Tag: Treasury

The press release issued by HM Treasury on 18 August 2023.

The vast majority of people and businesses are set to be no further than three miles away from withdrawing cash under a new framework set out by the Treasury.

• government protects cash access services, free of charges, across the UK
• new minimum expectation for cash-users set out by City Minister
• vulnerable cash users protected by Financial Conduct Authority (FCA)

The vast majority of people and businesses are set to be no further than three miles away from withdrawing cash under a new framework set out by the Treasury.

A government statement published today (18 August 2023) set the minimum expectations on banks to protect services for people and businesses wanting to withdraw or deposit cash.

They can expect to withdraw cash without any fees – something that has been set out in law.

As part of this move, the Financial Conduct Authority (FCA) has been provided new powers by the government to protect the provision of cash access services. This includes protecting cash access without any fees for those who hold personal current accounts.

Building on laws granted through the government’s Financial Services and Markets Act 2023, the FCA will use these newfound powers to make sure banks and building societies are keeping up to these standards – and have the power to fine them if they do not.

While the country is moving further away from using coins and notes with the number of online payments rising from 45% to 85% in the past ten years, cash can still be an integral part of many businesses and people’s lives.

Economic Secretary to the Treasury, Andrew Griffith, said:

Whilst the growing choice and convenience of digital payments is great, cash has an important and continuing role to play. That’s why we are taking action to protect access to cash in law and laying out that this means fee-free withdrawals and the availability of cash facilities within a reasonable distance.

People shouldn’t have to trek for hours to withdraw a tenner to put in someone’s birthday card – nor should businesses have to travel large distances to deposit cash takings.

These are measures which benefit everyone who uses cash but particularly those living in rural areas, the elderly and those with disabilities.

As it stands, the vast majority of people living in urban areas can access cash deposit and withdrawal services within one mile; with rural-dwellers around three miles away. Today’s policy statement makes clear that the FCA should use its powers to maintain this level of coverage, while recognising that needs may differ by location and change over time.

It also makes clear that – if a service is withdrawn and a replacement service is needed – this should be put in place before the closure takes place.

The FCA is also required to ‘have regard’ to local deficiencies in cash access. The policy statement sets out that the regulator should consider factors such as the opening hours and distance to cash access services, as well as the need for in-person assistance.

Laws introduced in the Financial Services Act 2021 have delivered cashback in over 2,500 shops across the UK – without any need to buy something in store – through the LINK network.

The press release issued by HM Treasury on 15 August 2023.

Colin Hulme, 44, from Stoke-on-Trent, was sentenced to 12 months imprisonment, suspended for 24 months, at Stoke Crown Court on 4 August 2023, after failing to keep accounting records for his business. He will also have to undertake 150 hours of unpaid work in addition to his sentence, and pay £5,000 towards prosecution costs.

Hulme was sole director of KDM & Sons Ltd, which bought and sold PlayStations, mobile phones and computer hard drives, from April 2016 until the company went into liquidation in 2017.

However, following the company’s closure, Hulme failed to deliver up sufficient company records to either the liquidator or the Insolvency Service to establish why the business had failed, or even when it had ceased trading.

Hulme had previously claimed that he had handed over three boxes of books and records to the liquidator’s offices in Sutton Coldfield, yet there was no record of this delivery.

Julie Barnes, Chief Investigator at the Insolvency Service, said:

Any business owner should ensure they have proper financial record keeping in place, but for directors of limited companies this is a specific legal requirement.

There are no excuses and as Colin Hulme has discovered, a failure to do so can and will result in a criminal conviction.

Without the necessary invoices or cash book, neither the liquidator nor the Insolvency Service investigators were able to determine whether deposits of approximately £2,218,300 into the company’s bank account between June 2016 and June 2017 were from genuine sales of electronic equipment, nor whether outgoings of around £2,236,800 from the same account were legitimate business expenditure.

At the end of November 2016, the company owed £2,776,209 in tax. This amount was never paid, and the court heard that investigators were not able to establish whether the tax assessment should in fact have been higher. Nor could the accuracy of the company’s Statement of Affairs, submitted to Companies House, be verified, so investigators were unable to determine whether the company had any recoverable assets to pay back creditors.

Hulme had earlier accepted a disqualification undertaking from the Secretary of State in August 2019, but was later charged with a breach of the Companies Act 2006 due to the criminal nature of his misconduct. He was sentenced by Recorder Macadam.

