Oral Answers to Questions
Katrina Murray Excerpts(1 week, 6 days ago)
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Torsten Bell
The hon. Member is right to call those things a moral and economic disgrace. Does he know who created them? It was the Conservative party opposite. Who saw a 50% rise in the number of those not in education, employment or training? The party opposite. Who created the benefits system that is failing today? The party opposite. Who failed to reform the benefits system? The party opposite.
Katrina Murray (Cumbernauld and Kirkintilloch) (Lab)
The Economic Secretary to the Treasury (Lucy Rigby)
We published the financial inclusion strategy last month, outlining ambitious measures that will improve financial inclusion right across the country. I am very grateful to my hon. Friend for her advocacy on this issue through the all-party parliamentary group on debt and financial inclusion. In line with the priorities outlined by the APPG, the strategy champions inclusive design to make products more accessible, increases debt advice capacity and supports financial independence for survivors of economic abuse.
Katrina Murray
I welcome the Minister’s response. I am a long-standing member of the NHS credit union, which is one of the credit unions affected by the withdrawal of the family protection plan by CMutual on 30 November. Policyholders over the age of 70 who have paid premiums well in excess of what they would have expected to have paid out have been left in the lurch with no alternative provision given. I thank the Minister for what she has done so far in pursuing peace of mind for those who have tried to do the right thing and planned for their funerals, but in the interim, can she bring all the stakeholders to the table to try to reach a solution that benefits those policyholders in particular?
Lucy Rigby
As my hon. Friend knows, I have been very sorry to hear of the difficulties of those affected by the withdrawal of that product. I pay tribute to her for all her efforts and those of her colleagues. They are doing everything possible to assist constituents. My officials are monitoring the matter very closely. We encourage anyone with information relevant to the Financial Conduct Authority’s investigation to go straight to the FCA. However, I would be more than happy to do as she suggests and get the stakeholders together.
Regional Growth
Katrina Murray Excerpts(6 months, 2 weeks ago)
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Katrina Murray (Cumbernauld and Kirkintilloch) (Lab)
I welcome the recognition from the Chief Secretary to the Treasury that investment in public transport infrastructure and improved services opens opportunities to work. In contrast, my constituency, part of the Glasgow city region, is experiencing cuts to bus and rail services, which are proving a big barrier to people getting involved in working opportunities and social activity. Will my right hon. Friend join me in making representations to the Scottish Government to ensure that at least some of the record settlement that this Government have passed to Holyrood is spent on transport infrastructure?
Darren Jones
I thank my hon. Friend for making the case for her constituency. She is right that we have a shared view that investment in public transport is important for people’s livelihoods and their enjoyment of the communities they live in. Unfortunately, the SNP Government continue to fail to deliver on their promises, whereas in England we can show the difference a Labour Government make. I hope that in the future a Labour Government in Westminster and a Labour Government in Scotland will show what a new direction can mean for people in her constituency and across Scotland.
Financial Services: Mansion House Speech
Katrina Murray Excerpts(1 year, 1 month ago)
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Tulip Siddiq
Our regulators do a very good job, and we are lucky to have them, but we will hold them to account. When the Chancellor talked about risk taking, she was saying that the post-financial crisis regulatory changes created a system that sought to eliminate risk, but which has gone too far and led to unintended consequences. For example, the certification regime has helped to improve standards and accountability, but some elements have become overly costly and administratively burdensome. That is what we are looking at. Getting rid of the regulators is not the way to grow the economy. Holding them to account, and considering how we increase risk taking in our system, is the way in which this Government will approach things.
Katrina Murray (Cumbernauld and Kirkintilloch) (Lab)
As a long-term member of the NHS Scotland credit union, I know the importance of having community and workplace-based savings and lending provision, which is much more accessible for people on low incomes than buy now, pay later. However, it has become much more challenging for the sector to operate beyond the common bond. What is the Minister doing to ensure that credit unions are able not only to compete with the wider financial sector, but to thrive in those circumstances?
Tulip Siddiq
I absolutely share my hon. Friend’s enthusiasm for credit unions—I have visited those in my constituency several times and know what good work they do. We have made clear our strong support for the mutual sector. We recognise the value that credit unions bring to their members in local communities, including in her constituency. The Chancellor launched a call for evidence on reforming the credit union common bond during the Mansion House speech last week. We want to understand whether reform is needed in that space to help credit unions to grow substantially. Once we have completed the call for evidence, we will consider how much of that reform we can take forward as a Labour Government.
Oral Answers to Questions
Katrina Murray Excerpts(1 year, 1 month ago)
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Katrina Murray (Cumbernauld and Kirkintilloch) (Lab)
“Buy now, pay later” is attractive to young people who are trying to survive on zero-hours contracts with irregular hours. What assurances can the Chancellor give me that the coming regulations will protect this group from problematic debt?
The Economic Secretary to the Treasury (Tulip Siddiq)
The proposed regulations will drive high standards of conduct among “buy now, pay later” firms, ensuring that consumers receive clear information and have access to strong protections. Our proposals will also allow the Financial Conduct Authority to require “buy now, pay later” firms to carry out affordability checks, ensuring that firms lend only to borrowers who can afford to repay.