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The Latest Breaking News from Treasury Committee

Lenders have ‘obligation’ to support struggling borrowers, Bank governor says

In a meeting about the UK’s financial stability, Andrew Bailey told the Treasury Committee that banks are much stronger financially than in the past.

The Independent UK

More than 750,000 households at risk of mortgage default, regulator warns

The figures were included in Financial Conduct Authority correspondence published by the Treasury Committee

The Independent UK

Extra 570,000 mortgage holders ‘at risk of payment shortfall in next two years’

The figures were included in Financial Conduct Authority correspondence published by the Treasury Committee.

The Independent UK

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DWP £900 Cost of Living Payment - everything we know so far

The government will issue an extra cash boost next year to help support vulnerable households

Manchester Evening News

£900 Cost of Living Payment 2023/2024, who gets it and how it may be split

Eight million households will get the £900 payment between April 2023 and March 2024, which won't be sent all at once

Chronicle Live

DWP £900 Cost of Living payment could be split into 6 separate instalments

The payments will be given in 2023 and 2024

Nottingham Post

DWP £900 cost of living payment should be split into six instalments, MPs say

The support will continue to help people on means-tested benefits

Manchester Evening News

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DWP cost of living payments should be split into six, say MPs

A committee has told the Government to change the way it supports people on Universal Credit and other benefits through the crisis

Wales Online

Cost-of-living support should be spread over six months, say MPs

Payments totalling up to £900 will be given to households on means-tested benefits in 2023-24.

The Independent UK

Brits must 'take responsibility' for bills when energy support ends, Jeremy Hunt warns

The Chancellor told MPs on the Treasury Committee that if households reduce their energy usage by 15% they could save £500 per year on bills

Daily Mirror

Buy-to-let sector could be particularly hit by rising mortgage rates, MPs hear

There could be a serious impact on the availability of rental property over the course of the next year or two, the Treasury Committee was told.

The Independent UK

Top Tory bizarrely claims mini-Budget 'so detailed' it couldn't be assessed by watchdog

Treasury Minister Andrew Griffith suggested the Office for Budget Responsibility would have struggled to get through the 40-page document in time - directly contradicting the watchdog

Daily Mirror

MPs demand economic forecast alongside Kwarteng’s mini-budget

The Tory chairman of the Treasury Committee said such data is needed to ‘provide reassurance and confidence to international markets and investors’.

The Independent UK

Fiscal watchdog ready to publish forecast for new PM’s spending plans

The OBR’s confirmation puts the new government in the position of having to formally reject its offer.

The Independent UK

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The National (Scotland)

Rishi Sunak grilled over energy bill support for second home owners

RISHI Sunak has suggested it is impossible to stop second home owners from benefitting from energy bill support.

The Guardian - UK

Rishi Sunak says he cannot fully insulate people from cost of living crisis – as it happened

Rolling coverage of the latest economic and financial news, as Rishi Sunak faces Treasury Committee on cost of living support

Daily Record

Petrol prices in UK could rise to £2.40 a litre this year due to Russia's invasion of Ukraine

Dr Amrita Sen, Director of Research at Energy Aspects, told MPs on the Treasury Committee at Westminster that oil prices will fluctuate throughout the year.

The Independent UK

More can be done to analyse ‘poverty premium’, says FCA boss

More can be done to see the effects of the premium in areas such as insurance and access to banking, Sheldon Mills told the Treasury Committee.

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The Independent UK

Four-year wait to have some financial complaints dealt with by ombudsman

The Financial Ombudsman Service still has around 43,000 unallocated cases, the Treasury Committee heard.

Daily Mirror

Tech giants told to repay Brits who fall prey to scams on their platforms

The Treasury Committee believes forcing tech giants like Facebook, Google and Twitter to reimburse victims who fall prey to scammers on their sites will make them take it seriously and stamp out fraud

The Independent UK

Government should avoid NI rise during cost of living crisis, experts warn

Economists from UK think-tanks appeared in front of the Treasury Committee on Monday and said inflation has been far higher than first assumed.

The Independent UK

National insurance rise ‘absolutely vital’, PM declares as Tory opposition grows

Conservative Treasury Committee chairman Mel Stride has called for the planned 1.25 percentage point increase to be delayed by a year.

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