Financial Services Reform
Debate between Emma Reynolds and Kieran Mullan(6 days, 21 hours ago)
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Emma Reynolds
Absolutely. This is something that the Chancellor and I—and indeed the Business Secretary and the Business Minister—are passionate about, and we are making sure that we deliver on our manifesto commitment to double the size of the sector. We have asked the financial services regulators to report by the end of the year on what more they can do to support the growth of the sector. We are supporting the industry-led Mutual and Co-operatives Business Council, which is chaired by the chair of Nationwide, Kevin Parry, and we have recently concluded a call for evidence on the credit union common bond, which is another form of mutual. We will be setting out our response on that issue in due course.
Dr Kieran Mullan (Bexhill and Battle) (Con)
Given the news on inflation today, along with the ongoing increases in unemployment and the downgrading of growth forecasts, it is quite right that this Government are looking for other ways to stimulate growth. One of the reasons being put forward for these reforms is the poor rates of return on ordinary bank accounts and savings accounts, but what my constituents want are just decent rates of return on ordinary savings accounts. Martin Lewis and others have pointed out that that market remains stubbornly resistant to passing on interest rate savings and offering competitive rates. I understand why the Government want to encourage people to invest in other types of savings, but what plans do they have to tackle the poor rates of return that people are getting from their ordinary savings and bank accounts?
Emma Reynolds
I am engaging with Martin Lewis, who is a doughty champion of consumers across the country. I say to the hon. Member that, due to the consumer duty, banks and other providers have a duty to ensure that they deliver the best outcomes for their consumers, but I note what he has said.
Winter Fuel Payment
Debate between Emma Reynolds and Kieran Mullan(10 months, 1 week ago)
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Emma Reynolds
I will come on to the issue the hon. Gentleman raises in just a moment.
On pension credit, my right hon. Friend the Member for Leicester West (Liz Kendall) the Secretary of State for Work and Pensions and the Deputy Prime Minister, my right hon. Friend the Member for Ashton-under-Lyne (Angela Rayner) have written to all local authorities asking them to redouble their efforts to reach those pensioners who could benefit from pension credit. [Interruption.] The Opposition Front Bench might grumble, but it is a far sight more than they ever did when they were in power. We are joining forces with charities such as Age UK and Citizens Advice to encourage pensioners to check their eligibility and apply. We will be delivering a major campaign in print and broadcast media, including to urge people to reach out to retired family, friends and neighbours to get them to check if they are eligible.
Emma Reynolds
No, I will not.
For the very first time, we are writing to all pensioners in receipt of housing benefit who are potentially eligible to encourage them to claim pension credit—again, something that the last Conservative Government never did.