Written Statements

Monday 18th May 2026 Written Statements

Monday 18 May 2026

Companies House: Public Targets 2026-27

Monday 18th May 2026 Written Statements

[The Parliamentary Under-Secretary of State for Business and Trade (Blair McDougall)]

I have set Companies House the following targets for the year 2026-27.

Companies House will continue to score above average for the public sector, in the UK customer satisfaction index.

Digital services are available for a minimum of 99.5% of the time.

All incoming calls to our contact centre wait for no longer than five minutes in the call queue, on average.

Using the registrar’s powers, Companies House will take at least 225,000 actions to tackle abuse and improve the integrity of the register.

By the end of the financial year, all companies will have met identity verification requirements linked to their confirmation statement or be on an appropriate pathway to compliance or enforcement action.

Deliver 4% efficiency, in comparison to 2025-26 controllable spend.

[HCWS24]

Consumer Credit Act 1974: Reform

Monday 18th May 2026 Written Statements

[The Economic Secretary to the Treasury (Rachel Blake)]

2024 marked the 50th anniversary of the passage of the Consumer Credit Act 1974. The world, the way people interact with their finances, and the consumer credit market are dramatically different today and the transformation in 50 years has been vast—79% of the public now hold at least one regulated credit product, new products such as “buy now, pay later” have come to the market, and digital technology has transformed how people use and take out credit.

https://www.fca.org.uk/publication/financial-lives/fls-2024-credit-loans.pdf

It is perhaps not surprising that the legislation has not kept up. While it was well designed for its time, the CCA is increasingly under strain to deliver for the way consumers and firms now use and provide credit. The existing legislation and supporting regulations are poorly adapted to technology that was not envisaged 50 years ago. Successive updates over time have created a complex and prescriptive regime. In 2014 work was commenced to modernise the regime, with many CCA provisions being repealed and recast into Financial Conduct Authority rules in the consumer credit sourcebook, and the Government are continuing this work.

The Government have identified opportunities to deliver a modernised consumer credit regime that aims to ensure that consumers receive clearer information at the right time, utilising technological developments, enabling them to make informed financial decisions throughout the consumer journey, as well as simplified rights and protections that achieve proportionate regulation while achieving robust consumer protection.

Modernising the CCA aims to achieve a more agile, flexible and proportionate regulatory regime that better supports innovation and economic growth alongside robust protection for consumers. This will enable firms to better tailor products and consumer journeys to achieve good consumer outcomes, in line with the broader FCA consumer duty principle. It also brings consumer credit in line with the modern UK model of financial services regulation, whereby the scope of regulation is determined by Parliament, with the detailed conduct rules set by the regulator.

The policy statement published today outlines the Government’s approach to reform of the CCA, which will be delivered via the forthcoming financial services and markets Bill. The FCA is also publishing a statement on its direction regarding CCA reform measures announced today.

The policy statement is available at:

https://www.gov.uk/government/consultations/consultation-on-consumer-credit-act-1974-cca-reform

[HCWS28]

Review of the Ringfencing Regime

Monday 18th May 2026 Written Statements

[The Economic Secretary to the Treasury (Rachel Blake)]

At Mansion House 2025, as part of the financial services growth and competitiveness strategy, my right hon. Friend the Chancellor of the Exchequer confirmed her intention to uphold the ringfencing regime to safeguard financial stability and depositors while taking forward meaningful reform to update the regime and support the Government’s growth agenda. In response, His Majesty’s Treasury has, in close collaboration with the Bank of England, undertaken a review of the regime.

The review has now concluded, and its findings can be found in the review report “Safeguarding Stability, Enabling Growth”, published on gov.uk. The Government will take forward reforms to the regime to enable the ringfenced banks to provide more productive funding to UK business and the real economy, supporting the Government mission to deliver sustainable economic growth.

The ringfencing regime will continue to uphold the financial independence of ringfenced banks and protect retail depositors from volatility in global financial markets.

