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1247397

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	National Savings: Interest Rates
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, pursuant to the Answer of 6 July 2020 to Question 66988 on Personal Savings: Interest Rates, what recent assessment informed his decision to change NS&I interest rate policy.
tabling member constituency	Linlithgow and East Falkirk
tabling member printed	Martyn Day
uin	109504
answer	answer is ministerial correction date of answer 09/11/2020 answer text <p>NS&amp;I must balance the interests of savers, taxpayers and the broader financial services sector.</p><p> </p><p>After around 6 months of offering often market-leading rates, NS&amp;I has announced interest rate reductions that will realign it with the rest of the retail savings market.</p><p> </p><p>NS&amp;I’s Net Financing target for 2020-21 was revised from £6 billion to £35 billion to reflect the Government’s funding requirements during the Covid-19 pandemic. NS&amp;I raised c. £38.3bn in Net Financing in the first two quarters of 2020/21, making rate reductions necessary.</p><p> </p><p>With gilt yields currently at very low levels, government financing raised through NS&amp;I is much more expensive that that raised through gilt issuance. It is important that HM Treasury takes into account taxpayer value considerations when making financing decisions. As such, the announced rate reductions will deliver better value for the taxpayer by improving the cost-effectiveness of the financing that NS&amp;I raises for the Government.</p> answering member constituency Salisbury answering member printed John Glen question first answered 09/11/2020 08:26:49 answering member 4051 label Biography information for John Glen
tabling member	4488 label Biography information for Martyn Day

1240011

registered interest
date	02/10/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	National Savings: Interest Rates
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 potential merits of enabling National Savings and Investments to reverse the recent reductions to its savings rates.
tabling member constituency	Linlithgow and East Falkirk
tabling member printed	Martyn Day
uin	98723
answer	answer is ministerial correction date of answer 08/10/2020 answer text <p>NS&amp;I must balance the interests of savers, taxpayers and the broader financial services sector.</p><p> </p><p>After 6 months of offering often market-leading rates, NS&amp;I has announced interest rate reductions that will realign it with the rest of the retail savings market.</p><p> </p><p>NS&amp;I’s Net Financing target for 2020-21 was revised from £6 billion to £35 billion to reflect the Government’s funding requirements during the Covid-19 pandemic. NS&amp;I raised £14.5 billion in Net Financing from April to June. Demand for NS&amp;I products has remained at similarly high levels since then, making rate reductions necessary.</p><p> </p><p>With gilt yields currently at very low levels, government financing raised through NS&amp;I is much more expensive that that raised through gilt issuance. It is important that HM Treasury takes into account taxpayer value considerations when making financing decisions.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 08/10/2020 08:23:16 answering member 4051 label Biography information for John Glen
tabling member	4488 label Biography information for Martyn Day

1230087

registered interest
date	01/09/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services Compensation Scheme
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, if his Department will conduct a review of the effect of the Financial Services Compensation Scheme levy on firms required to pay that levy.
tabling member constituency	Linlithgow and East Falkirk
tabling member printed	Martyn Day
uin	83884
answer	answer is ministerial correction date of answer 09/09/2020 answer text <p>The Government does not have a role in setting the Financial Services Compensation Scheme (FSCS) levy. The FSCS is an independent non-governmental body which carries out its compensation function within rules set by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), who are themselves also independent from government.</p><p> </p><p>The FSCS has said it will be working with industry and regulators to do what it can to address any concerns about updates to this year’s levies.</p> answering member constituency Salisbury answering member printed John Glen question first answered 09/09/2020 09:29:53 answering member 4051 label Biography information for John Glen
tabling member	4488 label Biography information for Martyn Day

