Financial Services Reform

Debate between Emma Reynolds and Gregory Campbell

Wednesday 16th July 2025 Commons Chamber

[Emma Reynolds]

I could not agree more with my hon. Friend. We want to ensure that the dream of home ownership is expanded across the country, including to his constituency of Harlow. Because of the reforms we are taking forward, and there will be more to come, the estimate is that 36,000 new first-time buyers will be able to buy their homes in the first year of this reform being in place.

[Mr Gregory Campbell (East Londonderry) (DUP)]

In her statement, the Economic Secretary was right when she alluded to the FTSE being at a record high yesterday, though many international indices, whether in the US, the far east or Europe, are also at record highs since the April low. She also alluded to the cash ISA problem. What will be done to instil confidence among the wider public who hold money and cash assets but are reluctant and fearful of investing, even in lower-risk collective investments that, over the longer term, would produce much better returns than cash ISAs, which are subject, as she rightly says, to inflation?

[Emma Reynolds]

I thank the hon. Member for his thoughtful question. We are doing a number of things. First, we are working at pace with the FCA to ensure that targeted support is in place by the end of the tax year and in time for the new ISA season in April next year. We are looking at the risk warnings and at the industry-led campaign on advertising the opportunities of investing. We are doing all that we can. It is good that hon. Members on different sides of the House are supporting us.

Obviously, different people will be at different stages in their journey through life. People who are retired may not want to invest in the stock market. I can understand that, from their perspective, they need more readily available cash, but if people who are younger or middle aged—I do not know where I fall in those categories—[Interruption.] Thank you. If people can even put a small amount away, they can invest in their future. It concerned me recently when a report suggested that many people did not know that their pensions were invested in the stock market and that that is how they get better returns in their retirement. We need to run a huge campaign with the private sector to educate people about the opportunities and to give people the confidence to invest. At the end of the day, it will obviously be down to people about how they choose to invest.

Oral Answers to Questions

Debate between Emma Reynolds and Gregory Campbell

Tuesday 20th May 2025 Commons Chamber

[Mr Gregory Campbell (East Londonderry) (DUP)]

The roll-out of banking hubs is helping to a small degree, but what plans do the Government have to increase the number of banking hubs beyond those in the pipeline?

[Emma Reynolds]

As I said in my previous answer, we have secured the commitment of the industry to open 350 banking hubs by the end of this Parliament. The FCA keeps the access to cash rules under review. As legislated for under the last Government, it has the power to make rules to ensure that there is access to cash across the country.