Asked by: Sarah Dyke (Liberal Democrat - Glastonbury and Somerton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department will review the Annual Investment Allowance threshold and take steps to improve the eligibility and uptake of capital allowances among horticultural businesses who are investing in the transition to peat-free growing, water resilience measures, and automation to boost efficiency.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The Annual Investment Allowance allows both incorporated and unincorporated businesses to deduct the entire cost of investment in both main and special rate assets in one go, up to £1 million per year, which covers the investment of 99% of businesses.
In line with the commitments in the 2024 Corporate Tax Roadmap, at Budget the government confirmed it has maintained the parts of the UK Corporate Tax offer that are most important for attracting new investment for the duration of the parliament: the low Corporation Tax main rate of 25%, the generous full expensing offer for plant and machinery and the Annual Investment Allowance.
Asked by: Sarah Dyke (Liberal Democrat - Glastonbury and Somerton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions she has had with the Financial Conduct Authority on ensuring that people with disabilities and without access to mobile phones are not excluded from accessing online quotations and other financial services that require a mobile phone number.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government works closely with the Financial Conduct Authority (FCA), the independent regulator of the UK’s financial services sector, to ensure that all customers get the right support with their financial products and services.
FCA guidance highlights the actions firms should take to understand the needs of customers who may be vulnerable, such as individuals with a disability, and to consider these needs appropriately. Specifically, the guidance sets out that firms should offer multiple channels of communication to their customers where possible and should ensure these meet the needs of their customers, including individuals with characteristics of vulnerability.
The FCA also introduced the Consumer Duty in July 2023 which raises the standard of care expected from firms for all customers, including those who may be vulnerable. It aims to deliver products and services that offer fair value and are designed to meet customers’ needs and seeks to increase firms’ focus on delivering good outcomes and preventing harm.
In addition, under the Equality Act 2010, all service providers must make reasonable adjustments to ensure their services are accessible to all.
More widely, ensuring all individuals have access to the appropriate financial products and services they need is a key priority for Government. I published the Government’s Financial Inclusion Strategy on 5th November, which was developed alongside a Committee of consumer and industry representatives, including the FCA, and sets out a range of interventions to improve financial inclusion for underserved groups across the UK. This includes a focus on the issues of digital inclusion and access to banking, and considers accessibility as a key theme throughout, in recognition of the particular challenges individuals can face in relation to this.
Asked by: Sarah Dyke (Liberal Democrat - Glastonbury and Somerton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she plans to commission an independent review into the loan charge by 4 October 2024.
Answered by James Murray - Chief Secretary to the Treasury
I know that the loan charge is a very important matter for many members and their constituents. Within my first two weeks in office, I had my first meeting with campaigners to discuss the loan charge. The Chancellor and I have been considering this matter since taking office and will provide an update in due course.
Asked by: Sarah Dyke (Liberal Democrat - Glastonbury and Somerton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she has made an estimate of the number of bank branches that have closed in England in the last 10 years.
Answered by Tulip Siddiq
According to consumer website Which?, UK banks and building societies closed over 6000 branches across the UK from January 2015 to May 2024.
The Government recognises the importance of banking to communities and high streets. The Government has therefore committed to work closely with banks to roll out at least 350 banking hubs, which provide individuals and businesses up and down the country with critical cash and banking services.