Oral Answers to Questions

Emma Reynolds Excerpts

Tuesday 21st January 2025 Commons Chamber

[Bradley Thomas (Bromsgrove) (Con)]

8. What assessment she has made of the potential implications for her regulatory policies of recent trends in levels of money laundering in retail businesses.

[The Economic Secretary to the Treasury (Emma Reynolds)]

This Government are committed to tackling money laundering. Money laundering through cash-based high street businesses is a known issue, and the Treasury works closely with law enforcement agencies to monitor trends in criminality and ensure resources are deployed towards the most significant threats.

[Bradley Thomas]

Hard-working shopkeepers and entrepreneurs across the country, including in Bromsgrove and the villages, play by the rules and pay their taxes. What is the estimated loss of revenue to the Exchequer from money laundering in retail environments in towns and villages across the country, and what are the Government doing to crack down on this?

[Emma Reynolds]

It is right that we take a robust approach to money laundering, and we have a tailored approach to cash deposit limits to reflect the differences in needs and risk profiles across businesses’ customer bases. I am committed to working with the Financial Conduct Authority and others to ensure we strike the right balance—one that allows businesses to continue their operations but also ensures that we assess the risk posed by those who might be using their businesses to launder money.

[Melanie Onn (Great Grimsby and Cleethorpes) (Lab)]

What additional support can the Government offer to Customs and Excise, local authorities and police forces in gathering supporting evidence that can then be provided to His Majesty’s Revenue and Customs? High street money launderers are brazen fronts for significant criminal enterprises.

[Emma Reynolds]

We take this issue very seriously. The Treasury owns the money laundering regulations, but the FCA has a key role as a major supervisor, and we work very closely with the criminal enforcement agencies. Of course, those agencies are independent, but we are absolutely committed to clamping down on money laundering.

[Richard Baker (Glenrothes and Mid Fife) (Lab)]

10. What steps she is taking with Cabinet colleagues to uplift former mineworkers’ pensions.

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[Dave Doogan (Angus and Perthshire Glens) (SNP)]

Neither the US Federal Reserve nor the EU Central Bank are engaged in active quantitative tightening, but the Bank of England is. The Bank of England is costing the public finances in the region of £13 billion a year as a result of a fire sale of UK Government bonds. Last time I spoke to the Chancellor about that, she said that that was because of the Bank of England’s operational independence, which we all value, but that is not a licence for impunity. What discussions will she have with the Bank of England about releasing UK Government debt in a way that benefits everybody in the UK?

[The Economic Secretary to the Treasury (Emma Reynolds)]

It is our view that it is absolutely right that the Bank of England has operational independence. That is in line with international standards and what is happening in jurisdictions around the world, including in the United States and the eurozone.

[Callum Anderson (Buckingham and Bletchley) (Lab)]

Recent developments in the UK investment trust sector have once again shone a light on the crucial role that retail investors play in our financial markets. In her Mansion House speech last November, the Chancellor rightly prioritised leveraging domestic pension capital to drive the Government’s economic growth mission. Does the Minister agree that greater retail participation in UK financial markets also supports growth and democratises wealth, and will she meet me to discuss how the Government can better support access to financial markets for individuals, including in my constituency?

[Emma Reynolds]

I am always happy to meet my hon. Friend, who is a near constituency neighbour. We absolutely agree that retail investment is crucial. I want more progress on the advice guidance boundary and targeted support. I will be working closely, in my new role, with the Financial Conduct Authority to take that forward.

[Sarah Olney (Richmond Park) (LD)]

Residents in my constituency will have been extremely concerned to read the news this morning that the Chancellor plans to announce next week the expansion of Heathrow. I invite her to tell us, on the Floor of the House this morning, yes or no: will the Government back expansion at Heathrow?

Draft Silicon Valley Bank UK Limited Compensation Scheme Order 2024

Emma Reynolds Excerpts

Monday 20th January 2025 General Committees

[The Economic Secretary to the Treasury (Emma Reynolds)]

I beg to move,

That the Committee has considered the draft Silicon Valley Bank UK Limited Compensation Scheme Order 2024.

It is a pleasure to serve under your chairmanship, Mrs Harris.

