Written questions by Anderson.

Whether her Department has made an assessment of the potential impact of increasing the Public Works Loan Board lending cap on local authority investment strategies.

The government increased the aggregate limit for Public Works Loan Board (PWLB) lending to £135 billion in November 2024. The increase in the limit has ensured that local authorities (LA) can continue to access loans to support their investment strategies in line with the PWLB lending guidance and the Prudential Framework for local government capital finance.

What assessment his Department has made of the effectiveness of enforcement mechanisms available to the Small Business Commissioner for resolving payment disputes.

The Small Business Commissioner has played a crucial role in helping small businesses get paid on time since the role was introduced in 2016. However, this Government is aware of the challenges that small businesses continue to face with regards to late payment.The Government is committed to consulting on proposals that would increase the powers available to the Small Business Commissioner in order to improve its effectiveness in tackling late payments and poor payment practices. The consultation outcome will be published shortly.

What assessment he has made of the potential impact of the UK-US trade agreement on UK aerospace supply chains.

On 16 June the US confirmed that certain UK aerospace products will no longer be subject to US tariffs. This deal is a win for the UK's world-class aerospace sector which was facing additional 10% tariffs, helping make companies more competitive and allowing them to continue to be at the cutting edge of innovation. The removal of US tariffs helps suppliers continue to do business in the US and deliver growth in the UK.

What steps his Department is taking to support British aerospace manufacturers to utilise UK-US defence trade cooperation arrangements.

My Department welcomes the opportunities that come from the Government’s recent announcements on trade arrangements with the USA, alongside those from our longstanding defence cooperation agreements, which support our growth ambitions. We work directly with British Industry and trade associations to provide appropriate support to UK business including the aerospace sector, to access opportunities, including at trade shows in the US and globally, such as the recent Paris Air Show and DSEI later this year.

What assessment her Department has made of the adequacy of the provision of financial education in schools in Buckingham and Bletchley constituency.

Financial education forms a compulsory part of the national curriculum for mathematics at key stages 1 to 4, and citizenship at key stages 3 and 4. Together these cover personal budgeting, saving for the future, managing credit and debt, and calculating interest.The independent Curriculum and Assessment Review is considering whether there is sufficient coverage of key knowledge and skills, including financial education, to prepare children and young people for future life and to thrive in a fast-changing world.The interim report highlighted that the Review has heard consistently from children and young people and their parents that they want more focus on the applied knowledge and skills that will equip them for later life and work, such as financial education.The Review’s final report and recommendations will be published in autumn with the government’s response.

What assessment her Department has made of the potential impact of levels of public equity market capitalisation on domestic economic growth.

The UK’s vibrant and dynamic capital markets play a key role in supporting growth as identified in the Financial Services Growth and Competitiveness Strategy Call for Evidence - and the Government committed to strengthening UK capital markets and taking forward an ambitious programme of reforms. The Government will publish the strategy in July. As part of these reforms, the government has also recently delivered legislation to establish the Private Intermittent Securities and Capital Exchange System Sandbox (PISCES) to respond to companies staying private for longer and at scale. It aims to make private secondary markets more efficient with a bespoke regulatory framework, while also providing a steppingstone to public markets.

What estimate his Department has made of the number of companies requiring additional funding to help scale-up.

The estimated equity finance gap (the difference between actual equity investment and potential equity investment) for all but established companies was £7.5 billion in 2021. [1] There is an equity finance gap in every region and nation of the UK; London has the largest absolute equity finance gap, while Yorkshire and Humber has the largest relative gap. [2] The British Business Bank is helping to close that gap through its Nations and Regions Investment Funds and the Regional Angels Programme, which also attract additional private investment for businesses outside London and the South East. [1] Supporting Innovative Start-Up and Growing Businesses: Equity Finance Provision through the Pandemic: Interim Report by Marek Kacer, Nick Wilson :: SSRN (DBT commissioned and funded)[2] Equity Finance and the UK Regions (BEIS research paper)

What assessment her Department has made of the potential impact of UK companies remaining private for longer on the capital raising lifecycle.

The UK’s vibrant and dynamic capital markets play a key role in supporting growth as identified in the Financial Services Growth and Competitiveness Strategy Call for Evidence - and the Government committed to strengthening UK capital markets and taking forward an ambitious programme of reforms. The Government will publish the strategy in July. As part of these reforms, the government has also recently delivered legislation to establish the Private Intermittent Securities and Capital Exchange System Sandbox (PISCES) to respond to companies staying private for longer and at scale. It aims to make private secondary markets more efficient with a bespoke regulatory framework, while also providing a steppingstone to public markets.

