Written questions by Garnier.

How much money has been raised from stamp duty charged to UK listed equity transactions in each financial year since 2010.

HM Revenue and Customs does not hold the necessary information on its statistical data systems to separate transactions of UK listed equity and the resulting Stamp Tax on Shares charge from other sources of Stamp Tax on Shares revenue. However, the majority of Stamp Duty Reserve Tax (SDRT) receipts likely relate to UK listed equity transactions. A timeseries of SDRT receipts is included in Table 1 of the UK Stamp Tax statistics publication available here: https://www.gov.uk/government/statistics/uk-stamp-tax-statistics

What discussions she has had with the Bank of England on increasing the proposed eligibility threshold in its consultation on minimum requirement for own funds and eligible liabilities (MREL) to £50bn.

The Government is continuing to engage closely with the Bank of England on its recent consultation on its approach to setting a minimum requirement for own funds and eligible liabilities (MREL), which closed on 24 January. The Bank of England sets MREL policy, including the thresholds for MREL, independently in its capacity as resolution authority. The Government recognises the varied feedback raised by industry, including on the asset-based threshold. The Government’s engagement with the Bank of England has included and will continue to include consideration of this feedback as well as the impacts on economic growth.

Whether her Department has made an assessment of the potential impact of removing stamp duty from UK listed equity transactions on economic growth.

Collectively, Stamp Duty and Stamp Duty Reserve Tax are currently forecast to raise up to £5bn per year, providing vital revenue which helps to fund key public services. The existing framework contains multiple reliefs and exemptions which are designed to boost liquidity and growth. The government keeps all taxes under review.

What steps she is taking to ensure the (a) transparency and (b) accountability of the Financial Ombudsman Service.

The Financial Ombudsman Service (FOS) is governed by the framework set out in the Financial Services and Markets Act (FSMA) 2000. This includes a range of mechanisms to ensure the accountability and transparency of the FOS.The Financial Conduct Authority (FCA) is responsible for ensuring that the FOS is, at all times, capable of exercising its statutory functions.To support transparency and accountability, the FOS is required to lay its annual report and accounts before Parliament, and is subject to statutory audit by the National Audit Office.Representatives of the FOS may also be called to appear before Parliamentary committees, including the Treasury Select Committee, which most recently occurred earlier this month.HM Treasury meets regularly with both the FOS and the FCA to discuss relevant issues and performance against their statutory functions. This includes work to deliver the package of reforms announced by the Chancellor at Mansion House in November 2024, to modernise the framework under which the FOS operates and give clearer expectations to consumers and firms.

What assessment she has made of the adequacy of the Financial Ombudsman Service’s decision to introduce a £250 charge for claims management companies to refer cases.

The Government recognises that many professional representatives, including claims management companies, provide a valuable service to consumers by supporting them to make financial services redress claims. However, there are examples of poor behaviour from some professional representatives, and the Government considers that introducing a fee for professional representatives when they bring cases to the Financial Ombudsman Service (FOS) will help to ensure that the FOS can focus on promptly resolving consumer complaints and reduce the impact of spurious complaints on financial services firms. On 25 November 2024, Parliament approved a Statutory Instrument which allows the FOS to charge fees to professional representatives. The FOS is responsible for determining exactly who it charges and the level of any fees, and following extensive consultation, it has confirmed its intention to charge professional representatives from 1 April 2025.

To ask the Chancellor of the Exchequer what assessment she has made of the adequacy of the Financial Conduct Authority’s decision to automatically delete emails after 12 months.

The FCA is operationally independent of government and therefore the Treasury has not made an assessment of this decision. The government expects the FCA to act in accordance with high standards of transparency and operational efficiency, and will continue to hold the FCA to account for how it exercises its functions.

What assessment she has made of the adequacy of the recommendations within the House of Lords Financial Services Regulation Committee's report entitled Naming and shaming: how not to regulate, published on 6 February 2025.

The Government welcomes the publication of this report and its recommendations for the Financial Conduct Authority (FCA). Effective Parliamentary scrutiny is key to ensuring a well-functioning regulatory environment with high standards of accountability and transparency. The Government will continue to engage the FCA as it considers the responses received to its most recent consultation on these proposals and the Committee’s report, and expects the FCA to ensure that any proposals it takes forward are effective, proportionate, and contribute to a competitive regulatory environment in the UK.

What assessment she has made of the adequacy of the Bank of England's Financial Policy Committee's 15% cap on mortgage lending.

The flow limit, which limits the number of mortgages extended at loan-to-income (LTI) ratios of 4.5 or higher to 15% of a lender’s new mortgage lending, is set by the independent Financial Policy Committee (FPC) of the Bank of England.While the Government does not seek to intervene in decisions made by the independent FPC, the Chancellor has recommended that the Committee consider how its decisions support the Government’s priority of supporting home ownership, as stated in her remit letter sent to the FPC on 14 November 2024.

If she will make an assessment of the potential merits of taking legislative steps to allow credit unions to access the Bank of England’s liquidity facilities.

Credit unions are not currently eligible to access the Bank of England’s liquidity facilities, but the Bank continually assesses the types of firms that are eligible. The Government has made clear its strong support for the credit union sector, recognising the value that credit unions bring to their members in local communities across the country in providing savings products and affordable credit. The Government continues to engage regularly with this sector to understand the current barriers they face and to consider further opportunities for growth.

If she will make an estimate of the number of additional mortgages that could be approved by increasing the 15% cap on bank mortgage lending above 4.5 times income to (a) 17.5%, (b) 20% or (c) removing the cap entirely.

