Contributions
2,622 recent contributions in Hansard
HANSARDBuy Now, Pay Later: RegulationWhile it is fair to say that buy now, pay later itself is not regulated, many elements of getting out to consumers are regulated. The broader consumer protection legislation which…07 Feb 2024HANSARDBuy Now, Pay Later: RegulationI do not believe so, because, as I said, it is not a huge amount of debt. The average balance for younger people aged 25 to 34 is just £185. One experience that I think many users…07 Feb 2024HANSARDBuy Now, Pay Later: RegulationI agree with my noble friend.07 Feb 2024HANSARDBuy Now, Pay Later: RegulationI am not sure whether the noble Lord has looked at what the late payment fees are for buy now, pay later firms. They are incredibly small, because the business model is very…07 Feb 2024HANSARDBuy Now, Pay Later: RegulationWe will act by publishing the results of the consultation and our response to it in due course.07 Feb 2024HANSARDBuy Now, Pay Later: RegulationI do not always. There seems to be a “computer says no” attitude to newfangled things. I absolutely reject that. While noble Lords may or may not use buy now, pay later, I know…07 Feb 2024HANSARDBuy Now, Pay Later: RegulationMy Lords, the Government’s consultation on proposed draft legislation to bring buy now, pay later into regulation closed in April 2023. In it, the Government reiterated their…07 Feb 2024HANSARDHigh Street Banks and Banking HubsThat is a significant drop from 2017, just six years ago, when almost two-thirds of UK adults did. Is the noble Lord suggesting that these individuals therefore did not transact…25 Jan 2024HANSARDHigh Street Banks and Banking HubsMy Lords, I very much appreciate the opportunity to return to the topic of access to cash and to face-to-face banking facilities. I really do appreciate the strength of feeling…25 Jan 2024HANSARDClimate Risk ModelsThe Bank of England has two major roles, as my noble friend will be aware: it is responsible for monetary policy but also for financial stability. Climate risk very much falls…25 Jan 2024HANSARDClimate Risk ModelsNo, the Government will not ask the PRA—or indeed anybody else—to do that as a matter of urgency. It is up to those independent regulators to decide the next stage at which CBES…25 Jan 2024HANSARDClimate Risk ModelsOf course, my officials and those who work for the independent regulators will look at all evidence, and one often finds that it is very conflicting. The challenges of the models…25 Jan 2024HANSARDClimate Risk ModelsGoodness—that is a very wide-ranging question from my noble friend. I do not think it quite right to say that the Bank of England is committed to the scenarios it used back in…25 Jan 2024HANSARDClimate Risk ModelsAs the noble Lord is aware, our financial regulators are of course independent of government. However, the Government are clear in their annual letters to the various regulators…25 Jan 2024HANSARDClimate Risk ModelsThe noble Lord raises a very important issue. However, it is slightly beyond the remit of the Question.25 Jan 2024HANSARDClimate Risk ModelsThe outcome of the CBES exercise shows that, if banks and insurers do not respond effectively, climate risk could cause a persistent and material drag on profitability: bank…25 Jan 2024HANSARDClimate Risk ModelsI am well aware of the Government’s work on forest risk commodities, which is under way, as it falls within my portfolio. I cannot give the noble Lord any further timings at this…25 Jan 2024HANSARDClimate Risk ModelsNo, I do not quite agree with my noble friend, because the Bank of England has a responsibility to look at all risks. He pointed out many risks that are not climate related.…25 Jan 2024HANSARDClimate Risk ModelsThe independent Bank of England’s climate biennial exploratory scenario builds on globally recognised scenarios from the Network for Greening the Financial System and represents…25 Jan 2024HANSARDLocal Government Finance Act 1988 (Prescription of Non-Domestic Rating Multipliers) (England) Regulations 2023Once again, I am grateful to noble Lords for sharing their thoughts in this short debate. As ever, the noble Lord, Lord Jones, rightly held the Executive to account. I always…23 Jan 2024