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The Latest Breaking News from Treasury Committee

Banks under fire as HSBC profits surge while borrowers are squeezed

The chair of the Treasury Committee said the latest figures show major lenders are not sufficiently passing on higher interest rates to savers

The Independent UK

Tangled tax break approach needs drastic overhaul, MPs warn

An inquiry by the Commons Treasury Committee expressed concern about a serious lack of scrutiny of the tax reliefs.

The Independent UK

Savings providers must keep customers informed about available rates – watchdog

FCA boss Nikhil Rathi said firms will need a strategy to ensure customers are adequately informed of available rates across their product set.

The Independent UK

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Banks pressed by MPs to make further rate hikes for savings customers

The Treasury Committee has written to the bosses of major banks to ask if they believe all their savings rates provide ‘fair value’ to customers.

The Independent UK

‘Lack of clarity’ concerns raised over impact of self-assessment helpline change

Treasury Committee chairwoman Harriett Baldwin said she is disappointed at HMRC’s response to questions on changes to the self-assessment helpline.

The Independent UK

Is crypto trading the same as gambling? This U.K. parliament committee thinks so, and most crypto advocates—unsurprisingly—disagree

The Treasury Committee in the House of Commons said crypto assets have "no intrinsic value."

Fortune

Treating cryptocurrencies as gambling would be 'a backwards step'

A government committee report has proposed new regulation for the nascent industry

Insider UK

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Cryptocurrency trading should be regulated as gambling, says Treasury Committee

Unbacked cryptoassets pose significant risks to consumers, given their price volatility and the risk of losses, the committee said.

The Independent UK

Cryptocurrency trading should be regulated as gambling as it ‘serves no useful purpose’ otherwise, MPs say

The Committee said regulating cryptocurrencies as financial products risked giving people a false sense of security in the assets

Evening Standard

Treasury Committee expands campaign to encourage banks to boost savings rates

The Treasury Committee said it has written to Nationwide Building Society, Santander, TSB and Virgin Money about their easy access savings accounts.

The Independent UK

‘Harm to loyal savers will have increased with interest rate rises’

Financial Conduct Authority chief executive Nikhil Rathi was responding to the Treasury Committee, which has been looking into savings rates.

The Independent UK

SVB collapse was ‘fastest since Barings’, Bank of England says, in call for vigilance – as it happened

Treasury committee holds hearing on the sudden collapse of Silicon Valley Bank this month

The Guardian - UK

Cash savings rates have improved but still cannot beat inflation, says website

Savers coming off a one-year fixed bond or Isa will notice that the equivalent rates are now much higher, according to Moneyfactscompare.co.uk.

The Independent UK

Proposals to reimburse scam victims are half-baked, says Treasury Committee

Treasury Committee chair Harriett Baldwin said regulators need to sort out exclusions and criteria quickly.

The Independent UK

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Nottingham Post

DWP £900 cost of living payments affected by 'clunky system - calls for more frequent payments

MPs had called for upcoming cost of living support worth £900 to be spread out in several instalments next winter.

The Independent UK

Banking giants asked to explain why some savings rates remain so low

The Treasury Committee is asking major banks for a breakdown of the revenue and profits generated from their savings products.

Liverpool Echo

'Clunky' DWP system affecting new £900 Cost of Living payments

The Treasury Committee said payments to people on means-tested benefits should be spread out over six months in winter

Daily Record

New £900 cost of living payment cannot be more frequent due to ‘clunky’ computer systems

The Treasury Committee said payments to people on means-tested benefits should be spread out over six months in winter.

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Daily Mirror

'Clunky' systems mean hard-up families miss out on monthly cost-of-living cash

Tory MP Harriett Baldwin, chair of the Treasury Committee, said it is "disappointing to hear that clunky systems will prevent the delivery of six regular support payments next winter"

The Independent UK

Clunky systems hindering more frequent cost-of-living support, says committee

The Treasury Committee previously called for cost-of-living payments to people on means-tested benefits to be spread out over next winter.

The Guardian - UK

Deliveroo cutting 9% of staff; Bank of England governor pledges to get inflation down – as it happened

BoE governor Andrew Bailey has warned MPs that paying for public sector pay rises with borrowing could push up inflation

Insider UK

Bosses of major banks defend branch closures

In a Treasury Committee hearing they also denied relying on customer account switching inertia

The Independent UK

Bosses of major banks defend branch closures to MPs

Chief executives from NatWest Group, Barclays UK, HSBC UK and Lloyds Banking Group appeared before the Treasury Committee.

The Independent UK

Plans to reimburse bank transfer scam victims are ‘fundamentally flawed’, Treasury Committee warns

‘Putting an industry body in charge of reimbursing scam victims is like asking a fox to guard the henhouse’

The Independent UK

Plans to reimburse bank transfer scam victims are flawed – Treasury Committee

Victims of fraud have been waiting too long for a fair and functional scam reimbursement scheme, MPs said.

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