Asked by: Jeff Smith (Labour - Manchester Withington)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, how many Royal Bank of Scotland branches have been closed in (a) Manchester and (b) England in each of the last three years.
Answered by Mel Stride - Shadow Chancellor of the Exchequer
The Treasury does not collect data relating to bank branch closures.
The decision to open or close branches is a commercial matter, in which the Government does not intervene. However, the impact of closures on communities must be understood, considered and mitigated, where possible.
Government supports the industry’s Access to Banking Standard, launched in May 2017, which commits banks to ensure personal and business customers are better informed about branch closures and the reasons for them closing, along with the options they have locally to continue to access banking services. The Access to Banking Standard is monitored and enforced by the independent Lending Standards Board.
Government also supports the Post Office’s banking framework agreement which enables 99% of personal and 95% of banks’ business customers to conduct their everyday banking services at a Post Office counter via its network of 11,600 branches. In March, in response to my request, the Post Office and UK Finance committed to joint work to raise public awareness of the banking services available at the Post Office for individuals and small and medium-sized enterprises.
Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors, including RBS, as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at: https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel
RBS Group retains its own board which is responsible for commercial and operational decisions, including in relation to its branch network. The Government’s shareholding in RBS Group is managed at arm's length and on a commercial basis through UK Financial Investments Ltd, a company which is wholly owned by the Government.
Asked by: Jeff Smith (Labour - Manchester Withington)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what discussions he has had with Royal Bank of Scotland representatives on branch closures in Manchester.
Answered by Mel Stride - Shadow Chancellor of the Exchequer
The Treasury does not collect data relating to bank branch closures.
The decision to open or close branches is a commercial matter, in which the Government does not intervene. However, the impact of closures on communities must be understood, considered and mitigated, where possible.
Government supports the industry’s Access to Banking Standard, launched in May 2017, which commits banks to ensure personal and business customers are better informed about branch closures and the reasons for them closing, along with the options they have locally to continue to access banking services. The Access to Banking Standard is monitored and enforced by the independent Lending Standards Board.
Government also supports the Post Office’s banking framework agreement which enables 99% of personal and 95% of banks’ business customers to conduct their everyday banking services at a Post Office counter via its network of 11,600 branches. In March, in response to my request, the Post Office and UK Finance committed to joint work to raise public awareness of the banking services available at the Post Office for individuals and small and medium-sized enterprises.
Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors, including RBS, as part of the process of policy development and delivery. Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at: https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel
RBS Group retains its own board which is responsible for commercial and operational decisions, including in relation to its branch network. The Government’s shareholding in RBS Group is managed at arm's length and on a commercial basis through UK Financial Investments Ltd, a company which is wholly owned by the Government.
Asked by: Jeff Smith (Labour - Manchester Withington)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer pursuant to the Answer of 1 February 2018 to Question 125390, how the £55 million fund for financial inclusion and capability initiatives will be allocated.
Answered by John Glen
The government recently announced that up to £330 million will be unlocked from dormant accounts, £55 million of which is set to be used for financial inclusion and capability initiatives. Further details on the allocation process for this £55 million will be released in the spring.
Asked by: Jeff Smith (Labour - Manchester Withington)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what plans have been put in place for the next round of the Financial Inclusion Fund; and will he make a statement.
Answered by John Glen
The Financial Inclusion Fund was announced at the 2004 Spending Review and supported initiatives to tackle financial exclusion. The fund ended in 2011. There is no provision for a further round of funding under this mechanism.
The government recently announced that £55 million is set to be awarded to financial inclusion and capability initiatives, as part of funds totalling £330 million unlocked from dormant accounts. The government is also establishing a Financial Inclusion Policy Forum, bringing together ministers from other government departments, regulators, industry and consumer groups, to drive better coordination across government on financial inclusion.