Tulip Siddiq
MP for Hampstead and Highgate · Labour · United Kingdom
“I explained that no one has ever contacted me about all those allegations—not even now—because apparently they cannot find me, even though I am standing here right now in Parliament.”
House of Commons22 October 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Some people in the House may have noticed that a year ago a foreign state took an enormous interest in me and went to town with the newspapers.”
House of Commons22 October 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“On 24 September, Melissa Premaratne was on her way to school when she was run over by a private hire vehicle on a crossing. Her parents, family, friends and teachers at Highgate school are understandably devastated.”
House of Commons22 October 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Vincent Chan abused baby girls at a Bright Horizons nursery in my constituency for seven years. The Guardian has now revealed that three years before he was arrested, a complaint was made about him.”
House of Commons15 October 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“On the topic of local businesses, 87% of my constituents voted to remain in the EU, but kitchen designer Neil Lerner told me that he had to close the doors on a family business that had lasted for more than 30 years because of a severe downturn in sales caused by Brexit, a local bakery told me that its paperwork nearly doubled before it c…”
House of Commons12 October 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“While I recognise this was not the main part of the Foreign Secretary’s statement, I thank him for raising the plight of British Jewish children who are fearful going to school. As he will know, a lot of British Jewish children live in my constituency, and their safety is my main priority.”
House of Commons8 September 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
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“That is why we held the international investment summit in October—to show firms at home and abroad that Britain is open for business once more. That is why we have introduced a new fiscal rule—the investment rule—which, alongside appropriate guardrails provided by the OBR and our new stability rule, means that this Government can meaningfully invest in our country’s future. Of course, investment means taking a long-term view. As anyone who has bought a property, built a business or raised a family will know, the early days are always the hardest. But if they take the hard calls now, in time they will get back far more than they put in. I pick those examples deliberately, but with regret.”
House of Commons6 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The right hon. Gentleman has intervened 18 times. I shall not give him another chance. Let me continue. That is the only way that we can really fix the foundations. Of course, that involves taking tough decisions, particularly on spending and taxation, but I will take no lectures from those who were content to levy a £22 billion pound tax on this country’s future, and, through their unfunded spending commitments, attempt to undemocratically bind the hands of a future Government. Well, guess what? This Government will do things differently. While the previous Government allowed investment in our country to fall to its lowest level on record, this Government will put investment at the heart of everything that we do.”
House of Commons6 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“These changes will put certain members in a less advantageous position. To mitigate the impact, HMRC has engaged with the pensions industry to suggest that affected payments be delayed until the regulations are in place. Most pension providers have followed that advice. The majority of pension scheme members have been able to access the correct benefits since the lifetime allowance abolition legislation was completed earlier this year. A very small number of individuals, mainly those with large pension pots, have been inconvenienced; in some cases they have been unable to access their benefits because of some technical flaws in the legislation. The draft regulations will correct the tax position for those individuals and will allow the pensions tax regime to operate as intended. I commend them to the Committee.”
House of Commons5 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“They will correct the calculation of the additional lump sum amount in respect of scheme-specific lump sums and will modify the availability of a member’s overseas transfer allowance where a member has a pre-commencement pension in payment. They will also amend subordinate legislation to ensure that a lump sum paid in reliance on an erroneous transitional tax-free amount certificate remains an authorised payment, with any excess subject to marginal rate taxation. The draft regulations are necessary to ensure that pension tax legislation can operate as intended. Without them, pension scheme administrators face uncertainty, and some taxpayers could receive an unintentionally more advantageous outcome than they would have if the lifetime allowance had remained in place. I hope you are with me, Mrs Harris!”
House of Commons5 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Additional secondary legislation was then needed to provide further administrative and technical detail. Since the Finance Act 2024 and the regulations that followed it, His Majesty’s Revenue and Customs has continued to work with industry representatives to ensure that the legislation operates correctly. In doing so, HMRC has identified some errors that need to be corrected. The draft regulations will amend schedule 29 to the Finance Act 2004 to facilitate the correct calculation of crystallised pension rights for the purposes of the trivial commutation lump sum. They will amend schedule 36 to the 2004 Act so that the calculation of the pension credit factor is dependent on the standard lifetime allowance at the time the rights were acquired.”
