Asked by: Ben Obese-Jecty (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the UK’s Modern Industrial Strategy, CP 1337, published on 23 June 2025, what progress she has made on making the UK the world’s most innovative full-service financial centre.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government published the Financial Services Growth and Competitiveness Strategy on 15 July, which sets out the Government’s ten-year plan to make the UK the global location of choice for financial services firms to invest, grow and sell their services throughout the UK and to the world. As part of this, the Government announced the most wide-ranging package of reforms to financial services regulation in over a decade.
Following publication, HM Treasury has been working with partners to deliver the reforms at pace. The Department for Business and Trade has published its first quarterly update on delivery of the Industrial Strategy. In relation to financial services, it confirms that the Office for Investment: Financial Services announced in the Strategy has now been launched to guide and support international investors looking to establish or grow a presence in the UK’s financial services sector. In September, the Chancellor and US Secretary to the Treasury established the Transatlantic Taskforce for Markets of the Future, to drive innovation and growth in global markets including capital markets digital assets and other innovative financial activities.
Working with industry and the regulators, the government will continue to prioritise delivery of the wide-ranging reform programme set out in the Financial Services Growth and Competitiveness Strategy.
Asked by: Charlotte Cane (Liberal Democrat - Ely and East Cambridgeshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she is taking to grow the economy in Ely and East Cambridgeshire constituency.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government’s approach to regional growth will drive growth in city regions, towns and communities and make the most of the opportunities in each part of the country, to make everyone better off. There is excellence right across the country and this government is backing it: lifting living standards and putting more money in people’s pockets.
Cambridgeshire and Peterborough Combined Authority (CPCA) will receive £37.9 million in Local Transport Grant funding enabling local authorities to deliver transport improvements including more zero emission buses, cycleways, accessibility and congestion improvement measures. This will deliver a four-fold increase in funding in 2029-30 compared to 2024-25.
Ely and East Cambridgeshire residents will also benefit from the Government’s commitment to growth in the Oxford-Cambridge Growth Corridor to accelerate infrastructure investment, unlock new housing and commercial space, and strengthen partnerships with both private sector and local leaders. This also includes £2.5 billion for continued delivery of East-West Rail, providing new connectivity and unlocking growth across the corridor.
Asked by: John Glen (Conservative - Salisbury)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps her Department is taking to implement regulation that increases risk appetite amongst investors.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government wants to see more people benefit from the higher returns and long-term financial resilience that investing can provide. That is why the Chancellor’s Leeds Reforms included bold actions to boost retail investment.
In particular, the Treasury is working closely with the FCA to roll out a system of targeted support in time for ISA season next year. This represents the biggest reform of the financial advice and guidance landscape in more than a decade, and will be a step change in the support available to consumers.
The Government will also move Long-Term Asset Funds (LTAFs) from the Innovative Finance ISA to the Stocks & Shares ISA from April 2026. This will give more access to the higher returns available from less liquid assets, while directing investment into productive assets that will drive economic growth.
In addition, the Government welcomes the industry-led initiatives to promote the benefits of investing to the public, and to reform how firms talk about the risks and benefits of investing.
Asked by: Ben Obese-Jecty (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the UK’s Modern Industrial Strategy, CP 1337, published on 23 June 2025, what progress she has made on reducing regulation for FinTech firms.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Financial Services Growth and Competitiveness Strategy, part of the UK’s Modern Industrial Strategy, delivers on the Government’s mission to shape a regulatory environment for financial services that is proportionate, predictable and internationally competitive, embracing innovation and leveraging the UK’s Fintech leadership.
For example, the Strategy committed to make it quicker and easier for new firms to achieve regulatory authorisation, allowing them to conduct limited regulated activities with streamlined conditions, as well as the launch of the FCA and PRA’s Scale-Up Unit to enhance engagement with fast-growing, innovative regulated firms.
Asked by: Carolyn Harris (Labour - Neath and Swansea East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what comparative assessment her Department has made of the potential impact of excise duty rates on the competitiveness of (a) UK and (b) European distillers; and what fiscal steps she is taking to help support the domestic distilling industry.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The UK spirits industry makes a vital contribution to our economy and society, with Scotch Whisky remaining the UK’s most successful food and drink export enjoyed by consumers across the globe.