1229339

registered interest
date	28/08/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services Compensation Scheme
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what discussions his Department has had with the Financial Conduct Authority on the effect on financial advisor firms of the recent increase in the Financial Services Compensation Scheme levy.
tabling member constituency	Linlithgow and East Falkirk
tabling member printed	Martyn Day
uin	82156
answer	answer is ministerial correction date of answer 08/09/2020 answer text <p>The Government does not have a role in setting the Financial Services Compensation Scheme (FSCS) levy. The FSCS is an independent non-governmental body which carries out its compensation function within rules set by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), who are themselves also independent from government.</p><p> </p><p>The Treasury works with the FCA to ensure that the market for financial advice works well. We are aware of concerns about the effect of the increased FSCS levies on financial advisers and we are working closely with the FCA who are monitoring the impact.</p><p> </p><p>The FSCS has said it will be working closely with industry and regulators to understand any concerns about updates to this year’s levies and seek to explore how they can be addressed.</p> answering member constituency Salisbury answering member printed John Glen question first answered 08/09/2020 08:25:58 answering member 4051 label Biography information for John Glen
tabling member	4488 label Biography information for Martyn Day

1187769

registered interest
date	25/03/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Business: Insurance
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what recent discussions he has had with representatives of the insurance industry on the provision of compensation for businesses whose business interruption insurance does not cover the covid-19 outbreak.
tabling member constituency	Linlithgow and East Falkirk
tabling member printed	Martyn Day
uin	35006
answer	answer is ministerial correction date of answer 27/04/2020 answer text <p>The Government is in continual dialogue with the insurance sector about its contribution to handling this unprecedented situation.</p><p> </p><p>For those businesses which have an appropriate policy that covers government ordered closure and unspecified notifiable diseases, the Government’s social distancing instructions are sufficient to allow businesses to make a claim against their insurance, provided the other terms and conditions in their policy are met.</p><p> </p><p>The FCA’s rules require insurers to handle claims fairly and promptly; provide reasonable guidance to help a policyholder make a claim, and appropriate information on its progress; not reject a claim unreasonably; and settle claims promptly once settlement terms are agreed.</p><p> </p><p>However, most businesses have not purchased insurance that covers losses from COVID-19. Insurance policies differ significantly, so businesses are encouraged to check the terms and conditions of their specific policy and contact their providers.</p><p> </p><p>The Government recognises that businesses who do not have appropriate insurance cover will require support from elsewhere. As such, businesses should explore the full package of support set out by the Chancellor in recent weeks which includes measures such as business rates holidays, the Coronavirus Business Interruption Loan Scheme, and wage support.</p> answering member constituency Salisbury answering member printed John Glen question first answered 27/04/2020 13:30:29 answering member 4051 label Biography information for John Glen
tabling member	4488 label Biography information for Martyn Day

1187095

registered interest
date	23/03/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Business: Coronavirus
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 Governor of the Bank of England on banks supplying credit to businesses to mitigate economic disruption and support cash flow during the covid-19 outbreak.
tabling member constituency	Linlithgow and East Falkirk
tabling member printed	Martyn Day
uin	33635
answer	answer is ministerial correction date of answer 31/03/2020 answer text The Treasury and Bank of England have regular discussions on the economic outlook, and the Chancellor has regular discussions with the Governor covering the full range of the Bank of England’s responsibilities. This includes the economic disruption as a result of Covid-19, and helping to provide a comprehensive, coordinated and coherent response. answering member constituency Salisbury answering member printed John Glen question first answered 31/03/2020 10:25:20 answering member 4051 label Biography information for John Glen
tabling member	4488 label Biography information for Martyn Day

1187096

registered interest
date	23/03/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit: Coronavirus
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 Governor of the Bank of England on banks supplying credit to households to support consumer confidence during the covid-19 outbreak.
tabling member constituency	Linlithgow and East Falkirk
tabling member printed	Martyn Day
uin	33636
answer	answer is ministerial correction date of answer 31/03/2020 answer text <p>On 17 March, the Government announced a package of measures totalling £350 billion aimed at supporting the financial wellbeing of British businesses, individuals, and families. The Government recognises that the outbreak of COVID-19 may lead to consumers facing financial difficulty and uncertainty. Therefore, we have acted to support customers who may find it challenging to make mortgage or credit payments and may require access to further credit. The major banks and building societies have pledged to provide relief to customers impacted by Covid-19, including deferring mortgage and other loan repayments, waiving fees on savings accounts and increasing overdraft or credit card limits.</p><p> </p><p>The Government is working closely with the Bank of England and the Financial Conduct Authority (FCA) and the Chancellor meets with both on a frequent basis to discuss these issues. On 25 March, a letter from the Chancellor, the Governor of the Bank of England, and the CEO of the FCA to the CEOs of UK banks was published regarding bank lending and the provision of credit during this crisis. The Government stands ready to announce further action wherever necessary.</p> answering member constituency Salisbury answering member printed John Glen question first answered 31/03/2020 10:21:09 answering member 4051 label Biography information for John Glen
tabling member	4488 label Biography information for Martyn Day

