Asked by: Lord Naseby (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of the impact on UK citizens of the closure of bank branches.
Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)
The Government is aware of the public’s concerns around access to banking services, which are currently not protected in legislation. Whilst there is evidence on a local level of individuals being affected by the closure of bank branches, the Government needs robust evidence from across the UK.
That is why the Government commissioned an independent Review into Access to Banking Services, to assess whether changes to access to in-person banking services are causing consumer detriment, the scale of any detriment, and who and where it affects.
Alongside the Review, the Financial Services and Markets Bill includes a power to allow the Government to take action in future to protect access to banking services, should this be necessary. This power ensures the Government can act swiftly and proportionately, including through future regulation, if the evidence from the Review supports intervention.
Asked by: Lord Naseby (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what steps they have taken to develop a new incentive for first time buyers to save for their first home.
Answered by Lord Pitt-Watson - Parliamentary Secretary (HM Treasury)
At Autumn Budget 2025, the Government announced its intention to introduce a new First Time Buyer ISA(FTB ISA) to support people saving for their first home. On 23 June the Government published a consultation on the implementation of the FTB ISA, seeking views from industry and other stakeholders on its design and delivery. The consultation closed on 18 August 2026 and the Government is carefully considering the responses received.
Asked by: Lord Naseby (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what, if any, provision is being made to allow independent schools which have a Combined Cadet Forces Unit to offset the associated costs against their VAT commitments.
Answered by Lord Livermore
VAT registered schools, like all VAT registered businesses, are entitled to recover VAT incurred on the goods and services they purchase and use in making taxable supplies. Costs relating to non-business activities cannot be recovered as input tax. There is no special provision to allow recovery of VAT incurred for non-business activities.
Where Combined Cadet Forces related costs also support the broader educational provision, schools may be able to deduct a portion of the VAT incurred on the associated costs.
HMRC has published guidance specifically for private schools, including how they can recover VAT on costs.
Asked by: Lord Naseby (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of representations from the British Ports Association about the impact of removing the landfill tax exemption for dredging on major industrial developments, particularly in ports, rivers and canals; and what action they plan to take, if any, in response.
Answered by Lord Livermore
The Government recognises the vital role that the ports sector plays in supporting the government’s objectives on transport and infrastructure.
At the Budget in November 2025, the Government announced it would legislate to remove the Landfill Tax exemption for stabilisers used in dredged material from April 2027.
This decision followed a consultation on reforms to Landfill Tax during which the government engaged with a range of stakeholders, including representatives from the ports sector. This decision will not prevent the use of stabilisers, but it will encourage businesses to limit their use to what is necessary.
The Government does not expect the change to have a significant impact on flood risk management as most material removed during routine waterway maintenance of rivers and canals is reused locally and deposited adjacent to the channel, avoiding the need for disposal at landfill sites.
Asked by: Lord Naseby (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of the capacity of the National Wealth Fund to finance (1) new manufacturing facilities, and (2) the hydrogen and fuel cell technology manufacturing sector.
Answered by Lord Livermore
The NWF is the government’s principal investor and policy bank, with £27.8 billion of capital to mobilise investment in the growth and clean energy missions
The NWF prioritises clean energy, digital and technologies, advanced manufacturing, and transport sectors. The NWF will commit at least £5.8 billion over this Parliament to green hydrogen, carbon capture, ports, gigafactories and green steel sub-sectors.
Asked by: Lord Naseby (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government why grandparents cannot manage the online investment of existing junior independent savings accounts, and whether they plan to review this.
Answered by Lord Livermore
To ensure that the Junior Individual Savings Accounts (JISA) regime remains simple and sustainable, HMRC restrict who can open and manage an account to prevent more than one JISA of each type (cash or stocks and shares) being opened in error. It also ensures that there is a single point of contact for the giving of instructions. Given the nature of the role, the ISA rules require this to be someone with parental responsibility for the child. A grandparent who does not have parental responsibility is therefore unable to open or manage a Junior ISA on behalf of their grandchild but can add funds to the account, up to the value of £9,000 a year.
The Government continues to keep all aspects of savings policy under review.
Asked by: Lord Naseby (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what progress has been made in addressing alleged hidden commission payments in the vehicle trade.
Answered by Lord Livermore
This is a complicated issue and the government is working closely with the Financial Conduct Authority and Prudential Regulation Authority. The government is pleased that the Supreme Court will hear an appeal from 1-3 April and hopes that its judgment will provide clarity for firms and consumers
Asked by: Lord Naseby (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what plans they have to review the historic vehicle tax exemption by altering the 40-year rule to 30 years.
Answered by Baroness Penn
At Budget 2014 the Government announced that it would introduce a rolling 40-year Vehicle Excise Duty (VED) exemption for classic cars in recognition of their important contribution to UK heritage and culture.
The Government has set 40 years as being a fair cut-off date to distinguish classic cars from those that are simply older vehicles and there are no current plans to reduce the tax exemption age to 30 years.
As with all taxes, VED is kept under review and any changes are considered and announced by the Chancellor.
Asked by: Lord Naseby (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government, with regard to recent meetings between Treasury ministers, food suppliers and retailers and the Competition and Markets Authority, what assessment they have made of the existing benefits to consumers of price competition between major supermarkets.
Answered by Baroness Penn
The Chief Secretary to the Treasury spoke to supermarket representatives on 11 May 2023, and the Chancellor of the Exchequer met with food manufacturers on 23 May 2023 about the cost of food in the UK.
The Competition and Markets Authority announced on 15 May 2023 that it would conduct further work in the grocery sector to understand whether any failure in competition is contributing to grocery prices being higher than they would be in a well-functioning market. Once published, the Government will consider the Competition and Markets Authority’s findings.
Asked by: Lord Naseby (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what steps they are taking to ensure all illegal crypto ATMs are removed from retailers.
Answered by Baroness Penn
Cryptoasset exchange providers, which includes Crypto ATM operators, in the UK must be registered with the FCA and comply with the UK Money Laundering Regulations (MLRs). None of the cryptoasset firms registered with the FCA have been approved to offer crypto ATM services, meaning that any of them operating in the UK are doing so illegally.
The FCA has previously warned operators of crypto ATMs in the UK to shut their machines down or face enforcement action. Additionally, the FCA publishes a list of cryptoasset businesses that it suspects are operating without registration to help firms and customers make sure they only deal with registered firms.
The FCA works with the National Economic Crime Centre to plan and coordinate action with law enforcement partners in relation to operators of illegal crypto ATMs. Recently it has used its powers to inspect sites in Exeter, Nottingham and Sheffield suspected of hosting illegally operated crypto ATMs. This action follows the FCA’s inspection of several sites in East London and Leeds that were suspected of hosting unregistered crypto ATMs and is part of a continued crackdown on this illicit sector.
The FCA contact centre is the point of contact for people wishing to report Crypto ATMs. Contact details can be found on the FCA website in the ‘Contact Us’ section.