Background

• Colin Hulme is of Stoke-on-Trent. His date of birth is October 1979.
• KDM & Sons Limited (company number 08029284)
• Sentenced for breach of duty (under s386 Companies Act 2006) to keep accounting records contrary to section 387(1) of the Companies Act 2006

The press release issued by HM Treasury on 15 August 2023.

Taxpayers who are unsure if they need to submit a Self Assessment tax return can use HMRC’s online tool to help them work out what they need to do.

If someone has had a change in circumstances, then they might need to complete their first ever Self Assessment tax return for the 2022 to 2023 tax year, HM Revenue and Customs (HMRC) is reminding people.

Taxpayers can use the quick and easy free online checking tool on GOV.UK and register with HMRC by 5 October if they do need to self-assess. Taxpayers can also use it if they think they may not need to complete one this year too.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said:

It is important that taxpayers check if they need to complete a Self Assessment tax return so they can pay the right amount of tax owed and avoid penalties for not filing a return. It is quick and easy to check by using the interactive tool on GOV.UK – there is no need to ring us.

Taxpayers may need to complete a tax return if they:

• are newly self-employed and have earned more than £1,000
• have multiple sources of income
• have received any untaxed income, for example earning money for creating online content
• earn more than £100,000 a year
• earn income from property that they own and rent out
• are a new partner in a business partnership
• are claiming Child Benefit and they or their partner have an income above £50,000
• receive interest from banks and building societies (more than £10,000)
• receive dividends in excess of £10,000
• need to pay Capital Gains Tax
• are self-employed and earn less than £1,000 but wish to pay Class 2 NICs voluntarily to protect their entitlement to State Pension and certain benefits

The online checking tool can also be used by those who may no longer need to do Self Assessment, including if they:

• gave up work or retired
• are no longer self-employed
• earn below the minimum income thresholds

If taxpayers no longer think they need to complete a Self Assessment tax return for the 2022 to 2023 tax year, they should tell HMRC before the deadline on 31 January 2024 to avoid any penalties.

Taxpayers can register for Self Assessment on GOV.UK. Once registered, they will receive their Unique Taxpayer Reference, which they will need when completing their tax return.

HMRC has wide range of resources to help taxpayers file a tax return including a series of video tutorials on YouTube and a new step by step guide. for anyone that is filing for the first time.

Taxpayers need to be aware of the risk of falling victim to scams and should never share their HMRC login details with anyone, including a tax agent, if they have one. HMRC scams advice is available on GOV.UK.

The press release issued by HM Treasury on 14 August 2023.

Chancellor of the Exchequer, Jeremy Hunt, today (14 August) announces his nomination of Tom Josephs for appointment as a member of the Budget Responsibility Committee (BRC) at the Office for Budget Responsibility (OBR), replacing Andy King who will step down on 31 August 2023.

The press release issued by HM Treasury on 11 August 2023.

Stephen Oleksewycz acted as director of an events promotion business whilst an undischarged bankrupt, and also committed fraud offences.

Stephen Oleksewycz, 39, from Halifax, was sentenced to 27 months imprisonment, at Leeds Crown Court on 3 August 2023, for fraud offences and acting as a company director while an undischarged bankrupt. He was also required to pay compensation within three months to the two creditors he defrauded.

Oleksewycz started in the events promotion industry following his retirement as a professional footballer due to injury. He established his company, ‘An Exp With Ltd’, in February 2016 with himself as sole director but he was made bankrupt later that year due to an outstanding debt of over £16,000.

Individuals who have gone bankrupt are subject to certain restrictions, in particular it is a criminal offence for a bankrupt to act as a company director, or to manage or promote a company, without express permission obtained at court.

Oleksewycz did not have permission, however he continued to act as a director of An Exp With Ltd, which he used to deliver ‘An Experience With’ event in February 2017 involving Conor McGregor, the mixed-martial arts fighter.

The fraud offences related to this event, where Oleksewycz sent fake documents to the venue company, EventCity, and the company streaming the event, Groovy Gecko.

When both companies contacted Oleksewycz to advise they had not received their fees to run the event, Oleksewycz sent them doctored bank documents purporting to show the payments had been made, as a stalling tactic in the days leading up to the event. This succeeded, and both companies felt they had to proceed in the hope the lack of payments were due an honest mistake and would be addressed, or risk the event collapsing.

However, after the event took place Groovy Gecko did not receive any payment and was owed over £15,000. EventCity was paid just £5,000 of the outstanding total, which was nearly £80,000. Both companies were then informed that An Exp With Ltd had gone into liquidation.

