Written questions by Rosindell.

If she will make a comparative assessment of the decrease in tobacco duty as set out in HMRC's annual tax receipts bulletin with the ONS smoking prevalence data in (a) 2023 to 2024 and (b) 2024-2025.

In 2023/24 tobacco duty receipts totalled £8,804 million. In 2024/25, tobacco duty receipts fell 10% to £7,926 million. ONS smoking prevalence data is published by calendar year. In 2023 approximately 12% of over 18s in the UK were current smokers. The ONS has yet to publish data on smoking prevalence for 2024.

If she will make a comparative assessment of (a) HMRC tobacco duty receipts with (b) ONS smoking prevalence data in (i) 2023-2024 and (ii) 2024-2025

In 2023/24, tobacco duty receipts totalled £8,804 million. In 2024/25, tobacco duty receipts fell 10% to £7,926 million.ONS smoking prevalence data has been published up to the calendar year 2023. In that year, approximately 12% of over 18s in the UK were current smokers.

Whether she has made an assessment of the potential merits of imposing a levy on tourists visiting the UK.

Tourism is a significant economic, cultural and social asset to the UK. The sector is a powerful engine for economic growth and job creation across all regions. Tourism contributes not only economically, but also in creating pride in local communities and contributing to the UK's soft power.

What steps she is taking with Cabinet colleagues to help ensure that the UK is competitive with overseas jurisdictions in relation to (a) crypto and (b) digital asset regulation.

HM Treasury is proceeding with plans to deliver a new financial services regulatory regime for cryptoassets as soon as practicable this year. This will support UK growth by giving cryptoasset firms the regulatory certainty needed to invest here, and drive innovation in our financial services sector. In developing the regime, the Government has sought to strike the right balance between attracting business to the UK while facilitating the UK’s access to global markets. HM Treasury will publish full impact assessments alongside its final legislation.

What assessment her Department has made of the potential impact of regulating the (a) crypto and (b) digital asset sector on the economy.

HM Treasury is proceeding with plans to deliver a new financial services regulatory regime for cryptoassets as soon as practicable this year. This will support UK growth by giving cryptoasset firms the regulatory certainty needed to invest here, and drive innovation in our financial services sector. In developing the regime, the Government has sought to strike the right balance between attracting business to the UK while facilitating the UK’s access to global markets. HM Treasury will publish full impact assessments alongside its final legislation.

What steps her Department is taking to help attract attract inward investment into the (a) cryptocurrency and (b) digital assets sector.

HM Treasury is proceeding with plans to deliver a new financial services regulatory regime for cryptoassets as soon as practicable this year. This will support UK growth by giving cryptoasset firms the regulatory certainty needed to invest here, and drive innovation in our financial services sector. In developing the regime, the Government has sought to strike the right balance between attracting business to the UK while facilitating the UK’s access to global markets. HM Treasury will publish full impact assessments alongside its final legislation.

What progress she has made through (a) the G7, (b) the G20 and (c) other international forums on developing global standards for crypto and digital asset regulation.

On 29 April, HM Treasury published draft legislation for the future financial services regulatory regime for cryptoassets. The Government intends to bring forward final legislation before the end of the year.In developing the regime, the Government has sought to strike the right balance between attracting business to the UK while facilitating the UK’s access to global markets (and vice versa).The UK – through representation from HM Treasury, the Bank of England and the Financial Conduct Authority (FCA) – has played an active role in the Financial Stability Board’s (FSB) workstreams on cryptoassets and will continue to engage with the FSB’s future cryptoasset workstreams.The Government remains committed to working closely with international partners, and through global fora, on our response to developments in the cryptoasset sector as they emerge.

Whether her Department plans to bring forward legislative proposals on (a) crypto and (b) digital assets.

On 29 April, HM Treasury published draft legislation for the future financial services regulatory regime for cryptoassets. The Government intends to bring forward final legislation before the end of the year.The Government’s approach seeks to strike the right balance between protecting consumers and giving firms regulatory certainty, while ensuring the sector has the space and flexibility to innovate.

What discussions she has had with overseas regulators on the development of global standards for crypto and digital assets.

