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1256942

	registered interest
	date	01/12/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Personal Income: Coronavirus
	house id	1
	legislature	25259 pref label House of Commons
	question text	What recent comparative assessment his Department has made of the effect on regional economies of the Government's covid-19 financial support package.
	tabling member constituency	Newcastle upon Tyne North
	tabling member printed	Catherine McKinnell
	uin	909619
	answer	answer is ministerial correction date of answer 01/12/2020 answer text <p>The government recognises that every region is feeling the impact of this crisis, and has taken unprecedented steps to support people and businesses across the country.</p><p> </p><p>For example, the government has helped over a million employers furlough 9.6 million employments, including 350,700 in the North East, and supported over 60 billion pounds of loans, including £1.4bn for over 40,000 businesses in the North East. Regional breakdowns are published regularly on gov.uk.</p> answering member constituency Salisbury answering member printed John Glen question first answered 01/12/2020 14:24:14 answering member 4051 label Biography information for John Glen
	tabling member	4125 label Biography information for Catherine McKinnell

1257262

	registered interest
	date	01/12/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Repossession Orders: Coronavirus
	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 help protect homeowners who have exhausted the six-month mortgage payment holiday from having their homes repossessed.
	tabling member constituency	Bolton South East
	tabling member printed	Yasmin Qureshi
	uin	123556
	answer	answer is ministerial correction date of answer 08/12/2020 answer text <p>For borrowers that have already taken a full six months payment holiday and who continue to face ongoing financial difficulties, the FCA’s guidance sets out that firms should continue to provide support through tailored forbearance options. This could include granting new mortgage payment holidays. As part of this guidance any forbearance granted beyond six months of payment holidays will be reflected on the consumer’s credit file in the usual manner. As borrowers still requiring assistance after that point could be in serious financial distress the FCA believe it is right that lenders are able to understand their financial position in order to lend responsibly.</p><p> </p><p>We understand this remains an uncertain time, and to reassure homeowners the period that lenders cannot repossess homes for has been extended. The FCA’s guidance released on 17 <sup> </sup>November sets out that lenders cannot issue a warrant for repossession until after 31 January 2021.</p> answering member constituency Salisbury answering member printed John Glen question first answered 08/12/2020 12:22:10 answering member 4051 label Biography information for John Glen
	tabling member	3924 label Biography information for Yasmin Qureshi

1257158

	registered interest
	date	01/12/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Bank Services: British Nationals Abroad
	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 UK citizens living in (a) The Netherlands and (b) other countries in Europe are able to continue holding UK bank accounts after the conclusion of transitional arrangements for the UK leaving the EU.
	tabling member constituency	Manchester, Withington
	tabling member printed	Jeff Smith
	uin	123633
	answer	answer is ministerial correction date of answer 08/12/2020 answer text <p>The UK authorities have taken the appropriate actions to mitigate risks of disruption to cross-border financial services at the end of the Transition Period (TP), including confirming that the Temporary Permissions Regime will apply from the end of the TP. This will allow EEA firms currently providing services in the UK via a financial services ‘passport’ to continue operating after the TP while they apply for full UK authorisation.</p><p> </p><p>However, the issue of whether UK firms can service EEA-based retail customers remains a matter of local law and regulation in each country. It may also be impacted by how firms are set up and what steps they have taken to continue to service customers. We expect banks to act lawfully and in accordance with local regulators’ expectations.</p><p> </p><p>We also expect that banks work to ensure good outcomes for their customers and provide timely communications to enable them to make appropriate decisions. UK banking providers are expected to contact impacted customers if they need to make any changes to their product or the way it is provided.</p><p> </p><p>We encourage customers with questions or concerns to speak to their service provider. There is also further guidance for impacted customers on the Money Advice Service website, which can be found here: <a href="https://www.moneyadviceservice.org.uk/en/articles/brexit-banking-insurance-finance" target="_blank">https://www.moneyadviceservice.org.uk/en/articles/brexit-banking-insurance-finance</a></p> answering member constituency Salisbury answering member printed John Glen question first answered 08/12/2020 12:25:08 answering member 4051 label Biography information for John Glen
	tabling member	4456 label Biography information for Jeff Smith

1257193

	registered interest
	date	01/12/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Bounce Back Loan Scheme
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what plans he has to ensure that small banks have access to adequate capital to offer eligible customers Bounce Back loans.
	tabling member constituency	Gillingham and Rainham
	tabling member printed	Rehman Chishti
	uin	123567
	answer	answer is ministerial correction date of answer 08/12/2020 answer text <p>Our position has always been that the Government does not provide capital to financial institutions, who must source their own funding.</p><p> </p><p>Challenger banks and non-bank lenders among the 29 accredited lenders under the Bounce Back Loan Scheme have played a vital role in providing 1.4 million businesses with vital financial support worth over £42 billion.</p><p> </p><p>The Treasury recognises the vital role that challenger banks and non-banks play in the provision of credit to SMEs. It is grateful for the way the sector has responded to the current crisis, and remains committed to promoting competition and widening the funding options available to UK businesses.</p> answering member constituency Salisbury answering member printed John Glen question first answered 08/12/2020 12:20:45 answering member 4051 label Biography information for John Glen
	tabling member	3987 label Biography information for Rehman Chishti

