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1124170

registered interest
date	01/05/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cash Dispensing: Fees and Charges
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps he is taking to ensure that reductions in the interchange rate do not result in free ATMs becoming pay ATMs.
tabling member constituency	Newcastle upon Tyne Central
tabling member printed	Chi Onwurah
uin	249934
answer	answer is ministerial correction date of answer 08/05/2019 answer text <p>Last year, Government launched a Call for Evidence on Cash and Digital Payments in the New Economy. One part of the wide range of evidence collected detailed the changing levels of cash usage. Responses showed that, although the proportion of cash transactions is expected to fall over the next 10 years, cash remains important in the lives of many people and businesses across the UK. That’s why the Government is committed to supporting digital payments, whilst safeguarding access to cash for those who need it. The Government is engaging, and will continue to engage, with the regulators and industry on this important topic.</p><p> </p><p>The Government has not made an assessment of the effect on poor households of free-to-use ATMs becoming pay-to-use. However, the Government-established Payment Systems Regulator (PSR) is closely monitoring developments in ATM provision, including those that are free-to-use. The PSR regulates LINK, the scheme which runs the UK’s ATM network, and has used its powers to hold LINK to account over LINK’s commitments to preserve the broad geographic spread of the ATM network.</p><p> </p><p>The PSR has set out requirements of LINK, including that any cuts to interchange fees (the fees which fund free-to-use ATMs) must be incremental, with action taken by LINK where the impact is not as expected. Having implemented two of the four planned incremental reductions to the interchange fee, LINK has cancelled the third reduction and put on hold the fourth. The PSR welcomed these adjustments, having stated that LINK must carefully review its decisions on interchange fees to reflect changing market conditions. These adjustments gave the PSR further assurances that LINK is committed to making sure communities do not lose their free-to-use ATMs.</p><p> </p><p>LINK has put in place specific arrangements to protect free-to-use ATMs more than 1 kilometre away from the next nearest free-to-use ATM. LINK has also enhanced its Financial Inclusion Programme by tripling the funding available to ATMs in the most deprived areas of the UK and undertaken new financial support for ATMs in remote and deprived areas.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 249935 249936 249937 question first answered 08/05/2019 14:29:23 answering member 4051 label Biography information for John Glen
tabling member	4124 label Biography information for Chi Onwurah

1124172

registered interest
date	01/05/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cash Dispensing: Fees and Charges
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has made an assessment of the effect on poorer households of recent increases in the number of free ATMs becoming pay ATMs; and if he will make a statement.
tabling member constituency	Newcastle upon Tyne Central
tabling member printed	Chi Onwurah
uin	249935
answer	answer is ministerial correction date of answer 08/05/2019 answer text <p>Last year, Government launched a Call for Evidence on Cash and Digital Payments in the New Economy. One part of the wide range of evidence collected detailed the changing levels of cash usage. Responses showed that, although the proportion of cash transactions is expected to fall over the next 10 years, cash remains important in the lives of many people and businesses across the UK. That’s why the Government is committed to supporting digital payments, whilst safeguarding access to cash for those who need it. The Government is engaging, and will continue to engage, with the regulators and industry on this important topic.</p><p> </p><p>The Government has not made an assessment of the effect on poor households of free-to-use ATMs becoming pay-to-use. However, the Government-established Payment Systems Regulator (PSR) is closely monitoring developments in ATM provision, including those that are free-to-use. The PSR regulates LINK, the scheme which runs the UK’s ATM network, and has used its powers to hold LINK to account over LINK’s commitments to preserve the broad geographic spread of the ATM network.</p><p> </p><p>The PSR has set out requirements of LINK, including that any cuts to interchange fees (the fees which fund free-to-use ATMs) must be incremental, with action taken by LINK where the impact is not as expected. Having implemented two of the four planned incremental reductions to the interchange fee, LINK has cancelled the third reduction and put on hold the fourth. The PSR welcomed these adjustments, having stated that LINK must carefully review its decisions on interchange fees to reflect changing market conditions. These adjustments gave the PSR further assurances that LINK is committed to making sure communities do not lose their free-to-use ATMs.</p><p> </p><p>LINK has put in place specific arrangements to protect free-to-use ATMs more than 1 kilometre away from the next nearest free-to-use ATM. LINK has also enhanced its Financial Inclusion Programme by tripling the funding available to ATMs in the most deprived areas of the UK and undertaken new financial support for ATMs in remote and deprived areas.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 249934 249936 249937 question first answered 08/05/2019 14:29:23 answering member 4051 label Biography information for John Glen
tabling member	4124 label Biography information for Chi Onwurah