On 29 April, HM Treasury published draft legislation for the future financial services regulatory regime for cryptoassets. The Government intends to bring forward final legislation before the end of the year.In developing the regime, the Government has sought to strike the right balance between attracting business to the UK while facilitating the UK’s access to global markets (and vice versa).The UK – through representation from HM Treasury, the Bank of England and the Financial Conduct Authority (FCA) – has played an active role in the Financial Stability Board’s (FSB) workstreams on cryptoassets and will continue to engage with the FSB’s future cryptoasset workstreams.The Government remains committed to working closely with international partners, and through global fora, on our response to developments in the cryptoasset sector as they emerge.

What plans she has for UK Government participation in the development of global international standards for crypto and digital assets.

On 29 April, HM Treasury published draft legislation for the future financial services regulatory regime for cryptoassets. The Government intends to bring forward final legislation before the end of the year.In developing the regime, the Government has sought to strike the right balance between attracting business to the UK while facilitating the UK’s access to global markets (and vice versa).The UK – through representation from HM Treasury, the Bank of England and the Financial Conduct Authority (FCA) – has played an active role in the Financial Stability Board’s (FSB) workstreams on cryptoassets and will continue to engage with the FSB’s future cryptoasset workstreams.The Government remains committed to working closely with international partners, and through global fora, on our response to developments in the cryptoasset sector as they emerge.

What the average processing time was for applications by (a) crypto and (b) digital asset businesses to the Financial Conduct Authority in the latest period for which data is available.

The Government launched an anti-money laundering and counter-terrorist financing regime for cryptoassets in January 2020. This means UK cryptoasset exchange providers and custodian wallet providers are now in scope of the UK’s Money Laundering and Terrorist Financing Regulations (MLRs) and must register with the Financial Conduct Authority (FCA).Applications for registration are considered on a case-by-case basis. The length of time taken is a matter for the FCA and depends on the individual circumstances of the firm. To date, 51 cryptoasset firms have been registered with the FCA under the MLRs and there are 48 firms with current registration.

What discussions she has had with (a) the crypto and digital asset industry and (b) the UK banking industry on UK bank accounts for crypto and digital asset businesses.

The Government recognises that access to banking services is critical for operating a business, and is a matter of concern for certain sectors in particular such as the digital asset industry.The Government continues to engage with the banking sector and affected industries to better understand the existing and emerging issues in this area.The Government also welcomes the Financial Conduct Authority’s (FCA) work to date on the factors leading banks to reject or close bank accounts. Where the FCA has found areas where firms need to improve customer outcomes, the Government expects firms to consider the FCA’s findings and act accordingly.With regard to account closures, the Government expects businesses to be treated fairly, and has brought forward legislation to enhance relevant protections in cases where consumers and businesses have their bank account terminated by their provider.

How many (a) crypto and (b) digital asset firms have been granted licences to operate by the Financial Conduct Authority; and how many and what proportion of applications were rejected in the last three years.

The Government launched an anti-money laundering and counter-terrorist financing regime for cryptoassets in January 2020. This means UK cryptoasset exchange providers and custodian wallet providers are now in scope of the UK’s Money Laundering and Terrorist Financing Regulations (MLRs) and must register with the Financial Conduct Authority (FCA).Applications for registration are considered on a case-by-case basis. The length of time taken is a matter for the FCA and depends on the individual circumstances of the firm. To date, 51 cryptoasset firms have been registered with the FCA under the MLRs and there are 48 firms with current registration.

If she will make an assessment of the potential merits of issuing guidance to banks on providing access to bank accounts for crypto and digital asset businesses in the UK.

The Government recognises that access to banking services is critical for operating a business, and is a matter of concern for certain sectors in particular such as the digital asset industry.The Government continues to engage with the banking sector and affected industries to better understand the existing and emerging issues in this area.The Government also welcomes the Financial Conduct Authority’s (FCA) work to date on the factors leading banks to reject or close bank accounts. Where the FCA has found areas where firms need to improve customer outcomes, the Government expects firms to consider the FCA’s findings and act accordingly.With regard to account closures, the Government expects businesses to be treated fairly, and has brought forward legislation to enhance relevant protections in cases where consumers and businesses have their bank account terminated by their provider.

