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1657567

registered interest
date	04/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank Services: Closures
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, further to the remarks by Baroness Penn on 19 July (HL Deb col 2319), whether their "plans for enhanced requirements applying to the termination of payment accounts" will include a requirement for banks to give customers sufficient reasons about the termination of an account whatever may be its terms and conditions.
tabling member printed	Lord Hacking
uin	HL9777
answer	answer is ministerial correction date of answer 18/09/2023 answer text <p>The Government published its policy statement on 21 July, setting out its plans to strengthen requirements relating to payment account contract terminations. These changes will increase the minimum notice period in cases of contract termination to 90 days – giving customers more time to challenge a decision through the Financial Ombudsman Service, or find a replacement bank.</p><p> </p><p>Banks will also be required to spell out to the affected customer why they are terminating their account – increasing transparency and aiding customers’ ability to appeal decisions. This requirement will be subject to limited exceptions where firms need to comply with existing legal obligations, for example, under financial crime law.</p><p>The Treasury is working closely with industry, law enforcement and regulatory partners to ensure that expectations regarding these new requirements are clear.</p> answering member printed Baroness Penn question first answered 18/09/2023 14:27:47 answering member 4726 label Biography information for Baroness Penn
tabling member	3580 label Biography information for Lord Hacking

1657597

registered interest
date	04/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	National Income
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, further to the answer by Baroness Penn on 6 July (HL Deb col 1304) giving the relative gross domestic product (GDP) per head for Wales and the UK, what is the relative GDP per head for each region of England.
tabling member printed	The Lord Bishop of Sheffield
uin	HL9846
answer	answer is ministerial correction date of answer 18/09/2023 answer text <p>The latest data published by the Office for National Statistics shows that in 2021, the Gross Domestic Product (GDP) per head, at current prices, was £25,665 for Wales, and £33,745 for the UK. The GDP per head for London (£59,855) and the South East (£36,174) was higher than the UK average. GDP per head in the North East (£24,575), the East Midlands (£27,505), the Yorkshire and the Humber (£27,692), the South West (£29,628), the North West (£29,681), and the East of England (£30,442), was lower than the UK average.</p> answering member printed Baroness Penn question first answered 18/09/2023 14:19:19 answering member 4726 label Biography information for Baroness Penn
tabling member	4980 label Biography information for The Lord Bishop of Sheffield

1657598

registered interest
date	04/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Bank of England: Forecasts
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of the Bank of England’s financial forecasting record; and what steps, if any, they plan to take to improve the Bank’s forecasting.
tabling member printed	Lord Strathcarron
uin	HL9850
answer	answer is ministerial correction date of answer 18/09/2023 answer text <p>The Bank of England has statutory responsibilities for monetary policy and financial stability, and operational independence from the Government to carry out those responsibilities. The Government remains fully committed to the Bank’s independence.</p><p> </p><p>The Court of the Bank of England has commissioned the Bank’s Independent Evaluation Office (IEO) to review the Bank’s forecasting, and related processes. It will be led by Dr Ben Bernanke. The review began this summer and is expected to publish its findings in spring 2024.</p><p><strong> </strong></p> answering member printed Baroness Penn question first answered 18/09/2023 14:28:51 answering member 4726 label Biography information for Baroness Penn
tabling member	4937 label Biography information for Lord Strathcarron

1657622

registered interest
date	04/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banks: Closures
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what provisions are in place to support customers in the event of a rural bank closure with no bank branch available within three miles.
tabling member printed	Baroness McIntosh of Pickering
uin	HL9799
answer	answer is ministerial correction date of answer 18/09/2023 answer text <p>Decisions on opening and closing branches are taken by the management team of each bank on a commercial basis, which it would be inappropriate for the Government to intervene in.</p><p> </p><p>Guidance from the Financial Conduct Authority (FCA) sets out its expectation of firms when closing a branch; they must carefully consider the impact of a planned closure on their customers’ everyday banking and cash access needs and consider possible alternative access arrangements. This will ensure the implementation of closure decisions is done in a way that treats customers fairly.</p><p> </p><p>An alternative for those who prefer to conduct their everyday banking face-to-face is the Post Office, which enables customers to carry this out at 11,500 post offices across the UK. The Post Office is required by the Department for Business and Trade to ensure that 95% of the total rural population across the UK to be within 3 miles of their nearest Post Office outlet.</p><p> </p><p>New shared Banking Hubs are also being introduced providing cash and basic banking services, and dedicated space where community bankers from major banks can meet customers of that bank. Banking Hubs are a commercial initiative provided by participating retail banks and building societies in partnership with the Post Office. Decisions regarding the operation and location of Banking Hubs are taken by the parties involved.</p><p> </p><p>Regarding access to cash, the government legislated to protect access to cash services through the Financial Services and Markets Act 2023. Following this, the government recently published a policy statement. This included setting the government’s current understanding that the vast majority of people in predominately rural areas have access to cash within 3 miles of where they live, while the vast majority of people in predominately urban areas have access to cash within 1 mile of where they live. This is based on FCA analysis and concerns access to cash services in general rather than bank branches. The policy statement sets out that the FCA, as responsible regulator, should seek to maintain this distribution of cash access services, while recognising that cash needs may differ by location and change over time. The government’s policy statement is available on gov.uk.</p><p> </p> answering member printed Baroness Penn grouped question UIN HL9800 question first answered 18/09/2023 14:23:00 answering member 4726 label Biography information for Baroness Penn
tabling member	384 label Biography information for Baroness McIntosh of Pickering

