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Written Question
Insurance Companies: Reform
Wednesday 25th January 2023

Asked by: Rushanara Ali (Labour - Bethnal Green and Stepney)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what financial assessment his Department has made on the effect of the proposed Solvency II reforms on the public purse.

Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade

The Solvency II reforms strike a careful balance between boosting growth and maintaining high standards of policyholder protection. Insurers will still have to hold enough capital to withstand a 1-in-200-year shock. They will still have to adhere to high standards of risk management and will still be comprehensively supervised by our world-class independent regulator. The Government has announced a suite of additional supervisory measures the PRA will be taking forwards to hold insurers to account in maintaining safety, soundness, and policyholder protection.

Written Question
Insurance Companies: Reform
Wednesday 25th January 2023

Asked by: Rushanara Ali (Labour - Bethnal Green and Stepney)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment his Department has made of a potential impact of the Government's proposed Solvency II reforms on the level of risk to the financial stability of the banking sector.

Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade

The Solvency II reforms strike a careful balance between boosting growth and maintaining high standards of policyholder protection. Insurers will still have to hold enough capital to withstand a 1-in-200-year shock. They will still have to adhere to high standards of risk management and will still be comprehensively supervised by our world-class independent regulator. The Government has announced a suite of additional supervisory measures the PRA will be taking forwards to hold insurers to account in maintaining safety, soundness, and policyholder protection.

Speech in Commons Chamber - Thu 17 Nov 2022
Autumn Statement

"The Governor of the Bank of England said yesterday to the Treasury Committee that the mini-Budget has damaged our reputation internationally. He told us:

“People have said, ‘We did not think the UK would do this.’”

Why does the Chancellor not accept that it is because his party has destroyed …..."
Rushanara Ali - View Speech

View all Rushanara Ali (Lab - Bethnal Green and Stepney) contributions to the debate on: Autumn Statement
Speech in Commons Chamber - Tue 15 Nov 2022
Oral Answers to Questions

"T1. If he will make a statement on his departmental responsibilities...."
Rushanara Ali - View Speech

View all Rushanara Ali (Lab - Bethnal Green and Stepney) contributions to the debate on: Oral Answers to Questions
Speech in Commons Chamber - Tue 15 Nov 2022
Oral Answers to Questions

"I thank the Chancellor for the work he is doing and congratulate him on his new post. We hope that he lasts the week, or maybe the fortnight. The Government scandalously allowed organised criminals and fraudsters to take billions of pounds of public money through covid loan fraud as a …..."
Rushanara Ali - View Speech

View all Rushanara Ali (Lab - Bethnal Green and Stepney) contributions to the debate on: Oral Answers to Questions
Speech in Commons Chamber - Wed 19 Oct 2022
Economic Responsibility and a Plan for Growth

"Does my hon. Friend agree that the Government have still not learned a single thing? If they had learned anything from their mismanagement, the Prime Minister and the new Chancellor would have committed to using the profits of energy companies. That is what they should be doing: as my hon. …..."
Rushanara Ali - View Speech

View all Rushanara Ali (Lab - Bethnal Green and Stepney) contributions to the debate on: Economic Responsibility and a Plan for Growth
Speech in Commons Chamber - Wed 19 Oct 2022
Economic Responsibility and a Plan for Growth

"rose—..."
Rushanara Ali - View Speech

View all Rushanara Ali (Lab - Bethnal Green and Stepney) contributions to the debate on: Economic Responsibility and a Plan for Growth
Speech in Commons Chamber - Wed 19 Oct 2022
Economic Responsibility and a Plan for Growth

"I know that the Minister is relatively new to the job; I hope that he lasts longer than some of his predecessors. The Bank of England has made it clear that the mini-Budget has caused a material risk to the UK’s financial stability. As has been said, our constituents’ mortgages …..."
Rushanara Ali - View Speech

View all Rushanara Ali (Lab - Bethnal Green and Stepney) contributions to the debate on: Economic Responsibility and a Plan for Growth
Speech in Westminster Hall - Tue 18 Oct 2022
Cost of Living: Support for Young People

"Order. We have to suspend for Divisions in the House. There will be 15 minutes for the first Division, and then 10 minutes for each subsequent Division. Today’s final debate will have injury time added for those Divisions...."
Rushanara Ali - View Speech

View all Rushanara Ali (Lab - Bethnal Green and Stepney) contributions to the debate on: Cost of Living: Support for Young People
Speech in Westminster Hall - Tue 18 Oct 2022
Cost of Living: Support for Young People

"You can take an intervention if you want to...."
Rushanara Ali - View Speech

View all Rushanara Ali (Lab - Bethnal Green and Stepney) contributions to the debate on: Cost of Living: Support for Young People