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Treasury Committee: Formal Minutes 2017–19

Thursday 14 September 2017

Members present:

Nicky Morgan, in the Chair1

Charlie Elphicke Stephen Hammond Mr Alister Jack Kit Malthouse

John Mann Alison McGovern Catherine McKinnell

1. Declaration of interests Members declared their interests, in accordance with the Resolution of the House of 13 July 1992 (for details of declarations of interests, see Appendix I). 2. Committee’s working methods Ordered, That the public be admitted during the examination of witnesses unless the Committee orders otherwise. Resolved, That witnesses who submit written evidence to the Committee are authorised to publish it on their own account in accordance with Standing Order No. 135, subject always to the discretion of the Chair or where the Committee orders otherwise. Resolved, That the Committee shall not consider individual cases. 3. Sub-Committee Ordered, That a Sub-Committee be appointed to consider HM Revenue and Customs and other associated bodies of HM Treasury. Ordered, That all the members of the Committee be members of the Sub-Committee. Ordered, That John Mann be Chair of the Sub-Committee. Ordered, That the Chair have leave to report from time to time evidence taken before the Sub-Committee. 4. Future Programme The Committee considered this matter. Resolved, That the Committee inquire into HMRC Annual Report and Accounts.

1 Elected by the House (Standing Order No. 122B) 12 July 2017, see Votes and Proceedings 12 July 2017

Resolved, That the Committee inquire into EU Insurance Regulation. 5. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

HM Treasury to previous Chair: RBS’ state aid commitments (dated 21 April 2017)

HM Treasury to Clerk: Appointment of new MPC member (dated 19 June 2017)

Chair to PRA: Contingency plans (dated 24 July 2017)

Chair to HMRC: Childcare Service website (dated 24 July 2017)

Chair to Prime Minister: Economic Crime Review (dated 24 July 2017)

HM Treasury to Chair: Appointment of BoE Deputy Governor (dated 26 July 2017)

HM Treasury to Chair: RBS’ state aid commitments (dated 27 July 2017)

PRA to Chair: Contingency plans (dated 2 August 2017)

HMRC to Chair: Childcare Service website (dated 17 August 2017)

Prime Minister to Chair: Economic Crime Review (dated 22 August 2017)

Chair to FCA: GRG (dated 4 September 2017)

Chair to FCA: Saudi Aramco (dated 5 September 2017)

Chair to VOA: Staircase Tax (dated 5 September 2017)

FCA to Chair: GRG (dated 11 September 2017)

HMRC to Chair: Customs Declaration Service (dated 12 September 2017)

Chair to HM Treasury: Insurance contracts (dated 14 September 2017) 6. EU Insurance Regulation Ordered, That Ian Dilks, Ian Marshall and David Murray be appointed Specialist Advisers to assist the Committee in matters related to EU Insurance Regulation (for details of declarations of interests, see Appendix II). Ordered, That the written evidence relating to EU Insurance Regulation submitted by Legal and General Group Plc be reported to the House for publication on the internet. 7. HMRC Annual Report and Accounts Jon Thompson, Chief Executive and Permanent Secretary, Jim Harra, Tax Assurance Commissioner, Director General Customer Strategy and Tax Design and·Nick Lodge, Director General, Transformation, HM Revenue and Customs gave oral evidence.

[Adjourned till Wednesday 11 October at 9.15 a.m.

Wednesday 11 October 2017

Members present:

Nicky Morgan, in the Chair

Rushanara Ali Charlie Elphicke Stephen Hammond Stewart Hosie Mr Alister Jack

Alison McGovern Catherine McKinnell Kit Malthouse John Mann Wes Streeting

1. Declaration of interests Rushanara Ali, Stewart Hosie and Wes Streeting declared their interests, in accordance with the Resolution of the House of 13 July 1992 (for details of declarations of interests, see Appendix I). 2. Future Programme The Committee considered this matter. Resolved, That the Committee inquire into The work of the Chancellor of the Exchequer. Resolved, That the Committee inquire into The appointment of Sir Dave Ramsden as Deputy Governor for Markets and Banking at the Bank of England. Resolved, That the Committee inquire into The appointment of Professor Silvana Tenreyro to the Bank of England Monetary Policy Committee. Resolved, That the Committee inquire into The work of the Bank of England. Resolved, That the Committee inquire into Student Loans. Charlie Elphicke declared a non-pecuniary interest in relation to the inquiry into Student Loans as his wife, Natalie Elphicke OBE, is a director of the Student Loans Company (and an independent external advisor to the Department of Education's audit & risk committee); and declared that he would take no further part in the inquiry. Ordered, That Andrew Green QC and Fraser Campbell be appointed Specialist Advisers to the Committee (for details of declarations of interests, see Appendix II). 3. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Chief Executive of VOA to Chair: Staircase Tax (dated 13 September 2017)

Chancellor to Chair: Brexit and Insurance Contracts (dated 20 September 2017)

Chancellor to Chair: RBS State Aid Commitments (dated 20 September 2017)

Chancellor to Chair: HMT/Bank of England MoU (dated 29 September 2017)

HMRC to Chair: Tax-Free Childcare Compensation (dated 4 October 2017)

FCA to Chair and Chair BEIS Committee: Saudi Aramco (dated 6 October 2017) 4. EU Insurance Regulation Ordered, That the following correspondence relating to EU Insurance Regulation be reported to the House for publication on the internet:

Chair to Chief Executive officer of the PRA (dated 7 September 2017)

Chief Executive officer of the PRA to Chair (dated 22 September 2017) 5. The work of the Chancellor of the Exchequer The Rt Hon Philip Hammond MP, Chancellor of the Exchequer and Katharine Braddick, Director General, Financial Services, HM Treasury gave oral evidence.

[Adjourned till Tuesday 17 October at 9.00 a.m.

Tuesday 17 October 2017

Members present:


Rushanara Ali Charlie Elphicke Stewart Hosie Mr Alister Jack Alison McGovern

Catherine McKinnell Kit Malthouse John Mann Wes Streeting

1. Skilled person’s report into the Royal Bank of Scotland’s Global Restructuring Group The Committee considered this matter. Ordered, That the following correspondence be reported to the House for publication on the internet:

Chief Executive of the FCA to Chair (dated 16 October 2017)

Chair to Chief Executive of the FCA (dated 17 October2017) 2. Appointment of Sir Dave Ramsden as Deputy Governor for Markets and Banking, Bank of England Ordered, That the following written evidence relating to the Appointment of Sir Dave Ramsden as Deputy Governor for Markets and Banking, Bank of England be reported to the House for publication:

Sir Dave Ramsden CV (ADR0001)

Sir Dave Ramsden questionnaire (ADR0002) Sir Dave Ramsden, Deputy Governor for Markets and Banking, Bank of England gave oral evidence. 3. Appointment of Professor Silvana Tenreyro to the Bank of England Monetary Policy Committee Ordered, That the following written evidence relating to the Appointment of Professor Silvana Tenreyro to the Bank of England Monetary Policy Committee be reported to the House for publication:

Professor Silvana Tenreyro CV (AST0001)

Professor Silvana Tenreyro questionnaire (AST0002) Professor Silvana Tenreyro, Member of the Monetary Policy Committee, Bank of England gave oral evidence.

4. Work of the Bank of England Dr Mark Carney, Governor, Bank of England gave oral evidence.

[Adjourned till Wednesday 18 October at 2.00 p.m.


Members present:


Rushanara Ali Charlie Elphicke Stephen Hammond Mr Alister Jack

Kit Malthouse John Mann Wes Streeting

1. Appointment of Sir Dave Ramsden as Deputy Governor for Markets and Banking, Bank of England Draft Report (Appointment of Sir Dave Ramsden as Deputy Governor for Markets and Banking, Bank of England), proposed by the Chair, brought up and read. The draft Report was agreed to; the Formal Minutes relating to the consideration of the Report are published with the First Report of the Committee, HC 472. 2. Appointment of Professor Silvana Tenreyro to the Bank of England Monetary Policy Committee Draft Report (Appointment of Professor Silvana Tenreyro to the Bank of England Monetary Policy Committee), proposed by the Chair, brought up and read. The draft Report was agreed to; the Formal Minutes relating to the consideration of the Report are published with the Second Report of the Committee, HC 471. Written evidence was ordered to be reported to the House for printing with the Report:

Professor Silvana Tenreyro CV 3. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Chair to Chancellor of the Exchequer: Student Loans (dated 11 October 2017)

Chancellor of the Exchequer to Chair: Student Loans (dated 16 October 2017) 4. Future Programme The Committee considered this matter. Resolved, That the Committee inquire into Work of the Financial Conduct Authority. Resolved, That the Committee inquire into Work of the National Infrastructure Commission.

Resolved, That the Committee inquire into Women in finance. Resolved, That the Committee inquire into The UK’s economic relationship with the European Union. Resolved, That the Committee inquire into Household finances: income, savings and debt. 5. Sub-Committee The Committee considered this matter. Resolved, That the Sub-Committee inquire into Work of the Money Advice Service. Resolved, That the Sub-Committee inquire into HMRC Transformation Programme. 6. Student Loans Dr Helen Carasso, Author and Lecturer in Higher Education, Department for Education University of Oxford and Andrew McGettigan, Author and Lecturer gave oral evidence.



Members present:


Rushanara Ali Stephen Hammond Stewart Hosie Mr Alister Jack

Catherine McKinnell Kit Malthouse John Mann

1. Future Programme The Committee considered this matter. 2. Women in Finance Jayne-Anne Gadhia, CEO, Virgin Money and Government Women in Finance Champion gave oral evidence.

[Adjourned till Wednesday 25 October at 2.00 p.m.


Members present:




1. EU Insurance Regulation Draft Report (EU Insurance Regulation), proposed by the Chair, brought up and read. The draft Report was agreed to; the Formal Minutes relating to the consideration of the Report are published with the Third Report of the Committee, HC 324. 2. Work of the Financial Conduct Authority Ordered, That the written evidence relating to Work of the Financial Conduct Authority submitted by the Financial Services Consumer Panel be reported to the House for publication on the internet. 3. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Chief executive of the FCA to Chair: GRG and Connaught (dated 1 August 2017)

4. The UK's economic relationship with the European Union Sir Ivan Rogers, former Permanent Representative of the United Kingdom to the European Union, Professor Catherine Barnard, Professor of European Union Law, University of Cambridge, and Professor Sir Alan Dashwood QC, Barrister, Henderson Chambers and former Director, Council of the European Union Legal Service gave oral evidence.



Members present:


Rushanara Ali Charlie Elphicke Stephen Hammond Stewart Hosie Alison McGovern


1. Future Programme The Committee considered this matter. Resolved, That the Sub-Committee visit Cardiff, in connection with its inquiry into the Work of the Money Advice Service. 2. Work of the Financial Conduct Authority Ordered, That the written evidence relating to Work of the Financial Conduct Authority submitted by Andrew Green QC be reported to the House for publication on the internet. 3. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Previous Chair to Chief Executive of the Financial Conduct Authority: Accessible formats provided by financial institutions (dated 31 October 2016)

Chief Executive of the Financial Conduct Authority to Previous Chair: Accessible formats provided by financial institutions (dated 2 February 2017)

European President of Equifax Limited to Chair: Cyber-security breach at Equifax (dated 23 October 2017)

Chief Executive of the Financial Conduct Authority to Chair: Cyber-security breach at Equifax (dated 24 October 2017)

Chief Executive of the Financial Conduct Authority to Chair: Indebtedness among young people (dated 25 October 2017)

Chief Executive of Royal Bank of Scotland Group to Chair: Report into the Royal Bank of Scotland’s Global Restructuring Group (dated 30 October 2017)

4. Work of the Financial Conduct Authority Andrew Bailey, Chief Executive and John Griffith-Jones, Chairman, Financial Conduct Authority gave oral evidence.


Wednesday 1 November 2017

Members present:


Rushanara Ali Charlie Elphicke Stephen Hammond Stewart Hosie

Mr Alister Jack Alison McGovern Kit Malthouse

1. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Chancellor of the Exchequer to Chair: Diversity of appointments to senior roles at the Bank of England (dated 26 October 2017)

Chancellor of the Exchequer to Chair: Work of the Chancellor of the Exchequer (dated 26 October 2017)

Permanent Secretary to the Treasury to Chair: Gender pay gap at HMT (dated 30 October 2017)

2. The UK's economic relationship with the European Union Sir Amyas Morse, Comptroller and Auditor General, National Audit Office gave oral evidence.

[Adjourned till Tuesday 7 November at 9.45 a.m.

Tuesday 7 November 2017

Members present:


Stewart Hosie Catherine McKinnell

Kit Malthouse Wes Streeting

1. Future Programme The Committee considered this matter. 2. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Chancellor of the Exchequer to Chair: Appointment of Elisabeth Stheeman to the Financial Policy Committee (dated 2 November 2017)

3. The work of the National Infrastructure Commission The Rt Hon. the Lord Adonis, Chair, Sir John Armitt, Deputy Chair, and Phil Graham, Chief Executive, National Infrastructure Commission gave oral evidence.



Members present:




1. Future Programme The Committee considered this matter. Resolved, That the Committee inquires into Bank of England Inflation Reports. Resolved, That the Sub-Committee inquires into Work of the Crown Estate. 2. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Chancellor to Chair: Bilateral loan to Ireland (dated 1 November 2017)

Chair to Financial Secretary to the Treasury: “Making Tax Policy Better” (dated 7 November 2017)

3. The UK's economic relationship with the European Union Ordered, That the written evidence relating to The UK's economic relationship with the European Union submitted by Sir Alan Dashwood be reported to the House for publication on the internet. 4. Household finances: income, savings and debt Ashwin Kumar, Chief Economist, Joseph Rowntree Foundation, Michael Johnson, Research Fellow, Centre for Policy Studies, and Torsten Bell, Director, Resolution Foundation gave oral evidence.

[Adjourned till Wednesday 15 November at 9.45 a.m.


Members present:


Rushanara Ali Stewart Hosie Mr Alister Jack

Catherine McKinnell Kit Malthouse Wes Streeting


European President of Equifax Ltd to Chair: Telephone helpline (dated 7 November 2017)

Chief Executive of HMRC to Chair: Appointment of Second Permanent Secretary (dated 13 November)

2. The UK's economic relationship with the European Union Ian Howells, Senior Vice President, Honda Motor Europe, and Allie Renison, Head of Europe and Trade Policy, Institute of Directors; Martin McTague, Policy Director, Federation of Small Businesses, Nana Evans, Fashion Designer, Neil Warwick, Partner, Square One Law, and Will Butler-Adams, Managing Director, Brompton Bicycle Ltd gave oral evidence.



