debates/debates2025-09-09c conversation_9
Source: hansard.parliament.uk (2025-09-09)

UK Parliament Hansard data: debates/debates2025-09-09c conversation_9

Oliver Ryan:What steps she is taking to reform the financial services sector. \p Lucy Rigby: Our financial services growth and competitiveness strategy sets out the Government’s 10-year plan for the sector, making clear our ambition that, by 2035, the UK will be the global location of choice for financial services firms to invest, grow and sell their services throughout the UK and to the world. To support this ambition, the Government announced the Leeds reforms, which are the most wide-ranging package of reforms to financial services regulation in a decade. The reforms will turbocharge growth, put more money in the pockets of working people and create more good, skilled jobs right across the country. \p Lindsay Hoyle: I welcome you to your new role. \p Oliver Ryan: I also welcome my hon. Friend to her new role. Small businesses in Burnley, Padiham and Brierfield are the lifeblood of our community, providing jobs and livelihoods to our people. Growing manufacturers and exporters such as the brilliant Barnes Aerospace in Burnley are doing an excellent job at taking Britain   across the world. Will the Economic Secretary set out what the Government are doing to support small and medium-sized business, particularly our manufacturers, with access to finance? \p Lucy Rigby: My hon. Friend raises an important issue, and it is very good to hear him championing businesses in his constituency. The Government published the small business strategy in July, which sets out how we will make the UK the best place to start and grow a business and puts SMEs at the heart of our growth mission. That includes tackling the barriers that SMEs face when accessing finance. That is why the Government are committed to increasing the total financial capacity of the British Business Bank to £25.6 billion and introducing a new business growth service, which will make it easier and quicker for businesses across the UK to get the help, support and advice that they need to grow and thrive. \p John Glen: I warmly welcome the new Economic Secretary to her role. Over the summer I looked at issues around liquidity in the London Stock Exchange and the deterioration that has happened. Given that only 15% of share trades attract stamp duty and much more trading is conducted in a dark environment, will the new Economic Secretary meet with me to hear my concerns and the concerns of those in the City so that we can move forward in a positive direction? \p Lucy Rigby: I pay tribute to the right hon. Member’s work in this area, and I would be more than happy to meet with him to discuss those concerns. \p Lindsay Hoyle: I call the shadow Economic Secretary. \p Mark Garnier: I also congratulate the hon. Member on her elevation to Economic Secretary to the Treasury; I am sure she will do very well.

The UK banking sector provides a valuable service to our economy, keeping money in circulation, funding business and mortgages and all the rest of it. The financial services sector is the UK’s biggest export sector. According to UK Finance, UK banks generate around £45 billion in tax every year, but because of things like the bank levy, UK banks now pay an effective rate of around 46%, which is higher than competitors in New York, Frankfurt, Dublin and Singapore. The Chancellor of the Exchequer has managed to dig her own £30 billion black hole in the economy, but can the Minister reassure the City of London and this House that there are no plans to increase taxes on our banking and wider financial services sector in the upcoming Budget in November? \p Lindsay Hoyle: Order. The markets will be closed soon. I call the Minister. \p Lucy Rigby: I am grateful for the lecture, but I note that it was the Conservatives who introduced the bank levy. The Government are committed to responsibly promoting the growth and competitiveness of the sector, and of course we keep the bank tax regime under review.