Asked by: David Simmonds (Conservative - Ruislip, Northwood and Pinner)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department is taking steps to allow individuals to exit their annuity plans.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The government announced in October 2016 that it would not be continuing with proposals to remove the restrictions on the sale of existing annuities.
As these proposals progressed it became increasingly clear that the conditions required for a competitive market to emerge, with multiple buyers and sellers of annuities, could not be balanced with sufficient consumer protections. This could have led to consumers receiving poor value for their annuity income streams and suffering higher costs in the sales process. Consumer protection is a top priority for the government and it would not have been acceptable to allow a market to develop which could produce poor outcomes for consumers.
There are no plans to review the decision not to continue with proposals for a secondary market in annuities at this time.
Asked by: David Simmonds (Conservative - Ruislip, Northwood and Pinner)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department received an application (a) from or (b) on behalf of the Royal Docks in the London Borough of Newham to become a free port; and what assessment his Department has made of the feasibility of the Royal Docks becoming a free port.
Answered by Steve Barclay - Secretary of State for Environment, Food and Rural Affairs
We recently published the bidding prospectus for Freeports in England, setting out how ports can apply for Freeport status, and further details on our proposals for the policy. Areas across England, including air, rail and sea ports, have until the 5 February 2021 to submit bids for Freeport status. Successful locations will be announced in the spring following a fair, open and transparent assessment process.