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522981

registered interest
date	06/06/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Bank Services: Fees and Charges
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what steps he has taken to regulate the level of bank account charges in the last 12 months.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	39461
answer	answer is ministerial correction date of answer 14/06/2016 answer text <p>The Government is clear that consumers must be able to access clear and transparent information about the charges that may apply to financial services products, including bank accounts. In addition, the Financial Conduct Authority requires firms to be clear, fair and not misleading when giving information to consumers, including on fees and charges.</p><p> </p><p>Following extensive Government negotiations with the banking industry on basic bank accounts, in January 2016 the UK’s nine largest banks and building societies implemented an agreement to end bank charges on those accounts when a direct debit or standing order fails. Basic bank accounts are now truly fee-free, helping people to manage their money without fear of running up an overdraft.</p><p> </p><p>The Competition and Markets Authority (CMA) is currently investigating the retail banking market, including personal current accounts. In its May 2016 provisional decision on remedies, the CMA proposed requiring banks to take steps including: a monthly maximum charge for unarranged overdrafts; alerts to help customers avoid unarranged overdraft charges; improving comparisons by allowing customers to share data on transactions with other banks and trusted third parties; and regular prompts for customers to check that they are getting good value from their banking provider. The CMA will publish its final report on the retail banking market investigation by 12 August 2016. The Government stands ready to take action once the final report is published.</p><p> </p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 14/06/2016 09:15:23 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4131 label Biography information for Jim Shannon

513749

registered interest
date	18/04/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Public Expenditure
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what assessment he has made of the analysis by the Women's Budget Group, that the distributional analysis that was produced alongside the Budget fails to adequately analyse the impact on women and men, either as individuals or across different types of households.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	34341
answer	answer is ministerial correction date of answer 25/04/2016 answer text <p>The government’s distributional analysis at Budget shows the proportion of tax paid and public services spending received by households. It shows that the richest fifth of households will be paying a greater proportion of taxes in 2019-20 than in the 2010-11 system as a result of government policy, while half of all spending on welfare and public services is still going to the poorest 40% of households.</p><p> </p><p>In contrast with the government’s approach, the analysis produced by the Women’s Budget Group focuses on immediate cash impacts and assumes that extra government borrowing can make everyone better off. This ignores the fact that borrowing needs to be paid for and harms our long term economic security.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 25/04/2016 13:23:24 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4131 label Biography information for Jim Shannon

456580

registered interest
date	01/03/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Investment Income: Taxation
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what steps he is taking to ensure that bank dividends are properly taxed.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	29067
answer	answer is ministerial correction date of answer 08/03/2016 answer text <p>Banks are taxed on their dividend receipts according to the same rules as other companies. We have robust anti-avoidance legislation in place to ensure that these rules are not abused, including the General Anti-Abuse Rule which was legislated in Finance Act 2013.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 08/03/2016 14:23:11 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4131 label Biography information for Jim Shannon

451865

registered interest
date	10/02/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Credit Cards: Debts
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what estimate he has made of the number of people who accumulate credit card debt after the Christmas period.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	26765
answer	answer is ministerial correction date of answer 22/02/2016 answer text <p>HM Treasury does not hold information on the number of people who accumulate credit card debt.</p><p> </p><p>Publically available information on consumer credit, including credit card debt, is available up to Q4 2015 from the Bank of England. The most recent statistical release can be accessed at: <a href="http://www.bankofengland.co.uk/statistics/Pages/bankstats/2015/dec.aspx" target="_blank">http://www.bankofengland.co.uk/statistics/Pages/bankstats/2015/dec.aspx</a></p><p> </p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 22/02/2016 17:21:01 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4131 label Biography information for Jim Shannon

449754

registered interest
date	02/02/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Debts
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what steps his Department is taking to reduce levels of personal debt and household borrowing.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	25302
answer	answer is ministerial correction date of answer 10/02/2016 answer text <p>In Q3 2015 household debt fell to 142 per cent of household income, down from its peak of 168 per cent in Q1 2008. The Government’s plan for a higher wage, lower welfare society makes it easier for families and working people to save, and includes the new National Living Wage which will mean a pay boost for 1.7 million workers this year.</p><p> </p><p>Nonetheless, the Government recognises that there are those who face problem levels of debt. The Money Advice Service (MAS) is responsible for the coordination of publically funded free to client debt advice and is financed by a levy on the financial services industry. MAS is currently consulting on its business plan; it has proposed levying for a constant debt advice budget for 2016/17 providing around £45 million.</p><p> </p><p>The Government is currently reviewing how the public provision of free-to-client, impartial financial guidance, including consumer debt advice services, should be structured. The Public Financial Guidance consultation closed in December 2015 and the Government will report back by budget.</p><p> </p><p>Additionally, we have created the independent Financial Policy Committee within the Bank of England, to ensure emerging risks and vulnerabilities across the financial system as a whole, including in relation to household debt, are identified, monitored and effectively addressed.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 25270 question first answered 10/02/2016 12:34:49 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4131 label Biography information for Jim Shannon

