Speeches by Reynolds.

“We are all impatient for change, Mr Grady. I have not yet chaired this group because obviously I have only just come into post. That is something that I will have to discuss with the committee, but in a way, although it would be good to have recommendations and to make progress, this will be an ongoing issue, because—a…”

“We are at the very early stages of the journey. The first meeting—and obviously this was chaired by my predecessor—took place late last year.”

“As a Minister I am always really happy to learn from what others are doing internationally. Actually, in some of these emerging economies, they are stealing a charge on us, because they are almost taking a digital-first approach. They are starting from a position where nobody has a fixed landline because they have neve…”

“Yes, indeed.”

“The financial inclusion strategy is going to look at all of those vulnerable groups and take their needs into account. I am at the early stages of this; it was obviously launched under my predecessor, but it was a commitment that the Labour party made in the “Financing Growth” paper that we put out in February last yea…”

“Just to reassure you, we are looking at this in our new financial inclusion strategy. We have a committee set up to do this, and we have various sub-committees within the committee. The main focus of that will be on digital inclusion. How can we help the digitally excluded join the rest of us, frankly, because the vast…”

“Let me just say something about your first question, if that is okay, just to add to what Anna said. We have a world‑leading financial services sector, and the role of innovation and technology is absolutely central to its success. Fintech—both in terms of some of the challenger banks that we have seen and other…”

“That is a good question. There are already strict rules applied to the 10% that already have the flexibility to do this. As I understand it, that should be used for investment in the company, but I would have to go back specifically to look at whether there is any differentiation there. I would hope that what you have …”

“No.”

“Let me just say something about the announcement before I come to your question. This is about levelling the playing field. At the moment, 10% of defined benefit schemes can, if the trustees judge it in their members’ interest, release some of this surplus, which employers can then use, either to invest in their compan…”

“I lead on all of our work with regard to financial inclusion and financial services, so yes, I would be the lead Minister on that, but obviously the FCA has rulemaking power. As John knows very well, I am the lead Minister, working with Nikhil Rathi, and indeed Sam Woods at the PRA. That is my role within the Departmen…”

“First, thank you very much for the opportunity to appear before you. This is my first appearance in this role. I am delighted to be in this role, by the way; I am very excited about it. It is my role to lead the work with the FCA—and indeed the PRA—to ensure that we balance the objectives of the regulators, first and f…”

“I thank the shadow Minister for the way he has approached this subject. He is correct, of course, that the previous Government consulted on PISCES in March last year. We responded to the consultation in November, alongside the Mansion House speech delivered by my right hon. Friend the Chancellor. I am glad that there i…”

“Clause 56 introduces a power enabling changes to be made to stamp duty and stamp duty reserve tax in relation to financial market infrastructure sandboxes. The Government are committed to developing the UK’s capital markets and, as part of that, have announced that they will take forward the private intermittent securi…”

“I thank the shadow Minister for his questions. I hope to answer all of them and, if I do not, I promise to write to him with clarification. He asked some questions about the number of individuals. I can tell him that in 2023-24, there were 7,100 transfers to qualifying recognised overseas pension schemes, and the value…”

“These clauses make changes to pension schemes established in, or administered by, persons resident in European economic area states and bring them in line the rest of the world. Currently, individuals can transfer some or all of their UK pension savings to an overseas pension scheme, provided it is a qualifying recogni…”

“The hon. Member pre-empts my next sentence, so I thank him for that. We have committed to reforming business rates, because we need a fairer system, fit for the 21st century. That important part of our reforms and plans will, I hope, benefit the businesses that the hon. Member for Harpenden and Berkhamsted spoke about.”

“I congratulate the hon. Member for Harpenden and Berkhamsted (Victoria Collins) on securing the debate and thank her for sharing her story of working in her mum’s gift shop. It was very moving to hear that she has had direct experience of working in a shop on the high street. I also thank her for her survey of local sm…”

“I am here in my ministerial capacity, of course, but I also represent High Wycombe in the south-east, so I understand her point, and promise to take it back to the Department, and to the Exchequer Secretary to the Treasury. Levelling the playing field for the high street is just the start, and we are committed to trans…”

“Indeed. The point of the reforms is to better protect small businesses. As the hon. Gentleman says, there are already small businesses that are protected, but we want to ensure that those small businesses that are above the current thresholds are also protected, and do not pay the rates that they pay at the moment. We …”