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1109368

registered interest
date	03/04/2019
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, if he will publish the timetable for the review of London Capital and Finance following its collapse.
tabling member constituency	Canterbury
tabling member printed	Rosie Duffield
uin	240623
answer	answer is ministerial correction date of answer 08/04/2019 answer text <p>On 1 April, I announced that I will use powers under the Financial Services Act 2012 to direct the Financial Conduct Authority (FCA) to launch an investigation into the events at London Capital &amp; Finance and the circumstances surrounding them. This followed a request to me from the FCA Chair, Charles Randell, to launch such an investigation.</p><p> </p><p>The investigation will be led by an independent person appointed by the FCA, with the approval of HM Treasury. Further details of the independent investigation will be communicated in due course.</p> answering member constituency Salisbury answering member printed John Glen question first answered 08/04/2019 14:18:58 answering member 4051 label Biography information for John Glen
tabling member	4616 label Biography information for Rosie Duffield

1109076

registered interest
date	02/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Pay
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent assessment his Department has made of trends in the levels of pay since 2010.
tabling member constituency	Coventry South
tabling member printed	Mr Jim Cunningham
uin	239859
answer	answer is ministerial correction date of answer 08/04/2019 answer text <p>The level of pay has continually increased since 2010, with average weekly earnings increasing by 20% over this period. Regular wages are currently growing at their fastest pace in over a decade and have outstripped inflation for 11 consecutive months. We’ve just seen another above inflation increase in the National Living Wage, to £8.21, meaning a full-time worker on the NLW will be earning £690 more over the coming year.</p> answering member constituency Salisbury answering member printed John Glen question first answered 08/04/2019 14:33:01 answering member 4051 label Biography information for John Glen
tabling member	308 label Biography information for Mr Jim Cunningham

1109101

registered interest
date	02/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Royal Bank of Scotland
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what conditions were used to determine the planned disposal of Royal Bank of Scotland (RBS) shares by 2023-24; what alternative proposals were assessed (a) for the disposal of shares by 2023-24 and (b) during the planning of the earlier proposal for disposal of RBS shares by 2022-23; and what assessment he has made of the potential merits of maintaining majority public ownership of RBS in the short, medium and long term.
tabling member constituency	Leeds North West
tabling member printed	Alex Sobel
uin	240102
answer	answer is ministerial correction date of answer 08/04/2019 answer text <p>Following significant further progress made by the Royal Bank of Scotland (RBS) in resolving its legacy issues, Budget 2018 set out the government’s intention to undertake a full disposal of the RBS shareholding by 2023-24, subject to market conditions and achieving value for money. This built on the intention set out at Autumn Budget 2017 to dispose of around £15 billion of shares by 2022/23.</p><p>Returning RBS to private ownership is the right policy for taxpayers, customers and the wider economy. It was never the intention that government would be a permanent shareholder in RBS. The government intervened in RBS to protect ordinary savers and businesses, and to prevent the collapse of a bank which was vital to the functioning of the UK economy and financial system. It was not a speculative investment designed to make a profit.</p><p> </p><p>The government keeps the timing and method of future disposals under constant review but will only undertakes sales when it can achieve fair value – that is, when the share price accurately reflects the current and future prospects of RBS. RBS is a fundamentally different, smaller and more sustainable bank today compared to 2008. As a result, we have to accept that the shares are worth less than the price the then government paid for them.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 240103 question first answered 08/04/2019 14:30:24 answering member 4051 label Biography information for John Glen
tabling member	4658 label Biography information for Alex Sobel