1257319

	registered interest
	date	01/12/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Debts
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has made of the effectiveness of the Government's steps to tackle problem debt.
	tabling member constituency	Ceredigion
	tabling member printed	Ben Lake
	uin	123675
	answer	answer is ministerial correction date of answer 08/12/2020 answer text The Government has delivered unprecedented support for living standards during this challenging time, protecting livelihoods with the Self-Employment Income Support Scheme, the Coronavirus Job Retention Scheme, and temporary welfare measures<p /><p><br> The Government has extended the Coronavirus Jobs Retention Scheme until 31 March 2021. Eligible employees will continue to receive 80% of their usual salary for hours not worked, up to a maximum of £2,500 per month. The Government has increased the overall level of the third grant under the Self-Employment Income Support Scheme to 80 per cent of average trading profits, meaning that the maximum grant available has now increased to £7,500</p><p><br> The Government has provided Local Authorities with £500 million to support people who may struggle to meet their council tax payments this year. The Government expects that this will provide all recipients of working age local council tax support with a further reduction in their annual council tax bill of £150 this financial year</p><p><br> These measures are in addition to the changes this Government has made to make the welfare system more generous, worth over £7 billion according to recent OBR estimates. This includes a £20 per week increase to the Universal Credit standard allowance and Working Tax Credit basic element, and a nearly £1 billion increase in support for renters through increases to Local Housing Allowance rates</p><p><br> We have also worked with mortgage lenders, credit providers and the Financial Conduct Authority to ensure the financial sector provides support for people across the UK to manage their finances by providing payment holidays on mortgages and consumer credit products</p><p><br> The Government has also provided unprecedented support for businesses impacted by the COVID-19 pandemic. This support includes the Coronavirus Business Interruption Scheme, Coronavirus Large Business Interruption Scheme, Bounce Back Loan Scheme and the Future Fund which, as of 18th October, have collectively supported over 1.4 million businesses with facilities worth more than £62 billion. The Chancellor has announced that the Government has extended the application deadline for these schemes to a single date, 31 January 2020, meaning that even more businesses will have access to financial support</p><p><br> To help people in problem debt get their finances back on track, an extra £37.8 million support package is being made available to debt advice providers this financial year, bringing this year's budget for free debt advice in England to over £100 million</p><p><br> In May, the Government also announced the immediate release of £65 million dormant assets funding to Fair4All Finance, an independent organisation that has been founded to support the financial wellbeing of people in vulnerable circumstances. The funding is used to increase access to fair, affordable and appropriate financial products and services for those in financial difficulties</p><p><br> From May 2021 the Breathing Space scheme will offer people in problem debt a pause of up to 60 days on most enforcement action, interest, fees and charges, and will encourage them to seek professional debt advice</p><p /> <br /> It would be premature to evaluate the impact of these measures, which seek to prevent financial hardship and to resolve problem debt where it does arise. answering member constituency Salisbury answering member printed John Glen question first answered 08/12/2020 12:27:02 answering member 4051 label Biography information for John Glen
	tabling member	4630 label Biography information for Ben Lake

1257141

	registered interest
	date	01/12/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Bank Services: Coronavirus
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will (a) extend financial support to those facing a recent increase in bank overdraft interest rates and (b) discourage banks from increasing their overdraft interest rates during the covid-19 outbreak.
	tabling member constituency	Hampstead and Kilburn
	tabling member printed	Tulip Siddiq
	uin	123655
	answer	answer is ministerial correction date of answer 08/12/2020 answer text <p>In 2019, following the High-cost Credit Review, the Financial Conduct Authority (FCA) introduced changes to overdraft rules. These included mandating that firms cannot charge more for unarranged overdrafts than arranged overdrafts, banning fixed daily and monthly charges, and a package of measures to improve the transparency of pricing.</p><p> </p><p>Overall, these changes will make overdrafts simpler, fairer and easier to manage. FCA analysis from January this year found that 7 out of 10 overdraft users will be better off or see no change to their overdraft costs as a result of the changes. In instances where a firm identifies that a customer has a pattern of repeat overdraft use and may see increased fees on their borrowing, the new rules require firms to develop strategies to reduce harm to customers.</p><p> </p><p>In April 2020, in response to the Covid-19 pandemic, the FCA announced a series of temporary proposals to provide emergency support in response to the Covid-19 outbreak. On overdrafts, firms were expected to provide up to £500 interest free buffer for customers. Firms were also expected to make sure customers were not paying more for their overdraft than they were before the rule changes came into force. In July 2020, the FCA extended this guidance for those customers who have been impacted by Covid-19 for a further 3 months.</p><p> </p><p>In September 2020, the FCA announced proposals to ensure that firms provide tailored support for users of consumer credit and overdraft products who continue to face payment difficulties due to Covid-19. Where a customer needs further support, firms are expected to use measures such as reducing or waiving interest, agreeing a programme of staged reductions in the overdraft limit, or supporting customers to reduce their overdraft usage by transferring the debt. If any overdraft customer requires this further support then they should speak to their provider.</p> answering member constituency Salisbury answering member printed John Glen question first answered 08/12/2020 12:23:41 answering member 4051 label Biography information for John Glen
	tabling member	4518 label Biography information for Tulip Siddiq