The Financial Secretary to the Treasury — Hansard

Lords Debate 14 July 2026

My Lords, it is a pleasure to open the Second Reading debate on the Taxation (Energy and Vehicles) Bill. The measures contained in the Bill will support businesses across the UK as they deal with the immediate economic costs associated with the ongoing conflict in the Middle East. We did not start t…

Lords Proceedings 13 July 2026 9 contributions

Climate Change: Housing Insurability, Mortgage Lending and Financial Resilience

My Lords, climate change clearly poses a long-term risk to financial stability and household resilience. The Government’s remit to the Financial Policy Committee ensures that it considers climate-related risks as relevant to its primary objective of maintaining financial stability. The Climate Chang…

I am grateful to the noble Baroness for her Question. I am very conscious that she is far more expert in these matters than I am. As she knows, the independent Climate Change Committee has made recommendations on the preparedness of the UK for current or future climate change risks. The Government w…

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Lords Proceedings 30 June 2026 8 contributions

Pension Access Rules: Impact on Terminally Ill

My Lords, currently, individuals with a life expectancy of less than 12 months may take a serious ill health lump sum at any age, subject to medical evidence and scheme rules. This is tax-free below age 75, up to £1.073 million, after which it is taxed as income. However, while the current rules are…

I am very grateful to my noble friend for her question. I agree with her that the current definition for when someone with a terminal illness can access their pension savings is clearly outdated and does not align with wider legislation, including the DWP’s standard definition, so I can confirm that…

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Lords Proceedings 29 June 2026 10 contributions

Covid Fraud

My Lords, on 23 June, I laid the Government’s response to the Covid Counter-Fraud Commissioner’s report before this House setting out our plan to pursue those who defrauded the state during a national emergency, to put money stolen by fraudsters back into the public services and to tighten our count…

I am very grateful to my noble friend for his question and his continued determination to see justice in this matter, which I share. Covid fraud and corruption is an appalling financial scandal that has cost UK taxpayers dearly. I thank the commissioner, Tom Hayhoe, for his tireless efforts to chase…

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Lords Proceedings 24 June 2026 9 contributions

Scottish Government: Social Security Benefits

My Lords, following the devolution of social security powers, the Scottish Government are responsible for funding and administering social security benefits, with funding transferred from the UK Government. Funding for devolved social security is provided through welfare block grant adjustments that…

I agree; I am strong supporter of not blaming the UK Government. As the noble Baroness knows, funding is assessed through the fiscal framework, which links welfare block grant adjustments directly to UK Government spending on equivalent benefits. These adjustments are calculated on a forecast basis …

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Lords Proceedings 9 June 2026 10 contributions

Further Education Colleges: Recovery of VAT

My Lords, further education colleges are publicly funded and provide free education. No VAT is charged on these services, meaning colleges cannot recover VAT on their costs. Further education colleges are currently outside the scope of VAT refund schemes that allow some public bodies, such as school…

I am grateful to my noble friend for his question. As I have said, the Government are continuing to look into the VAT position of these colleges. Of course, admitting further education colleges to a VAT refund scheme would be a change in tax policy. As my noble friend knows, the Chancellor makes dec…

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Lords Proceedings 1 June 2026 2 contributions

Middle East: Economic Response

I am very grateful to the noble Baronesses, Lady Neville-Rolfe and Lady Kramer, for their comments and questions. The noble Baroness, Lady Neville-Rolfe, ended her remarks with her usual doom and gloom and talking down the British economy. Unfortunately, she did not mention any of the positive econo…

I do not personally remember 1945, although I have read about it. The noble Lord is absolutely right on the importance of international institutions. The G7 has been a very important institution in this crisis and in previous crises, and the Government are fully committed to the G7, in particular, p…

Lords Proceedings 21 May 2026 13 contributions

Higher Earners: Emigration

My Lords, not all taxpayers are required to notify HMRC when they leave the country. As such, the Government do not hold comprehensive data on the number of individuals leaving the UK by income level. The Government are committed to ensuring that the UK remains a competitive and attractive location …

As the noble Lord says, the data is not available, so I am not sure that he can make the conclusions that he seeks to make. The data will not be available until we have the January 2027 self-assessment data, which is the most reliable data. The costings that were certified by the OBR for the previou…

