Question to the Foreign, Commonwealth & Development Office:

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what diplomatic steps her Department is taking to strengthen the NATO alliance.

Answered by Stephen Doughty - Minister of State (Foreign, Commonwealth and Development Office)

NATO is the cornerstone of UK and Euro-Atlantic security, and we work continually with our partners throughout the alliance to help protect our safety and prosperity here at home.

Together with our European Allies, we are increasing investment in our armed forces and shouldering more of the burden for NATO’s defence, and working closely with NATO Secretary-General Mark Rutte on preparations for a successful Ankara Summit in July.

NATO also remains steadfast in our military, political and humanitarian support for Ukraine, as we continue to stand together against Russia’s illegal and brutal war against the Ukrainian people.

Question to the Department for Environment, Food and Rural Affairs:

To ask the Secretary of State for Environment, Food and Rural Affairs, what steps she is taking to promote awareness among farmers and food producers in Buckinghamshire of new export opportunities created by the mutual recognition of UK and Japanese organic livestock standards.

Answered by Angela Eagle - Minister of State (Department for Environment, Food and Rural Affairs)

Japan is the second largest organic market in Asia, valued at an estimated £1.4 billion in 2023, and expanding rapidly, driven by Japanese government initiatives to promote organic consumption domestically. The UK-Japan agreement to formally recognise the equivalency of each other’s organic livestock standards will help British exporters to meet growing consumer demand for organic products in Japan.

Defra has a network of 16 agri-food and drink attaches who work to remove trade barriers and support UK agri-food businesses to export. This includes an attaché based in Japan. Last year the network removed over 50 trade barriers, estimated by industry to be worth £127million per annum.

Businesses in Buckinghamshire can access a range of tools and support available through the Business Growth Service via business.gov.uk to help businesses sell abroad and find the best country for their product. Additional support can be accessed through the UK Business Academy, which is a free training programme for UK businesses looking to grow their international sales.

Question to the Department for Environment, Food and Rural Affairs:

To ask the Secretary of State for Environment, Food and Rural Affairs, what assessment she has made of the potential impact of the UK-Japan organic equivalency agreement on organic farmers and producers in Buckinghamshire.

Answered by Angela Eagle - Minister of State (Department for Environment, Food and Rural Affairs)

Japan is the second largest organic market in Asia, valued at an estimated £1.4 billion in 2023, and expanding rapidly, driven by Japanese government initiatives to promote organic consumption domestically. The UK-Japan agreement to formally recognise the equivalency of each other’s organic livestock standards will help British exporters to meet growing consumer demand for organic products in Japan.

Defra has a network of 16 agri-food and drink attaches who work to remove trade barriers and support UK agri-food businesses to export. This includes an attaché based in Japan. Last year the network removed over 50 trade barriers, estimated by industry to be worth £127million per annum.

Businesses in Buckinghamshire can access a range of tools and support available through the Business Growth Service via business.gov.uk to help businesses sell abroad and find the best country for their product. Additional support can be accessed through the UK Business Academy, which is a free training programme for UK businesses looking to grow their international sales.

Question to the Department for Environment, Food and Rural Affairs:

To ask the Secretary of State for Environment, Food and Rural Affairs, what steps her Department is taking to support organic food producers in Buckinghamshire to access export opportunities to Japan.

Answered by Angela Eagle - Minister of State (Department for Environment, Food and Rural Affairs)

Japan is the second largest organic market in Asia, valued at an estimated £1.4 billion in 2023, and expanding rapidly, driven by Japanese government initiatives to promote organic consumption domestically. The UK-Japan agreement to formally recognise the equivalency of each other’s organic livestock standards will help British exporters to meet growing consumer demand for organic products in Japan.

Defra has a network of 16 agri-food and drink attaches who work to remove trade barriers and support UK agri-food businesses to export. This includes an attaché based in Japan. Last year the network removed over 50 trade barriers, estimated by industry to be worth £127million per annum.