House of Commons5 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“2) Act 2023 removed the lifetime allowance charge; this was done to incentivise those considering retirement to remain in employment, and to encourage those who had already left the workplace to return. The Finance Act 2024 removed the other elements of the lifetime allowance from the pensions tax regime, from 6 April 2024. This was an enormous task: the entire pensions tax regime was structured around the existence of a lifetime allowance. Many other aspects of the regime, such as allowable pension and lump sum benefits, were calculated by reference to the lifetime allowance. It took over 100 pages of primary legislation to remove the lifetime allowance and replace it with other rules to make the pensions tax regime operate correctly in its absence. That included the introduction of new allowances.”
House of Commons5 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I beg to move, That the Committee has considered the draft Pensions (Abolition of Lifetime Allowance Charge etc) (No. 3) Regulations 2024. As always, Mrs Harris, it is a pleasure to serve under your chairmanship. I will take the Committee briefly through the background and the purpose of the draft regulations, which relate to the abolition of the pensions lifetime allowance. The lifetime allowance was introduced to limit tax-favoured pension savings in registered pension schemes: it was the maximum amount of tax-relievable pension savings from which an individual could benefit over the course of their lifetime. At spring Budget 2023, the then Government announced that they would abolish the lifetime allowance. The Finance (No.”
House of Commons5 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I know that they are highly technical, so I thank the Committee for putting up with me talking for a long time. Question put and agreed to.”
House of Commons5 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I thank the Opposition spokesperson for supporting the draft regulations. The Government announced in August, through an HMRC pension schemes newsletter, that we would make the legislative changes needed to complete the abolition of the lifetime allowance. That is what we are doing in the draft regulations, which will come into force on 18 November and will have retrospective effect from 6 April 2024. We have no plans to reintroduce the lifetime allowance, but we keep all taxes under review as part of our process. The draft regulations will conclude the work to abolish the lifetime allowance, addressing issues raised by the industry and providing certainty to pension schemes, administrators and pension savers. I hope that the Committee will join me in supporting them.”
House of Commons5 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Increasing economic productivity is a key mission in the Labour Government’s growth agenda. After 14 years of weak productivity, depressed living standards and unfunded spending commitments, we are adamant about bringing our country into an upward trajectory, using the national wealth fund and the significant planning reforms that we are bringing together to ensure a decade of national renewal for our country.”
House of Commons29 October 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I am fully aware of the assets of my hon. Friend’s constituency, including the neighbourhood centres that he mentions, and the surrounding villages, which host amazing music festivals. I recognise the contribution of the hospitality sector in Stevenage to the UK economy, and I know he is a great champion of the borough business club. I am confident that our Government’s growth mission will ensure that hospitality businesses in Stevenage continue to grow. The Government look forward to working with organisations such as UKHospitality to facilitate that.”
House of Commons29 October 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“As my hon. Friend rightly says, we identified advanced manufacturing as a growth-driving sector in the recently published industrial strategy Green Paper. I know how important manufacturing centres such as the Very Light Rail National Innovation Centre are to Dudley and the UK economy. We are committed to supporting advanced manufacturing through the industrial strategy, which, alongside sector plans, will be developed in partnership with businesses and stakeholders ahead of publication in spring 2025. I hope that she will contribute to that. Jobs will be at the heart of our industrial strategy, backed by employment rights that are fit for a modern economy.”
House of Commons29 October 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“As the hon. Member will know, the Chancellor listens carefully to everything that is said in the Chamber, and I am sure that she has noted what he has said.”
House of Commons29 October 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I think we were mis-sold a lot of things by the previous Government, if that is what the hon. Member is talking about. I remind him that we had the investment summit recently, where we secured £63 billion of private investment, creating more than 38,000 jobs. That is more than double what the previous Government secured in 2023.”
House of Commons29 October 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The proposed regulations will drive high standards of conduct among “buy now, pay later” firms, ensuring that consumers receive clear information and have access to strong protections. Our proposals will also allow the Financial Conduct Authority to require “buy now, pay later” firms to carry out affordability checks, ensuring that firms lend only to borrowers who can afford to repay.”
House of Commons29 October 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Other parts of the regulations make changes that are consequential to the proper functioning of the reformed regime, including for the necessary retention of the risk margin and Gibraltar regulations that I have already noted. The regulations may sound quite technical, but they are an essential component to complete reforms to the prudential regulatory regime for insurers by the end of this year. The hon. Member for Havant, who sat on the Government side when we went through the entire Financial Services and Markets Act, will be well briefed on what we are doing. I hope the Committee will join me in supporting the regulations and I commend them to the House.”
