Asked by: Gregory Stafford (Conservative - Farnham and Bordon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what measures are in place to protect older and non-digital customers from losing access to in-person banking following Lloyds Bank branch closures.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government understands the importance of face-to-face banking to communities, high streets and rural areas and is committed to championing sufficient access, including for older and digitally excluded customers. This is why the Government is working closely with industry to roll out 350 banking hubs across the UK by the end of this Parliament. Over 240 hubs have been announced so far, and over 180 are already open.
While branch closures are commercial decisions for banks, Financial Conduct Authority guidance expects firms to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and put in place reasonable alternatives. This seeks to ensure that branch closures are implemented in a way that treats customers fairly. Firms are not able to close cash facilities, including bank branches, until any additional cash services identified as needed in the relevant assessment are available.
Customers can access everyday banking services in a range of ways that suit their needs. This includes telephone banking, digital channels such as mobile or online banking and in person via bank branches and banking hubs. This mix of options helps ensure that people, particularly those who are less digitally engaged, can continue to manage their money confidently and securely.
The Post Office plays a key role in supporting access to banking services. Under the Banking Framework, a commercial agreement between the Post Office and 30 banking firms, personal and business customers can withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK. Decisions about what services are available at the Post Office, such as cheque deposits, are made by the banks as part of their commercial arrangements.
While there has been a decline in overall cheque volumes, they continue to be used by many individuals, charities and businesses. In addition to traditional deposit methods, cheques can also be deposited digitally via mobile apps using cheque imaging technology.
Beyond banking hubs and Post Office services, some banks provide further points of access through initiatives like pop-up services in libraries and community centres, or mobile banking vans serving remote areas. The Government supports these initiatives.
Asked by: Gregory Stafford (Conservative - Farnham and Bordon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment the Government has made of the effect on rural and elderly populations of increasing reliance on online banking.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government understands the importance of face-to-face banking to communities, high streets and rural areas and is committed to championing sufficient access, including for older and digitally excluded customers. This is why the Government is working closely with industry to roll out 350 banking hubs across the UK by the end of this Parliament. Over 240 hubs have been announced so far, and over 180 are already open.
While branch closures are commercial decisions for banks, Financial Conduct Authority guidance expects firms to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and put in place reasonable alternatives. This seeks to ensure that branch closures are implemented in a way that treats customers fairly. Firms are not able to close cash facilities, including bank branches, until any additional cash services identified as needed in the relevant assessment are available.
Customers can access everyday banking services in a range of ways that suit their needs. This includes telephone banking, digital channels such as mobile or online banking and in person via bank branches and banking hubs. This mix of options helps ensure that people, particularly those who are less digitally engaged, can continue to manage their money confidently and securely.
The Post Office plays a key role in supporting access to banking services. Under the Banking Framework, a commercial agreement between the Post Office and 30 banking firms, personal and business customers can withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK. Decisions about what services are available at the Post Office, such as cheque deposits, are made by the banks as part of their commercial arrangements.
While there has been a decline in overall cheque volumes, they continue to be used by many individuals, charities and businesses. In addition to traditional deposit methods, cheques can also be deposited digitally via mobile apps using cheque imaging technology.
Beyond banking hubs and Post Office services, some banks provide further points of access through initiatives like pop-up services in libraries and community centres, or mobile banking vans serving remote areas. The Government supports these initiatives.
Asked by: Gregory Stafford (Conservative - Farnham and Bordon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions the Government has had with Lloyds Bank on (a) the closure of branches in (i) Haslemere, (ii) Petersfield, and (iii) Godalming and (b) the effect of those closures on local communities.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government understands the importance of face-to-face banking to communities, high streets and rural areas and is committed to championing sufficient access, including for older and digitally excluded customers. This is why the Government is working closely with industry to roll out 350 banking hubs across the UK by the end of this Parliament. Over 240 hubs have been announced so far, and over 180 are already open.
While branch closures are commercial decisions for banks, Financial Conduct Authority guidance expects firms to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and put in place reasonable alternatives. This seeks to ensure that branch closures are implemented in a way that treats customers fairly. Firms are not able to close cash facilities, including bank branches, until any additional cash services identified as needed in the relevant assessment are available.
Customers can access everyday banking services in a range of ways that suit their needs. This includes telephone banking, digital channels such as mobile or online banking and in person via bank branches and banking hubs. This mix of options helps ensure that people, particularly those who are less digitally engaged, can continue to manage their money confidently and securely.