The draft order relates to the 2023 resolution of Silicon Valley Bank UK. It confirms that the former shareholder of SVB UK, which was the Silicon Valley Bank US parent entity, is not entitled to compensation following the transfer of the bank’s shares to HSBC UK Bank plc. The order has already been approved in the House of Lords.

In early March 2023, SVB UK experienced severe financial distress, resulting in rapid deposit outflows. That crisis, originating from its US parent entity, quickly spread to its UK subsidiary. By Friday 10 March, the Bank of England, acting as the resolution authority, declared its intention to place SVB UK into a bank insolvency procedure, absent any meaningful new information. Over the subsequent weekend, a private sector purchaser was identified. On Monday 13 March, the Bank of England exercised its power under the Banking Act 2009 to transfer the shares of SVB UK to HSBC UK Bank plc. The action was taken following consultation, with the Prudential Regulation Authority, the Financial Conduct Authority, His Majesty’s Treasury and the Bank of England reaching the judgment that the resolution conditions set out in the Banking Act had been met.

The Banking Act requires HM Treasury to make a compensation scheme order when the private sector purchaser power is exercised. This order is a mechanism to establish in law what compensation, if any, is due to former shareholders of the resolved firm. The Bank of England undertook a provisional valuation when placing SVB UK into resolution. That valuation found that SVB UK’s shareholder would not have made any recoveries had the firm been placed into a bank insolvency procedure. The shares had no value at the point that the firm was transferred and therefore no compensation is due to SVB UK’s former shareholder. The Bank of England then commissioned an independent valuation of SVB UK, which confirmed that no compensation is due to the previous shareholder of SVB UK. The order before us today confirms in law the findings of those valuations: that the former shareholder of SVB UK is not due any compensation.

I thank all staff of the PRA and the Bank of England’s resolution directorate for the swift and effective action they took regarding SVB UK, and indeed officials and Ministers at HM Treasury at the time. They worked tirelessly over the course of that weekend to deliver a solution that protected financial stability and achieved the objectives of the special resolution regime. The resolution of SVB UK shows that the UK’s resolution regime works well, as well as the importance of the UK having the necessary tools to handle bank failures effectively. The transfer of the firm to HSBC UK was a good result for SVB UK’s customers, who retained access to their money and the banking services they relied on; for taxpayers, with the firm being stabilised without any use of taxpayer support; and indeed for the UK economy, with the UK’s vibrant technology and innovation sector protected from severe disruption.

The compensation scheme order for SVB UK is a necessary step to formalise and conclude the resolution process, and to confirm that no compensation is due to the former shareholder. This decision is based on thorough valuations and adheres to the legal framework established by the Banking Act 2009. I thank the Committee for its attention and welcome any questions that the shadow Minister or other hon. Members may have regarding this matter.

--- Later in debate ---

[Emma Reynolds]

I thank the shadow Minister, the hon. Member for Wyre Forest, for his kind words—we will be spending a lot of time together this week. I also thank him for what he said about shareholders and the principle of risk and return. We know that there is a correlation between the risk taken and the return due, but that does not always work out. Proportionate regulation encourages considered risk-taking, which we are in favour of; we want to see entrepreneurship in our economy. Maybe this is a more philosophical debate that we could have on another occasion, but I agree with a lot of what he said about shareholders providing scrutiny. We certainly should not criticise them for being shareholders, because we need good shareholders for the functioning of the economy.

Let me turn to the remarks of the right hon. Member for North West Hampshire and attempt to answer all of his questions. Obviously, I was not in the Treasury that weekend—one of his colleagues was—so if he wants a very detailed description of those events, he probably should speak to the shadow Business Secretary, the hon. Member for Arundel and South Downs (Andrew Griffith). That is my first recommendation.

Secondly, there is certainly no litigation in this case. It is for the Bank of England, as the independent regulator, to weigh up and balance the different trade-offs involved in this sort of decision making. I cannot speak for the Bank of England, but I point out to him that only 14% of deposits would have been covered by the financial services compensation scheme. He might think that that would have been a better eventuality.

[Kit Malthouse]

That is not what I am implying at all. In this instance, I think that resolution was the right thing to do. What I am saying is that the Bank of England’s first decision, on the Friday, was to go for an insolvency and only pay out 14% of the deposits. It was only after pressure was brought to bear on a supposedly independent bank over the weekend that the strategy was changed to a resolution and the bank was transferred to HSBC. In fact, the Bank of England issued a press release to the effect that it was putting the bank into the insolvency procedure, and then over the weekend changed its mind. I am asking about the integrity and quality of the Bank of England’s decision-making procedure, given that it initially proposed to do exactly what the Minister says should not have happened.