The flow limit, which limits the number of mortgages extended at loan-to-income (LTI) ratios of 4.5 or higher to 15% of a lender’s new mortgage lending, is set by the independent Financial Policy Committee (FPC) of the Bank of England.While the Government does not seek to intervene in decisions made by the independent FPC, the Chancellor has recommended that the Committee consider how its decisions support the Government’s priority of supporting home ownership, as stated in her remit letter sent to the FPC on 14 November 2024.

What discussions she has had with the Bank of England on creating a regulatory framework for stablecoins.

HM Treasury has ongoing engagement with the financial regulators, including the Bank of England, on the regulatory treatment of cryptoassets. The Government plans to publish draft legislation for the creation of a financial services regulatory regime for cryptoassets as early as possible this year. This regime will include creating a new regulated activity for stablecoin issuance.

What discussions she has had with the Bank of England on encouraging economic growth in relation to its consultation entitled Amendments to the Bank of England’s approach to setting a minimum requirement for own funds and eligible liabilities, published on 15 October 2024.

As set out in the Government’s Written Ministerial Statement published on 15 October, the Government welcomed the Bank of England’s proposals for consultation in relation to its approach to setting minimum requirements for own funds and eligible liabilities. The consultation closed on 24 January and the Government will continue to engage closely with the Bank of England as it considers the feedback it has received. This engagement has included and will continue to include consideration of the impacts on economic growth.

What the expected timeframe is for the publication of the final report by the Digitisation Taskforce.

The Digitisation Taskforce is in the process of producing its final report, having set out an interim report under the previous government. The government is fully committed to ensuring the UK’s shareholding framework is fit for purpose and looks forward to receiving the taskforce’s final report. Once the final report is received, the government will assess its recommendations and outline the next steps it intends to take.

With reference to the press notice entitled Pension reforms to go further to unlock billions to drive growth and boost working peoples’ pension pots, published on 28 January 2025, what estimate she has made of the potential value of additional business investment as a result of reforms to the occupational defined benefit pension funds over the next five years.

The Government will pave the way for more well-funded defined benefit pension schemes to share surplus funds with sponsoring employers and members, subject to stringent funding safeguards.It will be for individual trustees and employers to determine how best to use surplus funding. The amount of surplus will vary from scheme to scheme and trustees will need to be satisfied that sharing surplus is in the interest of their scheme members.The Government will be setting out the details of the surplus policy in in in its response to the Options for Defined Benefits consultation, due this Spring.

How many investigations by the Office of Financial Sanctions Implementation into breaches of Russian sanctions (a) are open and (b) have been undertaken since February 2022.

The Office of Financial Sanctions Implementation (“OFSI”) currently has 318 investigations open regarding potential breaches of The Russia (Sanctions) (EU Exit) Regulations 2019 (the “Russia Regulations”). Since February 2022, OFSI has investigated and closed 388 cases relating to potential breaches of the Russia Regulations.

Whether her Department has had discussions with the Financial Conduct Authority on regulation of digital assets.

HM Treasury works closely with the regulators, including the Financial Conduct Authority, on digital assets regulation. This includes the recent opening of the Digital Securities Sandbox, legislated for by HM Treasury and jointly operated by the Bank of England and the Financial Conduct Authority, and the forthcoming regulatory regime for cryptoassets.

What steps the Government is taking to promote the UK as a place for international investment in digital assets.

The government is taking a range of steps to promote digital asset adoption. This includes initiatives such as the recently announced Digital Gilt Instrument, or DIGIT, and the new Digital Securities Sandbox, which opened in September.Innovation and technology is also one of our five core policy pillars in our Financial Services Growth and Competitiveness strategy, which forms part of the government’s wider industrial strategy.

What steps the Government is taking to increase access to EU markets for UK collective Investment in transferable securities schemes; and what steps her Department is taking to help promote UK funds given their classification as alternative investment funds under EU rules.

The UK has granted market access to certain retail funds from the European Economic Area under the Overseas Funds Regime. Decisions regarding market access for UK firms or products into the European Union are an autonomous decision for the European Union. The government has committed to reset the UK’s relationship with the European Union through strengthening ties, securing a broad-based security pact, and improving conditions for trade and investment. This recognises the inter-connectedness of our markets and ensures that our approach to financial services supports growth and delivers investment.Ministers and officials at HM Treasury continue to engage regularly with the European Union and Governments in other jurisdictions, including through Economic and Financial Dialogues, to address barriers to UK financial services products being marketed abroad, and to promote the UK’s world-leading financial services sector.

Whether she has made an assessment of the potential impact of the removal of the investment allowance on the amount of (a) oil and (b) gas extracted from the North Sea in the next five years.

At Autumn Budget 2024 the government confirmed that from 1 November 2024, the Energy Profits Levy (EPL) rate would increase by 3 percentage points to 38%, the EPL investment allowance would be abolished and the EPL decarbonisation allowance rate would be adjusted to 66%. The government also confirmed an extension to the period the levy applies from 31 March 2029 until 31 March 2030. To support jobs in future and existing industries, the government decided to make no additional changes to the availability of capital allowances in the EPL. The government has carefully considered the impact of the removal of the EPL’s investment allowance. HM Treasury publishes impacts in summary form for tax measures in tax information and impact notes (TIINs) alongside the Finance Bill. The summary of impacts from these changes to the EPL can be found here: https://www.gov.uk/government/publications/energy-profits-levy-reforms-2024