Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential for greater regulatory interoperability between the UK and Japan to reduce barriers to financial services exports.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government recognises the value of deepening relationships with international partners, such as Japan, to support global financial stability, a cohesive regulatory landscape, and growth and investment in the UK.
Financial regulatory dialogues, including the Japan-UK Financial Regulatory Forum (FRF), are important in supporting cross-border trade in financial services and form a core part of the government’s approach to strengthening international partnerships, as set out in the Financial Services Growth and Competitiveness Strategy published in July.
The most recent Japan-UK FRF was on 18 March 2026 in Tokyo, alongside joint sessions with the seventh meeting of the Financial Dialogue. The Forum provided an opportunity for a deep and meaningful exchange across a broad set of economic, fiscal and financial regulatory issues, including alignment on international sustainability reporting standards, digital finance and international banking. Further details of the discussions can be found in the Joint Statement.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she is taking to ensure the UK remains internationally competitive in (i) sustainable finance and (ii) transition finance.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Financial Services Growth and Competitiveness Strategy set out the government’s vision for the UK’s sustainable finance regulatory framework, which prioritises championing the UK’s world leading sustainable finance sector to innovate and adapt to upcoming developments.
The government published the UK Sustainability Reporting Standards for voluntary use on 25 February. These aim to support long-term, sustainable decision-making by the business and investment community by providing high-quality and comparable information about the sustainability-related risks and opportunities that businesses face. These standards are closely aligned with the standards from the International Sustainability Standards Board and will support both companies and investors working across jurisdictional boundaries. The Financial Conduct Authority has also consulted on potential updates to its rules for listed companies.
The UK is also taking decisive action to ensure its financial services sector in supporting the global transition and is well placed to capture the opportunity of transition finance. The government has been working closely with the Transition Finance Council, which the Chancellor co-launched with the City of London Corporation in February 2025. It has also consulted on potential implementation options to take forward transition planning in a way that supports the market’s need for credible and decision-useful information, while encouraging action in line with the UK’s climate commitments and supporting economic growth. The government will publish its response in due course.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she is taking to align the UK’s regulatory framework for (i) digital assets and (ii) stablecoins with key international partners to support global market access for UK firms.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The government is maintaining close engagement with the UK’s international partners on digital asset and stablecoin market access opportunities.
The government is committed to making the UK a leading global destination for digital assets.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the fiscal implications of joint defence financing arrangements with Finland and the Netherlands.
Answered by James Murray - Chief Secretary to the Treasury
Last week the Chancellor announced that the UK is exploring a new defence mechanism for financing driving joint demand by 2027 with the Netherlands and Finland and other EU and NATO partners.
This is still in development with partners and will follow best international practice and relevant HM Government Guidance, including Managing Public Money.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps HM Treasury is taking to ensure regulatory co-operation with Spain supports UK-based exporters.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
This Government is committed to a deep and enduring partnership with Spain – a partnership which we were pleased to strengthen through agreeing a strategic bilateral framework in September. This Government is also committed to supporting British businesses exporting to Spain and other European markets. During the Chancellor’s recent visit to Madrid, we agreed practical steps with Spain to make it easier for UK services professionals to travel to Spain, which could be worth around £250 million in additional UK services exports over five years.
This Government recognises the strategic imperative for deeper integration between the UK and EU – which shapes much of Spain’s regulatory regime – to strengthen resilience in the economy and stabilise trading conditions for businesses. As the Chancellor set out in her Mais lecture on 17 March, we will pursue an enhanced partnership with the EU to strengthen supply chains and reduce unnecessary frictions for businesses operating in European markets. This will include closer alignment with EU regulation where it is in the UK’s national interest.
The Government is also strengthening engagement with business on EU regulatory issues, and we are exploring how the UK and EU can work together more effectively on shared ambitions to reduce administrative burdens on business, consistent with the UK commitment to cut the administrative burden of regulation by 25% by the end of this Parliament.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what measures are in place to ensure value for money in joint defence financing arrangements with Finland and the Netherlands.
Answered by James Murray - Chief Secretary to the Treasury
Last week the Chancellor announced that the UK is exploring a new defence mechanism for financing driving joint demand by 2027 with the Netherlands and Finland and other EU and NATO partners.
This is still in development with partners and will follow best international practice and relevant HM Government Guidance, including Managing Public Money.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what assessment he has made of the implications of UK-Spain economic co-operation for small and medium-sized enterprises.
Answered by Chris Bryant - Minister of State (Department for Business and Trade)
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what assessment he has made of the potential impact of increases in UK-Spain co-operation on levels of inward private sector investment into (i) Milton Keynes and (ii) Buckinghamshire.
Answered by Chris Bryant - Minister of State (Department for Business and Trade)
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of increases in regulatory alignment with the EU on economic growth in the Buckingham and Bletchley constituency.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Integrated markets tend to be more competitive. Businesses typically respond by becoming more innovative and efficient, workers gain from higher productivity, allowing wages to rise, and consumers gain from lower prices.
Leaving the EU increased costs for businesses and consumers, shrank markets for UK exporters, and left our strategic industries exposed. Since March 2020, the OBR has maintained its estimate that productivity will be 4% lower in the long run than it would have been had the UK not withdrawn from the EU. Recent independent studies indicate its GDP impacts could be as much as 6% to 8%.
Aligning UK and EU regulations can reduce some of these frictions, enlarging the market for UK firms, supporting growth in trade and the jobs linked to it.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what analysis HM Treasury has undertaken on the potential effect of UK–EU alignment measures on levels of UK competitiveness.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Integrated markets tend to be more competitive. Businesses typically respond by becoming more innovative and efficient, workers gain from higher productivity, allowing wages to rise, and consumers gain from lower prices.
Leaving the EU increased costs for businesses and consumers, shrank markets for UK exporters, and left our strategic industries exposed. Since March 2020, the OBR has maintained its estimate that productivity will be 4% lower in the long run than it would have been had the UK not withdrawn from the EU. Recent independent studies indicate its GDP impacts could be as much as 6% to 8%.
Aligning UK and EU regulations can reduce some of these frictions, enlarging the market for UK firms, supporting growth in trade and the jobs linked to it.