Asked by: Lord Cruddas (Conservative - Life peer)
Question to the Department for Education:
To ask His Majesty's Government whether they plan to provide financial education to every child in every school by the end of this Parliament; and whether financial education is being considered in their ongoing review of the school curriculum.
Answered by Baroness Smith of Malvern - Minister of State (Education)
Financial education is currently taught through the national curriculum for mathematics (at key stages 1 to 4) and citizenship (at key stages 3 and 4) which together cover personal budgeting, saving for the future, managing credit and debt, and calculating interest. The national curriculum is compulsory for maintained schools. However, all schools are measured by Ofsted on having a broad and balanced curriculum which is comparable to the national curriculum.
High and rising school standards are at the heart of the government’s mission to break down barriers to opportunity and give every child the best start in life. That is why the government announced a Curriculum and Assessment Review on 19 July 2024, chaired by Professor Becky Francis CBE.
Following the independent review, the government will legislate to require all state schools teach the reformed national curriculum. This will give parents certainty over the core of their children’s education.
The review group will publish an interim report early in 2025, setting out their interim findings and confirming the key areas for further work. The final report, with recommendations, will be published in autumn 2025.
Asked by: Lord Cruddas (Conservative - Life peer)
Question to the Department for Education:
To ask His Majesty's Government what steps they are taking to ensure that financial literacy education reaches the most disadvantaged students.
Answered by Baroness Smith of Malvern - Minister of State (Education)
Financial education is currently taught through the National Curriculum for mathematics (at key stages 1 to 4) and citizenship (at key stages 3 and 4) which together cover personal budgeting, saving for the future, managing credit and debt, and calculating interest. The National Curriculum is compulsory for maintained schools. However, all schools are measured by Ofsted on having a broad and balanced curriculum which is comparable to the National Curriculum.
High and rising school standards are at the heart of the government’s mission to break down barriers to opportunity and give every child the best start in life. That is why the government announced a Curriculum and Assessment Review on 19 July 2024, chaired by Professor Becky Francis CBE.
The government’s ambition is for a broad, rich and cutting-edge curriculum that equips children and young people with the essential knowledge and skills required to thrive as citizens, in work and throughout life.
The review will look closely at the key challenges to attainment for young people, and the barriers which hold children back from the opportunities and life chances they deserve – in particular those who are socioeconomically disadvantaged, or with special educational needs and disabilities.
The review will be undertaken in close consultation with education professionals and other experts, parents, children and young people, and stakeholders. A call for evidence will be launched in the coming weeks, to direct the focus of engagement with the sector and stakeholders over the autumn term.
Following the independent review, the government will legislate to require all state schools teach the reformed National Curriculum. This will give parents certainty over the core of their children’s education.
Asked by: Lord Cruddas (Conservative - Life peer)
Question to the Department for Education:
To ask His Majesty's Government, further to the Written Answer by Baroness Barran on 19 February (HL2185), what steps they are taking to ensure financial literacy education is actually reaching the most disadvantaged students.
Answered by Baroness Barran - Shadow Minister (Education)
It is crucial that all pupils are equipped with the knowledge and tools to manage their finances well in later life. That is why financial education is embedded in the national curriculum for mathematics at key stages 1 to 4, and in citizenship at key stages 3 and 4.
The national curriculum is compulsory for maintained schools, but all schools are measured by Ofsted on having a broad and balanced curriculum which is comparable to the national curriculum. As with other aspects of the curriculum, schools can choose how to teach financial education and they can tailor what they teach to make sure all pupils are taught what they need to know.
The Levelling Up White Paper identified 55 Education Investment Areas where the department will implement a package of measures to drive school improvement and accelerate progress towards the department’s 2030 ambition that 90% of pupils meet the expected standards in reading, writing and mathematics at the end of primary school and that the average mathematics and English GCSE grade increases to a 5.