Businesses in Buckinghamshire can access a range of tools and support available through the Business Growth Service via business.gov.uk to help businesses sell abroad and find the best country for their product. Additional support can be accessed through the UK Business Academy, which is a free training programme for UK businesses looking to grow their international sales.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of high levels of household cash savings on long-term financial resilience and returns for UK consumers.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Government wants to see more people benefit from the higher returns and long-term financial resilience that investing can provide, which will also benefit UK capital markets and the wider economy. That is why the Chancellor has set out a series of bold measures to get Britain investing again, including the reforms to ISAs announced at Autumn Budget.

The Government and Financial Conduct Authority (FCA) are working closely with the industry-led initiatives to promote the benefits of investing to the public, and to reform how firms talk about the risks and benefits of investing.

In addition, HM Treasury has worked closely with the FCA on the introduction of targeted support, which went live on 6 April. This allows authorised firms, with the relevant permission, to provide customers with proactive help on investment decisions, including suggesting specific products – helping people to act on information and make choices that are right for their circumstances.

In the longer term, HM Treasury is working closely with the Department for Education to strengthen financial education. As part of the Financial Inclusion Strategy, published in November 2025, the Government announced that financial education will be made compulsory in primary schools in England, alongside a renewed focus on financial education in secondary schools.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps her Department is taking with other Government departments to improve (i) financial education and (ii) investment literacy among the public.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Government wants to see more people benefit from the higher returns and long-term financial resilience that investing can provide, which will also benefit UK capital markets and the wider economy. That is why the Chancellor has set out a series of bold measures to get Britain investing again, including the reforms to ISAs announced at Autumn Budget.

The Government and Financial Conduct Authority (FCA) are working closely with the industry-led initiatives to promote the benefits of investing to the public, and to reform how firms talk about the risks and benefits of investing.

In addition, HM Treasury has worked closely with the FCA on the introduction of targeted support, which went live on 6 April. This allows authorised firms, with the relevant permission, to provide customers with proactive help on investment decisions, including suggesting specific products – helping people to act on information and make choices that are right for their circumstances.

In the longer term, HM Treasury is working closely with the Department for Education to strengthen financial education. As part of the Financial Inclusion Strategy, published in November 2025, the Government announced that financial education will be made compulsory in primary schools in England, alongside a renewed focus on financial education in secondary schools.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps her Department is taking to encourage greater participation in equity investment among UK households.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Government wants to see more people benefit from the higher returns and long-term financial resilience that investing can provide, which will also benefit UK capital markets and the wider economy. That is why the Chancellor has set out a series of bold measures to get Britain investing again, including the reforms to ISAs announced at Autumn Budget.

The Government and Financial Conduct Authority (FCA) are working closely with the industry-led initiatives to promote the benefits of investing to the public, and to reform how firms talk about the risks and benefits of investing.

In addition, HM Treasury has worked closely with the FCA on the introduction of targeted support, which went live on 6 April. This allows authorised firms, with the relevant permission, to provide customers with proactive help on investment decisions, including suggesting specific products – helping people to act on information and make choices that are right for their circumstances.

In the longer term, HM Treasury is working closely with the Department for Education to strengthen financial education. As part of the Financial Inclusion Strategy, published in November 2025, the Government announced that financial education will be made compulsory in primary schools in England, alongside a renewed focus on financial education in secondary schools.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to ensure that regulatory frameworks support greater access to low-cost retail investment products.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Government wants to see more people benefit from the higher returns and long-term financial resilience that investing can provide, which will also benefit UK capital markets and the wider economy. That is why the Chancellor has set out a series of bold measures to get Britain investing again, including the reforms to ISAs announced at Autumn Budget.

The Government and Financial Conduct Authority (FCA) are working closely with the industry-led initiatives to promote the benefits of investing to the public, and to reform how firms talk about the risks and benefits of investing.