[Emma Reynolds]

I cannot speak for the independent Bank of England, so I gently suggest to the right hon. Gentleman that if he has questions or concerns about the timing of the issuing of a press release on the Friday in March 2023, he should convey them to the Bank of England.

I will take up the right hon. Gentleman’s recommendation to look into the issue more closely, but I also gently say to him that—due to the work of officials in the PRA, the Bank of England and indeed the Treasury—overall we had a good outcome, because by the Monday morning, before the markets opened, we had a smooth transfer from SVB UK into HSBC. My point is that in the end depositors were in a much better position on the Monday morning than they had been on the Friday; regardless of the choreography, we got to the right outcome in the end.

I think that there has been consideration of the resolution process, although not necessarily of the timing of the events mentioned by the right hon. Gentleman. Indeed, on Wednesday, myself, the shadow Minister—the hon. Member for Wyre Forest—and other hon. Members here present will debate the Bank Resolution (Recapitalisation) Bill on Second Reading. That Bill has already been through the Lords. It seeks to ensure that in cases such as this one, we are protecting taxpayers. Indeed, what was good about this case was that SVB UK was in a relatively good economic position, but I could envisage a situation where that was not the case, and we will discuss such issues on Wednesday.

I commend the order to the Committee.

Question put and agreed to.

Oral Answers to Questions

Emma Reynolds Excerpts

Tuesday 3rd December 2024 Commons Chamber

[Ms Stella Creasy (Walthamstow) (Lab/Co-op)]

5. What assessment she has made of the adequacy of funding for the Money and Pensions Service.

[The Parliamentary Secretary, His Majesty’s Treasury (Emma Reynolds)]

The Money and Pensions Service plays a vital role in supporting individuals to manage their money effectively. Its funding levels are regularly reviewed to reflect demand, inflation and evolving needs.

[Ms Creasy]

New research from the Centre for Responsible Credit shows that 7.5 million people in this country are going without the debt advice that they need. We are in a cost of living crisis, so services are severely stretched. The Money and Pensions Service underestimates need by excluding people who are behind with their bills. That means that the financial levy that it proposes is not what it needs to be. Since a third of those who need financial help borrow from buy now, pay later lenders, and given the delay in regulating those companies, will the Minister meet me to look at the funding model of the financial levy and what more we can do to ensure that those profiting from exploiting our constituents pay to repair the damage?

[Emma Reynolds]

My hon. Friend has been a tireless campaigner on this issue. We are reforming buy now, pay later, as the Economic Secretary recently stated in answer to my hon. Friend in the House. The Government recognise the gap between those who need debt and those accessing it, which is why the Money and Pensions Service is exploring ways to improve accessibility, including through outreach initiatives. We continue to keep a close eye on its funding levels to ensure that they reflect demand.

[Tim Farron (Westmorland and Lonsdale) (LD)]

The Money and Pensions Service does tremendous work to support people in my constituency who come to surgeries in desperate need—particularly those facing crippling debt—as do organisations such as Christians Against Poverty. Would the Government consider putting more money behind the Money and Pensions Service, not just for staffing but for visibility and presence in local communities? Would they consider the proposal that others have made to make our post offices a shop window for Government services in our communities, including such advice?

[Emma Reynolds]

As the hon. Gentleman knows, the Money and Pensions Service commissions other charities, particularly to work with hard-to-reach vulnerable people. We continue to review its funding and we keep a close eye on the evolving demand and need for its services.

[Lloyd Hatton (South Dorset) (Lab)]

6. What steps she is taking to increase the level of tax paid by online multinational corporations.

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[Dr Luke Evans (Hinckley and Bosworth) (Con)]

7. What fiscal steps she is taking to support pensioners.

[The Parliamentary Secretary, His Majesty’s Treasury (Emma Reynolds)]

Thanks to our steadfast commitment to the triple lock, more than 12 million pensioners will benefit from a 4.1% increase in their state pensions next year, and over the course of this Parliament they will be better off by £1,900. Pensioners also benefit from free bus passes, eye tests and prescriptions.