There is a range of financial education support for schools. For example, Oak National Academy, an Arm’s Length Body, has published its initial mathematics resources, with the full curriculum available by this autumn. As part of this, Oak is exploring including additional lessons in real life mathematics. Secondary citizenship resources will become available from autumn 2024 and will be complete by autumn 2025. The Money and Pensions Service has published guidance for schools and there is specialist support for fraud and tax education from the Home Office and HMRC respectively.
The department also works closely with the Money and Pensions Service which exists to help people make the most of their money and pensions, particularly those most in need and those most vulnerable to financial insecurity. The Money and Pensions Service has invested £1.1 million in financial education programmes to support children and young people in vulnerable circumstances and has published guidance to help children and young people's services to embed financial wellbeing into the services they offer.
Asked by: Lord Cruddas (Conservative - Life peer)
Question to the Department for Education:
To ask His Majesty's Government, further to the Written Answer by Baroness Barran on 19 February (HL2185), whether they plan to undertake a detailed review of the teaching of financial literacy in Denmark, Norway and Sweden with a view to updating the mathematics national curriculum.
Answered by Baroness Barran - Shadow Minister (Education)
The department has no plans to undertake a detailed review of the teaching of financial literacy in Denmark, Norway and Sweden. The department continues to work closely with HM Treasury and the Money and Pensions Service to monitor the evidence base for financial education to understand what works and what further support schools may need.
In order to provide stability for schools and to enable them to remain focused on raising standards of literacy and numeracy and recovery from the pandemic, the government has committed to making no changes to the national curriculum for the remainder of the Parliament.
The current mathematics curriculum in England already provides young people with the mathematical knowledge that underpins their ability to make important financial decisions. Mathematics is compulsory in maintained schools and academies must teach a broad and balanced curriculum, including mathematics. Since 2014, the department has reformed the mathematics curriculum and examinations system, bringing teaching practice from high-performing jurisdictions from across East Asia to primary and secondary schools in England.
International comparison studies of school-aged pupils show that England performs above the international averages for mathematics for all age groups. Before the pandemic, England achieved its highest ever mathematics score in the 2019 Trends in International Mathematics and Science Study international test for year five pupils.
Ofsted’s latest mathematical subject report in 2023 stated that primary mathematics education has seen "a resounding, positive shift" with curriculum sitting "at the heart of leaders' decisions and actions", whilst secondary mathematics education has seen "notable improvements" in curriculum guidance and professional development.
Asked by: Lord Cruddas (Conservative - Life peer)
Question to the Department for Education:
To ask His Majesty's Government, further to the Written Answer by Baroness Barran on 19 February (HL2185), what proportion of (1) primary, and (2) secondary, schools the Maths Hubs’ Teaching for Mastery programme has reached in the light of the targets mentioned in the Answer to reach 75 per cent of primary schools and 65 per cent of secondary schools by 2025.
Answered by Baroness Barran - Shadow Minister (Education)
As of February 2024, 69.7% of open primary schools (11,680) and 57.7% of open secondary schools (1,970) have participated in at least one year of the Teaching for Mastery Programme.
Asked by: Lord Cruddas (Conservative - Life peer)
Question to the Department for Education:
To ask His Majesty's Government what research they have carried out on how other countries have addressed the introduction of financial literacy into their schools, in particular in Denmark, Norway and Sweden; and whether they have any plans to follow those models.
Answered by Baroness Barran - Shadow Minister (Education)
The government has not carried out its own research into how other countries have addressed the introduction of financial literacy in their schools.
The curriculum in England already includes compulsory financial education within the national curriculum for mathematics at key stages 1 to 4, and citizenship at key stages 3 and 4. Primary schools can choose to teach citizenship at key stages 1 and 2, using non-statutory programmes of study.
Evidence from the 2018 Programme for International Student Assessment suggests there is a strong correlation between performance in financial literacy and performance in mathematics; and a positive correlation between financial literacy performance and learning finance-related terms at school. This evidence is available on the GOV.UK website here: https://www.oecd.org/education/pisa-2018-results-volume-iv-48ebd1ba-en.htm.