Members present:




1. Future Programme The Committee considered this matter. Resolved, That the Committee inquire into Budget: Autumn 2017 2. Bank of England Inflation Reports Ordered, That the following written evidence be reported to the House for publication on the internet:

Ian McCafferty: Annual Report (November 2017)

Dr Gertjan Vlieghe: Annual Report (November 2017)

Michael Saunders: Annual Report (November 2017)

Sir Jon Cunliffe: Annual Report (November 2017)

Sir Jon Cunliffe, Deputy Governor, Financial Stability, Ian McCafferty, Member of the Monetary Policy Committee, Dr Gertjan Vlieghe, Member of the Monetary Policy Committee and Michael Saunders, Member of the Monetary Policy Committee, Bank of England gave oral evidence.



Members present:


Rushanara Ali Charlie Elphicke Stephen Hammond Mr Alister Jack Alison McGovern


1. Declaration of interests Wes Streeting amended his declaration of interests of 11 October 2017 (for details of declarations of interests, see Appendix I). 2. Future Programme The Committee considered this matter. Resolved, That the Sub-Committee visit Nottingham, in connection with its inquiry into the HMRC Transformation Programme. 3. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Financial Secretary to the Treasury to Chair: Scrutiny of the Finance Bill (dated 23 November 2017)

Chief Executive of the FCA to Chair: RBS Global Restructuring Group (dated 28 November 2017)

3. Budget: Autumn 2017 Ordered, That the following written evidence relating to Budget: Autumn 2017 be reported to the House for publication:

Prime Economics (TAB0001)

National Institute of Economic and Social Research (TAB0002)

David Orr, Chief Executive, National Housing Federation, Brian Berry, Chief Executive, Federation of Master Builders, and Clr Nick Forbes, Senior Vice Chair, Local Government Association gave oral evidence.

[Adjourned till Wednesday 29 November at 2.00 p.m.


Members present:



Catherine McKinnell Kit Malthouse Wes Streeting


Permanent Secretary to the Treasury to Chair: Delay in publishing HMT’s Gender Pay statistics (dated 27 November 2017)

Chancellor to Chair: Diversity at the Bank of England (dated 28 November 2017) 2. Sub-Committee Ordered, That the written evidence relating to HMRC Transformation Programme submitted by HMRC (HTP0001) be reported to the House for publication on the internet. 3. Budget: Autumn 2017 Ordered, That the written evidence relating to Budget: Autumn 2017 submitted by National Institute of Economic and Social Research be reported to the House for publication on the internet. Ann Pettifor, Director, Prime Economics, Professor Jagjit Chadha, Director, National Institute of Economic and Social Research, and Paul Johnson, Director, Institute for Fiscal Studies gave oral evidence.

[Adjourned till Thursday 30 November at 9.30 a.m.

Thursday 30 November 2017

Members present:


Rushanara Ali Charlie Elphicke Stewart Hosie


1. Future Programme Resolved, That the Committee inquire into The FRC’s Report on its enquiries and investigation of KPMG’s 2007 and 2008 audits of HBOS. 2. Budget: Autumn 2017 Ordered, That the written evidence relating to Budget: Autumn 2017 submitted by Economists for Free Trade be reported to the House for publication on the internet. Robert Chote, Chairman, Graham Parker, Member of Budget Responsibility Committee and Professor Sir Charles Bean, Member of Budget Responsibility Committee, Office for Budget Responsibility gave oral evidence.

[Adjourned till Tuesday 5 December at 9.45 a.m.

Tuesday 5 December 2017

Members present:



In the absence of the Chair, John Mann was called to the chair. 1. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Letter from Chief Executive of HMRC to Chair: Appointment of Second Permanent Secretary (dated 30 November 2017)

Letter from Managing Director of Payment Systems Regulator to Chair: Accessibility to cash machines (dated 30 November 2017)

Letter from Chairman of LINK Scheme to Chair: Accessibility to cash machines (dated 30 November 2017)

2. Budget: Autumn 2017 Ordered, That the following written evidence relating to Budget: Autumn 2017 be reported to the House for publication on the internet:

Chartered Institute of Taxation (TAB0004)

Association of Chartered Certified Accountants (TAB0005)

Institute of Chartered Accountants in England and Wales (TAB0006) Andrew Courts, Member, Global Forum for Taxation, Association of Chartered Certified Accountants, Frank Haskew, Head of Tax Faculty, Institute of Chartered Accountants in England and Wales, and Ray McCann, Deputy President, Chartered Institute of Taxation gave oral evidence.

[Adjourned till Wednesday 6 December at 1.45 p.m.

Wednesday 6 December 2017

Members present:


Rushanara Ali Stephen Hammond Stewart Hosie Mr Alister Jack Alison McGovern


1. Future Programme The Committee considered this matter. Resolved, That the Committee visit New York City and Washington D.C. in April 2018 in connection with its inquiries into the work of the Financial Conduct Authority, the work of the Bank of England and the Committee’s ongoing scrutiny of HM Treasury and that the Chair seek the approval of the Liaison Committee for expenditure in connection with the visit. 2. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Correspondence from the Chief Secretary to the Treasury relating to OBR forecasting of potential future payments to the European Union (dated December 2017)

3. The UK’s economic relationship with the European Union Ordered, That the following written evidence relating to The UK’s economic relationship with the European Union be reported to the House for publication on the internet:

National Farmers’ Union (EUN0002)

UK Trade Policy Observatory (EUN0004)

UK Finance (EUN0005)

Centre for European Legal Studies, University of Cambridge (EUN0006)

Zurich Insurance (EUN0007)

City of London Corporation (EUN0008)

Personal Investment Management & Financial Advice Association (EUN0009)

EEF, the manufacturers’ organisation (EUN0010)

Honda Motor Europe (EUN0011) 2. Budget: Autumn 2017

Rt Hon. Philip Hammond MP, Chancellor of the Exchequer, and Clare Lombardelli, Director, Strategy, Planning and Budget, HM Treasury gave oral evidence.



Members present:




1. Student Loans Ordered, That the following written evidence relating to Student Loans be reported to the House for publication on the internet:

Ajepco Ltd (STL0019)

Association of Colleges (STL0014)

Birkbeck, University of London (STL0024)

College of Podiatry (STL0017)

ELATT (STL0025)

Harriet Alexander and Kate Tullberg (STL0010)

Iain Clarke-Coast (STL0016)

Institute for Fiscal Studies (STL0013)

London South Bank University (STL0020)

MillionPlus (STL0018)

Miss Abbie Pickering (STL0008)

Mr Andrew Ritchie (STL0021)

Mr Owen Clemett (STL0006)

Mr Paul Moore (STL0002)

Mr Raj Sankreacha (STL0015)

Nelson College London (STL0012)

Nicholas Bridal (STL0005)

Professor Michael Larkin (STL0007)

Prof Rt Hon. John Denham (STL0028)

Sam Brook (STL0023)

Solicitor Estelle Clarke (STL0009 & STL0011)

UK Statistics Authority / Office for National Statistics (STL0027)

Universities UK (STL0026)

2. The UK's economic relationship with the European Union Draft Report (Transitional arrangements for exiting the European Union), proposed by the Chair, brought up and read. The draft Report was agreed to; the Formal Minutes relating to the consideration of the Report are published with the Fourth Report of the Committee, HC 473.



Members present:


Rushanara Ali Mr Alister Jack Catherine McKinnell

Kit Malthouse John Mann Wes Streeting

1. Student Loans The Rt Hon. the Lord Willetts, Lord Browne of Madingley, and Rt Hon. Professor John Denham; Professor Janet Beer, President, Universities UK, Amatey Doku, Vice President, Higher Education, National Union of Students, and Professor Mark E. Smith, Lancaster University gave oral evidence.



Members present:



Alison McGovern Kit Malthouse John Mann Wes Streeting

1. Future Programme The Committee considered this matter. Resolved, That the Committee inquire into Bank of England Financial Stability Reports. 2. Household finances: income, savings and debt Ordered, That the Chair and John Mann have leave to visit Nottingham in a representative capacity for the purposes of the Committee’s inquiry into household finances. 3 Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Economic Secretary to the Treasury to Chair: Financial Services EU Exit (dated 12 December)

Permanent Secretary to the Treasury to Chair: HMT gender pay gap (dated 18 December)

Letter from Managing Director of the Payments Systems Regulator to Chair: Potential impact of the LINK Board’s proposal to reduce interchange fees (dated 30 November 2017)

4 Student Loans Jo Johnson, Minister for Universities, Science, Research and Innovation, and Matt Toombs, Director of Student Finance and Analysis, Department for Education gave oral evidence.



Members present:


Rushanara Ali Stephen Hammond Stewart Hosie Alison McGovern


1. Future Programme The Committee considered this matter. Resolved, That the Committee inquire into Childcare. 2 Student Loans Ordered, That the following written evidence be reported to the House for publication on the internet:

University of Derby (STL0037)

Mr Alan Capps (STL0036)

Open University (STL0032)

Professor Andy Green and Professor Geoff Mason (STL0031) 3. Budget Autumn 2017 Ordered, That the written evidence relating to Budget Autumn 2017 submitted by HM Treasury (TAB0007) be reported to the House for publication on the internet. 4. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Chief Executive of the National Infrastructure Commission to Chair: Gender pay gap at the NIC (dated 19 December 2017)

5. Bank of England Financial Stability Reports Dr Mark Carney, Governor, Bank of England, Sam Woods, Deputy Governor for Prudential Regulation and Chief Executive Officer of the Prudential Regulation Authority, Richard Sharp, Member of the Financial Policy Committee, Bank of England, and Donald Kohn, Member of the Financial Policy Committee, Bank of England gave oral evidence. In the absence of the Chair, John Mann was called to the chair.

Dr Mark Carney, Governor, Bank of England, Sam Woods, Deputy Governor for Prudential Regulation and Chief Executive Officer of the Prudential Regulation Authority, Richard Sharp, Member of the Financial Policy Committee, Bank of England, and Donald Kohn, Member of the Financial Policy Committee, Bank of England gave oral evidence.

[Adjourned till Tuesday 9 January at 9.45 a.m.

Tuesday 9 January 2018

Members present:


Rushanara Ali Stephen Hammond Stewart Hosie Mr Alister Jack Alison McGovern


1. Future Programme The Committee considered this matter. 2. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Chief Executive of HMRC to John Mann: Follow up to oral evidence (dated 20 December 2017)

3. Student Loans Ordered, That the following written evidence be reported to the House for publication on the internet:

Allied Health Professions Federation (STL0045)

Chartered Society of Physiotherapy (STL0039)

Dr Adele Langlois (STL0041)

Miss Sophie Roberts (STL0044)

Money Advice Service (STL0042)

MoneySavingExpert (STL0046)

Russell Group (STL0038)

Sutton Trust (STL0033)

University and College Union (STL0043)

University of Central Lancashire (STL0040) 4. Women in Finance Ordered, That the following written evidence be reported to the House for publication on the internet:

Addidi Wealth Limited (WFN0014)

Association of Accounting Technicians (AAT) (WFN0001)

Association of British Insurers (WFN0013)

Aviva plc (WFN0010)

Barclays Bank (WFN0005)

City Hive - Women in Asset and Investment Management (WFN0006)

Deloitte (WFN0012)

E2W Limited (WFN0003)

Investment Association (WFN0015)

National Skills Academy for Financial Services (WFN0002)

Pension Insurance Corporation (WFN0004)

PricewaterhouseCoopers LLP (WFN0008)

TSB Bank (WFN0016)

Unum (WFN0007)

Virgin Money (WFN0011)

Zurich Insurance Plc (WFN0009) Jon Terry, Partner, PricewaterhouseCoopers, Michael Henning, Head of Investment, Mason Blake, and Kate Grussing, Founder and Managing Director, Sapphire Partners gave oral evidence.



Members present:



Mr Alister Jack Catherine McKinnell John Mann Wes Streeting

1. EU Insurance Regulation Ordered, That the following correspondence be reported to the House for publication on the internet:

Correspondence from HM Treasury: Treasury response to the Committee’s report on The Solvency II Directive and its impact on the UK insurance industry

Correspondence from the Chief Executive of the Prudential Regulation Authority: PRA’s interim response to the Committee’s report on The Solvency II Directive and its impact on the UK insurance industry

2. Student Loans Ordered, That the following written evidence relating to Student Loans be reported to the House for publication on the internet:

Royal Statistical Society (STL0047)

Office for National Statistics (STL0048) 3. The work of the Prudential Regulation Authority Sam Woods, Deputy Governor for Prudential Regulation and Chief Executive Officer of the Prudential Regulation Authority, Sandra Boss, External Member, Prudential Regulation Committee, and Mark Yallop, External Member, Prudential Regulation Committee gave oral evidence.

[Adjourned till Wednesday 17 January at 2.00 p.m.

Wednesday 17 January 2018

Members present:



Mr Alister Jack Alison McGovern Catherine McKinnell John Mann

1. Future Programme Resolved, That the Committee inquire into RBS's Global Restructuring Group and its treatment of SMEs. 2. RBS's Global Restructuring Group and its treatment of SMEs Ordered, That the written evidence relating to RBS's Global Restructuring Group and its treatment of SMEs submitted by RBS (RBS0001) be reported to the House for publication on the internet. 3. Budget Autumn 2017 Draft Report (Budget Autumn 2017), proposed by the Chair, brought up and read. The draft Report was agreed to; the Formal Minutes relating to the consideration of the Report are published with the Fifth Report of the Committee, HC 600



Members present:



Alison McGovern Catherine McKinnell John Mann

1. Future Programme The Committee considered this matter. Resolved, That the Committee inquire into HM Treasury Annual Report and Accounts. 2. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Chancellor of the Exchequer to Chair: Appointment of NIC Chair (dated 17 January 2018) 3. Women in finance Ordered, That the following written evidence relating to Women in Finance be reported to the House for publication:

Chartered Insurance Institute (WFN0018)

Mason Blake (WFN0019)

The Return Hub (WFN0017) 4. Student Loans Ordered, That the following written evidence relating to Student Loans be reported to the House for publication:

Leeds University Union (STL0049) 5. Work of the Payment System Regulator Ordered, That the following written evidence relating to the Work of the Payment System Regulator be reported to the House for publication:

Payment Systems Regulator (PSR0001) Hannah Nixon, Managing Director, Payment Systems Regulator and John Griffith-Jones, Chairman, Payment Systems Regulator gave oral evidence.


