Oral Answers to Questions

Bob Blackman Excerpts

Tuesday 9th May 2023 Commons Chamber

[John Glen]

I do not agree with that analysis. The free school meals funding for 2023-24 was set in line with precedent every year, using inflation forecasts in the autumn prior. About 1.9 million pupils are claiming a free school meal at lunchtime, which equates to 22.5% of pupils in state-funded schools; together with the 1.25 million infants supported through the universal infant free school meal policy, this is having an impact. However, I recognise the pressures across the whole economy, which is why, as I said, the Government gave those additional funds in the autumn statement last year.

[Bob Blackman (Harrow East) (Con)]

3. What steps his Department is taking to improve the regulatory framework of the financial services sector.

[The Economic Secretary to the Treasury (Andrew Griffith)]

The Edinburgh reforms take forward the Government’s ambition to maintain the UK’s position as a world-leading global financial centre, while ensuring that our financial sector remains robust in the face of market shocks. In particular, they introduce a new secondary duty of facilitating growth and international competitiveness, which is a first for UK regulators.

[Bob Blackman]

I thank my hon. Friend for that answer. Clearly, the culture and performance of regulators is one key consideration for firms when they choose to invest in the UK. What steps is he going to take to introduce key performance indicators for financial regulators to report on their delivery against the new growth and competitiveness objective in the Financial Services and Markets Bill? Is he considering adding any measures to the Bill that would strengthen the independent scrutiny of regulators?

[Andrew Griffith]

My hon. Friend does great service as chair of the all-party group on personal banking and fairer financial services, so he knows of what he speaks. Today, the Government published a call for proposals on the metrics that regulators should publish to support scrutiny of their work; as every business leader knows, what gets measured gets managed. That responds to the significant interest shown by industry and Parliament in ensuring that appropriate and transparent public measures are in place to support scrutiny of the regulators’ performance. The Government are clear that with great power must come greater accountability.