Asked by: Andrew Gwynne (Independent - Gorton and Denton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make it her policy that (a) countries in the Heavily Indebted Poor Countries Initiative and (b) other developing nations should only pay sustainable amounts to their (i) state (ii) non-state debtors.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
The Government is committed to policies that tackle unsustainable debt. We progress this work through international fora and mechanisms, including the G20, Paris Club, the Global Sovereign Debt Roundtable, and the G20 Common Framework. For example, at the G20 Finance Ministers meetings last month, the Chancellor called for reforms to the international financial architecture, including improvements to debt sustainability frameworks.
For UK lending, UK Export Finance (the UK government’s export credit agency) is committed to ensuring its lending meets international standards of sustainable finance. In line with the UK's commitment to the OECD's sustainable lending practices, the UK considers debt sustainability when providing financing, particularly in cases of lending to countries deemed at high risk of debt distress. In such cases, the UK only supports projects in line with limits set by the IMF and World Bank.
The UK is also engaging with the IMF’s Review of the Debt Sustainability Analysis for Low-Income Countries, and pushing for more detailed analysis of shocks, a better reflection of risks, and greater incorporation of climate factors.
Where required, the UK Government is committed to working with other creditors to address debt challenges in a timely and coordinated way, providing swift debt treatments. The government seeks to build consensus with other official creditors on debt treatments that return countries to moderate risk of debt distress, in line with the IMF and World Bank Debt Sustainability Analyses.
We work closely with the private sector on several aspects of their participation in debt treatments – including to help ensure timely and comparable treatments – through bilateral meetings, engagement with representative institutions, and the Paris Club’s regular discussions with the private sector.
One of the key challenges in restructurings is the complexity of non-bonded debt. These can slow the progress of restructurings as debtor countries need to negotiate restructurings bilaterally with each of the non-bonded creditors. To this end, the Chancellor launched the London Coalition for Sustainable Sovereign Debt, which will work to improve coordination to speed up these negotiations processes, alongside promoting the uptake of UK-led contractual innovations – namely, Climate Resilient Debt Clauses and Majority Voting Provisions – in private lending.
The Government is not currently pursuing legislative changes to enhance private sector participation in debt restructurings for low-income countries or amend the timeframes. The UK, alongside the G20 and Paris Club, expects private creditors to participate in debt restructurings on comparable terms and we have seen bondholders’ willingness to engage and provide debt treatments where needed, including for Zambia and Ghana. The Government does, however, keep this under review.
Asked by: Andrew Gwynne (Independent - Gorton and Denton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will take legislative steps with Cabinet colleagues to prevent creditors of international debts from imposing unsustainable debt repayment orders on developing nations.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
The Government is committed to policies that tackle unsustainable debt. We progress this work through international fora and mechanisms, including the G20, Paris Club, the Global Sovereign Debt Roundtable, and the G20 Common Framework. For example, at the G20 Finance Ministers meetings last month, the Chancellor called for reforms to the international financial architecture, including improvements to debt sustainability frameworks.
For UK lending, UK Export Finance (the UK government’s export credit agency) is committed to ensuring its lending meets international standards of sustainable finance. In line with the UK's commitment to the OECD's sustainable lending practices, the UK considers debt sustainability when providing financing, particularly in cases of lending to countries deemed at high risk of debt distress. In such cases, the UK only supports projects in line with limits set by the IMF and World Bank.
The UK is also engaging with the IMF’s Review of the Debt Sustainability Analysis for Low-Income Countries, and pushing for more detailed analysis of shocks, a better reflection of risks, and greater incorporation of climate factors.
Where required, the UK Government is committed to working with other creditors to address debt challenges in a timely and coordinated way, providing swift debt treatments. The government seeks to build consensus with other official creditors on debt treatments that return countries to moderate risk of debt distress, in line with the IMF and World Bank Debt Sustainability Analyses.