Members present:



Alison McGovern Catherine McKinnell Wes Streeting

1. HM Treasury Annual Report and Accounts. Tom Scholar, Permanent Secretary, HM Treasury, Sophie Dean, Finance Director, HM Treasury, and Charles Roxburgh, Second Permanent Secretary, HM Treasury gave oral evidence.



Members present:




1. Future Programme Resolved, That the Committee inquire into SME Finance. 2. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Chief Executive of the FCA to Chair: Consultation Paper: Access to redress for small and medium-sized enterprises (dated 22 January 2018)

3. RBS's Global Restructuring Group and its treatment of SMEs Tony Boorman, Managing Director, Promontory Financial Group; Ross McEwan, Chief Executive, RBS, and Sir Howard Davies, Chairman, RBS gave oral evidence.



Members present:


Rushanara Ali Mr Alister Jack

Catherine McKinnell Wes Streeting

1. Household finances: income, saving and debt Ordered, That the following written evidence relating to Household finances: income, saving and debt be reported to the House for publication on the internet:

AXA UK (HHF0033)

Citizens Advice (HHF0039)

Citizens Advice Scotland (HHF0018)

Consumer Finance Association (HHF0012)

Deborah Harper (HHF0004)

Dr John Gathergood (HHF0001)

Dr S R Hubbard and C J Hipperson (HHF0022)

End Child Poverty coalition (HHF0008)

Equity Release Council (HHF0021)

Fairbanking Foundation (HHF0040)

Finance & Leasing Association (HHF0013)

Financial Services Consumer Panel (HHF0023)

Generation Rent (HHF0041)

Hargreaves Lansdown (HHF0015)

Institute and Faculty of Actuaries (HHF0014)

International Longevity Centre UK (HHF0037)

Just Group (HHF0029)

LEBC Group Ltd (HHF0032)

Mastercard (HHF0027)

Money Advice Service (HHF0020)

Money Advice Trust (HHF0042)

National Energy Action (HHF0016)

National Skills Academy for Financial Services HHF0003)

NOW: Pensions (HHF0024)

Office for National Statistics (HHF0002)

Pensions Advisory Service (HHF0046)

Personal Finance Research Centre (HHF0006)

Professor Iain Ramsay (HHF0043)

Prudential (HHF0035)

Relate (HHF0011)

Responsible Finance (HHF0010)

StepChange Debt Charity (HHF0009)

The Children's Society (HHF0045)

The Low Incomes Tax Reform Group (HHF0036)

The Open University (HHF0030)

TISA (HHF0034)

Toynbee Hall (HHF0044)

Trades Union Congress (HHF0038)

True Potential LLP (HHF0017)

UK Finance (HHF0028)

Young Money (HHF0007)

Zurich Insurance (HHF0031) 2. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Chief Executive of the FCA to Chair: PRA/FCA Investigations into certain former Senior Managers of HBOS (dated 19 January 2018)

Chief Executive of HMRC to Chair: Future of the UK’s VAT regime (dated 18 January 2018)

Chancellor to Chair: EU withdrawal financial settlement (dated 25 January)

3. Childcare Ordered, That the following written evidence relating to Childcare be reported to the House for publication on the internet:

Employers for Childcare (CHI0009)

Funcare Ltd (CHI0007)

Mr Andrew Shimmin (CHI0006)

Mr John O'Neill (CHI0002)

Mrs Lydia Keyte (CHI0004)

Mrs Stella Tidman (CHI0003)

Mrs Zoe Williams (CHI0005) Rt Hon. Elizabeth Truss MP, Chief Secretary to the Treasury, Beth Russell, Director General (Tax and Welfare), HM Treasury, and Nick Lodge, Director General (Transformation), HMRC gave oral evidence.

[Adjourned till Tuesday 6 February at 9.45 a.m.

Tuesday 6 February 2018

Members present:



1. Childcare Ordered, That the following written evidence relating to Childcare be reported to the House for publication on the internet:

British Au Pair Agencies Association (CHI0010)

Cambridge Day Nursery (CHI0014)

Fideliti Limited (CHI0013)

The Heathers Nursery (CHI0015)

Mrs Kim Barnetson (CHI0012)

Mrs Lynsey Kelleher (CHI0011)

T Creasser (CHI0008) 2. The Work of the Financial Conduct Authority Ordered, That the written evidence relating to Work of the Financial Conduct Authority submitted by the Financial Conduct Authority be reported to the House for publication on the internet. 3. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

FCA to Chair: Leaking of ONS Statistics (dated 1 August 2017)

FCA to Chair: Commercial Credit Data Sharing scheme (dated 24 January 2018)

FCA to Chair: Powers and perimeter (dated 30 January 2018)

FCA to Chair: follow-up on meeting of 31 October (dated 20 November)

FCA to Chair: Free Float Requirement (5 December)

Payment Systems Regulator to Chair: Key requirements of LINK (dated 31 January 2018)

Chancellor to Chair: Appointment of Dr Gertjan Vlieghe to the MPC (dated 30 January 2018)

Chancellor to Chair: Stamp Duty Land Tax (dated 27 January 2018) 4. Appointment of Elisabeth Stheeman to the Bank of England Financial Policy Committee

Ordered, That the following written evidence relating to the Appointment of Elisabeth Stheeman to the Bank of England Financial Policy Committee be reported to the House for publication:

Elisabeth Stheeman CV

Elisabeth Stheeman questionnaire Elisabeth Stheeman, appointed external member of the Financial Policy Committee gave oral evidence. Draft Report (Appointment of Elisabeth Stheeman to the Bank of England Financial Policy Committee), proposed by the Chair, brought up and read. The draft Report was agreed to; the Formal Minutes relating to the consideration of the Report are published with the Sixth Report of the Committee, HC 758.



Members present:



Catherine McKinnell John Mann Wes Streeting

1. Student Loans Draft Report (Student Loans), proposed by the Chair, brought up and read. The draft Report was agreed to; the Formal Minutes relating to the consideration of the Report are published with the Seventh Report of the Committee, HC 478.

[Adjourned till Wednesday 7 February at 1.30 p.m.

Wednesday 7 February 2018

Members present:


Rushanara Ali Stephen Hammond Stewart Hosie

Mr Alister Jack Catherine McKinnell John Mann

1. Future Programme The Committee considered this matter. Resolved, That the Committee inquire into the Motability. Resolved, That the Committee agrees to meet concurrently with the Work and Pensions Committee in connection with its inquiry into Motability. 2. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Andrew Bailey, FCA to Chair relating to the FCA’s section 166 report into RBS GRG (dated 2 February 2018)

John Glen, Economic Secretary to the Treasury, relating to the publication of a Government position paper on financial services and Brexit (dated 2 February 2018)

3. RBS's Global Restructuring Group and its treatment of SMEs Ordered, That the Financial Conduct Authority submit the full skilled persons report into the treatment of customers in RBS's Global Restructuring Group by 16 February 2018. 4. The work of the Financial Conduct Authority Andrew Bailey, Chief Executive, Financial Conduct Authority, and John Griffith-Jones, Chairman, Financial Conduct Authority gave oral evidence.

[Adjourned till Tuesday 20 February at 2.00 p.m.


Members present:


Rushanara Ali Charlie Elphicke

Wes Streeting

1. RBS's Global Restructuring Group and its treatment of SMEs Ordered, That the skilled persons report into the treatment of customers in RBS's Global Restructuring Group submitted by the Financial Conduct Authority be reported to the House for publication

[Adjourned till Tuesday 20 February at 2.20 p.m.


Members present:


Rushanara Ali Charlie Elphicke Stephen Hammond

Mr Alister Jack Catherine McKinnell Wes Streeting

1. Future Programme The Committee considered this matter. Resolved, That the Committee inquire into SME Finance. Resolved, That the Committee inquire into Digital Currencies. Resolved, That the Committee inquire into the appointment of Charles Randell as Chair of the Financial Conduct Authority. 2. Women in Finance Ordered, That the written evidence relating to Women in Finance submitted by Genderbuzz (WFN0019) be reported to the House for publication on the internet. 3. Work of the Money Advice Service Ordered, That the written evidence relating to the work of the Money Advice Service submitted by the Money Advice Service (MAS0003) be reported to the House for publication on the internet. 4. Childcare Ordered, That the following written evidence relating to Childcare be reported to the House for publication on the internet:

1966 Juliet Chalk (CHI0046)

3mxchildcare Ltd (CHI0017)

A M LEWIS (CHI0099)

Alive to the World UK Louise Kirk (CHI0059)

All Souls CE Primary (CHI0076)

Barbara Riddell (CHI0064)

Bradford Metropolitan District Council (CHI0088)

Bright Sparks Preschool (CHI0057)

Brighton & Hove City Council (CHI0067)

British Chambers of Commerce (CHI0105)

Bushy Leaze Early Years Centre (CHI0053)

Cambridge Day Nursery (CHI0023)

Ceeda Research Limited (CHI0098)

Childcare Voucher Providers Association (CHI0077)

David Whiscombe (CHI0097)

Dr Maria Lyons (CHI0070)

Dr Veronica Cloke Browne (CHI0083)

Drakes Montessori Childcare (CHI0078)

Early Education (CHI0054)

ELBA A Tapia (CHI0042)

Ellen Bartoloni (CHI0022)

Family and Childcare Trust (CHI0075)

Fiveways Playcentre (CHI0091)

Heather Mills (CHI0036)

Helen Bilton (CHI0019)

Helen Smith (CHI0080)

Helen Wyrill (CHI0043)

Humpty Dumpty Day Nurseries Ltd (CHI0096)

Kate O'Farrell (CHI0068)

Killik & Co LLP (CHI0092)

Local Government Association (CHI0049)

London Councils (CHI0093)

Low Incomes Tax Reform Group (CHI0100)

Mothers at Home Matter (CHI0044)

Mothers at Home Matter (CHI0028)

Mr Adam Wanke (CHI0058)

Mr Douglas Leckie (CHI0029)

Mr Nick Leake (CHI0039)

Mrs Alison Jones (CHI0073)

Mrs Alison Kavanagh (CHI0065)

Mrs Amanda D'Oyly (CHI0089)

Mrs Anne Fennell (CHI0060)

Mrs Becky Irving (CHI0087)

Mrs Cathy Coulthard (CHI0016)

Mrs Claire Green (CHI0041)

Mrs Claire Paye (CHI0030)

Mrs Elizabeth Sydenham (CHI0032)

Mrs Evelyn Williams (CHI0094)

Mrs Genevieve Jordan (CHI0085)

Mrs Jeanette Dobson (CHI0048)

Mrs Katherine McGuinness (CHI0103)

Mrs Lynne Burnham (CHI0021)

Mrs Marcia Cook (CHI0074)

Mrs Naomi Stadlen (CHI0047)

Mrs Rachel Brooker (CHI0102)

Mrs Rebecca Nuttall (CHI0027)

Mrs Ruth Thomas (CHI0069)

Mrs Susan Alexander-Barnes (CHI0031)

Mrs Susan Sugden (CHI0040)

Mrs Tara Easton (CHI0018)

Mrs Victoria Begbie (CHI0063)

Ms A M Lewis (CHI0072)

Ms Carys Dorritt (CHI0056)

Ms Christine Green (CHI0038)

Ms Diana Dean (CHI0050)

Ms Julie Morris (CHI0026)

Ms Kathryn Kelly (CHI0055)

Ms lynn thompson (CHI0045)

Ms Melodie Hannon (CHI0035)

National Day Nurseries Association (CHI0095)

New View Nursery (CHI0025)

Oaklands Nursery (CHI0033)

PATA (UK) (CHI0082)

Patricia Dudley (CHI0037)

Peter Mills (CHI0034)

Potley Hill Community Preschool (CHI0061)

Pre-school Learning Alliance (CHI0066)

Professional Association for Childcare and Early Years (PACEY) (CHI0084)

Professor Eva Lloyd (CHI0071)

Prospect (CHI0024)

Save the Children (CHI0090)

Suffolk County Council (CHI0079)

The Children's Garden (CHI0020)

University of Essex and other universities (CHI0081)

Willaston Pre-school (CHI0062)

Women's Equality Party (CHI0101)

Working Families (CHI0086) 5. Work of the Payment Systems Regulator Ordered, That the written evidence relating to the work of the Payment Systems Regulator submitted by the Payment Systems Regulator (PSR0002) be reported to the House for publication on the internet. 6. Digital Currencies Resolved, That the Committee visit the Bank of England, London, in connection with its inquiry into Digital Currencies. 7. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Chancellor to Chair re appointment of Charles Randell to the FCA (dated 5 January 2018)

Chair to Permanent Secretary, HM Treasury re Charles Randell’s previous membership of Ingenious Film Partners 2 LLP (dated 15 January 2018)

Charles Randell to Permanent Secretary, HM Treasury re appointment of Charles Randell to the FCA (dated 16 January 2018)

Permanent Secretary to the Treasury re appointment of Charles Randell to the FCA (dated 19 January 2018)

Committee Secretariat to RBS re RBS’s evidence to the Committee on its Global Restructuring Group (dated 2 February 2018)

RBS to Chair re RBS’s evidence to the Committee on its Global Restructuring Group (dated 16 February 2018)

Tony Boorman, Promontory to Chair re Promontory’s evidence to the Committee on RBS Global Restructuring Group (dated 15 February 2018)

Andrew Bailey, FCA to Chair re publication of section 166 report (dated 20 February 2018)

Chancellor to Chair re re-appointment of Donald Kohn to the FPC (dated 6 February 2018)

Chancellor to Chair re process for appointing new members to the Budget Responsibility Committee (dated 8 February 2018)

Economic Secretary to the Treasury to Chair re free access to ATMs and the LINK agreement (dated 7 February 2018)

8. Appointment of Charles Randell as Chair of the Financial Conduct Authority Ordered, That the following written evidence relating to the appointment of Charles Randell as Chair of the Financial Conduct Authority be reported to the House for publication on the internet:

Charles Randell CV (ACR0001)

Charles Randell questionnaire (ACR0002) Charles Randell, appointed Chair, Financial Conduct Authority gave oral evidence. Draft Report (Appointment of Charles Randell as Chair of the Financial Conduct Authority), proposed by the Chair, brought up and read. The draft Report was agreed to; the Formal Minutes relating to the consideration of the Report are published with the Eighth Report of the Committee, HC 838.