1657623

registered interest
date	04/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Banking Hubs: Rural Areas
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what steps they plan to take, if any, to set up a rural banking hub to avoid a lack of banking provision within ten miles.
tabling member printed	Baroness McIntosh of Pickering
uin	HL9800
answer	answer is ministerial correction date of answer 18/09/2023 answer text <p>Decisions on opening and closing branches are taken by the management team of each bank on a commercial basis, which it would be inappropriate for the Government to intervene in.</p><p> </p><p>Guidance from the Financial Conduct Authority (FCA) sets out its expectation of firms when closing a branch; they must carefully consider the impact of a planned closure on their customers’ everyday banking and cash access needs and consider possible alternative access arrangements. This will ensure the implementation of closure decisions is done in a way that treats customers fairly.</p><p> </p><p>An alternative for those who prefer to conduct their everyday banking face-to-face is the Post Office, which enables customers to carry this out at 11,500 post offices across the UK. The Post Office is required by the Department for Business and Trade to ensure that 95% of the total rural population across the UK to be within 3 miles of their nearest Post Office outlet.</p><p> </p><p>New shared Banking Hubs are also being introduced providing cash and basic banking services, and dedicated space where community bankers from major banks can meet customers of that bank. Banking Hubs are a commercial initiative provided by participating retail banks and building societies in partnership with the Post Office. Decisions regarding the operation and location of Banking Hubs are taken by the parties involved.</p><p> </p><p>Regarding access to cash, the government legislated to protect access to cash services through the Financial Services and Markets Act 2023. Following this, the government recently published a policy statement. This included setting the government’s current understanding that the vast majority of people in predominately rural areas have access to cash within 3 miles of where they live, while the vast majority of people in predominately urban areas have access to cash within 1 mile of where they live. This is based on FCA analysis and concerns access to cash services in general rather than bank branches. The policy statement sets out that the FCA, as responsible regulator, should seek to maintain this distribution of cash access services, while recognising that cash needs may differ by location and change over time. The government’s policy statement is available on gov.uk.</p><p> </p> answering member printed Baroness Penn grouped question UIN HL9799 question first answered 18/09/2023 14:23:00 answering member 4726 label Biography information for Baroness Penn
tabling member	384 label Biography information for Baroness McIntosh of Pickering

1657624

registered interest
date	04/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Housing Improvement: VAT
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of any distortion to the housing market caused by VAT on the renovation and restoration of existing homes as opposed to VAT exemption for the building of new homes; and what plans they have, if any, to address such distortion.
tabling member printed	Baroness McIntosh of Pickering
uin	HL9801
answer	answer is ministerial correction date of answer 13/09/2023 answer text <p>The construction of certain new-build properties, including residential buildings, is subject to a VAT zero rate to encourage the construction of new homes. A reduced rate of VAT at five per cent is also maintained, subject to certain conditions, for residential renovations. This includes conversions of buildings from one residential use to another, conversions from commercial to residential use, and the renovation of properties that have been empty for two years or more.</p><p> </p><p>Extending this VAT relief would impose additional pressure on the public finances to which VAT makes a significant contribution. As such, the Government has no plans to introduce a VAT relief on the renovation and restoration of existing homes; however, the Government keeps all taxes under review.</p><p>A temporary zero rate (up to April 2027) also applies to installations of qualifying energy saving materials, such as insulation, solar panels and heat pumps into residential accommodation. This relief is targeted at materials that specifically improve the energy efficiency or reduce carbon emission from a residential property.</p><p> </p> answering member printed Baroness Penn question first answered 13/09/2023 13:17:56 answering member 4726 label Biography information for Baroness Penn
tabling member	384 label Biography information for Baroness McIntosh of Pickering

1657630

registered interest
date	04/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Africa: Debts
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what assessment they have made of the statement by African Faith Leaders on 8 August calling for a reduction of debt across African countries.
tabling member printed	The Lord Bishop of Manchester
uin	HL9807
answer	answer is ministerial correction date of answer 12/09/2023 answer text <p>The Government notes the statement by African Faith Leaders and we are working with our G20 partners to ensure swift progress and effective implementation of debt treatments under the Common Framework to deliver a long-term, sustainable approach to dealing with debt vulnerabilities. The Paris Club and the G20 have been clear that private creditors must participate in restructurings on terms at least as favourable as those provided by the official sector.</p><p> </p><p>The UK is also championing greater transparency around sovereign lending and borrowing, which plays an important role in supporting the debt sustainability of developing countries. While adhering to the G20 Operational Guidelines for Sustainable Financing and OECD sustainable lending principles, the UK has also put addressing the nexus between climate and debt at the top of its international agenda through pioneering the use of climate resilient debt clauses (CRDCs).</p> answering member printed Baroness Penn question first answered 12/09/2023 13:14:50 answering member 4726 label Biography information for Baroness Penn
tabling member	4878 label Biography information for The Lord Bishop of Manchester