Since 2014, the government has transformed the way mathematics is taught in schools through the introduction of mastery pedagogy based on top performing East Asian countries. Mastery aims to ensure that pupils secure the deep knowledge and understanding of mathematics which provides the underlying knowledge and financial skills to make important financial decisions. The Maths Hubs’ Teaching for Mastery programme aims to reach 75% of primary schools and 65% of secondary schools by 2025.
Oak National Academy is also developing free, optional and adaptable resources for schools. Oak has published its initial mathematics resources, with the full curriculum available by this autumn. As part of this, Oak is exploring including additional lessons in real life mathematics. Secondary citizenship resources will become available from autumn 2024 and will be complete by autumn 2025.
The department continues to work closely with HM Treasury and the Money and Pensions Service, to support their efforts to coordinate the work of organisations involved in delivering the goals set out in the National Strategy for Financial Wellbeing 2020. This includes monitoring the evidence base for financial education to understand what works and what further support schools may need.
Asked by: Lord Cruddas (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what are the terms and scope of the Review of Non-Financial Reporting; who is undertaking that review; and when it will be available for scrutiny by members of the House of Lords.
Answered by Lord Offord of Garvel - Shadow Minister (Energy Security and Net Zero)
The Government published the “Smarter regulation non-financial reporting review: call for evidence” in May 2023, seeing views on the non-financial disclosure requirements under the Companies Act, particularly the Strategic and Directors’ Reports. A list of requirements in scope of the review can be found at: https://www.gov.uk/government/calls-for-evidence/smarter-regulation-non-financial-reporting-review-call-for-evidence/annex-individual-reporting-requirements. The review is being undertaken by the Department for Business and Trade with assistance from the Financial Reporting Council. The findings of the review will be published, and any resulting legislative changes will be laid before Parliament for scrutiny in due course.
Asked by: Lord Cruddas (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what support they provide to UK businesses so that, in the process of meeting their environmental, social and governance obligations, they are still able to meet their core business objectives.
Answered by Lord Offord of Garvel - Shadow Minister (Energy Security and Net Zero)
The Government aims to ensure any reporting obligations for companies are proportionate; with benefits that outweigh their costs. This includes reporting on environmental, social and governance matters. The Government is undertaking a review of non-financial reporting with a view to simplifying reporting requirements and reducing unnecessary burdens. It will also ensure that businesses continue to provide necessary transparency on environmental, social and governance matters to investors and other stakeholders.
Asked by: Lord Cruddas (Conservative - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what analysis they have made of the advantages and disadvantages of environmental, social and governance obligations on UK companies.
Answered by Lord Offord of Garvel - Shadow Minister (Energy Security and Net Zero)
Reporting on environmental, social and governance matters provides transparency to investors and other stakeholders, improving investment decisions. The Government believes that a mix of voluntary and mandatory reporting provides the right balance between transparency and reducing burdens on companies.
The Government supports the work of the International Sustainability Standards Board, which aims to align sustainability reporting globally, enabling investors to effectively compare investment decisions across markets. The Government is currently undertaking a Review of Non-Financial Reporting in order to reduce business burdens and will shortly consult on the next steps on the review.
Asked by: Lord Cruddas (Conservative - Life peer)
Question to the Cabinet Office:
To ask His Majesty's Government when the UK COVID-19 inquiry will complete; and whether they will put a cap on the (1) time frame, and (2) cost, permitted.
Answered by Baroness Neville-Rolfe - Shadow Minister (Treasury)
Under the Inquiries Act 2005, the process, timing and procedure of the Inquiry are decisions for the Inquiry’s independent Chair, Baroness Hallett. The Chair is under a statutory obligation to avoid unnecessary costs in the Inquiry’s work and she has been clear that she intends to complete her work as quickly and efficiently as possible.