1185792

registered interest
date	17/03/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Business: Coronavirus
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 ensure that banks are encouraged to extend (a) credit lines and (b) favourable-terms loan payment holidays to keep businesses afloat and pay wages during the current covid-19 outbreak.
tabling member constituency	Linlithgow and East Falkirk
tabling member printed	Martyn Day
uin	30841
answer	answer is ministerial correction date of answer 23/03/2020 answer text <p>The Government is working closely with the banking industry to ensure that businesses can access the finance they need during this challenging period.</p><p> </p><p>Last week, the Chancellor announced a package of measures to support businesses experiencing increased costs or financial disruption due to the coronavirus outbreak. This included the new Coronavirus Business Interruption Loan Scheme, which launched today (Monday 23 March) and will support loans of up to £5 million in value, with no interest payments due for the first twelve months of the loan. This will help to give lenders the confidence to provide finance to businesses through this period of uncertainty, whilst helping businesses who are facing short-term cashflow issues.</p><p> </p><p>In conjunction with these measures, the Bank of England has acted to help support business and consumer confidence at this difficult time. These actions include cutting interest rates, which will help bolster the cash flows of businesses and households through reducing the cost, and improving the availability, of finance. The Bank also announced a new credit scheme will also help support SMEs specifically, by providing incentives for banks to lend to these firms.</p> answering member constituency Salisbury answering member printed John Glen question first answered 23/03/2020 14:15:19 answering member 4051 label Biography information for John Glen
tabling member	4488 label Biography information for Martyn Day

1181969

registered interest
date	02/03/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services Compensation Scheme
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 economic effect of recent increases in Financial Services Compensation Scheme levies on small businesses.
tabling member constituency	Linlithgow and East Falkirk
tabling member printed	Martyn Day
uin	23578
answer	answer is ministerial correction date of answer 09/03/2020 answer text <p>The Financial Services Compensation Scheme (FSCS) is an independent non-governmental body. The FSCS carries out its compensation function within rules set by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), who are also independent from government.</p><p> </p><p>The FSCS levy is set annually by the FSCS within the limits set by the FCA and PRA. It is for the FCA and PRA to consider the impact of the levies on the firms they regulate, acting in line with their statutory duties. The Government has no role in setting the levy.</p><p> </p><p>The FCA regularly consults with the financial services sector regarding its fees policy. This includes the funding of the FSCS. The FCA most recently consulted on the funding of the FSCS in May 2018 as part of a three-year review of the FSCS funding model.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 23580 question first answered 09/03/2020 14:05:41 answering member 4051 label Biography information for John Glen
tabling member	4488 label Biography information for Martyn Day

1181970

registered interest
date	02/03/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services Compensation Scheme
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 changing the allocation of the Financial Services Compensation Scheme levies on businesses to reflect the relative risk associated with different business models; and if he will make a statement.
tabling member constituency	Linlithgow and East Falkirk
tabling member printed	Martyn Day
uin	23580
answer	answer is ministerial correction date of answer 09/03/2020 answer text <p>The Financial Services Compensation Scheme (FSCS) is an independent non-governmental body. The FSCS carries out its compensation function within rules set by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), who are also independent from government.</p><p> </p><p>The FSCS levy is set annually by the FSCS within the limits set by the FCA and PRA. It is for the FCA and PRA to consider the impact of the levies on the firms they regulate, acting in line with their statutory duties. The Government has no role in setting the levy.</p><p> </p><p>The FCA regularly consults with the financial services sector regarding its fees policy. This includes the funding of the FSCS. The FCA most recently consulted on the funding of the FSCS in May 2018 as part of a three-year review of the FSCS funding model.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 23578 question first answered 09/03/2020 14:05:41 answering member 4051 label Biography information for John Glen
tabling member	4488 label Biography information for Martyn Day