Oral Answers to Questions
Debate between Lindsay Hoyle and Mark Garnier(1 month ago)
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Mark Garnier (Wyre Forest) (Con)
There is a great deal of speculation about the future of the cash individual savings account. As we know, it is an important savings mechanism for many savers across the country, all of whom will be dismayed at the loss of a significant cash savings opportunity. Just as importantly, cutting cash ISAs will deprive building societies of important funds for their balance sheets, reducing the amount of capital available for the residential mortgage market. This point has been raised with me by the mutual societies. Given that the loss of the cash ISA would have a profound effect on mutuals’ ability to raise debt capital, what research have the Government undertaken to establish the extent of the damage that such a measure might inflict on the residential mortgage market, which is not just important for all our constituents, but crucial for the 1.5 million new homes that the Government propose building?
Oral Answers to Questions
Debate between Lindsay Hoyle and Mark Garnier(2 months ago)
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Mark Garnier (Wyre Forest) (Con)
The City of London has been a leader of innovation in the world of finance and savings for a few hundred years now, and it has been successful because it has always seized opportunities and innovation when presented. In that spirit, we are pleased that the Chancellor in her Mansion House speech embraced the concept of securities tokenisation, but we now find that the catalyst for this innovation in the UK—a pilot for the digital gilt instrument known as DIGIT—has found itself in a two-year black hole. Innovation is not something that can hang around for two years, so will the Minister give assurances that she will do everything she can to deliver DIGIT as soon as possible?
Oral Answers to Questions
Debate between Lindsay Hoyle and Mark Garnier(3 months, 2 weeks ago)
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Mark Garnier (Wyre Forest) (Con)
The Chancellor makes reference to the PWC report, but half of the survey in that report was done before the Budget. The Chancellor and I spent a very happy three years sitting next to each other at the Treasury Committee, and she was incredibly good at demanding straight answers from the witnesses that came in front of the Committee. She has already been asked questions about the fact that the fiscal headroom is only £10 billion and the increase in the cost of borrowing is now going to go through the roof so, at some point, she will have to raise taxes, cut investment or increase debt. Which will it be?
Rachel Reeves
The headroom in our Budget was larger than the headroom that we inherited from the previous Government, so we have put aside more money for changes in economic prospects. The OBR has not yet done its forecast, which will take a whole variety of factors into account, and we will make decisions based on that. I have been really clear that our fiscal rules are non-negotiable because, unlike the Conservatives, we are determined to meet the fiscal rules, not break them time and again.
Oral Answers to Questions
Debate between Lindsay Hoyle and Mark Garnier(7 months ago)
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Mark Garnier (Wyre Forest) (Con)
Not only is the Secretary of State a very good looking fellow, but we in this House all know that he is an incredibly hard-working and very open Minister, as indeed are his whole team. So I know that the reason he has not replied to my letter of 11 September is that he and his team will be working their socks off to get a full and open answer to all my questions. He has already made reference to one of my colleagues and said that he will produce “in due course” a full systems cost analysis. May I stress that it is incredibly important that we in this House have that systems cost analysis as soon as possible, so that not only can we analyse his ambitious plans for carbon-neutral targets, but we can also explain to our constituents exactly how much it will cost them in their bills to deliver his target?