Glenn Wicks, Chief Investigator at the Insolvency Service, said:

Acting as a company director while being an undischarged bankrupt is a serious offence, and to compound this Stephen Oleksewycz deliberately defrauded two businesses who gave him the benefit of the doubt to run an event despite their concerns about his behaviour.

Oleksewycz had initially pleaded not guilty when the case was first heard at Leeds Magistrates’ Court on 23 February 2021. However when the case eventually came to trial at Leeds Crown Court in June 2022, he entered a guilty plea for these offences while other charges against him were dropped.

Background

• Stephen Oleksewycz is of Halifax. His date of birth is February 1983.
• An Exp With Ltd (company number 09988094)
• Oleksewycz pleaded guilty to the following specific offences:

1. Company Directors Disqualification Act 1986 section 11 – acting as a director whilst an undischarged bankrupt – 13 months
2. Fraud Act 2006 section 11 – obtaining services dishonestly – 27 months
3. Fraud Act 2006 section 11 – obtaining services dishonestly – 27 months
4. Insolvency Act 1986 section 206 – fraud during the course of winding up – 16 months
5. Insolvency Act 1986 section 206 – fraud during the course of winding up – 16 months

All to be served concurrently making overall sentence of 27 months.

The press release issued by HM Treasury on 9 August 2023.

UK-backed price cap on Russian oil and oil products is successfully undermining Putin’s ability to fund his illegal war in Ukraine, according to official data collated six months on from implementation.

• The oil price cap is significantly impacting Russia’s ability to use oil to finance its illegal war.
• 45% plunge in Russian Finance Ministry energy revenues.
• UK continues to monitor effectiveness of the cap alongside its Coalition partners amid expected market price fluctuations.

UK-backed price cap on Russian oil and oil products is successfully undermining Putin’s ability to fund his illegal war in Ukraine, according to official data collated six months on from implementation.

Russian government income declined by over 20% between January and March 2023 compared to a year ago. The Russian Ministry of Finance posted a 45% plunge in government energy revenues in the same period.

According to the International Energy Agency’s Oil Market Report for July 2023, Russian oil export revenues were down by $1.5 billion month-on-month in June to $11.8 billion (down $9.9 billion year-on-year).

Independent research by the Centre for Research on Energy and Clean Air has estimated that the price cap on crude oil is costing Russia around €160 million per day.

Treasury Lords Minister Baroness Penn said:

The oil price cap is succeeding in its dual objectives – bearing down on Putin’s most lucrative source of revenues that could otherwise be used to fund his illegal war, while ensuring that vulnerable countries can continue to secure affordable oil.

The oil price cap forms a critical part of the largest and most severe package of sanctions ever imposed on a major economy. We will continue to keep the pressure on Russia alongside our international partners.

The G7 and Australia (G7+), who collectively constitute the Price Cap Coalition, agreed to cap the price of Russian seaborne oil and refined oil products in September 2022 as a way to undermine Putin’s ability to fund his illegal war in Ukraine through inflated global oil prices, while ensuring that third countries can continue to secure affordable oil. The crude oil price cap and high- and low-value refined oil price caps (collectively referred to as the G7+ oil price cap) were introduced on 5 December 2022 and 5 February 2023 respectively.

UK guidance has been periodically updated to assist market participants with implementation of, and compliance with, the cap, and OFSI will continue to engage collaboratively with industry partners to ensure as much clarity is provided as possible.

Recent routine fluctuations in oil prices have seen the average price of Urals rise above the G7+ cap level. For any above-cap trades, Russia will face significant headwinds in securing alternative service providers, with data from market intelligence provider Argus indicating that the cost to Russia of moving its product is considerable. This added burden on Russia will continue to contribute to depressed revenues.

The Price Cap Coalition continues to monitor the effectiveness of the price cap and is prepared to review and adjust the measure as appropriate to ensure that it continues to meet its twin goals.

The cap sits alongside an extensive range of measures the UK has taken against Russia. The UK has sanctioned over 1600 individuals and entities involved in Russia’s invasion and sanctioned over £20 billion of UK-Russia goods trade compared to 2021.

