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Written Question
Mortgages: Interest Rates
Wednesday 6th September 2023

Asked by: Stephanie Peacock (Labour - Barnsley East)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what support is available to homeowners who have accrued unmanageable debt due to increased mortgage interest rates.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

The pricing of mortgages is a commercial decision for lenders, including relevant credit unions, in which the Government does not intervene. However, we recognise this is a concerning time for mortgage borrowers.

On Friday 23 June the Chancellor met with the UK’s largest mortgage lenders, UK Finance and the Financial Conduct Authority to discuss how lenders will provide support for those who encounter problems keeping up with their mortgage payments. At this meeting, lenders agreed to a new Mortgage Charter to support borrowers struggling with their mortgage payments that was published on 26 June. The Charter sets out the standards signatory lenders, which includes some credit unions, will adopt when helping their customers, including new flexibilities to help customers manage their mortgage payments over a short period.

The Charter is in addition to the significant safeguards already in place for consumers in the mortgage market. Financial Conduct Authority rules require lenders to engage individually with their customers who are struggling or who are worried about their payments in order to provide tailored support. The Government has also taken measures aimed at helping people to avoid repossession, including Support for Mortgage Interest (SMI) loans, and protection in the courts through the Pre-Action Protocol.

More widely, the Government is taking forward amendments to the Credit Unions Act 1979 through the Financial Services and Markets Act (FSMA) 2023 to allow the credit union sector to grow, by offering a wider range of products and services to their members. FSMA 2023 is central to delivering the Government’s vision to grow the economy and create an open, sustainable, and technologically advanced financial services sector.


Written Question
Credit Unions
Wednesday 6th September 2023

Asked by: Stephanie Peacock (Labour - Barnsley East)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to increased mortgage interest rates, what steps his Department is taking to promote credit unions.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

The pricing of mortgages is a commercial decision for lenders, including relevant credit unions, in which the Government does not intervene. However, we recognise this is a concerning time for mortgage borrowers.

On Friday 23 June the Chancellor met with the UK’s largest mortgage lenders, UK Finance and the Financial Conduct Authority to discuss how lenders will provide support for those who encounter problems keeping up with their mortgage payments. At this meeting, lenders agreed to a new Mortgage Charter to support borrowers struggling with their mortgage payments that was published on 26 June. The Charter sets out the standards signatory lenders, which includes some credit unions, will adopt when helping their customers, including new flexibilities to help customers manage their mortgage payments over a short period.

The Charter is in addition to the significant safeguards already in place for consumers in the mortgage market. Financial Conduct Authority rules require lenders to engage individually with their customers who are struggling or who are worried about their payments in order to provide tailored support. The Government has also taken measures aimed at helping people to avoid repossession, including Support for Mortgage Interest (SMI) loans, and protection in the courts through the Pre-Action Protocol.

More widely, the Government is taking forward amendments to the Credit Unions Act 1979 through the Financial Services and Markets Act (FSMA) 2023 to allow the credit union sector to grow, by offering a wider range of products and services to their members. FSMA 2023 is central to delivering the Government’s vision to grow the economy and create an open, sustainable, and technologically advanced financial services sector.


Written Question
Treasury: Artificial Intelligence
Tuesday 18th July 2023

Asked by: Stephanie Peacock (Labour - Barnsley East)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what (a) algorithmic and (b) other automated decision making systems his Department uses; and for what purposes.

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

Government’s Roadmap to a Digital Future includes digital transformation in Government by “automating manual processes” in order to drive greater efficiency and deliver maximum value for the taxpayer.

Automated decision making in Government is compliant with provisions in GDPR and the Data Protection Act.


Written Question
Treasury: Data Protection
Monday 26th June 2023

Asked by: Stephanie Peacock (Labour - Barnsley East)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the oral contribution of the Minister for Data and Digital Infrastructure of 14 June 2023 at Topical Questions, T7, Official Report, column 286, what plans his Department has to (a) utilise the provisions in Part 3 of the Data Protection and Digital Information (No. 2) Bill and (b) use smart data in new sectors.

Answered by Andrew Griffith - Minister of State (Department for Science, Innovation and Technology)

HM Treasury are working with the Department for Business and Trade on the new long-term regulatory framework for Open Banking, which intends to use the Smart Data Clauses in the Data Protection and Digital Information Bill.

HM Treasury is also working closely with the relevant regulators through the Joint Regulatory Oversight Committee to develop the design of the future Open Banking entity. The Committee published its recommendations for the next phase of Open Banking in April 2023, which is available at: https://www.gov.uk/government/publications/recommendations-for-the-next-phase-of-open-banking-in-the-uk.

There is exciting potential to explore Smart Data in further sectors, beyond Open Banking. Government, regulators and industry experts are working together via the Smart Data Council to ensure that the UK continues to be at the forefront of developments in this space.

Before committing to utilise the provisions in Part 3 of the Data Protection and Digital Information (No2) Bill in any given sector, there is work to be done to understand how Smart Data can empower consumers and turbo charge competition.


Written Question
Mineworkers' Pension Scheme
Wednesday 20th July 2022

Asked by: Stephanie Peacock (Labour - Barnsley East)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the Oral question of 12 July 2022, Official Report, column 138, on the Mineworkers Pension Scheme, whether the Treasury has received the Trustee’s proposal on the issue; and if his Department will make a decision on that proposal by 21 July 2022.

Answered by Simon Clarke

HM Treasury recognises the importance of the issue and has approved the Mineworkers’ Pension Scheme Trustees’ request to bring forward the ‘bonus protection’ arrangements.


Written Question
Business: Coronavirus
Tuesday 11th January 2022

Asked by: Stephanie Peacock (Labour - Barnsley East)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if the Government will provide financial support to the (a) hospitality and (b) culture sectors as levels of covid-19 infection rise.