The Government will take forward reforms in five key areas:

Creating a more agile and proportionate ringfencing framework

As part of the upcoming financial services and markets Bill announced in the King’s Speech, the Government will take forward primary legislation to:

Address unnecessary duplication, by enabling the Prudential Regulation Authority to remove ringfencing rules where the objectives of ringfencing are already met by other prudential requirements or the resolution regime.

Enhance regulatory flexibility, through removing elements of primary legislation that are overly prescriptive.

Deliver better regulatory alignment by ensuring the PRA’s approach to making ringfencing rules reflects developments in the resolution regime for banks.

Enable HM Treasury to move aspects of the regime out of legislation and into PRA rules, so they can be updated in a more agile and proportionate way, and creating greater scope for the PRA to use modifications and waivers.

Allowing ringfenced banks to provide more products and services to support the UK economy

Subject to consultation on the detail this summer, the Government will:

Introduce a new growth allowance, supporting the financing needs of the real economy by permitting ringfenced banks to undertake activities otherwise prohibited by the regime. The Government will consult on an allowance worth up to 10% of their pillar 1 risk-weighted assets for credit risk, which could be used to unlock up to £80 billion of financing for UK businesses.

Allow ringfenced bodies to offer a more comprehensive range of hedging products to businesses, supporting investment by ensuring they can more effectively manage their risks as they grow.

Ensure RFBs can fully support Government priorities through the British Business Bank and National Wealth Fund by enabling participation in funding schemes that are guaranteed or offered by UK public financial institutions.

Permit exposures to a wider range of financial institutions where those firms undertake activities that the ringfencing regime would permit the RFB to undertake directly.

Addressing inefficiencies in how ringfencing is applied to banking groups

The PRA and Financial Policy Committee will review how ringfencing interacts with certain capital requirements, including how the Basel 3.1 output floor and the leverage ratio is applied to banks in the regime.

The Bank of England will review its calibration of the internal minimum requirement for own funds and eligible liabilities scalar to ensure the appropriate amount of loss-absorbing capacity is pre-positioned at the RFB.

Sharing resources and services more flexibly across the ringfence to reduce or remove operational burdens

The PRA has today announced that it will consult on allowing firms more flexibility as to how they share operational resources across the ringfence.

The Government will consult on legislation to enable surpluses in closed RFB pension schemes to be shared with other schemes in a wider banking group, subject to certain conditions, enabling flexibility in how surplus funds are used.

Maintaining proportionality

The £35 billion primary threshold will be subject to review every three years, with a view to uprating it in line with changes to the market and deposit base.

The PRA will review ringfencing-specific reporting requirements as part of its regular review of its ringfencing rules, reporting in 2028, to ensure they are proportionate once the revised regime is in place.

The review is available at https://www.gov.uk/government/publications/safeguarding-stability-enabling-growth-the-ring-fencing-review

[HCWS27]

Notification of Contingent Liability

Monday 18th May 2026 Written Statements

[The Chancellor of the Exchequer (Rachel Reeves)]

The independent Monetary Policy Committee of the Bank of England decided at its meeting ending on 3 February 2022 to reduce the stocks of UK Government bonds and sterling non-financial investment-grade corporate bonds held in the asset purchase facility by ceasing to reinvest maturing securities. The Bank ceased reinvestment of assets in this portfolio in February 2022 and commenced sales of corporate bonds on 28 September 2022, and sales of gilts acquired for monetary policy purposes on 1 November 2022. The sales of corporate bonds ceased on 6 June 2023, with a small number of outstanding corporate bonds reaching maturity on 5 April 2024. Therefore, the APF is now comprised solely of gilts.

The Chancellor at the time agreed a joint approach with the Governor of the Bank of England in an exchange of letters on 3 February 2022 to reduce the maximum authorised size of the APF for asset purchases every six months, as the size of APF holdings reduces.

Since 11 November 2025, when the maximum authorised size of the APF was last reduced, the total stock of assets held by the APF for monetary policy purposes has fallen further, from £555 billion to £524.9 billion. In line with the approach agreed with the Governor, the authorised maximum total size of the APF has therefore been reduced to £524.9 billion, comprising entirely of gilts.

