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1701756

	registered interest
	date	17/04/2024
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Insurance: Payment Methods
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will hold discussions with the Financial Conduct Authority on the additional costs to consumers of paying (a) vehicle and (b) household insurance in monthly instalments; and if he will make an assessment of the potential impact of such costs on people on lower incomes.
	tabling member constituency	The Wrekin
	tabling member printed	Mark Pritchard
	uin	22282
	answer	answer is ministerial correction date of answer 23/04/2024 answer text <p>Treasury Ministers and officials have regular meetings with a wide variety of organisations in the public and private sectors, including the financial services regulators, on an ongoing basis. <br>    <br>The Government does not prescribe the terms, conditions or price that insurance companies set when offering insurance. Insurers make commercial decisions about the pricing of insurance following their assessment of the relevant risks. The Government does not intervene in these decisions as this could damage competition in the market.</p><p>The Financial Conduct Authority (FCA) is the independent regulator responsible for supervising the insurance industry. The FCA requires firms to ensure their products offer fair value (i.e. if the price a consumer pays for a product or service is reasonable compared to the overall benefits they can expect to receive). The FCA has been clear that it will be monitoring firms to ensure they are providing products that are fair value, and, where necessary, it will take action.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 23/04/2024 11:11:51 answering member 4639 label Biography information for Bim Afolami
	tabling member	1576 label Biography information for Mark Pritchard

1663737

	registered interest
	date	13/10/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cars: Insurance
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will launch a consumer review of the car insurance market for the purposes of understanding the (a) adequacy of levels of competition and (b) comparative pricing structures between companies.
	tabling member constituency	The Wrekin
	tabling member printed	Mark Pritchard
	uin	201590
	answer	answer is ministerial correction date of answer 19/10/2023 answer text <p>The motor insurance market has many providers offering a variety of insurance products to suit the needs of customers. The Financial Conduct Authority (FCA), as the independent regulator for financial services, has a statutory objective to promote competition in the interests of consumers, and, working closely with the Competition and Markets Authority, can enforce against breaches of competition law. The FCA have also introduced several reforms, including the Consumer Duty rules, to ensure consumers are treated fairly in regard to pricing.</p><p> </p><p>Insurers make commercial decisions about the terms, conditions or price that they set when offering insurance, including motor insurance. The Government does not intervene in these commercial decisions by insurers as this could damage competition in the market.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 19/10/2023 14:56:44 answering member 4874 label Biography information for Andrew Griffith
	tabling member	1576 label Biography information for Mark Pritchard

1564764

	registered interest
	date	09/01/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Motorcycles: Excise Duties
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether he plans to amend the Vehicle Excise Duty rules so that it is based on the fuel type and level of CO2 emissions of a motorcycle rather than its engine size.
	tabling member constituency	The Wrekin
	tabling member printed	Mark Pritchard
	uin	118933
	answer	answer is ministerial correction date of answer 17/01/2023 answer text <p>VED for motorcycles is currently based on engine size. The current rates range from £20 to £101 for those with the largest engines, which in part aims to reflect the environmental benefits of using smaller engines.</p><p> </p><p>The Chancellor announced in his 2022 Autumn Statement that electric motorcycles will begin to pay VED from April 2025.</p><p> </p><p>While there are no current plans to further reform the VED system for motorcycles, as with all taxes, VED remains under review and any changes are considered and announced by the Chancellor.</p> answering member constituency South Suffolk answering member printed James Cartlidge question first answered 17/01/2023 14:20:40 answering member 4519 label Biography information for James Cartlidge
	tabling member	1576 label Biography information for Mark Pritchard

