Speech in Commons Chamber - Tue 17 Jan 2017
Oral Answers to Questions
"8. Whether he has made an assessment of the potential merits of introducing additional rules to ring-fence the operations of US banks in the UK. ..."Philip Boswell - View Speech
View all Philip Boswell (SNP - Coatbridge, Chryston and Bellshill) contributions to the debate on: Oral Answers to Questions
Speech in Commons Chamber - Tue 17 Jan 2017
Oral Answers to Questions
"Does the Minister agree that the likely rolling back of the Dodd–Frank Act in the US, combined with the watering down of banking conduct reform, could result in deregulated American banks with high-risk lending patterns operating in the UK?..."Philip Boswell - View Speech
View all Philip Boswell (SNP - Coatbridge, Chryston and Bellshill) contributions to the debate on: Oral Answers to Questions
Speech in Commons Chamber - Thu 15 Dec 2016
Commercial Financial Dispute Resolution Platform
"I thank my hon. Friend the Member for East Lothian (George Kerevan) for securing this important debate. As others have rightly pointed out, those most negatively affected by the absence of a financial dispute resolution platform are largely small and medium-sized enterprises. The importance of such businesses to our general …..."Philip Boswell - View Speech
View all Philip Boswell (SNP - Coatbridge, Chryston and Bellshill) contributions to the debate on: Commercial Financial Dispute Resolution Platform
Speech in Commons Chamber - Thu 15 Dec 2016
Commercial Financial Dispute Resolution Platform
"I wholeheartedly agree with that excellent point.
As mentioned in today’s motion, the Financial Conduct Authority has set up several ad hoc schemes to address systemic misconduct by financial institutions. The schemes have been widely criticised, and, as others have mentioned, even Andrew Bailey, the new chief executive of the …..."Philip Boswell - View Speech
View all Philip Boswell (SNP - Coatbridge, Chryston and Bellshill) contributions to the debate on: Commercial Financial Dispute Resolution Platform
Speech in Commons Chamber - Thu 15 Dec 2016
Commercial Financial Dispute Resolution Platform
"I entirely agree. Such a practice is entirely undesirable and not befitting of any bank, particularly one in public ownership, as has been mentioned before.
The delay and avoidance tactics used by the bank, combined with the FCA’s own recommendation that claimants should not take legal action, meant that my …..."Philip Boswell - View Speech
View all Philip Boswell (SNP - Coatbridge, Chryston and Bellshill) contributions to the debate on: Commercial Financial Dispute Resolution Platform
Written Question
Tuesday 6th December 2016
Asked by:
Philip Boswell (Scottish National Party - Coatbridge, Chryston and Bellshill)
Question
to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what plans he has to assess (a) trends in the incidence of people purchasing insurance coverage and (b) levels of insurance coverage purchased after the rise in insurance premium tax announced in the Autumn Statement 2016.
Answered by Jane Ellison
The Government does not have any plans to carry out such an assessment. Trends and the levels of insurance purchased are subject to a number of influences. These include the price of insurance. Price is set by insurers and is subject to a wide range of factors, of which tax is just one part. Other factors include inflation, changing assessment of risk, the performance of insurers’ investments and costs. It is therefore difficult to isolate and then analyse the impact of any one of these factors.
The Government has no evidence to suggest that this level of change to Insurance Premium Tax will lead to changes in the number of uninsured vehicles. The estimated number of uninsured vehicles in the UK has fallen from 2 million in 2005 to 1 million today.
Written Question
Tuesday 6th December 2016
Asked by:
Philip Boswell (Scottish National Party - Coatbridge, Chryston and Bellshill)
Question
to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment he has made of the likely effect of the rise in insurance premium tax on lower-income individuals.
Answered by Jane Ellison
Insurance Premium Tax is a tax on insurers so any impact on individuals depends on how and whether insurers pass on the rate increase in the form of higher premiums.
A Tax Information and Impact Note has been published and is available at: https://www.gov.uk/government/publications/insurance-premium-tax-increase-of-standard-rate. If insurers pass on the full rate increase, this would cost households in the bottom income decile 19p per week (£9.63 per year).
Written Question
Monday 5th December 2016
Asked by:
Philip Boswell (Scottish National Party - Coatbridge, Chryston and Bellshill)
Question
to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether his Department has any financial arrangements with Wells Fargo.
Answered by Simon Kirby
The Department does not have any financial arrangements with Wells Fargo.
Written Question
Monday 5th December 2016
Asked by:
Philip Boswell (Scottish National Party - Coatbridge, Chryston and Bellshill)
Question
to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment he has made of the likely effect of the rise in insurance premium tax on numbers of uninsured road users.
Answered by Jane Ellison
Insurance Premium Tax (IPT) will increase from 10% to 12% from June 2017. IPT is a tax on insurers and it is up to them whether they pass on any increased costs.
The Government has not seen any evidence to suggest that previous changes to IPT have led to increases in the number of uninsured vehicles. The estimated number of uninsured vehicles in the UK has fallen from 2 million in 2005 to 1 million today.
Speech in Commons Chamber - Fri 04 Nov 2016
Outsourcing and Tax Credits
"While Concentrix certainly has questions to answer, the model for indiscriminately targeting low-income families was devised by the Conservative Government and designed to place the burden of the failing austerity agenda firmly on the shoulders of the most disadvantaged in our society. As tax credits are to be overtaken by …..."Philip Boswell - View Speech
View all Philip Boswell (SNP - Coatbridge, Chryston and Bellshill) contributions to the debate on: Outsourcing and Tax Credits