Asked by: Tristan Osborne (Labour - Chatham and Aylesford)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she plans to take to help ensure the UK is an attractive destination for cryptoasset capital.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The government recognises the transformative potential of digital assets and blockchain technologies to drive economic growth in the UK and increase efficiencies across financial markets.
That is why the government is bringing in legislation to establish a new financial services regulatory regime for cryptoassets.
This will support growth in the UK by giving cryptoasset firms the regulatory certainty needed to invest here, and to help drive innovation in our financial services sector.
Asked by: Tristan Osborne (Labour - Chatham and Aylesford)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she has made an assessment of the potential impact of introducing clearer regulatory and tax frameworks for cryptoasset investment on a) high-skilled job creation and b) assets under management.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The government recognises the transformative potential for digital assets and blockchain technologies to drive economic growth in the UK and increase efficiencies across financial markets.
That is why the government is bringing in legislation to establish a new financial services regulatory regime for cryptoassets. This will support growth in the UK by giving cryptoasset firms the regulatory certainty needed to invest here, and to help drive innovation in our financial services sector.
The government also keeps the tax framework for cryptoassets under review.
Asked by: Tristan Osborne (Labour - Chatham and Aylesford)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she has made an assessment of the potential merits of simplifying tax-compliant investment structures for cryptoassets in innovative finance ISAs to include all cryptoassets; and if she will make an assessment of the potential impact of doing so on levels of involuntary non-compliance among retail investors.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The government recognises the transformative potential for digital assets and blockchain technologies to drive economic growth in the UK and increase efficiencies across financial markets. That is why the government is bringing in legislation to establish a new financial services regulatory regime for cryptoassets. This will support growth in the UK by giving cryptoasset firms the regulatory certainty needed to invest here, and to help drive innovation in our financial services sector.
A draft consultation on legislation that enables the inclusion of cETNs in the IFISA is out now and will come int force in April 2026. While there are currently no plans to include all cryptoassets in IFISAs, any future consideration would take account of market maturity, stability, and the suitability of providing targeted tax reliefs alongside the new regulatory regime.
Asked by: Tristan Osborne (Labour - Chatham and Aylesford)
Question to the Department for Science, Innovation & Technology:
To ask the Secretary of State for Science, Innovation and Technology, what steps she is taking to support the development of Quantum Computing, including research at Universities.
Answered by Kanishka Narayan - Parliamentary Under Secretary of State (Department for Science, Innovation and Technology)
The Government’s Digital and Technologies Sector Plan outlined £670 million of investment to accelerate the development and adoption of quantum computing through our quantum computing mission. It also backed our flagship National Quantum Computing Centre with a 10-year budget, providing them with long term certainty to expand activity and demonstrating Government’s commitment to the sector.
In 2024 we launched five quantum technology hubs, including a dedicated hub for quantum computing based at the University of Oxford. This brings together researchers from universities across Great Britain with industry partners, collaborating to progress quantum computing research and develop a skilled workforce.
Asked by: Tristan Osborne (Labour - Chatham and Aylesford)
Question to the Department for Transport:
To ask the Secretary of State for Transport, what steps her Department is taking to manage risks associated with the SS Richard Montgomery in the Thames Estuary.
Answered by Keir Mather - Parliamentary Under-Secretary (Department for Transport)
My Department is progressing a project to reduce the height of the three masts on the SS Richard Montgomery, which will reduce stress on the wreck. This project is currently in the process of procuring a salvage contractor to deliver this work and expects to have this contract in place in 2026.
Asked by: Tristan Osborne (Labour - Chatham and Aylesford)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, whether his Department has made an assessment of the potential impact of 30 hours free childcare on (a) Job Centre operations and (b) levels of returns to employment.
Answered by Diana Johnson - Minister of State (Department for Work and Pensions)
The Department for Education 30 hours free childcare is one of several government childcare offers, including the Tax-Free Childcare and Universal Credit childcare.
DWP has not made an assessment of the impact of the Department for Education’s 30 hours free childcare on job centre operations or returns to employment. In March 2023, when the government announced the extension of 30 hours of free childcare for working age parents of nine-month to two-year-olds, the OBR assessed as a result they would expect around 60,000 parents of young children to enter employment by 2027/28.
Economic and fiscal outlook - March 2023
Asked by: Tristan Osborne (Labour - Chatham and Aylesford)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, whether he has made an assessment of the potential impact of the early release of prisoners on Job Centre operations.
Answered by Diana Johnson - Minister of State (Department for Work and Pensions)
To date, Jobcentres have been supporting customers through the early release schemes. We will continue to monitor, liaising closely with His Majesty’s Prison and Probation Service and the Ministry of Justice.
The Department deploys specialist resources to support individuals both in custody and upon release into employment. This includes around 200 Prison Work Coaches based in prisons, as well as additional specialist Work Coaches located in Jobcentres.
Asked by: Tristan Osborne (Labour - Chatham and Aylesford)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the potential impact of trends in the value of the pound since the UK left the EU on the UK economy.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The government does not comment on specific financial market movements. The value of sterling is determined by a wide range of international and domestic factors. The Bank of England assesses the impact of financial market movements on the economy in its quarterly Monetary Policy Report - the latest can be found here.
Asked by: Tristan Osborne (Labour - Chatham and Aylesford)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department has undertaken research into the potential impact of VAT reductions on (a) the re-use of goods, (b) minimum warranty periods and (c) other circular economic practices in industry.
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. Tax breaks reduce the revenue available for vital public services and must represent value for money for the taxpayer.
One of the key considerations when assessing a new VAT relief is whether the cost saving is likely to be passed on to consumers. Evidence suggests that businesses only partially pass on any savings from lower VAT rates.
The Government keeps all taxes under review.
Asked by: Tristan Osborne (Labour - Chatham and Aylesford)
Question to the Department for Environment, Food and Rural Affairs:
To ask the Secretary of State for Environment, Food and Rural Affairs, whether she has made an assessment of the potential merits of banning the destruction of (a) textiles and (b) footwear.
Answered by Mary Creagh - Parliamentary Under-Secretary (Department for Environment, Food and Rural Affairs)
The Government has convened a Circular Economy Taskforce of experts to support us in developing proposals to transition to a Circular Economy. As we develop those proposals, we will assess what further interventions may be needed across the textiles sector, including any interventions on environmental impact labelling and banning the destruction of textiles and footwear.