[Dr Evans]

In September the Government released statistics showing that one in five pension credit claims were not being processed within 50 days, and I raised that in a written parliamentary question, No. 5385. Part of the answer stated:

“The department has secured funding for additional staffing to improve processing times.”

Two months later, data has been released showing that the processing of one in four pension credit claims is now taking longer than 50 days. How much funding was given, will more be provided to try to move this forward, and what conversations is the Minister having with the Department for Work and Pensions to ensure that the funding is spent properly, given that it is taxpayers’ money?

[Emma Reynolds]

I am a Minister in both the Treasury and the DWP, so I have conversations with officials about this all the time. We are absolutely determined that those who are eligible for pension credit should be aware that they can apply for it, given our big campaign to raise awareness—only last week we launched a TV campaign on the issue. We have also deployed an additional 500 staff to process those pension credit claims. Thanks to our campaign there has been a 145% increase in the number of claims, which is why the processing is taking a little longer, but we are absolutely focused on speeding it up and ensuring that those who are eligible receive the help they need.

[Jamie Stone (Caithness, Sutherland and Easter Ross) (LD)]

8. What fiscal steps she is taking to increase economic growth in rural areas.

Oral Answers to Questions

Emma Reynolds Excerpts

Tuesday 29th October 2024 Commons Chamber

[The Parliamentary Secretary, His Majesty’s Treasury (Emma Reynolds)]

The Department for Work and Pensions has deployed 500 additional staff to process pension credit applications as quickly as possible, and I encourage all pensioners who might be eligible to apply by 21 December. As the hon. Gentleman knows, that benefit can be backdated by three months, and can passport pensioners to other benefits.

[Dr Evans]

I am very grateful for the Minister’s answer. I put in a written question to find out how long this would take, and almost one in four people who apply for pension credit are waiting longer than 50 working days for their application to be picked up, which takes us past Christmas and into the new year. That is before the 150% increase in applications referred to in the data released by the Government, so although I am pleased to hear that there are 500 more staff, could we hear how much extra funding is going in immediately to make sure those applications are processed this side of Christmas? Otherwise, pensioners are really going to struggle.

[Emma Reynolds]

I am very pleased to say that there has been a 152% increase in the number of pensioners who are applying for pension credit. That is good news, and is a result of the pension credit awareness campaign that we have been running since early September. We are putting in place all the resources we can to process claims as quickly as possible.

[Mr Speaker]

I call the shadow Minister.

[Nigel Huddleston (Droitwich and Evesham) (Con)]

We on the Conservative Benches are deeply concerned about all those who will lose their winter fuel payments under Labour. Some pensioners will keep the winter fuel payment if they claim pension credit, but we know that some will not apply or will have difficulty applying. Can the Minister confirm how many people the Treasury assumes are eligible for pension credit but will not claim it, therefore losing their winter fuel payment, and what is the Treasury doing to close that gap?

[Emma Reynolds]

As the hon. Gentleman will understand, the estimates of how many people might be eligible for pension credit are an imperfect science—they are based on a survey. Means-testing what is a very complex benefit, as all means-tested benefits are, requires an assessment of not only people’s income but their savings; it is about pensioner household units, too, so it is a complex set of procedures. All I can say is that I am glad we are targeting support at those most in need, something that was outlined in the 2017 Conservative party manifesto, which stated:

“we will means-test Winter Fuel Payments, focusing assistance on the least well-off pensioners, who are most at risk of fuel poverty.”

[Mr Speaker]

I call the Liberal Democrat spokesperson.

[Daisy Cooper (St Albans) (LD)]

As the newly appointed Treasury spokesperson for the Liberal Democrats, this is my first opportunity to welcome the Chancellor and Ministers to their places. Notwithstanding that, on the winter fuel payment, the Government need to think again. I recently spoke with representatives of Citizens Advice in St Albans, who are deeply concerned that letters from the Department for Work and Pensions will be sent out only in December to people that it believes are eligible, meaning that many people may lose out. We have urged the Government to either reverse the cut and make it taxable or look at, for example, raising the pension credit limit. Could the Government confirm whether they are going to look again at any of the measures that we have suggested?

[Emma Reynolds]

I welcome the hon. Lady to her place. I reassure her that we are writing to all pensioners—I do not know where she got that misinformation from—about the change in policy. For the first time, we are also writing to all pensioners in receipt of housing benefit to encourage them to claim for pension credit.

