Asked by: David Mundell (Conservative - Dumfriesshire, Clydesdale and Tweeddale)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department has authorised Pool Reinsurance Company Limited to engage with representatives of the insurance industry on potential solutions to the current lack of available insurance for live events during the covid-19 outbreak.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government is working closely with the insurers, the trade bodies and regulators to understand what more the sector can do to support firms in response to this pandemic. We also continue to gather and monitor information on how different sectors are being affected by the current crisis and the availability of cover.
We would not typically recommend drawing parallels with existing Government-backed insurance schemes given the specific design of any intervention is dependent on the size, frequency and nature of the risk being insured. Further, the Government would need to assess access to insurance alongside any other barriers to a sector re-opening, such as social distancing restrictions, when determining the appropriate course of action.
Event providers are eligible for assistance through the wider Government support package if they are in financial difficulty. We continue to keep the package under close review.
Asked by: David Mundell (Conservative - Dumfriesshire, Clydesdale and Tweeddale)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if his Department will facilitate discussions between Pool Reinsurance Company Limited and representatives of the insurance industry on potential solutions to the challenges facing the live events sector as a result of the covid-19 outbreak.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government is working closely with the insurers, the trade bodies and regulators to understand what more the sector can do to support firms in response to this pandemic. We also continue to gather and monitor information on how different sectors are being affected by the current crisis and the availability of cover.
We would not typically recommend drawing parallels with existing Government-backed insurance schemes given the specific design of any intervention is dependent on the size, frequency and nature of the risk being insured. Further, the Government would need to assess access to insurance alongside any other barriers to a sector re-opening, such as social distancing restrictions, when determining the appropriate course of action.
Event providers are eligible for assistance through the wider Government support package if they are in financial difficulty. We continue to keep the package under close review.
Asked by: David Mundell (Conservative - Dumfriesshire, Clydesdale and Tweeddale)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions Pool Reinsurance Company Limited has had with representatives of the insurance industry on the matter of insurance for live events in response to the covid-19 outbreak.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government is working closely with the insurers, the trade bodies and regulators to understand what more the sector can do to support firms in response to this pandemic. We also continue to gather and monitor information on how different sectors are being affected by the current crisis and the availability of cover.
We would not typically recommend drawing parallels with existing Government-backed insurance schemes given the specific design of any intervention is dependent on the size, frequency and nature of the risk being insured. Further, the Government would need to assess access to insurance alongside any other barriers to a sector re-opening, such as social distancing restrictions, when determining the appropriate course of action.
Event providers are eligible for assistance through the wider Government support package if they are in financial difficulty. We continue to keep the package under close review.
Asked by: David Mundell (Conservative - Dumfriesshire, Clydesdale and Tweeddale)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions Pool Reinsurance Company Limited has had with live events insurers on the lack of available contingency insurance during the covid-19 outbreak.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government is working closely with the insurers, the trade bodies and regulators to understand what more the sector can do to support firms in response to this pandemic. We also continue to gather and monitor information on how different sectors are being affected by the current crisis and the availability of cover.
We would not typically recommend drawing parallels with existing Government-backed insurance schemes given the specific design of any intervention is dependent on the size, frequency and nature of the risk being insured. Further, the Government would need to assess access to insurance alongside any other barriers to a sector re-opening, such as social distancing restrictions, when determining the appropriate course of action.
Event providers are eligible for assistance through the wider Government support package if they are in financial difficulty. We continue to keep the package under close review.
Asked by: David Mundell (Conservative - Dumfriesshire, Clydesdale and Tweeddale)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will publish a timetable for bringing forward legislative proposals to protect people's access to cash.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government recognises that cash remains important to millions of people across the UK, which is why it has committed to legislate to protect access to cash and to ensure that the UK’s cash infrastructure is sustainable in the long term. Government is working at pace, engaging with industry and the regulators – the Financial Conduct Authority, Payment Systems Regulator, and Bank of England – whilst designing legislation. To inform the development of this legislation, today (15 October) the Government published a Call for Evidence seeking views on the key considerations associated with cash access, including deposit and withdrawal facilities, cash acceptance, and regulatory oversight of the cash system.
The Government also remains closely engaged with the financial regulators, including through the Treasury-chaired Joint Authorities Cash Strategy Group, to monitor and assess risks around cash relating to COVID-19. In order to help control the virus, all businesses and individuals are encouraged to follow the latest Government advice. To work safely during COVID-19, retailers have been recommended to minimise contact around transactions, for example, considering using contactless payments. However, it remains the individual retailer’s choice as to whether to accept or decline any form of payment, including cash or card.
Asked by: David Mundell (Conservative - Dumfriesshire, Clydesdale and Tweeddale)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what information the Government holds on the number of retailers no longer accepting cash due to the covid-19 outbreak; and what steps his Department is taking to ensure that people can continue to use cash to pay for goods and services for as long as is needed.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government recognises that cash remains important to millions of people across the UK, which is why it has committed to legislate to protect access to cash and to ensure that the UK’s cash infrastructure is sustainable in the long term. Government is working at pace, engaging with industry and the regulators – the Financial Conduct Authority, Payment Systems Regulator, and Bank of England – whilst designing legislation. To inform the development of this legislation, today (15 October) the Government published a Call for Evidence seeking views on the key considerations associated with cash access, including deposit and withdrawal facilities, cash acceptance, and regulatory oversight of the cash system.
