I AM afraid I must disagree with Peter Curbishley’s letter last week, asking me to force the City of London to pay to underwrite losses to Salisbury as a result of the attack on Sergei Skripal.
The government is cracking down on illicit finance in the City and the National Crime Agency is increasing the number of investigations into illegal activity. British banks are not to blame for what happened on March 4.
The government has responded to events by providing £7.5m to meet the immediate costs of helping businesses, boosting tourism and supporting the emergency services. More work will follow in the weeks and months ahead.
Separately last week, Ron Johnston wrote to ask about interest rates with NS&I.
Since the Bank of England base rate changes in November 2017 and August 2018, NS&I will have increased the interest rate on Income Bonds by 40 basis points, Investment Account by 35 basis points and on Direct Saver by 30 basis points.
When setting interest rates, NS&I has a legal duty to balance the needs of our savers, the taxpayer and broader market stability. NS&I offers fair interest rates as well as a range of products to suit the needs of savers, including a guarantee for deposits which goes beyond the £85,000 limit of the Financial Services Compensation Scheme which covers other providers.
John Glen MP
MP for Salisbury and South Wiltshire
Economic Secretary to the Treasury and City Minister
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