We work closely with the private sector on several aspects of their participation in debt treatments – including to help ensure timely and comparable treatments – through bilateral meetings, engagement with representative institutions, and the Paris Club’s regular discussions with the private sector.
One of the key challenges in restructurings is the complexity of non-bonded debt. These can slow the progress of restructurings as debtor countries need to negotiate restructurings bilaterally with each of the non-bonded creditors. To this end, the Chancellor launched the London Coalition for Sustainable Sovereign Debt, which will work to improve coordination to speed up these negotiations processes, alongside promoting the uptake of UK-led contractual innovations – namely, Climate Resilient Debt Clauses and Majority Voting Provisions – in private lending.
The Government is not currently pursuing legislative changes to enhance private sector participation in debt restructurings for low-income countries or amend the timeframes. The UK, alongside the G20 and Paris Club, expects private creditors to participate in debt restructurings on comparable terms and we have seen bondholders’ willingness to engage and provide debt treatments where needed, including for Zambia and Ghana. The Government does, however, keep this under review.
Asked by: Andrew Gwynne (Independent - Gorton and Denton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will amend the Debt Relief Act (Developing Countries) 2010 to include all (a) current and (b) future qualifying debts.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
The Government is committed to policies that tackle unsustainable debt. We progress this work through international fora and mechanisms, including the G20, Paris Club, the Global Sovereign Debt Roundtable, and the G20 Common Framework. For example, at the G20 Finance Ministers meetings last month, the Chancellor called for reforms to the international financial architecture, including improvements to debt sustainability frameworks.
For UK lending, UK Export Finance (the UK government’s export credit agency) is committed to ensuring its lending meets international standards of sustainable finance. In line with the UK's commitment to the OECD's sustainable lending practices, the UK considers debt sustainability when providing financing, particularly in cases of lending to countries deemed at high risk of debt distress. In such cases, the UK only supports projects in line with limits set by the IMF and World Bank.
The UK is also engaging with the IMF’s Review of the Debt Sustainability Analysis for Low-Income Countries, and pushing for more detailed analysis of shocks, a better reflection of risks, and greater incorporation of climate factors.
Where required, the UK Government is committed to working with other creditors to address debt challenges in a timely and coordinated way, providing swift debt treatments. The government seeks to build consensus with other official creditors on debt treatments that return countries to moderate risk of debt distress, in line with the IMF and World Bank Debt Sustainability Analyses.
We work closely with the private sector on several aspects of their participation in debt treatments – including to help ensure timely and comparable treatments – through bilateral meetings, engagement with representative institutions, and the Paris Club’s regular discussions with the private sector.
One of the key challenges in restructurings is the complexity of non-bonded debt. These can slow the progress of restructurings as debtor countries need to negotiate restructurings bilaterally with each of the non-bonded creditors. To this end, the Chancellor launched the London Coalition for Sustainable Sovereign Debt, which will work to improve coordination to speed up these negotiations processes, alongside promoting the uptake of UK-led contractual innovations – namely, Climate Resilient Debt Clauses and Majority Voting Provisions – in private lending.
The Government is not currently pursuing legislative changes to enhance private sector participation in debt restructurings for low-income countries or amend the timeframes. The UK, alongside the G20 and Paris Club, expects private creditors to participate in debt restructurings on comparable terms and we have seen bondholders’ willingness to engage and provide debt treatments where needed, including for Zambia and Ghana. The Government does, however, keep this under review.
Asked by: Andrew Gwynne (Independent - Gorton and Denton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she has taken to help reduce the impact of unsustainable debt on developing nations.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
The Government is committed to policies that tackle unsustainable debt. We progress this work through international fora and mechanisms, including the G20, Paris Club, the Global Sovereign Debt Roundtable, and the G20 Common Framework. For example, at the G20 Finance Ministers meetings last month, the Chancellor called for reforms to the international financial architecture, including improvements to debt sustainability frameworks.
