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Debt levels affect how much households spend. Find the latest data on UK household debt, mortgage rates and insolvencies.
Debt levels affect how much households spend. Find the latest data on UK household debt, mortgage rates and insolvencies.
This briefing covers how the high period of inflation in the UK from 2021 to 2024 continues to affect household incomes, spending, poverty, savings and debt.
This briefing covers how the high period of inflation in the UK from 2021 to 2024 continues to affect household incomes, spending, poverty, savings and debt.
To ask the Chancellor of the Exchequer, what steps she is taking to assist people with student debt to gain access to a mortgage.
To ask the Chancellor of the Exchequer, what steps she is taking to assist people with student debt to gain access to a mortgage.
The Government is committed to making home ownership more accessible by supporting first-time buyers, and welcomes changes made last year to support homeowners. The FCA clarifications to their affordability testing rules have been adopted by 85% of the market and should allow customers to borrow around 10% more on the same income.
Additional flexibility from the Bank of England in relation to their loan-to-income rules are also allowing more customers to access larger mortgages in relation to their incomes. The Bank of England estimates that this change provide capacity for lenders to support up to 36,000 additional first-time buyers in the first year.
The UK also benefits from a competitive mortgage market that offers various low deposit products; prospective buyers are encouraged to shop around and speak to a mortgage broker to find the best possible product for their circumstances.
As a Government, we recognise the impact that previous Government terms can have on graduates’ finances. The government is capping the maximum interest rates on Plan 2 and 3 student loans at 6% from 1 September, for the 2026/27 academic year, delivering stability and protections for graduates from escalating student loan interest. We will continue to keep the terms of the student loan system under review to ensure that it is sustainable and fair for both students and taxpayers.
To ask the Chancellor of the Exchequer, what support is available to homeowners who have accrued unmanageable debt due to increased mortgage interest rates.
To ask the Chancellor of the Exchequer, what support is available to homeowners who have accrued unmanageable debt due to increased mortgage interest rates.
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.
To ask the Chancellor of the Exchequer, whether he has had discussions with (a) banks and (b) other financial institutions on ensuring that people struggling with the cost of living and rising bills do not face financial penalties on overdrafts and mortgages if they default during the cost of living...
To ask the Chancellor of the Exchequer, whether he has had discussions with (a) banks and (b) other financial institutions on ensuring that people struggling with the cost of living and rising bills do not face financial penalties on overdrafts and mortgages if they default during the cost of living...
Treasury Ministers meet regularly with banks and other financial institutions to discuss their general lending and retail banking practices. These financial institutions stand ready to support consumers in the current economic climate. For those struggling to keep up with their mortgage payments or pay back their overdrafts in light of the rising cost of living, it is important they make early contact with their mortgage lender or overdraft provider.
The Financial Conduct Authority (FCA) has guidance that requires firms to offer tailored forbearance options to mortgage borrowers and overdraft users that are in financial difficulty. For mortgage borrowers, this could include measures such as a payment holiday, partial payment, or an extension of mortgage term. For overdraft users, the FCA set rules for banks and building societies. These include mandating that they cannot charge more for unarranged overdrafts than arranged overdrafts, banning fixed daily and monthly charges, and measures to improve the transparency of pricing. In instances where an overdraft provider identifies that a customer has a pattern of repeat overdraft use and may see increased fees on their borrowing, the rules also require firms to develop strategies to reduce harm to customers.
My Lords, it is a great pleasure to follow the noble Baronesses, Lady Bowles of Berkhamsted and Lady Noakes. I will speak to Amendments 74 and 77 because they both raise some real, important and fundamental issues.
As the noble Baroness, Lady Bowles, indicated, vastly different numbers for bank capital and...
My Lords, it is a great pleasure to follow the noble Baronesses, Lady Bowles of Berkhamsted and Lady Noakes. I will speak to Amendments 74 and 77 because they both raise some real, important and fundamental issues.
As the noble Baroness, Lady Bowles, indicated, vastly different numbers for bank capital and...
My Lords, as we have heard, Amendments 74 and 77 concern accounting standards. I have listened carefully to what the noble Baroness, Lady Bowles, and other Members of the Committee have said. It is perhaps best to begin by making a key distinction: the objective of accounting numbers is to...
My Lords, as we have heard, Amendments 74 and 77 concern accounting standards. I have listened carefully to what the noble Baroness, Lady Bowles, and other Members of the Committee have said. It is perhaps best to begin by making a key distinction: the objective of accounting numbers is to...
My Lords, I thank all noble Lords for having taken part in this debate and for enabling me to find some way in a busy parliamentary schedule to enable airing of a few of the problems with IFRS. I regret that IFRS has not been picked for a study by...
My Lords, I thank all noble Lords for having taken part in this debate and for enabling me to find some way in a busy parliamentary schedule to enable airing of a few of the problems with IFRS. I regret that IFRS has not been picked for a study by...