Members present:


Rushanara Ali Mr Simon Clarke Charlie Elphicke Stewart Hosie

Mr Alister Jack Alison McGovern John Mann

1. Declaration of interests Mr Simon Clarke declared his interests, in accordance with the Resolution of the House of 13 July 1992 (for details of declarations of interests, see Appendix I) 2. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Chancellor of the Exchequer to Chair: Government’s response to the Committee’s Fourth Report—Transitional arrangements for exiting the European Union (dated 9 February 2018)

3. The UK's economic relationship with the European Union Draft Special Report (Transitional Arrangements for exiting the European Union: Government response to the Treasury Committee’s Fourth Report of session 2017–19), proposed by the Chair, brought up and read the first and second time, and agreed to. The Government response to the Fourth Report from the Committee of Session 2017–19 was appended to the Report. Resolved, That the Report be the First Special Report of the Committee to the House. Ordered, That the Chair make the Report to the House. 4. Bank of England Inflation Reports Ordered, That the following written evidence be reported to the House for publication on the internet:

Dr Mark Carney: Annual Report (INF0007)

Ben Broadbent: Annual Report (INF0005)

Andy Haldane: Annual Report (INF0006)

Dr Mark Carney, Governor, Ben Broadbent, Deputy Governor, Monetary Policy, Andy Haldane, Chief Economist and Executive Director, Monetary Analysis & Statistics, and Silvana Tenreyro, Member of the Monetary Policy Committee, Bank of England gave oral evidence.


Thursday 22 February 2018

The Chair and John Mann visited Citizens Advice, Nottingham, in connection with the Committee’s inquiry into Household finances: income, saving and debt, in a representative capacity, in accordance with the Committee’s decision of 19 December 2017.


Members present:


Rushanara Ali Mr Simon Clarke Charlie Elphicke Stephen Hammond

Stewart Hosie Mr Alister Jack Alison McGovern Catherine McKinnell


Chancellor of the Exchequer to Chair: Arrangements for the appointment of future MPC members (dated 21 February 2018)

2 Childcare Ordered, That the following written evidence relating to Childcare be reported to the House for publication on the internet:

HMRC (CHI0106)

London borough of Tower Hamlets (CHI0107) 3. RBS's Global Restructuring Group and its treatment of SMEs Ordered, That the written evidence relating to RBS's Global Restructuring Group and its treatment of SMEs submitted by RBS (RBS0002) be reported to the House for publication on the internet. 4. EU Insurance Regulation Draft Special Report (The Solvency II Directive and its impact on the UK Insurance Industry: Bank of England Response to the Committee’s Third Report of session 2017–19), proposed by the Chair, brought up and read the first and second time, and agreed to. The Bank of England response to the Third Report from the Committee of Session 2017–19 was appended to the Report. Resolved, That the Report be the Second Special Report of the Committee to the House.

Ordered, That the Chair make the Report to the House. Ordered, That embargoed copies of the Report be made available, in accordance with the provisions of Standing Order No. 134. 5. Women in Finance Ordered, That the written evidence relating to Women in Finance submitted by Dame Helena Morrissey (WIF0021) be reported to the House for publication on the internet. Anne Richards, CEO, M&G Investments, Amanda Blanc, Group CEO, Axa UK, and Susan Allen, Head of Retail Distribution, Santander gave oral evidence.



Members present:



Alison McGovern Catherine McKinnell John Mann Wes Streeting

1. Household finances: income, saving and debt Matt Upton, Head of Consumer Policy, Citizens Advice, Phil Andrew, Chief Executive, StepChange, and John Montague, Managing Director, Big Issue Group; Hamish Paton, CEO, BrightHouse, Paul Smith, Chief Executive Officer, Morses Club, and Richard Fuller, Managing Director, The Cash Shop gave oral evidence.

[Adjourned till Monday 5 March February at 3.30 p.m.

Thursday 1 March 2018

The Chair, Rushanara Ali, Charlie Elphicke, Stephen Hammond, Catherine McKinnell, John Mann and Wes Streeting visited the Bank of England, London, in connection with the Committee’s inquiry into Digital Currencies, in accordance with the Committee’s decision of 20 February.

Monday 5 March 2018

The Committee met concurrently with the Work and Pensions Committee

Members present:

Rushanara Ali Charlie Elphicke

John Mann Nicky Morgan

The following members of the Work and Pensions Committee were also present (Standing Order No. 137A).

Heidi Allen Jack Brereton Alex Burghart Neil Coyle

Frank Field Ruth George Nigel Mills

Frank Field was called to the Chair (Standing Order No.137A (1)(d)). 1. Motability Neil Johnson, Chair, Motability Operations Ltd, Mike Betts, Chief Executive, Motability Operations Ltd, Lord Sterling of Plaistow, Chair, Motability Charity, and Declan O'Mahony, Director, Motability Charity; Sarah Newton MP, Minister for Disabled People, Health and Work, Department for Work and Pensions, James Wolfe, Director for Disability Employment and Support, Department for Work and Pensions, and Kerstin Parker, Deputy Director, Disability Benefits, Department for Work and Pensions gave oral evidence.

[Adjourned till Tuesday 6 March at 9.45 a.m.

Tuesday 6 March 2018

Members present:


Rushanara Ali Mr Simon Clarke Stephen Hammond Mr Alister Jack


1. Women in Finance Ordered, That the following written evidence relating to Women in Finance be reported to the House for publication:

Genderbuzz (WFN0020)

PIMFA (WFN0022)

UK Finance (WFN0023) 2. Childcare Ordered, That the following written evidence relating to Childcare be reported to the House for publication:

HM Treasury (CHI0107)

HMRC (CHI0106) 3. Correspondence Ordered, That the following correspondence be reported to the House for publication:

Chair to Chief Secretary to the Treasury: Childcare inquiry (dated 9 February)

Chair to HMRC: Childcare inquiry (dated 9 February)

Chair to Financial Conduct Authority: Co-op Bank: independent inquiry (dated 19 February)

Prudential Regulation Authority to Chair: Direction from HM Treasury to the Prudential Regulation Authority (PRA) to conduct an investigation into relevant events at the Co-operative Bank Plc between 2008 and 2013 (dated 5 March)

Financial Conduct Authority to Chair: Co-op Bank: Independent Inquiry (dated 6 March)

4. SME Finance James Meekings, Co-Founder and UK Managing Director, Funding Circle, Stephen Welton, CEO, Business Growth Fund, Katrin Herrling, Co-Founder and CEO, Funding Xchange, and Luke Lang, Co-Founder, CrowdCube gave oral evidence.

[Adjourned till Wednesday 7 March at 2.00 p.m.

Wednesday 7 March 2018

Members present:


Rushanara Ali Mr Simon Clarke Charlie Elphicke Stephen Hammond Stewart Hosie

Mr Alister Jack Alison McGovern Catherine McKinnell Wes Streeting

1. Future Programme The Committee considered this matter. 2. The work of the Payment Systems Regulator Ordered, That the written evidence relating to the work of the Payment Systems Regulator submitted by the Financial Conduct Authority (PSR0003) be reported to the House for publication on the internet. 3. Correspondence Ordered, That the following correspondence be reported to the House for publication:

Parliamentary Under-Secretary of State to the Department for Exiting the EU to Chair re answers to Parliamentary Questions (dated 5 March)

4. The UK's economic relationship with the European Union Leigh Pomlett, Executive Director, CEVA Logistics and President, Freight Transport Association, Shanker Singham, Chair, Legatum Institute Special Trade Commission, Peter MacSwiney, Chairman, ASM (UK) Ltd and Chair, JCCC Brexit Sub-Group, and Paul Mac Flynn, Senior Economist, Nevin Economic Research Institute gave oral evidence.


Formal minutes of meeting


Members present:


Mr Simon Clarke Stephen Hammond Stewart Hosie

John Mann Alison McGovern Wes Streeting

1. Future Programme The Committee considered this matter. Resolved, That the Committee inquire into securing the tax base. 2. Sub-Committee Resolved, That the Sub-Committee inquire into the conduct of tax enquiries and the resolution of tax disputes. Resolved, That the Sub-Committee inquire into tax avoidance and evasion. 3. The UK's economic relationship with the European Union Ordered, That the following written evidence relating to the UK's economic relationship with the European Union be reported to the House for publication on the internet:

British Retail Consortium (EUN0012)

City of London Corporation (EUN0022)

Financial Services Consumer Panel (EUN0015)

Fresh Produce Consortium (EUN0014)

GuildHE (EUN0018)

Investment Association (EUN0017)

Lloyd's (EUN0016)

London Market Group (EUN0020)

Mr Jonathan Portes (EUN0025)

Mr Jonathan Portes (EUN0026)

PIMFA (EUN0021)

TheCityUK (EUN0013)

4. Women in Finance Ordered, That the written evidence relating to Women in Finance submitted by Virgin Money (WFN0024) be reported to the House for publication on the internet. 5. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Chief Secretary to the Treasury to Chair: Payment of the National Minimum Wage for sleep in shifts (dated 7 March)

6. Household finances: income, saving and debt Ordered, That the written evidence relating to household finances: income, saving and debt submitted by Professor Steve Keen (HHF0047) be reported to the House for publication on the internet. Michelle Cracknell, Chief Executive, The Pensions Advisory Service; Baroness Altmann, former Minister of State, Department for Work and Pensions, and Rt Hon. Sir Steve Webb, former Minister of State, Department for Work and Pensions gave oral evidence.



Members present:



Stewart Hosie Alison McGovern Catherine McKinnell

1. Future Programme The Committee considered this matter. 2. Budget Autumn 2017 Draft Special Report (Budget Autumn 2017: Government and Office for Budget Responsibility responses to the Treasury Committee’s Fifth Report of session 2017–19), proposed by the Chair, brought up and read the first and second time, and agreed to. The Government response to the Fifth Report from the Committee of Session 2017–19 was appended to the Report. The Office for Budget Responsibility response to the Fifth Report from the Committee of Session 2017–19 was appended to the Report. Resolved, That the Report be the Third Special Report of the Committee to the House. Ordered, That the Chair make the Report to the House. 3. Household finances: income, saving and debt Ordered, That the following written evidence relating to household finances: income, saving and debt be reported to the House for publication on the internet:

Pensions Advisory Service (HHF0049)

Scope (HHF0047) 4. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Financial Secretary to the Treasury to Chair: Tax Consultation Tracker (dated 13 March)

6. Spring Statement 2018 Robert Chote, Chairman of the Office for Budget Responsibility, Graham Parker CBE, Member, Budget Responsibility Committee, and Professor Sir Charlie Bean, Member, Budget Responsibility Committee gave oral evidence.



Members present:


Rushanara Ali Mr Simon Clarke Stephen Hammond Wes Streeting

Mr Alister Jack Alison McGovern John Mann

1. Future Programme The Committee considered this matter. Resolved, That the Committee inquire into the effect of trade policy on the economy. Resolved, That the Committee agrees to meet concurrently with the International Trade Committee in connection with its inquiry into the effect of trade policy on the economy. 2. The Work of the Financial Conduct Authority Ordered, That the written evidence relating to the work of the Financial Conduct Authority submitted by the Financial Conduct Authority (FCA0005) be reported to the House for publication on the internet. 3. Supplementary Estimates memorandum Ordered, That the following papers be reported to the House for publication on the internet:

HM Revenue and Customs 2017–18 Supplementary Estimates memorandum

HM Treasury 2017–18 Supplementary Estimates memorandum 4. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Chief Executive of the Financial Ombudsman Service to Chair: Channel 4 Dispatches allegations (dated 20 March)

5. Childcare Ordered, That the written evidence relating to Childcare submitted by the Child Poverty Action Group (CHI0109) be reported to the House for publication on the internet. Draft Report (Childcare), proposed by the Chair, brought up and read.

The draft Report was agreed to; the Formal Minutes relating to the consideration of the Report are published with the Ninth Report of the Committee, HC 757. 6. Digital Currencies The Committee considered this matter.



Members present:


Rushanara Ali Mr Simon Clarke Stewart Hosie

Alison McGovern John Mann

1. Future Programme The Committee considered this matter. Resolved, That the Committee inquire into Combatting Economic Crime—The role of the Treasury and its associated bodies. 2. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Chancellor of the Exchequer to Chair re appointment of Sir John Armitt as Chair of the National Infrastructure Commission (dated 15 March)

Economic Secretary to the Treasury to Chair re investigation into Co-op Bank (dated 21 March)

Bradley Fried, Financial Conduct Authority to Chair re investigation into Co-op Bank (dated 21 March)

Financial Secretary to the Treasury to Chair re Business Rates Property Revaluation (dated 20 March)

3. The UK's economic relationship with the European Union Professor Jonathan Portes, Professor of Economics and Public Policy & Senior Fellow, King’s College London, Phoebe Griffith, Associate Director for Migration, Integration and Communities, IPPR, Alp Mehmet, Vice-Chairman, Migration Watch, and Madeleine Sumption, Director, Migration Observatory, University of Oxford gave oral evidence.


Wednesday 28 March 2018

Members present:


Rushanara Ali Mr Simon Clarke Mr Alister Jack

Alison McGovern Catherine McKinnell John Mann


Chief Executive of RBS to Chair: RBS Global Restructuring Group (dated 13 March)

Chair to Economic Secretary to the treasury: Financial Guidance and Claims Bill (dated 7 March)

Economic Secretary to the Treasury to Chair: Financial Guidance and Claims Bill (dated 15 March)

Chief Executive of the Prudential Regulation Authority: Further update on Solvency II (dated 27 March)

2.Women in Finance John Glen MP, Economic Secretary to the Treasury, and Victoria Atkins MP, Minister for Women, gave oral evidence.

[Adjourned till Tuesday 17 April at 9.00 a.m.

