Asked by: Martin Wrigley (Liberal Democrat - Newton Abbot)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of lowering the cash ISA limit to £12,000 on incentivisation in UK businesses.
Answered by Rachel Blake - 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 2025.
At Budget, the Government announced that the annual ISA subscription limit will be kept at £20,000 with the cash ISA limit set at £12,000 from April 2027 for under-65s. This forms part of the wider strategy aimed at supporting people to get into investing, including Targeted Support, which went live in April 2026. In addition, financial services firms will provide new, easily navigable ways for people to find the right UK investment for them.
Asked by: Martin Wrigley (Liberal Democrat - Newton Abbot)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential impact of a reduction of the VAT costs of public EV chargers on the take-up of EV cars in Devon.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
VAT is a broad-based tax on consumption, and the 20 per cent standard rate applies to most goods and services.
The supply of energy for domestic use attracts the reduced rate of VAT (5 per cent). Whilst this relief was not designed or introduced for charging EVs at home, it applies for all uses of domestic energy, as it is not easy for energy companies to distinguish between electricity used to charge an EV and electricity used for general domestic purposes. Public EV charging, on the other hand, is subject to the standard rate of VAT (twenty per cent). This matches the VAT treatment of petrol and diesel, as well as all non-domestic electricity.
The Government will review the cost of public electric vehicle charging, looking at the impact of energy prices, wider cost contributors, and options for lowering these costs for consumers. Terms of Reference for the review will be set out in due course, and the review will report later in 2026.
Asked by: Martin Wrigley (Liberal Democrat - Newton Abbot)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps her Department is taking to support global debt relief.
Answered by Rachel Blake - Economic Secretary (HM Treasury)
The UK Government is committed to policies that tackle unsustainable debt. We progress this work through various multilateral fora, including the G20, the Paris Club and the Global Sovereign Debt Roundtable. Through the G20, we participate collaboratively in the Common Framework, helping to deliver coordinated and sustainable restructurings for low-income countries facing debt vulnerabilities. The UK has fully participated in recent restructurings, working alongside other creditors to restore debt sustainability, and are committed to ensuring that these mechanisms deliver meaningful relief where needed.
The UK also co-chairs the London Coalition on Sustainable Sovereign Debt. The Coalition brings together government and private sector stakeholders to find innovative solutions to more sustainable sovereign debt financing in developing economies. The Coalition has recently published two key documents that support this work:
Firstly, a template Pause Clause developed by the bondholders' working group. This will allow countries hit by major shocks to temporarily defer debt payments in a clear, time-bound way. This sits alongside strong debt transparency so markets can price risk properly, and the group will continue consulting with developing countries to support uptake.
Secondly, an Implementation Guide for Restructuring Private Sector Sovereign Loans provides a practical, voluntary reference on how to organise engagement and streamline discussions. This will help reduce delays and uncertainty in negotiations and limit the economic damage that prolonged debt distress can cause.
Asked by: Martin Wrigley (Liberal Democrat - Newton Abbot)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of reducing VED for vehicles ages 20-39 years old by 50%.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
At Budget 2014 the Government announced that it would introduce a rolling 40-year exemption from Vehicle Excise Duty (VED) for classic cars. This means that currently vehicles constructed before 1 January 1986 are exempt from paying VED.
The law does not specifically define a vehicle as historic or classic for registration purposes, and it is widely recognised that there are many factors other than age which influence whether a car is considered classic. The Government at the time therefore set 40 years as being a fair cut-off date to distinguish classic cars from older cars.
There are no current plans to reduce VED for cars aged 20 to 39 years. As with all taxes, VED is kept under review and any changes will be considered by the Chancellor in the context of the public finances.
Asked by: Martin Wrigley (Liberal Democrat - Newton Abbot)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of extending the business rates relief given to pubs to independent gyms and other leisure businesses.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
Pubs rents in business rates valuations are analysed differently to some other sectors. While most hospitality and leisure properties are valued by comparing the size of the property, pubs are valued by comparing their turnover potential. Industry bodies have highlighted concerns with how costs are accounted for in this methodology, particularly during periods of high inflation. The Government agrees this needs to be looked at and is therefore launching a review which will explore how pubs are valued for business rates. In the meantime, pubs are being provided with additional support.
Independent gyms and other leisure businesses will continue to benefit from the wider £4.3 billion support package announced at Budget, which protects against ratepayers seeing large overnight increases in bills.
The Government has also introduced new permanently lower multipliers for eligible retail, hospitality and leisure properties. These new multipliers are worth nearly £1 billion per year and benefit over 750,000 properties, including gyms and other leisure businesses.
As a result, over half of ratepayers see no bill increases this year, including 23 per cent whose bills go down. Most properties seeing increases have them capped at 15 per cent or less this year, or £800 for the smallest.
Asked by: Martin Wrigley (Liberal Democrat - Newton Abbot)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of settlement terms for loan charge liabilities in place (a) before and (b) after 2021 on the finances of people affected.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The focus of the Independent Review of the Loan Charge was on taking action to help those individuals who do not yet have certainty about their liabilities, or who still owe money, to move on from this matter. The review identified affordability as a key barrier preventing some individuals from settling and made recommendations to remove this barrier.
The Government has gone further in supporting people on the lowest incomes by providing an additional £5,000 deduction for those in scope of the review. This entirely removes approximately 10,000 individuals from the charge. This will come at a substantial Exchequer cost over the next five years.