House of Commons15 October 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“That is in addition to the sector-level results that the PRA has been publishing since 2019. This safeguard provides additional transparency to the market around the resilience of life insurers. It mirrors the approach taken for the results of stress tests for banks. Finally, the regulations make a number of technical amendments to existing legislation, including the Financial Services and Markets Act 2000, to support implementation of the Government’s package of Solvency II reforms. For example, the regulations amend the definition of both insurance and reinsurance, undertaking to remove references to assimilated EU law. They also remove the definitions of third-country insurance undertaking and third-country reinsurance undertaking, which are not relevant now that the UK is not part of the EU.”
House of Commons15 October 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I will now turn to the detail of what the regulations do. They restate provisions on the calculation of the capital buffer known as the risk margin that would otherwise be repealed at the end of this year. They also affirm the Prudential Regulation Authority’s power to make rules permitting insurers to adopt proportionate approaches to determine the risk margin. The regulations provide that UK supervisory arrangements for Gibraltarian firms will continue unchanged until the broader Gibraltar authorisation regime, legislated for in the Financial Services Act 2021, comes into force. The regulations empower the PRA to publish results for individual firms within scope of the PRA’s life insurance stress tests, which are generally the largest firms in the life sector.”
House of Commons15 October 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The reforms address demand-side barriers by reducing insurers’ regulatory capital requirements, releasing billions into firms’ balance sheets and incentivising insurers to invest in the UK. These legislative reforms were announced in November 2022 and came into force on 31 December 2023 and 30 June 2024. This statutory instrument makes necessary provision to maintain the reforms and the wider regulatory regime on the revocation of the relevant assimilated EU law on 31 December 2024. In summary, this statutory instrument preserves a significant cut in the regulatory capital buffer known as the risk margin, maintains the regulatory requirements on insurance groups and undertakings in Gibraltar, and makes further amendments required as a result of changes to the Financial Services and Markets Act 2000 and other legislation.”
House of Commons15 October 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I beg to move, That the Committee has considered the draft Insurance and Reinsurance Undertakings (Prudential Requirements) (Amendment and Miscellaneous Provisions) Regulations 2024. It is a pleasure to serve under your chairmanship, Mr Dowd. The UK’s financial services sector is central to driving growth in the wider UK economy. The Government have committed to reinvigorating the UK’s capital markets, driving innovation and investment in the economy, and enabling the growth and scale-up of innovative green technologies. To that end, we are taking action to address barriers to both the supply of and demand for UK productive investments. This statutory instrument forms part of a package of reforms to the assimilated EU law that governs the rules that maintain the safety and soundness of UK insurance firms, known as Solvency II.”
House of Commons15 October 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“We all want to generate growth and investment in our country and I hope the Committee will support me in supporting these reforms. We want to have a smooth transition to the reformed Solvency II regime by the end of this year. Question put and agreed to.”
House of Commons15 October 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I associate myself with the comments of the hon. Member for Havant on the ambition and resilience of our financial services sector. I agree that we should be very proud of it. In response to the point made by the hon. Member for St Albans, I will keep an eye on and will review the risk she mentions. She will be pleased to know that this Government are resetting the relationship with the EU, by not ramping up divisive rhetoric with our closest trading partners. We are making sure we have a productive relationship with them. I will keep an eye on the risk she mentions. I thank both hon. Members for sharing our ambition in Solvency II. I know that the reforms are technical in nature, but they are an important step in our shared hope, across the Chamber, to reform the UK’s insurance sector.”
House of Commons15 October 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The Government are already taking action to fix Britain’s economic foundations, with a new approach to growth with three pillars: stability, investment and reform. Sustainable public finances are necessary for economic stability and long-term growth, and the Government will set out the difficult decisions needed to secure the public finances in the Budget on 30 October. The Government have already announced a fiscal lock to support policy stability by ensuring that fiscally significant announcements are subject to an independent Office for Budget Responsibility assessment.”
House of Commons3 September 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I should have welcomed my hon. Friend to his place. It was the previous Government’s decision to maintain tax thresholds at their current levels until 2028. We have inherited an extremely difficult fiscal situation, meaning that we cannot undo everything they did, but the Prime Minister has been clear that those with the broadest shoulders should bear the heavier burden. The Government are providing £0.5 billion, including the estimated Barnett consequential, to extend the household support fund in England for another six months, to 31 March 2025. It continues to be our aim to support those who are most in need. The household support fund is specifically used by local authorities to help the most vulnerable households cover the cost of essentials such as food, energy and water.”
