Asked by: Jess Asato (Labour - Lowestoft)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will take steps to ensure that (a) banks and (b) financial services providers increase access to (i) products and (ii) services through the Financial Inclusion Strategy.
Answered by Tulip Siddiq - Economic Secretary (HM Treasury)
On 5 December, I convened a Financial Inclusion Committee which has been established to tackle the problems of financial exclusion. Through this committee, I will work with consumer groups and industry on the development of a Financial Inclusion Strategy.
This strategy will aim to tackle barriers to individual and households’ ability to access affordable and appropriate financial products and services. This will include access to banking, credit and insurance.
Asked by: Jess Asato (Labour - Lowestoft)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the impact of financial exclusion on (a) care experienced and (b) older people.
Answered by Tulip Siddiq - Economic Secretary (HM Treasury)
Ensuring people have access to appropriate financial products and services is a key priority for the Government and is vital to supporting people’s financial resilience and wellbeing. It is also an essential part of achieving inclusive growth and ensuring individuals are able to fully participate in the economy.
On 5 December, I convened a Financial Inclusion Committee which has been established to tackle the problems of financial exclusion. Through this committee, I will work with consumer groups and industry on the development of a Financial Inclusion Strategy. This will consider a range of barriers to inclusion for excluded groups, with a particular focus on access to banking, credit, and insurance.
Asked by: Jess Asato (Labour - Lowestoft)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of (a) VAT reductions, (b) tax breaks and (c) other financial incentives for businesses engaged in (i) upcycling and (ii) the sustainable production of textiles.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The Government has inherited a challenging fiscal position, with debt near 100% of GDP and borrowing more than double what it was before the pandemic. In addition to this, a Treasury audit in July 2024 revealed an additional £21.9 billion pressure on departmental spending.
As a result, the Government will have to take difficult decisions in relation to tax, spending and welfare at the budget.
Defra are convening a taskforce of experts to help to develop a Circular Economy Strategy for England. The Taskforce will consider the evidence for action right across the economy, and as such the Taskforce will evaluate what interventions may need to be made in the textiles sector as it helps to develop the Circular Economy Strategy.