Asked by: Scott Mann (Conservative - North Cornwall)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department has taken to encourage commercial lenders provide temporary commercial mortgage repayment holidays to businesses in the tourism and hospitality industries.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government has worked proactively with lenders to ensure that flexible support is provided to commercial landlords, including those in the tourism and hospitality sectors, through this difficult time. We announced on 29 May that lenders are committed to showing flexibility to commercial landlord customers that need it. The full statement can be found here: https://www.gov.uk/government/news/government-to-publish-code-of-practice-with-commercial-sector-in-boost-to-high-street
A payment holiday is one of the options available for those that are facing financial difficulty and lenders are attempting to maximise the flexibility they can offer to borrowers at this time.
Ahead of the June payment day, all the main commercial lenders will be in contact with their major commercial landlord borrowers to identify concerns they have and provide support where appropriate.
It is right that where landlords receive support, they extend this to their tenants.
Asked by: Scott Mann (Conservative - North Cornwall)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if his Department will make an assessment of the potential merits of introducing repayment holidays for vehicle leasing during the covid-19 outbreak.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
On 27 April, the Financial Conduct Authority (FCA) published guidance that sets out what it expects firms to do for customers who are facing temporary payment difficulties due to the exceptional circumstances arising from COVID-19. This includes granting the customer a payment deferral for 3 months on motor finance and leasing payments.
The Government continues to work closely with the FCA and industry on this matter and stand ready to protect consumers wherever it is necessary.
Asked by: Scott Mann (Conservative - North Cornwall)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether the Government has made an assessment of the potential merits for people who have changed jobs or who were made redundant in March 2020 of extending the cut-off date for real time information submissions in the Coronavirus Job Retention Scheme to 31 March 2020.
Answered by Jesse Norman
On 15 April, the Government announced it would extend the cut-off date for the CJRS to 19 March, to include employees whose payroll information was notified to HMRC by 19 March. Processing claims for the Coronavirus Job Retention Scheme in cases where HMRC did not have RTI data by 19 March would require much greater manual handling by HMRC, which would significantly slow down the system while risking substantial levels of fraud. It would also require greater resource for HMRC when they are already under significant pressure to deliver the system designed. Those not eligible for the scheme may be able to access the other support Government is providing, including a package of temporary welfare measures and up to three months’ mortgage payment holidays for those struggling with their mortgage payments.
Asked by: Scott Mann (Conservative - North Cornwall)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department plans to introduce an online chat function to the government gateway system.
Answered by Jesse Norman
Following the introduction of a new Digital Engagement Platform in January 2020, HMRC will be introducing a range of new interactive digital interventions across all of their digital services over the next two years. HMRC’s aim is to encourage taxpayers to make full use of those digital services, and this will in turn drive the choices that HMRC make on which digital interventions to deploy and where.Asked by: Scott Mann (Conservative - North Cornwall)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, for what reasons the UK is ranked fifth in the comparative productivity levels of G7 countries; and what steps his Department is taking to ensure that the levels of productivity in rural and urban communities in the UK are equal.
Answered by Steve Barclay - Secretary of State for Environment, Food and Rural Affairs
We recognise that UK productivity is lower than some of our peers. But we must also recognise that we have a number of strengths that we should continue to build on. We are the world’s fifth largest economy. We have many of the best universities on earth, are one of the most attractive places in the world to do business and lead in many 21st-century technologies and innovations. Closing our productivity gap, which exists compared to other nations but also between regions in the UK, will be vital in unleashing the UK’s potential.
We are committed to levelling up opportunity across all places in the UK. This means making sure that prosperity is shared across all our towns and cities. So far, we have announced a £5bn package of investment for buses and cycling, opened up a consultation on Freeports, and we’ve confirmed that we will proceed with HS2 to deliver essential North-South connectivity, greater capacity, and shorter journey times.
Asked by: Scott Mann (Conservative - North Cornwall)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what proportion of High Sped Two's construction costs will be recouped through (a) VAT, (b) corporation tax, (c) income tax and (d) National Insurance being levied on (i) the bodies contracted to construct the project and (ii) their employees.
Answered by Jesse Norman
HM Revenue and Customs (HMRC) are unable to provide estimates on how much will be recouped from High Speed Two's construction costs.
HMRC publish aggregate level statistics on annual and monthly revenue on GOV.UK here: https://www.gov.uk/government/statistics/hmrc-tax-and-nics-receipts-for-the-uk
Asked by: Scott Mann (Conservative - North Cornwall)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps the Government is taking to improve accessibility to the mortgage market for (a) self-employed people and (b) small business owners.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government is committed to maintaining an accessible mortgage market. The Financial Conduct Authority (FCA), which is responsible for regulating the market and protecting consumers, found in their Mortgage Market Study, published March 2019, that the market is working well and that consumers have access to mortgages that are suitable and affordable.
The FCA recognises that lenders should have flexibility to decide what type of evidence of income they can accept from customers, including those who are self-employed or have alternative sources of income.
Many lenders also offer custom mortgage products designed for contractors, the self-employed and small business owners. These commonly include features designed to account for income volatility, such as the ability to make capital repayments at any time, or income assessments using averaged figures to smooth out monthly variations.
Beyond the FCA’s regulations, decisions about the type and availability of mortgage products are commercial decisions for lenders, and the Government does not seek to intervene in these decisions.