Asked by: Connor Naismith (Labour - Crewe and Nantwich)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she has had discussions with pension funds on investing in infrastructure improvements in (a) towns, (b) Crewe and (c) Nantwich.
Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)
The Chancellor routinely engages with a wide range of stakeholders – including pension funds – to ensure that government policy is robust and deliverable.
The government introduced the Pension Schemes Bill on 5 June 2025. The Bill provides the necessary legislative framework to implement the government's ambitious reforms for the pensions market. We will expect to see benefits for both members and the wider economy through productive investment.
These reforms include measures to drive scale and consolidation in the defined contribution workplace pensions market and the Local Government Pension Scheme (England and Wales). These reforms will unlock billions of pounds in investment for productive assets, improve efficiency in the LGPS, and deliver better returns for savers.
As part of these reforms, each LGPS Administering Authority will be required to specify a target allocation for local investment , which their asset pool will be expected to implement. Pools will also be required to work in partnership with Local and Mayoral Combined Authorities in identifying investment opportunities in support of local growth.
The measures in the Pension Schemes Bill will also ensure pension schemes have the scale and expertise to access a wider range of investments. The Chancellor is clear that she wants to see more investments flowing into high growth companies and infrastructure.
Additionally, on 13 May, 17 of the largest workplace pension providers signed the Mansion House Accord and voluntarily committed to invest at least 10 per cent of their defined contribution main default funds in private markets by 2030, with at least half of that invested in UK private assets.
This is expected to unlock £50 billion of additional private market investment by 2030, including £25 billion for the UK. As providers work towards meeting these commitments, they will be investing more in private, illiquid assets such as infrastructure projects.
Asked by: Connor Naismith (Labour - Crewe and Nantwich)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent assessment she has made of the potential impact of the loan charge on the mental health of loan charge users.
Answered by James Murray - Chief Secretary to the Treasury
In January, the Government launched an independent review of the Loan Charge. The Government believes the most important outcome of the review must be to bring the Loan Charge to a close for those people who still owe substantial amounts of money but can see no way to resolve their debts.
The Government recognises the impact that large tax bills can have on taxpayers, especially those who are in vulnerable circumstances.
HMRC continues to provide support for those affected, with agreed manageable payment plans and a well-established Extra Support Service. It has guidance and training in place for all customer advisors or settlement teams on identifying taxpayers who need extra support and providing reasonable adjustments to meet their needs.
Where appropriate, HMRC will signpost taxpayers to voluntary and community organisations and where needed, to a dedicated Samaritans helpline for specialist emotional help, where taxpayers can talk through their concerns and worries.
Asked by: Connor Naismith (Labour - Crewe and Nantwich)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department plans to change rules for Cash ISAs.
Answered by Emma Reynolds - Economic Secretary (HM Treasury)
The Government is committed to incentivising greater savings and investment. The Government recognises the important role that cash savings play in helping households build a financial buffer for a rainy day.
At Spring Statement, the Government announced that it is looking at options for reforms to Individual Savings Accounts that get the balance right between cash and equities to earn better returns for savers, boost the culture of retail investment, and support the growth mission.
Asked by: Connor Naismith (Labour - Crewe and Nantwich)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department plans to review the overseas scale rates.
Answered by James Murray - Chief Secretary to the Treasury
As with all taxes and allowances, the Government keeps flat rates expenses, including Overseas Scale Rates, under review. Any decisions on future changes in this area will be taken in the context of the wider public finances.
Asked by: Connor Naismith (Labour - Crewe and Nantwich)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the potential contribution of cash ISAs to the economy.
Answered by Emma Reynolds - Economic Secretary (HM Treasury)
The Government is committed to incentivising greater saving and investment. Individual Savings Accounts (ISAs) help people save for their future goals and build greater financial resilience.
The Government recognises the important role that cash savings play in helping households build a financial buffer for a rainy day. The Government also wants to see more consumers participate in capital markets and benefit from the long-term financial security and returns that investing can provide.
The Government continues to keep all aspects of savings policy under review.
Asked by: Connor Naismith (Labour - Crewe and Nantwich)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what her planned timetable is for the reform of business rates.
Answered by James Murray - Chief Secretary to the Treasury
The government made a manifesto commitment to a fairer business rates system that levels the playing field between online giants and the high street, supports investment and entrepreneurship and tackles empty properties. Further information on business rates reforms will be set out in due course.