Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what steps his Department plans to take to ensure there will be parliamentary oversight of reforms to the Universal Service Obligation for postal services.

Answered by Justin Madders - Parliamentary Under Secretary of State (Department for Business and Trade)

Parliament has made Ofcom the independent regulator for the postal sector, and as such Ofcom has the responsibility to ensure the provision of the universal service obligation.

Ofcom proposed reforms to the universal service obligation in its consultation ending on 10 April. These specific proposals will not require ministerial or Parliamentary approval, but Ofcom remains accountable to Parliament, through mechanisms such as select committee evidence sessions and its statutory obligation to lay its Annual Report and Accounts in Parliament.

Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what discussions his Department has had with Ofcom on their consultation on the future of the universal service obligation for postal services.

Answered by Justin Madders - Parliamentary Under Secretary of State (Department for Business and Trade)

Ministers and officials meet with Ofcom regularly to discuss a range of issues in relation to its role as the regulatory authority for the postal sector.

The government is committed to a universal service obligation and know Ofcom will use this consultation to ensure that Royal Mail is able to effectively serve its customers in the years to come.

A reliable and affordable universal postal service is crucial to the UK, and we are clear it must work for customers, workers and businesses that help drive growth across the country.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions she has had with the mid-tier banking sector on the Bank of England’s consultation on changes to thresholds for the minimum requirement for own funds and eligible liabilities, published on 15 October 2024; and if she will meet with sector representatives to discuss how it can support the (a) growth and (b) international competitiveness of the economy.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

The Bank of England sets MREL requirements independently, though the government takes a close interest in the policy and engages regularly on it both with the Bank of England and with the banking sector, including mid-tier firms. The government’s engagement has included and will continue to include consideration of the impacts of MREL policy on the UK’s economic growth and international competitiveness. In recent months, the Chancellor and I have hosted a series of forums, including with small to mid-sized quoted companies, as the government works towards developing the first Financial Services Growth and Competitiveness Strategy, which forms part of the government’s modern Industrial Strategy.

Found: _NC1 Mark Garnier Mel Stride James Wild Blake Stephenson Richard Fuller .

Found: Not selected_NC2 Mark Garnier Mel Stride James Wild Blake Stephenson Richard Fuller .

Found: _NC1 Mark Garnier Mel Stride James Wild Blake Stephenson Richard Fuller .

Found: _NC1 Mark Garnier Mel Stride James Wild Blake Stephenson Richard Fuller .