I was incredibly concerned to learn of PayPal’s decision to shut down certain accounts citing its “Acceptable Use Policy”. It is deeply worrying that a company can so quickly, and without warning, withdraw financial services from users likely reliant on continued funding.

I understand that the Economic Secretary to the Treasury has met with both PayPal and the Financial Conduct Authority (FCA) on this issue. I welcome that PayPal have stated that they are dedicated to providing safe and affordable financial services to people of all backgrounds with a diversity of views, and are a strong supporter of freedom of expression and open dialogue and, as such, do not seek to be an arbiter of free speech.

The Government has confirmed that the legislative framework in this area remains effective. One such area of regulation is the Payment Services Regulations (2017), which sets out the rules for online payments. There are further protections in the Consumer Rights Act (2015) and Equality Act (2010).

I welcome that the Government has pledged that the issue of free speech and freedom of expression will be included as part of a review of the regulations in January 2023.

Furthermore, I have received assurances from the Government that further legislative protections can be brought about swiftly due to changes which the Financial Services and Markets Bill is bringing in by repealing retained EU law.

I will be sure to continue engaging with ministerial colleagues and others on this important issue.