Asked by: Fleur Anderson (Labour - Putney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent discussions has he had with representatives of the banking sector on local bank branch closures.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
Treasury ministers and officials engage with stakeholders on a variety of issues. However, the decision to close branches is a commercial issue for banks and building societies and the Government does not intervene in these decisions.
However, the Government firmly believes that the impact of branch closures should be understood, considered and mitigated where possible so that all customers and businesses continue to have access to banking services. That is why the Government continues to be supportive of the Access to Banking Standard which commits firms to ensure customers are well informed about branch closures, the bank’s reasons for closure and options for continued access to banking services. Alternative options for access include the Post Office, which allows 95% of business and 99% of personal banking customers to carry out their everyday banking at 11,500 Post Office branches across the UK.
In September 2020, the Financial Conduct Authority also published guidance setting out its expectation of firms when they are deciding to reduce their physical branches or the number of free-to-use ATMs. Firms are expected to carefully consider the impact of a planned closure on their personal and small business customers’ everyday banking and cash access needs and consider possible alternative access arrangements. This will ensure the implementation of closure decisions is undertaken in a way that treats customers fairly.
Asked by: Fleur Anderson (Labour - Putney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department holds information on local access to free ATMs in (a) London, (b) Wandsworth, (c) Putney constituency and (d) West Putney ward.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government recognises that cash is important to the daily lives of millions of individuals and businesses across the UK, and has committed to protecting access to cash for those who need it and ensuring that the UK's cash infrastructure is sustainable for the long term.
The Government made legislative changes via the Financial Services Act 2021 to support the widespread offering of cashback without a purchase, which will allow shops and other businesses to offer a new form of cash withdrawal service to local communities.
On 1 July the Government published a consultation on broader legislative proposals to protect access to cash. These proposals seek to ensure that people only need to travel reasonable distances to pay in or take out cash, and that the right regulatory oversight for cash access is in place for the future. The consultation is available at: https://www.gov.uk/government/consultations/access-to-cash-consultation.
Regarding access to free-to-use ATMs, there are already measures in place. LINK (the scheme that runs the UK's largest ATM network) has commitments to protect the broad geographic spread of free-to-use ATMs and is held to account against these commitments by the Payment Systems Regulator. Specifically, LINK has committed to protect free-to-use ATMs more than one kilometre away from the next nearest free ATM or Post Office, and free access to cash on high streets (where there is a cluster of five or more retailers) that do not have a free-to-use ATM or a Post Office counter within one kilometre. Furthermore, LINK's members have made £5 million available to fund ATMs at the request of communities with poor access to cash.
LINK publishes the total number of free-to-use ATMs across the UK online. As of May 2021, it reported that there were around 41,000 free-to-use ATMs in the UK. LINK’s Monthly ATM Footprint Report also includes information monthly ATMs at a local level.
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.
Asked by: Fleur Anderson (Labour - Putney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent discussions he has held with the (a) Secretary of State for Business, Energy and Industrial Strategy and (b) Secretary of State for Communities, Housing and Local Government on community access to free ATMs.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government recognises that cash is important to the daily lives of millions of individuals and businesses across the UK, and has committed to protecting access to cash for those who need it and ensuring that the UK's cash infrastructure is sustainable for the long term.
The Government made legislative changes via the Financial Services Act 2021 to support the widespread offering of cashback without a purchase, which will allow shops and other businesses to offer a new form of cash withdrawal service to local communities.
On 1 July the Government published a consultation on broader legislative proposals to protect access to cash. These proposals seek to ensure that people only need to travel reasonable distances to pay in or take out cash, and that the right regulatory oversight for cash access is in place for the future. The consultation is available at: https://www.gov.uk/government/consultations/access-to-cash-consultation.
Regarding access to free-to-use ATMs, there are already measures in place. LINK (the scheme that runs the UK's largest ATM network) has commitments to protect the broad geographic spread of free-to-use ATMs and is held to account against these commitments by the Payment Systems Regulator. Specifically, LINK has committed to protect free-to-use ATMs more than one kilometre away from the next nearest free ATM or Post Office, and free access to cash on high streets (where there is a cluster of five or more retailers) that do not have a free-to-use ATM or a Post Office counter within one kilometre. Furthermore, LINK's members have made £5 million available to fund ATMs at the request of communities with poor access to cash.
LINK publishes the total number of free-to-use ATMs across the UK online. As of May 2021, it reported that there were around 41,000 free-to-use ATMs in the UK. LINK’s Monthly ATM Footprint Report also includes information monthly ATMs at a local level.
