Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will hold discussions with credit card companies to ask them to suspend the charging of fees on balances while the restrictions in response to covid-19 are in place; and if he will make a statement.

On 17 March, the Government announced a package of measures aimed at supporting the financial wellbeing of British businesses, individuals, and families. The Government recognises that the outbreak of COVID-19 may lead to consumers facing financial difficulty and uncertainty. Therefore, we have acted to support customers who may find it challenging to make mortgage or credit payments and may require access to further credit. The major banks and building societies have pledged to provide relief to customers impacted by COVID-19, including deferring mortgage and other loan repayments, waiving fees on savings accounts and increasing overdraft or credit card limits.

The Government is committed to doing whatever it takes to get our nation through the impacts of COVID-19 and is working closely with the Financial Conduct Authority (FCA) and industry, including credit card companies, on a number of financial services issues. The Government stands ready to announce further action wherever necessary.