Correction to PQ HL 4237

Treasury written statement – made on 21 September 2023.

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Photo of Baroness Penn Baroness Penn The Parliamentary Secretary, HM Treasury

The Government has become aware of an inaccuracy in response to a Parliamentary Question [HL4237] setting out which of the Chancellor’s Edinburgh Reforms will be delivered via primary or secondary legislation or using existing powers issued on 15 December 2022.

The response stated that all changes to the Building Societies Act 1986 would be delivered through secondary legislation only. However, I should have stated that the following changes will be made through secondary legislation: exempting deposits from SMEs with a turnover of up to £6.5 million from the funding limit calculation; allowing one director to sign the balance sheet on behalf of the board; and removing the retirement age provisions as stated in the 1986 Act for directors. Primary legislation will be required for the remainder of the changes.