Question to the HM Treasury:

To ask Her Majesty’s Government what estimate they have made of the impact of payment protection insurance payments made since 2010 on UK gross domestic product.

The most recent figures available from the FCA show that a total of £393.8m was paid in November 2015 to customers who complained about the way they were sold PPI. This takes the amount paid out since January 2011 to £22.2bn.

The most recent analysis of the impact on GDP is the Office for Budget Responsibility’s 2012 Economic and Fiscal Outlook report, which stated that its economic growth forecast of 0.8% over 2 years would be mainly due to the impact of PPI fee repayments.