Written questions by Anderson.

What steps she is taking to ensure that the Office for Investment: Financial Services engages systematically with (a) devolved Administrations and (b) regional investment bodies.

The Office for Investment: Financial Services is a public-private partnership between HM Treasury, the Office for Investment, the financial services regulators, and the City of London Corporation, working together to attract the world’s best financial services businesses to the UK. It was announced as part of the Financial Services Growth and Competitiveness Strategy, published at Mansion House in July 2025. The government is committed to effective monitoring and evaluation of the Financial Services Growth and Competitiveness Strategy - including the Office for Investment: Financial Services - with clear indicators laid out in the Strategy focused on how growing the financial sector will support growth and investment across the UK. The Financial Conduct Authority and the Prudential Regulation Authority are required by legislation to coordinate on a number of matters, for example to consult each other where there are matters of common regulatory interest where the other regulator may be expected to have relevant information or relevant expertise. The financial services regulators therefore have a close working relationship which will support the operations of the Office for Investment: Financial Services. The Office for Investment: Financial Services will proactively promote all UK nations and regions as investment destinations for the world’s most innovative, fast-growing and highest quality financial institutions. To achieve this, it will work closely with the devolved administrations and regional investment bodies.

What assessment her Department has made of the barriers to expanding the financial services provisions within existing Economic Partnership Agreements.

The Government published its Trade Strategy on 26 June, setting out its plan to stimulate economic growth in a rapidly changing global landscape. The Strategy sets out that the Government will consult with governments and businesses on expanding our Economic Partnership Agreements to include services. Any decision to expand the financial services provisions within EPAs will be guided by dialogue with partner countries and aligned with UK growth and development objectives. Financial services is one of the eight growth-driving sectors identified in the Trade Strategy. The UK’s Financial Services Growth and Competitiveness Strategy, launched by the Chancellor on 15 July, sets out the Government’s commitment to ensuring the UK remains an open and connected financial centre, and to upholding its commitment to international regulatory standards. Strengthened partnerships with international financial centres around the world and a trade strategy that prioritises financial services and market access are essential for sustaining the UK’s leadership as a global financial hub and fostering economic growth.

Food and Rural Affairs, what steps his Department is taking with (a) Buckinghamshire Council and (b) Thames Valley Police to help reduce incidents of fly-tipping.

Local authorities are usually best placed to respond to fly-tipping problems in their area. Defra chairs the National Fly-Tipping Prevention Group (NFTPG), through which we work with a wide range of interested parties, including local authorities and National Police Chiefs Council, to share good practice with regards to preventing fly-tipping. The NFTPG has developed various practical tools including a guide on how councils and others can set up and run effective local partnerships to tackle fly-tipping. These are available at: https://nftpg.com/. We also encourage councils to make good use of their enforcement powers. We are seeking powers in the Crime and Policing Bill to provide statutory fly-tipping enforcement guidance to support councils to consistently, appropriately and effectively exercise their existing powers. We have also announced a review of council powers to seize and crush vehicles of suspected fly-tippers, to identify how we could help councils make better use of this tool.

What steps her Department is taking to align the implementation of Overseas Recognition Regimes with the UK's financial services trade objectives in Asia-Pacific markets.

At Mansion House, HM Treasury published revised guidance on the UK’s approach to the unilateral recognition of overseas jurisdictions’ regulation of financial services, known as Overseas Recognition Regimes (ORRs). ORRs will replace the ‘equivalence’ regimes inherited from the EU after EU exit, which were repealed by FSMA 2023. As the government progresses its programme of work to replace the existing equivalence regimes with ORRs, it is the intention to maintain all the existing decisions, including decisions in Asia-Pacific markets.As set out in the guidance document, the government’s approach to new ORR designations will be aligned with the UK’s wider objectives. Consideration of an overseas jurisdiction for a new designation under an ORR is initiated by HM Treasury, although overseas jurisdictions are welcome to indicate an interest to HM Treasury in being assessed, and these will be considered on a case-by-case basis.

What criteria her Department plans to use to identify young people at risk of falling out of (a) education, (b) employment and (c) training for enrolment in the Youth Guarantee scheme.

As part of our plan to Get Britain Working, we will launch a new Youth Guarantee for all young people aged 18-21 in England to ensure that they can access quality training opportunities, an apprenticeship or help to find work. To identify young people at risk of falling out of education, employment or training the Department for Work and Pensions and the Department for Education are working closely with the eight Mayoral Strategic Authorities in England, delivering the Youth Guarantee Trailblazers. These authorities began mobilising the Youth Guarantee Trailblazers in April 2025 and are now testing a range of approaches to reach and support those at risk of becoming NEET. These include using available local data to identify disengaged or at risk young people, working with partner organisations already supporting vulnerable groups and drawing on the Department for Education’s non-statutory guidance on the ‘Risk of NEET indicators’ guidance available at https://www.gov.uk/government/publications/identifying-and-supporting-young-people-at-risk-of-neet

If his Department will take steps to review international evidence of the impact of pay transparency laws on recruitment and retention.

