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837460

registered interest
date	05/02/2018
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 discussions he has had with the Financial Conduct Authority (FCA) on the adequacy of the information on FCA authorised and regulated commercial debt solutions providers in the information sheet sent by lenders to all customers in arrears under section 86 of the Consumer Credit Act and FCA Consumer Credit Sourcebook 7.3.7A.
tabling member constituency	Wythenshawe and Sale East
tabling member printed	Mike Kane
uin	126579
answer	answer is ministerial correction date of answer 08/02/2018 answer text <p>The Government is committed to ensuring that consumers who need to access free-to-user debt advice can do so quickly and easily.</p><p> </p><p>That is why the Government commissioned the Money Advice Service (MAS), which spent just under £49m on over 440,000 free-to-user debt advice sessions last year, and why the FCA’s information sheet signposts to this support. The Government is also merging MAS, PensionWise and The Pensions Advisory Service to create a new single financial guidance body, to make it simpler for consumers to access this support.</p> answering member constituency Salisbury answering member printed John Glen question first answered 08/02/2018 17:29:45 answering member 4051 label Biography information for John Glen
tabling member	4316 label Biography information for Mike Kane

828022

registered interest
date	22/01/2018
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 estimate he has made of the value of household debt in (a) the UK, (b) England, (c) Wales, (d) Scotland and (e) Northern Ireland in each of the last eight years.
tabling member constituency	Carmarthen East and Dinefwr
tabling member printed	Jonathan Edwards
uin	123982
answer	answer is ministerial correction date of answer 30/01/2018 answer text <p>In the UK as a whole, household debt-to-income has fallen from 152% at the start of 2010 to 138% in Q3 2017. This remains significantly below its pre-crisis peak of 160% in Q1 2008.</p><p> </p><p>On the latest available data, median household non-mortgage debt in Wales has been the lowest of any British nation between 2006 and 2014.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 30/01/2018 15:34:08 answering member 4051 label Biography information for John Glen
tabling member	3943 label Biography information for Jonathan Edwards

820893

registered interest
date	11/01/2018
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 estimate he has made of changes in the level of average household debt in each of the last three years.
tabling member constituency	Bootle
tabling member printed	Peter Dowd
uin	122311
answer	answer is ministerial correction date of answer 19/01/2018 answer text <p>The level of household debt to income was 136.4% in 2014, 133.0% in 2015 and 136.6% in 2016, the most recent years for which annual data is available. This compares to 152.1% at the start of 2010.</p><p> </p><p>The independent Financial Policy Committee (FPC) was set up by the government to assess and mitigate financial stability risks, including from household debt. The FPC has taken action to ensure against a significant rise in highly indebted households.</p> answering member constituency Salisbury answering member printed John Glen question first answered 19/01/2018 12:56:32 answering member 4051 label Biography information for John Glen
tabling member	4397 label Biography information for Peter Dowd

820894

registered interest
date	11/01/2018
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 estimate he has made of the value of household debt in each of the last three years.
tabling member constituency	Bootle
tabling member printed	Peter Dowd
uin	122312
answer	answer is ministerial correction date of answer 19/01/2018 answer text <p>The level of household debt to income was 136.4% in 2014, 133.0% in 2015 and 136.6% in 2016, the most recent years for which annual data is available. This compares to 152.1% at the start of 2010.</p><p> </p><p>The independent Financial Policy Committee (FPC) was set up by the government to assess and mitigate financial stability risks, including from household debt. The FPC has taken action to ensure against a significant rise in highly indebted households.</p> answering member constituency Salisbury answering member printed John Glen question first answered 19/01/2018 12:49:06 answering member 4051 label Biography information for John Glen
tabling member	4397 label Biography information for Peter Dowd