The Post Office plays a key role in supporting access to banking services. Under the Banking Framework, a commercial agreement between the Post Office and 30 banking firms, personal and business customers can withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK. Decisions about what services are available at the Post Office, such as cheque deposits, are made by the banks as part of their commercial arrangements.
While there has been a decline in overall cheque volumes, they continue to be used by many individuals, charities and businesses. In addition to traditional deposit methods, cheques can also be deposited digitally via mobile apps using cheque imaging technology.
Beyond banking hubs and Post Office services, some banks provide further points of access through initiatives like pop-up services in libraries and community centres, or mobile banking vans serving remote areas. The Government supports these initiatives.
Asked by: Gregory Stafford (Conservative - Farnham and Bordon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps the Government is taking to ensure continued access to (a) cheque deposits and (b) other essential banking services for customers affected by branch closures.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government understands the importance of face-to-face banking to communities, high streets and rural areas and is committed to championing sufficient access, including for older and digitally excluded customers. This is why the Government is working closely with industry to roll out 350 banking hubs across the UK by the end of this Parliament. Over 240 hubs have been announced so far, and over 180 are already open.
While branch closures are commercial decisions for banks, Financial Conduct Authority guidance expects firms to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and put in place reasonable alternatives. This seeks to ensure that branch closures are implemented in a way that treats customers fairly. Firms are not able to close cash facilities, including bank branches, until any additional cash services identified as needed in the relevant assessment are available.
Customers can access everyday banking services in a range of ways that suit their needs. This includes telephone banking, digital channels such as mobile or online banking and in person via bank branches and banking hubs. This mix of options helps ensure that people, particularly those who are less digitally engaged, can continue to manage their money confidently and securely.
The Post Office plays a key role in supporting access to banking services. Under the Banking Framework, a commercial agreement between the Post Office and 30 banking firms, personal and business customers can withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK. Decisions about what services are available at the Post Office, such as cheque deposits, are made by the banks as part of their commercial arrangements.
While there has been a decline in overall cheque volumes, they continue to be used by many individuals, charities and businesses. In addition to traditional deposit methods, cheques can also be deposited digitally via mobile apps using cheque imaging technology.
Beyond banking hubs and Post Office services, some banks provide further points of access through initiatives like pop-up services in libraries and community centres, or mobile banking vans serving remote areas. The Government supports these initiatives.
Asked by: Gregory Stafford (Conservative - Farnham and Bordon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the adequacy of regulatory oversight of debt purchasing companies in ensuring that credit reference data is updated promptly following the completion of an Individual Voluntary Arrangement.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Financial Conduct Authority (FCA) is responsible for the regulation of firms carrying out debt purchasing activities in respect to credit or consumer hire agreements. The FCA expects that these firms treat customers fairly, including those in vulnerable circumstances.
Under the FCA’s Consumer Duty, firms are required to take steps to identify and respond to signs of vulnerability, support customers to disclose their needs, and make them aware of available assistance.
In March 2025, the FCA published examples of good and poor practice, identifying areas for improvement in how firms deliver good outcomes for customers in vulnerable circumstances.
When an Individual Voluntary Arrangement (IVA) is completed, it is the responsibility of the Insolvency Practitioner to inform Credit Reference Agencies (CRAs) of the completion. Additionally, debt purchasers who report to CRAs are expected to update the credit information they provide to reflect payments made towards debts that formed parts of the IVA.
CRAs also receive public data on IVAs from the Individual Insolvency Register, which is maintained by the Insolvency Service, and retain this information for six years from the date the IVA was approved.
Asked by: Gregory Stafford (Conservative - Farnham and Bordon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she has had discussions with the Financial Conduct Authority on improving guidance for debt purchasers on responding to disclosures of consumer vulnerability.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Financial Conduct Authority (FCA) is responsible for the regulation of firms carrying out debt purchasing activities in respect to credit or consumer hire agreements. The FCA expects that these firms treat customers fairly, including those in vulnerable circumstances.
Under the FCA’s Consumer Duty, firms are required to take steps to identify and respond to signs of vulnerability, support customers to disclose their needs, and make them aware of available assistance.
In March 2025, the FCA published examples of good and poor practice, identifying areas for improvement in how firms deliver good outcomes for customers in vulnerable circumstances.
