Written questions by Garnier.

Innovation and Technology, what discussions she is having with the Secretary of State for Business and Trade on supporting the space-sector in delivering the ambitions set out in the Advanced Manufacturing Sector Plan, published on 23 June 2025.

The Department of Science, Innovation and Technology and the Department for Business and Trade are working closely to deliver the Advanced Manufacturing Sector Plan for space. Ministers with responsibility for space in both departments have discussed progress at the Space Ministerial Forum. Government has also established the Space Industry Advisory Group, which met on 20 April and was chaired by Minister Lloyd. Delivery is progressing, including cross-government action to accelerate capability in priority subsectors, investment to boost commercialisation and scale-up, and the UK’s largest ever investment in ESA at the Council of Ministers 2025. The Department for Business and Trade will lead a space trade mission to Japan in early July to support growth through exports, supported by the Department for Science, Innovation and Technology, who will lead bilateral engagement with Japanese Government. Departments will continue working together to deliver the Plan and wider Industrial Strategy for the UK space sector.

Innovation and Technology, what targets her Department has set for improving the UK’s position in the global space economy.

The UK has a strong position in the global space economy that the government is committed to maintaining. Building on our countries space heritage and deep pool of skilled talent, supportive regulation, and world-leading financial systems, the UK captures around 5% of the global market, leads Europe in private investment, and ranks third globally for private space company investment. Through our One-Government approach, we are developing capability in priority space subsectors where the UK can grow, compete, and lead internationally, supporting economic growth and competitiveness while strengthening national security and resilience.

Innovation and Technology, how her Department prioritises British businesses in its procurement of space sector contracts.

The Government is committed to supporting high-growth British space businesses. The new Procurement Act introduces a simpler and more transparent system that supports small businesses and enables contracting authorities to recognise quality and innovation in UK products.Government procurement plays an important role in helping British space companies scale in emerging technology areas. Through the Unlocking Space programme, DSIT is supporting departments to explore opportunities to trial space-enabled solutions, enabling government to act as an anchor customer.The Government continues to explore a wider range of commercial mechanisms to support British space companies as technologies mature and markets develop.

What is the priority for the Government for negotiating a free trade agreement with Thailand.

The Government has not commenced any negotiations on a Free Trade Agreement (FTA) with Thailand. My department keeps its approach to FTAs under active review to support growth, resilience and the UK’s strategic interests.Thailand is an important economic partner and a significant market for UK goods and services. We continue to engage closely with Thailand through a range of cooperation mechanisms, including the UK-Thailand Enhanced Trade Partnership, while assessing where future agreements could deliver the greatest value for the UK.

What progress he has made on the development of a free trade deal with Thailand.

The Government has not commenced any negotiations on a Free Trade Agreement (FTA) with Thailand. My department keeps its approach to FTAs under active review to support growth, resilience and the UK’s strategic interests.Thailand is an important economic partner and a significant market for UK goods and services. We continue to engage closely with Thailand through a range of cooperation mechanisms, including the UK-Thailand Enhanced Trade Partnership, while assessing where future agreements could deliver the greatest value for the UK.

What discussions he has had with the Home Office about reciprocal VISA rights with Thailand.

None.

What consideration is made when awarding work capability assessment contracts of potential additional costs to the Exchequer involved in contractors awarding bonuses or making performance related salary uplifts.

Functional Assessment Services contracts (including delivery of Work Capability Assessments) are outsourced to four prime contractors. The Department awarded these contracts following fair and open competition to deliver the best value for taxpayers. This included evaluating all of the proposed costs of delivery (including all remuneration to employees).

Whether the Department provides work capability assessment contractors with additional funding for them to award bonuses or performance related salary uplifts.

Functional Assessment Services contracts (including delivery of Work Capability Assessments) are outsourced to four prime contractors. All reward and remuneration to employees, including any potential incentivisation to meet contractual requirements, is for contractors to determine.

Pursuant to the Answer of 25 February 2026 to Questions 113526 and 113527, what stage she is at in the appointment process for the Digital Markets Champion.

I refer the member to the answer given to 113526 and 113527 on the 25 February 2026.

What steps his Department is taking to check the compliance of PIP assessment facilities.