It represents the Government’s attempt to provide a fair route to resolution for those who have not settled with HMRC. In turn, those people need to come forward and engage with HMRC in good faith.
Asked by: Martin Wrigley (Liberal Democrat - Newton Abbot)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the impact of app-only banking policies on older and digitally excluded customers; and whether she will require banks operating in the UK to provide non-digital routes for account opening, account restoration, and investment services, particularly for customers without access to smartphones.
Answered by Lucy Rigby - Chief Secretary to the Treasury
The Government works closely with the Financial Conduct Authority (FCA), the independent regulator of the UK’s financial services sector, to ensure that all customers get the right support with their financial products and services.
FCA guidance highlights the actions firms should take to understand the needs of customers who may be vulnerable, including older and disabled people, and to consider these needs appropriately. This includes offering multiple channels of communication to their customers where possible.
Banking is changing, with many customers benefitting from the convenience and flexibility of managing their finances remotely. While decisions on how specific services are delivered remain commercial matters for individual banks and building societies, the Government recognises the importance of face-to-face banking to communities and is committed to championing sufficient access for customers.
The Government is working closely with industry on a commitment to roll out 350 banking hubs across the UK by the end of this Parliament, which will provide individuals and businesses across the country with cash and banking services. Over 240 hubs have been announced so far, and 200 are already open. The Government has also worked with industry to ensure that customers do not need their own digital device to access banking hub services.
More widely, the Government recently published a Financial Inclusion Strategy which seeks to ensure that people have the opportunity to make the most of the benefits of digital services, alongside continued access to the in-person services they need. Beyond the continued rollout of banking hubs, the Strategy has also launched an industry-led inclusive design working group which will examine and address accessibility issues in product design.
The Government has also published a Digital Inclusion Action Plan which includes a focus on improving digital connectivity, access, skills, and confidence.
Asked by: Martin Wrigley (Liberal Democrat - Newton Abbot)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions her Department has had with the Financial Conduct Authority regarding the absence of explicit rules governing app-only banking; and what steps are being taken to ensure that banks continue to provide non-digital access for customers who are elderly, rural, disabled, or digitally excluded.
Answered by Lucy Rigby - Chief Secretary to the Treasury
The Government works closely with the Financial Conduct Authority (FCA), the independent regulator of the UK’s financial services sector, to ensure that all customers get the right support with their financial products and services.
FCA guidance highlights the actions firms should take to understand the needs of customers who may be vulnerable, including older and disabled people, and to consider these needs appropriately. This includes offering multiple channels of communication to their customers where possible.
Banking is changing, with many customers benefitting from the convenience and flexibility of managing their finances remotely. While decisions on how specific services are delivered remain commercial matters for individual banks and building societies, the Government recognises the importance of face-to-face banking to communities and is committed to championing sufficient access for customers.
The Government is working closely with industry on a commitment to roll out 350 banking hubs across the UK by the end of this Parliament, which will provide individuals and businesses across the country with cash and banking services. Over 240 hubs have been announced so far, and 200 are already open. The Government has also worked with industry to ensure that customers do not need their own digital device to access banking hub services.
More widely, the Government recently published a Financial Inclusion Strategy which seeks to ensure that people have the opportunity to make the most of the benefits of digital services, alongside continued access to the in-person services they need. Beyond the continued rollout of banking hubs, the Strategy has also launched an industry-led inclusive design working group which will examine and address accessibility issues in product design.
The Government has also published a Digital Inclusion Action Plan which includes a focus on improving digital connectivity, access, skills, and confidence.
Asked by: Martin Wrigley (Liberal Democrat - Newton Abbot)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether the Government plans to publish guidance or minimum service standards to help tackle financial exclusion arising from digital-only banking models.
Answered by Lucy Rigby - Chief Secretary to the Treasury
The Government works closely with the Financial Conduct Authority (FCA), the independent regulator of the UK’s financial services sector, to ensure that all customers get the right support with their financial products and services.
FCA guidance highlights the actions firms should take to understand the needs of customers who may be vulnerable, including older and disabled people, and to consider these needs appropriately. This includes offering multiple channels of communication to their customers where possible.
Banking is changing, with many customers benefitting from the convenience and flexibility of managing their finances remotely. While decisions on how specific services are delivered remain commercial matters for individual banks and building societies, the Government recognises the importance of face-to-face banking to communities and is committed to championing sufficient access for customers.
The Government is working closely with industry on a commitment to roll out 350 banking hubs across the UK by the end of this Parliament, which will provide individuals and businesses across the country with cash and banking services. Over 240 hubs have been announced so far, and 200 are already open. The Government has also worked with industry to ensure that customers do not need their own digital device to access banking hub services.
More widely, the Government recently published a Financial Inclusion Strategy which seeks to ensure that people have the opportunity to make the most of the benefits of digital services, alongside continued access to the in-person services they need. Beyond the continued rollout of banking hubs, the Strategy has also launched an industry-led inclusive design working group which will examine and address accessibility issues in product design.
The Government has also published a Digital Inclusion Action Plan which includes a focus on improving digital connectivity, access, skills, and confidence.
Asked by: Martin Wrigley (Liberal Democrat - Newton Abbot)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of changing the Financial Conduct Authority's commercial mortgage regulations to only apply when a problem is observed and a complaint raised.
Answered by Lucy Rigby - Chief Secretary to the Treasury
Unlike residential mortgages, commercial mortgages are not typically regulated by the Financial Conduct Authority.