Debate on VAT on sunscreen products
A Westminster Hall debate on ‘VAT on sunscreen products’ has been scheduled for Thursday 9 February 2023 at 3pm. The debate has been initiated by Amy Callaghan MP.

This briefing introduces the idea of 'cryptocurrencies' -- what they are, how they work, the benefits and challenges they offer, and how regulators have reacted to them.
Cryptocurrencies (684 KB , PDF)
‘Cryptocurrencies’ are often talked about but they’re not well-understood. In 2019, 73% of the UK population said they didn’t understand the idea.
What are cryptocurrencies?
‘Cryptocurrencies’ are a digital means of financial exchange. This briefing focuses on the ‘decentralised’ model used by Bitcoin, which is still dominant. In traditional currencies, governments and central banks guarantee to maintain confidence. Bitcoin replaces this with a public algorithm and technology. But being ‘decentralised’ means that there is nobody to take responsibility when things go wrong.
Most cryptocurrencies are very volatile in value and not suitable for everyday financial transactions. They are often used for speculative investment, and the overall market is comparatively small. It may be better to call them ‘crypto-assets’, ‘exchange tokens’ or ‘unregulated tokens’.
How do they work?
Users of cryptocurrencies receive public and private cryptographic keys and a ‘public address’. These enable them to make and accept transfers and to withdraw funds. Accounts are usually anonymous.
All cryptocurrencies use distributed ledger technology (DLT) to verify transactions. This involves multiple confirmations of transactions that are than added to a permanent record – the blockchain in the case of Bitcoin. Multiple checking is meant to make fraud next to impossible.
Benefits and challenges
Political and regulatory responses
The Bank of England and other authorities have strongly highlighted the consumer risks of cryptocurrencies. They have tended to play down their threat to established systems.
The Financial Conduct Authority (FCA) regulates some types of crypto-assets that function like shares or investments. Cryptocurrency exchanges must register with the FCA and follow anti money laundering regulations. The FCA can offer little further consumer protection.
Facebook and the Libra
In June 2019, Facebook announced the proposed launch of a new cryptocurrency, the Libra. They aimed to overcome some of the drawbacks described above. But the political and regulatory response has been very critical. Many partners have since withdrawn from the project.
Cryptocurrencies (684 KB , PDF)
A Westminster Hall debate on ‘VAT on sunscreen products’ has been scheduled for Thursday 9 February 2023 at 3pm. The debate has been initiated by Amy Callaghan MP.
Household debt: Data on the latest household debt statistics, including net lending, mortgage interest rates and insolvencies.
The Co-operatives, Mutuals and Friendly Societies Bill 2022-23 would allow mutual entities to reduce the risk of demutualisation by permitting them to specify what would happen to any remaining assets if the business is closed down.