Oral Answers to Questions

Debate between John Glen and Andrew Bridgen
Thursday 18th January 2024

(2 months, 1 week ago)

Commons Chamber
Read Full debate Read Hansard Text Read Debate Ministerial Extracts
John Glen Portrait John Glen
- Hansard - -

In the spring statement in March 2022, the review of public bodies was announced, as the hon. Lady knows. That will give us significant savings. There are 125 arm’s length body reviews, covering 90% of arm’s length body expenditure. Honestly, I am not familiar with the exact protocols around publication, but I am happy to look into it, and I will come back to her.

Andrew Bridgen Portrait Andrew Bridgen (North West Leicestershire) (Ind)
- Hansard - - - Excerpts

In 2012, the Cabinet Office rejected my request that it fund the forensic investigation into the Horizon IT system by Second Sight. Indeed, the Cabinet Office insisted that the Post Office pay for its own investigation, which ultimately allowed the Post Office to try to control and coerce the lead investigator Ron Warmington, thus delaying justice for the sub-postmasters. Will the Minister look into the reasoning behind this historic decision and write to me about it, please?

Oral Answers to Questions

Debate between John Glen and Andrew Bridgen
Tuesday 5th September 2023

(6 months, 3 weeks ago)

Commons Chamber
Read Full debate Read Hansard Text Read Debate Ministerial Extracts
John Glen Portrait John Glen
- Hansard - -

HS2 is going to happen. The question is what additional investments across other parts of the rail infrastructure might benefit my right hon. Friend’s constituents additionally and more directly. I set out with the integrated rail plan the £96 billion package to improve rail connections, and many elements of that will have a direct impact on her constituents in Cheshire.

Andrew Bridgen Portrait Andrew Bridgen (North West Leicestershire) (Reclaim)
- Hansard - - - Excerpts

As the Minister is well aware, North West Leicestershire has suffered under the blight of HS2 for more than a decade, and the whole project has recently been declared to be undeliverable. It has been unaffordable for some considerable time. Will he urge his colleagues in Government to cancel the remainder of the eastern leg and reallocate just a small portion of that budget so that we can reopen the Ivanhoe line?

John Glen Portrait John Glen
- Hansard - -

I recognise that the hon. Gentleman has strong views on this, and I know that he has been personally affected by it in the past. The project, although it has been rephased, will continue. There are a number of issues involved in ensuring tight management of that budget, and I am working closely with the Department for Transport to see that that happens.

Oral Answers to Questions

Debate between John Glen and Andrew Bridgen
Tuesday 22nd May 2018

(5 years, 10 months ago)

Commons Chamber
Read Full debate Read Hansard Text Read Debate Ministerial Extracts
Andrew Bridgen Portrait Andrew Bridgen (North West Leicestershire) (Con)
- Hansard - - - Excerpts

T3. I have a constituent who, despite having ample equity in her home and never having been in arrears with her payments, is unable to extend her mortgage beyond the age of 75 because of Government rules. That means that she will have to sell the house that she loves. Will my hon. Friend look urgently at whether those rules are absolutely necessary?

John Glen Portrait The Economic Secretary to the Treasury (John Glen)
- Hansard - -

Lenders are not restricted from extending mortgages beyond the age of 75, as long as the consumer can demonstrate affordability. Several lenders are currently looking into this issue. There is considerable merit in interest-only retirement mortgages.

Draft Cash Ratio Deposits (Value Bands and Ratios) Order 2018

Debate between John Glen and Andrew Bridgen
Tuesday 15th May 2018

(5 years, 10 months ago)

General Committees
Read Full debate Read Hansard Text Read Debate Ministerial Extracts
John Glen Portrait John Glen
- Hansard - -

I thank the hon. Lady for her observations and challenges. As I set out at the beginning of my speech, the context was to secure sufficient funding for the Bank of England’s execution of its monetary policy and financial stability functions. I recognise that there was a range of contributions to the consultation, with 19 responses received to the informal consultation and three to the public consultation, but overall there were no substantial arguments against the proposal.

The hon. Lady raises the question whether there should be a fee-based mechanism. In any consultation there will be a range of views, but I think the consensus was on tweaking the existing model to give more assurance on the amounts that will need to be deposited, and to reflect a more responsive approach to prevailing gilt returns.

Andrew Bridgen Portrait Andrew Bridgen (North West Leicestershire) (Con)
- Hansard - - - Excerpts

The Minister pointed out in his opening address that the Bank of England had suffered a deficit on the current system, as a result of lower than expected gilt yields. Will the new system allow the Bank to eliminate that deficit, or will it be carried forward?

John Glen Portrait John Glen
- Hansard - -

For the deficit over the last five-year period on its expenditure on these two functions, the Bank will have been obliged to find the funds from other sources within its organisation. We want to ensure that these particular functions—the monetary policy and financial stability functions—are properly funded and that there is flexibility over the amounts based on the prevailing gilts; they will be transparently and publicly available, because they are quoted all the time.

On the risk of the expansion of costs in the light of Brexit, the Government are working toward a solution that involves a long-term economic partnership. The enduring functions of the Bank of England to satisfy monetary policy and financial stability will continue. If, at some future point, the Bank of England realises further costs, it will be for the Bank to have conversations with the Treasury about the matter, but that is not anticipated. The Bank has been able to make projections over the next five years and commit to a budget that it is happy with under this model.

I have just received some advice on carried-forward costs. There are no fixed costs over five years, and there will be no carry-forward of the deficit. That will be dealt with, and we will start on the basis of the budget over the coming five years.

The hon. Lady made some wider observations about corporation tax. I think that they are out of the scope of this discussion, which is simply about the provision for this function of the Bank of England.