Rebecca Long Bailey
Main Page: Rebecca Long Bailey (Independent - Salford)Department Debates - View all Rebecca Long Bailey's debates with the HM Treasury
(8 years, 11 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Osborne
My hon. Friend raises an important issue. The pension freedoms we have introduced have been widely welcomed, but we know that 700,000 people who are eligible face some form of early exit charge. The Government are not prepared to stand by and see people being either ripped off or blocked from accessing their own money by excessive charges. We have listened to the concerns and the newspaper campaigns that have been run. Today, we are announcing that we will change the law to place a duty on the Financial Conduct Authority to cap excessive early exit charges for pension savers. We are determined that people who have done the right thing and saved responsibly should be able to access their pensions fairly.
Rebecca Long Bailey (Salford and Eccles) (Lab)
Recent statistics show that household debt is now at a record high, but back in 2010 the Chancellor promised to move from an economy built on debt to one that saves. Will he tell us today why the figures contradict his original promise?
Mr Osborne
Household debt as a proportion of household income was 168% in 2008 and today it is 142%, so it has fallen.