House of Commons3 September 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I thank the hon. Gentleman for his question. Having served as a local councillor for many years, I very much recognise the problem that he describes. I am sorry to hear about this troubling situation, and I will refer his comments to the Secretary of State for Housing, Communities and Local Government and make sure that he gets the response he should have had before.”
House of Commons3 September 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I thank my hon. Friend for his question. Upon taking office, as he says, we discovered a £22 billion black hole in the public finances that had been left by the previous Government, and we have now uncovered a litany of unfunded Conservative spending commitments. We recently learned that the deficit is now £4.7 billion higher than the OBR forecast in March because of the previous Government’s economic recklessness. We will rectify this, and we will set out a clear spending plan, and an ambitious plan to get the country back into stable economic conditions, at the Budget.”
House of Commons3 September 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I think I thank the right hon. Gentleman for his question, but may I point out gently to him that, had our economy grown at the average rate of other OECD economies over the last 13 years, it would have been £140 billion larger? I also point out that under the Conservatives the tax burden rose to its highest level for 70 years. I will take no lessons from the Conservative party, because the last Government oversaw the biggest drop in household real disposable incomes since records began.”
House of Commons3 September 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“There is no point in having a banking hub if it does not meet the specific requirements of the town.”
House of Commons2 September 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The fact that they have stayed behind at a quarter past 10 on a Monday, on their first day back to Parliament on a one-line Whip, demonstrates their commitment. I know that this issue affects many of our constituents, and hon. Members are absolutely right to champion it.”
House of Commons2 September 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I commend my hon. Friend the Member for Hexham (Joe Morris) for securing this important debate, which I think is his first Adjournment debate. I also congratulate him on being the first Labour MP for Hexham. His Wikipedia entry famously boasts that he broke a 100-year streak of Conservative MPs to be in this place. If that is not an accolade, I do not know what is. Just before I came to this debate, I was having dinner with my hon. Friend the Member for Warwick and Leamington (Matt Western). I mentioned to him that I was answering a debate called by our hon. Friend the Member for Hexham; our hon. Friend will be pleased to know that he said that Hexham is the most beautiful place he has ever been to in his life—I would say other than Hampstead and Highgate, obviously. I thank all hon. Members who have contributed to this important debate.”
House of Commons2 September 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Obviously, we have not been in Government for very long, but even before the election we committed to working closely with banks to roll out at least 350 banking hubs, which will provide individuals and businesses up and down the country with critical cash and banking services.”
House of Commons2 September 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Friend the Member for Hexham talked about his 74-year-old constituent who has to travel so far. That example particularly stood out to me, because that should not be the case. I assure my hon. Friend that the Government understand the importance of face-to-face banking, and banking access, to our communities. Not only is it is key to the health and vibrancy of those communities, but as he pointed out, it helps them to drive forward and benefit from our country’s economic growth, and the rural economy. To anyone listening to the debate, please be in no doubt that the Government share the objective of enhancing access to banking services, and we will be prioritising the delivery of that accordingly. Work has already started.”
House of Commons2 September 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Ensuring access to banking and supporting financial inclusion featured very highly in our manifesto, which all Labour Members were elected on. We want to ensure that our constituents manage to access the services that they deserve. Before I get on to the meat of the topic, I will briefly provide the context. Although many people have benefited from changes to the UK’s banking landscape, such as the ease and convenience for some people of remote banking, it is clear to me that others have found it a lot more challenging. According to the consumer organisation Which? over 600 branches in the UK have closed since 2015. Bank branch closures have significantly impacted those in communities who need access to in-person banking services. I am really sorry to hear about some of the specific cases that have been raised. My hon.”
House of Commons2 September 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I thank my hon. Friend for her intervention. I know that she is a doughty champion for her constituents. I hear what she says about her rural constituency. Mine is not a rural constituency, but I speak to people across the country who are really struggling with digital connectivity, as she outlines. It is something that the Government are taking very seriously, and we are aware of the obstacles in the way of people trying to access services online. I am pleased that this is my first parliamentary debate as the Economic Secretary to the Treasury, because this is an issue that is close to my heart, and one that I am determined to try to address. It is a privilege to be able to use this office to tackle some of the country’s most important issues, as my hon. Friend just said.”
