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1168280

	registered interest
	date	19/12/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Mortgages
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will review the lending requirements for mortgages to ensure the affordability of rents and repayments in relation to the current salary multiplier requirement.
	tabling member constituency	Hendon
	tabling member printed	Dr Matthew Offord
	type	WrittenParliamentaryQuestion
	uin	84
	answer	answer is ministerial correction date of answer 13/01/2020 answer text <p>The Financial Conduct Authority’s (FCA) ‘Mortgage Market Review’ regulations are based on the principle that mortgages should only be advanced where there is a reasonable expectation that borrowers can repay. To provide new mortgage loans, all lenders must conduct an affordability assessment which includes a robust income and expenditure analysis, and the lender must obtain evidence of that income to support this assessment. Lenders must also comply with rules set by the Financial Policy Committee (FPC) at the Bank of England, intended to manage financial stability risks from the housing market, including a limit of 15% of new lending above 4.5 Loan-to-Income (LTI), and a stress test for loans at 3% above the Standard Variable Rate.</p><p> </p><p>Both the FCA and the Bank of England keep their mortgage market regulations under review to ensure that they meet their objectives. In May 2016 the FCA conducted a review of the MMR, finding that the regulations had been implemented as desired protecting consumers without unduly restricting the availability of credit. The FCA’s Mortgages Market Study of March 2019 also found that the market is working well for consumers. The FPC most recently reviewed their housing tools in December 2019 in their Financial Stability Report, including the 4.5 LTI cap, finding that they have had a positive impact in upholding strong underwriting standards to prevent an increase in the number of highly indebted households, whilst having only a limited impact on mortgage availability.</p> answering member constituency Salisbury answering member printed John Glen question first answered 13/01/2020 14:25:40 answering member 4051 label Biography information for John Glen
	tabling member	4006 label Biography information for Dr Matthew Offord

1179742

	registered interest
	date	24/02/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Mortgages
	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 availability of residential mortgages that extend beyond 25 years.
	tabling member constituency	Hendon
	tabling member printed	Dr Matthew Offord
	type	WrittenParliamentaryQuestion
	uin	19837
	answer	answer is ministerial correction date of answer 03/03/2020 answer text <p>Data collected by UK Finance shows that the proportion of residential mortgages taken out with terms extending beyond 25 years has increased steadily since 2009. In 2019, more than 60% of first-time buyers took out a mortgage with a term longer than 25 years.</p> answering member constituency Salisbury answering member printed John Glen question first answered 03/03/2020 17:13:07 answering member 4051 label Biography information for John Glen
	tabling member	4006 label Biography information for Dr Matthew Offord

1187762

	registered interest
	date	25/03/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Equitable Life Assurance Society: Compensation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of (a) increasing and (b) making additional Equitable Life compensation payments people who made losses as policyholders with that company.
	tabling member constituency	Hendon
	tabling member printed	Dr Matthew Offord
	type	WrittenParliamentaryQuestion
	uin	34966
	answer	answer is ministerial correction date of answer 27/04/2020 answer text <p>There are no plans to reopen the Payment Scheme or review the £1.5 billion funding allocation previously made to it. The Equitable Life Payment Scheme closed to claims in 2015 and further guidance on the status of the Payment Scheme after closure is available at https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme.</p> answering member constituency Salisbury answering member printed John Glen question first answered 27/04/2020 13:36:26 answering member 4051 label Biography information for John Glen
	tabling member	4006 label Biography information for Dr Matthew Offord

1216224

	registered interest
	date	22/06/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Financial Services: Personation
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what guidance his Department has issued to (a) mortgage providers and (b) banks on the effect of identity theft on consumers of their products.
	tabling member constituency	Hendon
	tabling member printed	Dr Matthew Offord
	type	WrittenParliamentaryQuestion
	uin	62401
	answer	answer is ministerial correction date of answer 29/06/2020 answer text <p>The Government takes fraud extremely seriously and recognises the devastating impact it can have on consumers and business.</p><p> </p><p>Government is working to strengthen our systems for establishing identity so that serious and organised criminals are denied opportunities to exploit false or stolen personal data. This includes developing proposals for a digital identity system that would enable people to prove their identity easily and securely, without the need to provide physical documents, with the aim of reducing identity-enabled fraud and crime.</p><p> </p><p>Firms are required by law to identify and verify their customer’s identity when they establish a business relationship, for example, by offering a credit card. How firms verify their customers' identities is not stipulated in law or by the regulator. However, the Financial Conduct Authority (FCA) requires banks to maintain effective systems and controls to prevent the risk that they might be used to further financial crime. This includes controls to prevent fraud.</p> answering member constituency Salisbury answering member printed John Glen question first answered 29/06/2020 16:10:38 answering member 4051 label Biography information for John Glen
	tabling member	4006 label Biography information for Dr Matthew Offord

1222018

	registered interest
	date	08/07/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Personal Savings
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what estimate his Department has made of the average level of savings accumulated by households in the UK.
	tabling member constituency	Hendon
	tabling member printed	Dr Matthew Offord
	type	WrittenParliamentaryQuestion
	uin	71034
	answer	answer is ministerial correction date of answer 13/07/2020 answer text <p>The Office for National Statistics (ONS) publish data on the ratio of household saving to total available household resources. The latest data indicate that the household saving ratio was 8.6% in Q1 2020, compared to 6.6% in Q4 2019.</p><p> </p><p>The Bank of England publish monthly data on changes in households’ deposits. Households’ deposits increased by £25 billion in May following large increases in March and April. This compares with an average monthly increase of £5 billion in the six months to February.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 13/07/2020 11:18:47 answering member 4051 label Biography information for John Glen
	tabling member	4006 label Biography information for Dr Matthew Offord