For UK lending, UK Export Finance (the UK government’s export credit agency) is committed to ensuring its lending meets international standards of sustainable finance. In line with the UK's commitment to the OECD's sustainable lending practices, the UK considers debt sustainability when providing financing, particularly in cases of lending to countries deemed at high risk of debt distress. In such cases, the UK only supports projects in line with limits set by the IMF and World Bank.
The UK is also engaging with the IMF’s Review of the Debt Sustainability Analysis for Low-Income Countries, and pushing for more detailed analysis of shocks, a better reflection of risks, and greater incorporation of climate factors.
Where required, the UK Government is committed to working with other creditors to address debt challenges in a timely and coordinated way, providing swift debt treatments. The government seeks to build consensus with other official creditors on debt treatments that return countries to moderate risk of debt distress, in line with the IMF and World Bank Debt Sustainability Analyses.
We work closely with the private sector on several aspects of their participation in debt treatments – including to help ensure timely and comparable treatments – through bilateral meetings, engagement with representative institutions, and the Paris Club’s regular discussions with the private sector.
One of the key challenges in restructurings is the complexity of non-bonded debt. These can slow the progress of restructurings as debtor countries need to negotiate restructurings bilaterally with each of the non-bonded creditors. To this end, the Chancellor launched the London Coalition for Sustainable Sovereign Debt, which will work to improve coordination to speed up these negotiations processes, alongside promoting the uptake of UK-led contractual innovations – namely, Climate Resilient Debt Clauses and Majority Voting Provisions – in private lending.
The Government is not currently pursuing legislative changes to enhance private sector participation in debt restructurings for low-income countries or amend the timeframes. The UK, alongside the G20 and Paris Club, expects private creditors to participate in debt restructurings on comparable terms and we have seen bondholders’ willingness to engage and provide debt treatments where needed, including for Zambia and Ghana. The Government does, however, keep this under review.
Asked by: Andrew Gwynne (Independent - Gorton and Denton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many times their Department has accepted in full the position of the Parliamentary Ombudsman’s (a) findings and (b) recommendations on (i) issuing an apology and (ii) other forms of redress in the last 10 years.
Answered by Darren Jones - Minister for Intergovernmental Relations
We have looked at the compliance data we hold regarding parliamentary organisations (from 2020/21 onwards) and there are no compliance items listing HM Treasury as a named organisation. The PHSO hasn’t Upheld or Partly Upheld an investigation into HM Treasury in the last 10 years.
Asked by: Andrew Gwynne (Independent - Gorton and Denton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she is taking to increase economic growth in the North West; what the barriers are to investment in that region; and what strategies are in place to enable growth.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
We have made clear the importance of investing in major city regions outside London and the South East - bringing the productivity of major city regions like Greater Manchester, the West Midlands, and West Yorkshire just to the national average would deliver an extra £33bn in economic output.
The government revealed at Autumn Budget an over £100 billion increase in departmental capital investment over the next five years compared to plans the government inherited.
We have also announced: a new approach to regional investment between the OFI and the NWF; the launch of a review into the Green Book and its application to supporting place-based objectives; the launch of a taskforce on devolution in Greater Manchester to then be rolled out elsewhere; and put £240m towards 16 trailblazers, including one in every MCA, to tackle the root causes of inactivity.
We have committed to funding for local leaders to unleash their areas’ untapped potential with over £1 billion for the North to improve the transport services people use every day – backing regional mayors and ensuring decisions about the North sit with those who call it home. This comes alongside £270 million investment in bus services and £330 million in road maintenance across the North.
From the start of the next financial year (2025-26) Greater Manchester Combined Authority (GMCA) will receive integrated funding settlements worth over £630m. This will give the Mayor meaningful control over funding and improve the fragmented funding landscape for Mayoral Combined Authorities (MCAs) with a flexible single pot, empowering them to drive local growth and invest in local priorities.
Trafford Council will also receive the +2.5% bespoke additional council tax referendum principles agreed to in their 2025-26 settlement.
Further, in recognition of Barrow’s vital role in upholding our national security, the town will receive £200m of government investment through the Barrow Transformation Fund.
