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The Latest Breaking News from Treasury Committee

Treating cryptocurrencies as gambling would be 'a backwards step'

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

Insider UK

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

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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

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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

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.

Nottingham Post

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.

The Independent UK

'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

Liverpool Echo

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.

Daily Record

'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"

Daily Mirror

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 Independent UK

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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’

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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.

The Independent UK

Average 27-minute wait on HMRC self-assessment helpline in January

In December, the average waiting time was 28 minutes, according to a letter to the Treasury Committee from HMRC chief executive Jim Harra,

The Independent UK

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.

Manchester Evening News

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

Chronicle Live

£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

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