UK alcohol duty is not charged on exports.
There is significant variation in alcohol taxation policy amongst European countries. The World Health Organization recently published a comparison of alcohol taxes across the WHO European Region, which can be found here: https://www.who.int/europe/publications/i/item/9789289061940 .
The UK’s alcohol taxes are generally lower than Sweden and Norway’s, and comparable to the Republic of Ireland and Finland.
Regarding support for the spirits industry, I refer the hon member to the answer that I gave to PQ UIN 80562
Asked by: John Glen (Conservative - Salisbury)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of tax incentives on levels of investment in small and mid-sized quoted companies.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The Government is committed to making the UK the best place in the world to start and grow a business, and understands how important it is for businesses to be able to access the finance they need to grow and develop.
That is why the Government provides three tax-advantaged venture capital schemes: the Enterprise Investment Scheme (EIS), the Seed Enterprise Investment Scheme (SEIS) and Venture Capital Trusts (VCTs). The schemes provide a range of tax reliefs for investors, to encourage investment in small- and medium-sized companies at the pre-listing stage, which face the biggest challenges in accessing growth capital.
The Stamp Taxes on Shares framework also contains multiples reliefs and exemptions which are designed to boost liquidity and growth, particularly for small and medium-sized companies, such as the Growth Market Exemption.
Asked by: Sarah Green (Liberal Democrat - Chesham and Amersham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential meris of removing the Low-Value Imports rule.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The government is aware of the increasing prevalence of overseas retailers using the low value imports regime and the proposed changes to equivalent regimes made by our international partners. In recognition of this, the Chancellor announced a review of the customs treatment for low value imports in April.
Since this announcement, Ministers and officials have engaged a wide range of stakeholders on the impact and operation of these arrangements. The findings from this engagement will help determine our next steps.
Asked by: Andrew Snowden (Conservative - Fylde)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will take steps to engage with (a) stakeholders and (b) members of the public on inheritance tax policy.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The Government published tax policy making principles on 12 June 2025. These principles underpin the Government’s approach to delivering tax policy changes, including setting out how it will engage with stakeholders during tax policy development. This is available at www.gov.uk/government/publications/tax-policy-making-principles.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the UK–Switzerland financial dialogue on the UK’s wider financial diplomacy strategy.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Financial regulatory dialogues, including the UK-Switzerland Financial Dialogue, are important to supporting cross-border trade in financial services and managing financial stability in the global financial system. They form a core part of the government’s approach to strengthening international partnerships, as set out in the Financial Services Growth and Competitiveness Strategy published in July. Dialogues feed into HM Treasury’s development of international financial services policy and joint statements are typically published after meetings.
The most recent UK-Switzerland Financial Dialogue was held on Thursday 9 October in Bern, where officials discussed bilateral cooperation on financial regulatory issues. Further details of the discussion can be found in the Joint Statement. Participants also discussed future opportunities to further develop the Berne Financial Services Agreement, noting that Article 12 of the Agreement commits the UK and Switzerland to enter into negotiations with a view to potentially expanding the Agreement to include sustainable finance at the appropriate time.
Asked by: Nadia Whittome (Labour - Nottingham East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the Loan Charge on the mental health of those affected; and if she will take steps to prevent such harm.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The Government commissioned an independent review of the loan charge to help bring the matter to a close for those affected whilst ensuring fairness for all taxpayers. The Government will respond by Autumn Budget 2025.
The independent review was led by Ray McCann whose name was suggested by one of the Loan Charge campaigners. The terms of reference made it clear that he would be supported by a team of officials based outside of HM Treasury and HMRC, none of whom had previously worked on this policy area. Mr McCann was responsible for deciding how to conduct the review and will also have the final say on what is included in his report.
HMRC has guidance and training in place for customer advisors on identifying people who need extra support and providing reasonable adjustments to meet their needs. HMRC can offer support to individuals with disguised remuneration liabilities through manageable payment plans and its well-established Extra Support Service.
Where appropriate, HMRC will signpost people to relevant voluntary and community organisations and where needed, to a dedicated Samaritans helpline for specialist emotional support where people can talk though any concerns or worries.