What assessment his Department has made of the potential impact of limited capital access on scale-up firms outside of (a) London and (b) the South East.

Businesses in shallower finance markets outside London and the South East are less likely to be able to access growth capital, meaning high-potential businesses may be forced to relocate or else accept slower growth. The British Business Bank’s Nations and Regions Investment Funds help close the gap by providing finance for businesses to invest and grow across the UK, meaning the growth and jobs created by businesses benefit local communities. In the longer term, the Funds will create more dynamic ecosystems made up of investment-savvy business owners and private investors who know there are good investment propositions available.

What assessment her Department has made of the potential impact of private capital market growth on institutional investor behaviour in public markets.

The UK’s vibrant and dynamic capital markets play a key role in supporting growth as identified in the Financial Services Growth and Competitiveness Strategy Call for Evidence - and the Government committed to strengthening UK capital markets and taking forward an ambitious programme of reforms. The Government will publish the strategy in July. As part of these reforms, the government has also recently delivered legislation to establish the Private Intermittent Securities and Capital Exchange System Sandbox (PISCES) to respond to companies staying private for longer and at scale. It aims to make private secondary markets more efficient with a bespoke regulatory framework, while also providing a steppingstone to public markets.

What estimate her Department has made of the proportion of private capital funding in the UK provided by international sources.

The UK’s vibrant and dynamic capital markets play a key role in supporting growth as identified in the Financial Services Growth and Competitiveness Strategy Call for Evidence - and the Government committed to strengthening UK capital markets and taking forward an ambitious programme of reforms. The Government will publish the strategy in July. As part of these reforms, the government has also recently delivered legislation to establish the Private Intermittent Securities and Capital Exchange System Sandbox (PISCES) to respond to companies staying private for longer and at scale. It aims to make private secondary markets more efficient with a bespoke regulatory framework, while also providing a steppingstone to public markets.

What steps he is taking to improve access to finance for small and medium-sized businesses in Buckingham and Bletchley constituency.

The British Business Bank's finance programmes, including the Start Up Loans scheme, help SMEs in Buckingham and Bletchley to access the finance they need.Together with the Treasury, my department launched a call for evidence on SME access to finance to assess existing policies and identify barriers. The call aims to improve access to finance and support SME growth. We are considering the responses we have received and will announce further measures in due course.

What assessment her Department has made of the adequacy of the UK’s engagement in international financial institutions on debt relief for African countries facing debt distress.

The UK is committed to working with international financial institutions to address country debt vulnerabilities in a timely and coordinated way, providing swift debt treatments where required. We progress this work through international fora and mechanisms, including the G20, Paris Club, IMF and World Bank Boards, and the Global Sovereign Debt Roundtable (GSDR). Through the GSDR – jointly convened by the IMF, World Bank and G20 Presidency – we have engaged closely with newer official creditors, private creditors and debtor countries, and discussions have helped to strengthen collaboration and build greater common understanding on debt issues, including the G20 Common Framework. We fully support the World Bank and IMF’s ‘three pillars’ approach to countries facing liquidity (i.e. short-term payment) challenges. We are pushing the Bank and Fund to accelerate the roll-out in pilot countries and using our voice to encourage others to support We are also actively engaging in the review of the IMF and World Bank’s Debt Sustainability Framework, pushing for more detailed incorporation of longer-term climate and nature risks and investments.

What steps she takes to assess the resilience of the UK's international reserves to potential (a) geopolitical and (b) macroeconomic shocks.

The Exchange Equalisation Account (EEA) holds the UK government’s official reserves. HM Treasury appoints the Bank of England as its agent to carry out the day-to-day management of the reserves. The reserves are managed to ensure that the policy objectives, set out in the EEA Act 1979, can be met at all times. These objectives are: Checking undue fluctuations in the exchange value of sterling;Enabling government payments abroad; andCarrying out the UK’s obligations to the IMF A total of £72 billion of additional financing was provided for the reserves between 2008-09 and 2019-20. The size of the UK's reserves stands broadly in line with other comparable economies. HM Treasury manages the liquidity, credit and market risk of the reserves to ensure that they meet the policy objectives of the EEA.

Whether her Department plans to review its approach to state ownership of financial institutions.

