Asked by: Stephen Kinnock (Labour - Aberavon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether (a) vulnerable people and (b) the elderly who have been recommended to self-isolate for 12 weeks will be eligible for support through the Coronavirus Job Retention Scheme.
Answered by Jesse Norman
In March, the Government announced the unprecedented Coronavirus Job Retention Scheme to help firms keep millions of people in employment. The scheme is open to any individual who was on an employer’s PAYE payroll on or before 19 March 2020 and for whom HMRC received an RTI submission notifying payment in respect of that employee on or before the 19 March 2020. Full guidance for employers and employees can be found at www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme and www.gov.uk/guidance/check-if-you-could-be-covered-by-the-coronavirus-job-retention-scheme.
Asked by: Stephen Kinnock (Labour - Aberavon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will introduce an immediate six-month moratorium on commercial lenders enforcing loan repayments during the covid-19 outbreak.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government has announced an unprecedented support package to help businesses through this challenging time.
For larger businesses, this includes the new Covid Corporate Financing Facility (CCFF), which will provide additional help for firms facing cash flow disruption, and the Coronavirus Large Business Interruption Loan Scheme launched on Monday 20 April. For small and medium sized businesses (SMEs), the Coronavirus Business Interruption Loan Scheme (CBILS) launched on 23 March which will help give lenders greater confidence to continue providing SMEs with finance through this uncertainty.
The Government welcomes the commitments made by the banking industry to support their customers’ finance needs, and will continue to work with the regulators and the industry to ensure the steps we have taken are effective in helping businesses through this period of uncertainty.
Any customer who is concerned about their current financial situation should get in touch with their lender at the earliest possible opportunity to discuss the best option for them.
Asked by: Stephen Kinnock (Labour - Aberavon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what fiscal plans he has to support the pubs and breweries industry.
Answered by Simon Clarke
All taxes are kept under review and the impact of a change to beer duty is considered at each fiscal event, including its effect on pubs, breweries and the wider economy.
Asked by: Stephen Kinnock (Labour - Aberavon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the effectiveness of the Financial Conduct Authority in protecting people transferring out of pensions schemes.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
Assessing the harm caused by unsuitable pension transfer advice and identifying the most effective ways to reduce it is a key priority for the Financial Conduct Authority (FCA).
Last year, the FCA issued new rules and guidance on improving the quality of pension transfer advice. These provide advisers with a framework to better enable them to give good quality advice so that consumers can make better informed decisions.
In December 2018, the FCA concluded a review on pension transfer advice which reviewed the suitability of the advice. The FCA has also requested data from every firm with permission to advise on defined benefit (DB) pension transfers to provide a complete picture on the market. Following the analysis of this information, the FCA will begin a wide-ranging programme of activity with firms in 2019.
In addition to this, the FCA and The Pensions Regulator published a joint strategy in October 2018 which includes a workstream on improving member and consumer outcomes from DB pension transfers.
Asked by: Stephen Kinnock (Labour - Aberavon)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how much revenue has accrued to the public purse under the child benefit tax charge.
Answered by Elizabeth Truss
The High Income Child Benefit Charge (HICBC) was introduced in 2013 to help reduce the fiscal deficit and to ensure that support is targeted at those who need it most. HICBC applies to someone with an income over £50,000 who claims Child Benefit, or whose partner claims it. The tax charge increases gradually for taxpayers with incomes between £50,000 and £60,000.
Asked by: Stephen Kinnock (Labour - Aberavon)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment he has made of the effectiveness of the high income child benefit tax charge.
Answered by Elizabeth Truss
The High Income Child Benefit Charge (HICBC) was introduced in 2013 to help reduce the fiscal deficit and to ensure that support is targeted at those who need it most. HICBC applies to someone with an income over £50,000 who claims Child Benefit, or whose partner claims it. The tax charge increases gradually for taxpayers with incomes between £50,000 and £60,000.
Asked by: Stephen Kinnock (Labour - Aberavon)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how many households in (a) UK, (b) Wales, and (c) Aberavon constituency are subject to the high income child benefit tax charge.
Answered by Elizabeth Truss
The High Income Child Benefit Charge (HICBC) was introduced in 2013 to help reduce the fiscal deficit and to ensure that support is targeted at those who need it most. HICBC applies to someone with an income over £50,000 who claims Child Benefit, or whose partner claims it. The tax charge increases gradually for taxpayers with incomes between £50,000 and £60,000.
Asked by: Stephen Kinnock (Labour - Aberavon)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what recourse is available to small and medium sized businesses in the event that they are receiving charges which are contrary to the revised Directive on Payment Services.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government has transposed the second Payment Services Directive (PSDII) fully into UK law.
The methods of recourse available to small and medium sized enterprises (SMEs) depend on the aspect of PSDII they are seeking recourse on. In all circumstances, we suggest the first port of call should be for the SME to try and resolve the issue directly with the business or individual in question.
For issues relating to the surcharging ban on consumer payment instruments, we recommend that all parties consult guidance published by the department for Business, Energy and Industrial Strategy (BEIS). If a customer thinks they have been subject to an unfair surcharge, they can contact the Citizens Advice consumer service for further information. The helpline provides free advice to consumers on their rights and will refer on complaints to Trading Standards for further enforcement action where necessary.
For charges relating to other aspects of PSDII (such as statements), micro businesses with a turnover of less than €2 million and fewer than 10 employees have recourse to the Financial Ombudsman Service (FOS). The FOS is an independent, non-governmental body, established under statute to provide for the proportionate, prompt and informal resolution of complaints against financial services firms. It provides a free, independent dispute resolution service for bank customers. Its decisions are binding on the firm concerned, without interfering with customers' rights to take legal action through the courts.
Asked by: Stephen Kinnock (Labour - Aberavon)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what steps his Department has taken to implement the Revised Directive on Payment Services.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government has transposed the second Payment Services Directive (PSDII) fully into UK law.
The methods of recourse available to small and medium sized enterprises (SMEs) depend on the aspect of PSDII they are seeking recourse on. In all circumstances, we suggest the first port of call should be for the SME to try and resolve the issue directly with the business or individual in question.
For issues relating to the surcharging ban on consumer payment instruments, we recommend that all parties consult guidance published by the department for Business, Energy and Industrial Strategy (BEIS). If a customer thinks they have been subject to an unfair surcharge, they can contact the Citizens Advice consumer service for further information. The helpline provides free advice to consumers on their rights and will refer on complaints to Trading Standards for further enforcement action where necessary.
For charges relating to other aspects of PSDII (such as statements), micro businesses with a turnover of less than €2 million and fewer than 10 employees have recourse to the Financial Ombudsman Service (FOS). The FOS is an independent, non-governmental body, established under statute to provide for the proportionate, prompt and informal resolution of complaints against financial services firms. It provides a free, independent dispute resolution service for bank customers. Its decisions are binding on the firm concerned, without interfering with customers' rights to take legal action through the courts.
Asked by: Stephen Kinnock (Labour - Aberavon)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether the Government plans to seek formal agreement with the EU to participate in the European Banking Authority after the UK leaves the EU.
Answered by Steve Barclay - Secretary of State for Environment, Food and Rural Affairs
The future of our relationship with the European Supervisory Authorities is subject to the outcome of the withdrawal negotiations. The UK and the EU will start from the unique position of regulatory alignment. We will look to create a new framework that allows for continued trust in one another’s institutions and a close partnership.