1657689

registered interest
date	04/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Financial Services: Politically Exposed Persons
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, whether he has held discussions with the Financial Conduct Authority on the treatment by financial institutions of individuals who are deemed to be politically exposed persons for anti-money laundering purposes.
tabling member constituency	East Londonderry
tabling member printed	Mr Gregory Campbell
uin	197362
answer	answer is ministerial correction date of answer 11/09/2023 answer text <p>My officials have been in regular contact with the FCA on the issue of the treatment of Politically Exposed Persons (PEPs) since concerns were first raised in 2017, and my predecessor, Rt. Hon. John Glen MP, met with the FCA and banks in February 2022 to underline the importance of the FCA’s guidance on PEPs.</p><p>Further to this, my Treasury colleague Baroness Penn wrote to the Chief Executive of the FCA in June setting out the Government’s expectations for their review into the treatment of PEPs by financial institutions. Following this letter, I wrote to the FCA in July underlining the importance of this review to the Government.</p><p> </p><p>The Money Laundering Regulations require financial institutions and other regulated businesses to carry out enhanced due diligence on PEPs due to the increased risks associated with their positions. However, it is essential that these measures are implemented proportionately, and the Government took action through the Financial Services and Markets Act 2023 to respond to concerns that some financial institutions were failing to do so.</p><p> </p><p>The Act commits the Government to amend the Money Laundering Regulations to explicitly distinguish between domestic and foreign PEPs, and requires the Financial Conduct Authority (FCA) to carry out a review into the adherence of financial institutions to their guidance on PEPs.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 11/09/2023 15:33:44 answering member 4874 label Biography information for Andrew Griffith
tabling member	1409 label Biography information for Mr Gregory Campbell

1657716

registered interest
date	04/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Treasury: Subject Access Requests
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what the average response time to subject access requests was by their Department in the latest period for which data is available; and if they will make an assessment of the adequacy of that response time.
tabling member constituency	Solihull
tabling member printed	Julian Knight
uin	197464
answer	answer is ministerial correction date of answer 12/09/2023 answer text HM Treasury does not calculate average response times for Data Subject Access Requests (DSARs) it receives. Treasurys compliance rate for responding to DSARs in the last reporting year can be found in the 2022/23 Annual Report and Accounts. <a href="https://www.gov.uk/government/publications/hm-treasury-annual-report-and-accounts-2022-to-2023" target="_blank">https://www.gov.uk/government/publications/hm-treasury-annual-report-and-accounts-2022-to-2023</a>.<p><strong> </strong></p><p>DSAR compliance for 2023 will be included in the upcoming Annual Report and Accounts for 2023/24.</p> answering member constituency Grantham and Stamford answering member printed Gareth Davies question first answered 12/09/2023 12:40:14 answering member 4850 label Biography information for Gareth Davies
tabling member	4410 label Biography information for Julian Knight

1657768

registered interest
date	04/09/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Productivity
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what fiscal steps he is taking to improve productivity.
tabling member constituency	Slough
tabling member printed	Mr Tanmanjeet Singh Dhesi
uin	197498
answer	answer is ministerial correction date of answer 12/09/2023 answer text <p>The Chancellor has outlined his plans to boost private sector productivity and long-term economic growth with a package of measures under the ‘four Es’ of economic growth: Employment, Enterprise, Education, and Everywhere.</p><p> </p><p>The Government has introduced several fiscal measures to increase productivity. For example, we have introduced full expensing – giving the UK the most generous capital allowances regime in the OECD on a Net Present Value basis to increase business investment and boost labour productivity. We increased the R&amp;D Expenditure Credit relief rate to 20% – the joint highest uncapped headline rate of R&amp;D tax relief in the G7 for large companies.</p><p> </p><p>We are supporting our world leading green industries. For example, up to £20bn of funding has been provided for Carbon Capture, Utilisation and Storage, and we are working with investors through our Automotive Transformation Fund to build a globally competitive electric vehicle supply chain in the UK. Furthermore, the Investment Zones programme will catalyse 12 high potential knowledge-intensive growth clusters across the UK.</p><p> </p><p>We are also ensuring our labour market is more productive through our investment in skills and the Chief Secretary is currently leading a programme across government to identify the most ambitious ways to improve productivity in the public sector.</p><p>.</p> answering member constituency Grantham and Stamford answering member printed Gareth Davies question first answered 12/09/2023 12:36:54 answering member 4850 label Biography information for Gareth Davies
tabling member	4638 label Biography information for Mr Tanmanjeet Singh Dhesi