John Glen: HM Treasury does not hold information on the impact of Buy-Now Pay-Later product usage on credit scores. On 21 October, the Government published a consultation document outlining its proposed approach to the regulation of Buy-Now Pay-Later products. The consultation document can be found at the following link, including details on how to respond:...
John Glen: On 19 April 2021 the government announced the detail of a compensation scheme for London Capital & Finance plc (LCF) bondholders (HCWS922). The scheme provides 80% of LCF bondholders’ principal investment up to a maximum of £68,000 and will be open to all bondholders who hold bonds that have not already been compensated by the Financial Services Compensation Scheme (FSCS). Now that the...
John Glen: This government is committed to making the UK a hostile place for illicit finance and economic crime. We are determined to crack down on dirty money and financial exploitation, to protect our security and prosperity. We have taken action through our ‘No Safe Havens’ strategy to ensure the correct UK tax is paid; and our landmark 2019 Economic Crime Plan outlines a comprehensive response...
John Glen: Tax relief on mortgage interest is available for landlords renting properties both as longer-term tenancies and as furnished holiday lets. Tax relief on mortgage interest on properties rented as longer-term tenancies is available at the basic rate of income tax; we estimate that only 1 in 10 landlords are affected by this restriction introduced in 2017 and phased in over four years. The...
John Glen: Tax relief on mortgage interest is available for landlords renting properties both as longer-term tenancies and as furnished holiday lets. Tax relief on mortgage interest on properties rented as longer-term tenancies is available at the basic rate of income tax; we estimate that only 1 in 10 landlords are affected by this restriction introduced in 2017 and phased in over four years. The...
John Glen: I can confirm today the completion of the sale of the share capital of Bradford & Bingley (B&B) plc and NRAM Limited, returning both companies to private ownership. In February 2021, the government announced the agreement of a transaction to sell the share capital of B&B and NRAM, and their remaining loan assets, to a consortium of Citibank and Davidson Kempner Capital Management. The sale of...
John Glen: Distributional analysis published at the Budget and spending review last week shows that in 2024-25, tax, welfare and spending decisions made since the spending round two years ago will have benefited the poorest house- holds most as a percentage of income. This Government believe that work is the best route out of poverty. That is why the Government are investing £6 billion in labour market...
John Glen: The hon. Lady must have missed a number of measures announced by the Chancellor in the Budget last week in which significant investment was made to support families through the household recovery fund and support for women in particular to get back into the labour market, alongside a whole range of other interventions.
John Glen: Banking hubs will absolutely be a part of the solution, alongside a whole range of other interventions. The Government have committed to legislate on this matter, but in the meantime, I am very hopeful that industry will come forward with meaningful proposals for a range of options to deal with the declining use of cash and ensure access is available everywhere.
John Glen: The Government are looking at tightening up the rules around second homes and council tax. We would be very happy to engage with the hon. Gentleman on the matter.
John Glen: Some 1.6 million people have moved into work having received support from work coaches, and hundreds of thousands of jobseekers have been supported by our other Plan for Jobs programmes, such as kickstart. It is clear that this plan is working; unemployment is now expected to peak at less than half of what was initially predicted.
John Glen: Yes, I can. My hon. Friend is right; unemployment is at 3.5% in her constituency, as against the 5% average. On people aged 50 to 64 who unfortunately lose their job and find a return to work less likely, this spending review announced an enhanced 50-plus offer worth more than £20 million to ensure that that cohort of the workforce receive that support to remain in work and benefit from...
John Glen: I agree entirely with my right hon. Friend, who has been a champion in this area, throughout his experience in government and in his work now as Chair of the Select Committee on Welsh Affairs. In addition to what he has set out, we responded to the call to raise the national living wage. It may interest him to know that the April 2022 increase will mean that a full-time worker’s annual...
John Glen: The hon. Lady will know of the Government’s investment in T-levels and the additional investment last week in apprenticeships, as well as a number of other interventions that the Chancellor has worked tirelessly with employers’ organisations and trade unions on to develop the workforce and opportunities over the past 18 months.
John Glen: The Government are committed to making the UK a hostile place for illicit finance and economic crime and ensuring that all donations to political parties comply with the legislation that the Labour party enacted in Government. We have taken tough action through our No Safe Havens strategy to ensure that the correct UK tax is paid. Our landmark 2019 economic crime plan builds on that, and we...
John Glen: The Lifetime ISA is intended to support younger people saving for their first home or for later life by offering a generous government bonus of 25% on up to £4,000 of savings each year. The Government maintains that the 25% bonus should be focused on those that need it most and who may find it more difficult to get onto the property ladder, while ensuring sustainable public finances....
John Glen: The Business Banking Resolution Service (BBRS), which launched on 15 February 2021, offers a free, independent service which is designed to settle unresolved complaints from larger SMEs. The Government has always been clear that it welcomes the BBRS. However, it is an independent non-governmental body, and this independence is vital to its role. Its credibility, authority and value to SMEs...
John Glen: The Government recognises the importance of transparency of fees and charges in ensuring effective competition between payment service providers. The Payment Services Regulations 2017 make several requirements on UK payment service providers regarding disclosure of fees and charges to the payer, for example, the exchange rate used for a currency conversion transaction. Provisions under the...
John Glen: The Money and Pension Service’s (MaPS) tendering process is an important step towards a more resilient debt advice sector and will drive better quality of advice and customer outcomes over the longer term. Information on the number of bids received as part of MaPS’ procurement process for regional debt advice is commercially sensitive while that process is still ongoing, with it being set...
John Glen: The Government put in place an unprecedented package of support to help people during the COVID-19 pandemic, protecting livelihoods with the Self-Employment Income Support Scheme, the Coronavirus Job Retention Scheme, and temporary welfare measures. The Government also worked with mortgage lenders, credit providers and the Financial Conduct Authority to help people manage their finances with...