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Lords Proceedings 20 May 2026 17 contributions

Supermarkets: Voluntary Price Caps

My Lords, the Chancellor has held a round table with supermarkets to discuss the role that retailers can play in bearing down on food prices and the additional steps that the Government can take. This comes on top of the action that the Government have already taken to reduce the cost of living, whi…

I am grateful to the noble Lord for his questions. I agree with his last point, if not all of what he said. I understand exactly what he set out, which is why we are not doing what he suggests we are doing. We are of course having discussions with supermarkets—that is the right thing to do—as we hav…

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Lords Proceedings 19 May 2026 9 contributions

Defence, Security and Resilience Bank

My Lords, while we are of course interested in working with NATO allies such as Canada, we have no current plans to join the defence, security and resilience bank. Our priority is to progress the proposed multilateral defence mechanism with a core group of EU and NATO allies and partners, including …

I am grateful to the noble Lord for his Question. I am pleased to see that he has made a full recovery; I know he was battling a very heavy cold during our recent King’s Speech debate. I fully recognise that I am no defence expert, but I thought that the Prime Minister put this point particularly we…

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Lords Proceedings 19 May 2026 13 contributions

VAT Relief: Business Donations

My Lords, the new VAT relief on business donations of goods to charity came into effect on 1 April this year and it is too soon yet to assess the impacts. We anticipate the relief will incentivise increased food donations to charities eligible for the relief, meaning increased donations reaching tho…

I am grateful to the noble Baroness for her question. The short answer is yes, of course. We are hopeful that this new relief will help boost the supply of essential items to charities, enabling them to reach the people and communities who need them most. The relief will also make it easier for busi…

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Lords Proceedings 28 April 2026 14 contributions

Middle East: Economic Update

My Lords, I am grateful for the questions and comments from the noble Baronesses, Lady Neville-Rolfe and Lady Kramer. The noble Baroness, Lady Neville-Rolfe, started her comments by focusing on the IMF’s revised forecasts that were published last week and that we discussed briefly in this House then…

I am grateful to the noble Lord for his question. We are repairing the public finances. At the time of the spring forecast, borrowing was set to fall more over this Parliament than in any other G7 economy. We are now borrowing below the G7 average, something that was not achieved in any of the 14 ye…

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Lords Oral Questions 27 April 2026 8 contributions

Online Challenger Banks

My Lords, I thank the Minister for that Answer. I welcome the support and the need for regulation of new challenger banks—and all banks—but, in my career of delivering public services with innovation, I have noticed the need to balance innovation with fairness. From personal experience, and more fro…

My Lords, has the Minister seen reports that members of defence companies are being refused accounts with challenger banks? The whole issue of de-banking, the difficulty that defence companies are having in finding suitable accommodation to rent, and the removal, with the assistance of the Edinburgh…

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Lords Oral Questions 22 April 2026 9 contributions

World Economic Outlook: UK Growth and Inflation

I salute the Minister for his stout defence and robust response, but it is not altogether shared by the gilt markets: witness our highest borrowing costs for 18 years. It is not just the IMF but the OECD—both have cut their growth forecast for the UK by a greater margin than for any other G7 country…

My Lords, does the Minister agree that the only genuine way to look at the prosperity of our citizens in this country is GDP per capita? Does he also agree that one of the big detractors of growth in GDP per capita is the growing and significant welfare spend? If not, why not?

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Lords Statutory Instrument 20 April 2026

Credit Institutions and Investment Firms (Miscellaneous Definitions) (Amendment) Regulations 2026

That the draft Regulations laid before the House on 4 March be approved. Considered in Grand Committee on 15 April.

Lords Committee Stage 15 April 2026

Capital Requirements Regulation (Market Risk Transitional Provision) Regulations 2026

That the Grand Committee do consider the Capital Requirements Regulation (Market Risk Transitional Provision) Regulations 2026.