1124174

registered interest
date	01/05/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cash Dispensing: Fees and Charges
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions he has had with the Payment Services Regulator on the effect of changes to LINK rates; and whether he plans to re-impose interchange rates at LINK cost study levels.
tabling member constituency	Newcastle upon Tyne Central
tabling member printed	Chi Onwurah
uin	249936
answer	answer is ministerial correction date of answer 08/05/2019 answer text <p>Last year, Government launched a Call for Evidence on Cash and Digital Payments in the New Economy. One part of the wide range of evidence collected detailed the changing levels of cash usage. Responses showed that, although the proportion of cash transactions is expected to fall over the next 10 years, cash remains important in the lives of many people and businesses across the UK. That’s why the Government is committed to supporting digital payments, whilst safeguarding access to cash for those who need it. The Government is engaging, and will continue to engage, with the regulators and industry on this important topic.</p><p> </p><p>The Government has not made an assessment of the effect on poor households of free-to-use ATMs becoming pay-to-use. However, the Government-established Payment Systems Regulator (PSR) is closely monitoring developments in ATM provision, including those that are free-to-use. The PSR regulates LINK, the scheme which runs the UK’s ATM network, and has used its powers to hold LINK to account over LINK’s commitments to preserve the broad geographic spread of the ATM network.</p><p> </p><p>The PSR has set out requirements of LINK, including that any cuts to interchange fees (the fees which fund free-to-use ATMs) must be incremental, with action taken by LINK where the impact is not as expected. Having implemented two of the four planned incremental reductions to the interchange fee, LINK has cancelled the third reduction and put on hold the fourth. The PSR welcomed these adjustments, having stated that LINK must carefully review its decisions on interchange fees to reflect changing market conditions. These adjustments gave the PSR further assurances that LINK is committed to making sure communities do not lose their free-to-use ATMs.</p><p> </p><p>LINK has put in place specific arrangements to protect free-to-use ATMs more than 1 kilometre away from the next nearest free-to-use ATM. LINK has also enhanced its Financial Inclusion Programme by tripling the funding available to ATMs in the most deprived areas of the UK and undertaken new financial support for ATMs in remote and deprived areas.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 249934 249935 249937 question first answered 08/05/2019 14:29:24 answering member 4051 label Biography information for John Glen
tabling member	4124 label Biography information for Chi Onwurah

1124176

registered interest
date	01/05/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Personal Income
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the proportion of household income spent as cash in the last 12 months; and what projection his Department has made of changes in the level of income and spending with cash in the next 10 years.
tabling member constituency	Newcastle upon Tyne Central
tabling member printed	Chi Onwurah
uin	249937
answer	answer is ministerial correction date of answer 08/05/2019 answer text <p>Last year, Government launched a Call for Evidence on Cash and Digital Payments in the New Economy. One part of the wide range of evidence collected detailed the changing levels of cash usage. Responses showed that, although the proportion of cash transactions is expected to fall over the next 10 years, cash remains important in the lives of many people and businesses across the UK. That’s why the Government is committed to supporting digital payments, whilst safeguarding access to cash for those who need it. The Government is engaging, and will continue to engage, with the regulators and industry on this important topic.</p><p> </p><p>The Government has not made an assessment of the effect on poor households of free-to-use ATMs becoming pay-to-use. However, the Government-established Payment Systems Regulator (PSR) is closely monitoring developments in ATM provision, including those that are free-to-use. The PSR regulates LINK, the scheme which runs the UK’s ATM network, and has used its powers to hold LINK to account over LINK’s commitments to preserve the broad geographic spread of the ATM network.</p><p> </p><p>The PSR has set out requirements of LINK, including that any cuts to interchange fees (the fees which fund free-to-use ATMs) must be incremental, with action taken by LINK where the impact is not as expected. Having implemented two of the four planned incremental reductions to the interchange fee, LINK has cancelled the third reduction and put on hold the fourth. The PSR welcomed these adjustments, having stated that LINK must carefully review its decisions on interchange fees to reflect changing market conditions. These adjustments gave the PSR further assurances that LINK is committed to making sure communities do not lose their free-to-use ATMs.</p><p> </p><p>LINK has put in place specific arrangements to protect free-to-use ATMs more than 1 kilometre away from the next nearest free-to-use ATM. LINK has also enhanced its Financial Inclusion Programme by tripling the funding available to ATMs in the most deprived areas of the UK and undertaken new financial support for ATMs in remote and deprived areas.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 249934 249935 249936 question first answered 08/05/2019 14:29:24 answering member 4051 label Biography information for John Glen
tabling member	4124 label Biography information for Chi Onwurah

