Asked by: Gareth Thomas (Labour (Co-op) - Harrow West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she has made an assessment of the potential merits of introducing a central finance facility for credit unions.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government has made clear its strong support for the credit union sector, recognising the value that credit unions bring to their members in local communities across the country in providing savings products and affordable credit.
HM Treasury is delivering on measures announced by the Chancellor in last year’s Mansion House speech, including: concluding a call for evidence on potential reforms to the credit union common bond, supporting the industry-led Mutual and Co-operative Sector Business Council, and commissioning the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) to publish a report on the mutuals landscape by the end of 2025.
The Government currently has no plans to develop a central finance facility for credit unions but continues to engage with the sector and will keep all issues, like central finance functions, under review.
There are currently no credit unions in Great Britain or Northern Ireland with more than 500,000 members. According to annual data published on the Bank of England’s website, there were a total of 1,520,300 credit union members in GB in 2024, served by a total of 220 credit unions.
Asked by: Gareth Thomas (Labour (Co-op) - Harrow West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what information her Department holds on the number of credit unions there are with more than (a) 500,000, (b) one million and (c) two million members.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government has made clear its strong support for the credit union sector, recognising the value that credit unions bring to their members in local communities across the country in providing savings products and affordable credit.
HM Treasury is delivering on measures announced by the Chancellor in last year’s Mansion House speech, including: concluding a call for evidence on potential reforms to the credit union common bond, supporting the industry-led Mutual and Co-operative Sector Business Council, and commissioning the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) to publish a report on the mutuals landscape by the end of 2025.
The Government currently has no plans to develop a central finance facility for credit unions but continues to engage with the sector and will keep all issues, like central finance functions, under review.
There are currently no credit unions in Great Britain or Northern Ireland with more than 500,000 members. According to annual data published on the Bank of England’s website, there were a total of 1,520,300 credit union members in GB in 2024, served by a total of 220 credit unions.
Asked by: Gareth Thomas (Labour (Co-op) - Harrow West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will publish the Law Commission’s proposals on reforming cooperative law.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The government is keen to ensure that the law governing co-operatives and community benefit societies is clear and supports their growth. That is why we are funding the Law Commission’s independent review of the Co-operative and Community Benefit Societies Act 2014.
The Law Commission’s independent review is considering ways to update and modernise the legislation for co-operatives and community benefit societies, ensuring that it fits the nature and needs of these societies as well as ensuring that regulation is proportionate and effective.
The Law Commission will publish its final recommendations in a report and draft bill. These are expected to be published before the end of 2025. The government will then carefully consider the Law Commission’s recommendations to understand whether reform of the legislation is needed to ensure these businesses are supported to grow and succeed into the future.
Asked by: Gareth Thomas (Labour (Co-op) - Harrow West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential economic impact of the European Commission’s proposals on EU customs reform of 17 May 2023 on Northern Ireland, in the context of the Windsor Framework.
Answered by Nigel Huddleston - Shadow Secretary of State for Culture, Media and Sport
The Government has been engaging with the European Commission including through the UK/EU annual Trade Specialised Committee on Customs Cooperation and Rules of Origin.
The EU has expressed the need for consultation with the UK to take into account potential implications for Northern Ireland.
The Government published an Explanatory Memorandum in August 2023 setting out relevant considerations in relation to the EU’s proposed reforms. As the reforms develop, we will continue to monitor the progress and to assess any potential impacts on UK businesses.
Asked by: Gareth Thomas (Labour (Co-op) - Harrow West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has had discussions with her relevant EU counterparts on the potential impact of the European Commission’s customs reform proposal of 17 May 2023 on exporters.
Answered by Nigel Huddleston - Shadow Secretary of State for Culture, Media and Sport
The Government has been engaging with the European Commission including through the UK/EU annual Trade Specialised Committee on Customs Cooperation and Rules of Origin.
The EU has expressed the need for consultation with the UK to take into account potential implications for Northern Ireland.
The Government published an Explanatory Memorandum in August 2023 setting out relevant considerations in relation to the EU’s proposed reforms. As the reforms develop, we will continue to monitor the progress and to assess any potential impacts on UK businesses.
Asked by: Gareth Thomas (Labour (Co-op) - Harrow West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential economic impact of the European Commission’s customs reform proposals of 17 May 2023 on exporters to the EU.
Answered by Nigel Huddleston - Shadow Secretary of State for Culture, Media and Sport
The Government has been engaging with the European Commission including through the UK/EU annual Trade Specialised Committee on Customs Cooperation and Rules of Origin.
The EU has expressed the need for consultation with the UK to take into account potential implications for Northern Ireland.
The Government published an Explanatory Memorandum in August 2023 setting out relevant considerations in relation to the EU’s proposed reforms. As the reforms develop, we will continue to monitor the progress and to assess any potential impacts on UK businesses.
Asked by: Gareth Thomas (Labour (Co-op) - Harrow West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether Commissioners have been appointed for the Law Commission Review of the Friendly Societies Act 1992; and what the planned timetable is for that review .
Answered by Bim Afolami
The Government is working with the Law Commission and will release further information on the Review of the Friendly Societies Act 1992 and its timeline once the project timetable is confirmed.Asked by: Gareth Thomas (Labour (Co-op) - Harrow West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the Written Ministerial Statement entitled Law Commission reviews of the Co-operative and Community Benefit Societies Act 2014 and Friendly Societies Act 1992, published on 19 June 2023, whether Commissioners have been appointed to conduct the reviews; what estimate he has made of when the review will be concluded; and if he will make a statement.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
As set out in my Written Ministerial Statement, the Government has invited the Law Commission to conduct reviews of the Community Benefit Societies Act 2014 and Friendly Societies Act 1992. The Treasury is now working with the Law Commission to formally agree a terms of reference and a timetable for each review once the projects are formally agreed.
The Law Commission’s statement on the reviews can be found here: https://www.lawcom.gov.uk/law-commission-invited-to-review-legislation-on-cooperatives-and-friendly-societies/
The Government expects that the reviews will start in the autumn.
Asked by: Gareth Thomas (Labour (Co-op) - Harrow West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent discussions he has had with Cabinet colleagues to ensure the effective delivery of the Single Trade Window; and if he will make a statement.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
The 2025 Border Strategy, published in December 2020, committed to deliver a world-leading Single Trade Window (STW). This will provide a gateway between businesses and UK border processes and systems, allowing users to meet their import, export and transit obligations by submitting information once, and in one place.
The goal is to create a seamless new “digital” border, where technologies and real-time data will save time and cost and improve customer experience at the border. This will help UK businesses of all sizes take advantage of new trading relationships and enhance the UK’s position as a global trading partner
There are frequent discussions among colleagues across Government, at both official and ministerial levels, as well as engagement with businesses, to ensure the effective delivery of the Single Trade Window.
Ministers will update the House in due course as the work develops.
Asked by: Gareth Thomas (Labour (Co-op) - Harrow West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether his Department has made an assessment of the potential merits of increasing the de minimis customs threshold to £1000; and if he will make a statement.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
The customs duty de minimis threshold allows for ease of trade when importing low value consignments, benefiting businesses and consumers. This threshold remains under continuous review as part of ongoing work to develop and enhance our independent customs regime.