We have also made a steadfast commitment to the triple lock, which will mean that the new full state pension will be worth around £1,700 more over this Parliament. We have extended the household support fund, which local authorities can use to help people who are on low incomes and struggling with their fuel bills. We have also ensured that the warm home discount scheme will provide £150 for low-income households, including pensioners.

[Josh Simons (Makerfield) (Lab)]

3. What steps she is taking to increase long-term investment in the economy.

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[Luke Taylor (Sutton and Cheam) (LD)]

12. What fiscal steps she is taking to support pensioners with the cost of living.

[The Parliamentary Secretary, His Majesty’s Treasury (Emma Reynolds)]

More than 12 million pensioners will be protected by this Government’s commitment to the triple lock, with the new full state pension expected to increase by around £1,700 over the course of this Parliament. Pensioners also benefit from free eye test, free NHS prescriptions and free bus passes.

[Luke Taylor]

We know that no impact assessment was carried out prior to the decision to cut the winter fuel payment, but was any consideration given to the burden that the daunting application form places on the elderly, and the extra burden on charities such as Age UK, which advise them on completing it? Evidence of that daunting burden is the 60% limit to uptake over the past decade. Will she work with her colleagues to simplify the application process, ease the burden on those who are losing the winter fuel payment, and help them receive the broad benefits that pension credit provides?

[Mr Speaker]

I think the Minister got it in the first two minutes, never mind the last three.

[Emma Reynolds]

The Government did an equality analysis on the change, which was published in September. I recommend that the hon. Gentleman take a look at it. It was such a long question that I have forgotten what he asked. On application forms—

[Mr Speaker]

Order. Let’s move on.

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[Mr Richard Holden (Basildon and Billericay) (Con)]

Eighty-two per cent of those who have seen Labour take away their winter fuel payment are either below the poverty line or within £55 a week of it. How can the Government justify this, when they are not even allowing a freedom of information request from the Financial Times to be responded to? They are hiding the figures from the people.

[The Parliamentary Secretary, His Majesty’s Treasury (Emma Reynolds)]

We are not hiding the figures. If I had had the chance, I would have said that 455,000 pensioners are paying the higher rate of tax and that 39,300 are paying the additional rate. Many wealthy pensioners have said to me that they do not need the winter fuel payment—[Interruption.] The right hon. Gentleman says that, but there are a number of—

[Mr Speaker]

Order. I think the Minister has answered the question. I call Emma Foody.

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[Matt Rodda (Reading Central) (Lab)]

T10. Can the Minister update the House on how the Government will help to secure better returns for pensioners while also unlocking the opportunities for pension savings to help generate growth?

[Emma Reynolds]

The Chancellor launched the landmark pensions review in July, which I am leading and which is looking at measures to drive more UK pension investment into the UK economy, boosting growth but also improving pension savers’ outcomes. I know that there is interest in this agenda across the House.

[Greg Smith (Mid Buckinghamshire) (Con)]

Countryside Alliance research shows that rural households spend up to £800 a year more on fuel than urban households, so further to the question from my hon. Friend the Member for Meriden and Solihull East (Saqib Bhatti), will the Chancellor protect rural communities in the Budget tomorrow?

[Emma Reynolds]

The hon. Gentleman is urging me to comment on the Budget, but he will have to wait until tomorrow.

[Neil Duncan-Jordan (Poole) (Lab)]

This Government have inherited a Britain that is now the most unequal country in the G7 bar America. The UK’s 50 richest families own 50% of the country’s wealth, and our tax system exacerbates this inequality with unfair loopholes that benefit those who have wealth rather than those who go to work. What steps—

Winter Fuel Payment

Emma Reynolds Excerpts

Tuesday 10th September 2024 Commons Chamber

[The Parliamentary Under-Secretary of State for Work and Pensions (Emma Reynolds)]

This has been an important debate, with many hon. and right hon. Members making important contributions. My hon. Friends the Members for Wirral West (Matthew Patrick), for Bracknell (Peter Swallow), for Bishop Auckland (Sam Rushworth), for Edinburgh East and Musselburgh (Chris Murray), for Rugby (John Slinger) and for Makerfield (Josh Simons) rightly spoke about the importance of this Government’s action to restore economic stability so that we can rebuild our economy and our public services. My hon. Friend the Member for Birmingham Northfield (Laurence Turner) rightly reminded us that a strong economy needs strong public services. Many hon. Members, both on—

[Alison Griffiths (Bognor Regis and Littlehampton) (Con)]

Will the Minister give way?