Answered by Helen Whately - Minister of State (Department of Health and Social Care)

On 21st December, the government announced £1 billion of new grant support to protect jobs and businesses in England from the adverse economic impacts of the Omicron variant. This includes targeted support for the hospitality, leisure and cultural sectors in the form of:

  • New one-off cash grants of up to £6,000 to support eligible businesses in the hospitality and leisure sectors, totalling nearly £700 million.
  • Over £100 million of new discretionary funding has been provided to local authorities to support businesses in other sectors, including in the supply chain for the hospitality sector, that are not eligible for these new grants, supplementing around £250 million of unallocated discretionary grant funding already held by local authorities.
  • £30 million through the Culture Recovery Fund, to support theatres, museums and other vital cultural institutions through the temporary disruption this winter. This figure will build on nearly £240 million of Culture Recovery Fund grant support already allocated this financial year or currently available for organisations in England to bid for online until the end of January.

The government has also announced that the devolved administrations will receive £860 million of up-front funding, to help them continue their response to Omicron. As the new cash grants are England-only, Barnett consequentials will lead to a total of around £150 million for the devolved administrations: £80 million for Scotland, £50 million for Wales, and £25 million for Northern Ireland.

The government also announced that it is reintroducing the Statutory Sick Pay Rebate Scheme to help small and medium-sized employers cover the cost of Covid-related sick absences, covering up to two weeks per employee. This applies UK-wide.

HMRC also stand ready to support any business affected by the coronavirus pandemic through its Time to Pay arrangement. As part of this, businesses in the hospitality and leisure sectors in particular will be offered the option of a short delay, and payment in instalments, on a case by case basis.

The government is also waiving late filing and late payment penalties for Income Tax Self-Assessment taxpayers, including those in the hospitality and cultural sectors, to support cashflow and ease administrative burdens. Taxpayers will not receive a late filing penalty if they file online by 28 February, and will not receive a late payment penalty if they pay their tax in full or set up a payment plan by 1 April.

The additional funding announced in December is on top of the generous and wide-ranging support package already in place. Businesses in the hospitality, retail and leisure sectors continue to benefit from capped business rates relief at 66% until the next financial year, when a new capped relief of 50% takes effect. Hospitality and tourism businesses also benefit from reduced VAT at 12.5% until the end of March. Businesses in these sectors may also benefit from access to wider economic support, including the Recovery Loans Scheme and protection from eviction if they are behind on rent on their premises.

As we have done throughout the pandemic, we are closely monitoring the impact of COVID-19 on the economy. We will continue to respond appropriately and proportionately to the changing path of the virus.
Written Question
National Insurance: Barnsley East
Monday 18th October 2021

Asked by: Stephanie Peacock (Labour - Barnsley East)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate he has made of the total collective monetary cost to people in Barnsley East of administering the planned increase to National Insurance Contributions for the Health and Social Care levy.

Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport

HMRC has not made an estimate of the administrative cost to people in the Barnsley East constituency. However, at the UK level, some estimates were presented in the tax information and impact note (TIIN): https://www.gov.uk/government/publications/health-and-social-care-levy/health-and-social-care-levy.

HMRC estimates (from the Survey of Personal Incomes) that around 40,900 people were liable to pay employee class 1 and/or class 4 NICs in the 2018 to 2019 tax year (latest available outturn) in the constituency of Barnsley East. HMRC does not publish this information at constituency level for projection years.


Written Question
National Insurance: Barnsley East
Monday 18th October 2021

Asked by: Stephanie Peacock (Labour - Barnsley East)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many people are making National Insurance Contributions in Barnsley East constituency as at 23 September 2021.

Answered by Lucy Frazer - Secretary of State for Culture, Media and Sport

HMRC has not made an estimate of the administrative cost to people in the Barnsley East constituency. However, at the UK level, some estimates were presented in the tax information and impact note (TIIN): https://www.gov.uk/government/publications/health-and-social-care-levy/health-and-social-care-levy.

HMRC estimates (from the Survey of Personal Incomes) that around 40,900 people were liable to pay employee class 1 and/or class 4 NICs in the 2018 to 2019 tax year (latest available outturn) in the constituency of Barnsley East. HMRC does not publish this information at constituency level for projection years.


Written Question
Mortgages: Interest Rates
Wednesday 3rd February 2021

Asked by: Stephanie Peacock (Labour - Barnsley East)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps the Government has taken to ensure that base rate cuts are passed on by lenders to mortgage prisoners.

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

The Financial Conduct Authority have written to all closed-book firms following the disruption caused by the COVID-19 pandemic, encouraging them to pass on base rate reductions in accordance with their fair treatment guidelines.

Data released in July 2020 stated that customers with inactive lenders pay on average just 0.4% more than borrowers with the same lending characteristics with active lenders. The Government is committed to helping mortgage prisoners where they will see genuine benefit and will continue to work with the Financial Conduct Authority and industry to provide switching options for borrowers with an inactive lender.


Written Question
Coronavirus Job Retention Scheme: Agency Workers
Monday 18th May 2020

Asked by: Stephanie Peacock (Labour - Barnsley East)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether an agency worker that was not a live assignment but was on the payroll of an agency on 19 March 2020 qualifies for the Coronavirus Job Retention Scheme.

Answered by Jesse Norman

An agency worker that was not on a live assignment but was on the payroll may qualify for the Coronavirus Job Retention Scheme, provided other eligibility criteria are met; in particular, that the employee was included on an RTI submission on or before 19 March 2020 which relates to a payment of earnings in the 2019/20 tax year. It is for the agency to decide whether to offer to furlough a worker.