1546970

	registered interest
	date	30/11/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Bank Services: Standards
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will have discussions with the retail banking sector on improving customer service standards and reducing social and banking exclusion for customers with learning disabilities and special educational needs.
	tabling member constituency	The Wrekin
	tabling member printed	Mark Pritchard
	uin	99787
	answer	answer is ministerial correction date of answer 05/12/2022 answer text <p>The Government is committed to improving access to financial services, especially for those with a characteristic of vulnerability, and regularly engages with the retail banking sector on this important agenda.</p><p> </p><p>As part of this, the Government recognises that access to a transactional bank account is key to enabling people to manage their money on a day-to-day basis effectively, securely and confidently. That is why the nine largest personal current account providers in the UK are legally required to offer basic bank accounts to customers who do not have a bank account or who are not eligible for a bank's standard current account. Basic bank accounts must be fee-free and do not have an overdraft facility or cheque book, but otherwise offer the same services as a standard personal current account.</p><p> </p><p>UK banks’ and building societies’ treatment of their customers is governed by the Financial Conduct Authority (FCA) in its Principles for Businesses. This includes a general requirement for firms to provide a prompt, efficient and fair service to all of their customers.</p><p> </p><p>The FCA’s Vulnerability Guidance outlines the expectations for firms on the fair treatment of vulnerable customers, such as those with learning disabilities and special educational needs, setting out a number of best practices. The FCA expects that firms treat these customers fairly and support them to continue to interact with financial services in a way that best works for them.</p><p> </p><p>In addition, like all service providers, banks and building societies are bound under the Equality Act 2010 to make reasonable adjustments, where necessary, in the way they deliver their services.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 05/12/2022 13:30:07 answering member 4874 label Biography information for Andrew Griffith
	tabling member	1576 label Biography information for Mark Pritchard

1278114

	registered interest
	date	19/01/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Sovereign Wealth Funds
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what plans he has to establish a Sovereign Wealth Fund.
	tabling member constituency	The Wrekin
	tabling member printed	Mark Pritchard
	uin	140016
	answer	answer is ministerial correction date of answer 25/01/2021 answer text <p>The immediate focus for the UK Government’s economic and fiscal strategy is on ensuring that it continues to support workers and businesses as the UK recovers from the COVID-19 pandemic. Although both borrowing and debt will rise this year, the costs of servicing this debt are affordable and sustainable. The Government will set out further details on its plans for a sustainable and balanced fiscal policy as the economic and fiscal outlook becomes clearer.</p><p> </p><p>In relation to establishing a sovereign wealth fund, the Government remains open to the introduction of new financing instruments but would need to be satisfied that they would meet value-for-money criteria and would be consistent with wider fiscal objectives. The Government continues to monitor the case for new financing instruments and will keep this under review.</p> answering member constituency Salisbury answering member printed John Glen question first answered 25/01/2021 17:05:46 answering member 4051 label Biography information for John Glen
	tabling member	1576 label Biography information for Mark Pritchard

1278115

	registered interest
	date	19/01/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Cryptocurrencies: Banks
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what plans he has to establish a crypto currency reserve bank in the UK.
	tabling member constituency	The Wrekin
	tabling member printed	Mark Pritchard
	uin	140017
	answer	answer is ministerial correction date of answer 25/01/2021 answer text <p>The government has no plans to establish a crypto currency reserve bank.</p><p>The Treasury and the Bank of England are continuing analytical work to evaluate the possible opportunities and risks associated with a UK central bank digital currency, and of central bank digital currency initiatives being undertaken elsewhere. The Bank of England published a discussion paper on a possible UK central bank digital currency alongside the Budget in March 2020, which closed for responses on 12 June. The Treasury and Bank of England are considering next steps.</p><p>The government is also considering how it can support innovation and mitigate risks posed by cryptoassets. The Treasury recently launched a consultation looking at the broader regulatory approach to cryptoassets, including new challenges from so-called ‘stablecoins’. It closes for responses on 21 March.</p> answering member constituency Salisbury answering member printed John Glen question first answered 25/01/2021 17:07:59 answering member 4051 label Biography information for John Glen
	tabling member	1576 label Biography information for Mark Pritchard

