Question to the Ministry of Defence:

To ask His Majesty's Government whether they are satisfied that UK military bases in the Middle East, particularly RAF Akrotiri, have appropriate protection.

Answered by Lord Coaker - Minister of State (Ministry of Defence)

We take the security of all our bases overseas seriously and take appropriate measures for their protection. This process is continually kept under review.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of whether banks and insurance companies are discriminating against defence firms; and what steps they intend to take in response.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

HMG has been actively engaging with the defence industry, trade associations and the financial services sector regarding access to financial services for defence companies.

Decisions regarding the provision of financial services to businesses are primarily a commercial decision, where banks and insurers will need to make an assessment of the relevant risks and conduct appropriate due diligence.

In a time of increasing geopolitical instability, maintaining a robust and thriving defence sector is essential to our national security. No company should be denied access to financial services purely on the basis that they work in Defence.

This Government is committed to bringing forward a Defence Industrial Strategy which ensures the imperatives of national security, and a high-growth economy are aligned. The Defence Industrial Strategy Statement of Intent, published in December 2024, recognised issues with regards to access to finance, including opening bank accounts or securing a loan. HMG is consulting with a wide range of stakeholders, including defence suppliers and financial institutions, to assess the ways in which we can reduce barriers and create a strong and resilient defence sector. We continue to invite all stakeholders to respond to the Defence Industrial Strategy Statement of Intent, either publicly or privately, by 28 February 2025.

Question to the HM Treasury:

To ask His Majesty's Government what plans they have to increase domestic ownership of UK equities.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government wants to see more consumers participate in capital markets and benefit from the long-term financial security that investing can provide.

The Financial Services Growth & Competitiveness Strategy Call for Evidence, which closed on 12 December, asked how increasing retail participation in capital markets could support long-term sustainable growth within the sector and the wider economy. The call for evidence welcomed further evidence on how to improve consumer engagement with investing, and the Government is considering the feedback provided.

More broadly, the Government is committed to boosting our capital markets to deliver growth across the UK and is pursuing ambitious reforms to make our markets even more competitive. For example, reforms to the Prospectus rules will give investors, including retail investors, access to better quality information and so participate more easily in the capital raising process. The Government is also working with the FCA to review the boundary between financial advice and guidance, to ensure consumers get the support they need to make decisions about their finances.

The Pensions Investment Review has put forward ambitious proposals to reform the UK pension system, which includes encouraging further pension investment into UK assets to boost growth across the country, and will publish its final report in the Spring.

Found: Letter dated 07/03/2025 from Lord Livermore to Lord Lee of Trafford regarding proposals raised during