Monday 9 April 2018

The Chair, Rushanara Ali, Stephen Hammond, Stewart Hosie, Alison McGovern and Wes Streeting visited New York and Washington D.C, connection with the Committee’s ongoing scrutiny of the Financial Conduct Authority, the Bank of England and HM Treasury, and its inquiries into the UK’s future economic relationship with the EU, Digital Currencies, and Household finances: income, saving and debt, in accordance with the Committee’s decision of 6 December 2017.

Tuesday 17 April 2018

Members present:


Stewart Hosie Mr Alister Jack

Alison McGovern John Mann

1. Future Programme The Committee considered this matter. 2. SME Finance Ordered, That the following written evidence relating to SME Finance be reported to the House for publication on the internet:

Aldermore (SME0018)

Alternative Business Funding (SME0011)

Association of Investment Companies (SME0001)

BLG Data Research Centre (SME0024)

British Chambers of Commerce (SME0017)

Crowdcube (SME0028)

Director Chris Cook (SME0031)

EIS Association (SME0007)

Finance & Leasing Association (SME0012)

Financial Conduct Authority (SME0033)

Financial Services Consumer Panel (SME0014)

finnCap Ltd (SME0008)

Funding Circle (SME0034)

ICAS (SME0004)

iwoca (SME0032)

Jerry Coakley, Claudia Girardone, and Mingchen Sun, Essex Business School (SME0029)

Jim Shannon MP, Brian Little, Paul Moore (SME0025)

Lending Standards Board (SME0027)

LendInvest Limited (SME0013)

Marta Degl'Innocenti (SME0015)

Mr Kristian Jurgensen (SME0009)

Mr Mark Brune (SME0023)

Mr Richard Samuel (SME0003)

Newable (SME0021)

OakNorth (SME0030)

Octopus (SME0010)

Oxygen Finance (SME0020)

QA Advisory (SME0005)

Responsible Finance (SME0002)

SME Alliance (SME0026)

Tees Valley Combined Authority (SME0016)

UK Finance (SME0019)

VCTA (SME0022)

Windsor Actuarial Consultants (SME0006) 3. The UK's economic relationship with the European Union Ordered, That the written evidence relating to the UK's economic relationship with the European Union submitted by Migration Watch (EUN0033) be reported to the House for publication on the internet. 4.Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Chair to the Chief Executive of the Financial Ombudsman Service: Internal investigation into the FOS (dated 28 March)

Chairman of the Office for Budget Responsibility to Chair: European Commission infraction proceedings (dated 28 March)

Chief Executive of the Financial Ombudsman Service to the Chair: Internal investigation into the FOS (dated 3 April)

Chief Executive of the Student Loans Company: Treasury Committee Report on Student Loans (dated 29 March)

[Adjourned till Wednesday 18 April at 2.00 p.m.

Wednesday 18 April 2018

Members present:



Mr Alister Jack Alison McGovern Catherine McKinnell Wes Streeting

1.Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Mark Davies, Davies Duffy Smith Consulting Limited, to Chair: Caroline Wayman’s letter to the Chair dated 20 March regarding the Financial Ombudsman Service (dated 13 April)

2. Re-appointment of Alex Brazier to the Financial Policy Committee Ordered, That the following written evidence relating to Re-appointment of Alex Brazier to the Financial Policy Committee be reported to the House for publication on the internet:

Alex Brazier CV (ABF0001)

Alex Brazier re-appointment questionnaire (ABF0002) Alex Brazier, Member, Financial Policy Committee gave oral evidence. Draft Report (Re-appointment of Alex Brazier to the Financial Policy Committee), proposed by the Chair, brought up and read. The draft Report was agreed to; the Formal Minutes relating to the consideration of the Report are published with the Tenth Report of the Committee, HC 936. 3. Re-appointment of Donald Kohn to the Financial Policy Committee Ordered, That the following written evidence relating to Re-appointment of Donald Kohn to the Financial Policy Committee be reported to the House for publication on the internet:

Donald Kohn CV (DKF0001)

Donald Kohn re-appointment questionnaire (DKF0002) Donald Kohn, Member, Financial Policy Committee gave oral evidence. Draft Report (Re-appointment of Donald Kohn to the Financial Policy Committee), proposed by the Chair, brought up and read.

The draft Report was agreed to; the Formal Minutes relating to the consideration of the Report are published with the Eleventh Report of the Committee, HC 937. 4. Re-appointment of Martin Taylor to the Financial Policy Committee Ordered, That the following written evidence relating to Re-appointment of Martin Taylor to the Financial Policy Committee be reported to the House for publication on the internet:

Martin Taylor CV (MTF0001)

Martin Taylor re-appointment questionnaire (MTF0002) Martin Taylor, Member, Financial Policy Committee gave oral evidence. Draft Report (Re-appointment of Martin Taylor to the Financial Policy Committee), proposed by the Chair, brought up and read. The draft Report was agreed to; the Formal Minutes relating to the consideration of the Report are published with the Twelfth Report of the Committee, HC 938.

[Adjourned till Tuesday 24 April at 9.45 a.m.


The Committee met concurrently with the International Trade Committee

Members present:

Charlie Elphicke Stephen Hammond Stewart Hosie Mr Alister Jack

Catherine McKinnell Nicky Morgan Wes Streeting

The following members of the International Trade Committee were also present (Standing Order

No. 137A).

Mr Marcus Fysh Mr Ranil Jayawardena Mr Chris Leslie Emma Little Pengelly

Julia Lopez Angus Brendan MacNeil Catherine West Matt Western

Nicky Morgan was called to the Chair (Standing Order No.137A (1)(d)).

1. The economic effects of trade policy Ordered, That the following correspondence relating to the economic effects of trade policy be reported to the House for publication on the internet:

Professor David Blake (ETP0001)



Angus Brendan MacNeil was called to the Chair (Standing Order No.137A (1)(d)). Professor Alasdair Smith, University of Sussex, UKTPO, Professor Jacques Pelkmans, College of Europe, Professor David Blake, CASS Business School, and Professor Patrick Minford, University of Cardiff gave oral evidence.

Nicky Morgan was called to the Chair (Standing Order No.137A (1)(d)). Sir Martin Donnelly, University of Oxford, David Henig, Director, European Centre for International Political Economy, and Molly Kiniry, Programme Manager, Legatum Institute gave oral evidence.



Members present:


Mr Simon Clarke Charlie Elphicke

Stewart Hosie Catherine McKinnell

1. SME Finance Ordered, That the written evidence relating to SME Finance submitted by ICAEW (SME0035) be reported to the House for publication on the internet. 2. Sub-Committee Ordered, That the written evidence relating to the Work of UKGI and UKFI submitted by UKGI (UKG0001) be reported to the House for publication on the internet. 3. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Chief executive of the Financial Conduct Authority to Chair: Aviva preference shares (dated 28 March)

Chairman of the London Stock Exchange Group to Chair: Appointment of David Schwimmer as Chief Executive Officer (dated 13 April)

Economic Secretary to the Treasury to Chair: Draft Statutory Instrument on responsibilities of UK regulators of financial services (dated 18 April)

Chief Executive of the Equality and Human Rights Commission: Gender pay gap reporting (dated 18 April)

4. The UK's economic relationship with the European Union Sir Amyas Morse, Comptroller and Auditor General, National Audit Office gave oral evidence.


Wednesday 25 April 2018

Members present:



Mr Alister Jack Alison McGovern Catherine McKinnell John Mann Wes Streeting


Chairman of the Office for Budget Responsibility to Chair: The EU exit agreement and OBR forecasts (dated 23 April)

Chair to the Executive Director of TSB Bank: TSB systems upgrade (dated 23 April) Ordered, That, subject to the discretion of the Chair, correspondence from TSB Bank relating to Service Disruption at TSB shall be reported to the House for publication. 2. The Work of the Chancellor of the Exchequer The Rt Hon Philip Hammond MP, Chancellor of the Exchequer, HM Treasury, and Sir Tom Scholar, Permanent Secretary to the Treasury gave oral evidence.

[Adjourned till Tuesday 1 May at 9.45 a.m.

Tuesday 1 May 2018

Members present:


Rushanara Ali Mr Simon Clarke Charlie Elphicke Stewart Hosie


1. Future Programme Resolved, That the Committee inquire into Service Disruption at TSB. Ordered, That the following correspondence relating to Service Disruption at TSB be reported to the House for publication on the internet:

Chief Executive of TSB to Chair: Service disruption at TSB (dated 27 April) 2. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Permanent Secretary to HM Revenue and Customs to Chair: HMRC's approach to cooperating with international partners (dated 27 April)

3. Digital Currencies Ordered, That the following written evidence relating to Digital Currencies be reported to the House for publication on the internet:

Everledger (DGC0033)

Izabella Kaminska and Martin Walker (DGC0034)

Dr Grammateia Kotsialou and Dr Luke Riley (DGC0035) Ryan Zagone, Director of Regulatory Relations, Ripple, Martin Walker, Director, Centre for Evidence Based Management, Dr Grammateia Kotsialou, King's College London, and Chris Taylor, Chief Operating Officer, Everledger gave oral evidence.

[Adjourned till Wednesday 2 May at 2.00 p.m.

Wednesday 2 May 2018

Members present:


Rushanara Ali Mr Simon Clarke Charlie Elphicke

Stewart Hosie John Mann

1. Combatting Economic Crime—The role of the Treasury and its associated bodies. The Committee considered this matter. 2. Service disruption at TSB. Dr Paul Pester, Chief Executive, TSB, Richard Meddings, Chairman, TSB, and Miguel Montes, Chief Operating Officer, Sabadell Group gave oral evidence.

[Adjourned till Tuesday 8 May at 2.00 p.m.

Tuesday 8 May 2018

Members present:




1. SME Finance Ordered, That the following written evidence relating to SME Finance be reported to the House for publication on the internet:

RBS (SME0035)

The Genesis Initiative (SME0036) 2. Women in Finance Ordered, That the following written evidence relating to Women in Finance be reported to the House for publication on the internet:

City of London Corporation (WFN0028)

Dame Inga Beale (WFN0026)

Plymouth University (WFN0025)

Treasury Committee—Women in Finance Engagement Event (WFN0027) 3. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Exchequer Secretary to the Treasury to Chair: Landfill Tax Rates (3 May)

Economic Secretary to the Treasury to Chair: EU Exit—Technical Working Group (dated 27 April)

Parliamentary Under-Secretary to the Department for Business, Energy and Industrial Strategy to Chair: Consultation on the reform of Limited Partnerships (dated 30 April)

Permanent Secretary to HM Treasury to Chair: Gender pay gap discussions (dated 1 May) 3. Household finances: income, saving and debt Christopher Woolard, Director of Strategy and Competition, Financial Conduct Authority, and Nisha Arora, Director of Market Intelligence, Data and Analysis, Financial Conduct Authority; John Glen MP, Economic Secretary to the Treasury and City Minister, HM Treasury, Guy Opperman MP, Parliamentary Under-Secretary of State for Pensions and Financial Inclusion, Department for Work and Pensions , Charlotte Clark, Director, Private Pensions and Stewardship,

Department for Work and Pensions, and John Owen, Deputy Director, Assets, Savings and Consumers, HM Treasury gave oral evidence.



Members present:


Charlie Elphicke Mr Alister Jack Alison McGovern


1. Future Programme The Committee considered this matter. Resolved, That the Committee inquire into Maxwellisation. Resolved, That the Committee visit the Farnborough International Airshow, Farnborough, in connection with its inquiries into SME Finance and the UK's economic relationship with the European Union. 2. Sub-Committee Resolved, That the Sub-Committee inquire into National Savings and Investments. 3. SME Finance Mr Alister Jack declared a non-pecuniary interest in relation to the Committee’s inquiry into SME Finance as an acquaintance of Guy Stenhouse, Managing Director, Shancastle Investments. Nikki Turner, SME Alliance, Keith Elliott, Former CEO, Premier Motor Auctions, Craig Keech, Director, Legacy Consulting, and Guy Stenhouse, Managing Director, Shancastle Investments; Lawrence Tomlinson, Chairman, LNT Group; Keith Morgan, CEO, British Business Bank, and Suren Thiru, Head of Economics and Business Finance, British Chambers of Commerce gave oral evidence.


Tuesday 15 May 2018

Members present:


Charlie Elphicke Stewart Hosie

Mr Alister Jack John Mann

1. Maxwellisation Andrew Green QC, Specialist Adviser to the Treasury Committee and author of the Maxwellisation Review, and Fraser Campbell, Specialist Adviser and co-author of the Maxwellisation Review gave oral evidence. 2. SME Finance Andrew Green QC, Specialist Adviser to the Treasury Committee, Richard Samuel, Barrister, 3 Hare Court Chambers, and Cat Maclean, Head of Dispute Resolution, MBM Commercial gave oral evidence.



The Committee met concurrently with the Work and Pensions Committee

Members present:

Charlie Elphicke Stewart Hosie Mr Alister Jack

John Mann Nicky Morgan

The following members of the Work and Pensions Committee were also present (Standing

Order No. 137A).

Heidi Allen Jack Brereton Alex Burghart Neil Coyle

Frank Field Steve McCabe Nigel Mills Chris Stephens

Nicky Morgan was called to the Chair (Standing Order No.137A (1)(d)).

1. Motability Draft Report (The Motability Scheme), proposed concurrently by the Treasury Committee and Work and Pensions Committees, brought up and read. The draft Report was agreed to; the Formal Minutes relating to the consideration of the Report are published with the Thirteenth Report of the Committee, HC 847



Members present:


Charlie Elphicke Stewart Hosie

Mr Alister Jack John Mann

1. Maxwellisation Andrew Green QC, Specialist Adviser to the Treasury Committee and author of the Maxwellisation Review, and Fraser Campbell, Specialist Adviser and co-author of the Maxwellisation Review gave oral evidence. 2. SME Finance Andrew Green QC, Specialist Adviser to the Treasury Committee, Richard Samuel, Barrister, 3 Hare Court Chambers, and Cat Maclean, Head of Dispute Resolution, MBM Commercial gave oral evidence.