While there is no immediate plan to introduce statutory pay transparency requirements for employers, we are currently considering responses to a Call for Evidence on equality law which included questions on this theme. We recognise that reforms introduced in other jurisdictions are prompting constructive debate around how best to include transparency in recruitment and pay systems. We are considering the full range of evidence and remain committed to identifying solutions that balance meaningful progress with the need to minimise unnecessary burdens on employers.

With reference to the document entitled Backing your business, published on 31 July 2025, what steps his Department plans to take to support SMEs to access skills funding in Buckingham and Bletchley constituency.

The Government is supporting SMEs across the country, including in Buckingham and Bletchley, by investing £1.2 billion annually in skills by 2028-29 as set out in the Spring Budget. Through Skills England and the new Growth and Skills levy, we are making it easier for SMEs to access training, tackle barriers to engagement, and benefit from employer incentives. Our reforms to apprenticeships and technical qualifications, including foundation apprenticeships and employer incentive payments, will further support SMEs to recruit, train, and develop the skilled workforce they need.

What assessment she has made of the adequacy of the regulatory co-ordination mechanisms in place between the Financial Conduct Authority and the Prudential Regulation Authority to support the operations of the Office for Investment: Financial Services.

The Office for Investment: Financial Services is a public-private partnership between HM Treasury, the Office for Investment, the financial services regulators, and the City of London Corporation, working together to attract the world’s best financial services businesses to the UK. It was announced as part of the Financial Services Growth and Competitiveness Strategy, published at Mansion House in July 2025. The government is committed to effective monitoring and evaluation of the Financial Services Growth and Competitiveness Strategy - including the Office for Investment: Financial Services - with clear indicators laid out in the Strategy focused on how growing the financial sector will support growth and investment across the UK. The Financial Conduct Authority and the Prudential Regulation Authority are required by legislation to coordinate on a number of matters, for example to consult each other where there are matters of common regulatory interest where the other regulator may be expected to have relevant information or relevant expertise. The financial services regulators therefore have a close working relationship which will support the operations of the Office for Investment: Financial Services. The Office for Investment: Financial Services will proactively promote all UK nations and regions as investment destinations for the world’s most innovative, fast-growing and highest quality financial institutions. To achieve this, it will work closely with the devolved administrations and regional investment bodies.

What assessment his Department has made of the potential merits of introducing statutory pay transparency requirements for employers.

While there is no immediate plan to introduce statutory pay transparency requirements for employers, we are currently considering responses to a Call for Evidence on equality law which included questions on this theme. We recognise that reforms introduced in other jurisdictions are prompting constructive debate around how best to include transparency in recruitment and pay systems. We are considering the full range of evidence and remain committed to identifying solutions that balance meaningful progress with the need to minimise unnecessary burdens on employers.

Whether her Department has established metrics for evaluating the impact of the concierge service on foreign direct investment into UK financial services.

The Office for Investment: Financial Services is a public-private partnership between HM Treasury, the Office for Investment, the financial services regulators, and the City of London Corporation, working together to attract the world’s best financial services businesses to the UK. It was announced as part of the Financial Services Growth and Competitiveness Strategy, published at Mansion House in July 2025. The government is committed to effective monitoring and evaluation of the Financial Services Growth and Competitiveness Strategy - including the Office for Investment: Financial Services - with clear indicators laid out in the Strategy focused on how growing the financial sector will support growth and investment across the UK. The Financial Conduct Authority and the Prudential Regulation Authority are required by legislation to coordinate on a number of matters, for example to consult each other where there are matters of common regulatory interest where the other regulator may be expected to have relevant information or relevant expertise. The financial services regulators therefore have a close working relationship which will support the operations of the Office for Investment: Financial Services. The Office for Investment: Financial Services will proactively promote all UK nations and regions as investment destinations for the world’s most innovative, fast-growing and highest quality financial institutions. To achieve this, it will work closely with the devolved administrations and regional investment bodies.

What criteria his Department plans to use to identify regulatory reporting requirements suitable for (a) simplification and (b) removal.

The Department for Business and Trade is undertaking a review to simplify and streamline the UK’s non-financial reporting framework. When considering what reporting can be simplified and removed whether the disclosure leads to decision-useful information for investors and other stakeholders will be key. It will also be important that the reformed framework places a proportionate burden on business. We will consult on reforms in due course.

What criteria his Department plans to use to assess eligibility for the Summer Internship Programme for students from lower socio-economic backgrounds.