On 30 May 2025, the government sold its remaining shares in NatWest Group (formerly Royal Bank of Scotland, RBS), bringing to an end the public ownership of banks resulting from the 2007-2009 global financial crisis. It is not government policy to pursue state ownership of firms in the financial services sector. The government provided support to RBS, as part of a series of interventions in the financial sector, to protect ordinary savers and businesses from the collapse of a bank which was vital to the functioning of the UK economy and financial system. With the original policy objective - to preserve financial and economic stability at a time of crisis – achieved, returning NatWest to the private sector was the right choice for both taxpayers and the bank, helping to promote financial stability and a more competitive banking sector in the UK. Regarding the resilience of the sector, since the global financial crisis, the government has successfully implemented reforms to strengthen the ability to manage bank failures safely, and to do so in a way that protects the wider economy and minimises the need for taxpayer support. In addition, the development of a more robust regulatory framework since the financial crisis has helped strengthen the resilience and stability of both individual firms and the wider financial system.

What analysis was conducted on the potential impact of ending public ownership of NatWest Group on the resilience of the financial sector.

On 30 May 2025, the government sold its remaining shares in NatWest Group (formerly Royal Bank of Scotland, RBS), bringing to an end the public ownership of banks resulting from the 2007-2009 global financial crisis. It is not government policy to pursue state ownership of firms in the financial services sector. The government provided support to RBS, as part of a series of interventions in the financial sector, to protect ordinary savers and businesses from the collapse of a bank which was vital to the functioning of the UK economy and financial system. With the original policy objective - to preserve financial and economic stability at a time of crisis – achieved, returning NatWest to the private sector was the right choice for both taxpayers and the bank, helping to promote financial stability and a more competitive banking sector in the UK. Regarding the resilience of the sector, since the global financial crisis, the government has successfully implemented reforms to strengthen the ability to manage bank failures safely, and to do so in a way that protects the wider economy and minimises the need for taxpayer support. In addition, the development of a more robust regulatory framework since the financial crisis has helped strengthen the resilience and stability of both individual firms and the wider financial system.

What the criteria used to evaluate the economic risks associated with ending public ownership of NatWest Group were.

On 30 May 2025, the government sold its remaining shares in NatWest Group (formerly Royal Bank of Scotland, RBS), bringing to an end the public ownership of banks resulting from the 2007-2009 global financial crisis. It is not government policy to pursue state ownership of firms in the financial services sector. The government provided support to RBS, as part of a series of interventions in the financial sector, to protect ordinary savers and businesses from the collapse of a bank which was vital to the functioning of the UK economy and financial system. With the original policy objective - to preserve financial and economic stability at a time of crisis – achieved, returning NatWest to the private sector was the right choice for both taxpayers and the bank, helping to promote financial stability and a more competitive banking sector in the UK. Regarding the resilience of the sector, since the global financial crisis, the government has successfully implemented reforms to strengthen the ability to manage bank failures safely, and to do so in a way that protects the wider economy and minimises the need for taxpayer support. In addition, the development of a more robust regulatory framework since the financial crisis has helped strengthen the resilience and stability of both individual firms and the wider financial system.

What steps her Department is taking to support employer engagement with the apprenticeship programme in SMEs in Milton Keynes.

I refer my hon. Friend, the Member for Buckingham and Bletchley to the answer of 19 March 2025 to Question 37179.

What steps his Department is taking to assess the investment risk environment for firms seeking to operate in African growth markets.

The Department for Business and Trade works across Africa offering direct support to UK businesses looking to expand their business in the region. This includes a dedicated team that advises UK businesses entering markets about doing business and investment environment. DBT focuses on markets, sectors, and deals where the UK has a competitive edge.

What assessment her Department has made of the potential impact of foundation apprenticeships on addressing sectoral skills shortages in (a) Milton Keynes and (b) Buckinghamshire.

This government’s first mission is to kickstart economic growth. We know that we need to support employers to invest in skills training and fuel innovation in businesses across the country.That is why we are transforming the apprenticeships offer into a new growth and skills offer, to support greater flexibility for employers and learners. Foundation apprenticeships are a key part of this offer. They will support employers in key sectors to meet their current and future skills needs by developing new opportunities to engage with younger employees and build pipelines of talent. This is expected to drive up to 30,000 apprenticeship starts across this Parliament.The first foundation apprenticeships will be focused on industrial strategy and priority areas including construction, engineering, health and social care, and digital. This will begin in August with the introduction of seven new foundation apprenticeship standards, including three in construction, enabling young people to earn a wage while developing vital skills. We will continue exploring how to make foundation apprenticeships work in other sectors, such as hospitality and retail.The growth and skills offer is informed by Skills England’s engagement with a wide range of stakeholders, to ensure that levy-funded training meets the needs of employers and learners.