449918

registered interest
date	02/02/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Debts
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what steps the Government is taking to reduce levels of family debt; and what assessment he has made of current tends in those levels.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	25270
answer	answer is ministerial correction date of answer 10/02/2016 answer text <p>In Q3 2015 household debt fell to 142 per cent of household income, down from its peak of 168 per cent in Q1 2008. The Government’s plan for a higher wage, lower welfare society makes it easier for families and working people to save, and includes the new National Living Wage which will mean a pay boost for 1.7 million workers this year.</p><p> </p><p>Nonetheless, the Government recognises that there are those who face problem levels of debt. The Money Advice Service (MAS) is responsible for the coordination of publically funded free to client debt advice and is financed by a levy on the financial services industry. MAS is currently consulting on its business plan; it has proposed levying for a constant debt advice budget for 2016/17 providing around £45 million.</p><p> </p><p>The Government is currently reviewing how the public provision of free-to-client, impartial financial guidance, including consumer debt advice services, should be structured. The Public Financial Guidance consultation closed in December 2015 and the Government will report back by budget.</p><p> </p><p>Additionally, we have created the independent Financial Policy Committee within the Bank of England, to ensure emerging risks and vulnerabilities across the financial system as a whole, including in relation to household debt, are identified, monitored and effectively addressed.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 25302 question first answered 10/02/2016 12:34:49 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4131 label Biography information for Jim Shannon

448213

registered interest
date	27/01/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Stock Market: China
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what discussions he has had with his Chinese counterpart on developments in the stock market in that country.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	24421
answer	answer is ministerial correction date of answer 04/02/2016 answer text <p>The Chancellor, as well as other HM Treasury ministers and officials regularly meet with their international counterparts to discuss a range of issues, including economic developments in China.</p><p> </p><p>As the Chancellor said during his trip to China in September 2015, the UK should “support and encourage China on this journey of economic change… Both Britain and China also recognise the importance of rebalancing our economies. It’s another way we can partner each other on the journey ahead… As the home to the world’s global financial centre, Britain can support China’s important financial reforms”.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 04/02/2016 15:46:16 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4131 label Biography information for Jim Shannon

448214

registered interest
date	27/01/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Banks: Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what steps he is taking to minimise the risk of future bank failures.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	24420
answer	answer is ministerial correction date of answer 03/02/2016 answer text <p>Since the financial crisis, the government has taken a number of steps to improve the regulation of banks. The Financial Services Act 2012 overhauled the regulatory architecture, putting the Bank of England in charge of prudential supervision, and establishing the Financial Policy Committee to monitor and take action in respect of macroprudential risks.</p><p> </p><p>The government has implemented further reforms, including legislating through the Financial Services (Banking Reform) Act 2013 for the “ring-fencing” regime to separate banks’ riskier investment activities from their retail banking activities. The government has implemented the Bank Recovery and Resolution Directive, ensuring the Bank of England has the tools to resolve banks.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 03/02/2016 16:17:00 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4131 label Biography information for Jim Shannon

444111

registered interest
date	12/01/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Credit Cards: Debts
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what steps his Department is taking to assist students with minimising the accrual of credit card debt.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	22020
answer	answer is ministerial correction date of answer 20/01/2016 answer text <p>The Government has fundamentally reformed regulation of the consumer credit market, which includes the credit card sector. Consumer credit regulation transferred from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) on 1 April 2014.</p><br /><p>The FCA is currently undertaking a thorough review of the credit card market through its ‘credit card market study’. The market study is investigating three areas, including the extent of unaffordable credit card debt and how consumers can drive effective competition through shopping around and switching.</p><br /><p>On the 3rd November 2015 the FCA published its interim report which found that the market was working reasonably well for most customers. However, the FCA expressed concern about the scale of potentially problematic debt in this sector, and the incentives for firms to manage this.</p><br /><p>The interim report also included the FCA’s early thinking on potential remedies which include measures to give consumers more control over their credit limits, measures to encourage customers to pay off debt quicker when they can afford to, and proposals that firms do more to identify earlier those consumers who may be struggling to repay and take action to help them manage their repayments.</p><br /><p>The FCA also set out potential measures to allow consumers to open access to their credit card usage to other market participants, as well as clarifying standards for price comparison websites, in order to facilitate shopping around and switching. The FCA is currently asking for feedback on the findings and potential remedies.</p><br /><p>The Government is looking forward to the full report in the spring, and would encourage interested parties to give their views to the FCA to assist it in addressing the issues it has identified.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 22021 question first answered 20/01/2016 16:14:19 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4131 label Biography information for Jim Shannon

444112

registered interest
date	12/01/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Credit Cards: Debts
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what steps he is taking to facilitate a process of credit card transfers for people in debt.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	22021
answer	answer is ministerial correction date of answer 20/01/2016 answer text <p>The Government has fundamentally reformed regulation of the consumer credit market, which includes the credit card sector. Consumer credit regulation transferred from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) on 1 April 2014.</p><br /><p>The FCA is currently undertaking a thorough review of the credit card market through its ‘credit card market study’. The market study is investigating three areas, including the extent of unaffordable credit card debt and how consumers can drive effective competition through shopping around and switching.</p><br /><p>On the 3rd November 2015 the FCA published its interim report which found that the market was working reasonably well for most customers. However, the FCA expressed concern about the scale of potentially problematic debt in this sector, and the incentives for firms to manage this.</p><br /><p>The interim report also included the FCA’s early thinking on potential remedies which include measures to give consumers more control over their credit limits, measures to encourage customers to pay off debt quicker when they can afford to, and proposals that firms do more to identify earlier those consumers who may be struggling to repay and take action to help them manage their repayments.</p><br /><p>The FCA also set out potential measures to allow consumers to open access to their credit card usage to other market participants, as well as clarifying standards for price comparison websites, in order to facilitate shopping around and switching. The FCA is currently asking for feedback on the findings and potential remedies.</p><br /><p>The Government is looking forward to the full report in the spring, and would encourage interested parties to give their views to the FCA to assist it in addressing the issues it has identified.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin grouped question UIN 22020 question first answered 20/01/2016 16:14:19 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	4131 label Biography information for Jim Shannon