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Written Question
Business: Loans
Tuesday 9th November 2021

Asked by: Kate Osborne (Labour - Jarrow)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what plans his Department has to review the bank referral scheme and increase the (a) diversity of lending options and (b) availability of constructive support for rejected businesses.

Answered by John Glen - Paymaster General and Minister for the Cabinet Office

The Government published a statutory Post-Implementation Review of the Bank Referral Scheme in December 2020, which is available here: https://www.legislation.gov.uk/uksi/2015/1946/pdfs/uksiod_20151946_en.pdf.

The Government remains committed to fostering a strong, diverse and competitive financial services sector to ensure that UK SMEs can benefit from high quality products and services at efficient prices. That said, I should be clear that after SMEs are referred to alternative lenders under the Bank Referral Scheme, the decision of whether to offer finance is at the discretion of each lender, subject to their commercial considerations.

Furthermore, the Government recognises the vital role that alternative lenders have played in the provision of credit to SMEs and is grateful for the way the sector has responded to the current crisis. It remains committed to promoting competition, and widening the funding options available to UK businesses, and as such, we will continue to review our policies and work with the sector to achieve those outcomes.


Written Question
Business: Coronavirus
Monday 11th January 2021

Asked by: Kate Osborne (Labour - Jarrow)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate he has made of the number of people in (a) the Jarrow constituency, (b) the North East and (c) England that have not received support for their business as a result of being ineligible for Government schemes.

Answered by Kemi Badenoch - President of the Board of Trade

Throughout this crisis, the government’s priority has been to protect people’s jobs and livelihoods. We have put in place an economic package of support which will provide businesses with certainty over the coming months, even as measures to prevent further spread of the virus change.

The government has put in place a comprehensive package of support worth over £280 billion, supporting millions of businesses and jobs, In the North East, 70, 400 jobs were furloughed through the Coronavirus Job Retention Scheme as of 31 October 2020. Businesses have also received billions in loans, tax deferrals, Business Rate reliefs, and general and sector-specific grants. In Jarrow, a total of 2, 400 jobs had been furloughed through the CJRS scheme as of 31 October 2020.

In addition, on 5th January, the Government announced an extra £4.6 billion to protect jobs and support affected businesses as restrictions get tougher. Businesses forced to close can claim a one-off grant of up to £9,000. Local authorities will also receive an additional £500m, to a total of £1.6bn, of discretionary funding to allow them to support their local businesses.

As measures to control the virus have changed, government support has evolved. We continue to keep all policies under review.


Written Question
Coronavirus: Disease Control
Monday 11th January 2021

Asked by: Kate Osborne (Labour - Jarrow)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment he has made of the potential merits of providing support to people excluded from financial help from Government schemes as a result of the eligibility criteria of those schemes.

Answered by Kemi Badenoch - President of the Board of Trade

Throughout this crisis, the Government’s priority has been to protect people’s jobs and livelihoods. Since the start of the pandemic we have committed over £280 billion to supporting the economy, including supporting 9.9 million jobs through the Coronavirus Job Retention Scheme (CJRS) and around 2.7 million self-employed individuals via the Self-Employment Income Support Scheme (SEISS).

The Government has continued to review its support and brought in ineligible groups where possible. For example, the extended Coronavirus Job Retention Scheme (CJRS) is available to those directors who paid themselves a salary between 19 March and 30 October 2020, and to new starters who were employed and on their employer’s PAYE payroll on 30 October 2020. Both the CJRS and SEISS have also been updated to provide support to those on maternity leave and to reservists. The Government continues to work closely with stakeholders to explore how we can best support different groups.

Those who are ineligible for the CJRS and SEISS may still be eligible for other elements of the COVID-19 support available. This comprehensive package of support includes Bounce Back loans, tax deferrals, rental support and other business support grants. The Government has also temporarily increased the Universal Credit standard allowance for 2020-21 by £20 per week and relaxed the Minimum Income Floor, meaning that where claimants' earnings have significantly fallen, their Universal Credit award will have increased to reflect their lower earnings.


