Asked by: Anna McMorrin (Labour - Cardiff North)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessments his Department has made of the implication for its policies of the devaluation of sterling since June 2016.
Answered by Steve Barclay - Secretary of State for Environment, Food and Rural Affairs
The government does not express a view on the level of the exchange rate. The value of sterling adjusts flexibly in response to economic conditions and market forces. The Monetary Policy Committee independently sets monetary policy, including interest rates, to achieve the objective of price stability, currently defined as an inflation target of 2 per cent.
The government will continue to monitor economic developments closely, while at the same time taking steps to promote economic growth and support individuals and businesses.
Asked by: Anna McMorrin (Labour - Cardiff North)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessments his Department has made of the implications for its policies in the increase of consumer prices since June 2016.
Answered by Steve Barclay - Secretary of State for Environment, Food and Rural Affairs
Inflation is expected to fall over the coming year, but the government recognises that families are feeling a squeeze now.
The government is helping with the cost of living today by letting people keep more of what they earn, raising the National Living Wage, freezing duty on fuel and alcohol, and tackling housing costs.
Asked by: Anna McMorrin (Labour - Cardiff North)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment he has made of the effect of the UK leaving the EU on the Consumer Prices Index rate of inflation.
Answered by Steve Barclay - Secretary of State for Environment, Food and Rural Affairs
In their November 2017 Economic and Fiscal Outlook, the OBR forecast that CPI inflation would average 2.7% in 2017. This is above the Bank of England’s 2% inflation target, as the past depreciation of sterling has pushed up import prices. The OBR expect this effect to fade over 2018, so inflation is expected to fall back towards the 2% target by the end of the year.
The government is helping with the cost of living today by letting people keep more of what they earn, raising the National Living Wage, freezing duty on fuel and alcohol, and tackling housing costs.
Asked by: Anna McMorrin (Labour - Cardiff North)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessments his Department has made on the potential effect on the cost of living of the UK leaving the EU.
Answered by Steve Barclay - Secretary of State for Environment, Food and Rural Affairs
As the Chancellor made clear in front of the Treasury Select Committee on Wednesday 6 December, the department has undertaken a variety of analysis and continues to do. The Treasury has modelled and analysed the impact of a wide range of potential alternative structures between the EU and the UK. This analysis is ongoing and continues to inform our negotiation position with the EU.
Asked by: Anna McMorrin (Labour - Cardiff North)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessments his Department has made of the implication for its policies of the devaluation of sterling since June 2016.
Answered by Steve Barclay - Secretary of State for Environment, Food and Rural Affairs
The government does not express a view on the level of the exchange rate. The value of sterling adjusts flexibly in response to economic conditions and market forces. The Monetary Policy Committee independently sets monetary policy, including interest rates, to achieve the objective of price stability, currently defined as an inflation target of 2 per cent.
The government will continue to monitor economic developments closely, while at the same time taking steps to promote economic growth and support individuals and businesses.
Asked by: Anna McMorrin (Labour - Cardiff North)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how many bank branch closures there have been in Cardiff North constituency in the last 10 years.
Answered by Steve Barclay - Secretary of State for Environment, Food and Rural Affairs
The Treasury does not collect data relating to bank branch closures.
While the decision to close a branch remains a commercial judgement for banks, the impact on communities must be understood, considered and mitigated where possible.
The industry’s Access to Banking Standard, launched in May 2017, commits banks to inform customers and stakeholders of the decision to close a branch as soon as the bank is operationally ready to do so. Banks must provide a minimum of 12 weeks’ notice but are free to provide more. RBS, for example, generally provides 6 months’ notice. The Access to Banking Standard also ensures customers understand the options they have locally to continue to access banking services, including specialist assistance for customers who need more help. Banks’ obligations under the Access to Banking Standard are monitored and enforced by the independent Lending Standards Board.
99% of banks’ personal and 95% of banks’ business customers are now able to withdraw cash, deposit cash and cheques, and make balance enquiries at a Post Office counter via its network of 11,600 branches. At Autumn Budget 2017, I wrote to the Post Office and UK Finance to ask them to raise public awareness of the banking services available at the Post Office for individuals and SMEs. Government will have provided nearly £2 billion during the period 2011 to 2018 to maintain and modernise the Post Office network, and has recently announced an additional £370 million of funding for the period 2018-2021.