820895

registered interest
date	11/01/2018
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 estimate he has made of the value of household debt in each of the last eight years.
tabling member constituency	Bootle
tabling member printed	Peter Dowd
uin	122313
answer	answer is ministerial correction date of answer 19/01/2018 answer text <p>The level of annual household debt to income for the most recent eight years in which the data is available is as follows:</p><ul><li><p>2016 – 136.60%</p></li><li><p>2015 – 132.96%</p></li><li><p>2014 – 136.41%</p></li><li><p>2013 – 137.77%</p></li><li><p>2012 – 141.39%</p></li><li><p>2011 – 146.74%</p></li><li><p>2010 – 149.96%</p></li><li><p>2009 – 151.40%</p><p> </p><p>The current level of household debt to income (Q3 2017) is 138%, compared to 152.1% at the start of 2010.</p><p> </p><p>The independent Financial Policy Committee (FPC) was set up by the government to assess and mitigate financial stability risks, including from household debt. The FPC has taken action to ensure against a significant rise in highly indebted households.</p></li></ul> answering member constituency Salisbury answering member printed John Glen question first answered 19/01/2018 12:50:08 answering member 4051 label Biography information for John Glen
tabling member	4397 label Biography information for Peter Dowd

804255

registered interest
date	11/12/2017
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 assist people with household debt.
tabling member constituency	Strangford
tabling member printed	Jim Shannon
uin	118436
answer	answer is ministerial correction date of answer 19/12/2017 answer text <p>The Government established the Money Advice Service, which spent just under £49m last year to provide over 440,000 free-to-user debt advice sessions. And we are now creating a Single Financial Guidance Body to ensure consumers get better money and pensions guidance, and debt advice.</p><p> </p><p>The Government is also committed to establishing a six-week breathing space scheme. It published a Call for Evidence on the scheme in October. An amendment to the Financial Guidance and Claims Bill gives the Government the ability to implement the scheme, after receiving advice on aspects of the scheme from the Single Financial Guidance Body.</p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay question first answered 19/12/2017 13:53:26 answering member 4095 label Biography information for Steve Barclay
tabling member	4131 label Biography information for Jim Shannon

765875

registered interest
date	06/10/2017
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 recent assessment his Department has made of the effect on GDP of high levels of personal private debt.
tabling member constituency	Bolton North East
tabling member printed	Sir David Crausby
uin	105754
answer	answer is ministerial correction date of answer 16/10/2017 answer text <p>The Office for Budget Responsibility forecast that GDP will grow by 2.0% in 2017 and 1.6% in 2018 and Real Household Disposable Income per head is expected to be 2% higher by 2021 than in 2016.</p><p> </p><p>Household financial positions are stronger than before the financial crisis: net financial wealth as a share of income is close to record highs; debt to income is below pre-crisis levels; and debt interest payments to income are at a record low.</p><p> </p><p>The independent Financial Policy Committee, created by this government, has taken action on loan-to-income ratios and mortgage affordability to insure against the risk of a significant rise in highly indebted households.</p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay question first answered 16/10/2017 15:51:02 answering member 4095 label Biography information for Steve Barclay
tabling member	437 label Biography information for Sir David Crausby

758399

registered interest
date	06/09/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Debts
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what steps they intend to take to offer individuals relief from persistent debt; and whether they intend to introduce a statutory breathing space scheme.
tabling member printed	The Lord Bishop of St Albans
uin	HL1403
answer	answer is ministerial correction date of answer 18/09/2017 answer text <p>The government is committed to supporting all those affected by problem debt, and has a range of measures in place.</p><p> </p><p>The Financial Conduct Authority (FCA) regulates the consumer credit market, and has introduced binding rules to strengthen consumer protection. They are based on the principle that money should only be lent to a consumer if they can afford to repay it; lenders must show forbearance if there is evidence of financial difficulty.</p><p> </p><p>The FCA also capped the cost of payday loans. As part of a review of this price cap, the FCA will examine the high-cost credit market more broadly (such as rent-to-own), and consider whether further interventions are necessary to address the risk of consumer harm.</p><p> </p><p>The Money Advice Service (MAS), which was set up by the government, coordinates the provision of free-to-client debt advice. In 2016/17, MAS spent just under £49 million on its debt advice work, directing around 90% of this to fund frontline services. This led to more than 440,000 free-to-client debt advice sessions being delivered face-to-face, over the phone and online across the UK.</p><p> </p><p>In the Queen’s Speech, the government announced the Financial Guidance and Claims Bill. This will legislate to restructure the financial guidance landscape and bring debt advice, money guidance, and pensions guidance together in a single body, and give consumers better access to the financial information they need. This Bill is currently going through Parliament.</p><p> </p> answering member printed Lord Bates question first answered 18/09/2017 11:49:14 answering member 1091 label Biography information for Lord Bates
tabling member	4308 label Biography information for The Lord Bishop of St Albans

