Face-to-Face Banking: Rural Areas

Alan Mak Excerpts

Tuesday 1st September 2026 Westminster Hall

[Caroline Voaden]

I absolutely agree. On my tour this summer, I met someone who was frozen out of her bank. She could not get the confirmation code on her phone because she has no mobile phone signal, so her bank account is now closed to her. She will have to travel more than an hour to get to a bank to get back into her bank account. It is an absolute mess.

Face-to-face banking is simply essential for millions of people and thousands of small businesses across the UK. When a loved one has died and finances have to be sorted out, it is normal to want to speak to another human being, not to a chatbot. People might need emergency access to funds, to make a complicated transaction or to send money abroad—out-of-the-ordinary banking matters that chatbots simply do not understand and cannot help with. Businesses might want to take out a loan, or extend or increase borrowing. Yes, people could do that over the phone, but for many a face-to-face conversation is more manageable. The rapid and ruthless shift towards online banking may suit those of us who work odd hours, travel around a lot and would frankly find it hard to pop into our high street branch, but at the same time, it is potentially disenfranchising millions of people from banking services.

[Alan Mak (Havant) (Con)]

In response to some of the things that the hon. Lady is describing, the last Conservative Government legislated to protect access to cash, but I think we now all recognise the need to legislate for access to face-to-face banking. Will she join me in calling on the Minister to support my In-Person Banking Services Bill to deliver more banking hubs?

[Caroline Voaden]

I will come on to the legislation passed by the previous Conservative Government in just a minute.

In rural areas, poor internet, non-existent public transport and a higher proportion of elderly residents who are less likely to manage their money online mean that losing the local bank can have a huge impact. The wipe-out in rural areas is mind boggling. A staggering 86% of people in rural areas have seen their closest bank branch—which 10 years ago was within a mile—close. For them, there is no alternative bank to switch to. As banks have closed, the impact of losing access to banking services has been disproportionately felt by those in rural areas, who simply cannot go to another bank in town. Instead, they are left navigating sporadic or non-existent public transport, having to set aside half a day for the outing just to visit the bank. It can be a major mission in a community that is poorly serviced.

Oral Answers to Questions

Alan Mak Excerpts

Tuesday 23rd June 2026 Commons Chamber

[Torsten Bell]

My hon. Friend has done significant campaigning on this issue in recent months, and we all know why. The Government obviously inherited the student loan system situation, and we have already acted to cap the interest rate on student loans. We look forward to reading her Committee’s report, and, I am sure, to her ongoing campaigning on this issue.

[Alan Mak (Havant) (Con)]

9. What assessment she has made of the potential impact of reducing up-front venture capital trust income tax relief on VCT fundraising.

[The Economic Secretary to the Treasury (Rachel Blake)]

At the Budget, the Government announced a comprehensive package of entrepreneurship tax measures, designed to provide substantially enhanced support for scaling businesses across the UK. That includes doubling the maximum amount that a company can raise through the enterprise investment scheme and the venture capital trust scheme. Overall, the changes to those schemes are forecast to generate about £100 million per year of additional investment in high-growth, scaling companies, thanks to the increased scheme limits in the Budget.

[Alan Mak]

A recent industry survey revealed that 62% of VCT founders are scaling back growth plans, 45% are cutting headcounts, and 25% are leaving the country. Will the Government reverse the Chancellor’s plans to cut this relief, or will her legacy for Britain’s tech sector be lower growth, fewer jobs and lasting damage?

[Rachel Blake]

Absolutely not; we have real confidence in the British venture capital sector. In the 2025 Budget, we doubled the investment limits and gross assets threshold for the enterprise investment and venture capital trust schemes. Those changes are supporting growth and development.

Oral Answers to Questions

Alan Mak Excerpts

Tuesday 27th January 2026 Commons Chamber

[Lucy Rigby]

I can confirm that I am indeed hearing that. Last week’s introduction of the new prospectus rules will mean faster execution, reduced complexity and a simplified route to capital raising. Together with the three-year UK listing relief announced at the Budget, these initiatives will make the UK the most attractive destination for companies to start, scale, list and stay.

[Alan Mak (Havant) (Con)]

Just one pure technology company is now listed on the FTSE 100 and Budget measures, such as cutting venture capital trust tax relief, discourage companies from listing on the UK exchanges. Why are the Government driving away growth and investment?