Tuesday 22 May 2018

Members present:



Stewart Hosie Alison McGovern John Mann Wes Streeting

1. Future programme Resolved, That the Committee visit Bloomberg, London, in connection with its inquiry into Women in Finance. 2. Economic crime Ordered, That the following written evidence relating to Economic crime be reported to the House for publication on the internet:

ABI (ECR0052)

Association of Accounting Technicians (AAT) (ECR0012)

Association of Certified Fraud Examiners (ECR0003)

Bournemouth University (ECR0045)

Centre for Economic Performance / London School of Economics (ECR0040)

Cifas (ECR0037)

City of London Police (ECR0057)

CORE Coalition (ECR0029)

Deutsche Bank UK, Financial Crime Investigations (ECR0053)

Dr Stephen Baister (ECR0008)

Fraud Advisory Panel (ECR0034)

ICAEW (ECR0024)

JH Dragon Network (ECR0049)

Keep Me Posted (ECR0043)

LexisNexis Risk Solutions (ECR0005)

MIDAS Alliance (ECR0032)

Mr David Hurford (ECR0001)

National Trading Standards (ECR0016)

Petrol Retailers and Car Wash Associations (ECR0055)

Post Office (ECR0042)

Professor Liz Campbell (ECR0009)

Professor Michael Levi (ECR0023)

RICS (ECR0059)

Serious Fraud Office (ECR0038)

Simon Thomas (ECR0025)

Solicitors Regulation Authority (ECR0014)

Standard Chartered Bank (ECR0050)

STEP (ECR0022)

The Bar of Northern Ireland (ECR0030)

The Chartered Institute of Taxation (CIOT) (ECR0011)

The Law Society (ECR0041)

Thinking about Crime Limited (ECR0002)

Thomson Reuters (ECR0051)

Which? (ECR0044)

Yoti (ECR0048) 3. Digital currencies Ordered, That the following written evidence relating to Digital currencies be reported to the House for publication on the internet:

Adrian Markey Ltd (DGC0006)

Bank of England (DGC0055)

Barclays (DGC0023)

Baton Systems (DGC0050)

Blockchain Training (DGC0029)

BSI (DGC0018)

Chaintech PLC (DGC0045)

Charities Aid Foundation (DGC0030)

City of London Corporation (DGC0051)

Clearmatics (DGC0049)

Coinfloor Limited (DGC0032)

ConsenSys (DGC0039)

Creative Investment Research (DGC0010)

Cryptonomy (DGC0011)

CryptoUK (DGC0031)

David Gerard (DGC0052)

Digital Currency Foundation (DGC0046)

Digital Currency Initiative, MIT Media Lab (DGC0058)

Dr Alison Lui (DGC0016)

Dr Andres Guadamuz (DGC0013)

Dr Grammateia Kotsialou and Dr Luke Riley (DGC0035)

Electronic Money Association (DGC0056)

Everledger (DGC0033)

Eversheds Sutherland (International) LLP (DGC0020)

Financial Conduct Authority (DGC0028)

Financial Reporting Council (DGC0022)

Henry Jackson Society (DGC0057)

Izabella Kaminska and Martin Walker (DGC0034)

Mastercard (DGC0048)

Miss Ilaria Zavoli (DGC0012)

Mr Adam Kershaw (DGC0007)

Mr Alfio Puglisi (DGC0025)

Mr Andrew Britto (DGC0009)

Mr David Hicks (DGC0003)

Mr David Prais (DGC0008)

Mr Reece Procter (DGC0002)

Mr Sam Hodge (DGC0005)

NAC Foundation (DGC0026)

NCC Group (DGC0043)

Newgate Communications (DGC0036)

Positive Money (DGC0024)

Positive Money (DGC0027)

Professor Jorge Stolfi (DGC0054)

Professor Ross Anderson (DGC0047)

Pundi X Labs Pte (DGC0041)

R3 (DGC0044)

Solicitors Regulation Authority (DGC0017)

Susan Hedley (DGC0042)

The Poseidon Foundation (DGC0021)

4. SME Finance Ordered, That the written evidence relating to SME Finance submitted by ICAEW (SME0037) be reported to the House for publication on the internet. 5. The economic effects of trade policy Ordered, That the written evidence relating to The economic effects of trade policy submitted by Prof Alasdair Smith (ETP0003) be reported to the House for publication on the internet. 6. Service Disruption at TSB Ordered, That the written evidence relating to Service Disruption at TSB submitted by TSB (TSB0001) be reported to the House for publication on the internet. 7. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Financial Secretary to the Treasury and Paymaster General to Chair: High Income Child Benefit Charge and State Pension entitlement (dated 28 March)

8. Re-appointment of Dr Gertjan Vlieghe to the Bank of England Monetary Policy Committee Ordered, That the following written evidence relating to Digital currencies be reported to the House for publication on the internet:

Dr Gertjan Vlieghe—CV (RGV0001)

Dr Gertjan Vlieghe—Questionnaire (RGV0002) Dr Gertjan Vlieghe, Member of the Monetary Policy Committee, Bank of England gave oral evidence. 9. Bank of England Inflation Reports Dr Mark Carney, Governor of the Bank of England, Sir Dave Ramsden, Deputy Governor, Markets and Banking, Bank of England, Michael Saunders, Member of the Monetary Policy Committee, Bank of England, and Dr Gertjan Vlieghe, Member of the Monetary Policy Committee, Bank of England gave oral evidence.



Members present:


Rushanara Ali Mr Simon Clarke

Stewart Hosie Mr Alister Jack

1. Service Disruption at TSB Ordered, That, subject to the discretion of the Chair, correspondence from TSB Bank relating to Service Disruption at TSB shall be reported to the House for publication. 2. Re-appointment of Dr Gertjan Vlieghe to the Bank of England Monetary Policy Committee Draft Report (Re-appointment of Dr Gertjan Vlieghe to the Bank of England Monetary Policy Committee), proposed by the Chair, brought up and read. The draft Report was agreed to; the Formal Minutes relating to the consideration of the Report are published with the Fourteenth Report of the Committee, HC 1056. 3. RBS's Global Restructuring Group and its treatment of SMEs Ordered, That the written evidence relating to RBS's Global Restructuring Group and its treatment of SMEs submitted by RBS (RBS0003) be reported to the House for publication on the internet. 4. Household finances: income, saving and debt Ordered, That the written evidence relating to Household finances: income, saving and debt submitted by HM Treasury (HHF0052) be reported to the House for publication on the internet. 5. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Secretary of State for Business, Energy and Industrial Strategy to Chair: Small Business Research Initiative (dated 15 May)

Andrew Griffiths and Robert Jenrick to Chair on the Business Productivity Review (dated 23 May)

6. The UK's economic relationship with the European Union Jon Thompson, Chief Executive and Permanent Secretary, HM Revenue and Customs, and Jim Harra, Deputy Chief Executive and Second Permanent Secretary, HM Revenue and Customs gave oral evidence.

7. SME Finance Amanda Murphy, Head of Commercial Banking, HSBC, Rishi Khosla, CEO, OakNorth, and Ian Smith, Chief Financial Officer, Clyesdale and Yorkshire Banking Group gave oral evidence.

[Adjourned till Tuesday 5 June at 9.45 a.m.

Tuesday 5 June 2018

Members present:



Mr Alister Jack Alison McGovern Wes Streeting

1. Future programme The Committee considered this matter. Resolved, That the Committee inquire into the Work of the Valuation Office Agency. 2. Economic Crime Ordered, That the written evidence relating to Economic Crime submitted by UK Finance (ECR0064 & ECR0065) be reported to the House for publication on the internet. 3. Service Disruption at TSB Ordered, That the written evidence relating to Service Disruption at TSB submitted by TSB (TSB0002) be reported to the House for publication on the internet. Ordered, That the following correspondence relating to Service Disruption at TSB be reported to the House for publication on the internet:

Chair to Chief Executive of the Financial Conduct Authority: Service Disruption at TSB (dated 16 May)

Chief Executive of the Financial Conduct Authority to Chair: Service Disruption at TSB (dated 30 May)


Chancellor of the Exchequer to Chair: Appointment to the Monetary Policy Committee (dated 25 May)

Chancellor of the Exchequer to Chair: Appointments to the Court of the Bank of England (dated 25 May)

Chief Executive of HM Revenue and Customs to Chair: Child Benefit (dated 25 May)

Chief Executive of the Financial Conduct Authority to Chair: FCA Investigations (dated 30 May)

Chief Executive of the Financial Conduct Authority to Chair: High Cost Credit Review (dated 31 May)

5. The UK's economic relationship with the European Union Ordered, That the following written evidence relating to the UK's economic relationship with the European Union be reported to the House for publication on the internet:

Fresh Produce consortium (EUN0014)

Getlink (EUN0029)

HM Revenue and Customs (EUN0036)

Port of Zeebrugge (EUN0035) Benoit Rochet, Deputy CEO, Port of Calais, Joachim Coens, CEO, Port of Zeebrugge, and John Keefe, Director of Public Affairs, Getlink (formerly Groupe Eurotunnel); Jon Thompson, Chief Executive and Permanent Secretary, HM Revenue and Customs, Jim Harra, Deputy Chief Executive and Second Permanent Secretary, HM Revenue and Customs, and Karen Wheeler, Director General Cross Government Border Delivery Group, HMRC gave oral evidence.

[Adjourned till Wednesday 6 June at 2.00 p.m.

Wednesday 6 June 2018

Members present:



Mr Alister Jack Alison McGovern John Mann Wes Streeting

1. Women in Finance Draft Report (Women in Finance), proposed by the Chair, brought up and read. The draft Report was agreed to; the Formal Minutes relating to the consideration of the Report are published with the Fifteenth Report of the Committee, HC 477. 2. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Chief Executive of the Prudential Regulation Authority to Chair: Solvency II risk Margin (dated 4 June)

3. Service Disruption at TSB Ordered, That the following correspondence relating to Service Disruption at TSB be reported to the House for publication on the internet:

Chair to Chief Executive of the Financial Conduct Authority (dated 16 May)

Chief Executive of the Financial Conduct Authority to Chair (dated 30 May)

Chief Executive of TSB to Chair (dated 5 June)

Founder and Executive Chair of MoneySavingExpert.com to Chair (dated 5 June) Ordered, That, subject to the discretion of the Chair, correspondence with TSB Bank relating to Service Disruption at TSB shall be reported to the House for publication. Andrew Bailey, Chief Executive, Financial Conduct Authority, John Sutherland, Senior Adviser, Financial Conduct Authority, and Sheree Howard, Senior Adviser, Financial Conduct Authority; Dr Paul Pester, Chief Executive, TSB, Richard Meddings, Chairman, TSB, and Miguel Montes, Chief Operating Officer, Sabadell Group gave oral evidence.


Tuesday 12 June 2018

Members present:


Charlie Elphicke Stephen Hammond

Stewart Hosie John Mann

1. Securing the Tax Base Ordered, That the following written evidence relating to Securing the Tax Base be reported to the House for publication on the internet:

Deloitte LLP (STB0032)

CAS (STB0029)

The Chartered Institute of Taxation (CIOT) (STB0030)

The Low Incomes Tax Reform Group (STB0019) 2. Sub-Committee Ordered, That the following written evidence relating to The Conduct of Tax Enquiries and the Resolution of Tax Disputes be reported to the House for publication on the internet:

Association of Accounting Technicians (AAT) (TRE0092)

Association of Revenue & Customs (TRE0177)

CBI (TRE0175)

Deloitte LLP (TRE0185)

Grant Thornton UK LLP (TRE0171)

ICAEW (TRE0180)

ICAS (TRE0176)

KPMG LLP (TRE0152)

Law Society of Scotland (TRE0178)

Pinsent Masons LLP (TRE0183)

Roadchef (Employee Benefits Trustees) Limited (TRE0165)

Slaughter and May (TRE0174)

The Chartered Institute of Taxation (CIOT) (TRE0182)

The Low Incomes Tax Reform Group (TRE0166)

The Taxation Committee of The London Society of Chartered Accountants (TRE0181) Ordered, That the following written evidence relating to Tax Avoidance and Evasion be reported to the House for publication on the internet:

Association of Revenue & Customs (TAV0036)

British Virgin Islands Government (TAV0038)

Charter Tax Consulting Limited (TAV0035)

Darren Richmond (TAV0002)

David Quentin (TAV0018)

Deloitte LLP (TAV0023)

Global Witness (TAV0011)

Grant Thornton UK LLP (TAV0029)

Hugo Owen (TAV0003)

ICAEW (TAV0037)

ICAS (TAV0022)

Independent Heath Professionals Association (TAV0030)

International Financial Centre’s Forum (TAV0031)

Isle of Man Government (TAV0034)

Jersey Finance Limited (TAV0020)

KPMG LLP (TAV0015)

Law Society of England and Wales (TAV0028)

Mr Frank Smits (TAV0014)

Mr Paul Beckett (TAV0005)

Mr Stephen Howard (TAV0009)

Mr Tom Sheard (TAV0001)

Oxfam GB (TAV0017)

Pinsent Masons LLP (TAV0032)

Professor Richard Murphy (TAV0027)

RPC LLP (TAV0012)

States of Guernsey (TAV0033)

STEP (TAV0021)

Tax Justice UK (TAV0019)

The Chartered Institute of Taxation (CIOT) (TAV0024) 3. Service Disruption at TSB Ordered, That the following correspondence relating to Service Disruption at TSB be reported to the House for publication on the internet:

Chairman of TSB to Chair: Service Disruption at TSB (dated 7 June)

4. Work of the Financial Conduct Authority Ordered, That the following correspondence relating to the Work of the Financial Conduct Authority be reported to the House for publication on the internet:

Chair to Chief Executive of the Financial Conduct Authority: Accessible Formats (dated 28 March)

Chief Executive of the Financial Conduct Authority to Chair: Accessible Formats (dated 25 April)

5. Sub-Committee Ordered, That the following correspondence relating the Work of UKGI and UKFI be reported to the House for publication on the internet:

Chair of the Sub-Committee to Chief Executive Officer of UKGI: UKGI’s vote at the RBS AGM (dated 5 June)


Chair to Permanent Secretary to HM Treasury: Appointment process to the MPC (dated 4 June)

Chair of the Sub-Committee to Chief Executive Officer of UKGI: UKGI’s vote at the RBS AGM (dated 5 June)

7. Work of the Valuation Office Agency Melissa Tatton CB, Chief Executive Officer, Valuation Office Agency, and Pedro Wrobel, Chief Strategy Officer, Valuation Office Agency gave oral evidence.