Further Information

• The price cap was legislated for in the “The Russia (Sanctions) (EU Exit) (Amendment) (No. 16) Regulations 2022” laid on 3 November 2022. The crude oil price cap was introduced on 5th December 2022, with the high-value and low value refined oil products price caps following on 5th February 2023.
• The UK has banned the import of Russian oil and oil products into our markets. As such the oil price cap mechanism only applies to UK persons that transport or provide associated services that facilitate the transportation of Russian oil and oil products to and between third countries.
• Alongside this update OFSI is publishing updated compliance forms, and instructions for using them, for the maritime services ban and Oil Price Cap to assist industry in complying with their obligations and monitoring implementation (see Russian Oil Services ban)

The press release issued by HM Treasury on 2 August 2023.

The UK and Scottish governments have agreed on an updated Fiscal Framework, enabling the Scottish Government to invest further in key infrastructure.

• UK Government will continue to top-up the Scottish Government’s tax revenues, worth £1.4 billion last year, as a benefit of strength and scale of the UK.
• Boost to borrowing powers and backing of Barnett formula will build a better future for Scotland and help to grow the economy.
• Chief Secretary to the Treasury John Glen hails a fair and responsible deal in line with the Prime Minister’s economic priorities.

The UK and Scottish Governments have today, 2 August, reached an agreement on an updated Fiscal Framework.

Holyrood’s capital borrowing powers will rise in line with inflation, enabling the Scottish Government to invest further in schools, hospitals, roads and other key infrastructure that will help to create better paid jobs and opportunity in Scotland.

The new deal maintains the Barnett formula, through which the Scottish Government receives over £8 billion more funding each year than if it received the levels of UK Government spending per person elsewhere in the UK. It also updates funding arrangements in relation to court revenues and the Crown Estate.

Chief Secretary to the Treasury, John Glen, said:

“This is a fair and responsible deal that has been arrived at following a serious and proactive offer from the UK Government.

“We have kept what works and listened to the Scottish Government’s calls for greater certainty and flexibility to deliver for Scotland.

“The Scottish Government can now use this for greater investment in public services to help the people of Scotland prosper. These are the clear benefits of a United Kingdom that is stronger as a union.”

The generous funding arrangements for tax will be continued, with the Scottish Government continuing to keep every penny of devolved Scottish taxes while also receiving an additional contribution from the rest of the UK.

Under the previous Fiscal Framework, the Scottish Government could borrow £450 million per year within a £3 billion cap, as well as receiving a Barnett-based share of UK Government borrowing. Going forward these amounts will instead rise in line with inflation, which supports additional investment across Scotland and lays the foundations for economic growth.

The UK Government has listened to calls from the Scottish Government for greater certainty and flexibility to help them manage their Budget and agreed a permanent doubling of the resource borrowing annual limit from £300 million to £600 million. Limits on how much can be withdrawn from the Scotland Reserve to spend in future years will also be removed. This will boost spending through borrowing by £90 million in 2024/25. All future limits will increase in line with inflation.

Scottish Secretary Alister Jack said: “The renewed Fiscal Framework shows what can be achieved when there is a collaborative focus on delivering economic opportunity and why we are stronger and more prosperous as one United Kingdom.

“The deal – worth billions of pounds to Scotland over the coming years – builds upon work to support economic growth, provide more high skill jobs, investment and future opportunities for local people, such as the establishment of Investment Zones and Freeports in Scotland.

“The UK Government knows that high prices are still a huge worry for families. That’s why we’re sticking to our plan to halve inflation, reduce debt and grow the economy.  As well as providing targeted cost of living support, we are directly investing more than £2.4 billion in hundreds of projects across Scotland as we help level up the country.”

As both governments continue to work together to tackle challenges like the cost of living, an updated Fiscal Framework equips the Scottish Government with the instruments for growth while protecting the wider public finances.

The press release issued by HM Treasury on 1 August 2023.

Sarah will take up her role at the Bank on 1 November 2023, after the appointment was approved by His Majesty The King.

The Chancellor has announced that Sarah Breeden will succeed Sir Jon Cunliffe as the next Deputy Governor for Financial Stability (DGFS) at the Bank of England.

His Majesty The King has approved the appointment.

Sarah will take up her role at the Bank on 1 November 2023 for a term lasting five years.

The new Deputy Governor for Financial Stability will lead the Bank of England’s work on financial stability, will sit on the Financial Policy Committee (and chair it in the Governor’s absence) the Monetary Policy Committee and the Prudential Regulation Committee and play a key role in providing a link between financial stability and monetary policy.

Sarah will also be a member of the Court of the Bank of England, Chair the Financial Market Infrastructure Board, and represent the Bank of England on a number of national and international bodies.