[Lucy Rigby]

The entrepreneurship package in the Budget was incredibly important. The aim of that package, which includes the UK listing relief—the three-year stamp duty holiday that I referred to in response to my hon. Friend the Member for Paisley and Renfrewshire North (Alison Taylor)—is designed to make the UK the best place to start, scale and list a company.

Oral Answers to Questions

Alan Mak Excerpts

Tuesday 9th December 2025 Commons Chamber

[Torsten Bell]

My hon. Friend has been a powerful campaigner for those surpluses to be shared with the members of those pension schemes. He knows that we made an announcement at the Budget to ensure that the British Coal staff superannuation scheme surplus is shared with its members, and I know that the trustees are bringing forward their proposals on the sharing of future surpluses.

[Alan Mak (Havant) (Con)]

The Budget cut the venture capital trusts tax relief that allowed investors to back Britain’s fastest-growing companies. How can the Chancellor claim to support our entrepreneurs when she is cutting off the funding that they rely on?

[Rachel Reeves]

I hosted an event last night for entrepreneurs. Speaking at it were the chief executives of Quantexa and Motorway, both of whom welcomed the changes that we made to support entrepreneurs at the Budget, particularly the changes we made around enterprise management incentives, the enterprise investment scheme, VCT, and the three-year stamp duty holiday for companies choosing to list here in Britain. We are backing entrepreneurs in Britain, and they are backing our changes.

Oral Answers to Questions

Alan Mak Excerpts

Tuesday 4th November 2025 Commons Chamber

[Torsten Bell]

The LGPS actually has a strong track record of local investment of exactly the kind that my hon. Friend mentions, including in social housing, and we want to build on that record. The Pension Schemes Bill will introduce requirements for local government pension scheme pools to work with strategic authorities, including mayoral strategic authorities, on local investment opportunities—[Interruption.] Before they decided that full-time chuntering was their business of the day, I thought the Conservatives used to be in favour of that. With the highest sustained levels of public investment since the 1970s, Britain will get back in the business of investing in its future once again.

[Alan Mak (Havant) (Con)]

Pension providers play a key role in helping Britain’s tech start-ups turn into world-leading scale-ups, but around £3 trillion in pension funds sits idle. That money should be used to support our tech sector. Will the Minister commit to accelerating the Mansion House reforms successfully introduced by the last Conservative Government?

[Torsten Bell]

I thank the hon. Member for his question. I agree with where he started, but unfortunately he then went on to praise some of the work done under the last Government, when we did not see the investment that he talks about coming through and reaching entrepreneurs, who he rightly says we should do more to support. That is what the Mansion House Accord, which we have now put in place and supported for the private sector, is doing, and what the British Business Bank is doing by bringing forward the British Growth Partnership. We need to see UK pension funds investing in our most innovative, fastest-growing companies.

Independent Lifeboats: Government Support

Alan Mak Excerpts

Wednesday 29th October 2025 Westminster Hall

[Paul Holmes (Hamble Valley) (Con)]

I beg to move,

That this House has considered Government support for independent lifeboats.

It is a pleasure to serve under your chairmanship, Mrs Harris. I am grateful for the opportunity to introduce this important debate to Westminster Hall, and grateful to hon. Members attending the debate for championing their local independent lifeboats. I thank Chloe Swinbank, in my office, who managed to acquire me this tie, which has life rings on it to suit the theme of this debate.

When people think of saving lives at sea, they often think of the Royal National Lifeboat Institution—and rightly so: it is a world-renowned organisation that has saved countless lives, and it remains one the most respected charities globally. But there are other crews who do profound work to serve our coastal communities and to save lives in times of need.

[Alan Mak (Havant) (Con)]

I congratulate my hon. Friend on securing this important debate. In my Havant constituency, we are fortunate to have both the Hayling Island RNLI lifeboat, funded by the RNLI, and the Hayling Island coastguard rescue team, funded through the Department for Transport. Together they do outstanding work in our community and around Hayling. Will my hon. Friend and the Minister join me in thanking the crews and support staff on Hayling Island? And will my hon. Friend explain why independent lifeboats should receive similar funding and support?

