Question to the Department for Business, Innovation, Science and Trade:

To ask the Secretary of State for Business, Innovation, Science and Trade, what assessment he has made of the potential impact of restricting non-compete clauses on the competitiveness of the UK financial services sector.

The Government recognises the importance of a competitive and dynamic UK financial services sector, which is a key driver of growth across the economy. The Prime Minister recently announced that the Government will legislate on non-compete clauses in employment contracts and bring forward options to address the wider use of restrictive practices. These reforms are intended to support labour mobility, innovation and business dynamism while ensuring firms continue to have tools available to protect legitimate business interests. Further detail will be set out in the Government's response to the working paper on reform of non-compete clauses at Budget 2026.