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The Latest Breaking News from the Treasury Committee

Government’s Financial Inclusion Strategy ‘is far from the finished product’

The Treasury Committee said there should be clearer targets, data and accountability for the implementation of the strategy.

Evening Standard

Next chancellor must scrap student loans three-year threshold freeze, MPs say

Ministers are facing criticism for how they have handled repayment terms for graduates, in particular those with so-called ‘plan 2’ loans

The Independent UK

Young people didn’t fully understand terms of student loan plans, inquiry finds

More than half of respondents who had a student loan said they did not understand the repayment plan when they signed up

The Independent UK

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We may have cut interest rates twice this year if not for Iran war – Bank chief

Bank of England governor Andrew Bailey told MPs on the Treasury Committee that a rate cut had been taken off the table following the conflict.

Evening Standard

Bank of England governor says food price freezes are ‘unsustainable’

The Iran conflict has been the ‘dominating change in the landscape’ for the economy, Andrew Bailey said

The Independent UK

Lloyds admits nearly half a million banking customers affected by account glitch exposing transaction data

Lloyds, Halifax and Bank of Scotland customers may remember that weird app glitch – now we know a lot more.

TechRadar

People missing out on improving their lives due to financial exclusion, MPs told

The scale of the problem is ‘really large’, the Treasury Committee heard.

Evening Standard

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Insurance industry has more to do to gain people’s trust, ABI boss tells MPs

The Treasury Committee held an evidence session into financial inclusion with representatives from the insurance and banking sectors.

Evening Standard

Leading with kindness is important, HMRC boss tells MPs

John-Paul Marks, first permanent secretary and chief executive at HMRC, addressed the Treasury Committee.

Evening Standard

Resign over Budget briefing chaos, Reeves urged as she orders leak inquiry at the Treasury

Chancellor Rachel Reeves has been urged to resign over the chaos in the run up to her financial statement

Evening Standard

Hunt launched for sources of pre-Budget leaks after Reeves criticism

The leaks culminated in the unprecedented early publication of the Office for Budget Responsibility’s economic and fiscal outlook

The Independent UK

Treasury minister: inquiry into pre-Budget leaks under way

James Murray, a Treasury minister, told MPs that a leak inquiry is ‘under way with the full support of the Chancellor’.

Evening Standard

‘Mortified’ OBR chief prepared to resign if Reeves loses confidence in him over Budget leak

Richard Hughes has written to the Chancellor and Commons Treasury Committee chair Dame Meg Hillier to apologise for the incident

The Independent UK

Tax online betting games to reflect the harm they cause, MPs say

The Government should not ‘cave in to industry scaremongering’, the Treasury Committee has urged.

Evening Standard

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The Independent UK

MPs urge Reeves to tax online betting games to reflect the harm they cause

The government should not ‘cave in to industry scaremongering’, the Treasury committee has urged

Evening Standard

Government should not cut cash Isa allowance, says Treasury Committee

The MPs said the focus should instead be on improving financial literacy and enhancing access to good investment advice and guidance.

Evening Standard

Government has not heeded warnings over Lifetime Isa, says Treasury Committee

The Government has an opportunity at the Budget to ‘think again on the Lisa,’ according to Treasury Committee chairwoman Dame Meg Hillier.

Evening Standard

Bank of England chief warns attacks on central bank independence are ‘dangerous’

Andrew Bailey said he was ‘very concerned’ by independence issues facing the US’s Federal Reserve.

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The Independent UK

Savers should be warned about potential pitfalls of Lifetime Isas, MPs say

The Treasury Committee said savers should be aware of more suitable products

Evening Standard

Complexity of Lifetime Isas increases risk of poor financial decisions, says Treasury Committee

The Treasury Committee said the design of the Lifetime Isa may be diverting people away from more suitable products.

Evening Standard

HMRC boss ‘regrets’ frustrations over £49m phishing scam disclosure

The revenue body has faced criticism and questions over why MPs were not told earlier about a breach affecting around 100,000 taxpayers.

Evening Standard

HMRC failure to notify MPs sooner about £49m phishing scam ‘unacceptable’

In a letter to HMRC, Treasury Committee chairwoman Dame Meg Hillier said that to discover the information during a session ‘is unacceptable’.

The Independent UK

HMRC phishing scam rises to £49m as MPs criticise ‘unacceptable’ delay

Approximately 100,000 taxpayers were affected by an ‘organised crime’ incident which started last year

The Independent UK

Regulators tackle influencers promoting ‘rogue’ financial products as legal action begins

Three arrests have already been made in the UK

Evening Standard

FCA bosses highlight risks of bad advice or fraud from some online influencers

People may lose some or all of their money, the Treasury Committee heard.

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