Oral Answers to Questions

Mark Hoban Excerpts

Tuesday 6th March 2012 Commons Chamber

[Dan Jarvis (Barnsley Central) (Lab)]

12. What assessment he has made of the performance of the Money Advice Service.

[The Financial Secretary to the Treasury (Mr Mark Hoban)]

The Money Advice Service is an independent body and the Financial Services Authority approves its business plan and budget. The service’s online health check was launched in June last year and received nearly half a million visits. More than half of those visits resulted in a personal action plan, providing thousands of visitors with a direct route to taking control of their finances.

[Dan Jarvis]

The Minister will know that low-paid workers in my constituency are currently missing out on the discounts that utility providers offer to customers when they pay their bills by direct debit. What work is he doing with the Money Advice Service to increase the number of low-paid workers who pay their bills by direct debit?

[Mr Hoban]

It is important that people take as much advantage as they can of the discounts on offer. The Money Advice Service is there to provide advice to people at all levels of income. Encouraging more people to open bank accounts and to take advice on direct debit services is a key part of its role.

[David Rutley (Macclesfield) (Con)]

15. What assessment he has made of the effect of Government spending commitments on the budget deficit.

--- Later in debate ---

[The Financial Secretary to the Treasury (Mr Mark Hoban)]

The Department for Education is looking at this area. I am clear that the support that this Government have given to the Money Advice Service will ensure that people of all ages and all income levels receive the advice that they need to manage their money properly and prepare for their futures.

[Mr Sam Gyimah (East Surrey) (Con)]

T5. The Opposition’s policy of more spending, more borrowing and more debt is not credible and will result in higher interest rates. Will the Chancellor tell the House what impact just a 1% rise in interest rates would have on businesses, mortgages and the cost of servicing the colossal national debt racked up by the previous Government?

--- Later in debate ---

[Andrea Leadsom (South Northamptonshire) (Con)]

Does my hon. Friend agree that it is unacceptable that four banks in the UK have 80% of the SME business and 80% of the personal current account business in this country and that it is essential we get more competition in the banking sector? During the passage of the Financial Services Bill, will he consider again the Treasury Committee’s recommendation for a specific primary competition objective for the Financial Conduct Authority?

[Mr Hoban]

We have listened to representations from not only the Treasury Committee, but the Independent Commission on Banking, and one of the three objectives of the FCA will be to promote competition, which will get better outcomes for consumers so that there is more choice and better value for money.

[Mrs Linda Riordan (Halifax) (Lab/Co-op)]

Unemployment in Halifax has doubled since 2010, because of the Government’s failed economic policies. Will the Minister outline the urgent action that he is going to take to ensure that people get back to work in the town?