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.
Asked by: Fleur Anderson (Labour - Putney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what the Government policy is on local communities which do not have access to a free ATM.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government recognises that cash is important to the daily lives of millions of individuals and businesses across the UK, and has committed to protecting access to cash for those who need it and ensuring that the UK's cash infrastructure is sustainable for the long term.
The Government made legislative changes via the Financial Services Act 2021 to support the widespread offering of cashback without a purchase, which will allow shops and other businesses to offer a new form of cash withdrawal service to local communities.
On 1 July the Government published a consultation on broader legislative proposals to protect access to cash. These proposals seek to ensure that people only need to travel reasonable distances to pay in or take out cash, and that the right regulatory oversight for cash access is in place for the future. The consultation is available at: https://www.gov.uk/government/consultations/access-to-cash-consultation.
Regarding access to free-to-use ATMs, there are already measures in place. LINK (the scheme that runs the UK's largest ATM network) has commitments to protect the broad geographic spread of free-to-use ATMs and is held to account against these commitments by the Payment Systems Regulator. Specifically, LINK has committed to protect free-to-use ATMs more than one kilometre away from the next nearest free ATM or Post Office, and free access to cash on high streets (where there is a cluster of five or more retailers) that do not have a free-to-use ATM or a Post Office counter within one kilometre. Furthermore, LINK's members have made £5 million available to fund ATMs at the request of communities with poor access to cash.
LINK publishes the total number of free-to-use ATMs across the UK online. As of May 2021, it reported that there were around 41,000 free-to-use ATMs in the UK. LINK’s Monthly ATM Footprint Report also includes information monthly ATMs at a local level.
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.
Asked by: Fleur Anderson (Labour - Putney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent assessment he has made of the level of local access to free ATMs across the UK.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government recognises that cash is important to the daily lives of millions of individuals and businesses across the UK, and has committed to protecting access to cash for those who need it and ensuring that the UK's cash infrastructure is sustainable for the long term.
The Government made legislative changes via the Financial Services Act 2021 to support the widespread offering of cashback without a purchase, which will allow shops and other businesses to offer a new form of cash withdrawal service to local communities.
On 1 July the Government published a consultation on broader legislative proposals to protect access to cash. These proposals seek to ensure that people only need to travel reasonable distances to pay in or take out cash, and that the right regulatory oversight for cash access is in place for the future. The consultation is available at: https://www.gov.uk/government/consultations/access-to-cash-consultation.
Regarding access to free-to-use ATMs, there are already measures in place. LINK (the scheme that runs the UK's largest ATM network) has commitments to protect the broad geographic spread of free-to-use ATMs and is held to account against these commitments by the Payment Systems Regulator. Specifically, LINK has committed to protect free-to-use ATMs more than one kilometre away from the next nearest free ATM or Post Office, and free access to cash on high streets (where there is a cluster of five or more retailers) that do not have a free-to-use ATM or a Post Office counter within one kilometre. Furthermore, LINK's members have made £5 million available to fund ATMs at the request of communities with poor access to cash.
LINK publishes the total number of free-to-use ATMs across the UK online. As of May 2021, it reported that there were around 41,000 free-to-use ATMs in the UK. LINK’s Monthly ATM Footprint Report also includes information monthly ATMs at a local level.
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.
Asked by: Fleur Anderson (Labour - Putney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he is taking to ensure that communities have local access to free ATMs.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government recognises that cash is important to the daily lives of millions of individuals and businesses across the UK, and has committed to protecting access to cash for those who need it and ensuring that the UK's cash infrastructure is sustainable for the long term.
The Government made legislative changes via the Financial Services Act 2021 to support the widespread offering of cashback without a purchase, which will allow shops and other businesses to offer a new form of cash withdrawal service to local communities.
On 1 July the Government published a consultation on broader legislative proposals to protect access to cash. These proposals seek to ensure that people only need to travel reasonable distances to pay in or take out cash, and that the right regulatory oversight for cash access is in place for the future. The consultation is available at: https://www.gov.uk/government/consultations/access-to-cash-consultation.
Regarding access to free-to-use ATMs, there are already measures in place. LINK (the scheme that runs the UK's largest ATM network) has commitments to protect the broad geographic spread of free-to-use ATMs and is held to account against these commitments by the Payment Systems Regulator. Specifically, LINK has committed to protect free-to-use ATMs more than one kilometre away from the next nearest free ATM or Post Office, and free access to cash on high streets (where there is a cluster of five or more retailers) that do not have a free-to-use ATM or a Post Office counter within one kilometre. Furthermore, LINK's members have made £5 million available to fund ATMs at the request of communities with poor access to cash.