The Chair, Rushanara Ali, Charlie Elphicke, Stephen Hammond, Alison McGovern and Wes Streeting visited Bloomberg, London, in connection with the Committee’s inquiry into Women in Finance, in accordance with the Committee’s decision of 22 May.


Members present:


Rushanara Ali Charlie Elphicke Stewart Hosie

Mr Alister Jack Catherine McKinnell

1. Childcare Draft Special Report (Childcare: Government response to the Treasury Committee’s Ninth Report of session 2017–19), proposed by the Chair, brought up and read the first and second time, and agreed to. The Government response to the Ninth Report from the Committee of Session 2017–19 was appended to the Report. Resolved, That the Report be the Fifth Special Report of the Committee to the House. Ordered, That the Chair make the Report to the House. 2. Economic Crime Ordered, That the following written evidence relating to Economic Crime be reported to the House for publication on the internet:

ACRA (ECR0013)

Propertymark (ECR0039) 3. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Senior Responsible Officer of the Prudential Regulation Authority to Chair: Prudential regulation of the Co-operative Bank (dated 11 June)

4. The work of the Financial Conduct Authority Andrew Bailey, Chief Executive, Financial Conduct Authority, and Charles Randell, Chairman, Financial Conduct Authority gave oral evidence.


Tuesday 19 June 2018

Members present:


Rushanara Ali Mr Simon Clarke Charlie Elphicke Stephen Hammond Mr Alister Jack


1. Bank of England Inflation Reports Ordered, that the written evidence relating to Bank of England Inflation Reports by the Bank of England (INF0008) be reported to the House for publication on the internet. 2. Digital Currencies Ordered, that the written evidence relating to Digital Currencies by Outlier Ventures be reported to the House for publication on the internet. 3. Securing the Tax Base Ordered, that the written evidence relating to Securing the Tax Base by Retailers Against VAT Abuse Schemes (STB0037) be reported to the House for publication on the internet. 3. Service Disruption at TSB Ordered, That the following correspondence relating to Service Disruption at TSB be reported to the House for publication on the internet:

General Secretary of TBU to Chair: TSB Integration Shambles (dated 13 June) 4. SME Finance Ordered, that the written evidence relating to SME Finance by the Association of Accounting Technicians (SME0038) be reported to the House for publication on the internet. 5. Correspondence Ordered, That the following correspondence be reported to the House for publication on the internet:

Economic Secretary to the Treasury to Chair: Sale of RBS Shares (dated 5 June)

Chief Executive of HMRC to Chair: Tax Gap (dated 14 June)

6. Economic Crime Ordered, that the corrected written evidence relating to Economic Crime by the Association of Accounting Technicians (ECR0012) be reported to the House for publication on the internet. Stephen Curtis, Chairman, The Association of Company Registration Agents (ACRA), Adam Harper, Director of Strategy & Professional Standards, Association of Accounting Technicians (AAT), and Mark Hayward, Chief Executive, NAEA Propertymark gave oral evidence.



Members present:


Rushanara Ali Mr Simon Clarke Charlie Elphicke

Stewart Hosie Alison McGovern Catherine McKinnell

1. Service disruption at TSB Ordered, That the following written evidence be reported to the House for publication on the internet:

TSB (TSB0002)

TSB (TSB0003) 2. Digital Currencies Marco Santori, Chief Legal Officer, Blockchain, Obi Nwosu, CEO, Coinfloor, Iqbal Gandham, Chairman, CryptoUK and Managing Director, eToro, and Izabella Kaminska, Editor, FT Alphaville gave oral evidence.

[Adjourned till Tuesday 26 July at 9.45 a.m.

Appendix I

Members’ Declarations of Interests

14 September 2017

Elphicke, Charlie (Dover) 2. (a) Support linked to an MP but received by a local party organisation or indirectly via a central party organisation

Name of donor: Dominic Johnson

Address of donor: private

Amount of donation or nature and value if donation in kind: fundraising dinner, total value £2,454.30

Donor status: individual

(Registered 08 March 2017)

Name of donor: George Hammond plc

Address of donor: Hammond House, Limekiln Street, Dover CT17 9EF

Amount of donation or nature and value if donation in kind: £2,000

Donor status: company, registration 690947

(Registered 29 June 2017)

Name of donor: Goody Demolition Ltd

Address of donor: Wilcox close, Aylesham Industrial Estate, Canterbury CT3 3EP




Name of donor: Lord David Freud





Name of donor: Datum Groundworks Ltd

Address of donor: Wilcox Close, Aylesham Industrial Estate, Aylesham, Canterbury CT3 3EP



(Registered 22 August 2017)

3. Gifts, benefits and hospitality from UK sources

Name of donor: Road Haulage Association

Address of donor: Roadway House, Bretton Way, Bretton, Peterborough PE3 8DD

Amount of donation or nature and value if donation in kind: secondment of parliamentary researcher from 17 January 2017 to 17 January 2018, value £22,577

Date received: 17 January 2017

Date accepted: 17 January 2017



Additional declarations made at first Committee Meeting (14 September 2017)

My wife, Natalie Elphicke OBE is a director of i) the Student Loans Company (and an independent external advisor to the Department of Education's audit & risk committee) ii) Principality Building society and iii) the Housing & Finance Institute.

(Updated 12 October 2017)

Hammond, Stephen (Wimbledon)

1. Employment and earnings

From January 2016, political consultant (ad hoc) for the Confederation of Passenger Transport, 4-43 Russell Street, London WC2B 5HA. I consulted the Advisory Committee on Business Appointments about this role. (Registered 03 May 2016)

27 July 2016, received £6,000 for political and transport advice provided during the period March to June 2016. Hours: a maximum of 60 hrs in total. (Registered 05 August 2016)

6 January 2017, received £1,500 for political and transport advice provided during November 2016. Hours: 10-15 hrs. (Registered 23 February 2017)

6 January 2017, received £1,500 for advice for political and transport advice provided during December 2016. Hours: 10-15 hrs. (Registered 23 February 2017)

10 November 2016, received £1,500 for political and transport advice provided during September 2016. Hours: 10-15 hrs. (Registered 27 February 2017)

10 November 2016, received £1,500 for political and transport advice provided during October 2016. Hours: 10-15 hrs. (Registered 27 February 2017)

7 March 2017, received £1,500 for political and transport advice provided during January 2017. Hours: 10-15 hrs. (Registered 28 March 2017)

14 March 2017, received £1,500 for political and transport advice provided during February 2017. Hours: 10-15 hrs. (Registered 28 March 2017)

7 October 2016, received £750 from Collyer Bristow LLP, 4 Bedford Row, London WC1R 4TF, for speaking in a debate on 19 September 2016. Hours: 5 hrs including preparation. (Registered 03 November 2016)

Payment of £500 expected from Atkins Global, Euston Tower, 286 Euston Road, London NW1 3AT, for speaking at a seminar on 24 October 2016. Hours: 3 hrs including preparation. (Registered 03 November 2016)

12 October 2016, received £500 from Goodacre Securities, Longcroft House, 2/8 Victoria Avenue, London EC2M 4NS, for speaking at a seminar. Hours: 3 hrs including preparation. (Registered 23 November 2016)

2. (a) Support linked to an MP but received by a local party organisation or indirectly via a central party organisation

Name of donor: Mr Brian Winterflood




(Registered 06 July 2017)

Name of donor: Mr Brian Winterflood





Name of donor: Mr Shahid Uddin Khan


Amount of donation or nature and value if donation in kind: £1000



Name of donor: Mr Shahid Uddin Khan





Name of donor: Mrs Farjana Anjum Khan





Name of donor: Mrs Farjana Anjum Khan





Name of donor: Mr Ian Roper Taylor





Name of donor: Mr Ian Roper Taylor





Name of donor: Mr James Aitkin





Name of donor: Mr James Aitkin





3. Gifts, benefits and hospitality from UK sources

Name of donor: All England Lawn Tennis Club

Address of donor: Church Road, London SW9 5AE

Amount of donation or nature and value if donation in kind: two tickets for the royal box at Wimbledon on 1 July 2016, and associated hospitality; value £498 in total

Date received: 1 July 2016

Date accepted: 1 July 2016

Donor status: company, registration no 07546773


Name of donor: Royal Bank of Scotland

Address of donor: 4th Floor, 280 Bishopsgate, London EC2M 4RB

Amount of donation or nature and value if donation in kind: two tickets and associated hospitality at Wimbledon on 10 July 2016; value £2,400 in total



Donor status: company, registration no 90312


4. Visits outside the UK

Name of donor: Hong Kong Government

Address of donor: c/o Hong Kong Economic and Trade Office, 18 Bedford Square, London WC1B 3JA

Estimate of the probable value (or amount of any donation): Flights approx. £8,500; accommodation and food approx. £1,652; transport and hospitality approx. £207; total value £10,359

Destination of visit: Hong Kong

Dates of visit: 9-13 January 2017

Purpose of visit: APPG on China delegation to maintain bilateral ties; support British businesses operating in Hong Kong; and deepen the knowledge of parliamentarians of Hong Kong’s political, social and economic development.

(Registered 23 February 2017)

7. (i) Shareholdings: over 15% of issued share capital

Peal Gas Ltd; Delaware Registered Company, fiscal domicile Portugal which owns my holiday home.

From 8 March 2017, South Coast Regeneration and Investment Property (SCRIP). (Registered 08 March 2017)

8. Miscellaneous

I have an investment in two holdings in the Harwood Film Partnership. (Registered 07 March 2013)

From 14 February 2017, an unpaid director of South Coast Regeneration and Investment Property (SCRIP). (Registered 08 March 2017)

9. Family members employed and paid from parliamentary expenses

I employ my wife, Sally Hammond, as Office Manager/Secretary.

Jack, Mr Alister (Dumfries and Galloway) 1. Employment and earnings

Non-executive chairman and director of Fulling Mill Ltd (manufacturer of fishing flies), 8 Fairlawn Enterprise Park, Bonehurst Road, Salfords RH1 5GH. From July onwards I receive £15,000 a year, paid monthly, for an estimated 60-80 hrs a year, chairing four board meetings a year and giving general advice. (Registered 03 July 2017)

28 June 2017, received £2,206.72. Hours: none since my election. (Registered 03 July 2017)


Name of donor: Sir Henry Keswick





Name of donor: P D R Landale





Name of donor: E P K Weatherall





Name of donor: Stalbury Trustees

Address of donor: 31 Hill Street, London W1J 4LS




6. Land and property portfolio: (i) value over £100,000 and/or (ii) giving rental income of over £10,000 a year

Agricultural land in Dumfries and Galloway: (i) and (ii). (Registered 29 June 2017)

Two cottages in Dumfries and Galloway: (i) and (ii). (Registered 29 June 2017)

Salmon fishery in Dumfries and Galloway: (i) and (ii). (Registered 29 June 2017)


Atlantic Solway Holdings Ltd; investment holding company. (Registered 29 June 2017)

Cantco Ltd (100% owned Nameco); Lloyds insurance underwriting. (Registered 29 June 2017)

Courance Farms. (Registered 29 June 2017)

Edinburgh Self Storage Ltd. (Registered 29 June 2017)

Fishfigure Ltd; fishing app. (Registered 29 June 2017)

Mollin HEP Ltd; hydro-electric power. (Registered 29 June 2017)

7. (ii) Other shareholdings, valued at more than £70,000

Hotspace Health Ltd; wellness studio. (Registered 29 June 2017)

Jardine Matheson Holdings; industrial conglomerate. (Registered 29 June 2017)

One Rebel Ltd; fitness club. (Registered 29 June 2017)

Privet Capital Aeromet LP; supplier of aluminium and magnesium castings. (Registered 29 June 2017)

Privet Capital Pyser LP; supplier of precision optical and electro-optical equipment. (Registered 29 June 2017)

Rars Woodlands Ltd; Christmas tree grower. (Registered 29 June 2017)

Rars Woodlands 2 Ltd; Christmas tree grower. (Registered 29 June 2017)

Rars Woodlands 3 Ltd; Christmas tree grower. (Registered 29 June 2017)

Thomas Murray Network Management Ltd; custody rating on the global securities services industry. (Registered 29 June 2017)

Zhongsheng Holdings; automobile distributor. (Registered 29 June 2017)

8. Miscellaneous

Director (unpaid) of Atlantic Salmon Trust, a charity for the conservation of wild salmon. (Registered 29 June 2017)

Chairman (unpaid) of Fisheries Management Scotland, an umbrella organisation for all fishery boards and trusts in Scotland. (Registered 29 June 2017)

Chairman (unpaid) of River Annan Trust, a charity promoting conservation work in the River Annan Catchment. (Registered 29 June 2017)

Chairman (unpaid) of the River Annan and District Salmon Fishery Board. (Registered 29 June 2017)

Director (unpaid) of Atlantic Solway Holdings Ltd; investment holding company. (Registered 07 July 2017)

Director (unpaid) of Cantco Ltd; Lloyds insurance underwriting. (Registered 07 July 2017)

Malthouse, Kit (North West Hampshire) 1. Employment and earnings

I receive £40,000 p.a. until further notice as Chairman and founder of County Finance Group Ltd, and its associated companies of which I am also a director: County Asset Finance Ltd, County Plant and Equipment Sales Ltd and County Business Finance Ltd, all of Midland Court, Central Park, Lutterworth LE17 4PN. My remuneration is paid on behalf of the Group by County Asset Finance Ltd which also provides me with approximately £10,000 of taxable benefits. Hours: between 10 hrs and 35 hrs a month. (Registered 02 June 2015)

5 July 2016, £250 paid direct to local charity by Hume Brophy International Communications Consultancy, 1 Fetter Lane, London EC4A 1BR. This was in return for a speech I gave, as Chair of the APPG for Life Sciences. Hours: 1.5 hrs. (Registered 15 July 2016)

8 December 2016, £300 paid direct to local charity by Montfort, Berkeley Square House, Berkeley Square, London W1J 6BD, for delivering a speech and Q&A session on 17 October 2016, in my role as Chair of the APPG for Life Sciences. Hours: approx. 1.5 hrs. (Registered 02 February 2017)


Name of donor: Medical Aid for Palestinians

Address of donor: 33a Islington Park Street, London N1 1QB

Estimate of the probable value (or amount of any donation): flights, accommodation, food and transport with a total value of £1,230

Destination of visit: West Bank and Israel

Dates of visit: 19-23 September 2016

Purpose of visit: Fact finding visit organised by the Council for Arab-British Understanding and Medical Aid for Palestinians.