The risk control framework previously agreed with the Bank will remain in place, and HM Treasury will continue to monitor risks to public funds from the APF through regular risk oversight meetings and enhanced information sharing with the Bank.

There will continue to be an opportunity for HM Treasury to provide views to the MPC on the design of the schemes within the APF, as they affect the Government’s broader economic objectives and may pose risks to the Exchequer.

The Government will continue to indemnify the Bank, the APF and its directors from any losses arising out of, or in connection with, the facility. Provision for any payment due under the liability will continue to be sought through the normal supply procedure.

A full departmental minute has been laid in the House of Commons, providing more detail on this contingent liability.

[HCWS26]

Sporting Events Bill

Monday 18th May 2026 Written Statements

[The Parliamentary Under-Secretary of State for Culture, Media and Sport (Stephanie Peacock)]

On 14 May 2026 the Government introduced the Sporting Events Bill, which can be found at:

https://bills.parliament.uk/bills/4127

The Government are proud of the UK’s record of hosting world-class major sporting events over recent years, including the London 2012 Olympic and Paralympic games, the 2014 and 2022 Commonwealth games, and last summer’s remarkable women’s rugby world cup. These events bring the nation together like nothing else can and have profound social and economic benefits.

The Sporting Events Bill will better equip the UK and devolved Governments to attract and deliver such events into the future. It will ensure that these events, including the UEFA European championships 2028 and the FIFA women’s world cup 2035—should the UK’s bid be successful—can be delivered as efficiently as possible, and enhance our competitive advantage when bidding for future global tournaments, showing to international event owners that we are event ready.

For an event to qualify, it must meet three conditions. First, it must be taking place at least in part in the UK. Secondly, it must not usually be held in the UK. Thirdly, it must be either of significant international interest, with the potential to deliver social or economic benefits, or of strategic importance in helping to secure such events in the UK in the future.

The framework provisions include measures to:

Put fans first by criminalising the unauthorised resale of tickets for qualifying sporting events, ensuring that more tickets go directly to fans. More broadly, the Government consulted on measures last year to introduce a price cap on the resale of tickets for all live events. That consultation made it clear that for too long fans have been ripped off by touts, who buy large volumes of tickets online and resell them for vastly inflated prices. We are fully committed to these measures and will publish a draft Bill for pre-legislative scrutiny in this parliamentary Session to ensure that the legislation is effective, enforceable and future-proof.

Prohibit unauthorised advertising and trading around event locations through time-limited criminal offences. These provisions will enable us to create a restricted advertising and trading zone where unauthorised businesses—those not authorised, for example, by the event organiser—will be prevented from trading in places such as competition venues, official fan zones and transport hubs and their surrounding areas, balancing the need for commercial protection for event organisers and their sponsors with the rights of individuals and businesses. This would allow for a safe flow of spectators and help to create a consistent and positive experience for event goers.

Prohibit unauthorised association with a sporting event by creating a general prohibition enforceable through the civil courts. This prevents businesses from benefiting financially by associating with an event without contributing to delivery costs of the event.

Manage transport and traffic in relation to a sporting event in England.

UK Ministers and devolved Governments will be able to determine which framework provisions apply to qualifying events, and to tailor them to the event by adding essential event-specific details such as dates and places. This will be done via secondary legislation.

The Bill also includes a funding provision, which ensures that the Secretary of State and devolved Governments have legal powers to fund sporting events.

The provisions in this Bill as a whole will ensure that the UK continues to be an attractive host country for major events, bolstering our world-leading reputation. We are sending a clear message: the UK is not just a home for sport, but a prepared, professional and fan-focused host.

[HCWS23]

LGBT Financial Recognition Scheme

Monday 18th May 2026 Written Statements

[The Minister for Veterans and People (Louise Sandher-Jones)]

The LGBT financial recognition scheme includes two types of payments, the “LGBT FRS Dismissed or Discharged Payment” and the “LGBT FRS Impact Payment”. The impact payment is available to all those who experienced pain and suffering directly related to the ban on homosexuality in the armed forces, including harassment, invasive investigations and imprisonment. There are three tariff bands: level one £1,000-£5,000; level two £5,000-£10,000; and level three £10,000-£20,000. This is determined by an independent panel.