Sarah will succeed Sir Jon Cunliffe, who has served since 2013.

Jeremy Hunt, Chancellor of the Exchequer, said:

“I am pleased to appoint Sarah Breeden as the next Deputy Governor of the Bank of England who brings extensive experience to the role including from her work as a member of the FPC and across monetary, economic and financial matters.

“I want to thank Sir Jon Cunliffe for his decade of service as Deputy Governor of the Bank of England. Over the last 10 years, he has led the Bank’s work on delivering financial stability and has played a key role in ensuring Britain’s financial services are well placed to thrive in the future.”

Andrew Bailey, Governor of the Bank of England, said:

“I am delighted that Sarah has been appointed as DGFS. She will bring a wealth of financial and economic policy knowledge to the role, both domestically and internationally.”

About the appointments

The Bank of England is the central bank of the UK. It is governed by the board of directors known as the Court of Directors. Further information can be found at the Bank of England website.

The Deputy Governor for Financial Stability is appointed by His Majesty the King, on the recommendation of the Prime Minister and the Chancellor of the Exchequer.

The role is subject to pre-commencement scrutiny by the Treasury Select Committee.

Public appointments are made on merit following a fair and open competition process.

About Sarah Breeden

Sarah is currently at the Bank of England, serving as Executive Director for Financial Stability Strategy and Risk and a member of the Financial Policy Committee (FPC). Prior to her current role, Sarah was the Executive Director responsible for supervising UK Deposit Takers, and before that was responsible for the supervision of the International banks. Sarah is also a trustee of the Education Endowment Foundation.

Footnotes

Following the principles in the Governance Code, there is a requirement for appointees’ political activity (if any is declared) to be made public. Sarah has confirmed she has not engaged in any political activity in the last five years.

The press release issued by HM Treasury on 1 August 2023.

Over 38,000 UK pubs and bars have seen a tax cut on the pints they pull from today (1 August 2023) as the government’s historic alcohol duty changes take effect.

The press release issued by HM Treasury on 27 July 2023.

HM Treasury and Monetary Authority of Singapore joint statement on the eighth meeting of the UK-Singapore Financial Dialogue.

London, 27 July 2023… The United Kingdom (UK) and Singapore held the 8th UK-Singapore Financial Dialogue in London yesterday. The Dialogue facilitated a useful exchange of views, and identified opportunities for further collaboration on joint projects, in priority areas such as sustainable finance and FinTech and innovation.

Sustainable Finance

Both countries agreed on the urgent need to develop approaches that facilitate and scale financing to support the transition of economies to net zero.

A. Transition Finance:

The UK and Singapore agreed that globally comparable and transparent transition plans that include credible forward-looking information can help reduce fragmentation, scale transition finance, and support sustainability in finance more generally. Both countries recognised the value of increased cooperation on transition plans to mobilise real economy emission reductions. The Monetary Authority of Singapore (MAS) provided updates on Singapore’s focus on scaling blended finance and addressing energy transition needs in Asia, MAS’ Finance for Net Zero Action Plan (FiNZ Action Plan) and initiatives to mobilise green and transition financing to catalyse Asia’s net zero transition. The UK provided updates on the Transition Plan Taskforce’s (TPT) work to finalise its disclosure framework and the TPT’s international engagement with governments and regulators on the international applicability of the framework alongside the International Sustainability Standards Board’s (ISSB) final standards.

B. International standards:

The UK and Singapore re-affirmed their continued support for a global framework of sustainability disclosures based on the ISSB final standards for general reporting on sustainability and for climate-related disclosures. Both countries are committed to implementing globally interoperable sustainability disclosures. Both sides also welcomed the International Organization of Securities Commissions’ (IOSCO) endorsement of the ISSB’s standards. It was recognised that a global framework for transition and sustainability disclosure standards is necessary to promote a simple, consistent, and effective regulatory environment for firms, regulators, and financial authorities. Both the UK and Singapore agreed to support the ISSB in implementing the standards and reaching its goal of achieving globally interoperable disclosure standards by, for example, supporting capacity building efforts and sharing experiences. Both countries also exchanged views on their respective Environmental, Social, and Governance (ESG) data and ratings codes of conduct which have been published for consultation[1]. The UK and Singapore agreed to explore how to deepen bilateral cooperation and promote global coordination and common expectations.