House of Commons2 September 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I absolutely hear what my hon. Friend says about protecting vulnerable people in our constituencies. That is why a lot of us stood for the Labour party: because we want to protect the most vulnerable. I will come on to LINK, which provides the banking hubs, but if he does not mind writing to me and laying out exactly what the issue is, I can write to him about the topic and about the criteria, because it sounds as if there is a very small matter that needs looking at and I am happy to do so. I will talk later about LINK, but I ask him to make representations as well.”
House of Commons2 September 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“It will consider criteria such as population size, the number of retailers in the community and the availability of alternative bank branches. Communities can ask LINK to carry out an assessment of the local area; I urge my hon. Friends the Members for Blyth and Ashington (Ian Lavery) and for Hexham to make to LINK the case that has so convincingly been made to me. At the end of the day, we have asked it to make the decisions, but I can help in the process as well. Looking forward, I expect the banks to consider carefully whether the needs of a local community are being adequately served when thought is given to where the banking hubs should be rolled out. However, I also want the industry to ensure that the range and quality of banking services provided in hubs are delivering for customers up and down the country.”
House of Commons2 September 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Member might know, 60 banking hubs have already opened. As I said, we anticipate that 100 will be open at the end of this year, but I agree that it is frustrating to have to wait and watch. We want them to be up and running so that our constituents can make good use of them. We want to ensure that the hubs mean that people and businesses can withdraw and deposit cash, because we know that people still use it. They will deposit cheques, pay bills and make balance inquiries. They will also contain dedicated community bankers from the largest banks in the area on a rotating basis, to help people and businesses carry out wider banking services. The decisions on the locations of future banking hubs will be made by LINK, which is the banking industry’s cash co-ordinating body.”
House of Commons2 September 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“No Adjournment debate would be complete without an intervention from the hon. Member, so I am glad he intervened; I was waiting for him to do so. I share his frustration about the slowness of the roll-out—I pushed for it when I was in opposition and asked why it was taking so long. I will address this point in my speech, but I can reassure him that with as much influence as I have in our office, we have been asking for the banking hubs to be set up and ready. We are hoping to achieve 100 banking hubs by the end of this year, but I am conscious that they take a long time to set up. It is to do with the planning process, but that is not an excuse. I would like to speed up the roll-out, because I feel it has been dragging on for a long time. I absolutely share his frustration. As the hon.”
House of Commons2 September 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“] I don’t have time, do I, Madam Deputy Speaker? You are looking at me. I will just say that the Government are committed to looking for ways to strengthen the post office network. The Secretary of State met the chair of the Post Office to discuss that and other important issues, and the Government protect the post office network by setting minimum access criteria to ensure that 99% of the UK population lives within three miles of a post office, with around 11,000 branches in the UK. Madam Deputy Speaker, you have been very kind and allowed me a bit more time, so I will finish by thanking my hon. Friend once again—”
House of Commons2 September 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Thinkbroadband reported in August of this year that approximately 84% of the UK can now access a gigabit-capable connection. Although the majority of premises will be covered by commercial activity or Project Gigabit, the Government are considering alternative ways to improve connectivity for the parts of the UK where that is not possible. If constituents or Members write to me, we will bear their areas in mind. I thank everyone for their thoughtful contributions, but this will not be my last speech on this matter. I want to take my hon. Friend the Member for Hexham, and other Members who have spoken, along with me on my journey, working together with the financial services sector and the public to deliver financial services. I want to mention quickly the post office network— [ Interruption.”
House of Commons2 September 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“However, that does not mean that everyone has the means, confidence and skills to use those services, as many hon. Friends have said. We recognise that although we live in an increasingly online world, part of the population, including in my constituency, remain digitally excluded. As a Government, we are committed to improving connectivity and digital access for all constituents. We will continue to support the roll-out of a modernised broadband infrastructure through Project Gigabit, closing the digital divide for remote areas of Britain. The Government have already started the renewed push to reach full gigabit coverage by 2030. This month we have announced funding of £800 million to improve broadband for over 300,000 rural homes and businesses.”
House of Commons2 September 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“If a closure results in a gap in provision, firms will be required to put in place a new service that meets the community’s needs. That could mean a new ATM deposit service or a banking hub. Where a new service is recommended, firms will need to ensure that it is place before they are able to close the existing service, to avoid gaps emerging in access to cash. Those rules will come into force on 18 September, which I am sure will be welcomed by Members across the House. We recognise that banking has changed through a shift towards online and mobile access, which mean that customers have more ways to access banking services conveniently and securely. Banking users have clearly taken up those opportunities; recent FCA data shows that almost nine in 10 adults bank online.”