1109103

registered interest
date	02/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Royal Bank of Scotland
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, pursuant to the Answer of 26 February 2019, to Question 222650 on Royal Bank of Scotland, how the Treasury will determine at which point and under what conditions the disposal of RBS shares will represent value for money for the taxpayer such that they will at that time be disposed of.
tabling member constituency	Leeds North West
tabling member printed	Alex Sobel
uin	240103
answer	answer is ministerial correction date of answer 08/04/2019 answer text <p>Following significant further progress made by the Royal Bank of Scotland (RBS) in resolving its legacy issues, Budget 2018 set out the government’s intention to undertake a full disposal of the RBS shareholding by 2023-24, subject to market conditions and achieving value for money. This built on the intention set out at Autumn Budget 2017 to dispose of around £15 billion of shares by 2022/23.</p><p>Returning RBS to private ownership is the right policy for taxpayers, customers and the wider economy. It was never the intention that government would be a permanent shareholder in RBS. The government intervened in RBS to protect ordinary savers and businesses, and to prevent the collapse of a bank which was vital to the functioning of the UK economy and financial system. It was not a speculative investment designed to make a profit.</p><p> </p><p>The government keeps the timing and method of future disposals under constant review but will only undertakes sales when it can achieve fair value – that is, when the share price accurately reflects the current and future prospects of RBS. RBS is a fundamentally different, smaller and more sustainable bank today compared to 2008. As a result, we have to accept that the shares are worth less than the price the then government paid for them.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 240102 question first answered 08/04/2019 14:30:24 answering member 4051 label Biography information for John Glen
tabling member	4658 label Biography information for Alex Sobel

1108678

registered interest
date	01/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Consumer Credit Act 1974
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, when he plans to respond to the Financial Conduct Authority’s Review of retained provisions of the Consumer Credit Act; and what form the response will take.
tabling member constituency	Brighton, Pavilion
tabling member printed	Caroline Lucas
uin	239222
answer	answer is ministerial correction date of answer 08/04/2019 answer text <p>On 25 March, the Government laid a Written Ministerial Statement (HCWS1442) in response to the Financial Conduct Authority’s (FCA) review of the retained provisions of the Consumer Credit Act.</p><p> </p><p>The Statement explained that the Government will consider the report and whether further reform of the consumer credit regulatory regime is needed.</p><p> </p><p>The Written Ministerial Statement can be found at: <a href="https://www.parliament.uk/business/publications/written-questions-answers-statements/written-statement/Commons/2019-03-25/HCWS1442/" target="_blank">https://www.parliament.uk/business/publications/written-questions-answers-statements/written-statement/Commons/2019-03-25/HCWS1442/</a></p> answering member constituency Salisbury answering member printed John Glen question first answered 08/04/2019 09:33:21 answering member 4051 label Biography information for John Glen
tabling member	3930 label Biography information for Caroline Lucas

1108791

registered interest
date	01/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Halifax Bank of Scotland: Fraud
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has had discussions with the Financial Conduct Authority on potential failures at Lloyds/HBOS to follow the Senior Managers Regime in respect of disclosure of the Turnbull report; and if he will make a statement.
tabling member constituency	Oxford East
tabling member printed	Anneliese Dodds
uin	239315
answer	answer is ministerial correction date of answer 04/04/2019 answer text <p>Treasury Ministers meet the UK’s financial services regulators on a regular basis to discuss a range of matters.</p><p> </p><p>Investigations into events at HBOS Reading are a matter for the operationally independent Financial Conduct Authority and Prudential Regulation Authority.</p><p> </p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 239316 question first answered 04/04/2019 13:12:09 answering member 4051 label Biography information for John Glen
tabling member	4657 label Biography information for Anneliese Dodds

1108792

registered interest
date	01/04/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Halifax Bank of Scotland: Fraud
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has had discussions with the Bank of England on potential failures at Lloyds/HBOS to follow the Senior Managers Regime in respect of disclosure of the Turnbull report; and if he will make a statement.
tabling member constituency	Oxford East
tabling member printed	Anneliese Dodds
uin	239316
answer	answer is ministerial correction date of answer 04/04/2019 answer text <p>Treasury Ministers meet the UK’s financial services regulators on a regular basis to discuss a range of matters.</p><p> </p><p>Investigations into events at HBOS Reading are a matter for the operationally independent Financial Conduct Authority and Prudential Regulation Authority.</p><p> </p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 239315 question first answered 04/04/2019 13:12:09 answering member 4051 label Biography information for John Glen
tabling member	4657 label Biography information for Anneliese Dodds