[Emma Reynolds]

I am going to make a little bit of progress.

Many hon. Members, both on—

[Alison Griffiths]

Will the Minister give way?

[Emma Reynolds]

I said I will make some progress, thank you.

Many hon. Members, both on the Government side and on the Opposition Benches, including my hon. Friend the Member for Earley and Woodley (Yuan Yang) and the hon. Member for Castle Point (Rebecca Harris), spoke about the work they are doing to encourage pensioners in their own constituencies to apply for pension credit to get the support they need.

I want to start by saying some more about the principles that underlie the Government’s approach to means-testing winter fuel payments. First, most help should be targeted to those who most need it. Secondly, significant support for all pensioners will come around via the triple lock. Thirdly, alongside that, extra help will be available to those on low incomes.

[Dave Doogan]

Will the Minister give way?

[Emma Reynolds]

I will in a minute.

Before I do that, I want to say something about means-testing. I have found, both in this debate and in the earlier debate in Westminster Hall where no Conservative Members were present, that there is a lot of support for means-testing the winter fuel payment. We heard from the right hon. Member for Herne Bay and Sandwich (Sir Roger Gale), who said in this debate that he supports means-testing this benefit. We heard that the right hon. Member for North West Essex (Mrs Badenoch), who is the Conservative leadership contest favourite, also supports means-testing this benefit.

[Sir Roger Gale]

The hon. Lady has misrepresented me. She knows perfectly well that while I said I supported the principle, I abhor the way she is going about it.

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[Emma Reynolds]

The right hon. Gentleman did indeed say that he supported the principle. The Liberal Democrats, in their manifesto of 2017, also said that they supported means-testing this benefit.

[Christine Jardine (Edinburgh West) (LD)]

I thank the Minister for giving way, but I think she fails to understand that while we accept the principle of means-testing—we accept that there are many pensioners who can afford not to have the winter fuel payment—it is the manner in which the Labour Government intend to bring it in, with a sharp cliff edge and no accounting for the people close to the pension credit limit, that we find abhorrent.

[Emma Reynolds]

I will come on to that point, but first I want to say how crucial it is to boost the uptake of pension credit.

We are taking immediate action to increase that take-up, given that up to an estimated 880,000 eligible pensioners are missing out on this support, worth £3,900 on average. I hope there can be some consensus across the House that we need to work together to boost that uptake. That is why last week we launched an initial pension credit week of action to boost awareness. We will continue to raise awareness until the deadline, 21 December, for making a successful backdated pension credit claim.

[Dave Doogan]

I grateful to the Minister for giving way. On awareness, is she aware how much more it costs to heat a home in winter in Blairgowrie, compared with Brighton or Belgravia?

[Emma Reynolds]

I will come on to the issue the hon. Gentleman raises in just a moment.

On pension credit, my right hon. Friend the Member for Leicester West (Liz Kendall) the Secretary of State for Work and Pensions and the Deputy Prime Minister, my right hon. Friend the Member for Ashton-under-Lyne (Angela Rayner) have written to all local authorities asking them to redouble their efforts to reach those pensioners who could benefit from pension credit. [Interruption.] The Opposition Front Bench might grumble, but it is a far sight more than they ever did when they were in power. We are joining forces with charities such as Age UK and Citizens Advice to encourage pensioners to check their eligibility and apply. We will be delivering a major campaign in print and broadcast media, including to urge people to reach out to retired family, friends and neighbours to get them to check if they are eligible.

[Dr Mullan]

Will the Minister give way, on that point?

[Emma Reynolds]

No, I will not.

For the very first time, we are writing to all pensioners in receipt of housing benefit who are potentially eligible to encourage them to claim pension credit—again, something that the last Conservative Government never did.

[Wendy Morton (Aldridge-Brownhills) (Con)]

Will the Minister give way?

[Emma Reynolds]

No, I will not.

Over the last five weeks, we have already seen claims for pension credit more than double, and, backed by more than 450 additional staff, we will ensure that claims are processed as quickly as possible.

