Asked by: Lord Patten (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what their definitions are of (1) retail investor, and (2) professional investor.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The Financial Conduct Authority (FCA) applies a number of regulatory regimes to distinguish between retail investors and those that are more sophisticated, and to apply appropriate protections. These include the financial promotion regime and client categorisation rules.
The financial promotion regime provides a framework which seeks to ensure that consumers are appropriately protected such that they are able to make informed decisions. The regime, which is governed by the Financial Promotion Order, includes exemptions for marketing to investment professionals, and high-net-worth or sophisticated investors.
In addition, client categorisation rules seek to protect retail clients investing in capital markets, without imposing undue restrictions on professional clients. The FCA are currently reviewing these rules to unlock greater opportunities for wealthy investors, strengthen capital markets and drive economic growth. A consultation on the FCA’s proposals closed on 2 February 2026.
Asked by: Baroness Maclean of Redditch (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what estimate they have made of how many individuals are currently claiming child benefits due to an exemption to no recourse to public funds status.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The information required to inform an estimate is not held in a readily available form. Producing an estimate would require detailed manual examination of a very large number of individual Child Benefit claims, which could only be done at disproportionate cost.
Asked by: Lord Truscott (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what is the average wait time for each of HMRC's telephone helpline services; and whether these times have reduced over the last two years.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
Across HMRC’s main helplines, the average speed of answering customer calls for 2023–24, 2024–25, and 2025–26 (year-to-date to November 2025) is shown in the table.
The definition of ‘average speed of answering a customer’s call’ (ASA) is the average time spent waiting in the queue for an adviser. This is from the time that the customer finished listening to HMRC’s automated messages and completed their selection from HMRC’s automated menu to the time when they get to speak to an adviser.
HMRC’s main helplines - Average Speed of Answering a customer’s call (minutes: seconds)
| 2023-24 | 2024-25 | 2025-26 YTD to November |
Child Benefit | 21:05 | 16:05 | 10:35 |
National Insurance | 20:55 | 21:48 | 10:32 |
Tax Credits Helpline | 19:22 | 22:09 | 05:16 |
Tax Credits Payment Helpline | 22:13 | 16:50 | 05:34 |
Corporation Tax | 13:52 | 11:51 | 11:49 |
Stamp Duty and Capital Gains | 05:45 | 02:47 | 03:26 |
Agent Dedicated Line | 21:56 | 26:38 | 16:37 |
Construction Industry Scheme Helpline | 13:49 | 09:23 | 09:44 |
Employers Helpline | 22:20 | 26:32 | 27:20 |
Online Services Helpline | 08:36 | 11:49 | 05:58 |
PAYE | 34:18 | 22:58 | 17:34 |
Self Assessment Helpline | 37:15 | 23:40 | 16:46 |
VAT | 27:14 | 14:30 | 10:32 |
Overall, ASA has improved over the past two years. In 2023-24, across all HMRC helplines, it was 23 minutes and 14 seconds. In 2025-26 (year to date - end of November 2025), ASA was 13 minutes and 17 seconds.
HMRC are taking steps to make sure more of their services are digital, so customers can self-serve online. HMRC online services and the HMRC app are convenient to access and receive high customer satisfaction ratings. As more people use HMRC online services, advisers are freed up to support those with more complex queries and those who are digitally excluded.
Asked by: Charlie Dewhirst (Conservative - Bridlington and The Wolds)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the answer of 2 December 2025, to Question 93748, on 10 Downing Street: Repairs and Maintenance, how much has been spent from public funds by Cabinet Office, HM Treasury or the Government Property Agency on the Chancellor’s official Ministerial residence in 10 Downing Street since 4 July 2024.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
Following the departure of previous occupants, the official Ministerial residence was provided unfurnished. To address this, £19,759.61 was spent since 4 July 2024 on furnishings which remain government property and will be retained for future occupants.
