Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of changes in the level of costs to (a) car auctions and (b) other industries for debit card transaction charges as a result of the Interchange Fee Regulation.
The European Commission plans to review the effectiveness of the Interchange Fee Regulation in the coming years as part of its usual process. Government has therefore not made a formal assessment of the impact of the Interchange Fee Regulation.
The Government is open to hearing views on this issue, and digital payments more broadly, as evidenced by its recently closed call for evidence on cash and digital payments in the new economy. This sought information on how the shift from cash to digital payments impacts on different sectors, different regions and different demographics. The Government will formally respond to the call for evidence in due course.