The refocused Fast Stream Summer Internship scheme will give talented undergraduates from lower socio-economic backgrounds the opportunity to see what a career in the Civil Service is like. We will assess eligibility for the summer internship scheme based on parental occupation at the age of 14. The Social Mobility Commission (SMC) identifies this as the most accurate measure of socio-economic background.

What plans the Department has to publish impact assessments of regulatory changes affecting small businesses.

Impact assessments are generally required for all the Government’s interventions of a regulatory nature that affect the private sector and-or civil society organisation or public services. The Better Regulation Framework requires regulatory provisions with impacts on business of greater than +/-£10 million to be accompanied by a final impact assessment which is laid before Parliament alongside the regulations. These assessments consider the impact on small businesses, explore whether such businesses need to be in scope and identify mitigations for the additional burden.

How many businesses with fewer than 50 employees have accessed government-funded business support grants in the past 12 months in Buckingham and Bletchley constituency.

The Government has published its Small Business Plan (Backing your Business) in July 2025. We are delivering the most comprehensive package of support for SMEs in a generation. We have also committed to funding for the 41 Growth Hubs across England which help start-up businesses and entrepreneurs to unlock their potential through bespoke support and resources. Buckingham and Bletchley is served by Buckinghamshire Business First and the South Midlands Growth Hubs who issue business support grants to SMEs in their area. The Department for Business and Trade does not hold statistics that cover the full range of Govt-funded business support at constituency level.

How many small businesses received Government-backed (a) start-up and (b) improvement grants in Buckingham and Bletchley constituency in the last three years.

The Government has published its Small Business Plan (Backing your Business) in July 2025. We are delivering the most comprehensive package of support for SMEs in a generation. We have also committed to funding for the 41 Growth Hubs across England which help start-up businesses and entrepreneurs to unlock their potential through bespoke support and resources. Buckingham and Bletchley is served by Buckinghamshire Business First and the South Midlands Growth Hubs who issue business support grants to SMEs in their area. The Department for Business and Trade does not hold statistics that cover the full range of Govt-funded business support at constituency level.

What steps his Department is taking to support small businesses in Buckingham and Bletchley constituency with increased energy costs.

The Government is committed to engaging with and supporting small businesses across the UK through the transition to net zero. DBT has recently announced the British Industrial Competitiveness Scheme which will reduce electricity costs for over 7,000 electricity-intensive businesses and reform the grid connections process. DESNZ will publish its response later this year to the September 2024 consultation on introducing a regulatory regime for the third-party intermediary (TPI) market. TPIs, such as energy brokers, play a prominent role in how SMEs secure contracts for the energy usage.

With reference to p.53 of the document entitled Backing your business, published on 31 July 2025, what steps his Department is taking to monitor the level of SME participation in public procurement.

The Department for Business and Trade monitors the level of SME participation in our procurement through contract award data via a live commercial dashboard which captures supplier type and specifically whether a supplier qualifies as an SME. DBT will publish SME spend data annually (in line with Procurement Policy Note 001). Strategies for high value spend are scrutinised by the department's Commercial Approvals and Assurance Group which challenges teams on whether proposed contracts are sufficiently accessible for SMEs. The commercial team will present bi-annual progress updates against the department's SME spend target to the Minister for Small Businesses.

How many regulations affecting SMEs are under review as part of the SME Regulation Review.

Earlier this year, the Prime Minister announced that government will cut administrative costs of regulation to all business, including SMEs, by 25% by the end of this Parliament. We are working across government to deliver this target to make it easier to do business in the UK. The target focuses on reducing the overall burden of regulation rather than the number of regulations. Whilst there is no SME-specific target, we will be considering where regulation has a disproportionate impact upon SMEs and should be removed, supporting the aims of the plan for Small and Medium sized Businesses.

What recent comparative assessment her Department has made of the potential impact of VAT differentials on the competitiveness of hospitality businesses in (a) Buckingham and Bletchley constituency and (b) their European counterparts.

The Government recognises the significant contribution made by hospitality and tourism businesses to economic growth and social life in the UK. VAT is a broad-based tax on consumption, and the 20 per cent standard rate applies to most goods and services. The UK’s VAT rate of 20 per cent is close to the OECD average of 19.3 per cent. The UK has a higher VAT registration threshold than any EU country and the joint highest in the OECD, at £90,000. This keeps the majority of businesses out of the VAT regime altogether.

What methodology his Department plans to use to quantify the (a) time and (b) cost savings to SMEs from regulatory reform.

The government has committed to cut the administrative costs of regulation to business by 25% by the end of this Parliament. By focusing on reducing administrative costs, we will ensure that regulations achieve their policy objectives in the most efficient way possible with the lowest possible costs to business. My department is working across government to support delivery of this target and make businesses’ lives easier, including SMEs who represent the majority of businesses and are foundational to our economy.