Asked by: Laurence Turner (Labour - Birmingham Northfield)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether banking hubs are obliged to accept cheque deposits.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government recognises that cheques remain an important payment method for some people. Decisions on whether cheque deposits are accepted and processed through Post Office counters in banking hubs are commercial matters for individual banks, based on their arrangements with the Post Office and Cash Access UK, which operates banking hubs.
Most retail banks currently accept cheque deposits at banking hubs and the Government expects firms to ensure that customers can continue to access the services they need.
Where this service is not available at a banking hub counter, customers continue to have alternative options to pay in cheques, including at bank branches and by post, or digitally via mobile banking apps using cheque imaging technology.
Any customers affected by changes to cheque depositing services offered through banking hubs are encouraged to contact their bank directly to request information about the bank’s plans to support them.
The Government continues to engage with the banking industry banking industry, the Post Office and Cash Access UK to improve the consistency and level of services provided through banking hubs, so that they meet the needs of communities across the UK.
Asked by: Dave Doogan (Scottish National Party - Angus and Perthshire Glens)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential economic impact on Scottish communities of the estimated £551 million shortfall between the Financial Conduct Authority's proposed motor finance redress scheme pay outs and potential court awards as outlined in the APPG on Fair Banking Report on Car Finance redress published in November 2025.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government wants to see this issue resolved in an efficient and orderly way that provides certainty for consumers and firms.
The Financial Conduct Authority (FCA), as the independent regulator, has consulted on proposals for a motor finance consumer redress scheme. The FCA has announced that it will set out its final approach to motor finance redress on 30 March: https://www.fca.org.uk/news/statements/timing-fca-motor-finance-announcement.
Asked by: Dave Doogan (Scottish National Party - Angus and Perthshire Glens)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions she has had with the Financial Conduct Authority regarding its proposal to set compensatory interest for motor finance redress at the Bank of England base rate plus one per cent, in the context courts recently awarding eight per cent to compensate vulnerable consumers for consequential financial losses.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government wants to see this issue resolved in an efficient and orderly way that provides certainty for consumers and firms.
The Financial Conduct Authority (FCA), as the independent regulator, has consulted on proposals for a motor finance consumer redress scheme. The FCA has announced that it will set out its final approach to motor finance redress on 30 March: https://www.fca.org.uk/news/statements/timing-fca-motor-finance-announcement.
Asked by: Wendy Morton (Conservative - Aldridge-Brownhills)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the Office for Budget Responsibility’s Economic and Fiscal Outlook published in March 2026, what the forecast rate of UK economic growth is expected to be in each year of the forecast period; what the principal risks are to those forecasts; and what policy measures she intends to pursue to improve long-term productivity and economic growth.
Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)
The independent Office for Budget Responsibility (OBR) published its latest Economic and Fiscal Outlook (EFO) on the 3rd March 2026. The OBR forecasts that the UK economy will grow by 1.1% in 2026, and will then grow at an average rate of 1.6% per year from 2027 to 2030.
The OBR set out in their EFO what they see as the key risks to the forecasts. In their press conference, the OBR emphasised that while the central forecast does not assume a renewed energy shock, the conflict represents the key downside risk.
The government’s economic strategy is focused on delivering long-term reform, ensuring the UK is better placed to withstand external shocks. This includes targeted investment to boost growth, support innovation, and strengthen trading relationships, alongside action to improve our labour market participation and skills. These interventions form part of a broader plan to raise productivity, expand economic capacity and support living standards across the UK, while strengthening our economic resilience in an age of global insecurity shaped by geopolitical tensions, including those involving Iran.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of increases in regulatory alignment with the EU on economic growth in the Buckingham and Bletchley constituency.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Integrated markets tend to be more competitive. Businesses typically respond by becoming more innovative and efficient, workers gain from higher productivity, allowing wages to rise, and consumers gain from lower prices.
Leaving the EU increased costs for businesses and consumers, shrank markets for UK exporters, and left our strategic industries exposed. Since March 2020, the OBR has maintained its estimate that productivity will be 4% lower in the long run than it would have been had the UK not withdrawn from the EU. Recent independent studies indicate its GDP impacts could be as much as 6% to 8%.
Aligning UK and EU regulations can reduce some of these frictions, enlarging the market for UK firms, supporting growth in trade and the jobs linked to it.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what analysis HM Treasury has undertaken on the potential effect of UK–EU alignment measures on levels of UK competitiveness.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Integrated markets tend to be more competitive. Businesses typically respond by becoming more innovative and efficient, workers gain from higher productivity, allowing wages to rise, and consumers gain from lower prices.
Leaving the EU increased costs for businesses and consumers, shrank markets for UK exporters, and left our strategic industries exposed. Since March 2020, the OBR has maintained its estimate that productivity will be 4% lower in the long run than it would have been had the UK not withdrawn from the EU. Recent independent studies indicate its GDP impacts could be as much as 6% to 8%.
Aligning UK and EU regulations can reduce some of these frictions, enlarging the market for UK firms, supporting growth in trade and the jobs linked to it.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of increases in levels of UK-EU alignment on UK labour markets.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Integrated markets tend to be more competitive. Businesses typically respond by becoming more innovative and efficient, workers gain from higher productivity, allowing wages to rise, and consumers gain from lower prices.
Leaving the EU increased costs for businesses and consumers, shrank markets for UK exporters, and left our strategic industries exposed. Since March 2020, the OBR has maintained its estimate that productivity will be 4% lower in the long run than it would have been had the UK not withdrawn from the EU. Recent independent studies indicate its GDP impacts could be as much as 6% to 8%.
Aligning UK and EU regulations can reduce some of these frictions, enlarging the market for UK firms, supporting growth in trade and the jobs linked to it.
Asked by: Jayne Kirkham (Labour (Co-op) - Truro and Falmouth)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she has made an assessment of the potential merits of allowing people with disabilities and chronic illness so add voluntary National Insurance contributions beyond the current six year limit.
Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)
Individuals can pay voluntary National Insurance contributions for up to six years in arrears to fill gaps in their National Insurance record.
There are also a wide range of National Insurance credits available, ensuring people can build their National Insurance record. Some are linked to benefits that can be claimed in relation to illness or disability such as Employment and Support Allowance.
Asked by: Julian Smith (Conservative - Skipton and Ripon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of providing relief on employer's National Insurance Contributions for a) those not in education, employment or training, b) the long-term sick and c) those under the age of 24.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
Businesses are able to claim employer National Insurance Contribution reliefs including those for under-21s and under-25 apprentices on earnings up to £50,270. These reliefs are forecast to be worth around £2.5 billion in 2025/26.
The government is committed to providing young people with the support they need to earn or learn. At the last Budget, we committed more than £1.5 billion to back young people through the Youth Guarantee and invest additional funding in the Growth and Skills Levy. We recently went further, announcing around £1 billion more to help unlock up to 200,000 job and apprenticeship opportunities for young people.
The government will also provide personalised employment and health support for anyone on out of work benefits with a work-limiting health condition or disability, as set out in the Pathways to Work Green Paper.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what sectors have been identified as priorities for UK–EU alignment under the growth plan.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Alignment will be an iterative process and decisions will be based on the national interest principles set out by the Chancellor on 17 March. This means a decision to align will be made if:
- It promotes higher growth, investment, consumer benefits, and jobs for the long-term
- The future direction of policy is sufficiently stable and compatible, in terms of values and objectives
- The UK’s economic and national security and resilience is preserved or enhanced.
The Government is currently negotiating an agrifood deal that could add up to £5.1 billion a year to our economy and increase agricultural exports to the EU by 16 per cent.