Oral Answers to Questions

Tom Tugendhat Excerpts

Tuesday 18th July 2017 Commons Chamber

[The Economic Secretary to the Treasury (Stephen Barclay)]

May I first congratulate the hon. Lady on her appointment as Chair of the Business, Energy and Industrial Strategy Committee? As she will be aware from her Bank of England days, this is a matter for the Financial Policy Committee. Indeed, the FPC noted in its recent report that consumer credit is growing at a lower rate than it was under the previous Labour Government, but loss rates on lending remain low, as they are at present.

[Tom Tugendhat (Tonbridge and Malling) (Con)]

T2. My right hon. Friend the Chancellor will know from his time in the Foreign Office that one of the great strengths of our great kingdom is the perception of fairness we enjoy around the world. Will he talk a little about fairness in financial transactions, as the hidden taxes imposed by many companies on investment are grossly unfair on those who are saving in pensions for the future?

[Stephen Barclay]

There is a theme here, because I should congratulate my hon. Friend on his election as Chair of the Foreign Affairs Committee. The Government are committed to the principles of transparency. He will have noted the recent Financial Conduct Authority report on the asset management market study. Indeed, we are seeing technology—in particular, through FinTech—driving the sort of transparency to which he refers.