C. Nature and Biodiversity:

The UK and Singapore re-affirmed the need to deepen the understanding of nature and biodiversity loss and its impact on the financial sector. Both countries welcomed an upcoming joint research project on nature-related financial risks in Southeast Asia involving the University of Cambridge Institute for Sustainability Leadership (CISL) and the Singapore Green Finance Centre, which is co-managed by Imperial College Business School and Singapore Management University (SMU). The UK shared its efforts to quantify UK’s financial and economic risks from exposure to nature degradation through the work by the UK’s Green Finance Institute with support of the Bank of England (BoE) and Department for Environment, Food & Rural Affairs (DEFRA). The UK provided an update on the latest developments from the Taskforce on Nature-related Financial Disclosures (TNFD), ahead of the final publication of the TNFD framework in September 2023.

FinTech and Innovation

The UK and Singapore exchanged views on the latest developments on their respective work in the digital space.

A. Crypto and Digital Assets:

The UK and Singapore agreed to contribute to efforts to develop global regulatory standards for crypto and digital assets as part of international standard setting bodies such as IOSCO, and working groups under the Financial Stability Board (FSB), and welcomed the FSB recommendations on crypto-assets including stablecoins. The UK provided an update on its approach and industry feedback on the Future Financial Services Regulatory Regime for Crypto-assets consultation[2], and the regulatory rules for marketing crypto-assets[3]. Singapore shared its perspectives on regulatory developments on stablecoins and consumer protection measures for Digital Payment Token Services[4].

B. Central Bank Digital Currency (CBDC):

The UK and Singapore held a productive discussion on their respective approaches towards CBDC, with the UK updating on the “Digital Pound” consultation and plans for the current design phase. Singapore shared its approach towards exploring use cases for a digital Singapore Dollar, and efforts that are being undertaken to foster interoperability[5]. Singapore also provided an update on its exploration of wholesale CBDC[6] for cross-border foreign exchange settlement. Both countries will continue discussions and share insights and experiences.

C. Project Guardian:

Singapore shared the latest developments on its private-public sector collaborative initiative to test the potential and feasibility of asset tokenisation. Both countries agreed to consider future collaboration opportunities in this area.

D. E-Wallets:

The UK welcomed the outcome of MAS’ review of e-wallet caps, including the increase to the relevant limits imposed on e-wallets[7].

Cross-border Arrangement for selected Trading Venues

The UK provided an update on the cross-border arrangements between the UK and Singapore for exchanging information in relation to derivatives trading venues, which concerns (i) the UK’s and Singapore’s derivatives trading obligations; and (ii) the classification of regulated markets for the purpose of Exchange Traded Derivatives trading. Both countries acknowledged the value of continued cooperation to support the G20 OTC derivatives reforms.

The UK and Singapore renewed their commitment to engagement beyond the Dialogue through a series of roadmap engagements. Further cooperation was agreed on Sustainable Finance and FinTech and Innovation ahead of the next Financial Dialogue due to be held in Singapore in 2024.

An industry-led UK-Singapore business roundtable on sustainable finance took place on 25 July 2023. Industry participants discussed the financing opportunities and challenges in meeting net zero targets, and how the financial industry could help to address these.

The Dialogue was jointly chaired by Deputy Managing Director (Markets and Development) of MAS, Mr Leong Sing Chiong, and Director General (Financial Services) of HM Treasury (HMT), Ms Gwyneth Nurse. The Dialogue was attended by senior officials from MAS, HMT, BoE, Financial Conduct Authority, the High Commission of the Republic of Singapore in London, and the British High Commission in Singapore.

About the Monetary Authority of Singapore

The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. As a central bank, MAS promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector. As an integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors and financial market infrastructures. It is also responsible for well-functioning financial markets, sound conduct, and investor education. MAS also works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructures, adoption of technology, and upgrading of skills in the financial industry.

About HM Treasury

HM Treasury is the UK government’s economic and finance ministry, maintaining control over public spending, setting the direction of the UK’s economic policy and working to achieve strong and sustainable economic growth.

The department is responsible for:

• public spending: including departmental spending, public sector pay and pension, annually managed expenditure (AME) and welfare policy, and capital investment;
• financial services policy: including banking and financial services regulation, financial stability, and ensuring competitiveness in the City;
• strategic oversight of the UK tax system: including direct, indirect, business, property, personal tax, and corporation tax;
• the delivery of infrastructure projects across the public sector and facilitating private sector investment into UK infrastructure; and
• ensuring the economy is growing sustainably