1247177

	registered interest
	date	30/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Retail Trade: Money
	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 reduce the number of cash only proprietors in the retail sector in order to increase revenues for the public purse.
	tabling member constituency	The Wrekin
	tabling member printed	Mark Pritchard
	uin	109244
	answer	answer is ministerial correction date of answer 09/11/2020 answer text <p>The Government’s view is that it remains the choice of individual retailers as to whether to accept any form of payment method, including cash, card or other digital payments.</p><p> </p><p>The Government recognises the importance of cash to the daily lives of millions of people across the UK. That is why Government committed at March Budget 2020 to bring forward legislation to protect access to cash for those who need it. To inform the development of this legislation, the Government published a Call for Evidence on 15 October seeking views on the key considerations associated with cash access, including deposit and withdrawal facilities, cash acceptance, and regulatory oversight of the cash system.</p> answering member constituency Salisbury answering member printed John Glen question first answered 09/11/2020 08:56:27 answering member 4051 label Biography information for John Glen
	tabling member	1576 label Biography information for Mark Pritchard

1205152

	registered interest
	date	18/06/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Central Bank Digital Currencies
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will make an economic assessment of the potential merits of establishing a UK digital currency reserve bank.
	tabling member constituency	The Wrekin
	tabling member printed	Mark Pritchard
	uin	61456
	answer	answer is ministerial correction date of answer 26/06/2020 answer text <p>The government set out at Budget that the UK will continue to take a leading role in exploring central bank digital currencies (CBDCs), and the wide-ranging opportunities and challenges they could bring.</p><p> </p><p>The Bank of England’s discussion paper on a possible UK central bank digital currency was published at the time of the Budget and closed for responses on 12 June.</p><p> </p><p>HM Treasury and the Bank of England are now working together to consider next steps.</p> answering member constituency Salisbury answering member printed John Glen question first answered 26/06/2020 08:07:46 answering member 4051 label Biography information for John Glen
	tabling member	1576 label Biography information for Mark Pritchard

1198245

	registered interest
	date	01/06/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Banks: Competition
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether the Government has plans to liberalise the UK banking sector and increase competition from non-UK banks.
	tabling member constituency	The Wrekin
	tabling member printed	Mark Pritchard
	uin	51765
	answer	answer is ministerial correction date of answer 08/06/2020 answer text <p>The Government is committed to ensuring that the UK financial services sector delivers choice and value for customers and to that end has taken significant action to ensure effective competition in UK banking markets. This includes: providing the financial services regulators with competition objectives, and a new Payments Systems Regulator to ensure fair and equal access to payments systems; reducing barriers to entry for new market entrants; initiatives to make it easier for customers to switch between bank account providers; and continued support for non-traditional providers, including the UK’s fintech sector.</p><p> </p><p>It is also important that the UK maintains a prudential regulation regime that supports financial stability and economic growth as well as competition amongst firms. The Government will continue to prioritise the implementation of global regulatory standards, such as the Basel III standards, to maintain the UK’s position as a world-leading financial services centre.</p> answering member constituency Salisbury answering member printed John Glen question first answered 08/06/2020 16:17:08 answering member 4051 label Biography information for John Glen
	tabling member	1576 label Biography information for Mark Pritchard

1198572

	registered interest
	date	01/06/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Mortgages: Interest Rates
	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 mortgage lenders on passing on reductions in the Bank of England lending rate to their customers.
	tabling member constituency	The Wrekin
	tabling member printed	Mark Pritchard
	uin	51777
	answer	answer is ministerial correction date of answer 08/06/2020 answer text <p>Treasury ministers and officials are in regular discussions with mortgage lenders about the ongoing support they are providing to their customers at this challenging time.</p><p> </p>Due to COVID-19, the Bank of England lowered the base rate of interest to 0.1%. Though the interest rate charged on finance facilities are set at the discretion of each lender, the Government expects that these rates will be competitive, and fairly priced, taking into account the unprecedented situation individuals and businesses may currently face. answering member constituency Salisbury answering member printed John Glen question first answered 08/06/2020 16:24:16 answering member 4051 label Biography information for John Glen
	tabling member	1576 label Biography information for Mark Pritchard