As my right hon. Friend the Secretary of State for Work and Pensions said in the earlier debate, we will bring forward the merger of housing benefit and pension credit as soon as that is operationally possible, something that the last Government promised but failed to deliver. We are also taking action to ensure that all pensioners get the income that they deserve. Despite being urged by the Institute for Fiscal Studies and others to drop the triple lock during the election campaign, the Government are steadfast in their commitment to it. The triple lock has seen the state pension increase by £2,700 over the last five years, and it was increased by £900 this year and by £970 in the previous year. According to figures released today, which still need to be confirmed, in October we will see the provision of an extra £460 a year from next April.

[Stephen Gethins (Arbroath and Broughty Ferry) (SNP)]

Will the Minister give way?

[Emma Reynolds]

No, I will not.

Moreover, the warm home discount of £150 will help low-income pension households this year. That is critically important, because it is not just for the lowest-income pensioners on pension credit. It is for pensioners on low incomes who have high energy costs, and it will be open to application in October.

[Alison Griffiths]

rose—

[Emma Reynolds]

I have said to the hon. Lady that I will not give way, and I will not give way, so she should sit down.

The Government encourage Members to boost awareness and encourage people to apply for the warm home discount.

[Alison Griffiths]

rose—

[Emma Reynolds]

I will give way.

[Alison Griffiths]

I thank the Minister, but I should like her to explain why this Government have failed to extract any concessions from the train drivers and their union paymasters.

[Emma Reynolds]

rose—

[Alison Griffiths]

I have not finished. The Government’s “digital centre of government” was all ready to use technology to improve public services, but there has been a complete failure of negotiation, and the price is being paid by our pensioners.

[Emma Reynolds]

I honestly think that Conservative Members have some brass neck. During their time in power, we lost an average of 3 million working days a year to strikes because of their failure to deal with industrial action, and we lost 1.4 million NHS appointments which were cancelled, which meant that pensioners and others were in pain for longer than they needed to be. We will not take lectures from the Conservatives. We have had to take this difficult decision to means-test the winter fuel payment because of the £22 billion black hole in year, this year. [Interruption.] They may not want to hear it, but they should apologise for leaving that black hole. It was created by repeated and reckless unfunded spending—

[Graham Stuart]

On a point of order, Madam Deputy Speaker.

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[Madam Deputy Speaker]

Members are guided to talk about any such conflict before they speak on the Floor of the House. I am not sure that this has a direct impact on proceedings, but the right hon. Gentleman’s point has been noted.

[Emma Reynolds]

Again and again, the Conservatives are dividing working people and pensioners, and that is disgraceful.

In conclusion, means-testing the winter fuel payment is a difficult decision. [Interruption.] I receive no funding from ASLEF, so the right hon. Gentleman can withdraw his comment. We are targeting support at the poorest pensioners, boosting the uptake of pension credit, maintaining the triple lock for pensioners, extending the household support fund and the warm homes discount and, in the longer term, introducing a warm homes plan to insulate people’s homes. These are the right decisions to take. This Government are determined the fix the foundations of our economy so that we can deliver the change on which we were elected, and which this country and our pensioners so desperately need. Bringing down NHS waiting times—

[Stuart Andrew (Daventry) (Con)]

claimed to move the closure (Standing Order No. 36).

Question put forthwith, That the Question be now put.

Question agreed to.

Main question put accordingly.

Oral Answers to Questions

Emma Reynolds Excerpts

Tuesday 3rd September 2024 Commons Chamber

[Chris McDonald (Stockton North) (Lab)]

T7. Will the Chancellor of the Exchequer confirm that her decisions are targeted at winning new investment in green industry in places such as Billingham in my constituency?

[The Parliamentary Secretary, His Majesty’s Treasury (Emma Reynolds)]

I welcome my hon. Friend to this House, because he brings a great deal of expertise on green steel from his previous career. This Government’s plan to launch the national wealth fund is precisely to create investment across the country in some very important strategic industries, and that includes decarbonisation of steel and the steel industry.

[Monica Harding (Esher and Walton) (LD)]

T3. The prospect of the financial collapse of a major utility company such as Thames Water should cause us all grave concern given not only what it would mean for consumers in my constituency and many constituencies like it, but the wider implications it would carry for our economy and the Government finances. Does the Chancellor therefore agree that putting Thames Water into special administration and reforming it would protect not just consumers, including my constituents, but the wider economy?

