Oral Answers to Questions

Andrew Griffith Excerpts

Tuesday 7th February 2023 Commons Chamber

[Sarah Green (Chesham and Amersham) (LD)]

16. What steps he is taking to help ensure access to in-person banking services.

[The Economic Secretary to the Treasury (Andrew Griffith)]

We want everyone to have appropriate access to banking services. Decisions on branches are commercial decisions for firms to take, but we have ensured that the regulatory structure treats customers fairly. As well as digital and telephone banking channels, alternative in-person services are available via the Post Office, through industry-driven initiatives and through new shared banking hubs.

[Sarah Green]

Following a string of local bank branch closures in recent years, news of yet another branch shutting up shop in Amersham on 1 March has caused great concern to my constituents. Some of those affected will struggle to make the journey to the next nearest branch, and they are not confident that the promised alternative provision will meet their needs. Does the Minister agree that the creation of banking hubs should be triggered by the communities that need them? Will he meet me to discuss the need for such a hub in my constituency?

[Andrew Griffith]

I would be happy to meet the hon. Lady to talk about the challenges her constituents face. In its information pack about the closure, Barclays revealed that only 22 customers use the branch regularly, and that 92% of users are able to fulfil their services through other means.

[Andrew Jones (Harrogate and Knaresborough) (Con)]

The work to deliver a new banking hub in Knaresborough is progressing so well that we are looking at an opening date in only a few months. Will my hon. Friend come to Knaresborough when the hub is open?

[Mr Speaker]

Yes or no.

[Andrew Griffith]

I will be delighted to visit, and I commend the good work done by Link and the access to cash action group.

[Bob Blackman (Harrow East) (Con)]

17. What steps his Department is taking to help improve financial inclusion for under-18s.

[The Economic Secretary to the Treasury (Andrew Griffith)]

For under-18s, financial education is a key part of building financial capability. The statutory citizenship curriculum provides essential knowledge so that 11 to 16-year-olds are prepared to manage their money well.

[Bob Blackman]

I thank my hon. Friend for that answer. Cambridge University has demonstrated in its research that it is actually primary school education that is vital to prepare young people for financial education, but at the moment only one in five children has access to this. Will he consider using part of the dormant assets fund, which I believe totals £880 million, to gain access for children to financial education?

[Andrew Griffith]

My hon. Friend makes an important point about it never being too early to start the important work of financial inclusion. I am convening the financial inclusion policy forum next week, and I look forward to engaging with him on this all-too-important topic.

[Jonathan Edwards (Carmarthen East and Dinefwr) (Ind)]

18. What recent discussions he has had with the Secretary of State for Levelling Up, Housing and Communities on the impact of inflation on projects to be delivered under the levelling-up fund.

--- Later in debate ---

[Greg Smith (Buckingham) (Con)]

T3. The Financial Conduct Authority is currently advertising for a personal assistant to its chief executive, to work alongside another PA, a chief of staff, a head of office, three private secretaries and a PA to the chief of staff. Given the largesse in their own affairs, what is my hon. Friend the Economic Secretary doing to hold financial service regulators to account?

[The Economic Secretary to the Treasury (Andrew Griffith)]

My hon. Friend makes an important point. That is why the Financial Services and Markets Bill rightly improves the accountability of regulators to Parliament. It is about not just the cost of regulation, but the speed and efficiency of it. I read with concern work from TheCityUK suggesting that 90% of industry respondents thought that the speed of authorisations was either “somewhat” or “extremely” detrimental.

[Feryal Clark (Enfield North) (Lab)]

T4. It has been two weeks since it was revealed that the Treasury provided special dispensation for a sanctioned Russian warlord to use British lawyers to threaten a British citizen, Eliot Higgins. What has the Chancellor done in that time to get to the bottom of this outrageous scandal of the Treasury undermining sanctions and aiding our enemies to use aggressive lawfare tactics designed to intimidate those exposing the truth?

--- Later in debate ---

[Debbie Abrahams (Oldham East and Saddleworth) (Lab)]

T5.   Last year’s register of overseas entities was meant to crack down on corrupt elites using the UK to launder illegal wealth, but today’s BBC and Transparency International report shows that it is clearly not working, with less than half the required firms making declarations and others fudging it. That brings into question the Government’s commitment to tackling illegal wealth and wealth inequalities. What will the Government do about this?

[Andrew Griffith]

This Government bow to nobody when it comes to cracking down on tax evasion. It is wrong and illegal, and the Government do not support it.

[Chloe Smith (Norwich North) (Con)]

T8. The Chancellor was right to argue last autumn that the NHS needs to help people into work. Will he bring forward more thinking on this as part of his inactivity review or in the Budget?