In addition, HM Treasury has worked closely with the FCA on the introduction of targeted support, which went live on 6 April. This allows authorised firms, with the relevant permission, to provide customers with proactive help on investment decisions, including suggesting specific products – helping people to act on information and make choices that are right for their circumstances.

In the longer term, HM Treasury is working closely with the Department for Education to strengthen financial education. As part of the Financial Inclusion Strategy, published in November 2025, the Government announced that financial education will be made compulsory in primary schools in England, alongside a renewed focus on financial education in secondary schools.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential implications for economic growth of the proportion of UK household wealth held directly in equities being lower than in other G7 countries.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The Government wants to see more people benefit from the higher returns and long-term financial resilience that investing can provide, which will also benefit UK capital markets and the wider economy. That is why the Chancellor has set out a series of bold measures to get Britain investing again, including the reforms to ISAs announced at Autumn Budget.

The Government and Financial Conduct Authority (FCA) are working closely with the industry-led initiatives to promote the benefits of investing to the public, and to reform how firms talk about the risks and benefits of investing.

In addition, HM Treasury has worked closely with the FCA on the introduction of targeted support, which went live on 6 April. This allows authorised firms, with the relevant permission, to provide customers with proactive help on investment decisions, including suggesting specific products – helping people to act on information and make choices that are right for their circumstances.

In the longer term, HM Treasury is working closely with the Department for Education to strengthen financial education. As part of the Financial Inclusion Strategy, published in November 2025, the Government announced that financial education will be made compulsory in primary schools in England, alongside a renewed focus on financial education in secondary schools.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what steps his Department is taking to improve engagement with pension planning among individuals before they reach their 50s.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

The Government ensures everyone has access to free, impartial pensions guidance through the Money and Pensions Service (MaPS). MaPS’ MoneyHelper guidance is available to individuals at any age and covers all areas of UK pensions.

For those that wish to make decisions about their pension savings, we are transforming the advice and guidance landscape through targeted support, which went live earlier this month. This will enable FCA-authorised firms to proactively suggest appropriate products or courses of action to customers of any age, using limited information about the customer and their circumstances.

MaPS is also making good progress in delivering pensions dashboards. Enabling individuals of any age to view their pensions picture securely in one place online will remove a significant barrier to engagement and support better retirement planning. Users will be signposted to further guidance and information within MoneyHelper to assist their decision making, and we are working closely with MaPS to develop this.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what assessment he has made of the potential impact of the transition from defined benefit to defined contribution pension schemes on retirement outcomes for Generation X.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

The Department carries out and publishes analysis of projected future retirement incomes, which provides estimates of the number and proportion of working age individuals under saving for their retirement against different measures of adequacy. This analysis is broken down by different characteristics such as decade of retirement and pension provision which can be found on GOV.UK: Analysis of Future Pension Incomes 2025 - GOV.UK.

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what assessment he has made of the potential impact of (i) employment history, (ii) health status and (iii) demographic characteristics on disparities in pension adequacy.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

The Department carries out and publishes analysis of projected future retirement incomes, which provides estimates of the number and proportion of working age individuals under saving for their retirement against different measures of adequacy. This analysis is broken down by different characteristics such as decade of retirement and pension provision which can be found on GOV.UK: Analysis of Future Pension Incomes 2025 - GOV.UK.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of discussions at the UK–US Financial Regulatory Working Group on (a) financial stability and (b) cross-border regulatory co-operation.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The UK and US are also working closely together on the Transatlantic Taskforce for Markets of the Future, which was established jointly by HM Treasury and US Treasury on 22 September.

The Taskforce is exploring options to strengthen linkages between UK and US capital markets, supporting growth and competitiveness in both jurisdictions by reducing burdens for UK and US firms raising capital-cross border. It is also exploring opportunities for collaboration on digital assets and other innovative financial activities.