Lords Committee Stage 15 April 2026 3 contributions

Credit Institutions and Investment Firms (Miscellaneous Definitions) (Amendment) Regulations 2026

My Lords, I ask that the Committee considers two statutory instruments made under the Financial Services and Markets Act 2023: first, the Credit Institutions and Investment Firms (Miscellaneous Definitions) (Amendment) Regulations 2026; and, secondly, the Capital Requirements Regulation (Market Risk…

My Lords, the definition of a statutory instrument is very technical, and I frankly have nothing to add to it. The capital requirements SI, in that it provides the temporary flexibility to see how other jurisdictions will behave, seems understandable and we on these Benches oppose neither. However, …

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Lords Proceedings 26 March 2026 15 contributions

Middle East: Economic Update

I am grateful to the noble Baronesses, Lady Neville-Rolfe and Lady Kramer, for their comments and their questions. As it is the last day before Recess, I wish both noble Baronesses a very happy Easter in advance. The noble Baroness, Lady Neville-Rolfe, began her comments by welcoming what we are do…

I am pleased to say that this is a Statement about the economic situation, and I do not think anyone would ever put me in charge of diplomacy. I am not going to stray into matters that are much more properly a subject for my colleagues in the Foreign Office, so I shall leave it there.

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Lords Oral Questions 26 March 2026 9 contributions

HBOS: Fraud Investigation

My Lords, I thank the Minister for his reply. It would be helpful to have a bit of background. Fraud at HBOS goes back to 2002. The regulators did little. In 2017, the Thames Valley Police and Crime Commissioner secured six criminal convictions. Still the FCA, SFO and the police did not fully invest…

My Lords, I am going to press the Minister to take a stronger position on this issue, which was £1 billion of criminal financial manipulation by HBOS Lloyds. The FCA spectacularly failed to investigate, initiating a report only under strenuous insistence from Vince Cable. It then misrepresented, to …

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Lords Debate 25 March 2026 14 contributions

National Insurance Contributions (Employer Pensions Contributions) Bill

My Lords, in moving this Motion, I will also speak to Motions B, B1, C, D, E, F, F1, G, G1, H, H1, J, K, L, M and M1. The other place has disagreed with Amendments 1 to 12, as they would alter the financial arrangements made by the Commons. The other place did not offer any further reason, trusting …

My Lords, I was disappointed that the Government sought to have all amendments passed by your Lordships’ House treated as engaging financial privilege. In light of this, we are unable to insist upon the amendments passed by your Lordships’ House. However, the issues we have raised remain of real sig…

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Lords Oral Questions 24 March 2026 9 contributions

Reducing Government Spending

My Lords, the ultimate judge and arbiter of the Government’s success is the bond market. As of this afternoon, 10-year gilts are at 4.91%, higher than in the famous Liz Truss era, which Members on the opposite Benches are so keen to reflect back at us, and the highest in the G7. The OBR had said tha…

My Lords, I have a suggestion for saving money in the public sector. At the moment, billionaire farmers who do not pay any tax in the UK can claim farming subsidies. Is it right that we all pay them extra money at a time when they have not paid money into the system?

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Lords Debate 17 March 2026 2 contributions

Finance (No. 2) Bill

I beg to move.

Lords Proceedings 17 March 2026 3 contributions

Spring Forecast Statement

My Lords, it is a privilege to open this debate on the spring forecast and the Second Reading of the finance Bill. I very much look forward to the valedictory speech from the noble Lord, Lord St John of Bletso. On taking office, this Government inherited three major crises: a crisis in the public f…

My Lords, my first point is that the world economic situation now is very different from that existing at the time of the Spring Statement, let alone that in place when the finance Bill was introduced—different and significantly worse. The Middle East war has overturned economic expectations, especi…

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Lords Debate 12 March 2026 3 contributions

National Insurance Contributions (Employer Pensions Contributions) Bill

My Lords, the cost of pension salary sacrifice was set to treble to £8 billion a year by the end of this decade. That increase has been driven mostly by high earners, with additional rate taxpayers tripling their salary sacrifice contributions since 2017. This includes individuals sacrificing their …

My Lords, as we said at Second Reading, in Committee and again on Report, this is a poorly conceived Bill, because it prioritises the hope of short-term tax gain over the far more important task of sustaining a system that encourages and rewards responsible pension saving. Throughout the Bill’s pass…

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Lords Debate 12 March 2026

Supply and Appropriation (Anticipation and Adjustments) (No. 2) Bill

That the Bill be now read a second time.