Asked by: Lord Doyle (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government whether they plan to participate in international negotiations on the establishment of a Defence, Security and Resilience Bank, following the Canadian government’s announcement on 30 January of its intention to explore this with European and NATO partners.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
Challenging times for global and European security call for creative solutions. The UK is therefore stepping up work with likeminded allies on the most effective option for a collective approach to defence spending and procurement.
Together, we can accelerate vital investment and maximise the potential of historic spending uplifts to meet the scale of our shared defence and security commitments.
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of recent volatility in the share price of software and data companies and the implications of this volatility in terms of (1) market transparency, (2) disclosure practices, and (3) investor protection.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The Government does not comment on specific movements in financial markets.
The Government, together with the Financial Conduct Authority, has already undertaken significant reforms to ensure UK capital markets deliver for British businesses and investors. This includes an ongoing programme to implement reforms to wholesale markets. These have been designed to maintain high regulatory standards, promote openness and competitiveness, deliver fair and proportionate regulation, and support economic growth, innovation and wealth creation across society.
Asked by: Liz Jarvis (Liberal Democrat - Eastleigh)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department has undertaken analysis of how student loan repayment arrangements affect (1) borrowers’ disposable income and (2) their ability to access mortgages.
Answered by James Murray - Chief Secretary to the Treasury
Student loan repayments are taken into account as part of affordability assessments for mortgage applications, but student loans are very different from a mortgage or credit card debt as repayments are determined by income, not the amount borrowed. For example, a Plan 2 graduate earning £30,000 will repay only around £4 a month in FY2026–27.
The most sustainable long-term method to improve housing affordability and help people into homeownership is to increase the supply of housing. This Government has recommitted to delivering 1.5 million homes over this Parliament.
The government is committed to making home ownership more accessible by supporting first-time buyers, and welcomes clarifications from the Financial Conduct Authority (FCA), which should allow customers to borrow around 10% more on the same income.
Asked by: Kevin Hollinrake (Conservative - Thirsk and Malton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 21 January 2026 to Question 101775 on 1 Carlton Gardens: Council tax, whether the Chancellor’s residence in Downing Street is her primary residence.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
I refer the Hon. Member to the answer given on 8 January 2026 to Question 101771.Asked by: Shivani Raja (Conservative - Leicester East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what was the evidential basis for the decision to freeze the student loan repayment threshold for graduates; and what assessment he has made of the potential impact of this on graduates' disposable incomes.
Answered by James Murray - Chief Secretary to the Treasury
The fiscal situation this government inherited means we’ve had to make tough but fair choices, including on student loan repayment threshold freezes.
Student loan borrowers repay a portion of their income (typically 9%) above the repayment threshold. A Plan 2 graduate earning £30,000 will repay only around £4 a month in FY2026–27. The student finance system is heavily subsidised by government, and lower-earning graduates will always be protected, with any outstanding loan and interest cancelled at the end of the repayment term. It is right that those who are able to repay do so.
The Department for Education has published analysis of the impact of the repayment threshold freeze on total repayments here.
Asked by: Peter Prinsley (Labour - Bury St Edmunds and Stowmarket)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether consumer credit affordability and creditworthiness checks adequately prevent people with high levels of debt and known gambling-related financial risks from obtaining additional credit cards; and what steps she is taking with the Financial Conduct Authority to strengthen safeguards.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Lenders offering credit are regulated by the Financial Conduct Authority (FCA). This oversight ensures that lending practices are fair and that consumers are protected – firms regulated by the FCA must comply with its strict lending affordability rules, lending only to those who can afford repayments based on a thorough assessment of their financial situation. Under the FCA’s Consumer Duty, firms are required to take steps to identify and respond to signs of vulnerability, support customers to disclose their needs, and make them aware of available assistance.
The Government is committed to supporting people who are experiencing problem debt. Through the Money and Pensions Service (MaPS), the Government funds a range of national and community-based debt advice services in England, so households can access the specialist support they need to get their finances back on track.