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1719275

registered interest
date	20/05/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Northern Rock plc: Compensation
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 potential merits of a compensation scheme for Northern Rock shareholders.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	27037
answer	answer is ministerial correction date of answer 23/05/2024 answer text <p>HM Treasury considers the issue of compensation for former Northern Rock shareholders to be settled. Both the Upper Tribunal in 2011 and the Court of Appeal in 2013 upheld the independent valuation of Northern Rock shares at nil value immediately prior to public ownership, and that no compensation was therefore due. HM Treasury does not intend to revisit this issue.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 27099 27100 question first answered 23/05/2024 15:51:54 answering member 4639 label Biography information for Bim Afolami
tabling member	4122 label Biography information for Alex Cunningham

1719346

registered interest
date	20/05/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Northern Rock plc: Compensation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of delivering compensation to former Northern Rock PLC shareholders.
tabling member constituency	North Ayrshire and Arran
tabling member printed	Patricia Gibson
uin	27099
answer	answer is ministerial correction date of answer 23/05/2024 answer text <p>HM Treasury considers the issue of compensation for former Northern Rock shareholders to be settled. Both the Upper Tribunal in 2011 and the Court of Appeal in 2013 upheld the independent valuation of Northern Rock shares at nil value immediately prior to public ownership, and that no compensation was therefore due. HM Treasury does not intend to revisit this issue.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 27037 27100 question first answered 23/05/2024 15:51:54 answering member 4639 label Biography information for Bim Afolami
tabling member	4435 label Biography information for Patricia Gibson

1719349

registered interest
date	20/05/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Northern Rock plc: Compensation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of providing compensation for small shareholders for the loss of their shares in Northern Rock Plc.
tabling member constituency	North Ayrshire and Arran
tabling member printed	Patricia Gibson
uin	27100
answer	answer is ministerial correction date of answer 23/05/2024 answer text <p>HM Treasury considers the issue of compensation for former Northern Rock shareholders to be settled. Both the Upper Tribunal in 2011 and the Court of Appeal in 2013 upheld the independent valuation of Northern Rock shares at nil value immediately prior to public ownership, and that no compensation was therefore due. HM Treasury does not intend to revisit this issue.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 27037 27099 question first answered 23/05/2024 15:51:54 answering member 4639 label Biography information for Bim Afolami
tabling member	4435 label Biography information for Patricia Gibson

1719356

registered interest
date	20/05/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Business: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how many businesses the Financial Conduct Authority regulated (a) as of 20 May 2024 and (b) in 2016.
tabling member constituency	West Suffolk
tabling member printed	Matt Hancock
uin	27022
answer	answer is ministerial correction date of answer 23/05/2024 answer text <p>The Financial Services and Markets Act 2000 establishes the framework for financial services regulation. It provides for the Treasury and Parliament, through legislation, to determine which activities, products and markets are regulated and fall within the remit of the Financial Conduct Authority (FCA). The FCA is responsible for regulating and supervising the financial services industry, including authorising businesses.</p><p> </p><p>The question of how many businesses the FCA regulated is a matter for the FCA, which is operationally independent from Government. The FCA will respond to the Honourable Member by letter on this matter, and a copy of the letter will be placed in the Library of the House of Commons.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 23/05/2024 09:12:53 answering member 4639 label Biography information for Bim Afolami
tabling member	4070 label Biography information for Matt Hancock

1719419

registered interest
date	20/05/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Climate Change: Finance
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he plans to amend fiscal rules to (a) incentivise and (b) reward spending on climate change mitigation measures.
tabling member constituency	North Down
tabling member printed	Stephen Farry
uin	27157
answer	answer is ministerial correction date of answer 23/05/2024 answer text <p>The Government is committed to sustainable public finances and delivering on the priority of getting debt falling over the medium-term. To deliver on this priority, the Government has fiscal rules – the rules require underlying debt to be falling and borrowing to be below 3% of GDP in the fifth year of the rolling forecast period. The fiscal rules are comprehensive, and targeting public sector wide measures means the impact of Government decisions on the public finances is clearly reflected.</p><p>The Government is committed to ensuring fiscal decision making is aligned with achieving net zero and our legally binding environmental targets. The Green Book requires departments to assess the climate and environmental impacts of policy proposals, with major bids and proposals at fiscal events assessed according to these impacts, and Spending Review 2021 was developed alongside the Net Zero Strategy to ensure our plans were funded.</p><p>Spending Review 2021 committed £30 billion of domestic investment for the green industrial revolution. Since then, we have committed a further £6 billion for energy efficiency in the next parliament, up to £20 billion of long-term funding for early deployment of carbon capture, usage and storage, and over £1 billion for green industries supply chains through the Green Industries Growth Accelerator.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 23/05/2024 15:48:59 answering member 4639 label Biography information for Bim Afolami
tabling member	4856 label Biography information for Stephen Farry

