Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the Department of Health and Social Care:
To ask His Majesty's Government what assessment they have made of the use of AI forecasting tools by NHS trusts to manage demand for and waiting times in accident and emergency; and how the use of that AI is informing wider NHS digital transformation policy.
Answered by Baroness Merron - Parliamentary Under-Secretary (Department of Health and Social Care)
The 10-Year Health Plan was published on 3 July 2025 and sets out how the Government will ensure the National Health Service is fit for the future, and that artificial intelligence (AI) will play a fundamental role in this transformation. As part of the 10-Year Health Plan, the Government is supporting the use of AI-enabled appointment and scheduling tools to reduce the administrative burden on clinicians, with early trials showing an increase in productivity and clinician time saved.
An accident and emergency demand forecasting tool is now available to all NHS trusts and is already in use by 50 NHS organisations, helping them plan how many people are likely to need emergency care and treatment on any given day. While this tool does not schedule appointments specifically, it uses AI to predict emergency care demand, enabling trusts to plan staffing and resources more effectively and reduce pressure on services.
The tool forms part of a wider set of Government‑supported innovations in operational AI, which include technologies to streamline scheduling, automate administrative tasks, and enhance clinical workflows. These collectively aim to free up staff time, improve care quality, and reduce waiting times across the system.
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 the risks to consumers and financial stability of the current regulatory approaches to AI in financial services.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The Government believes that the safe adoption of artificial intelligence (AI) by the financial services sector is a major strategic opportunity, with the potential to power growth across the UK. As set out in the Government’s Financial Services Growth and Competitiveness Strategy, it is our ambition to make the UK ”the world’s most technologically advanced global financial sector”, leveraging our dual strengths in FS and AI to drive growth, productivity, and deliver consumer benefits.
The Government has been clear that we will strike the right balance between managing the risks posed by AI and unlocking its huge potential. The UK financial regulators take an outcomes-based approach to regulating AI within the financial sector, drawing on existing frameworks to ensure that firms uphold strong consumer, stability and market standards, whether they use AI or not. Our current assessment, shared by the regulators, is that this framework is capable of ensuring the effective regulation of the use of AI. However, we will continue working closely with the regulators as the technology evolves to monitor risks and ensure that AI adoption continues in a safe and responsible way.
The Government is carefully considering the Treasury Committee’s report on AI in financial services and will respond in due course.
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what steps they are taking to support and retain high-growth UK technology firms seeking to list on the London stock exchange.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The Government has delivered an ambitious programme of reforms to make it easier for all firms, including fintechs, to list and raise capital on UK markets. This includes overhauling the Prospectus Regime and Listing Rules, providing more flexibility to firms and founders raising capital on UK markets.
At her Mansion House speech last year, the Chancellor also announced the formation of a Listings Taskforce, to support businesses to list and grow in the UK, and the Financial Services Growth and Competitiveness Strategy, which sets out a comprehensive package of reforms to maintain the UK’s global leadership in Fintech. Officials and ministers regularly engage with industry leaders on sector developments.
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 trends in venture capital investment and scale-up financing in the UK technology sector; and how those trends are informing policy to support fintech and AI innovation.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The UK has the third largest Venture Capital (VC) market in the world behind the US and China, and the largest in Europe. The latest edition of the British Business Bank (BBB) 2025 Equity Monitor found that the UK attracted £10.8 billion of VC investment in 2024, with £5.5 billion invested in the UK technology sector.
At the Budget in November 2025, we introduced measures to build on these strengths by expanding our enterprise tax reliefs to incentivise investment in scaling firms and support them to attract top talent, by targeting BBB investment towards scale-up companies, and by committing to public procurement reforms to make the UK government a better customer to innovative businesses.
HM Treasury will continue to monitor the implementation of Budget measures and analyse their impact on the UK technology sector, to inform future policy development.
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 the impact of investments by UK banks in stablecoin settlement companies on the UK's competitiveness as a global fintech hub.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The Government recognises that cryptoassets, and tokenised payment and settlement instruments present both significant opportunities and risks for the UK and the rest of the world.
That is why the UK has worked closed with international partners through the Financial Stability Board to develop global standards for cryptoassets and stablecoin. It is also why the Government is creating a comprehensive UK regulatory regime for cryptoassets, including to regulate the issuance of stablecoin.
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 global trends in stablecoin settlement, and the implications for UK fintech regulation and financial infrastructure.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The Government recognises that cryptoassets, and tokenised payment and settlement instruments present both significant opportunities and risks for the UK and the rest of the world.
That is why the UK has worked closed with international partners through the Financial Stability Board to develop global standards for cryptoassets and stablecoin. It is also why the Government is creating a comprehensive UK regulatory regime for cryptoassets, including to regulate the issuance of stablecoin.
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what steps they are taking to facilitate collaboration between UK financial regulators and international regulatory authorities to maintain the City of London's competitiveness in fintech innovation.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The Government is committed to making the UK the best place for fintechs, to start, scale and list. The Financial Services Growth and Competitiveness Strategy, published in July 2025, sets out our mission to shape a regulatory environment for financial services that is proportionate, predictable and internationally competitive, embracing innovation and leveraging the UK’s leadership in Fintech.
We are delivering this through strengthened partnerships with international financial centres around the world, supported by ongoing regulatory dialogues with many of our international partners such as the EU, US, China, India and the Gulf. We also continue to promote cooperation between UK financial regulators and their counterparts overseas. For instance, the UK has established the UK-US Transatlantic Taskforce for Markets of the Future, which is exploring opportunities for deeper collaboration in financial services, with a particular focus on digital assets and capital markets.
In addition, the Office for Investment: Financial Services, launched last October, will guide and support international investors looking to establish or grow a presence in the UK’s financial services sector, with a focus on fintech and the other priority growth areas
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 consolidation trends in the fintech sector; and what steps they will take to support UK-based fintech firms in maintaining global competitiveness.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
As set out in the Government’s Financial Services Growth and Competitiveness Strategy (“the Strategy”), the UK aims to be the world’s most technologically advanced global financial centre, and to remain a leading jurisdiction for Fintech firms to start-up, scale and list.
The UK has a long history as a powerhouse of financial services innovation. The Strategy set out a comprehensive package of reforms to maintain the UK’s global leadership in fintech. The sector attracted $3.6 billion of investment in 2025 - second only to the US.
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 the risks to private credit and financial stability of the growth of private markets.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
Private markets are an increasingly important source of finance for the real economy and have supported growth. However, they also pose new risks, including from the use of leverage, opacity around valuations, and interconnectedness with the wider financial system.
These issues have been a growing area of focus for the Government, the Bank of England and the regulators in recent years. In the most recent remit letter to the Bank of England’s Financial Policy Committee, the Chancellor asked that the Committee continue to consider risks in private markets.
We continue to work closely with the regulators to deepen our understanding of these risks. This includes working closely with the Bank of England on its new System‑Wide Exploratory Scenario, which is centred on vulnerabilities in private markets., and through our membership of the international Financial Stability Board.
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 the ranking by Innovate Finance of the UK as second globally for fintech investment in 2025; and what impact that ranking has on their strategy to support fintech growth and international competitiveness.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The UK is a world leader in Fintech, and attracted $3.6 billion of investment in 2025, second only to the US. The Government is committed to making the UK the world’s most technologically advanced global financial centre and remaining a leading jurisdiction for Fintech firms to start-up, scale and list.
The Government’s Financial Services Growth and Competitiveness Strategy set out a comprehensive package of reforms to preserve the UK’s leadership in this area, including streamlining the regulatory environment and initiatives to support UK Fintechs to scale up.