1124003

registered interest
date	30/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps his Department is taking to address the loyalty penalty in the mortgage market.
tabling member constituency	Newcastle upon Tyne Central
tabling member printed	Chi Onwurah
uin	249284
answer	answer is ministerial correction date of answer 07/05/2019 answer text <p>HMT notes that consumer engagement in the mortgage market is high, with over three quarters of borrowers switching within 6 months of the end of an introductory deal.</p><p> </p><p>HMT has worked closely with the FCA to consider how to remove the regulatory barriers that prevent some customers from accessing better deals. HMT welcomes the FCA’s plans to move the affordability assessment from an absolute test to a relative one. This change removes the regulatory barrier that prevented some customers, who otherwise may have been able to switch, from accessing new mortgage products.</p><p> </p><p>HMT will continue to support the work the FCA is currently undertaking to improve switching and consumer engagement in the mortgage market.</p> answering member constituency Salisbury answering member printed John Glen question first answered 07/05/2019 13:36:36 answering member 4051 label Biography information for John Glen
tabling member	4124 label Biography information for Chi Onwurah

1121394

registered interest
date	11/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Manufacturing Industries
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to the oral contribution of 9 April 2019, Official Report, column 159, what assessment he has made of the effect of the extension to Article 50 has had on levels of stockpiling; and what support his Department provides to help businesses that are stockpiling.
tabling member constituency	Newcastle upon Tyne Central
tabling member printed	Chi Onwurah
uin	244080
answer	answer is ministerial correction date of answer 24/04/2019 answer text <p>The Prime Minister has agreed to an extension to Article 50 until 31 October 2019 at the latest. This eliminates the risk of a near-term economic disruption as a result of leaving the EU without a deal before that date. The Government’s priority is to leave the EU with a deal as soon as possible, providing certainty for businesses and delivering a Brexit that best supports the economy and jobs. The Government has published extensive advice on the steps that businesses may need to take to prepare for our exit from the EU. The public information campaign pages on Gov.uk provide all up to date material on the considerations of EU exit for businesses, and the practical steps that they will need to take in preparation.</p> answering member constituency Salisbury answering member printed John Glen question first answered 24/04/2019 13:23:21 answering member 4051 label Biography information for John Glen
tabling member	4124 label Biography information for Chi Onwurah

1121507

registered interest
date	11/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Brexit
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what estimate he has made of the unrecoverable cost to British economy of preparations for the (a) 31 March deadline for the UK to leaving the EU and (b) 12 April deadline for the UK to leaving the EU.
tabling member constituency	Newcastle upon Tyne Central
tabling member printed	Chi Onwurah
uin	244081
answer	answer is ministerial correction date of answer 24/04/2019 answer text <p>The government has committed to ensuring that preparations are in place for leaving the European Union.</p><p> </p><p>Despite the uncertainty around Brexit, the economy remains resilient. We are currently enjoying the longest unbroken quarterly growth streak of any G7 nation and employment is at a record high. The Government’s priority is to leave the EU with a deal as soon as possible, providing certainty for businesses and delivering a Brexit that best supports the economy and jobs. The Government has published extensive advice on the steps that businesses may need to take to prepare for our exit from the EU. The public information campaign pages on Gov.uk provide all up to date material on the considerations of EU exit for businesses, and the practical steps that they will need to take in preparation.</p> answering member constituency Salisbury answering member printed John Glen question first answered 24/04/2019 13:32:19 answering member 4051 label Biography information for John Glen
tabling member	4124 label Biography information for Chi Onwurah

1091415

registered interest
date	19/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	London Capital & Finance: Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps the Government is taking to compensate people who invested in London Capital of Finance.
tabling member constituency	Newcastle upon Tyne Central
tabling member printed	Chi Onwurah
uin	234192
answer	answer is ministerial correction date of answer 22/03/2019 answer text <p>The Government takes the failure of London Capital and Finance (‘LCF’) very seriously and is closely monitoring current developments. The Serious Fraud Office, working in conjunction with the Financial Conduct Authority (‘FCA’), has opened an investigation into individuals associated with LCF and it would be inappropriate for the Government to comment further while this investigation is ongoing.</p><p> </p><p>HM Treasury keeps the regulatory framework for financial services under constant review, and updates it as necessary. We are committed to maintaining high standards of investor protection within our regulatory framework for financial services. However, this needs to be balanced with a need to regulate only where there is a clear case for doing so.</p><p> </p><p>The marketing and promotion of minibonds, such as those sold by LCF, are already subject to financial promotion restrictions set out in the Financial Services and Markets Act 2000. In the UK, responsibility for regulating the promotion and marketing of minibonds lies with the FCA, and firms that fail to meet any of the relevant requirements may be subject to enforcement action.</p><p> </p><p>Turning to the matter of compensation for those affected by this issue, the Financial Services Compensation Scheme’s (‘FSCS’) current assessment is that LCF’s activities are not FSCS-protected, which means LCF’s investors will not be eligible to claim for compensation from the FSCS.</p><p> </p><p>However, the FSCS is working closely with the administrators to understand more about LCF’s activities. If there are circumstances that give rise to potentially valid claims, the FSCS will begin to accept claims against LCF and communicate this on their website.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 234193 234194 question first answered 22/03/2019 12:09:03 answering member 4051 label Biography information for John Glen
tabling member	4124 label Biography information for Chi Onwurah

