Asked by: Helen Hayes (Labour - Dulwich and West Norwood)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the adequacy of the Lifetime ISA withdrawal limit for home purchases in London in the context of average house prices in London in 2024.
Answered by Tulip Siddiq - Economic Secretary (HM Treasury)
The Lifetime ISA (LISA) property price cap supports most first-time buyers across the UK while targeting households that might find it most difficult to get on the property ladder. Data from the latest UK House Price Index shows that while the average price paid by first-time buyers has increased, it is still below the LISA property price cap in all regions of the UK except for London, where the average price paid is affected by boroughs with very high property values.
Any unauthorised withdrawals are subject to a 25% withdrawal charge. This recoups the Government bonus, any interest or growth arising from it, and a proportion of the individual’s initial savings.
The Government keeps all aspects of savings tax policy under review.
Asked by: Helen Hayes (Labour - Dulwich and West Norwood)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will review the Lifetime ISA withdrawal limit to support first time buyers in London.
Answered by Tulip Siddiq - Economic Secretary (HM Treasury)
The Lifetime ISA (LISA) property price cap supports most first-time buyers across the UK while targeting households that might find it most difficult to get on the property ladder. Data from the latest UK House Price Index shows that while the average price paid by first-time buyers has increased, it is still below the LISA property price cap in all regions of the UK except for London, where the average price paid is affected by boroughs with very high property values.
Any unauthorised withdrawals are subject to a 25% withdrawal charge. This recoups the Government bonus, any interest or growth arising from it, and a proportion of the individual’s initial savings.
The Government keeps all aspects of savings tax policy under review.
Asked by: Helen Hayes (Labour - Dulwich and West Norwood)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she has taken steps to establish an independent review of HMRC's implementation of the Loan Charge.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The Chancellor and I know the loan charge is a very important matter for many members and their constituents. We have been considering this matter since taking office and will provide an update in due course.
Asked by: Helen Hayes (Labour - Dulwich and West Norwood)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate she has made of the number of UK bank accounts held by UK citizens living in European Union member States that have been closed since the UK's withdrawal from the European Union.
Answered by Tulip Siddiq - Economic Secretary (HM Treasury)
The Government recognises the importance of a bank account for day-to-day life and understands the frustration of UK citizens living in the EU who have had their accounts closed.
The Government does not hold statistics on account closures for UK citizens living abroad. UK banks take these decisions on closures according to a variety of factors including the local law and regulation in individual countries, an assessment of profitability, or other commercial drivers.
Some UK banks offer specific accounts aimed at citizens living abroad, which may provide an alternative option. People who have had their accounts closed may also wish to refer to MoneyHelper - which offers free, impartial guidance on financial decisions - for further advice on their options.
Asked by: Helen Hayes (Labour - Dulwich and West Norwood)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she is taking steps to protect access to UK banking services for UK citizens living in European Union member States.
Answered by Tulip Siddiq - Economic Secretary (HM Treasury)
The Government recognises the importance of a bank account for day-to-day life and understands the frustration of UK citizens living in the EU who have had their accounts closed.
The Government does not hold statistics on account closures for UK citizens living abroad. UK banks take these decisions on closures according to a variety of factors including the local law and regulation in individual countries, an assessment of profitability, or other commercial drivers.
Some UK banks offer specific accounts aimed at citizens living abroad, which may provide an alternative option. People who have had their accounts closed may also wish to refer to MoneyHelper - which offers free, impartial guidance on financial decisions - for further advice on their options.
Asked by: Helen Hayes (Labour - Dulwich and West Norwood)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the impact of bank branch closures on charity collections and revenue.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
The way people bank in the UK continues to develop at pace, with more consumers and businesses than ever enjoying the convenience, security, and speed of digital banking. In 2021, 86% of UK adults used a form of remote banking, such as an app, online or on the phone. Banking customers have never had more choice in how they fit their banking into their everyday lives.
The Government believes that all customers, wherever they live, should have appropriate access to banking services. However, decisions on opening and closing branches are a commercial issue for banks and building societies. The Government does not intervene in these decisions or make direct assessments of these branch networks.
Guidance from the Financial Conduct Authority sets out its expectation of firms when they are deciding to close their branches or free-to-use ATMs. Firms are expected to carefully consider the impact of planned branch closures on the everyday banking and cash access needs of their customers (including charities) and consider possible alternative access arrangements. This ensures that the implementation of closure decisions is undertaken in a way that treats customers fairly. The FCA expects firms to exercise particular care with vulnerable customers, such as those who are elderly, disabled or have low financial capability, and the guidance has recently been strengthened to enhance protections for consumers that rely on branch services.