To enhance decision-making capacity, the independent panel has been extended with the appointment of a second panel chair and additional panel members. The additional panel members will be Joanne Briggs (Chair), Barbara Johnson, Fiona Gardner, Gillian McGill, Kevin Hood, Max Johnstone and Oliver Brown. The independent panel will continue to sit as a chair plus four members, except for in exceptional circumstances.

Both independent panel chair and independent panel members are appointed for a period of 10 months as direct ministerial appointments.

The Government acknowledge the hurt caused by the historic policy banning LGBT personnel in the armed forces between 1967 and 2000, which was wholly unacceptable and is not representative of defence today. The Government are committed to righting these historic wrongs, supporting LGBT veterans, and improving the experience of LGBTQ+ personnel in the armed forces.

[HCWS29]

Lifelong Learning Entitlement Regulations

Monday 18th May 2026 Written Statements

[The Parliamentary Under-Secretary of State for Education (Josh MacAlister)]

I am today laying before Parliament the Lifelong Learning (Fee Limits) Regulations 2026, the first in a package of secondary legislation needed to implement the lifelong learning entitlement, ahead of its launch in September 2026 for courses and modules starting from January 2027.

The LLE will transform the post-18 student finance system in England by creating a single funding system for levels 4 to 6 that supports people to learn, upskill and retrain across their working lives. It will broaden access to high-quality, flexible education and training, support learner mobility, and help ensure that our colleges, universities and other providers can meet the skills needs of learners, employers and the wider economy. This supports the Prime Minister’s target for two thirds of young people to access higher-level learning by age 25, alongside increasing participation in high-quality technical education. The Government are committed to breaking down barriers to opportunity and driving economic growth, and the LLE is a central part of that mission.

The package comprises three sets of regulations:

The Lifelong Learning (Fee Limits) Regulations 2026,

The Lifelong Learning (Student Support) (Amendment of Fees and Awards etc.) Regulations 2026, and

The Education (Student Loans) (Repayment) (Amendments for Lifelong Learning) Regulations 2026.

Pending Parliament’s approval of the fee limit regulations, I will then make and lay the second two sets of regulations. In the meantime, to allow Parliament sight of the full LLE policy while scrutinising the fee limit regulations, draft copies will be made available at:

https://www.gov.uk/government/publications/lifelong-learning-entitlement-lle-overview/lifelong-learning-entitlement-overview

Together, these regulations establish the fee limits, student support and repayment framework required for the LLE. They will create a credit-based fee limit system, allow funding to be used more flexibly for modules as well as full courses, and put in place the student support and repayment arrangements needed to operate the new system from launch.

Under the LLE, new learners will be able to access a lifetime entitlement equal to four years of full-time tuition, which can be used more flexibly than the current system allows. Eligible learners undertaking designated in-person study will also be able to access maintenance support for living costs, representing an important expansion of support for part-time and technical learners. The LLE also removes the equivalent or lower qualification restriction, helping adults with prior study to retrain and reskill.

The LLE marks a significant step forward in modernising the student finance system so that it works better for young people and adults in a changing economy. It will give learners greater flexibility in how and when they study, support providers to offer more responsive provision, and help ensure that people across the country can access the education and training they need to unlock opportunity and succeed.

[HCWS25]

Favipiravir: Contingent Liability

Monday 18th May 2026 Written Statements

[The Parliamentary Under-Secretary of State for Health and Social Care (Mrs Sharon Hodgson)]

The UK Health Security Agency is receiving a supply of doses of the antiviral medicine favipiravir from the Government of Japan to support the United Kingdom’s preparedness and response to hantavirus.

Favipiravir is not currently licensed for use in the United Kingdom. In line with standard international practice for the provision of medical countermeasures of this nature, the Government of Japan and the supplier have requested that the United Kingdom provides an indemnity in respect of liabilities that may arise from the use of the product.

