Asked by: Saqib Bhatti (Conservative - Meriden and Solihull East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what fiscal steps he is taking to support the technology sector in Meriden constituency.
Answered by Gareth Davies - Shadow Minister (Business and Trade)
The tech sector is important for growth across the UK, including the Meriden constituency.
West Midlands Mayoral Combined Authority (MCA) has been invited to develop an Investment Zone proposal, to catalyse a high potential knowledge intensive growth cluster in one of our priority sectors, including Digital and Technology. The government has begun discussions with West Midlands, through the MCA, with a view to agreeing a co-developed Investment Zone proposal by the end of the year.
We would recommend engagement with West Midlands MCA directly to discuss how to ensure the benefits of the Investment Zone are best felt by residents across the region, including in Meriden.
Asked by: Saqib Bhatti (Conservative - Meriden and Solihull East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to support the financial services sector in Meriden constituency.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
The government’s vision for financial services is for a sector that is open, sustainable, technologically advanced, globally competitive, and which acts in the interests of communities and citizens across all four nations of the UK.
The Edinburgh Reforms will drive growth and competitiveness while retaining our commitment to high international standards. This supports delivery of the Chancellor’s wider priority of driving economic growth and prosperity through his 4 E’s: Enterprise, Education, Employment, and Everywhere.
The government recognises that financial services is an important employer across the whole of UK, with 2.5 million people employed in financial and related professional services across the UK, two thirds of whom are employed outside of London. This includes 145,000 people in the West Midlands alone.
The Government’s approach to financial services reforms will ensure that the sector benefits from dynamic and proportionate regulation, and that consumers and citizens from across all four nations of the UK benefit from high quality services, appropriate consumer protection, and a sector that embraces the latest technology.
Asked by: Saqib Bhatti (Conservative - Meriden and Solihull East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he is taking to provide financial support to people on lower incomes in Meriden constituency.
Answered by John Glen
The Government recognises the challenges facing households on lower incomes across the country, particularly in light of elevated costs of living. Support to households with the cost of living is worth £94 billion, or £3,300 per household on average, across 2022-23 and 2023-24.
This includes uprating benefits and the state pension in line with inflation from this April, and new Cost of Living Payments in 2023-24 for households on means tested benefits, pensioner households and individuals on disability benefits, in addition last year’s support. Over 14,000 households on means-tested benefits in Meriden were eligible for last year’s £650 Cost of Living Payment, with another 11,500 individuals on disability benefits eligible for a further £150 Disability Cost of Living Payment, and over 20,000 pensioner households eligible for the £300 Pensioner Cost of Living Payment.
The Government is also providing further assistance through a one year extension to the Household Support Fund in England. Solihull Council has been allocated over £2.8m this year from the Household Support Fund to support its residents, including in Meriden, with the cost of food, energy and other essentials.
Asked by: Saqib Bhatti (Conservative - Meriden and Solihull East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department is taking steps to help secure free access to cash withdrawals and deposit facilities in Meriden constituency.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
The government recognises that while the transition towards digital payments brings many opportunities, cash continues to be used by many people across the UK, including those who may be in vulnerable groups.
The government is currently legislating to protect access to cash across the UK as part of the Financial Services and Markets (FSM) Bill 2022. The Bill establishes the Financial Conduct Authority (FCA) as the lead regulator for access to cash with responsibility and powers to seek to ensure reasonable provision of withdrawal and deposit facilities.
As amended, the FSM Bill protects free access to cash by requiring the FCA to seek to ensure that, in the United Kingdom, there is reasonable provision of free withdrawal and deposit facilities for personal current accounts with relevant providers. It also requires the Treasury to publish a policy statement that includes policies on free access.
According to LINK data for April 2023, there are around 39,000 free-to-use ATMs across the UK, including 81 in the constituency of Meriden.