Oral Answers to Questions

Lucy Rigby Excerpts

Tuesday 4th November 2025 Commons Chamber

[Caroline Voaden (South Devon) (LD)]

2. What recent assessment she has made of the adequacy of access to banking services in rural areas.

[The Economic Secretary to the Treasury (Lucy Rigby)]

The Government understand the importance of in-person banking to communities, and we are working closely with industry to roll out 350 banking hubs across the United Kingdom. More than 240 hubs have been announced so far, and more than 180 are already open. I know that that includes two in the hon. Member’s constituency, and I look forward to our upcoming meeting to discuss her constituents’ banking needs.

[Caroline Voaden]

When Labour was in opposition, its shadow Economic Secretary, the hon. Member for Hampstead and Highgate (Tulip Siddiq), welcomed measures to protect access to cash, but was concerned about the fact that they did

“nothing to protect essential face-to-face banking services.”—[Official Report, 26 June 2023; Vol. 735, c. 71.]

Such services go beyond a banking hub, but they are now vanishing. While the Financial Conduct Authority is responsible for access to cash, it appears that there is no Government body overseeing access to face-to-face banking services. Does the Minister agree that new regulation is needed to support residents and businesses in rural areas, especially as banks will prevent customers from cashing cheques in post offices from January?

[Lucy Rigby]

We recognise the important role that post offices, in particular, play in providing essential banking services as well as banking hubs. Decisions about which services are available at post offices—such as cheque deposits—are made by banks as part of their commercial arrangements. I should emphasise that customers continue to have other options for paying in cheques, which I know is an issue for the hon. Member; in the case of Lloyds, it can be done via Freepost. As I have said, I look forward to discussing these issues further with the hon. Member during our meeting.

[Gareth Thomas (Harrow West) (Lab/Co-op)]

One way of improving access to banking in rural and, indeed, urban areas would be to increase the reach and role of community banks, or community development finance institutions. Given that CDFIs play a big role in American economic life and are backed to do so by the biggest banks, would it not be good if our biggest banks helped to fund their expansion here as well?

[Lucy Rigby]

My hon. Friend is well versed in all these areas, and has done considerable work in this regard. As I have said, the banks play a role in providing access to cash, for instance via post office banking services.

[Mr Speaker]

I call the shadow Minister.

[Mark Garnier (Wyre Forest) (Con)]

In this month of blaming everyone else for every woe that befalls the Government and using it as an excuse to bust manifesto pledges left, right and centre, it seems that the Government are claiming credit for more banking hubs, but we all know that the rolling out of banking hubs is a purely commercial decision by the banks. It is the banks that are choosing to do this, to serve their customers. Is it now the Government’s policy to blame everyone else for their own incompetences, and to claim credit for everyone else’s good ideas?

[Lucy Rigby]

Where it is appropriate to do so—indeed, it is very often appropriate to do so—we will blame the Conservative party for the state of the country, and it is appropriate to do so here. On the criteria that Link uses for banking hubs, I will remind the hon. Gentleman that, in relation to the access to cash regime, that was designed and passed by the previous Government.

--- Later in debate ---

[The Economic Secretary to the Treasury (Lucy Rigby)]

I pay tribute to my hon. Friend for her years of work to further financial inclusion both during her time here and prior to Parliament. This is a timely question, because tomorrow we will publish the Government’s financial inclusion strategy, which sets out an ambitious programme of measures to improve financial inclusion and resilience for communities right across the UK.

[Gill Furniss]

Earlier this year, I chaired a roundtable with the all-party parliamentary group on debt and financial inclusion that highlighted our five key asks. Nearly 70% of adults in my constituency are considered to be in financially vulnerable circumstances—among the highest proportions in the city. What steps does the Minister plan to take to measure the impact of the financial inclusion strategy? Will she meet me to discuss that?

[Lucy Rigby]

My hon. Friend raises a really important point. As part of developing the strategy, the Government have engaged with Financial Inclusion Committee members and other organisations on how to measure the impact of the strategy, and indeed to drive its delivery. The strategy’s implementation will be reviewed two years from publication against outcomes-based metrics to provide an update on progress. I will be more than happy to meet her to discuss this.

[John Glen (Salisbury) (Con)]

When I was Economic Secretary, against the advice of officials I advanced something called the no interest loan scheme. I am given to believe that one of the Minister’s two predecessors since the general election may have suspended that valuable attempt to support the most vulnerable in society. Will she look at that again in advance of the Budget in three weeks? There really was wide cross-party support for it.

[Lucy Rigby]

I am aware of the scheme that the right hon. Member talks about. He will appreciate that I cannot pre-empt the launch of the strategy tomorrow, nor indeed the Budget, but I would be more than happy to meet him to talk about it in more detail.

[Dr Simon Opher (Stroud) (Lab)]

T1.    If she will make a statement on her departmental responsibilities.

--- Later in debate ---

[Kenneth Stevenson (Airdrie and Shotts) (Lab)]

T7.   My constituents in Airdrie and Shotts, along with many others across the country, will be impacted by the decision of Maiden Life Försäkrings to withdraw family protection plan cover. I understand that the Chancellor may be aware of this issue, so will her Department investigate this matter and consider what assistance might be available to those affected?

[The Economic Secretary to the Treasury (Lucy Rigby)]

I am indeed aware of this issue. I know that it affects people in my hon. Friend’s constituency and in plenty of other Members’ constituencies, too. I also know how concerned he and other Members are about it. It is for the Financial Conduct Authority to consider whether it is appropriate to take any further steps, but I have asked my officials to engage with the FCA on how it is approaching this.

[Jerome Mayhew (Broadland and Fakenham) (Con)]

Economists have told the Chancellor that stamp duty is a terrible tax because it damages growth. The Government’s response is to double stamp duty on a £300,000 house. Why?