(Registered 18 October 2016)


County Finance Group Ltd; provision of equipment finance. (Registered 02 June 2015)

County Business Finance Ltd; provision of equipment finance. (Registered 02 June 2015)

Additional declarations made at first Committee Meeting (14 September 2017)

I am an "approved person" by the Financial Conduct Authority and a member of the Institute of Chartered Accountants in England and Wales.

Both companies declared in section 7 (i) are regulated by the Financial Conduct Authority.

Customer (commercial and personal) of Royal Bank of Scotland.

Mann, John (Bassetlaw) 1. Employment and earnings

Payments from Ipsos MORI, 79-81 Borough Road, London SE1 1FY, following the completion of surveys. Payment made to Bassetlaw CLP:

22 August 2016, received £200. Hours: 15 mins. (Registered 22 August 2016)


Name of donor: Sir Trevor Chinn





Name of donor: GMB Midland & East Coast Region

Address of donor: 542 Woodborough Road, Nottingham NG3 5FJ


Donor status: trade union


Name of donor: Community Union

Address of donor: 465c Caledonian Road, London N7 9GX





Name of donor: The PCAA Foundation

Address of donor: PO Box 4015, London W1A 6NH

Amount of donation (or estimate of the probable value): Flight plus one nights accommodation, value £4,500

Destination of visit: Washington DC

Date of visit: 5-7 June 2016

Purpose of visit: invited by the American Jewish Committee to inform their annual congress of my parliamentary work as Chair of the All-Party Parliamentary Group Against Anti-Semitism.

(Registered 15 September 2016)

Name of donor: (1) The PCAA Foundation (2) Qatari Ministry of Foreign Affairs

Address of donor: BM5369 London WC1N3XX (2) Doha, Qatar

Estimate of the probable value (or amount of any donation): (1) Flights £1,550; hotels/meals £954; transport: £463; total £2,967 (2) Two nights accommodation in Doha with an estimated value of £400

Destination of visit: Israel and the Palestinian Territories, Qatar

Dates of visit: 2-8 January 2017

Purpose of visit: APPG Against Antisemitism delegation to discuss and seek out good practice in addressing antisemitism and racism in football and on the internet.

(Registered 13 January 2017)

Name of donor: The PCAA Foundation

Address of donor: BM5369 London WC1N3XX

Estimate of the probable value (or amount of any donation): Flights £202.50; hotels/meals £113; transport £68; total £383.50

Destination of visit: The Vatican, Rome

Dates of visit: 19-20 March 2017

Purpose of visit: Delegation of MPs with the APPG Against Antisemitism to visit the Vatican to discuss Christian responses to antisemitism.


9. Family members employed and paid from parliamentary expenses

I employ my wife, Joanna White, as Office Manager.

McGovern, Alison (Wirral South) 2. (a) Support linked to an MP but received by a local party organisation or indirectly via a central party organisation

Name of donor: Communication Workers Union

Address of donor: 150 the Broadway, London SW19 1RX

Amount of donation or nature and value if donation in kind: £2,000 in monthly instalments of £166.67 between September 2015 and August 2016


(Registered 18 December 2015)

Name of donor: Communication Workers Union

Address of donor: 150 the Broadway, London SW19 1RX

Amount of donation or nature and value if donation in kind: £2,000 in monthly instalments of £166.67 between September 2016 and August 2017



Name of donor: Communications Workers Union

Address of donor: 150, the Broadway, London SW19 1RXAmount of donation or nature and value if donation in kind: £4,000



Name of donor: UNISON

Address of donor: 1st Floor Congress House, Great Russell Street, London WC1B 3LS




Name of donor: Musicians' Union

Address of donor: 33 Palfrey Place, London SW8 1PE




Name of donor: Betterworld Ltd

Address of donor: 14, St Mary's Street, Stamford, Lincolnshire PE9 2DE




Name of donor: More United Ltd

Address of donor: 32 Great Peter Street, London SW1P 2DB




Name of donor: Lord Matthew Oakeshott





McKinnell, Catherine (Newcastle upon Tyne North) 2. (a) Support linked to an MP but received by a local party organisation or indirectly via a central party organisation

Name of donor: GMB

Address of donor: 1 Mosley Street, Newcastle upon Tyne, NE1 1YE




2. (b) Any other support not included in Category 2(a)

Name of donor: Catholic Bishops’ Conference of England and Wales

Address of donor: 39 Eccleston Square, London SW1V 1BX

Amount of donation or nature and value if donation in kind: an educational allowance of £5,330 and accommodation provided for an intern in my parliamentary office for 10 months: October 2016 – July 2017

Date received: 10 October 2016

Date accepted: 10 October 2016

Donor status: registered charity



Joint owner of residential rented property in Northumberland: (i).

8. Miscellaneous

Solicitor (currently non-practising).

Morgan, Nicky (Loughborough) 1. Employment and earnings

Payments from the BBC, New Broadcasting House, Portland Place, London W1A 1AA:

22 November 2016, received £150 for appearing on 'Any Questions' on 4 November 2016. Hours: 2 hrs. (Registered 05 December 2016)

26 July 2017, received £150 for appearing on 'Any Questions' on 14 July 2017. Hours: 2 hrs. (Registered 11 September 2017)

23 December 2016, received £5,000 from the University of Birmingham, Edgbaston, Birmingham B15 2TT, for speaking at a seminar and dinner. Hours: 5 hrs. (Registered 11 January 2017)

17 March 2017, received £1,000 from LaingBuisson (healthcare research company), 29 Angel Gate, 326 City Road, London EC1V 2PT, for speaking at a conference on 8 February 2017. Hours: 2 hrs. (Registered 22 March 2017)

Speaking engagements arranged through STH Management Ltd, Donington Hall, Castle Donington, Derby DE74 2SG. I consulted ACoBA about my agreement with this company:

29 March 2017, received £2,550 from Automotive Fellowship International, 7 Old Square, Warwick CV34 4RA, for speaking at their conference. Hours: 6 hrs. (Registered 28 April 2017)

8 May 2017, received £2,250 from Worldwide Business Research Ltd, 129 Wilton Road, London SW1V 1JZ, for speaking at Tradetech, a conference organised by the payer. Hours: 5 hrs including preparation. (Registered 06 July 2017)


Name of donor: J T Leavesley Ltd

Address of donor: Ryknield House, Alrewas, Burton on Trent DE13 7AB




Name of donor: Blue Skies Investment Ltd

Address of donor: Nene House, 4 Rushmills, Northampton NN4 7YB




Name of donor: Regents House Ltd

Address of donor: 167 Imperial Drive, Harrow HA2 7HD




Name of donor: 3R Construction

Address of donor: Sitel House, 3-6 Cettle Market, Loughborough LF11 3DL





Name of donor: (1) Conservative Friends of Israel Ltd (2) Israeli Ministry of Foreign Affairs

Address of donor: (1) PO Box 72288, London SW1P 9LB (2) 9 Yitzhak Rabin Blvd., Kiryat Ben-Gurion, Jerusalem 9103001

Estimate of the probable value (or amount of any donation): (1) Air travel for myself, plus VIP airport service, accommodation, hospitality and tour of the Dead Sea, for myself, my husband and son, total value £3,500 (2) Bus travel, of which my husband and son had one day's use, value £650

Destination of visit: Israel and the West Bank

Dates of visit: 12-17 February 2017

Purpose of visit: Fact finding political delegation.


Name of donor: Unicef UK

Address of donor: 30A Great Sutton Street, London EC1V 0DU

Estimate of the probable value (or amount of any donation): Flights and hotel with a value of £587.44

Destination of visit: Athens, Greece

Dates of visit: 29 March - 1 April 2017

Purpose of visit: To see Unicef's work in Athens and discuss the UK's role in tackling the refugee crisis.

(Registered 25 April 2017)


From 7 July 2017, Cotes Consult Ltd; corporate advisory services. (Registered 11 September 2017)

8. Miscellaneous

Unpaid director of Loughborough Wellbeing C.I.C. (Registered 11 September 2017)

From 7 July 2017, unpaid director of Cotes Consult Ltd. (Registered 11 September 2017)

11 October 2017

Ali, Rushanara (Bethnal Green and Bow) 2. (a) Support linked to an MP but received by a local party organisation or indirectly via a central party organisation

Name of donor: Bamfords Trust plc

Address of donor: Church Down Chamber, Bordyke, Tunbridge TN9 1NR

Amount of donation, or nature and value if donation in kind: £5,000



Name of donor: Nurun Nabi






Two residential properties in London: (i) and (ii). (Registered 16 September 2014)

Additional declarations made at first Committee Meeting (11 October 2017)

Chair of UpRising Leadership. A national youth leadership and employability charity.

Hosie, Stewart (Dundee East) 3. Gifts, benefits and hospitality from UK sources

Name of donor: Dundee United Football Club

Address of donor: Tannadice Park, Dundee DD3 7JW

Amount of donation or nature and value if donation in kind: Entry to Tannadice and hospitality for the season, value £500



Donor status: company, registration SCO13690


Name of donor: Dundee United Football Club

Address of donor: Tannadice Park, Dundee DD3 7JW

Amount of donation or nature and value if donation in kind: Entry to Tannadice and hospitality for the current season for myself and an occasional guest, value £500

Date received: 6 August 2016

Date accepted: 6 August 2016

Donor status: company, registration SCO13690


Streeting, Wes (Ilford North) 2. (a) Support linked to an MP but received by a local party organisation or indirectly via a central party organisation


Address of donor: 130 Euston St, Euston NW1 2AY

Amount of donation or nature and value if donation in kind: the printing of leaflets for MP’s annual report, value £3,472.50





Amount of donation or nature and value if donation in kind: printing of leaflets for King George Hospital A&E Campaign, value £736



Name of donor: Unite the Union

Address of donor: 33-37 Moreland Street, London EC1V 8BB

Amount of donation or nature and value if donation in kind: postage with a value of £8,960.55




Address of donor: 130 Euston Road, London NW1 2AY




Name of donor: Community Union

Address of donor: 465 Caledonian Road, London N7 9GX




Name of donor: Global Diversity Awards Ltd

Address of donor: 28 Huntsworth Mews, London NW1 6DB




Name of donor: GMB

Address of donor: 22 Stephenson Way, Euston, London NW1 2HD




Name of donor: Henry Tinsley





Name of donor: M S Events

Address of donor: 114.116 Goodmayes Road, Ilford IG3 9UZ

Amount of donation or nature and value if donation in kind: use of a marquee to the value of £4,850





Amount of donation, or nature and value if donation in kind: printing of leaflets with a value of £2,205.50




Name of donor: Peter Hearn



Date received: 27 April 2017

Date accepted: 4 May 2017



Name of donor: B M Creative Management Ltd

Address of donor: 81 Aldwych, London WC2B 4HN


Date received: 28 April 2017




Name of donor: Lord Matthew Oakeshott



Date received: 9 May 2017





Name of donor: (1) The Great Britain China Centre with sponsorship by Prudential plc; (2) The All China Youth Federation

Address of donor: (1) 15 Belgrave Square, London SWIX 8PS; (2) 10, Qianmen Dong Dajie, Beijing, 100051, People’s Republic of China

Estimate of the probable value (or amount of any donation): (1) Flights and local transport with a value of £642.50; (2) Flights and local transport £642.50, plus accommodation £889, food and drink £178 and meetings (inc. interpretation, venue hire, equipment) £1,333, total £3,042.50

Destination of visit: China

Dates of visit: 5 – 9 December 2016

Purpose of visit: To attend the 2016 UK-China Young Leaders Roundtable and the UK-China People-to-People Dialogue, building UK-China partnership in youth, reform, innovation and entrepreneurship.


Name of donor: Falkland Islands Government

Address of donor: The Secretariat, Stanley, Falkland Islands FIQQ 1ZZ

Estimate of the probable value (or amount of any donation): Return flights; in-country transportation; four nights' accommodation; meals and sundries; transport in the UK; total value £3,124.55

Destination of visit: Falkland Islands

Dates of visit: 16-22 February 2017

Purpose of visit: Familiarisation.


10. Family members engaged in lobbying the public sector on behalf of a third party or client

My partner, Joseph Dancey, is a self-employed communications and public affairs adviser. (Registered 28 January 2016)

Additional declarations made at Committee Meeting (28 November 2017)

Councillor representing London Borough of Redbridge, Aldborough Ward (unpaid).

Vice President of Local Government Association (unpaid).

21 February 2018

Clarke, Mr Simon (Middlesbrough South and East Cleveland) 1. Employment and earnings

Payment of £200 expected from Ipsos MORI, 3 Thomas More Square, London E1W 1YW, for completing the Winter 2017 Survey on 23 November 2017. Hours: approx. 1 hr. This fee will be paid direct to my campaign fund. (Registered 15 December 2017)


Name of donor: Tees Components Ltd

Address of donor: Bolkow Street, North Skelton, Saltburn-by-the-Sea, Cleveland TS12 2AP




Name of donor: Jeremy J Hosking





Name of donor: Lord Stanley Kalms






Name of donor: Tees Components Ltd

Address of donor: Bolckow Street, North Skelton, Saltburn by the Sea, Cleveland TS12 2AP


Date received: 2 November 2017

Date accepted: 3 November 2017


(Registered 15 November 2017)

Appendix II

Current Specialist Advisors’ Declarations of Interests

11 October 2017

Andrew Green QC

Andrew Green QC has no relevant interests to declare, financial or otherwise, related to the work of the Treasury Committee.

Fraser Campbell

Fraser Campbell has no relevant interests to declare, financial or otherwise, related to the work of the Treasury Committee.

Former Specialist Advisors’ Declarations of Interests

14 September 2017

Ian Dilks (14 September 2017–16 April 2018)

Ian Dilks has declared the following interests: Non-Executive Director of Royal London Insurance Mutual Insurance; and Chair of NHS Resolution.

Ian Marshall (14 September 2017–16 April 2018)

Ian Marshall has declared the following interests: Senior advisor at the PRA (not involved with policy) Non-Executive Director an Insurance Company (General Insurance)

David Murray (14 September 2017–16 April 2018)

David Murray has no relevant interests to declare, financial or otherwise, in the area of insurance.

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