Oral Answers to Questions

Stephen Hammond Excerpts

Tuesday 11th February 2020 Commons Chamber

[Sajid Javid]

I remember that not long ago the shadow Chancellor stood here and said that he wanted to be known as the “people’s Chancellor”. I think the people had a very different idea, however. On his question about high-cost credit, when I was last in the Treasury as Economic Secretary, that was the first time that any Government had introduced proper regulation around high-cost credit. This is something that we keep under review, which is why, as we present our White Paper, we will be looking to see what more we can do.

[Stephen Hammond (Wimbledon) (Con)]

T2. Many in financial services will warmly welcome the Chancellor’s remarks in the papers yesterday about equivalence arrangements, but does he agree that the real value to those arrangements is in the length of the revocation period? Will he therefore press for revocation notices of a minimum of a year and preferably three years?

[Sajid Javid]

Yes, I agree with my hon. Friend. Equivalence arrangements, done properly, would require a period of stability to be agreed, and that is exactly what we are working on with our European friends.