Written Question
Coronavirus Job Retention Scheme
Monday 16th November 2020

Asked by: Kate Osborne (Labour - Jarrow)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether employees with a permanent part-year contract are eligible for the coronavirus job retention scheme.

Answered by Jesse Norman

To be eligible for the Coronavirus Job Retention Scheme, employees can be on any type of employment contract. This includes full-time, part-time, agency, flexible or zero-hour contracts as long as the furloughed employee was employed on 30 October 2020, and the employer made a PAYE RTI submission to HMRC between 20 March 2020 and 30 October 2020, notifying a payment of earnings for that employee.


Written Question
Business: North East
Thursday 15th October 2020

Asked by: Kate Osborne (Labour - Jarrow)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will provide additional financial support to businesses that have had to (a) partially close and (b) fully close as a result of local covid-19 lockdown restrictions in the North East.

Answered by Kemi Badenoch - President of the Board of Trade

In order to protect jobs and businesses across the UK, the Chancellor recently announced an expansion to the Job Support Scheme for businesses legally required to temporarily close their premises as a direct result of Coronavirus restrictions. The Government will provide employers with a grant for employees unable to work, covering two thirds of their usual wages and subject to a cap. Support will be available to eligible businesses from 1 November for 6 months, with a review in January.

In addition, the Chancellor recently announced changes to the Local Restrictions Support Grant Scheme which provides grants to businesses which are forced to fully close due to local or national restrictions. Grant funding available has increased to £3,000 per month, and 80% of all Retail, Hospitality, and Leisure businesses in England will have their assumed rents covered in full as a result.

For employers that remain partially open but are subject to lower demand over the winter due to Covid-19, employers can access the other element of the Job Support Scheme that supports part-time working. The Government will pay a third of hours not worked up to a cap, with the employer contributing a third. This will ensure employees can earn a minimum of 77% of their normal wages, where the Government contribution has not been capped.

Employers using the Job Support Scheme will also be able to claim the Job Retention Bonus (JRB) for each employee that meets the eligibility criteria of the JRB. This is worth £1,000 per employee and is paid to the employer. Under the Job Support Scheme and the Job Retention Bonus, an employer could receive over 60% of the wage costs of their employees if they are retained until February. The steps the government is setting out will help to protect jobs, support businesses through uncertain times, and help them prepare for recovery.


Written Question
Mortgages: Coronavirus
Tuesday 21st July 2020

Asked by: Kate Osborne (Labour - Jarrow)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent discussions he has had with representatives of the mortgage lending sector on easing the financial pressures faced by people paying double interest on their mortgage during covid-19 outbreak; and what plans he has to help those people switch to new mortgage lenders.

Answered by John Glen - Paymaster General and Minister for the Cabinet Office

The Government remains committed to supporting these borrowers, which is why the Government and the FCA have taken action to remove the regulatory barriers that previously prevented switching.

Lenders are currently making the necessary adjustments and system changes to enable them to use the modified affordability assessment for borrowers looking to re-mortgage. Due to the operational constraints caused by Covid-19 there was a temporary retraction of mortgage products in the market, therefore it would not have been of benefit to contact borrowers when meaningful options were not available to them. We expect lenders to start offering these borrowers switching options by the end of the year.

Earlier this year I wrote to UK Finance outlining my expectation that as many of its members as possible should move quickly to offer new deals to borrowers that are eligible to switch under the new FCA rules. You can read the letter here:

https://www.gov.uk/government/publications/a-letter-from-john-glen-to-stephen-jones-on-mortgage-prisoners.

The Government continues to work with the mortgage lending sector to ensure support is available for consumers.

The FCA also recently noted that firms should be reviewing their variable rates to ensure they adhere to regulations regarding the fair treatment of consumers. The full statement can be found here: https://www.fca.org.uk/news/statements/statement-mortgage-prisoners


Written Question
Mortgages
Tuesday 21st July 2020

Asked by: Kate Osborne (Labour - Jarrow)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the effect of the modified affordability assessment on the number of mortgage prisoners unable to access new mortgages.