Asked by: Anna McMorrin (Labour - Cardiff North)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what steps his Department is taking to encourage banks to engage with customers and stakeholders before the 12-week minimum standards in the event of proposed bank branch closures.
Answered by Steve Barclay - Secretary of State for Environment, Food and Rural Affairs
The Treasury does not collect data relating to bank branch closures.
While the decision to close a branch remains a commercial judgement for banks, the impact on communities must be understood, considered and mitigated where possible.
The industry’s Access to Banking Standard, launched in May 2017, commits banks to inform customers and stakeholders of the decision to close a branch as soon as the bank is operationally ready to do so. Banks must provide a minimum of 12 weeks’ notice but are free to provide more. RBS, for example, generally provides 6 months’ notice. The Access to Banking Standard also ensures customers understand the options they have locally to continue to access banking services, including specialist assistance for customers who need more help. Banks’ obligations under the Access to Banking Standard are monitored and enforced by the independent Lending Standards Board.
99% of banks’ personal and 95% of banks’ business customers are now able to withdraw cash, deposit cash and cheques, and make balance enquiries at a Post Office counter via its network of 11,600 branches. At Autumn Budget 2017, I wrote to the Post Office and UK Finance to ask them to raise public awareness of the banking services available at the Post Office for individuals and SMEs. Government will have provided nearly £2 billion during the period 2011 to 2018 to maintain and modernise the Post Office network, and has recently announced an additional £370 million of funding for the period 2018-2021.
Asked by: Anna McMorrin (Labour - Cardiff North)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the effect of bank branch closures in communities with lower population density and higher elderly populations.
Answered by Steve Barclay - Secretary of State for Environment, Food and Rural Affairs
The Treasury does not collect data relating to bank branch closures.
While the decision to close a branch remains a commercial judgement for banks, the impact on communities must be understood, considered and mitigated where possible.
The industry’s Access to Banking Standard, launched in May 2017, commits banks to inform customers and stakeholders of the decision to close a branch as soon as the bank is operationally ready to do so. Banks must provide a minimum of 12 weeks’ notice but are free to provide more. RBS, for example, generally provides 6 months’ notice. The Access to Banking Standard also ensures customers understand the options they have locally to continue to access banking services, including specialist assistance for customers who need more help. Banks’ obligations under the Access to Banking Standard are monitored and enforced by the independent Lending Standards Board.
99% of banks’ personal and 95% of banks’ business customers are now able to withdraw cash, deposit cash and cheques, and make balance enquiries at a Post Office counter via its network of 11,600 branches. At Autumn Budget 2017, I wrote to the Post Office and UK Finance to ask them to raise public awareness of the banking services available at the Post Office for individuals and SMEs. Government will have provided nearly £2 billion during the period 2011 to 2018 to maintain and modernise the Post Office network, and has recently announced an additional £370 million of funding for the period 2018-2021.
Asked by: Anna McMorrin (Labour - Cardiff North)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what steps his Department is taking to tackle the social effects of bank branch closures on lower-income communities.
Answered by Steve Barclay - Secretary of State for Environment, Food and Rural Affairs
The Treasury does not collect data relating to bank branch closures.
While the decision to close a branch remains a commercial judgement for banks, the impact on communities must be understood, considered and mitigated where possible.
The industry’s Access to Banking Standard, launched in May 2017, commits banks to inform customers and stakeholders of the decision to close a branch as soon as the bank is operationally ready to do so. Banks must provide a minimum of 12 weeks’ notice but are free to provide more. RBS, for example, generally provides 6 months’ notice. The Access to Banking Standard also ensures customers understand the options they have locally to continue to access banking services, including specialist assistance for customers who need more help. Banks’ obligations under the Access to Banking Standard are monitored and enforced by the independent Lending Standards Board.
99% of banks’ personal and 95% of banks’ business customers are now able to withdraw cash, deposit cash and cheques, and make balance enquiries at a Post Office counter via its network of 11,600 branches. At Autumn Budget 2017, I wrote to the Post Office and UK Finance to ask them to raise public awareness of the banking services available at the Post Office for individuals and SMEs. Government will have provided nearly £2 billion during the period 2011 to 2018 to maintain and modernise the Post Office network, and has recently announced an additional £370 million of funding for the period 2018-2021.