1105952

registered interest
date	28/03/2019
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 discussions he has had with the Financial Conduct Authority on the administration of London Capital and Finance PLC.
tabling member constituency	Wantage
tabling member printed	Mr Edward Vaizey
uin	238311
answer	answer is ministerial correction date of answer 04/04/2019 answer text <p>The Treasury is monitoring developments relating to the failure of London Capital &amp; Finance (LCF) very closely and is in regular contact with the Financial Conduct Authority.</p><p> </p><p>However, the Treasury has no formal role in the administration process of a firm such as LCF and it would be inappropriate for us to comment on the administration process, which is a matter for the joint administrators – in this case, Finbarr O’Connell, Adam Stephens, Colin Hardman and Henry Shinners of Smith &amp; Williamson LLP.</p><p> </p><p>Further information regarding the administration itself can be found on the joint administrators’ website at the following link:</p><p> </p><p><a href="https://smithandwilliamson.com/business/services/restructuring-and-recovery-services/london-capital" target="_blank">https://smithandwilliamson.com/business/services/restructuring-and-recovery-services/london-capital</a></p> answering member constituency Salisbury answering member printed John Glen question first answered 04/04/2019 09:16:01 answering member 4051 label Biography information for John Glen
tabling member	1580 label Biography information for Lord Vaizey of Didcot

1105542

registered interest
date	27/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Mortgages: Private Rented Housing
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he plans to change the law on the income threshold requirement for buy-to-let mortgages by (a) lowering the threshold and (b) removing the requirement for the threshold to be more than the rent from the let property.
tabling member constituency	Ochil and South Perthshire
tabling member printed	Luke Graham
uin	237729
answer	answer is ministerial correction date of answer 04/04/2019 answer text <p>The independent Prudential Regulatory Authority (PRA) is responsible for the regulation of the underwriting of buy-to-let mortgages. Under the PRA’s Supervisory Statement of September 2016, firms are required to conduct: an interest coverage ratio test which compares expected rental income to the monthly interest cost of mortgage repayments; and/or an income affordability test. Lenders must also take into account future changes to interest rates over a minimum period of five years. The purpose of this is to prevent lenders taking excessive risk by ensuring that the borrowers have the ability to repay the loan.</p><p>Beyond the requirements set out in the regulations, decisions concerning how lenders assess mortgage applications are commercial decisions for banks and building societies. I hope you can appreciate that it would be inappropriate for the Government to intervene in these decisions.</p> answering member constituency Salisbury answering member printed John Glen question first answered 04/04/2019 09:21:04 answering member 4051 label Biography information for John Glen
tabling member	4622 label Biography information for Luke Graham

1105654

registered interest
date	27/03/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banking Hubs: Rural Areas
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether his Department has made an assessment of the potential merits of establishing banking hubs in rural locations.
tabling member constituency	Angus
tabling member printed	Kirstene Hair
uin	237768
answer	answer is ministerial correction date of answer 04/04/2019 answer text <p>Decisions on opening and closing bank branches are taken by the management team of each bank on a commercial basis. Banks themselves are best placed to make these commercial decisions based on their strategies. However, the Government has and will continue to encourage providers to think creatively about the merits of alternative models including in rural areas.</p><p> </p><p>Existing services, such as the Post Office, already offer a range of banking services across an extensive network that ensures essential banking facilities remain available in as many communities as possible. Individual and small business customers can withdraw money, deposit cash and cheques and check balances at 11,500 Post Office branches in the UK.</p><p> </p><p>Since 2010, Post Office branch numbers have been at their most stable for decades and 99% of the national population now lives within three miles of a branch. Furthermore, 93% of the national population live within one mile of their nearest post office branch. Almost 98.7% of the rural population lives within 3 miles of a post office.</p> answering member constituency Salisbury answering member printed John Glen question first answered 04/04/2019 09:26:35 answering member 4051 label Biography information for John Glen
tabling member	4675 label Biography information for Kirstene Hair