1719090

registered interest
date	17/05/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banking Hubs
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will take steps to provide incentives to high street (a) banks and (b) building societies to provide bank hub services.
tabling member constituency	Romford
tabling member printed	Andrew Rosindell
uin	26855
answer	answer is ministerial correction date of answer 23/05/2024 answer text <p>Banking Hubs are a voluntary initiative provided by the financial services sector. Upon the closure of a core cash access service, such as a bank branch, or a direct request from a community, LINK assesses the community’s access to cash needs. If additional cash services are needed, industry will provide a shared solution such as a Banking Hub. Hubs offer basic counter services provided by Post Office staff, allowing people and businesses to withdraw and deposit cash, deposit cheques, pay bills and make balance enquiries. They also contain dedicated rooms where customers can see community bankers from their own bank.</p><p> </p><p>UK Finance have recently confirmed 225 Banking Hubs will be announced by the end of 2024, up from the 130 locations currently confirmed. Furthermore, following the Government’s recent discussions with the UK high street banks, participating firms have also committed to improving Hubs by standardising the services available between firms, ensuring that customers will not require their own digital device to bank, trialling a ‘customer liaison service’ and trialling Saturday openings.</p><p> </p><p>The Government legislated as part of the Financial Services and Markets Act 2023 to establish the FCA as the lead regulator for access to cash, giving it responsibility to seek to ensure reasonable provision of cash withdrawal and deposit facilities. The FCA recently held a consultation on its proposed regulatory regime for access to cash, following the Government’s legislation: <a href="https://www.fca.org.uk/publications/consultation-papers/cp23-29-access-cash" target="_blank">FCA consultation on access to cash</a>. These proposals build on and strengthen the arrangement that has been established by the financial services sector by placing it on a regulatory footing. The FCA expects to publish its final rules by the end of the third quarter of this year.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 23/05/2024 15:50:29 answering member 4639 label Biography information for Bim Afolami
tabling member	1447 label Biography information for Andrew Rosindell

1718782

registered interest
date	16/05/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Wellingborough
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make an assessment of the potential impact of bank closures on access to (a) cash and (b) in-person services in Wellingborough constituency.
tabling member constituency	Wellingborough
tabling member printed	Gen Kitchen
uin	26816
answer	answer is ministerial correction date of answer 23/05/2024 answer text <p>Decisions to open or close a branch are commercial and the Government does not make assessments of these closure decisions. Nonetheless, it is imperative that banks and building societies recognise the needs of all their customers, including those who need to use cash or in-person services. The Government is monitoring the wider situation closely.</p><p> </p><p>The Government legislated through the Financial Services and Markets Act 2023 to introduce a new legislative framework to protect access to cash. The Financial Conduct Authority (FCA) must seek to ensure that there is reasonable provision of free withdrawal and deposit facilities in relation to personal current accounts. Upon the closure of a core cash service such as a bank branch, LINK assesses the community’s access to cash needs. If additional cash services are needed, industry will provide a shared solution such as a Banking Hub.</p><p> </p><p>Guidance from the FCA sets out its expectation of firms when they are deciding to reduce their physical branches or the number of free-to-use ATMs. The FCA’s guidance is clear that firms are expected to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs, and put in place alternatives, where this is reasonable. Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office or Banking Hubs.</p><p> </p><p>UK Finance have recently confirmed 225 Banking Hubs will be announced by the end of 2024, up from the 130 locations currently confirmed. Furthermore, following my recent discussions with the UK high street banks, participating firms have also committed to improving Hubs by standardising the services available between firms, ensuring that customers will not require their own digital device to bank, trialling a ‘customer liaison service’ and trialling Saturday openings.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 26817 question first answered 23/05/2024 15:49:50 answering member 4639 label Biography information for Bim Afolami
tabling member	5011 label Biography information for Gen Kitchen