House of Commons2 September 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“According to UK Finance, cash remained the second most popular payment method last year, so it is not right to dismiss and question the idea that people still use cash. Overall data shows that cash coverage in the UK remains good. According to Financial Conduct Authority analysis, over 99% of the UK urban population is within one mile of a free withdrawal cashpoint, and over 98% of the UK rural population is within three miles of one. I hope that that reassures hon. Members. However, it is important that coverage is maintained, so I welcome the FCA’s forthcoming rules on access to cash, under which designated banks and building societies will be required to assess the impact of a closure on a community’s ability to access cash.”
House of Commons2 September 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I thank my hon. Friend for his intervention and associate myself with his comments about Nicky Gavron, who was my constituent and a great friend. She worked with us in London Labour when my hon. Friend was—dare I say it—a very young man. We worked with her for many years, and it was very sad to see her go. I can assure my hon. Friend that I speak to the banks every day to ensure that they know what our values are and how we want them delivered. Beyond banking hubs, I am saying to them that communities need key banking services to ensure that they have accessibility, cash withdrawal and deposit services—particularly our local businesses and charities, which often deal in cash and need convenient ways to deposit their takings, but also everyone who uses cash to make everyday purchases.”
House of Commons2 September 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Instead, we have pledged to deliver economic stability with tough spending rules so that we can grow our economy and keep taxes, inflation and mortgages as low as possible. The choice at the next election is clear: five more years of chaos with the Conservatives or stability with a changed Labour party. That is why the Government are running scared. Time after time, they have chosen to bottle it rather than go to the country, but I hope that, today of all days, the Prime Minister will do the right thing. It is time for this exhausted and failing Government to step aside in the national interest, call an election, and let the responsible party take charge.”
House of Commons22 May 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“On the Conservatives’ watch, the tax burden is the highest in 70 years, and under the Prime Minister’s tax plans households will, on average, be £870 worse off by 2028. Those are the statistics that the Minister missed out. In contrast to the Conservatives, who have consistently failed to explain how they will pay for their £46 billion unfunded commitment to abolish national insurance, we in the Labour party have ensured that all our plans are fully costed. Let me also make it clear that a Labour Government would not be celebrating the inflation target finally being met for the first time in years. We would not be doing a tone-deaf victory lap for overseeing a decade and a half of stagnant growth.”
House of Commons22 May 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“If the UK economy had grown at the average rate of the OECD in the last 14 years, it would now be £140 billion larger—that is not just about lines on a graph; it would have meant an additional £50 billion in tax revenues to invest in our public services, and more money in working people’s pockets. I noted with interest that the Minister quoted selectively from the IMF’s report. In that report, which he cited so triumphantly, the IMF confirmed that under the Conservatives the UK was suffering from the lowest growth in the G7, and just this week the IMF said that the longer-term growth prospects of the UK “remain subdued”. This is the Conservative party’s legacy: a poorer Britain, working people worse off, and the public realm in disarray. I think the Minister may also be slightly confused about his Government’s record on tax.”
House of Commons22 May 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“While Conservative Ministers are popping champagne corks over the rate of food price rises, the cost of the typical family shop has gone up by nearly £1,000 since 2019—so those families will not be celebrating—and while the Chancellor and the Prime Minister gaslight ordinary British families by suggesting that the cost of living crisis is over, the costs for a two-earner household are more than £150 a week higher than they were before the last election. The Minister claims that the economy has turned a corner, but in reality the Conservatives’ record on growth has been nothing short of pitiful.”
House of Commons22 May 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I thank the Minister for advance sight of his statement. Of course it is welcome that the rate of inflation is finally slowing after three years of the Government missing every single target, but the tone-deaf victory lap we are seeing from the Government today will feel like a slap in the face to the British people who, after 14 long years of Conservative chaos, are still significantly worse off.”
House of Commons22 May 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“That makes sense for large-scale, open-ended funds with an ongoing investment strategy, but it clearly is not designed for funds that do not have a specified investment objective, such as funds of one, joint ventures, co-investment vehicles and acquisition vehicles, which instead were created for a particular purpose such as repackaging and selling existing assets to new markets. Since they do not exist to raise additional capital, the requirements associated with alternative investment funds risk being an unnecessary burden and disproportionate when applied to the RIF.”
House of Commons21 May 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