The Government also remains closely engaged with the financial regulators, including through the Treasury-chaired Joint Authorities Cash Strategy Group, to monitor and assess risks around cash relating to COVID-19. In order to help control the virus, all businesses and individuals are encouraged to follow the latest Government advice. To work safely during COVID-19, retailers have been recommended to minimise contact around transactions, for example, considering using contactless payments. However, it remains the individual retailer’s choice as to whether to accept or decline any form of payment, including cash or card.
Asked by: David Mundell (Conservative - Dumfriesshire, Clydesdale and Tweeddale)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether cash is a safe payment method to use and should continue to be accepted by retailers during the covid-19 outbreak.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government recognises that cash remains important to millions of people across the UK, which is why it has committed to legislate to protect access to cash and to ensure that the UK’s cash infrastructure is sustainable in the long term. Government is working at pace, engaging with industry and the regulators – the Financial Conduct Authority, Payment Systems Regulator, and Bank of England – whilst designing legislation. To inform the development of this legislation, today (15 October) the Government published a Call for Evidence seeking views on the key considerations associated with cash access, including deposit and withdrawal facilities, cash acceptance, and regulatory oversight of the cash system.
The Government also remains closely engaged with the financial regulators, including through the Treasury-chaired Joint Authorities Cash Strategy Group, to monitor and assess risks around cash relating to COVID-19. In order to help control the virus, all businesses and individuals are encouraged to follow the latest Government advice. To work safely during COVID-19, retailers have been recommended to minimise contact around transactions, for example, considering using contactless payments. However, it remains the individual retailer’s choice as to whether to accept or decline any form of payment, including cash or card.
Asked by: David Mundell (Conservative - Dumfriesshire, Clydesdale and Tweeddale)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment his Department has made of the effect of the covid-19 outbreak on the (a) functioning of the contingency insurance market and (b) ability of that market to provide sufficient support to the live events sector to enable that sector to plan for events to take place in 2021.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government is in continual dialogue with the insurance sector on its response to this unprecedented situation. We are working closely with the insurers, the trade bodies and regulators to understand what more the industry can do to help individuals and businesses in time of need, and how the insurance market delivers the support firms need as the economy reopens.
The Government is exploring all options to ensure businesses can build resilience following the outbreak of COVID-19. We encourage businesses encountering financial difficulty as a result of this unprecedented situation to review the initiatives in the Government’s support package, such as Coronavirus Business Interruption Loan Scheme, for which the application window has been extended to 30 November, and businesses rates holidays. We have taken steps to make our schemes deliverable, fair and targeted at those who need it the most. We continue to keep the Government support package under close review.
Any potential further insurance interventions, including for the contingency insurance sector, will be assessed on a case by case basis; officials continue to gather and monitor information on how event providers are being affected by the current crisis and the availability of cover. As part of this monitoring, the Government is open to receiving representations from (a) the insurance industry and (b) the Let Live Thrive campaign.
Asked by: David Mundell (Conservative - Dumfriesshire, Clydesdale and Tweeddale)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the extent of Government support required for contingency insurance suppliers to be able to adequately support the return of live events to the UK as covid-19 lockdown restrictions are eased.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government is in continual dialogue with the insurance sector on its response to this unprecedented situation. We are working closely with the insurers, the trade bodies and regulators to understand what more the industry can do to help individuals and businesses in time of need, and how the insurance market delivers the support firms need as the economy reopens.
The Government is exploring all options to ensure businesses can build resilience following the outbreak of COVID-19. We encourage businesses encountering financial difficulty as a result of this unprecedented situation to review the initiatives in the Government’s support package, such as Coronavirus Business Interruption Loan Scheme, for which the application window has been extended to 30 November, and businesses rates holidays. We have taken steps to make our schemes deliverable, fair and targeted at those who need it the most. We continue to keep the Government support package under close review.
Any potential further insurance interventions, including for the contingency insurance sector, will be assessed on a case by case basis; officials continue to gather and monitor information on how event providers are being affected by the current crisis and the availability of cover. As part of this monitoring, the Government is open to receiving representations from (a) the insurance industry and (b) the Let Live Thrive campaign.
Asked by: David Mundell (Conservative - Dumfriesshire, Clydesdale and Tweeddale)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what representations he has received from (a) representatives from the insurance industry and (b) the Let Live Thrive campaign on the underwriting by Government of contingency insurance contracts to support the live events sector.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government is in continual dialogue with the insurance sector on its response to this unprecedented situation. We are working closely with the insurers, the trade bodies and regulators to understand what more the industry can do to help individuals and businesses in time of need, and how the insurance market delivers the support firms need as the economy reopens.
The Government is exploring all options to ensure businesses can build resilience following the outbreak of COVID-19. We encourage businesses encountering financial difficulty as a result of this unprecedented situation to review the initiatives in the Government’s support package, such as Coronavirus Business Interruption Loan Scheme, for which the application window has been extended to 30 November, and businesses rates holidays. We have taken steps to make our schemes deliverable, fair and targeted at those who need it the most. We continue to keep the Government support package under close review.
Any potential further insurance interventions, including for the contingency insurance sector, will be assessed on a case by case basis; officials continue to gather and monitor information on how event providers are being affected by the current crisis and the availability of cover. As part of this monitoring, the Government is open to receiving representations from (a) the insurance industry and (b) the Let Live Thrive campaign.