Financial Services Reforms

Debate between Jonathan Edwards and Andrew Griffith

Tuesday 11th July 2023 Commons Chamber

[Andrew Griffith]

The work of regulatory reform to make this country globally competitive and an attractive place to invest is never done, as my hon. Friend knows. He will also know that we are seeing right now the fruits of the Prime Minister’s vision and strategy, with firms such as OpenAI and Andreessen Horowitz—two of the leading technology firms changing our world—both choosing in recent weeks the United Kingdom out of the entire rest of the world as the place to do business.

[Jonathan Edwards (Carmarthen East and Dinefwr) (Ind)]

Further to the question from the hon. Member for Blaenau Gwent (Nick Smith), what assurances can the Minister give that when the pensions dashboard is launched, it will be mandatory for all providers to participate in it and will not be done on a voluntary basis, to avoid it being what one analyst described as “half-baked”?

[Andrew Griffith]

The hon. Member is quite right: it will be mandatory for all providers. That will be underwritten by legislation. The focus is to ensure that it is a usable, well regulated and well understood user experience for members.

Mortgage Market

Debate between Jonathan Edwards and Andrew Griffith

Tuesday 13th June 2023 Commons Chamber

[Jonathan Edwards (Carmarthen East and Dinefwr) (Ind)]

Earlier this year we saw the collapse of Silicon Valley Bank and Credit Suisse. What assessment has the Treasury undertaken of the general resilience of UK financial institutions, especially in a context where rising mortgage costs might lead to a rapid increase in household repossessions?

[Andrew Griffith]

My Treasury colleagues and I liaise closely with the Bank of England and the Prudential Regulation Authority, whose job it is to assure us of the soundness and resilience of banks. The Governor has talked about how the UK financial system is safe, secure and soundly capitalised, and that remains my belief.

Oral Answers to Questions

Debate between Jonathan Edwards and Andrew Griffith

Tuesday 7th February 2023 Commons Chamber

[Andrew Griffith]

My hon. Friend makes an important point about it never being too early to start the important work of financial inclusion. I am convening the financial inclusion policy forum next week, and I look forward to engaging with him on this all-too-important topic.

[Jonathan Edwards (Carmarthen East and Dinefwr) (Ind)]

18. What recent discussions he has had with the Secretary of State for Levelling Up, Housing and Communities on the impact of inflation on projects to be delivered under the levelling-up fund.