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Written Question
Public Expenditure
Tuesday 24th October 2023

Asked by: Lord Patten (Conservative - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the sustainability of UK debt levels.

Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)

The Government is committed to ensuring debt is on a sustainable footing. This is reflected in the Prime Minister’s priority to reduce national debt in the medium term and the legally binding fiscal rule to have debt as a share of GDP to be projected to fall in the fifth year of the forecast horizon.

The independent OBR assesses performance against the fiscal rules twice a year alongside each fiscal event. In March 2023, the OBR confirmed that the fiscal rules had been met with debt falling as a percentage of GDP in 2027-28. The OBR will publish an updated economic and fiscal forecast on 22 November alongside the Autumn Statement

In the Charter for Budget Responsibility, the Government requires the OBR to publish an annual Fiscal Risks and Sustainability report, which includes long-run projections of the Government finances. The government will respond to the latest FRS at a future fiscal event. To manage longer-term spending pressures and maintain high quality public services, the Chancellor has recently announced a major public sector productivity programme.


Written Question
Gift Aid
Friday 2nd December 2022

Asked by: Lord Patten (Conservative - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what plans they have to introduce measures to improve awareness and uptake of Gift Aid.

Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)

The Government keeps all taxes and reliefs under review, and is committed to providing support to the charitable sector worth over £5 billion per year. Gift Aid - a key part of this- is worth £1.4 billion per year to charities and £500 million to their donors (through higher rate relief).

HMRC works closely and regularly with representatives from across the charity sector reviewing Gift Aid and exploring ways in which it can be improved and made fit for the future, as well as raising awareness amongst donors. It places a high priority on this collaborative work, which remains ongoing, and is always interested in ideas to improve the take-up and raise awareness of Gift Aid.

Charities also have a key role to play in raising awareness of Gift Aid, as they are best placed to educate eligible donors about the benefits of Gift Aid at the point of donation.


Written Question
Gift Aid
Friday 2nd December 2022

Asked by: Lord Patten (Conservative - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made, if any, of the current Gift Aid scheme.

Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)

The Government keeps all taxes and reliefs under review, and is committed to providing support to the charitable sector worth over £5 billion per year. Gift Aid - a key part of this- is worth £1.4 billion per year to charities and £500 million to their donors (through higher rate relief).

HMRC works closely and regularly with representatives from across the charity sector reviewing Gift Aid and exploring ways in which it can be improved and made fit for the future, as well as raising awareness amongst donors. It places a high priority on this collaborative work, which remains ongoing, and is always interested in ideas to improve the take-up and raise awareness of Gift Aid.

Charities also have a key role to play in raising awareness of Gift Aid, as they are best placed to educate eligible donors about the benefits of Gift Aid at the point of donation.


Written Question
Bank Services
Tuesday 22nd November 2022

Asked by: Lord Patten (Conservative - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the use of powers by the Financial Conduct Authority to ensure the continued availability of cash withdrawal and deposit facilities in the UK.

Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)

To ensure access to cash is protected, the government is currently taking legislation through Parliament as part of the Financial Services and Markets Bill. Following a public consultation, the Bill will establish the Financial Conduct Authority (FCA) as the lead regulator for access to cash and provide it with appropriate powers to seek to ensure reasonable provision of withdrawal and deposit facilities. In exercising its powers, the FCA must have regard to any local deficiencies in the provision of cash access that it has identified and considers to be significant. The government’s view is that this will allow for consideration of local circumstances in all parts of the UK, and will help ensure the most vulnerable are protected. Further details about the Bill can be found on the Parliament website.

This Bill builds on the government’s longstanding commitment to safeguard financial inclusion across the UK, including via the provision of basic bank accounts. Existing legislation requires the nine largest personal current account providers in the UK to provide basic bank accounts, so customers are equipped with a bank card and can access banking and payment services.

The FCA has a considerable evidence base on cash provision and use across the UK. Analysis that was published by the FCA in February 2020 found that 5.4 million people are still reliant on cash. Meanwhile, the FCA’s analysis shows that, as of the end of 2021, over 95% of the population are within two kilometres of a free-to-use cash access point, such as a free-to-use ATM, bank branch or Post Office branch.

Finally, Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available on the gov.uk website.


Written Question
Bank Services
Tuesday 22nd November 2022

Asked by: Lord Patten (Conservative - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what discussions they have had with banks and building societies to ensure the future availability of cash withdrawal and deposit facilities.

Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)

To ensure access to cash is protected, the government is currently taking legislation through Parliament as part of the Financial Services and Markets Bill. Following a public consultation, the Bill will establish the Financial Conduct Authority (FCA) as the lead regulator for access to cash and provide it with appropriate powers to seek to ensure reasonable provision of withdrawal and deposit facilities. In exercising its powers, the FCA must have regard to any local deficiencies in the provision of cash access that it has identified and considers to be significant. The government’s view is that this will allow for consideration of local circumstances in all parts of the UK, and will help ensure the most vulnerable are protected. Further details about the Bill can be found on the Parliament website.

This Bill builds on the government’s longstanding commitment to safeguard financial inclusion across the UK, including via the provision of basic bank accounts. Existing legislation requires the nine largest personal current account providers in the UK to provide basic bank accounts, so customers are equipped with a bank card and can access banking and payment services.

The FCA has a considerable evidence base on cash provision and use across the UK. Analysis that was published by the FCA in February 2020 found that 5.4 million people are still reliant on cash. Meanwhile, the FCA’s analysis shows that, as of the end of 2021, over 95% of the population are within two kilometres of a free-to-use cash access point, such as a free-to-use ATM, bank branch or Post Office branch.

Finally, Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available on the gov.uk website.


Written Question
Bank Services: Low Incomes
Tuesday 22nd November 2022

Asked by: Lord Patten (Conservative - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the access to cash withdrawal or deposit facilities for those in the two lowest socio-economic groups.

Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)

To ensure access to cash is protected, the government is currently taking legislation through Parliament as part of the Financial Services and Markets Bill. Following a public consultation, the Bill will establish the Financial Conduct Authority (FCA) as the lead regulator for access to cash and provide it with appropriate powers to seek to ensure reasonable provision of withdrawal and deposit facilities. In exercising its powers, the FCA must have regard to any local deficiencies in the provision of cash access that it has identified and considers to be significant. The government’s view is that this will allow for consideration of local circumstances in all parts of the UK, and will help ensure the most vulnerable are protected. Further details about the Bill can be found on the Parliament website.

This Bill builds on the government’s longstanding commitment to safeguard financial inclusion across the UK, including via the provision of basic bank accounts. Existing legislation requires the nine largest personal current account providers in the UK to provide basic bank accounts, so customers are equipped with a bank card and can access banking and payment services.

The FCA has a considerable evidence base on cash provision and use across the UK. Analysis that was published by the FCA in February 2020 found that 5.4 million people are still reliant on cash. Meanwhile, the FCA’s analysis shows that, as of the end of 2021, over 95% of the population are within two kilometres of a free-to-use cash access point, such as a free-to-use ATM, bank branch or Post Office branch.

Finally, Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available on the gov.uk website.


Written Question
Bank Services: Disadvantaged
Tuesday 22nd November 2022

Asked by: Lord Patten (Conservative - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the number of adults in England and Wales who cannot acquire or deposit cash due to a lack of access to debit cards or the internet.

Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)

To ensure access to cash is protected, the government is currently taking legislation through Parliament as part of the Financial Services and Markets Bill. Following a public consultation, the Bill will establish the Financial Conduct Authority (FCA) as the lead regulator for access to cash and provide it with appropriate powers to seek to ensure reasonable provision of withdrawal and deposit facilities. In exercising its powers, the FCA must have regard to any local deficiencies in the provision of cash access that it has identified and considers to be significant. The government’s view is that this will allow for consideration of local circumstances in all parts of the UK, and will help ensure the most vulnerable are protected. Further details about the Bill can be found on the Parliament website.

This Bill builds on the government’s longstanding commitment to safeguard financial inclusion across the UK, including via the provision of basic bank accounts. Existing legislation requires the nine largest personal current account providers in the UK to provide basic bank accounts, so customers are equipped with a bank card and can access banking and payment services.

The FCA has a considerable evidence base on cash provision and use across the UK. Analysis that was published by the FCA in February 2020 found that 5.4 million people are still reliant on cash. Meanwhile, the FCA’s analysis shows that, as of the end of 2021, over 95% of the population are within two kilometres of a free-to-use cash access point, such as a free-to-use ATM, bank branch or Post Office branch.

Finally, Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available on the gov.uk website.


Written Question
Bank Services
Wednesday 16th November 2022

Asked by: Lord Patten (Conservative - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government, further to the Written Answer by Viscount Younger of Leckie on 27 October (HL2608), what are the major vulnerabilities in the non-bank sector in the UK that they have identified over the last five years.

Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)

The Bank of England’s Financial Policy Committee (FPC) is responsible for identifying, monitoring, and taking action to address systemic risks and improve the resilience of the UK financial system, including for non-banks. In March 2020, HM Treasury asked the FPC to conduct a detailed assessment of the risk oversight and mitigation systems for non-banks, which was published in July 2021.

