Mortgage and Rental Costs

Debate between John Glen and Imran Hussain

Tuesday 27th June 2023 Commons Chamber

[John Glen]

I am here to account for what has happened in the UK. Obviously, there are differences—[Interruption.] If I may answer. There are differences across the EU and the US. What I am telling the House, which is quite transparently clear, is that inflationary pressures are affecting all economies at the moment, and it is my responsibility to account for what we are doing as a Government.

[Imran Hussain]

Will the Minister give way?

[John Glen]

I wish to make more progress.

Where there are non-inflationary measures that we can take to relieve the anxiety faced by families, we will do so and we will do everything we can to address the situation. That is why, on Friday, the Chancellor met the UK’s principal mortgage lenders, alongside senior representatives from the Financial Conduct Authority and UK Finance, to agree new support for those struggling with their mortgage payments.

[John Glen]

I will come on to set out in detail what arrangements we have made. As the Chancellor set out pretty clearly yesterday, we will hear in the next couple of weeks the details of that agreement, which includes a growing number of lenders—it currently covers 85% of lenders in the country.

[Imran Hussain]

rose—

[John Glen]

I wish to make some more progress and then I will take some interventions in a moment.

At that meeting on Friday, the Chancellor secured agreement from lenders to a new mortgage charter, which we published yesterday. It sets out what support customers will receive. We are proud to say that, over the weekend, more lenders signed up to the charter, and we encourage further lenders to join that 85% of mortgage market providers.

The charter provides support for two groups of people in particular. The first group is those who are worried about their mortgage repayments. If they want to switch to an interest-only mortgage or extend their mortgage term to reduce their monthly payments, they will be able to do so with the option of switching back to their original mortgage deal within six months without a new affordability check or affecting their credit score.

For most people, the right course of action will be to continue to make payments on their current mortgage. Keeping up full repayments means that they will pay less interest overall. But this new measure means that people will be able to opt for a lower-cost approach for six months with full reversibility, giving them the peace of mind of knowing that they can try out a new approach and still change their mind later on.

--- Later in debate ---

[John Glen]

I thank the hon. Lady for her point. As the Chancellor said yesterday, he did raise that with lenders on Friday. We will continue to work closely with them on those disparities where they exist. My colleague the Economic Secretary to the Treasury, who is responsible for the relationship with financial services institutions, will also be attending to this issue. It is right that, with interest rates rising, banks should be looking to put as much of that rise as possible on to the savings rates that they offer to consumers.

[Imran Hussain]

Time and time again the Minister seems to be ducking the central issue in this debate, which is that the charter the Government have proposed will not cover millions of people and will not provide support. Why will he not instead subscribe to the Labour position today and require all lenders to do it, so that everybody can get support? Answer the question Minister.

Oral Answers to Questions

Debate between John Glen and Imran Hussain

Tuesday 15th November 2022 Commons Chamber

[Imran Hussain (Bradford East) (Lab)]

T5.   Earlier this year, Bradford submitted a levelling-up fund bid—the only bid developed from the grassroots up by local community groups—to build three new community-led health centres that would deliver transformational benefits for Bradford and act to reverse the crippling health inequalities that we face. Ahead of the announcement on Thursday, does the Chancellor see that if he does not back grassroots, community-led transformational projects like this, it is clear that the Government’s levelling-up agenda is truly dead?

[The Chief Secretary to the Treasury (John Glen)]

The Government are completely committed to levelling up. As the hon. Gentleman knows, there is a second round of bids for the levelling-up fund. The results will be announced in due course, but he has made a very effective representation on behalf of his constituents and local authority.

Oral Answers to Questions

Debate between John Glen and Imran Hussain

Tuesday 27th February 2018 Commons Chamber

[Imran Hussain (Bradford East) (Lab)]

12. What plans he has to tackle household debt.

[The Economic Secretary to the Treasury (John Glen)]

The Government are taking a proactive approach to support borrowers, to aid people to manage their money well, and to help those in problem debt. We reformed the regulation, giving the Financial Conduct Authority considerable regulatory powers, and we are setting up a new single financial guidance body to make it easier for people to get help with money matters.

[Imran Hussain]

After seven wasted years, wages are still lower than they were in 2010. Self-employed people are paid less on average than they were a generation ago and 6 million people are earning less than the living wage. Does the Minister share my alarm that too many people have to worry about buying school uniforms, affording a family holiday, or even just paying their rent or mortgage?

[John Glen]

The Government recognise that it is very important that we focus on the poorest people in our society. That is why we have increased the national living wage by 4.7%, which will mean a pay rise of £600 for those working full time. We have also increased the personal allowance, frozen fuel duty and increased childcare support to attend to the concerns that the hon. Gentleman has raised.

Oral Answers to Questions

Debate between John Glen and Imran Hussain

Thursday 16th November 2017 Commons Chamber

[The Parliamentary Under-Secretary of State for Digital, Culture, Media and Sport (John Glen)]

My hon. Friend is a strong campaigner for the tourism industry. I have had numerous conversations with the tourism industry across the UK and I am having active conversations across Government. I look forward to progress being made on this important issue in the very near future.

[Imran Hussain (Bradford East) (Lab)]

T6. In September, the NEC Group agreed to operate the Bradford Odeon as the largest mid-sized venue outside London. This could attract a further quarter of a million visitors to Bradford. Does the Minister agree that this shows a huge confidence in Bradford, and will he look at bridging the funding gap after the local authority has added extra funds? Will he also meet me to look at the restoration of this world-class site?