My Lords, I was not sure where the debate on short selling would go. I am broadly satisfied with the present rules that prohibit naked short selling and require that a short
seller has identified where they will obtain the shares when delivery is required. There is a little bit...
My Lords, I was not sure where the debate on short selling would go. I am broadly satisfied with the present rules that prohibit naked short selling and require that a short
seller has identified where they will obtain the shares when delivery is required. There is a little bit...
My Lords, it is a pleasure to take part in day five of Committee of the Financial Services Bill. In doing so, I declare my interests as set out in the register.
I was keen to speak to the amendment in the name of my noble friend Lady McIntosh of Pickering—and...
My Lords, it is a pleasure to take part in day five of Committee of the Financial Services Bill. In doing so, I declare my interests as set out in the register.
I was keen to speak to the amendment in the name of my noble friend Lady McIntosh of Pickering—and...
My Lords, I support the call of my noble friend Lady McIntosh of Pickering for a review of short-selling legislation, although I start from a very different position to her. As she explained, our short-selling rules were acquired via the EU, which is how they found their way on to...
My Lords, I support the call of my noble friend Lady McIntosh of Pickering for a review of short-selling legislation, although I start from a very different position to her. As she explained, our short-selling rules were acquired via the EU, which is how they found their way on to...
My Lords, I refer to my interests in the register. It is always a pleasure to follow the noble Baroness, Lady Noakes; it is also something of a challenge as she speaks so authoritatively on matters such as these and I often find myself agreeing with her.
The noble Baroness, Lady...
My Lords, I refer to my interests in the register. It is always a pleasure to follow the noble Baroness, Lady Noakes; it is also something of a challenge as she speaks so authoritatively on matters such as these and I often find myself agreeing with her.
The noble Baroness, Lady...
My Lords, Amendment 78, in the names of my noble friends Lady McIntosh of Pickering and Lord Holmes of Richmond, seeks to commission a review of legislation relating to short selling. It is a pleasure to follow my noble friends Lady Noakes and Lord Sharpe of Epsom; I must say,...
My Lords, Amendment 78, in the names of my noble friends Lady McIntosh of Pickering and Lord Holmes of Richmond, seeks to commission a review of legislation relating to short selling. It is a pleasure to follow my noble friends Lady Noakes and Lord Sharpe of Epsom; I must say,...
My Lords, once again, I am moving outside of any area where I can claim expertise. Essentially, I have no problem with short selling in the right place and time and under the right regulations, but I am concerned that, in the current environment, any move to look at the...
My Lords, once again, I am moving outside of any area where I can claim expertise. Essentially, I have no problem with short selling in the right place and time and under the right regulations, but I am concerned that, in the current environment, any move to look at the...
My Lords, this request for a review of short selling is essentially a request to focus on just one of the aspects of the financial markets today that may contribute to enhanced instability in times of stress. It is not just short selling that involves the sale of borrowed assets—this...
My Lords, this request for a review of short selling is essentially a request to focus on just one of the aspects of the financial markets today that may contribute to enhanced instability in times of stress. It is not just short selling that involves the sale of borrowed assets—this...
My Lords, it is important to stress, as a number of noble Lords have done, that short selling is a legitimate investment technique that can contribute to orderly and open markets supporting many consumers. Taking short and long positions can ensure that investors are able to manage risk and volatility...
My Lords, it is important to stress, as a number of noble Lords have done, that short selling is a legitimate investment technique that can contribute to orderly and open markets supporting many consumers. Taking short and long positions can ensure that investors are able to manage risk and volatility...
I am grateful to the Minister and to all those who have contributed. I recognise the role that the noble Baroness, Lady Bowles, played in the adoption of the current EU regulation. I am grateful to my noble friend and others who set out the arguments on one side or...
I am grateful to the Minister and to all those who have contributed. I recognise the role that the noble Baroness, Lady Bowles, played in the adoption of the current EU regulation. I am grateful to my noble friend and others who set out the arguments on one side or...
My Lords, I am delighted to have this opportunity to speak to and move Amendment 78, and to thank my noble friend Lord Holmes of Richmond for his support and for co-signing the amendment.
Clause 40 deals with subordinate legislation made under retained direct EU legislation. This is a probing amendment...
My Lords, I am delighted to have this opportunity to speak to and move Amendment 78, and to thank my noble friend Lord Holmes of Richmond for his support and for co-signing the amendment.
Clause 40 deals with subordinate legislation made under retained direct EU legislation. This is a probing amendment...
Moved by
Baroness McIntosh of Pickering
78: After Clause 40, insert the following new Clause—
“Short selling review
(1) Within the period of six months beginning with the day on which this Act is passed, the Secretary of State must commission a review of legislation relating to short selling.
(2) Following the conclusion of the...
Moved by
Baroness McIntosh of Pickering
78: After Clause 40, insert the following new Clause—
“Short selling review
(1) Within the period of six months beginning with the day on which this Act is passed, the Secretary of State must commission a review of legislation relating to short selling.
(2) Following the conclusion of the...