Asked by: Richard Fuller (Conservative - North Bedfordshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to her Department's press release entitled Largest fund of its kind to support vulnerable kids & families, published on 14 July 2025, for what reason the Better Futures Fund is not part of the Government’s Child Poverty Strategy.
Answered by Darren Jones - Chief Secretary to the Treasury
At the Spending Review, we committed to announcing further details on our plans for Social Impact Investing over the summer. This announcement – alongside the announcements to support low-income families made at SR25 – are a downpayment ahead of the Child Poverty Strategy being published in the autumn, and will form part of it.
As per the press notice, the Better Futures Fund will be managed by the Department of Culture, Media and Sport in close collaboration with other departments and engagement with the impact investing sector.
The Better Futures Fund was included in the Spending Review, under the Public Service Reform section. This was before it was named the BFF and was under the working title of ‘Social Impact Investing Vehicle’:
The Better Futures Fund will support up to 200,000 children and their families over the next ten years by bringing together government, local communities, charities, social enterprises, investors, and philanthropists to work together to give children a brighter future.
Asked by: Richard Fuller (Conservative - North Bedfordshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to her Department's press release entitled Largest fund of its kind to support vulnerable kids & families, published on 14 July 2025, for what reason the Better Futures Fund was not announced at the Spending Review 2025.
Answered by Darren Jones - Chief Secretary to the Treasury
At the Spending Review, we committed to announcing further details on our plans for Social Impact Investing over the summer. This announcement – alongside the announcements to support low-income families made at SR25 – are a downpayment ahead of the Child Poverty Strategy being published in the autumn, and will form part of it.
As per the press notice, the Better Futures Fund will be managed by the Department of Culture, Media and Sport in close collaboration with other departments and engagement with the impact investing sector.
The Better Futures Fund was included in the Spending Review, under the Public Service Reform section. This was before it was named the BFF and was under the working title of ‘Social Impact Investing Vehicle’:
The Better Futures Fund will support up to 200,000 children and their families over the next ten years by bringing together government, local communities, charities, social enterprises, investors, and philanthropists to work together to give children a brighter future.
Asked by: Richard Fuller (Conservative - North Bedfordshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to her Department's press release entitled Largest fund of its kind to support vulnerable kids & families, published on 14 July 2025, which organisation will manage the Better Futures Fund.
Answered by Darren Jones - Chief Secretary to the Treasury
At the Spending Review, we committed to announcing further details on our plans for Social Impact Investing over the summer. This announcement – alongside the announcements to support low-income families made at SR25 – are a downpayment ahead of the Child Poverty Strategy being published in the autumn, and will form part of it.
As per the press notice, the Better Futures Fund will be managed by the Department of Culture, Media and Sport in close collaboration with other departments and engagement with the impact investing sector.
The Better Futures Fund was included in the Spending Review, under the Public Service Reform section. This was before it was named the BFF and was under the working title of ‘Social Impact Investing Vehicle’:
The Better Futures Fund will support up to 200,000 children and their families over the next ten years by bringing together government, local communities, charities, social enterprises, investors, and philanthropists to work together to give children a brighter future.
Asked by: Richard Fuller (Conservative - North Bedfordshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential impact of the ongoing review of the customs treatment of low-value imports on tax revenue.
Answered by James Murray - Exchequer Secretary (HM Treasury)
On 23rd April, the Government announced a review of the customs treatment for low value imports. Under our current low value import arrangements, consignments valued below £135 from any overseas retailer can be imported into the UK without incurring customs duty. VAT is due on all imports into the UK.
Since the announcement, Ministers and officials have engaged with a wide range of stakeholders on the impact and operation of these arrangements to support our review. The outcomes of the engagement will help inform our next steps.
Asked by: Richard Fuller (Conservative - North Bedfordshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when final disbursements will be made from the Woodford Equity Income Fund under the terms of the settlement scheme.
Answered by Emma Reynolds - Economic Secretary (HM Treasury)
In December 2023, investors in the Woodford Equity Income Fund voted to accept a settlement scheme, and in February 2024 the High Court approved the scheme to make it binding on Link Fund Solutions and all creditors. The scheme came into force on 5 March 2024, with investors having received a first redress payment by April 2024. That first payment amounted to over £185 million, out of a settlement fund of up to £230 million.
The rest of the settlement fund is being held as a reserve to enable Link Fund Solutions to meet any contingent liabilities. Any leftover money from the reserve will be distributed to investors covered by the scheme. The operation of the reserve is supervised by the scheme supervisors who are independent of Link Fund Solutions. The FCA are continuing to monitor the operation of the reserve and will monitor when and how distributions are being made.
Asked by: Richard Fuller (Conservative - North Bedfordshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of changes to employer National Insurance contributions on provisional supply teachers.
Answered by James Murray - Exchequer Secretary (HM Treasury)
Additional funding to support schools with NICs costs will be allocated through the NICs grant in 2025-26. Schools will have flexibility over how they use this grant funding to meet their costs, including those relating to supply teachers.
Asked by: Richard Fuller (Conservative - North Bedfordshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to paragraph 2.43 of the Spring Statement of 26 March 2025, what the £150 million provided for government employee exit schemes will be spent on; and how much and what proportion of this is for redundancy payments.
Answered by Darren Jones - Chief Secretary to the Treasury
As announced at Spring Statement the government has allocated £150 million for government employee exit schemes. Information can be found in the Spring Statement supporting documentation here:
https://assets.publishing.service.gov.uk/media/67e3ec2df356a2dc0e39b488/E03274109_HMT_Spring_Statement_Mar_25_Web_Accessible_.pdf. This will be match-funded by a further £150 million from Departments.
Exit schemes will enable delivery of leaner, smarter, more efficient government, whilst delivering savings over the medium term.
Departments will bid for funding from this central pot in order to run exit schemes, and therefore the exact details of how this will be spent is not yet known.
Asked by: Richard Fuller (Conservative - North Bedfordshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many Government Procurement cards have been issued to staff in her private office.
Answered by James Murray - Exchequer Secretary (HM Treasury)
2 Government Procurement cards have been issued to Private Office staff.
Asked by: Richard Fuller (Conservative - North Bedfordshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, which government departments have undergone efficiency assessments by the Office for Value for Money.
Answered by Darren Jones - Chief Secretary to the Treasury
The Office for Value for Money is working with departments to root out waste and inefficiency. It will do this by working with departments to agree stretching and realistic technical efficiency targets, underpinned by robust delivery plans.
All departments and their arm's-length bodies are in scope for this piece of work.
The Office will target areas where it can have the most impact, rather than duplicating the work of others. It is the role of the Crown Commercial Service to review framework agreements.
Asked by: Richard Fuller (Conservative - North Bedfordshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what role the Office for Value for Money plays in assessing the efficiency of government procurement processes; and whether it has been involved in reviewing framework agreements.
Answered by Darren Jones - Chief Secretary to the Treasury
The Office for Value for Money is working with departments to root out waste and inefficiency. It will do this by working with departments to agree stretching and realistic technical efficiency targets, underpinned by robust delivery plans.
All departments and their arm's-length bodies are in scope for this piece of work.
The Office will target areas where it can have the most impact, rather than duplicating the work of others. It is the role of the Crown Commercial Service to review framework agreements.