1718783

registered interest
date	16/05/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Northamptonshire
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will make an estimate of the number of bank branches that have closed in (a) Wellingborough constituency and (b) Northamptonshire in each year since 2010.
tabling member constituency	Wellingborough
tabling member printed	Gen Kitchen
uin	26817
answer	answer is ministerial correction date of answer 23/05/2024 answer text <p>Decisions to open or close a branch are commercial and the Government does not make assessments of these closure decisions. Nonetheless, it is imperative that banks and building societies recognise the needs of all their customers, including those who need to use cash or in-person services. The Government is monitoring the wider situation closely.</p><p> </p><p>The Government legislated through the Financial Services and Markets Act 2023 to introduce a new legislative framework to protect access to cash. The Financial Conduct Authority (FCA) must seek to ensure that there is reasonable provision of free withdrawal and deposit facilities in relation to personal current accounts. Upon the closure of a core cash service such as a bank branch, LINK assesses the community’s access to cash needs. If additional cash services are needed, industry will provide a shared solution such as a Banking Hub.</p><p> </p><p>Guidance from the FCA sets out its expectation of firms when they are deciding to reduce their physical branches or the number of free-to-use ATMs. The FCA’s guidance is clear that firms are expected to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs, and put in place alternatives, where this is reasonable. Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office or Banking Hubs.</p><p> </p><p>UK Finance have recently confirmed 225 Banking Hubs will be announced by the end of 2024, up from the 130 locations currently confirmed. Furthermore, following my recent discussions with the UK high street banks, participating firms have also committed to improving Hubs by standardising the services available between firms, ensuring that customers will not require their own digital device to bank, trialling a ‘customer liaison service’ and trialling Saturday openings.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami grouped question UIN 26816 question first answered 23/05/2024 15:49:50 answering member 4639 label Biography information for Bim Afolami
tabling member	5011 label Biography information for Gen Kitchen

1718785

registered interest
date	16/05/2024
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Cash Dispensing: Wellingborough
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if he will take steps to help ensure free access to cash (a) withdrawal and (b) deposit facilities in Wellingborough constituency.
tabling member constituency	Wellingborough
tabling member printed	Gen Kitchen
uin	26819
answer	answer is ministerial correction date of answer 23/05/2024 answer text <p>In recognition that cash continues to be used by millions of people across the UK, including those in vulnerable circumstances, the government legislated through the Financial Services and Markets Act 2023 to establish a new legislative framework to protect access to cash. This establishes the Financial Conduct Authority (FCA) as the lead regulator for access to cash and provides it with responsibility and powers to seek to ensure reasonable provision of cash withdrawal and deposit facilities. As part of this responsibility, the FCA must also seek to ensure that there is reasonable provision of free withdrawal and deposit facilities in relation to personal current accounts.</p><p> </p><p>Following this legislation, the government published a Cash Access Policy Statement. This set out that the vast majority of people should be no further than 1 mile from access to cash deposit and withdrawal services in predominately urban areas, and no further than 3 miles in predominately rural areas. The FCA is required to have regard to this statement when exercising its access to cash powers.</p><p> </p><p>The FCA recently held a consultation on its proposed regulatory approach: <a href="https://www.fca.org.uk/publications/consultation-papers/cp23-29-access-cash" target="_blank">FCA Access to Cash Consultation</a>. The FCA is currently considering feedback and expects to publish its final rules in the third quarter of this year.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 23/05/2024 15:53:22 answering member 4639 label Biography information for Bim Afolami
tabling member	5011 label Biography information for Gen Kitchen

1718787

registered interest
date	16/05/2024
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, if he will make an assessment of the potential impact of trends in mortgage interest rates on household disposable income in (a) Wellingborough constituency, (b) Northamptonshire and (c) England.
tabling member constituency	Wellingborough
tabling member printed	Gen Kitchen
uin	26820
answer	answer is ministerial correction date of answer 23/05/2024 answer text <p>The path to lower interest rates is through low inflation, and the Government is fully committed to supporting the Bank of England get inflation back down to the 2% target, including by keeping borrowing under control.</p><p> </p><p>Inflation reduces real incomes, creates uncertainty, and threatens our growth outlook so it's essential that the Government continues with its efforts to drive it down and not fuel it further. In January 2023, the Prime Minister set out a plan to halve inflation, and that plan has worked.</p><p> </p><p>While the pricing of mortgages is ultimately a commercial decision for lenders in which the Government does not intervene, the average offered mortgage rates on 2-year and 5-year fixed rates are now lower compared to their peak in Summer 2023. The Government’s Mortgage Charter - in addition to the significant safeguards already in place - is providing support to vulnerable households; and mortgage arrears and repossessions remain low.</p><p> </p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 23/05/2024 15:45:16 answering member 4639 label Biography information for Bim Afolami
tabling member	5011 label Biography information for Gen Kitchen