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1657306

registered interest
date	01/09/2023
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	What recent assessment he has made of the potential impact of the Growth Plan of 23 September 2022 on mortgage rates.
tabling member constituency	Putney
tabling member printed	Fleur Anderson
uin	197262
answer	answer is ministerial correction date of answer 06/09/2023 answer text <p>Over the course of 2022 high inflation from Putin’s illegal invasion of Ukraine saw interest rates increase across most Western Economies.</p><p> </p><p>This is why the Prime Minister made halving inflation one of the Government’s five priorities this year. The latest Bank of England forecast shows we are on track to halve by the end of the year.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 06/09/2023 14:45:09 answering member 4874 label Biography information for Andrew Griffith
tabling member	4788 label Biography information for Fleur Anderson

1658016

registered interest
date	29/08/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Inflation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what progress he has made on reducing inflation.
tabling member constituency	Gedling
tabling member printed	Tom Randall
uin	906205
answer	answer is ministerial correction date of answer 05/09/2023 answer text <p>High inflation is the greatest immediate economic challenge that we must address. That is why the Government has made it a priority to halve inflation this year, on the path back to the 2% target. Our commitment to this target is iron-clad and applies at all times. The Bank of England has the Government’s full support as they take action to return inflation to target.</p><p> </p><p>Inflation has already fallen by more than a third from the peak in October. We are on track to halve inflation this year: the majority of major forecasters agree in forecasting inflation to halve by the end of the year and subsequently return to target. However, this is not inevitable, and we must remain vigilant.</p><p><strong> </strong></p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 05/09/2023 16:23:13 answering member 4874 label Biography information for Andrew Griffith
tabling member	4845 label Biography information for Tom Randall

1658017

registered interest
date	29/08/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Profits
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 potential impact of interest rates on profits in the banking sector.
tabling member constituency	Brighton, Pavilion
tabling member printed	Caroline Lucas
uin	906206
answer	answer is ministerial correction date of answer 05/09/2023 answer text <p>UK banks’ profitability has increased as a result of higher interest rates.</p><p>That said, increased competition in deposit rates offered by UK banks and macroeconomic uncertainty are likely to put downward pressure on banks’ profits.</p><p>The 2022/2023 Bank of England’s stress test indicates that major UK banks would be resilient to a severe stress scenario including higher interest rates.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 05/09/2023 13:49:52 answering member 4874 label Biography information for Andrew Griffith
tabling member	3930 label Biography information for Caroline Lucas

1658020

registered interest
date	29/08/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps his Department is taking to support the growth of the financial services sector.
tabling member constituency	Harrow East
tabling member printed	Bob Blackman
uin	906211
answer	answer is ministerial correction date of answer 05/09/2023 answer text <p>In July, the Chancellor set out his ambitious Mansion House Reforms package, which will help to support the growth of the financial services sector by:</p><p>o reforming the pensions market to boost returns and improve outcomes for pension fund holders whilst increasing funding liquidity for high-growth companies;</p><p>o helping companies grow and list in the UK; and</p><p>o enabling us to seize the opportunities of the future by reforming and simplifying our regulatory rulebook.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 05/09/2023 13:52:33 answering member 4874 label Biography information for Andrew Griffith
tabling member	4005 label Biography information for Bob Blackman

1654627

registered interest
date	20/07/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, when his Department plans to publish the outcome of the consultation entitled Regulation of Buy-Now Pay Later: consultation on draft legislation.
tabling member constituency	Wallasey
tabling member printed	Dame Angela Eagle
uin	195335
answer	answer is ministerial correction date of answer 06/09/2023 answer text <p>The Government’s consultation on proposed draft legislation to bring Buy-Now Pay-Later into regulation closed in April. The Government has been carefully considering stakeholder feedback to this consultation and intends to publish a consultation response in which it will set out next steps, in due course.</p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 195336 question first answered 06/09/2023 15:35:58 answering member 4874 label Biography information for Andrew Griffith
tabling member	491 label Biography information for Dame Angela Eagle

1654628

registered interest
date	20/07/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit: Regulation
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, when his Department plans to lay before Parliament legislative proposals relating to the consultation entitled Regulation of Buy-Now Pay Later: consultation on draft legislation.
tabling member constituency	Wallasey
tabling member printed	Dame Angela Eagle
uin	195336
answer	answer is ministerial correction date of answer 06/09/2023 answer text <p>The Government’s consultation on proposed draft legislation to bring Buy-Now Pay-Later into regulation closed in April. The Government has been carefully considering stakeholder feedback to this consultation and intends to publish a consultation response in which it will set out next steps, in due course.</p><p> </p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 195335 question first answered 06/09/2023 15:35:58 answering member 4874 label Biography information for Andrew Griffith
tabling member	491 label Biography information for Dame Angela Eagle