[Paul Holmes]

I thank my hon. Friend, who is nearly my constituency neighbour. He is absolutely right to pay tribute to Hayling Island RNLI lifeboat and the coastguard rescue team based in his constituency. It is important to realise, as I will discuss later in my speech, that although the RNLI does an amazing job, there are independent lifeboat stations around the country. They particularly struggled with fundraising during covid. Fundraising for independent lifeboats is wholly voluntary; it is done by members of the public in our constituencies.

The crews of independent lifeboats across the country do profound work. Volunteer-run, community-funded rescue services provide an essential lifeline to coastal communities. As of March 2024, there are approximately 80 independent lifeboats around the UK, many of which are represented by the National Independent Lifeboat Association—a fantastic organisation founded by the former Member of Parliament for Totnes, Anthony Mangnall, who was a champion for his local area and for independent lifeboats across the whole UK. NILA has done extraordinary work to increase public awareness of these profound organisations. However, that work remains an uphill battle. They lack resources in comparison with the RNLI, and there is still a long way to go.

The majority of the public assume that all lifeboats and water safety services fall under the remit of the RNLI, meaning that independent lifeboats lack recognition, which impacts funding, recruitment and inclusion in search and rescue provisions in the UK. NILA has a probational seat on the UK Search and Rescue Operators Group, which is a fantastic achievement and a testament to NILA’s dedication to saving lives at sea. It is a positive and practical step to bring greater support for independent lifeboats. However, a permanent position would allow independent lifeboats a stronger strategic voice in national planning. It would mean that when national standards, such as the rescue boat code, are revised, NILA can ensure that the standards also work for independent lifeboats. A permanent position in the search and rescue frameworks would increase recognition and representation for independent lifeboats and for the immense work that the volunteers do.

I welcome the Minister to her place, and ask her what discussions are taking place to ensure that NILA has a permanent position on the UKSAR Operator Group. Does she agree that a permanent position is a necessary step to shape policy and ultimately save more lives? She can answer that question in this debate if she wants—that would show her calibre—but if she cannot, will she commit to write to me and NILA, clearly communicating an answer, after this debate?

Oral Answers to Questions

Alan Mak Excerpts

Tuesday 29th October 2024 Commons Chamber

[Mr Speaker]

I call the shadow Minister.

[Alan Mak (Havant) (Con)]

Last Wednesday, in Washington, the Chancellor announced changes to the debt rules to allow Labour to borrow more. However, published Treasury advice says that increasing borrowing risks interest rates staying higher for longer. Does the Chancellor agree with her Treasury civil servants?

[Rachel Reeves]

Last week, when I was in Washington, I was very pleased to hear the International Monetary Fund say how important it is that countries, including the UK, borrow to invest in their capital infrastructure. Under the plans we inherited from the previous Government, capital spending as a share of GDP is due to fall from 2.6% to 1.7%. If those decisions were to go forward, it would mean plans delayed and cancelled. We will set out our plans tomorrow in the Budget, but it is crucial that we have rules ensuring that we pay for day-to-day spending through tax receipts, and that we borrow only to invest, unlike the previous Government.

Draft Insurance and Reinsurance Undertakings (Prudential Requirements) (Amendment and Miscellaneous Provisions) Regulations 2024

Alan Mak Excerpts

Tuesday 15th October 2024 General Committees

[Alan Mak (Havant) (Con)]

It is a pleasure to serve under your chairmanship, Mr Dowd. I am pleased to inform the Committee that we intend to support today’s statutory instrument, because it continues the essential reforms to Solvency II started by the previous Conservative Government, as the Minister said, of which I was a member.

The financial services industry employs more than 2 million people in the UK. While two thirds of the workforce operates outside of the south-east, financial services have made London the world’s largest international financial centre. Prudential regulation ensures that insurance firms act safely and reduces the chance of them getting into financial difficulty. It is therefore vital that Solvency II, the framework governing the prudential regulation of insurance firms, reflects the unique structural features of the UK insurance sector. The financial services sector must have the right architecture to provide the best possible security for investors and sufficient capital for businesses.

Following close engagement with industry, the Conservative Government developed detailed plans to reform Solvency II. These reforms were designed to ensure a vibrant and prosperous insurance sector, striking a careful balance between boosting growth and maintaining high standards of policyholder protection. They help ensure the safety and soundness of firms, requiring insurers to hold enough capital to withstand a one in 200-year shock, and could help spur a vibrant, innovative and internationally competitive insurance sector, unlocking £100 billion of productive investment to grow the economy over the next 10 years.