1091416

registered interest
date	19/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	London Capital & Finance: Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to the collapse of London Capital of Finance, what steps he is taking to prevent investment schemes which engage in mis-selling from trading.
tabling member constituency	Newcastle upon Tyne Central
tabling member printed	Chi Onwurah
uin	234193
answer	answer is ministerial correction date of answer 22/03/2019 answer text <p>The Government takes the failure of London Capital and Finance (‘LCF’) very seriously and is closely monitoring current developments. The Serious Fraud Office, working in conjunction with the Financial Conduct Authority (‘FCA’), has opened an investigation into individuals associated with LCF and it would be inappropriate for the Government to comment further while this investigation is ongoing.</p><p> </p><p>HM Treasury keeps the regulatory framework for financial services under constant review, and updates it as necessary. We are committed to maintaining high standards of investor protection within our regulatory framework for financial services. However, this needs to be balanced with a need to regulate only where there is a clear case for doing so.</p><p> </p><p>The marketing and promotion of minibonds, such as those sold by LCF, are already subject to financial promotion restrictions set out in the Financial Services and Markets Act 2000. In the UK, responsibility for regulating the promotion and marketing of minibonds lies with the FCA, and firms that fail to meet any of the relevant requirements may be subject to enforcement action.</p><p> </p><p>Turning to the matter of compensation for those affected by this issue, the Financial Services Compensation Scheme’s (‘FSCS’) current assessment is that LCF’s activities are not FSCS-protected, which means LCF’s investors will not be eligible to claim for compensation from the FSCS.</p><p> </p><p>However, the FSCS is working closely with the administrators to understand more about LCF’s activities. If there are circumstances that give rise to potentially valid claims, the FSCS will begin to accept claims against LCF and communicate this on their website.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 234192 234194 question first answered 22/03/2019 12:09:03 answering member 4051 label Biography information for John Glen
tabling member	4124 label Biography information for Chi Onwurah

1091417

registered interest
date	19/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	London Capital & Finance: Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, with reference to the collapse of London Capital Finance, what recent assessment he has made of the (a) adequacy of the financial regulatory framework and (b) effectiveness of that framework in relation to inexperienced investors.
tabling member constituency	Newcastle upon Tyne Central
tabling member printed	Chi Onwurah
uin	234194
answer	answer is ministerial correction date of answer 22/03/2019 answer text <p>The Government takes the failure of London Capital and Finance (‘LCF’) very seriously and is closely monitoring current developments. The Serious Fraud Office, working in conjunction with the Financial Conduct Authority (‘FCA’), has opened an investigation into individuals associated with LCF and it would be inappropriate for the Government to comment further while this investigation is ongoing.</p><p> </p><p>HM Treasury keeps the regulatory framework for financial services under constant review, and updates it as necessary. We are committed to maintaining high standards of investor protection within our regulatory framework for financial services. However, this needs to be balanced with a need to regulate only where there is a clear case for doing so.</p><p> </p><p>The marketing and promotion of minibonds, such as those sold by LCF, are already subject to financial promotion restrictions set out in the Financial Services and Markets Act 2000. In the UK, responsibility for regulating the promotion and marketing of minibonds lies with the FCA, and firms that fail to meet any of the relevant requirements may be subject to enforcement action.</p><p> </p><p>Turning to the matter of compensation for those affected by this issue, the Financial Services Compensation Scheme’s (‘FSCS’) current assessment is that LCF’s activities are not FSCS-protected, which means LCF’s investors will not be eligible to claim for compensation from the FSCS.</p><p> </p><p>However, the FSCS is working closely with the administrators to understand more about LCF’s activities. If there are circumstances that give rise to potentially valid claims, the FSCS will begin to accept claims against LCF and communicate this on their website.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 234192 234193 question first answered 22/03/2019 12:09:03 answering member 4051 label Biography information for John Glen
tabling member	4124 label Biography information for Chi Onwurah