Oral Answers to Questions

Debate between John Glen and Paul Blomfield

Tuesday 26th January 2021 Commons Chamber

[John Glen]

To clarify for the right hon. Gentleman, the equivalence granting process is an autonomous, separate process from the MOU discussion. The MOU is about a framework to evaluate the future direction of financial services across the EU and UK. I remain very ambitious for the financial services sector. The Chancellor and I are continuing to have a dialogue—with roundtables with representatives of the sector this week and next week, as well as one-to-one meetings—to ensure that we listen to the sector, and respond appropriately and ambitiously for the future.

[Paul Blomfield (Sheffield Central) (Lab)]

What assessment the Government have made of the potential economic effect of the UK-EU trade and co-operation agreement on each region of the UK.

Oral Answers to Questions

Debate between John Glen and Paul Blomfield

Tuesday 17th April 2018 Commons Chamber

[Paul Blomfield (Sheffield Central) (Lab)]

T6. The number of people with unmanageable payday loan debt has more than halved since the Financial Conduct Authority introduced a total cost cap more than three years ago following pressure from Members on both sides of the House. New analysis by Citizens Advice suggests that extending the cap to doorstep-loan and rent-to-own markets would have the same impact on problem debt in those sectors, and could save consumers up to £154 million a year. Will the Chancellor consider taking such action?

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

The hon. Gentleman has made a very sensible point. The FCA is looking into that proposal and will publish another report in May. I met Andrew Bailey just a few weeks ago to underscore the importance of the issue, and as we proceed with the construction of the single financial guidance body that will deal with some of the challenges of problem debt, I know that this will be another focus of its work.

Oral Answers to Questions

Debate between John Glen and Paul Blomfield

Tuesday 27th February 2018 Commons Chamber

[Paul Blomfield (Sheffield Central) (Lab)]

22. Citizens Advice reports that there are universal credit claimants who are having more than 40% of their standard allowance taken from their monthly payment. There is a 40% cap on repayments to third parties, but that does not appear to cover repayments of advanced or budgeting loans. This is leaving people unable to make ends meet—for example, one person retained just £97. Will the Minister agree to meet his colleagues at the Department for Work and Pensions to ensure that people are not pushed into debt by the Government’s rules?

[John Glen]

Of course I will meet with colleagues in government. I am meeting the relevant Minister as we seek to get this legislation right, and I would be happy to meet the hon. Gentleman as well.