1237546

	registered interest
	date	24/09/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Investment Income: Coronavirus
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment his Department made of the effect of the number of UK-listed companies which have suspended or cancelled dividend payments on (a) pension contributions and (b) household incomes.
	tabling member constituency	Hendon
	tabling member printed	Dr Matthew Offord
	type	WrittenParliamentaryQuestion
	uin	95066
	answer	answer is ministerial correction date of answer 01/10/2020 answer text <p>The Office for National Statistics (ONS) publish official statistics on household incomes, including the contribution from dividend income. The latest data indicates that dividend income accounted for 4% of household disposable income in the second quarter of 2020.</p><p> </p><p>The Covid-19 outbreak poses an unprecedented challenge to the UK. The government has taken substantial action to rescue the economy from the shock of the COVID-19 pandemic, including through the Plan for Jobs, published in July.</p><p> </p><p>The government has kept people in work, protected their incomes and supported businesses, delivering one of the most generous and comprehensive packages of support globally. This includes support for over 1.2 million businesses, totalling £57 billion from Government-backed loan schemes, and over £39 billion on the furlough scheme, protecting over 9.6 million jobs.</p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 01/10/2020 13:46:15 answering member 4051 label Biography information for John Glen
	tabling member	4006 label Biography information for Dr Matthew Offord

1241690

	registered interest
	date	08/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Investment Income: Coronavirus
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the effect on pension companies of the decision by some UK listed companies to cancel dividend payments to their shareholders.
	tabling member constituency	Hendon
	tabling member printed	Dr Matthew Offord
	type	WrittenParliamentaryQuestion
	uin	100961
	answer	answer is ministerial correction date of answer 16/10/2020 answer text <p>Whilst dividend income is important for pension schemes, they have long-term investment horizons and a range of other sources including fixed income from corporate and sovereign bonds, rental income and capital gains, although many of these are under strain.</p><p>When market conditions recover and firms have rebuilt their balance sheets we anticipate that dividends will be restored.</p> answering member constituency Salisbury answering member printed John Glen question first answered 16/10/2020 12:52:59 answering member 4051 label Biography information for John Glen
	tabling member	4006 label Biography information for Dr Matthew Offord

1258726

	registered interest
	date	07/12/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Coronavirus: Disease Control
	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 its estimate of the economic effect of the covid-19 November 2020 lockdown.
	tabling member constituency	Hendon
	tabling member printed	Dr Matthew Offord
	type	WrittenParliamentaryQuestion
	uin	125994
	answer	answer is ministerial correction date of answer 15/12/2020 answer text <p>On 30 November, the Government published an <em>Analysis of the health, economic and social effects of Covid-19 and the approach to tiering</em>. For the economy, this document set out the impact Covid-19 has had on the economy to date and the main conclusions from most recent OBR forecast, which included a central forecast, and upside and downside scenarios which reflect, alongside other factors, assumptions on restrictions.</p> answering member constituency Salisbury answering member printed John Glen question first answered 15/12/2020 14:13:31 answering member 4051 label Biography information for John Glen
	tabling member	4006 label Biography information for Dr Matthew Offord

1288789

	registered interest
	date	23/02/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Money Laundering: Scotland
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what recent assessment he has made of the implications for his policies of the use of Scottish Limited Partnerships to illegally launder money.
	tabling member constituency	Hendon
	tabling member printed	Dr Matthew Offord
	type	WrittenParliamentaryQuestion
	uin	157088
	answer	answer is ministerial correction date of answer 01/03/2021 answer text <p>The Government has already acted to reduce the risk of Scottish Limited Partnerships (SLPs) being used to illegally launder money, introducing a requirement for SLPs to register Persons of Significant Control in 2017. Since then, there has been a drastic reduction in the incorporation of SLPs, which have fallen from 4,932 in 2016-17 to 657 in 2019-20.</p><p> </p><p>Further to this, as part of our Economic Crime Plan, the Government issued, on 10 December 2018, its response to the consultation on the reform of limited partnership law. The reforms seek to tackle the misuse of limited partnerships, especially SLPs, while modernising the law governing them. The Department for Business, Energy and Industrial Strategy will bring forward legislation when parliamentary time allows.</p><p> </p><p> </p><p> </p> answering member constituency Salisbury answering member printed John Glen question first answered 01/03/2021 10:59:31 answering member 4051 label Biography information for John Glen
	tabling member	4006 label Biography information for Dr Matthew Offord

1338424

	registered interest
	date	21/06/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	National Savings Bonds: Environment Protection
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what the timetable is for the proposed green savings bond announced in the Budget of 3 March 2021 to be released for sale to the public.
	tabling member constituency	Hendon
	tabling member printed	Dr Matthew Offord
	type	WrittenParliamentaryQuestion
	uin	19573
	answer	answer is ministerial correction date of answer 24/06/2021 answer text <p>Since the Chancellor’s announcement at Spring Budget 2021 that a Green Savings Bond will be offered through NS&amp;I, work has continued at pace on the development of this product. The Green Savings Bond will be linked to the UK’s sovereign Green Bond framework, due to be published later this month, and will give UK savers the opportunity to take part in the collective effort to tackle climate change. Further details on the Green Savings Bond will be published in due course, prior to the product going on sale later this year.</p> answering member constituency Salisbury answering member printed John Glen question first answered 24/06/2021 13:59:06 answering member 4051 label Biography information for John Glen
	tabling member	4006 label Biography information for Dr Matthew Offord