1654638

registered interest
date	20/07/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Premium Bonds
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has considered the potential merits of increasing the premium bond investment ceiling.
tabling member constituency	Romford
tabling member printed	Andrew Rosindell
uin	195346
answer	answer is ministerial correction date of answer 06/09/2023 answer text <p>The Government keeps the Premium Bond investment limit under review, to ensure that the limit continues to reflect the interests of savers, taxpayers, and the wider financial sector.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 06/09/2023 15:39:15 answering member 4874 label Biography information for Andrew Griffith
tabling member	1447 label Biography information for Andrew Rosindell

1654639

registered interest
date	20/07/2023
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, what steps his Department is taking to help support homeowners who are unable to make mortgage payments following increases in interest rates in the last 12 months.
tabling member constituency	Romford
tabling member printed	Andrew Rosindell
uin	195347
answer	answer is ministerial correction date of answer 06/09/2023 answer text <p>The pricing of mortgages is a commercial decision for lenders in which the Government does not intervene. However, we recognise this is a concerning time for mortgage borrowers.</p><p> </p><p>On Friday 23 June the Chancellor met with the UK’s largest mortgage lenders, UK Finance and the Financial Conduct Authority to discuss how lenders will provide support for those who encounter problems keeping up with their mortgage payments. At this meeting, lenders agreed to a new Mortgage Charter to support borrowers struggling with their mortgage payments that was published on 26 June. The Charter sets out the standards signatory lenders will adopt when helping their customers, including new flexibilities to help customers manage their mortgage payments over a short period.</p><p> </p><p>The Charter is in addition to the significant safeguards already in place for consumers in the mortgage market. Financial Conduct Authority rules require lenders to engage individually with their customers who are struggling or who are worried about their payments in order to provide tailored support. The Government has also taken measures aimed at helping people to avoid repossession, including Support for Mortgage Interest (SMI) loans, and protection in the courts through the Pre-Action Protocol.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 06/09/2023 15:37:45 answering member 4874 label Biography information for Andrew Griffith
tabling member	1447 label Biography information for Andrew Rosindell

1654766

registered interest
date	20/07/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Stamp Duty Reserve Tax: Exemptions
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, when he plans for the investigation by officials into an update to Growth Market Exemption legislation to conclude.
tabling member constituency	Vale of Glamorgan
tabling member printed	Alun Cairns
uin	195392
answer	answer is ministerial correction date of answer 04/09/2023 answer text <p>The Government keeps all taxes under review. As part of that, officials are exploring the case for reform in this area.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 04/09/2023 12:05:13 answering member 4874 label Biography information for Andrew Griffith
tabling member	4086 label Biography information for Alun Cairns

1654906

registered interest
date	20/07/2023
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, what support is available to homeowners who have accrued unmanageable debt due to increased mortgage interest rates.
tabling member constituency	Barnsley East
tabling member printed	Stephanie Peacock
uin	195552
answer	answer is ministerial correction date of answer 06/09/2023 answer text <p>The pricing of mortgages is a commercial decision for lenders, including relevant credit unions, in which the Government does not intervene. However, we recognise this is a concerning time for mortgage borrowers.</p><p> </p><p>On Friday 23 June the Chancellor met with the UK’s largest mortgage lenders, UK Finance and the Financial Conduct Authority to discuss how lenders will provide support for those who encounter problems keeping up with their mortgage payments. At this meeting, lenders agreed to a new Mortgage Charter to support borrowers struggling with their mortgage payments that was published on 26 June. The Charter sets out the standards signatory lenders, which includes some credit unions, will adopt when helping their customers, including new flexibilities to help customers manage their mortgage payments over a short period.</p><p> </p><p>The Charter is in addition to the significant safeguards already in place for consumers in the mortgage market. Financial Conduct Authority rules require lenders to engage individually with their customers who are struggling or who are worried about their payments in order to provide tailored support. The Government has also taken measures aimed at helping people to avoid repossession, including Support for Mortgage Interest (SMI) loans, and protection in the courts through the Pre-Action Protocol.</p><p> </p><p>More widely, the Government is taking forward amendments to the Credit Unions Act 1979 through the Financial Services and Markets Act (FSMA) 2023 to allow the credit union sector to grow, by offering a wider range of products and services to their members. FSMA 2023 is central to delivering the Government’s vision to grow the economy and create an open, sustainable, and technologically advanced financial services sector.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 195553 question first answered 06/09/2023 15:30:28 answering member 4874 label Biography information for Andrew Griffith
tabling member	4607 label Biography information for Stephanie Peacock