This indemnity constitutes a contingent liability. The Government have concluded that it represents an appropriate and proportionate arrangement to secure access to a clinically recommended countermeasure, supporting the Government’s ability to respond to the current outbreak and protect the public’s health.

The liability is unquantifiable at this time and is expected to be called upon only in highly unlikely circumstances.

In the normal course of events, a departmental minute would be laid before Parliament for 14 sitting days prior to the indemnity being entered into, in accordance with “Managing Public Money”. Due to the urgent need to secure supply and support the UK’s response to the current hantavirus outbreak, this has not been possible. The departmental minute has been laid before Parliament today. The Department has written to the Public Accounts Committee and Health and Social Care Select Committee to notify them that Parliament could not be informed in advance of making this commitment. Further correspondence will be provided to the Committees.

[HCWS30]

Youth Justice Reform and Delivery Plan

Monday 18th May 2026 Written Statements

[The Lord Chancellor and Secretary of State for Justice (Mr David Lammy)]

Today I am publishing the Government youth justice White Paper, “Cutting Youth Crime. Changing Young Lives”, which sets out our plan to reform the youth justice system in England and Wales so that it intervenes earlier, responds more consistently, and does more to protect the public.

Over the past two decades, sustained efforts across the system have led to very significant reductions in the number of children entering the formal youth justice system and the number of children in custody. As a result, the system is now working with a much smaller but far more complex cohort, including many children who face multiple and overlapping vulnerabilities including substance misuse, children who are victims of exploitation, and in some cases children who present a serious risk of harm to others. However, the systems and structures designed for an earlier era have not kept pace. This limits our ability to prevent escalation, reduce reoffending, and keep victims and communities safe.

This Government are clear about the balance we must strike. Children are still developing and have a strong capacity to change, and the system must respond accordingly. But avoiding unnecessary criminalisation must never come at the expense of public protection. Where children’s behaviour causes harm, or where risks escalate, the system must act decisively. Firm, timely and proportionate intervention is essential both to protect the public and to support children to change course.

We will strengthen early intervention to prevent risky behaviour or offending from escalating. This includes continuing to invest in the turnaround programme, improving alignment with wider services that support children at risk, and taking action against the adults who exploit children and draw them into crime. We will also publish a strengthened national protocol to reduce the unnecessary criminalisation of children in care and care leavers, while ensuring that risks are identified and managed effectively.

Where offending does occur, children must receive the right response at the right time. We will reform the youth out-of-court-resolution framework to improve public confidence and ensure interventions address the drivers of offending. We will take a fundamental look at the function and purpose of criminal courts for children, pilot new problem-solving youth intervention courts, and develop specialist training requirements for lawyers representing children. We will ensure custodial remand is used appropriately and fairly, and modernise the sentencing framework to support public protection and rehabilitation. Alongside this, we will deliver proportionate reform of the childhood criminal records regime, so that people who have turned away from offending do not face lifelong consequences for childhood mistakes.

We will strengthen local youth justice services so they are equipped to manage risk and deliver effective interventions for today’s cohort. We will reform youth justice service oversight and funding arrangements, and we are reforming the role of the youth justice board to sharpen its focus on continuous improvement, so that children receive consistently high-quality support wherever they live. We will back innovation and modernisation through a new youth justice innovation fund, new devolution arrangements and better use of technology.

This Government are clear that, in some cases, custody is a necessary and appropriate response to protect the public. But we must ensure that children come out better than they went in. We are taking action to improve safety, safeguarding and education across the youth custodial estate, while setting a clear long-term direction away from large, outdated institutions, towards smaller, more rehabilitative settings that better support children to turn their lives around. We will set out further detail in a youth custody transformation plan in the autumn.

Taken together, these reforms represent a decisive shift for youth justice. A system that intervenes early to prevent escalation, provides firm and decisive community responses, and uses custody where necessary, is a system that will cut youth crime and change young lives.

The White Paper is being laid before Parliament today.

[HCWS31]