Asked by: Paula Barker (Labour - Liverpool Wavertree)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how much income was accrued by HMRC through telephone call charges applied to incoming calls in financial year (a) 2021-22 and (b) 2022-23 to date.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
HMRC does not charge customers for calls to 0845 or 03000 numbers. There is further information about 0300 numbers on the Ofcom website:
http://consumers.ofcom.org.uk/phone/numbering/what-are-03-numbers/
For more information on call charges, please refer to GOV.UK: https://www.gov.uk/call-charges
Asked by: Paula Barker (Labour - Liverpool Wavertree)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what his Department's rational is for applying call charges to incoming public telephone calls to His Majesty's Revenue & Customs.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
HMRC does not charge customers for calls to 0845 or 03000 numbers. There is further information about 0300 numbers on the Ofcom website:
http://consumers.ofcom.org.uk/phone/numbering/what-are-03-numbers/
For more information on call charges, please refer to GOV.UK: https://www.gov.uk/call-charges
Asked by: Paula Barker (Labour - Liverpool Wavertree)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential impact of rising interest rates on the number of mortgage defaults across England.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
The Government remains watchful for any emerging trends in light of rising interest rates; however, these will be based on arrears levels that are at historic lows: out of a total of 8.4 million residential mortgages, according to the latest UK Finance data, 74,560 were in arrears at the end of June, 10% fewer than in the same period in the previous year.
Interest rates are rising across the world as countries manage rising prices largely driven by the COVID-19 pandemic and Putin’s illegal invasion of Ukraine. As everyone’s financial situation is unique, the impact of these rate rises on individual households will vary. It is worth noting, however, that around 75% of residential mortgages are on a fixed rate and are therefore shielded from rate rises in the short term.
Nevertheless, the Government understands that people across the UK are worried about the cost of living, and are seeing their disposable incomes decrease as they spend more on the essentials. That is why we have announced £37 billion of support for the cost of living this financial year. In addition to the Energy Price Guarantee, millions of the most vulnerable households will receive £1,200 of support this year, with additional support for pensioners and those claiming disability benefits.
If mortgage borrowers do fall into financial difficulty, Financial Conduct Authority (FCA) guidance requires firms to provide support through tailored forbearance options. The Government has also taken a number of measures aimed at helping people to avoid repossession, including Support for Mortgage Interest loans for those in receipt of an income-related benefit, and protection in the courts through the Pre-Action Protocol, which makes it clear that repossession must always be the last resort for lenders.
Asked by: Paula Barker (Labour - Liverpool Wavertree)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment his Department has made of the increase risked in non-payment of mortgages in the context of a potential increase in Bank of England interest rates in (a) Liverpool Wavertree constituency and (b) the North West of England.
Answered by Andrew Griffith - Shadow Secretary of State for Business and Trade
Mortgage arrears levels remain at historically low levels. According to the latest UK Finance data, there were 74,560 homeowner mortgages in arrears at the end of June, 10% fewer than in the same period in the previous year.
Around 75% of residential mortgage borrowers are on fixed-rate deals and are therefore shielded from interest rate rises in the short term.
However, the Government has already taken immediate action to help households, including those in the Liverpool Wavertree constituency and the North West of England, through the Energy Price Guarantee. This is in addition to the £37 billion of targeted support for the cost of living this financial year.
For mortgage borrowers that do enter financial difficulty and struggle to keep up with payments, Financial Conduct Authority guidance requires firms to provide support through tailored forbearance options. This could include a range of measures depending on individual circumstances.
The Government has also taken a number of measures aimed at helping people to avoid repossession, including Support for Mortgage Interest loans for those in receipt of an income-related benefit, and protection in the courts through the Pre-Action Protocol, which makes it clear that repossession must always be the last resort for lenders.