The Bank and FPC have undertaken significant other analysis of the non-bank system including reviews into the involvement of non-banks in March 2020 dash for cash pressures and liquidity management practises in funds. The non-bank sector is frequently covered in the FPC’s bi-annual financial stability reports with the next report scheduled for December 2022.

Bank and FPC reporting has highlighted that vulnerabilities or activities within non-banks can amplify and transmit shocks to the wider financial system. For example they have previously highlighted, large increases in margin requirements, excessive fund redemptions, or a forced unwinding of leveraged positions as actions which can all create liquidity pressures within non-banks. These pressures can then be passed onto the wider system through actions such as large asset sales, redemptions from other funds, or through counterparty default risks. Additionally, the supply of market liquidity often retreats during stress events reducing the market’s ability to absorb these without adverse effects.

The FPC report published in July 2021 also noted that gaps in data availability, including between jurisdictions, can constrain the ability of regulators to monitor the sector and for market participants to efficiently price in risk.

HM Treasury agrees with the characterisation of risks in the non-bank sector by the FPC and its report supports recent work by international bodies such as the Financial Stability Board (FSB). The FSB has recently published its 2022 progress report to the G20 on its work to enhance the resilience of non-bank financial intermediation. Maintaining a global approach to the non-bank sector is important given the international nature of the financial system.

As members of the FSB, HM Treasury and UK regulators have worked with international partners to identify and address vulnerabilities in non-bank financial intermediaries over the past two years and will continue to do so in 2023. This has included workstreams on money market funds and open-ended funds to date, with work planned to improve the resilience of margin practices and non-bank leverage.


Written Question
Bank Services
Thursday 27th October 2022

Asked by: Lord Patten (Conservative - Life peer)

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the current oversight and supervision of the shadow banking sector within the UK and its dependencies.

Answered by Viscount Younger of Leckie - Parliamentary Under-Secretary (Department for Work and Pensions)

Shadow banks, also referred to as non-banks, form a significant and important part of the financial system. The Financial Stability Board (FSB) estimates non-banks covered 48% of total global financial assets as of 2020.

The Bank of England’s Financial Policy Committee (FPC) is responsible for identifying, monitoring, and taking action to address systemic risks and improve the resilience of the UK financial system, including for non-banks. The FPC undertakes regular monitoring of the non-bank sector, as well as more periodic detailed assessments and stress testing. For example, in 2021 they published an assessment of the resilience of market-based finance (which encapsulates non-banks) highlighting existing vulnerabilities within the system. The Prudential Regulation Authority (PRA) regulates insurers in the UK for prudential purposes. The Financial Conduct Authority (FCA) is responsible for the prudential regulation of authorised non-bank financial firms not supervised by the PRA and is the conduct regulator.

Maintaining a global approach to the non-bank sector is important given the international nature of the financial system. Through the FSB, HM Treasury and UK financial regulators are working closely with international partners to develop global approaches to address vulnerabilities in the non-bank sector.

On 12 October 2022, the FPC published its most recent assessment on the outlook for UK financial stability. The FPC welcomed the Bank of England’s temporary and targeted intervention in response to recent financial stability risk, and emphasised the importance of the domestic and international non-bank work to address vulnerabilities.

Regulation and supervision of the non-bank sector and wider financial system in the Crown Dependencies is conducted by their relevant regulators.


Written Question
Cash Dispensing: Isles of Scilly
Monday 6th June 2022

Asked by: Lord Patten (Conservative - Life peer)

Question to the HM Treasury:

To ask Her Majesty's Government what assessment they have made of the ability of (1) inhabitants, and (2) tourists, to withdraw cash whilst in the Isles of Scilly archipelago.

Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)

The Government recognises that cash remains an important part of daily life for millions of people across the UK, and remains committed to legislating to protect access to cash.

UK Finance’s UK Payment Markets report publishes figures annually on cash use in the UK. Cash remained the second most frequently used payment method in the UK as of 2020, representing almost a fifth (17%) of all total payments made. This is a reduction from 56% a decade earlier and 23% in 2019.

The Financial Conduct Authority (FCA) publishes data on access to cash coverage across the UK. As of the third quarter of 2021, the FCA reported that nearly 96% of the UK population are within 2km of a free-to-use cash access point.

The Government intends to introduce legislation on cash access as part of the Financial Services and Markets Bill when Parliamentary time allows. The Government recently published a summary of responses to the Access to Cash consultation, setting out the Government’s planned approach to legislating for access to cash. The Government’s planned legislation will ensure that people can continue to use cash in their day-to-day lives, and that local businesses can continue accepting cash.