percentages are of (a) USD and (b) EU foreign exchange rate losses of the £1.5 billion losses referenced in that report.
The assessment of affordability presented in the Ministry of Defence Equipment Plan report of 27 February 2020 includes forecast costs for foreign currency using the most likely exchange rates at the reporting date (April 2019). The NAO calculated that these costs could be £1.5 billion more over 10-years based on less favourable exchange rates in October 2019. All of this was due to US Dollar exchange rate changes. Forecast exchange rates have since improved so these additional costs no longer represent the most likely outcome, though the Department recognises the risk of additional costs as exchange rates fluctuate in response to events.
The Department plans on the basis of most likely costs using foreign exchange rate forecasts from professional forecasting agencies and theoretical economic models. The department limits the risk of additional costs by purchasing a proportion of demand up to three years in advance at fixed prices using services provided by the Bank of England and HM Treasury. The impact of short-term variations in foreign exchange rates are managed as part of the routine financial management of the defence programme.
To ask the Chancellor of the Exchequer, what estimate he has made of the effect of changes in the value of the pound against the Euro on UK holidaymakers between the months of July and September 2019.
To ask the Chancellor of the Exchequer, what estimate he has made of the effect of changes in the value of the pound against the Euro on UK holidaymakers between the months of July and September 2019.
It is not appropriate for the government to comment on specific currency market movements.
The government accepts the market-based price of sterling and does not have a view on what level this should be. Moreover, speculating on the value of sterling could hurt confidence in our macroeconomic framework.
It is important to remember that the UK’s macroeconomic framework is based on an inflation target, and it is for the independent Monetary Policy Committee to set monetary policy to meet this target.
To ask the Chancellor of the Exchequer, what assessment he has made of the potential effect on the exchange rate of Sterling with the Euro in the event that the UK leaves the EU without a withdrawal agreement.
To ask the Chancellor of the Exchequer, what assessment he has made of the potential effect on the exchange rate of Sterling with the Euro in the event that the UK leaves the EU without a withdrawal agreement.
It is not appropriate for the government to comment on specific currency market movements.
The government accepts the market-based price of sterling and does not have a view on what level this should be. Moreover, speculating on the value of sterling could hurt confidence in our macroeconomic framework.
It is important to remember that the UK’s macroeconomic framework is based on an inflation target, and it is for the independent Monetary Policy Committee to set monetary policy to meet this target.
My hon Friend the Minister of State for Universities, Science, Research and Innovation (Chris Skidmore) has today made the following statement:
The EU Energy Council took place on 25 June 2019 in Luxembourg. The UK was represented by the Deputy Permanent Representative to the European Union, Katrina Williams.
Council Conclusions...
My hon Friend the Minister of State for Universities, Science, Research and Innovation (Chris Skidmore) has today made the following statement:
The EU Energy Council took place on 25 June 2019 in Luxembourg. The UK was represented by the Deputy Permanent Representative to the European Union, Katrina Williams.
Council Conclusions...