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1233152

	registered interest
	date	09/09/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	NatWest: Closures
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of reports of NatWest bank's closure, without explanation, of the accounts of (1) small business customers after their approval for loans under the Bounce Back Loan Scheme, and (2) the members of the Facebook group ‘NatWest closed down my account'.
	tabling member printed	Baroness Whitaker
	uin	HL8000
	answer	answer is ministerial correction date of answer 23/09/2020 answer text <p>The Government believes that any dispute arising between banks and their customers is usually best resolved by the parties involved. If a customer wishes to pursue a complaint, their first recourse is through the bank's official customer complaints procedure. The Financial Conduct Authority (FCA) requires banks to properly investigate all complaints and, through ongoing supervision, it continues to monitor the banks' complaint handling processes.</p><p> </p><p>If a customer is not satisfied with their bank's response to their complaint, then they may wish to consider an approach to the Financial Ombudsman Service (FOS). The FOS provides a free, independent dispute resolution service for bank customers, including eligible small businesses.</p><p> </p> answering member printed Lord Agnew of Oulton question first answered 23/09/2020 13:00:09 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	2510 label Biography information for Baroness Whitaker

1404715

	registered interest
	date	19/01/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Wealth: Taxation
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made, if any, of the letter from 102 millionaires and billionaires to attendees to the World Economic Forum in Davos, calling for the introduction of wealth taxes.
	tabling member printed	Baroness Whitaker
	uin	HL5569
	answer	answer is ministerial correction date of answer 31/01/2022 answer text <p>The Government has noted the open letter and the suggestion of an annual wealth tax.</p><p> </p><p>The Government is committed to a fair tax system in which those with the most contribute the most. For example, the UK’s progressive Income Tax system means the top 1 per cent of Income Taxpayers are projected to pay 28 per cent of all Income Tax, and the top 5 per cent are projected to pay 49 per cent in the year 2021-22.</p><p>The UK does not have a single wealth tax, but it does have several taxes on assets and wealth. The UK already taxes assets and wealth across many different economic activities, including the acquisition, holding, transfer and disposal of assets, and income derived from assets.</p><p> </p><p>Notably, in 2020 the Wealth Tax Commission, which has no connection or link to the Government, found that if considering Inheritance Tax, Capital Gains Tax, Stamp Duty, and Stamp Duty Land Tax, the UK is among the top of the G7 countries for wealth taxes as a percentage of total wealth.</p><p> </p><p>The Wealth Tax Commission also concluded that an annual wealth tax, reportedly suggested by the UK branch of the group behind the letter, would not be effective because of high administrative costs relative to revenue and ease of avoidance. It is also clear that the Wealth Tax Commission’s suggestion of a potential one-off wealth tax in the UK would be a complex undertaking and the amount of revenue raised would be highly dependent on the final design of the tax.</p><p>It is also the case that any individual or private business wishing to make a greater contribution to the Exchequer can make voluntary payments to HM Government. More information about how to do so is available on GOV.UK.</p> answering member printed Viscount Younger of Leckie question first answered 31/01/2022 17:19:34 answering member 4169 label Biography information for Viscount Younger of Leckie
	tabling member	2510 label Biography information for Baroness Whitaker

1646561

	registered interest
	date	21/06/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Bank Services: Disadvantaged
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask His Majesty's Government how they monitor whether banks are complying with their legal duty to enable citizens without a fixed address to access a basic bank account; and what are the results of this monitoring.
	tabling member printed	Baroness Whitaker
	uin	HL8707
	answer	answer is ministerial correction date of answer 03/07/2023 answer text <p>The designated providers of basic bank accounts have agreed to report data on basic bank accounts and personal current accounts to HM Treasury for annual publication. These reports are available on the GOV.UK website.<sup><sup>[1]</sup></sup></p><p> </p><p> </p><p><sup><sup>[1]</sup></sup> https://www.gov.uk/government/collections/basic-bank-accounts</p> answering member printed Baroness Penn question first answered 03/07/2023 11:58:55 answering member 4726 label Biography information for Baroness Penn
	tabling member	2510 label Biography information for Baroness Whitaker