Alternative options for access can be via telephone banking, through digital means such as mobile or online banking, and the Post Office. The Post Office Banking Framework allows 99% of personal banking and 95% of business banking customers (including charities) to deposit cheques, check their balance and withdraw and deposit cash at 11,500 Post Office branches in the UK. New shared bank hubs are also being piloted, providing basic banking services and dedicated space where community bankers from major banks can meet customers of that bank.
As part of the Financial Services and Markets Bill 2022, the Government has introduced legislation to protect access to cash. The Bill protects access to cash by establishing the Financial Conduct Authority as the lead regulator and providing it with appropriate powers to ensure reasonable provision of withdrawal and deposit facilities. These powers will allow the FCA to take account of factors it considers appropriate for seeking to ensure there is reasonable provision of cash access services, this could include factors such as the appropriateness of facilities for people in vulnerable groups.
Asked by: Helen Hayes (Labour - Dulwich and West Norwood)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent assessment he has made of access to (a) cash and (b) banking services for disabled people.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
The way people bank in the UK continues to develop at pace, with more consumers and businesses than ever enjoying the convenience, security, and speed of digital banking. In 2021, 86% of UK adults used a form of remote banking, such as an app, online or on the phone. Banking customers have never had more choice in how they fit their banking into their everyday lives.
The Government believes that all customers, wherever they live, should have appropriate access to banking services. However, decisions on opening and closing branches are a commercial issue for banks and building societies. The Government does not intervene in these decisions or make direct assessments of these branch networks.
Guidance from the Financial Conduct Authority sets out its expectation of firms when they are deciding to close their branches or free-to-use ATMs. Firms are expected to carefully consider the impact of planned branch closures on the everyday banking and cash access needs of their customers (including charities) and consider possible alternative access arrangements. This ensures that the implementation of closure decisions is undertaken in a way that treats customers fairly. The FCA expects firms to exercise particular care with vulnerable customers, such as those who are elderly, disabled or have low financial capability, and the guidance has recently been strengthened to enhance protections for consumers that rely on branch services.
Alternative options for access can be via telephone banking, through digital means such as mobile or online banking, and the Post Office. The Post Office Banking Framework allows 99% of personal banking and 95% of business banking customers (including charities) to deposit cheques, check their balance and withdraw and deposit cash at 11,500 Post Office branches in the UK. New shared bank hubs are also being piloted, providing basic banking services and dedicated space where community bankers from major banks can meet customers of that bank.
As part of the Financial Services and Markets Bill 2022, the Government has introduced legislation to protect access to cash. The Bill protects access to cash by establishing the Financial Conduct Authority as the lead regulator and providing it with appropriate powers to ensure reasonable provision of withdrawal and deposit facilities. These powers will allow the FCA to take account of factors it considers appropriate for seeking to ensure there is reasonable provision of cash access services, this could include factors such as the appropriateness of facilities for people in vulnerable groups.
Asked by: Helen Hayes (Labour - Dulwich and West Norwood)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent assessment he has made of access to (a) cash and (b) banking services for elderly people.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
The way people bank in the UK continues to develop at pace, with more consumers and businesses than ever enjoying the convenience, security, and speed of digital banking. In 2021, 86% of UK adults used a form of remote banking, such as an app, online or on the phone. Banking customers have never had more choice in how they fit their banking into their everyday lives.
The Government believes that all customers, wherever they live, should have appropriate access to banking services. However, decisions on opening and closing branches are a commercial issue for banks and building societies. The Government does not intervene in these decisions or make direct assessments of these branch networks.
Guidance from the Financial Conduct Authority sets out its expectation of firms when they are deciding to close their branches or free-to-use ATMs. Firms are expected to carefully consider the impact of planned branch closures on the everyday banking and cash access needs of their customers (including charities) and consider possible alternative access arrangements. This ensures that the implementation of closure decisions is undertaken in a way that treats customers fairly. The FCA expects firms to exercise particular care with vulnerable customers, such as those who are elderly, disabled or have low financial capability, and the guidance has recently been strengthened to enhance protections for consumers that rely on branch services.
Alternative options for access can be via telephone banking, through digital means such as mobile or online banking, and the Post Office. The Post Office Banking Framework allows 99% of personal banking and 95% of business banking customers (including charities) to deposit cheques, check their balance and withdraw and deposit cash at 11,500 Post Office branches in the UK. New shared bank hubs are also being piloted, providing basic banking services and dedicated space where community bankers from major banks can meet customers of that bank.