Answered by John Glen - Paymaster General and Minister for the Cabinet Office

The Government remains committed to supporting these borrowers, which is why the Government and the FCA have taken action to remove the regulatory barriers that previously prevented switching.

Lenders are currently making the necessary adjustments and system changes to enable them to use the modified affordability assessment for borrowers looking to re-mortgage. Due to the operational constraints caused by Covid-19 there was a temporary retraction of mortgage products in the market, therefore it would not have been of benefit to contact borrowers when meaningful options were not available to them. We expect lenders to start offering these borrowers switching options by the end of the year.

Earlier this year I wrote to UK Finance outlining my expectation that as many of its members as possible should move quickly to offer new deals to borrowers that are eligible to switch under the new FCA rules. You can read the letter here:

https://www.gov.uk/government/publications/a-letter-from-john-glen-to-stephen-jones-on-mortgage-prisoners.

The Government continues to work with the mortgage lending sector to ensure support is available for consumers.

The FCA also recently noted that firms should be reviewing their variable rates to ensure they adhere to regulations regarding the fair treatment of consumers. The full statement can be found here: https://www.fca.org.uk/news/statements/statement-mortgage-prisoners


Written Question
Mortgages
Tuesday 21st July 2020

Asked by: Kate Osborne (Labour - Jarrow)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent discussions he has had with representatives of the mortgage lending sector on tackling the situation affecting mortgage prisoners.

Answered by John Glen - Paymaster General and Minister for the Cabinet Office

The Government remains committed to supporting these borrowers, which is why the Government and the FCA have taken action to remove the regulatory barriers that previously prevented switching.

Lenders are currently making the necessary adjustments and system changes to enable them to use the modified affordability assessment for borrowers looking to re-mortgage. Due to the operational constraints caused by Covid-19 there was a temporary retraction of mortgage products in the market, therefore it would not have been of benefit to contact borrowers when meaningful options were not available to them. We expect lenders to start offering these borrowers switching options by the end of the year.

Earlier this year I wrote to UK Finance outlining my expectation that as many of its members as possible should move quickly to offer new deals to borrowers that are eligible to switch under the new FCA rules. You can read the letter here:

https://www.gov.uk/government/publications/a-letter-from-john-glen-to-stephen-jones-on-mortgage-prisoners.

The Government continues to work with the mortgage lending sector to ensure support is available for consumers.

The FCA also recently noted that firms should be reviewing their variable rates to ensure they adhere to regulations regarding the fair treatment of consumers. The full statement can be found here: https://www.fca.org.uk/news/statements/statement-mortgage-prisoners


Written Question
Self-employed: Coronavirus
Thursday 9th July 2020

Asked by: Kate Osborne (Labour - Jarrow)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment the Government has made of the potential merits of establishing an additional fund for self-employed people who are not eligible for the Self-Employment Income Support Scheme to help cover the costs of reopening their business as the covid-19 lockdown restrictions are eased.

Answered by Jesse Norman

Self-employed individuals, including members of partnerships, are eligible for the Self Employment Income Support Scheme (SEISS) if they have submitted their Income Tax Self Assessment tax return for the tax year 2018-19, continued to trade, and have been adversely affected by COVID-19. To qualify, their self-employed trading profits must be no more than £50,000 and at least equal to their non-trading income.

Individuals who are ineligible for the SEISS may benefit from other elements of the unprecedented financial support provided by the Government. This package includes Bounce Back loans, tax deferrals, rental support,?mortgage holidays, and other business support grants.


Written Question
Coronavirus Job Retention Scheme
Tuesday 7th July 2020

Asked by: Kate Osborne (Labour - Jarrow)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential merits of extending the Coronavirus Job Retention Scheme for businesses that have not been given a date for reopening.

Answered by Jesse Norman

After eight months of the CJRS, the scheme will close at the end of October. The SEISS will remain open for applications for the second and final grant until 19 October.

It is the case that some sectors will be affected by coronavirus for longer than others, and the Government will seek to support those sectors appropriately.

The Government will continue to engage with businesses and representative groups with the aim of ensuring that support provided is right for those sectors and for the economy as a whole.