Asked by: Daniel Zeichner (Labour - Cambridge)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will take steps to help improve the ability of high street bank customers to (a) challenge and (b) scrutinise past decisions made by financial institutions which have caused hardship and distress, including the repossession of a property.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
In most circumstances, the provision of a bank’s services is a commercial decision for the bank and the Government does not intervene in these decisions. The terms and conditions of the contract between the two parties govern that contract, and although the Treasury sets the legal framework for the regulation of financial services it does not have investigative or prosecuting powers of its own.
Disputes arising between a bank and its customers is usually best resolved by the parties involved. The Financial Conduct Authority (FCA) rules require the banks to properly investigate all complaints and, through ongoing supervision, it continues to monitor the banks’ complaint handling processes. If customers are unable to resolve the issue with their bank, they will be eligible for further review by the Financial Ombudsman Service (FOS). The FOS provides a free, independent dispute resolution service for bank customers.
The Government has also taken action aimed at helping people avoid repossession, including Support for Mortgage Interest (SMI) loans to homeowners on a low income and protection in the courts through the Pre-Action Protocol which makes it clear that repossession must always be the last resort for lenders. As lenders should only take steps to enforce a repossession order as a last resort, it is vital that homeowners who are having trouble paying their mortgage, or are worried about meeting payments in future, make early contact with their lender.
Homeowners who are worried about their mortgage payments may also want to get in touch with Money Helper which has been set up by Government to support consumers with comprehensive, consistent, guidance for every stage of their financial lives. It offers free and impartial information on money matters, available to all online at: www.moneyhelper.org.uk, or by calling the Money Helper helpline on 0800 138 7777.
Asked by: Daniel Zeichner (Labour - Cambridge)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will temporarily increase the rate of Gift Aid from 20 per cent to 25 per cent for two years, similar to the Gift Aid Transitional Relief Scheme of 2008.
Answered by Kemi Badenoch - President of the Board of Trade
The Government is fully committed to supporting charities through the Gift Aid regime. This relief is tied to the basic rate of tax paid by donors, currently at 20%, so can only be changed if the personal basic tax rate changes.
The Government recognises that the sector is experiencing significant pressures and has made available an unprecedented package of economic support, including a £750 million package specifically for charities.
Asked by: Daniel Zeichner (Labour - Cambridge)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential merits of holding discussions with (a) Softbank and Arm on the Softbank/Arm deal of 2016 and (b) Nvidia and Arm on the Softbank/Nvidia Arm deal of 2020.
Answered by Kemi Badenoch - President of the Board of Trade
The Department for Digital, Culture, Media & Sport is leading engagement with the parties involved, all queries should be directed to the DCMS.
Information about ministerial meetings can be found at gov.uk. It would be inappropriate to divulge further detail at this stage.
Asked by: Daniel Zeichner (Labour - Cambridge)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, on how many occasions he and his Department have had discussions with (a) Nvidia and (b) Arm on the sale of Arm from Softbank to Nvidia.
Answered by Kemi Badenoch - President of the Board of Trade
Neither the Chancellor nor HM Treasury have held discussions with Nvidia or Arm on the sale of Arm from Softbank to Nvidia. The Government recognises the vital role ARM plays in the UK’s tech sector and its contribution to the economy.
The Government monitors acquisitions and mergers closely. We will be scrutinising the Arm deal in close detail to understand the implications for the UK, and if further action is required.
Asked by: Daniel Zeichner (Labour - Cambridge)
Question to the HM Treasury:
What steps he is taking to support regional economies.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
We recognise that every region will be feeling the impacts of this crisis and the Government has responded to the challenges of Covid-19 through unprecedented support for business and workers across the country.
At the Summer Economic Update, the Chancellor announced the Government’s plan to support jobs in every region through upgrades to local infrastructure, boosting skills, and new employment support schemes. This builds on our commitment at Budget to invest in our towns, cities, people and places.
Asked by: Daniel Zeichner (Labour - Cambridge)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent assessment he has made of the potential merits of moving from vehicle excise duty to road-user charging; and if he will make a statement.
Answered by Kemi Badenoch - President of the Board of Trade
Vehicle Excise Duty (VED) is a tax on vehicle ownership, which raises around £6 billion per annum. Revenue raised through English VED is being reinvested into the road network between 2020-2025 to fund road enhancement projects.
Motorists pay fuel duty on the petrol or diesel they purchase so those who complete significant mileage currently pay more in fuel duty than those who drive fewer miles.
All taxes remain under review – changes are considered by the Chancellor and announced at fiscal events.
Asked by: Daniel Zeichner (Labour - Cambridge)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he is taking to support private investment in the UK's hydrogen sector.
Answered by Kemi Badenoch - President of the Board of Trade
At Spring Budget 2020, the Chancellor announced a commitment of at least £800m for the deployment of Carbon Capture and Storage (CCS) in the 2020s. These assets will play an important role in the production of hydrogen made from fossil fuels, otherwise known as blue hydrogen as they share the same infrastructure. .
Additionally, last year, the Government announced a £100m Low Carbon Hydrogen Production Fund to incentivise future private sector investment in low carbon hydrogen, whilst in July this year, the Government published a response to a consultation on CCS business models, including for low carbon hydrogen production.
These measures will ensure that the UK economy is well-placed for future strategic decisions on the use of hydrogen, and that the private sector has sufficient confidence to provide investment.
Asked by: Daniel Zeichner (Labour - Cambridge)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many of the 28 questionnaires sent from the European Commission on areas where equivalence assessments are possible the Government has answered; and whether the Government plans to answer the remaining questionnaires.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
As I set out at the Lords’ EU Services Sub-Committee last Thursday, the questionnaires that the EU have sent as part of their assessment process of the UK’s equivalence framework amount to over 1000 pages of extremely technical questions, the last 250 pages of which only reached us at the end of May. My officials have been responding to these questions as quickly as possible and will return the remaining questionnaires by the end of this week.
Asked by: Daniel Zeichner (Labour - Cambridge)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an assessment of the effect of Government guidance on contactless payments on the level of access to (a) goods and (b) services for people who do not have a bank account.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
One of the impacts of the Covid-19 virus has been a decline in cash withdrawals and usage. Current BEIS guidance to retailers for working safely during COVID-19 advises minimising contact around transactions, for example, considering using contactless payments. The Government and regulators are closely engaged with industry on an ongoing basis to monitor risks to the cash system.
The Government recognises that many businesses and individuals rely on cash in their daily lives. At the March 2020 Budget, the Chancellor announced that Government will bring forward legislation to protect access to cash. The Government is engaging with regulators and industry while designing legislation, ensuring that the approach reflects the needs of cash users across the economy.
Asked by: Daniel Zeichner (Labour - Cambridge)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many people placed on the Coronavirus Job Retention Scheme have subsequently been made redundant.
Answered by Jesse Norman
Employers are not required to inform HMRC of redundancies.
CJRS is a new scheme and HMRC are currently working through the analysis they will be able to provide based on the data available.