Written Question
Friday 26th June 2020
Asked by:
Mark Pritchard (Conservative - The Wrekin)
Question
to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will make an economic assessment of the potential merits of establishing a UK digital currency reserve bank.
Answered by John Glen
The government set out at Budget that the UK will continue to take a leading role in exploring central bank digital currencies (CBDCs), and the wide-ranging opportunities and challenges they could bring.
The Bank of England’s discussion paper on a possible UK central bank digital currency was published at the time of the Budget and closed for responses on 12 June.
HM Treasury and the Bank of England are now working together to consider next steps.
Written Question
Monday 8th June 2020
Asked by:
Mark Pritchard (Conservative - The Wrekin)
Question
to the HM Treasury:
To ask the Chancellor of the Exchequer, whether the Government has plans to liberalise the UK banking sector and increase competition from non-UK banks.
Answered by John Glen
The Government is committed to ensuring that the UK financial services sector delivers choice and value for customers and to that end has taken significant action to ensure effective competition in UK banking markets. This includes: providing the financial services regulators with competition objectives, and a new Payments Systems Regulator to ensure fair and equal access to payments systems; reducing barriers to entry for new market entrants; initiatives to make it easier for customers to switch between bank account providers; and continued support for non-traditional providers, including the UK’s fintech sector.
It is also important that the UK maintains a prudential regulation regime that supports financial stability and economic growth as well as competition amongst firms. The Government will continue to prioritise the implementation of global regulatory standards, such as the Basel III standards, to maintain the UK’s position as a world-leading financial services centre.
Written Question
Monday 8th June 2020
Asked by:
Mark Pritchard (Conservative - The Wrekin)
Question
to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions he has had with mortgage lenders on passing on reductions in the Bank of England lending rate to their customers.
Answered by John Glen
Treasury ministers and officials are in regular discussions with mortgage lenders about the ongoing support they are providing to their customers at this challenging time.
Due to COVID-19, the Bank of England lowered the base rate of interest to 0.1%. Though the interest rate charged on finance facilities are set at the discretion of each lender, the Government expects that these rates will be competitive, and fairly priced, taking into account the unprecedented situation individuals and businesses may currently face.
Speech in Commons Chamber - Mon 11 May 2020
Covid-19
"I welcome the Government’s support for businesses in Shropshire, Telford and The Wrekin, and commend Secretaries of State from different Departments for their speed and flexibility in getting many schemes off the ground. I am also conscious that, of course, at some point in the future all of this will …..."Mark Pritchard - View Speech
View all Mark Pritchard (Con - The Wrekin) contributions to the debate on: Covid-19
Speech in Commons Chamber - Tue 24 Mar 2020
Oral Answers to Questions
"5. What fiscal steps he is taking to help businesses affected by the Covid-19 outbreak. ..."Mark Pritchard - View Speech
View all Mark Pritchard (Con - The Wrekin) contributions to the debate on: Oral Answers to Questions
Speech in Commons Chamber - Tue 24 Mar 2020
Oral Answers to Questions
"On behalf of my constituents, I welcome those announcements. The Chancellor, though, will know that 15% of the UK workforce is self-employed, equating to about 5 million people up and down the country. According to the Federation of Small Businesses, there are 5,600 in The Wrekin. When will the Government …..."Mark Pritchard - View Speech
View all Mark Pritchard (Con - The Wrekin) contributions to the debate on: Oral Answers to Questions
Speech in Commons Chamber - Tue 24 Mar 2020
Oral Answers to Questions
"Will the Chancellor join me in thanking Shropshire Council and the hard-working people at Telford and Wrekin Council? Cash flow is becoming a real issue for many local councils, with many having to borrow. Could he encourage his officials in the Treasury to be a bit more flexible as to …..."Mark Pritchard - View Speech
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Speech in Commons Chamber - Mon 23 Mar 2020
Coronavirus Bill
"rose—..."Mark Pritchard - View Speech
View all Mark Pritchard (Con - The Wrekin) contributions to the debate on: Coronavirus Bill
Speech in Commons Chamber - Mon 23 Mar 2020
Coronavirus Bill
"I am grateful to the hon. Gentleman for giving way. He has been very gracious in his apology and I thank him very much indeed for that. He says he does not want a Division tonight, which is welcome, and he says that the Government’s amendment is, in his view, …..."Mark Pritchard - View Speech
View all Mark Pritchard (Con - The Wrekin) contributions to the debate on: Coronavirus Bill
Speech in Commons Chamber - Thu 19 Mar 2020
Coronavirus: Employment Support
"Many of the Government’s schemes have to be delivered through retail banks, which means people and businesses calling already overloaded call centres and going into retail branches—where they exist—which might restrict hours over the coming days. Most banks and most large private sector companies in this country that rely on …..."Mark Pritchard - View Speech
View all Mark Pritchard (Con - The Wrekin) contributions to the debate on: Coronavirus: Employment Support