We on the Conservative Benches welcome the Government’s decision to continue our plans to reform Solvency II; we therefore support this statutory instrument and will not divide the Committee.

Budget Responsibility Bill

Alan Mak Excerpts

Committee of the whole House & 3rd reading
Wednesday 4th September 2024 Commons Chamber

[Alan Mak (Havant) (Con)]

I thank everyone who has contributed to the debates on the Bill, both today and before the summer recess, especially new Members who have made their maiden speech: the hon. Members for Loughborough (Dr Sandher), for Portsmouth North (Amanda Martin), for Swindon North (Will Stone), for Chelmsford (Marie Goldman), for Southend East and Rochford (Mr Alaba), for Woking (Mr Forster), for Rother Valley (Jake Richards), for Wokingham (Clive Jones), for Dudley (Sonia Kumar), for Rochester and Strood (Lauren Edwards), for Plymouth Moor View (Fred Thomas) and for Northampton North (Lucy Rigby). They all spoke incredibly well, with passion and eloquence, and we wish them well for their time in the House.

We Conservatives believe that sound public finances, fiscal responsibility and independent forecasts are the foundation of economic stability, which is why it was a Conservative Government who created the OBR more than a decade ago, and it is why today we tabled our amendments to improve the Bill and stop Labour moving the goalposts on the fiscal rule. By voting against our sensible proposal, Labour Members have shown they are not serious about our public finances. What are they trying to hide? It is clear that the purpose of the Bill is to distract everyone from Labour’s economic record and pave the way for tax rises in the autumn Budget.

Let us examine Labour’s economic record. The party has been in government for just nine weeks and has already carried out nine acts of economic vandalism. It has removed the winter fuel allowance from 10 million pensioners despite promising not to; caved in to its union paymasters by agreeing inflation-busting pay rises; failed to commit to investing 2.5% of national income on defence; cancelled vital infrastructure upgrades on the A27 and A303; cut funding for a vaccine manufacturing plant that would protect our health; imposed Whitehall diktats to concrete over our green spaces; stopped Conservative plans to build 40 new hospitals; scrapped funding for a next-generation supercomputer, undermining our status as a tech superpower; and appointed Labour donors to senior civil service jobs without open competition. Nine weeks, nine acts of economic vandalism.

We know there is more harm to come, with Labour’s autumn Budget set to raise taxes. During the election campaign, Labour promised over 50 times not to raise people’s taxes, but the Labour Government are planning to do just that. It will be hard-working people, pensioners and businesses who will pay the price. May I invite the Chief Secretary to the Treasury to return to the Dispatch Box to rule out raising taxes on working people, such as drivers, savers and business owners? At the same time, will he rule out changing the fiscal rules to allow for more Government borrowing and debt?

[Darren Jones]

I always welcome the opportunity to return to the Dispatch Box, and I thank the shadow Minister for inviting me to do so. Opposition provides an opportunity for reflection. While he is offering his thoughts on our two months in office—two months of great relief for the British people—does he have anything to say about his 14 years in office before the election?

[Alan Mak]

I think the answer from the Chief Secretary to the Treasury is no, which confirms everything we already knew. It means that the people can never trust Labour with our economy, that Labour will raise taxes and cut investment at every opportunity and that Labour’s honeymoon is well and truly over.

Question put and agreed to.

Bill accordingly read the Third time and passed.

House of Commons Commission

Resolved,

That

(1) in pursuance of section 1(2)(d) of the House of Commons (Administration) Act 1978, Rachel Blake be appointed to the House of Commons Commission, and

(2) in pursuance of section 1(2B) of that Act, the appointment of Shrinivas Honap as an external member of the Commission be extended to 30 September 2026.—(Lucy Powell.)

[Madam Deputy Speaker (Judith Cummins)]

I call Tim Farron to present a petition. The Member is not present.

Oral Answers to Questions

Alan Mak Excerpts

Tuesday 3rd September 2024 Commons Chamber

[Mr Speaker]

I call the shadow Minister.

[Alan Mak (Havant) (Con)]

The Institute of Directors’ latest economic confidence index shows that optimism about the economy fell back to minus 12 last month, following a three-year high of plus 7 in July. Can the Chancellor explain how Labour’s tax rises on working people, businesses and pensioners will contribute to economic growth when the economy is already going backwards under this Labour Government?