LINK publishes the total number of free-to-use ATMs across the UK online. As of May 2021, it reported that there were around 41,000 free-to-use ATMs in the UK. LINK’s Monthly ATM Footprint Report also includes information monthly ATMs at a local level.
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.
Asked by: Fleur Anderson (Labour - Putney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will extend the reclaim period for additional stamp duty for properties unable to sell as a result of issues relating to cladding and external wall survey forms.
Answered by Jesse Norman
A refund of the higher rate of SDLT paid can be claimed if an old main residence is sold within three years of the purchase of the new main residence. For most people, three years is enough time to sell a previous main residence. However, someone who purchases a new main residence on or after 1 January 2017 will still be eligible to apply for a refund if exceptional circumstances meant they were unable to sell their previous main residence in three years and they sold the property as soon as possible after those exceptional circumstances ended.
Where a person is not permitted to sell a previous main residence, such as due to fire safety issues, the circumstances may be considered exceptional. HMRC will consider each case on its own merits.
Asked by: Fleur Anderson (Labour - Putney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of reducing the bank overdraft penalty rate for the remainder of the covid-19 outbreak.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The pricing of financial products, including the interest rates charged on overdrafts, remains a commercial decision for firms and the Government does not seek to intervene in such decisions.
In April 2020, in response to the Covid-19 pandemic, the Financial Conduct Authority (FCA) announced a series of temporary proposals to provide emergency support for consumer credit customers who were facing short-term cash flow problems as a result of the Covid-19 outbreak. On overdrafts, firms were expected to provide up to £500 interest free buffer for customers, if requested, and make sure that customers did not see increased overdraft fees.
In September 2020, the FCA announced updated guidance to ensure that firms continued to provide tailored support for users of consumer credit and overdraft products who continue to face payment difficulties due to Covid-19. Where a customer needs further support, firms are expected to use measures such as reducing or waiving interest, agreeing a programme of staged reductions in the overdraft limit, or supporting customers to reduce their overdraft usage by transferring the debt.
Asked by: Fleur Anderson (Labour - Putney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what support he plans to provide for hairdressers who have had to pay national insurance, pension contributions and other additional furlough costs on top of rent for several months without income and who face losing their businesses as a result of further lockdowns.
Answered by Kemi Badenoch - President of the Board of Trade
The Government recognises the extreme disruption the necessary actions to combat Covid-19 are having on businesses and workers in the beauty industry across the UK.
In response to the new restrictions, the Chancellor announced further support to businesses on top of the support already announced in the Winter Economy Plan and our previous economic responses. These support measures are carefully designed to complement each other to ensure we protect jobs and livelihoods.
This support includes a new one-off grant of up to £9,000 to support businesses in England which are legally required to close. This comes in addition to the existing monthly grants for closed businesses of up to £3,000 per month. Local authorities will also receive an additional £500m, to a total of £1.6bn, of discretionary funding to allow them to support their local businesses.
As measures to control the virus change, it is right that government support should also evolve. Because of this, we continue to take a flexible approach and keep all impacts and policies under review.
Asked by: Fleur Anderson (Labour - Putney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he is taking to ensure the adequacy of the regulation of loan companies during the second covid-19 lockdown.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government has fundamentally reformed regulation of the consumer credit market, giving control of this area to the Financial Conduct Authority (FCA) in 2014.
This more robust regulatory system is helping to deliver the Government’s vision for a well-functioning and sustainable consumer credit market which is able to meet consumers’ needs.
The Government has given the FCA strong powers to protect consumers. The FCA assesses every lender’s fitness to trade as part of the authorisation process, and it has put in place binding standards on these firms. It proactively monitors the market, focusing on the areas most likely to cause consumer harm, and it has various methods to punish breaches of its rules – there is no limit on the fines it can levy and, crucially, it can force lenders to compensate consumers.
The FCA have also asked Christopher Woolard, former Interim Chief Executive of the FCA, to conduct a review into change and innovation in the unsecured credit market. He will report his findings in early 2021. The review will concentrate on how regulation can better support a healthy unsecured lending market. It will take into account the impact of COVID-19 on employment security and credit scores, changes in business models and new developments in unsecured lending, including the growth of unregulated products in retail and the workplace.
We continue to work closely with the FCA to monitor the consumer credit market through the ongoing restrictions to ensure that any emerging risks are identified, and we will take action where necessary.