HM Treasury and the US Treasury have conducted joint senior-level industry engagement in both London and Washington DC to ensure the Taskforce’s work is informed by what matters most to industry on both sides of the Atlantic. The Taskforce aims to report back to both finance ministries on its recommendations via the FRWG in summer 2026.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of enhanced UK-US regulatory co-operation on the competitiveness of UK capital markets.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The UK and US are also working closely together on the Transatlantic Taskforce for Markets of the Future, which was established jointly by HM Treasury and US Treasury on 22 September.

The Taskforce is exploring options to strengthen linkages between UK and US capital markets, supporting growth and competitiveness in both jurisdictions by reducing burdens for UK and US firms raising capital-cross border. It is also exploring opportunities for collaboration on digital assets and other innovative financial activities.

HM Treasury and the US Treasury have conducted joint senior-level industry engagement in both London and Washington DC to ensure the Taskforce’s work is informed by what matters most to industry on both sides of the Atlantic. The Taskforce aims to report back to both finance ministries on its recommendations via the FRWG in summer 2026.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps her Department is taking to strengthen UK–US co-operation on digital finance and innovation.

Answered by Lucy Rigby - Economic Secretary (HM Treasury)

The UK and US are also working closely together on the Transatlantic Taskforce for Markets of the Future, which was established jointly by HM Treasury and US Treasury on 22 September.

The Taskforce is exploring options to strengthen linkages between UK and US capital markets, supporting growth and competitiveness in both jurisdictions by reducing burdens for UK and US firms raising capital-cross border. It is also exploring opportunities for collaboration on digital assets and other innovative financial activities.

HM Treasury and the US Treasury have conducted joint senior-level industry engagement in both London and Washington DC to ensure the Taskforce’s work is informed by what matters most to industry on both sides of the Atlantic. The Taskforce aims to report back to both finance ministries on its recommendations via the FRWG in summer 2026.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps her Department is taking to mitigate risks to UK economic security arising from financial instability in the Middle East.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

Since the start of the conflict the Government has engaged allies and partners to urge de-escalation and shared efforts towards diplomacy, and has taken action to protect the UK public from the rising cost of living by providing immediate support for vulnerable heating oil customers and bringing energy bills down.

HM Treasury has also been working closely with the financial regulators to monitor potential risks to financial stability, including through its membership of the Bank of England’s Financial Policy Committee (FPC) and the global Financial Stability Board (FSB). The FPC is responsible in the UK for identifying, monitoring and taking action to remove or reduce systemic risks to the UK financial system.

In its April 2026 Record, the FPC assessed that conflict in the Middle East represents a negative supply shock to the global economy. The FPC noted that while the financial system has remained resilient, and the UK banking system has the capacity to support households and businesses even if conditions were to be substantially worse than expected, the conflict has increased global uncertainty following a period of already elevated risks and called for firms to actively manage their risks.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment she has made of the potential effect of developments in the Middle East on global financial stability.

Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)

Since the start of the conflict the Government has engaged allies and partners to urge de-escalation and shared efforts towards diplomacy, and has taken action to protect the UK public from the rising cost of living by providing immediate support for vulnerable heating oil customers and bringing energy bills down.

HM Treasury has also been working closely with the financial regulators to monitor potential risks to financial stability, including through its membership of the Bank of England’s Financial Policy Committee (FPC) and the global Financial Stability Board (FSB). The FPC is responsible in the UK for identifying, monitoring and taking action to remove or reduce systemic risks to the UK financial system.

In its April 2026 Record, the FPC assessed that conflict in the Middle East represents a negative supply shock to the global economy. The FPC noted that while the financial system has remained resilient, and the UK banking system has the capacity to support households and businesses even if conditions were to be substantially worse than expected, the conflict has increased global uncertainty following a period of already elevated risks and called for firms to actively manage their risks.

100th anniversary of the birth of Her late Majesty Queen Elizabeth II