Asked by: Andrew Gwynne (Independent - Gorton and Denton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will take steps with Cabinet colleagues to (a) increase economic growth and (b) encourage investment in (i) Manchester and (ii) the North West.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
We have made clear the importance of investing in major city regions outside London and the South East - bringing the productivity of major city regions like Greater Manchester, the West Midlands, and West Yorkshire just to the national average would deliver an extra £33bn in economic output.
The government revealed at Autumn Budget an over £100 billion increase in departmental capital investment over the next five years compared to plans the government inherited.
We have also announced: a new approach to regional investment between the OFI and the NWF; the launch of a review into the Green Book and its application to supporting place-based objectives; the launch of a taskforce on devolution in Greater Manchester to then be rolled out elsewhere; and put £240m towards 16 trailblazers, including one in every MCA, to tackle the root causes of inactivity.
We have committed to funding for local leaders to unleash their areas’ untapped potential with over £1 billion for the North to improve the transport services people use every day – backing regional mayors and ensuring decisions about the North sit with those who call it home. This comes alongside £270 million investment in bus services and £330 million in road maintenance across the North.
From the start of the next financial year (2025-26) Greater Manchester Combined Authority (GMCA) will receive integrated funding settlements worth over £630m. This will give the Mayor meaningful control over funding and improve the fragmented funding landscape for Mayoral Combined Authorities (MCAs) with a flexible single pot, empowering them to drive local growth and invest in local priorities.
Trafford Council will also receive the +2.5% bespoke additional council tax referendum principles agreed to in their 2025-26 settlement.
Further, in recognition of Barrow’s vital role in upholding our national security, the town will receive £200m of government investment through the Barrow Transformation Fund.
Asked by: Andrew Gwynne (Independent - Gorton and Denton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she has taken to increase economic growth in cities outside of London.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
We have made clear the importance of investing in major city regions outside London and the South East - bringing the productivity of major city regions like Greater Manchester, the West Midlands, and West Yorkshire just to the national average would deliver an extra £33bn in economic output.
The government revealed at Autumn Budget an over £100 billion increase in departmental capital investment over the next five years compared to plans the government inherited.
We have also announced: a new approach to regional investment between the OFI and the NWF; the launch of a review into the Green Book and its application to supporting place-based objectives; the launch of a taskforce on devolution in Greater Manchester to then be rolled out elsewhere; and put £240m towards 16 trailblazers, including one in every MCA, to tackle the root causes of inactivity.
We have committed to funding for local leaders to unleash their areas’ untapped potential with over £1 billion for the North to improve the transport services people use every day – backing regional mayors and ensuring decisions about the North sit with those who call it home. This comes alongside £270 million investment in bus services and £330 million in road maintenance across the North.
From the start of the next financial year (2025-26) Greater Manchester Combined Authority (GMCA) will receive integrated funding settlements worth over £630m. This will give the Mayor meaningful control over funding and improve the fragmented funding landscape for Mayoral Combined Authorities (MCAs) with a flexible single pot, empowering them to drive local growth and invest in local priorities.
Trafford Council will also receive the +2.5% bespoke additional council tax referendum principles agreed to in their 2025-26 settlement.
Further, in recognition of Barrow’s vital role in upholding our national security, the town will receive £200m of government investment through the Barrow Transformation Fund.
Asked by: Andrew Gwynne (Independent - Gorton and Denton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department is taking steps to help support people who took out mortgages before 2008 with regulated banks which subsequently collapsed and are now unable to switch to new mortgage deals.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
The Government understands that being unable to switch your mortgage can be extremely concerning, and, alongside the Financial Conduct Authority and industry, have shown we are willing to act through the introduction of a ‘modified affordability assessment’. We are also regularly in contact with key stakeholders, including recently with the All Party Parliamentary Group on Mortgage Prisoners.
The Government remains committed to this issue, and welcomes any further practical and proportionate solutions that would meaningfully assist affected borrowers and be fair to other borrowers in the wider market.