757317

registered interest
date	05/09/2017
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Debts
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what assessment they have made of the finding contained in the Bank of England's Money and Credit June 2017 Statistical Release that one in six of the 2.2 million people with personal debt are in financial distress; and what action they are taking to reduce consumer debt.
tabling member printed	Lord Mendelsohn
uin	HL1302
answer	answer is ministerial correction date of answer 18/09/2017 answer text <p>The government monitors the Bank of England’s statistical releases, including Money and Credit, and is committed to supporting all those affected by problem debt.</p><p> </p><p>We have a range of measures in place to help achieve that. The Financial Conduct Authority (FCA) regulates the consumer credit market, and has introduced binding rules to strengthen consumer protection. They are based on the principle that money should only be lent to a consumer if they can afford to repay it; lenders must show forbearance if there is evidence of financial difficulty.</p><p> </p><p>The FCA also capped the cost of payday loans. As part of a review of this price cap, the FCA will examine the high-cost credit market more broadly and consider whether further interventions are necessary to address the risk of consumer harm.</p><p> </p><p>The Money Advice Service (MAS), which was set up by the government, coordinates the provision of free-to-client debt advice. In 2016/17, MAS spent just under £49 million on its debt advice work, directing around 90% of this to fund frontline services. This led to more than 440,000 free-to-client debt advice sessions being delivered face-to-face, over the phone and online across the UK.</p><p> </p><p>In the Queen’s Speech, the government announced the Financial Guidance and Claims Bill. This will legislate to restructure the financial guidance landscape and bring debt advice, money guidance, and pensions guidance together in a single body, and give consumers better access to the financial information they need. This Bill is currently going through Parliament.</p><p> </p> answering member printed Lord Bates question first answered 18/09/2017 11:45:11 answering member 1091 label Biography information for Lord Bates
tabling member	4286 label Biography information for Lord Mendelsohn

757390

registered interest
date	05/09/2017
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, if his Department will respond to the recommendations of the Citizens Advice Bureau report, Stuck in Debt, on forcing lenders to scrap unarranged overdraft fees, prohibiting lenders from increasing a credit limit without a customer's permission, offering financial advice and making debt plans legally enforceable.
tabling member constituency	Hornsey and Wood Green
tabling member printed	Catherine West
uin	8519
answer	answer is ministerial correction date of answer 13/09/2017 answer text <p>The Government is committed to tackling the causes of problem debt, and is aware of the Citizens Advice report, although it is not the practice to respond directly to such reports.</p><p> </p><p>The Government has fundamentally reformed regulation of the consumer credit market, transferring regulatory responsibility from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) on 1 April 2014. This more robust regulatory system is delivering the Government’s vision for a well-functioning and sustainable consumer credit market which is able to meet consumers’ needs.</p><p> </p><p>Since the transfer, the FCA has taken a proactive approach on consumer credit, including overdrafts, to ensure that all consumers who use high-cost credit products are treated fairly. As a result of its Credit Card Market Study, the FCA has also taken action to tackle persistent debt in the credit card market. As part of this, the industry has also developed a voluntary agreement to give greater control to customers and to restrict offers of credit limit increases.</p><p> </p><p>The Government also believes that consumers need free at the point of use help with their finances. In the Queen’s Speech, the Government announced the Financial Guidance and Claims Bill. This will legislate to restructure the financial guidance landscape and bring debt advice, money guidance, and pensions guidance together in a single body, and give consumers better access to the financial information they need. This Bill is currently going through Parliament.</p> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay question first answered 13/09/2017 15:00:44 answering member 4095 label Biography information for Steve Barclay
tabling member	4523 label Biography information for Catherine West