Where the department provides estate for the delivery of Personal Independence Payment assessments, we ensure that all assessment centres meet relevant legislative requirements, including full compliance with the Equality Act 2010.For assessment centres sourced by our contracted suppliers, those suppliers are contractually required to provide the department with an annual assurance statement confirming that their estate meets all legislative requirements and, as a minimum, meets the same standards as department provided assessment centres.

Whether he will launch the Pensions Dashboard by the end of 2026.

When we have assurances that the service is safe, secure and thoroughly user-tested, the Secretary of State will provide industry 6 months’ notice ahead of the launch of the government-backed MoneyHelper Pensions Dashboard. Insights gained from the launch and operation of the MoneyHelper Pensions Dashboard will help inform the launch date of private sector pensions dashboards.

What discussions she has had with the Financial Conduct Authority on modernising adviser charging rules.

HM Treasury engages regularly with the Financial Conduct Authority (FCA) on a range of regulatory issues, including the regulation of financial advice. The FCA plans to consult on simplifying and consolidating its investment advice rules and guidance to reduce unnecessary complexity and to clarify its regulatory expectations under the Consumer Duty. This will also cover the rules relating to ongoing advice services to make sure they are appropriate and relevant in future. An FCA consultation paper is expected by the end of Q1 2026. In addition, the Government is working closely with the FCA to roll out targeted support for consumers from April this year. This represents the biggest reform of the financial advice and guidance landscape in more than a decade, and will represent a step change in the support that consumers receive to invest. Targeted support can be provided free at the point of use with firms recovering costs through cross-subsidisation, which is how HM Treasury expects most firms to operationalise the service. Firms can choose to charge a fee, but will need to follow FCA rules around fair value.

What assessment she has made of the potential impact of the Privacy and Electronic Communications Regulations 2003 on the effectiveness of Targeted Support.

Targeted support will be a new form of support, designed to bridge the gap between guidance and full financial advice. It will enable firms authorised by the Financial Conduct Authority (FCA) to proactively suggest appropriate products or courses of action using limited information about a customer and their circumstances. The regime will go live from April 2026. In December, the FCA and Information Commissioner’s Office published a joint statement to provide clarity on the interaction between direct marketing rules and targeted support. This statement sets out how firms can inform customers of the availability of their targeted support services, including to those who have opted out of direct marketing, while complying with the relevant regulations. In addition, feedback from industry highlighted that the way direct marketing rules apply in the workplace pensions context creates particular challenges for implementing the new regime. The government therefore committed in December to taking forward secondary legislation to address this, enabling workplace pension providers to deliver targeted support to members who have not opted out of direct marketing. This reflects that workplace pension providers have fewer opportunities to obtain consent for direct marketing, limiting the level of engagement that they can have with their members.

With reference to Section 4.230 of the Autumn Budget 2025, what steps she is taking to maintain the viability of the Lifetime ISA.

At Autumn Budget 25 the government announced that it will publish a consultation in early 2026 on the implementation of a new, simpler ISA product to support first time buyers to buy a home. Once available, this new product will be offered in place of the Lifetime ISA. The new design will include the government bonus being paid at the point the individual makes a withdrawal for a house purchase. This removes the need for a withdrawal charge and means a saver can withdraw funds, should their circumstances change, without penalty. It will remain possible to open a Lifetime ISA until the new product becomes available and for account holders to continue to save into their Lifetime ISA in line with the existing rules indefinitely.

What assessment she has made of the effectiveness of the regulatory disclosure requirements for investing.

The Government wants to see more people benefit from the higher returns and long-term financial resilience that investing can provide.On 8 December, the FCA published their final rules for the new Consumer Compositive Investment (CCI) regime which will ensure relevant consumers have access to the most useful information – including on risks, costs and performance – to support their investment decisions.In addition, the financial promotion regime requires firms to provide consumers with clear, fair and not misleading information that enables them to make appropriate decisions for their individual circumstances.The Government also welcomes the industry-led review into risk warnings to reform how firms talk about the risks and benefits of investing and support improved consumer understanding. The review will report back to the Treasury early this year.

With reference to Section 4.230 of the Autumn Budget 2025, whether she plans to publish the consultation on the new ISA product before the Easter recess.