Leaving the EU: Economic Analysis

Emma Reynolds Excerpts

Wednesday 28th November 2018 Commons Chamber

[Mel Stride]

This is now the sixth or seventh time that I have been asked whether we should have a second referendum. I shall just reiterate what I have said on each previous occasion. As the hon. Gentleman will know, we had a vote in 2016 and it had the largest turnout of any electoral event in this country’s history—[Interruption.] He rolls his eyes, but I think that fact is significant. It would be a betrayal of the will of the British people to now go out and say, “We didn’t actually like the answer you gave the first time, so how about a different answer this time?”

[Emma Reynolds (Wolverhampton North East) (Lab)]

The Chancellor said on the radio this morning that the Prime Minister’s deal—he said the Prime Minister’s deal, not Chequers—would lead to a smaller economy than at present. Will the Government therefore commit to publishing the economic analysis behind what the Chancellor said this morning? Does the Minister not think it odd and wrong for the Government to ask us to vote for a deal that will make the economy smaller and people worse off?

[Mel Stride]

This deal protects the economy over and above the other options and possible outcomes, which is what this House wanted us to assess. We have done that, and this deal is clearly the best option on the table economically. It also delivers on the other elements, including the non-economic ones, that are important to people up and down the country, including intra-EU migration.

Oral Answers to Questions

Emma Reynolds Excerpts

Tuesday 3rd July 2018 Commons Chamber

[John Glen]

The report is a welcome step forward, and I note the provision that is made for further steps if the proposed measures do not have an effect. I will be meeting Andrew Bailey tomorrow morning to discuss it further.

[Emma Reynolds (Wolverhampton North East) (Lab)]

Over 1,600 people work at the Jaguar Land Rover engine plant in Wolverhampton, and the car industry has serious concerns about the Government’s plans to leave the customs union. Will the Chancellor guarantee that, when he goes to Chequers later this week, he will only sign up to a customs arrangement that preserves just-in-time manufacturing and integrated European supply chains?

[Mr Philip Hammond]

I assure the hon. Lady that on Friday, as I have done consistently for the past two years, I will argue for a future relationship with the European Union that protects our important supply chains, protects British jobs and protects British business.

Oral Answers to Questions

Emma Reynolds Excerpts

Tuesday 16th January 2018 Commons Chamber

[Mel Stride]

As my hon. Friend will know, we are right at the forefront of the OECD’s base erosion and profit shifting project, and of the common reporting standards that are being rolled out at the moment. We have taken further measures in the Budget to consult on the taxation of digitally based companies, particularly in respect of withholding tax on royalties going to zero-tax or low-tax jurisdictions. That consultation will report back in February, and we will take an appropriate decision thereafter.

[Emma Reynolds (Wolverhampton North East) (Lab)]

It is embarrassing for the Government that Carillion’s chairman is an adviser to the Prime Minister on corporate responsibility. Given the level of salaries and bonuses awarded to senior management at Carillion, as well as improving the response to corporate tax evasion what will the Government do to ensure better corporate governance in UK companies?

[Mel Stride]

I say gently to the hon. Lady that she needs to check her facts, because the current head of Carillion is not an adviser to the Prime Minister. There was an appointment earlier that was terminated some months ago. As to her general points about corporate governance, this country has among the most robust corporate governance in the world, which is something this Government will continue.

Oral Answers to Questions

Emma Reynolds Excerpts

Tuesday 29th November 2016 Commons Chamber

[Simon Kirby]

I agree absolutely with my hon. Friend. It is about creating an economic environment in which businesses can grow and thrive. The British economy is strong and will continue to be strong as we prepare for our departure from the EU.

[Emma Reynolds (Wolverhampton North East) (Lab)]

What would be the impact on SMEs, particularly those in the supply chain of big manufacturing firms such as Jaguar Land Rover or Airbus, if we were to leave the EU without full access to the single market or a free trade deal with the rest of the EU and if we were forced to fall back on World Trade Organisation rules and tariffs?

[Simon Kirby]

The Government have been clear that we will not comment on every turn of the negotiations. Indeed, the negotiations have yet to start. However, we are absolutely committed to getting the best possible deal we can.