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The Latest Breaking News from Treasury Committee

Government has no plans to force businesses to accept cash, MPs hear

Economic secretary to the Treasury Emma Reynolds told the Treasury Committee the Government has no plans to compel big or small firms to accept cash.

Evening Standard

Treasury Committee probes whether Lifetime Isa is still fit for purpose in 2025

MPs are aiming to gather views from the finance industry, consumers and experts.

Evening Standard

Watch live: Bank of England’s Andrew Bailey speaks to lawmakers about financial stability

Watch live as the Bank of England Governor Andrew Bailey, and other members of the BoE’s Financial Policy Committee answer questions from the House of Commons’ Treasury Committee on 10 January.

The Independent UK

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Tax self-assessment: Thousands face 'long phone queues' as HMRC moves services online ahead of Jan 31 deadline

The Commons Treasury Committee criticised the move by Her Majesty’s Revenue and Custom away from self-assessment call handlers

Evening Standard

Self-assessment helpline will focus on ‘priority queries’ in run-up to deadline

Treasury Committee chairwoman Harriett Baldwin has written to HMRC CEO Jim Harra ‘to get much-needed answers about what this means for taxpayers’.

The Independent UK

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

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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

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

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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The Independent UK

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 Guardian - 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 Independent 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.

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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.

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.

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.

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"

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