What steps her Department is taking to help ensure that applications to the Financial Conduct Authority for licences to operate in the UK by (a) crypto and (b) digital asset businesses are processed in a timely manner.

The Government launched an anti-money laundering and counter-terrorist financing regime for cryptoassets in January 2020. This means UK cryptoasset exchange providers and custodian wallet providers are now in scope of the UK’s Money Laundering and Terrorist Financing Regulations (MLRs) and must register with the Financial Conduct Authority (FCA).Applications for registration are considered on a case-by-case basis. The length of time taken is a matter for the FCA and depends on the individual circumstances of the firm. To date, 51 cryptoasset firms have been registered with the FCA under the MLRs and there are 48 firms with current registration.

What recent steps the Financial Conduct Authority has taken to register (a) crypto and (b) digital asset businesses.

The Government launched an anti-money laundering and counter-terrorist financing regime for cryptoassets in January 2020. This means UK cryptoasset exchange providers and custodian wallet providers are now in scope of the UK’s Money Laundering and Terrorist Financing Regulations (MLRs) and must register with the Financial Conduct Authority (FCA).Applications for registration are considered on a case-by-case basis. The length of time taken is a matter for the FCA and depends on the individual circumstances of the firm. To date, 51 cryptoasset firms have been registered with the FCA under the MLRs and there are 48 firms with current registration.

Whether she is taking steps to help ensure that (a) UK crypto and digital asset businesses and (b) businesses and sectors associated with the digital asset industry are able to open UK bank accounts.

The Government recognises that access to banking services is critical for operating a business, and is a matter of concern for certain sectors in particular such as the digital asset industry.The Government continues to engage with the banking sector and affected industries to better understand the existing and emerging issues in this area.The Government also welcomes the Financial Conduct Authority’s (FCA) work to date on the factors leading banks to reject or close bank accounts. Where the FCA has found areas where firms need to improve customer outcomes, the Government expects firms to consider the FCA’s findings and act accordingly.With regard to account closures, the Government expects businesses to be treated fairly, and has brought forward legislation to enhance relevant protections in cases where consumers and businesses have their bank account terminated by their provider.

What steps her Department is taking to ensure that regulation of the (a) crypto and (b) digital asset sector helps to (i) protect consumers and (ii) foster innovation in the sector.

On 29 April, HM Treasury published draft legislation for the future financial services regulatory regime for cryptoassets. The Government intends to bring forward final legislation before the end of the year.The Government’s approach seeks to strike the right balance between protecting consumers and giving firms regulatory certainty, while ensuring the sector has the space and flexibility to innovate.

What assessment she has made of the potential implications for her policies on (a) crypto and (b) digital asset regulation of policies on those matters in overseas jurisdictions.

On 29 April, HM Treasury published draft legislation for the future financial services regulatory regime for cryptoassets. The Government intends to bring forward final legislation before the end of the year.In developing the regime, the Government has sought to strike the right balance between attracting business to the UK while facilitating the UK’s access to global markets (and vice versa).The UK – through representation from HM Treasury, the Bank of England and the Financial Conduct Authority (FCA) – has played an active role in the Financial Stability Board’s (FSB) workstreams on cryptoassets and will continue to engage with the FSB’s future cryptoasset workstreams.The Government remains committed to working closely with international partners, and through global fora, on our response to developments in the cryptoasset sector as they emerge.

Whether she plans to bring forward regulations to ensure that crypto and digital asset businesses can open a UK bank account.

The Government recognises that access to banking services is critical for operating a business, and is a matter of concern for certain sectors in particular such as the digital asset industry.The Government continues to engage with the banking sector and affected industries to better understand the existing and emerging issues in this area.The Government also welcomes the Financial Conduct Authority’s (FCA) work to date on the factors leading banks to reject or close bank accounts. Where the FCA has found areas where firms need to improve customer outcomes, the Government expects firms to consider the FCA’s findings and act accordingly.With regard to account closures, the Government expects businesses to be treated fairly, and has brought forward legislation to enhance relevant protections in cases where consumers and businesses have their bank account terminated by their provider.