Speeches by Grady.

“I will make some progress if I may. Our debt to GDP ratio is almost 100%, and we inherited that from the previous Government. Conservative Members object to tax rises while wanting tax cuts and increases in public spending and objecting to spending cuts. That is not realistic. We know from the disastrous Budget of Liz …”

“I would like to make some progress, because there are many speakers, but I will give way.”

“I cannot recall saying anything disparaging about Scottish education. I did criticise the Scottish NHS—[Interruption.] Well, the reality is that businesses are absolutely petrified of the way the SNP is dealing with Scottish education. We have insolvent universities and colleges in crisis, and education standards are p…”

“All I will say, Madam Deputy Speaker, is the plain fact is that North sea oil and gas will be produced for many years to come, and the Government support that. The Government are also supporting investment in the industries of the future, such as offshore renewables. Under the Conservative Government, there was a contr…”

“4. What discussions he has had with Cabinet colleagues on the potential impact of the industrial strategy on Scotland.”

“The industrial strategy identifies defence as a key industry. It is a big employer in Glasgow, and could create many good jobs for my constituents. However, the SNP has banned the Scottish National Investment Bank and Scottish Enterprise from investing in defence companies. Does my right hon. Friend agree that this sho…”

“I would like to turn now to monthly payments of insurance charges, starting with Mr Storah. The FCA estimates that 20 million people pay for insurance monthly, with additional costs for consumers averaging 20% to 30%. The FCA has expressed concerns about this, specifically that it could be too high relative to credit r…”

“Mr Glen has covered double-dipping, which was covered in the FT article.”

“Finally, what about you, Mr Storah?”

“I do not want to appear grumpy on a lovely Tuesday morning, but the question I asked is whether 79% of customers in financial difficulty paying monthly is consistent with the consumer duty. That is, gently, the question that I am asking, Mr Hargreaves.”

“Are you happy that 79% of customers in financial difficulty paying monthly and paying more is consistent with the consumer duty? Is that something that you are content about?”

“Mr Hargreaves, we have an alternative view of the world there, where you strip out complexity and cost, and consumers, including my hard-pressed constituents, pay less. Is that something that your business has looked at?”

“In summary, Mr Ward, Lloyds does not charge a difference for monthly and annual payments. You are not finding this commercially painful, and you think that this is a good way of complying with consumer duty.”

“So you do not cancel the policy immediately. You go and have a chat with the customer.”

“How do you find the credit default rate on the monthly payments? Do a significant number of people miss the monthly payments?”

“It would be helpful if you could follow up in writing as to whether the operation of this, where 79% of customers in financial difficulty pay monthly, is consistent with the consumer duty and whether your processes identify that. We will miss out Mr Ward and move on to Mr Hargreaves. Are you content that that outcome i…”

“No, not at all. You have covered it very well, Mr Glen. My constituency is one of the poorest in the United Kingdom. I share that with Dame Meg. According to the FCA, 79% of consumers in financial difficulty pay monthly insurance premia. Are these higher charges for that cohort of customers consistent with your consume…”

“Is that outcome consistent with the consumer duty?”

“These significantly increased charges for paying monthly have caused quite a lot of surprise on the part of people. Are you sure that you are right about that, Mr Hargreaves?”

“Have you carried out any analysis of your customers to see whether they understand that paying monthly is more expensive?”