Asked by: Bim Afolami (Conservative - Hitchin and Harpenden)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps he plans to take through the Financial Markets and Services Bill to protect access to in-person banking services for rural communities such as Harpenden.
Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)
The Government believes that all customers, wherever they live, should have appropriate access to banking services.
As part of the Financial Services and Markets Bill 2022, the Government has introduced legislation to protect access to cash. The Bill protects access to cash by establishing the Financial Conduct Authority as the lead regulator and providing it with appropriate powers to ensure reasonable provision of withdrawal and deposit facilities.
More broadly against the background of changing technology, decisions on opening and closing branches are a commercial decision for banks and building societies. However, the Government recognises that in-person access to banking services continues to be important for some customers. FCA Guidance is clear that firms are expected to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and consider possible alternative access arrangements.
For consumers and SMEs wishing to access over-the-counter services, the Post Office Banking Framework allows 99% of personal banking and 95% of business banking customers to carry out their everyday banking at 11,500 Post Office branches in the UK.
Firms are also working together through the Cash Action Group to develop new initiatives to provide shared services including Bank Hubs. The Government welcomes the direction set by industry’s commitments and looks forward to seeing what results they deliver in protecting facilities for local communities across the UK.
Asked by: Bim Afolami (Conservative - Hitchin and Harpenden)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to ensure that retailers pass on the savings from the reduction in Fuel Duty to consumers.
Answered by Felicity Buchan - Parliamentary Under Secretary of State (Department for Levelling Up, Housing and Communities)
The Government has been clear that it expects all those in the supply chain to pass through the fuel duty cut to consumers buying fuel at the pump.
This summer, the independent Competition and Markets Authority (CMA) undertook an urgent review of the market for road fuel. Their initial findings suggest that the fuel duty cut appears to have been largely passed through. The Government will await further findings from the CMA.
Asked by: Bim Afolami (Conservative - Hitchin and Harpenden)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to help support people in Hitchin and Harpenden constituency with rises in the cost of living in the period after August 2022.
Answered by Chris Philp - Minister of State (Home Office)
The government understands that people across the UK are worried about the rising cost of living and are seeing their disposable incomes decrease as they spend more on the essentials.
On 8 September, government announced that the energy price cap will be superseded with a new Energy Price Guarantee, which means that a typical UK household will pay no more than £2500 a year on their energy bill over the next 2 years from 1 October. The Government will also introduce a six-month scheme to support businesses, charities and public sector organisations, which will protect them from soaring energy costs and provide them with the certainty they need to plan their business through the acute crisis this winter.
This announcement comes in addition to the previously announced support. Eight million of the most vulnerable households, including those in Hitchin and Harpenden, will see £1,200 extra support in Cost of Living Payments, provided in instalments across the year, with additional support for pensioners and those claiming disability benefits. This includes the £400 support through the Energy Bills Support Scheme – available to all households.
We continue to monitor a range of cost of living pressures and their impacts, and later this month the Chancellor will set out a package of measures to deliver on the Prime Minister’s commitment to cut taxes and boost growth, laying the groundwork for the change we need in the long term to make our economy stronger.
Asked by: Bim Afolami (Conservative - Hitchin and Harpenden)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if his Department will make an assessment of the potential impact of rises in the cost of living on people in Hitchin and Harpenden constituency.
Answered by Chris Philp - Minister of State (Home Office)
The government understands that people across the UK are worried about the rising cost of living and are seeing their disposable incomes decrease as they spend more on the essentials.
On 8 September, government announced that the energy price cap will be superseded with a new Energy Price Guarantee, which means that a typical UK household will pay no more than £2500 a year on their energy bill over the next 2 years from 1 October. The Government will also introduce a six-month scheme to support businesses, charities and public sector organisations, which will protect them from soaring energy costs and provide them with the certainty they need to plan their business through the acute crisis this winter.
This announcement comes in addition to the previously announced support. Eight million of the most vulnerable households, including those in Hitchin and Harpenden, will see £1,200 extra support in Cost of Living Payments, provided in instalments across the year, with additional support for pensioners and those claiming disability benefits. This includes the £400 support through the Energy Bills Support Scheme – available to all households.
We continue to monitor a range of cost of living pressures and their impacts, and later this month the Chancellor will set out a package of measures to deliver on the Prime Minister’s commitment to cut taxes and boost growth, laying the groundwork for the change we need in the long term to make our economy stronger.
Asked by: Bim Afolami (Conservative - Hitchin and Harpenden)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to help support people in Hitchin and Harpenden constituency with rises in the cost of living in the period between August 2021 and August 2022.
Answered by Chris Philp - Minister of State (Home Office)
The government understands that people across the UK are worried about the rising cost of living and are seeing their disposable incomes decrease as they spend more on the essentials.
On 8 September, government announced that the energy price cap will be superseded with a new Energy Price Guarantee, which means that a typical UK household will pay no more than £2500 a year on their energy bill over the next 2 years from 1 October. The Government will also introduce a six-month scheme to support businesses, charities and public sector organisations, which will protect them from soaring energy costs and provide them with the certainty they need to plan their business through the acute crisis this winter.
This announcement comes in addition to the previously announced support. Eight million of the most vulnerable households, including those in Hitchin and Harpenden, will see £1,200 extra support in Cost of Living Payments, provided in instalments across the year, with additional support for pensioners and those claiming disability benefits. This includes the £400 support through the Energy Bills Support Scheme – available to all households.
We continue to monitor a range of cost of living pressures and their impacts, and later this month the Chancellor will set out a package of measures to deliver on the Prime Minister’s commitment to cut taxes and boost growth, laying the groundwork for the change we need in the long term to make our economy stronger.