When an Individual Voluntary Arrangement (IVA) is completed, it is the responsibility of the Insolvency Practitioner to inform Credit Reference Agencies (CRAs) of the completion. Additionally, debt purchasers who report to CRAs are expected to update the credit information they provide to reflect payments made towards debts that formed parts of the IVA.
CRAs also receive public data on IVAs from the Individual Insolvency Register, which is maintained by the Insolvency Service, and retain this information for six years from the date the IVA was approved.
Asked by: Gregory Stafford (Conservative - Farnham and Bordon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential implications for her policies of the British Retail Consortium press notice entitled 400 of Britain’s largest shops at risk, published on 12 September 2025.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
From April 2026, the Government intends to introduce permanently lower tax rates for retail, hospitality and leisure (RHL) properties with rateable values below £500,000. This permanent tax cut will ensure that eligible RHL properties benefit from much-needed certainty and support.
This tax cut must be sustainably funded, and so the Government is introducing a higher rate on the most valuable properties in 2026/27 - those with RVs of £500,000 and above. The Government recognises that, ahead of the new multipliers being introduced, RHL businesses need support in 2025-26. So, the Government has prevented RHL relief from ending by extending it for one year at 40 per centup to a cash cap of £110,000 per business and frozen the small business multiplier.
The final design, including the rates, for the new business rates multipliers will be announced at Budget 2025, so that the revaluation outcomes and broader economic and fiscal context can be factored into decision-making. When the new multipliers are set, HM Treasury intends to publish analysis of the effects of the new multiplier arrangements.
Asked by: Gregory Stafford (Conservative - Farnham and Bordon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the adequacy of mobile banking services in towns where there is no permanent banking hub.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Banking has changed significantly in recent years with customers benefitting from the ease and convenience of remote banking. However, the Government understands the importance of face-to-face banking to communities and high streets and is committed to championing sufficient access for all.
That is why the Government is working closely with industry to roll out 350 banking hubs across the UK. The UK banking sector has committed to deliver these hubs by the end of this Parliament with more than 240 hubs announced so far, and more than 180 already open.
Decisions on the location of banking hubs are made independently by LINK, the operator of the UK’s largest ATM network, through an access to cash assessment. LINK assesses a community's access to cash needs when a cash service, such as a bank branch closes, or if LINK receives a request from a community. This assessment may lead to a recommendation for the establishment of a banking hub in that community. Any member of the public can submit a community request for an access to cash review in their area via LINK's website.
Some banks choose to provide further points of access to banking in a way they think is best for their customers, such as through community banking services via pop-ups in community centres and libraries, or operate mobile banking vans to serve more remote areas. The Post Office Banking Framework also allows personal and business customers to withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK. Customers can therefore access everyday banking services in a variety of ways, including telephone banking, digital channels such as mobile or online banking and in person via bank branches, banking hubs and the Post Office.
Asked by: Gregory Stafford (Conservative - Farnham and Bordon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the potential impact of the Bank of England’s proposed retail holding caps on stablecoins on (a) consumer financial freedoms, (b) the competitiveness of UK fintech and (c) the risk of driving digital asset innovation offshore.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government recognises that facilitating stablecoin innovation is important for UK competitiveness, and continues to engage with the regulators, including the Bank of England, to ensure a coherent regulatory framework that works for businesses and consumers.
The Government will bring forward legislation later this year to create a financial services regulatory regime for cryptoassets in the UK, including stablecoins.
Asked by: Gregory Stafford (Conservative - Farnham and Bordon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the potential impact of the higher business rates multiplier for larger premises on (a) the prices of essential goods, (b) shop closures, (c) regional employment levels and (d) footfall in town centres.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The Government is creating a fairer business rates system that protects the high street, supports investment, and is fit for the 21st century.
As set out at Autumn Budget 2024, the Government will introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties with ratable values (RVs) below £500,000 from 2026-27. This permanent tax cut will ensure they benefit from much-needed certainty and support.
This tax cut must be sustainably funded, and so the Government will introduce a higher rate on the most valuable properties in 2026/27 - those with RVs of £500,000 and above. These represent less than one per cent of all properties, but cover the majority of large distribution warehouses, including those used by online giants.
The final design, including the rates, for the new business rates multipliers will be announced at Budget 2025, so that the Government can factor the revaluation outcomes and broader economic and fiscal context into decision-making. When the new multipliers are set, HM Treasury intends to publish analysis of the effects of the new multiplier arrangements.