As part of the Financial Services and Markets Bill 2022, the Government has introduced legislation to protect access to cash. The Bill protects access to cash by establishing the Financial Conduct Authority as the lead regulator and providing it with appropriate powers to ensure reasonable provision of withdrawal and deposit facilities. These powers will allow the FCA to take account of factors it considers appropriate for seeking to ensure there is reasonable provision of cash access services, this could include factors such as the appropriateness of facilities for people in vulnerable groups.
Asked by: Helen Hayes (Labour - Dulwich and West Norwood)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate he has made of the number of bank branches which closed in (a) London and (b) England in each year since 2015.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
The way people bank in the UK continues to develop at pace, with more consumers and businesses than ever enjoying the convenience, security, and speed of digital banking. In 2021, 86% of UK adults used a form of remote banking, such as an app, online or on the phone. Banking customers have never had more choice in how they fit their banking into their everyday lives.
The Government believes that all customers, wherever they live, should have appropriate access to banking services. However, decisions on opening and closing branches are a commercial issue for banks and building societies. The Government does not intervene in these decisions or make direct assessments of these branch networks.
Guidance from the Financial Conduct Authority sets out its expectation of firms when they are deciding to close their branches or free-to-use ATMs. Firms are expected to carefully consider the impact of planned branch closures on the everyday banking and cash access needs of their customers (including charities) and consider possible alternative access arrangements. This ensures that the implementation of closure decisions is undertaken in a way that treats customers fairly. The FCA expects firms to exercise particular care with vulnerable customers, such as those who are elderly, disabled or have low financial capability, and the guidance has recently been strengthened to enhance protections for consumers that rely on branch services.
Alternative options for access can be via telephone banking, through digital means such as mobile or online banking, and the Post Office. The Post Office Banking Framework allows 99% of personal banking and 95% of business banking customers (including charities) to deposit cheques, check their balance and withdraw and deposit cash at 11,500 Post Office branches in the UK. New shared bank hubs are also being piloted, providing basic banking services and dedicated space where community bankers from major banks can meet customers of that bank.
As part of the Financial Services and Markets Bill 2022, the Government has introduced legislation to protect access to cash. The Bill protects access to cash by establishing the Financial Conduct Authority as the lead regulator and providing it with appropriate powers to ensure reasonable provision of withdrawal and deposit facilities. These powers will allow the FCA to take account of factors it considers appropriate for seeking to ensure there is reasonable provision of cash access services, this could include factors such as the appropriateness of facilities for people in vulnerable groups.
Asked by: Helen Hayes (Labour - Dulwich and West Norwood)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate he has made of the number of designated high street areas without a bank branch.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
The way people bank in the UK continues to develop at pace, with more consumers and businesses than ever enjoying the convenience, security, and speed of digital banking. In 2021, 86% of UK adults used a form of remote banking, such as an app, online or on the phone. Banking customers have never had more choice in how they fit their banking into their everyday lives.
The Government believes that all customers, wherever they live, should have appropriate access to banking services. However, decisions on opening and closing branches are a commercial issue for banks and building societies. The Government does not intervene in these decisions or make direct assessments of these branch networks.
Guidance from the Financial Conduct Authority sets out its expectation of firms when they are deciding to close their branches or free-to-use ATMs. Firms are expected to carefully consider the impact of planned branch closures on the everyday banking and cash access needs of their customers (including charities) and consider possible alternative access arrangements. This ensures that the implementation of closure decisions is undertaken in a way that treats customers fairly. The FCA expects firms to exercise particular care with vulnerable customers, such as those who are elderly, disabled or have low financial capability, and the guidance has recently been strengthened to enhance protections for consumers that rely on branch services.
Alternative options for access can be via telephone banking, through digital means such as mobile or online banking, and the Post Office. The Post Office Banking Framework allows 99% of personal banking and 95% of business banking customers (including charities) to deposit cheques, check their balance and withdraw and deposit cash at 11,500 Post Office branches in the UK. New shared bank hubs are also being piloted, providing basic banking services and dedicated space where community bankers from major banks can meet customers of that bank.
As part of the Financial Services and Markets Bill 2022, the Government has introduced legislation to protect access to cash. The Bill protects access to cash by establishing the Financial Conduct Authority as the lead regulator and providing it with appropriate powers to ensure reasonable provision of withdrawal and deposit facilities. These powers will allow the FCA to take account of factors it considers appropriate for seeking to ensure there is reasonable provision of cash access services, this could include factors such as the appropriateness of facilities for people in vulnerable groups.