At Autumn Budget 25 the government announced that it will publish a consultation in early 2026 on the implementation of a new, simpler ISA product to support first time buyers to buy a home. Once available, this new product will be offered in place of the Lifetime ISA. The new design will include the government bonus being paid at the point the individual makes a withdrawal for a house purchase. This removes the need for a withdrawal charge and means a saver can withdraw funds, should their circumstances change, without penalty. It will remain possible to open a Lifetime ISA until the new product becomes available and for account holders to continue to save into their Lifetime ISA in line with the existing rules indefinitely.

What progress she has made on the Retail Investment Campaign.

The Government wants to see more people benefit from the higher returns and long-term financial resilience that investing can provide. That is why the Chancellor’s Leeds Reforms included bold actions to boost retail investment.The Government welcomes the industry-led retail investment campaign which will promote the benefits of investing to the public, and will launch in April 2026. The inaugural meeting of the campaign steering group was held on 22 September 2025, and the steering group has met regularly since then. The Investment Association is the secretariat to the campaign, and HM Treasury supports the campaign in an observer capacity.

How many meetings of the Retail Investment Campaign steering group have taken place.

The Government wants to see more people benefit from the higher returns and long-term financial resilience that investing can provide. That is why the Chancellor’s Leeds Reforms included bold actions to boost retail investment.The Government welcomes the industry-led retail investment campaign which will promote the benefits of investing to the public, and will launch in April 2026. The inaugural meeting of the campaign steering group was held on 22 September 2025, and the steering group has met regularly since then. The Investment Association is the secretariat to the campaign, and HM Treasury supports the campaign in an observer capacity.

What assessment she has made of trends in the level of the use of AI technologies in financial advice by (a) consumers and (b) industry.

The government believes that the safe and effective adoption of artificial intelligence (AI) in financial services is a major strategic opportunity, with the potential to power growth across the UK. As set out in the Government’s Financial Services Growth and Competitiveness Strategy, it is our ambition to make the UK the world's most technologically advanced global financial sector, leveraging our dual strengths in financial services and AI. AI is already widely used across the financial sector. A 2024 survey by the Bank of England and the Financial Conduct Authority (FCA) found that around three-quarters of UK financial services firms are now deploying AI. Industry estimates also suggest that the use of AI within the financial advice sector is rapidly growing, with the proportion of advice firms using AI more than doubling over the past year. The government has not made a formal assessment of the level of AI use by consumers, including the use of large language models for financial advice. In recognition of growing consumer interest in these tools, the FCA has published information for consumers on using AI for investment research. This sets out the pros and cons of such tools, including the risk of incorrect or out-of-date information, and makes clear that advice from general purpose AI tools is not regulated and does not benefit from protections such as the Financial Services Compensation Scheme or the Financial Ombudsman Service. To support the effective and safe use of AI by industry, while protecting consumers and financial stability, the government has appointed Financial Services AI champions, Harriet Rees and Rohit Dhawan. They will focus on helping firms seize the opportunities for AI in a way that supports innovation, maintains trust in UK financial services, and ensures that consumers are appropriately protected.

What discussions she has had with the Secretary of State for Education on improving the delivery of financial education.

The government recognises the importance of financial literacy in helping people to manage their finances and make the most of their money, and is taking steps to improve provision of financial education across all age groups. In July 2024, the government established an independent Curriculum and Assessment Review, covering ages 5 to 18, chaired by Professor Becky Francis CBE. The Review considered whether there is sufficient coverage of key knowledge and skills to prepare children and young people for future life and to thrive in a fast-changing world. The final report was published in November 2025, alongside the government’s response. As part of that response, the government committed to making citizenship compulsory at Key Stages 1 and 2 in England, which will include financial education. The government is also legislating through the Children’s Wellbeing and Schools Bill so that all state-funded schools in England will be legally required to teach the national curriculum up to the age of sixteen. This will mean that pupils at academies, which do not currently have to follow the national curriculum, will also benefit from the changes to the curriculum. The Treasury is working closely with the Department for Education on how we can support these changes and how they fit into the wider landscape of measures announced to support financial capability in adults as part of the government’s Financial Inclusion Strategy. My predecessor met the Minister of State (Minister for School Standards) last year ahead of the Strategy being published.