Asked by: Helen Morgan (Liberal Democrat - North Shropshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to his Department's Access to Banking Services Review, published on 14 May 2026, what steps his Department is taking to help ensure that people unable to use digital banking retain reasonable access to face-to-face banking services.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government is committed to ensuring that people who need in-person banking can continue to access essential services.
That is why the Government commissioned an independent Review into Access to Banking Services, to assess whether changes to access to in-person banking services are causing consumer detriment, the scale of any detriment, and who and where it affects, including in rural, coastal, and market town communities.
Alongside the Review, the Financial Services and Markets Bill includes a power to allow the Government to take action in future to protect access to banking services, should this be necessary. This power ensures the Government can act swiftly and proportionately, including through future regulation, if the evidence from the Review supports intervention.
Asked by: Helen Morgan (Liberal Democrat - North Shropshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to his Department's Access to Banking Services Review, published on 14 May 2026, what assessment his Department has made of the extent of geographical gaps in face-to-face banking provision.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government is committed to ensuring that people who need in-person banking can continue to access essential services.
That is why the Government commissioned an independent Review into Access to Banking Services, to assess whether changes to access to in-person banking services are causing consumer detriment, the scale of any detriment, and who and where it affects, including in rural, coastal, and market town communities.
Alongside the Review, the Financial Services and Markets Bill includes a power to allow the Government to take action in future to protect access to banking services, should this be necessary. This power ensures the Government can act swiftly and proportionately, including through future regulation, if the evidence from the Review supports intervention.
Asked by: Mark Garnier (Conservative - Wyre Forest)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate his Department has made of the cost savings which will result from ending the retirement savings function of the Lifetime ISA under the new First-Time Buyer ISA.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government recognises that the Lifetime ISA (LISA) is not working for everyone and that its dual purpose of supporting both home ownership and retirement saving can create complexity for savers. The Government is therefore consulting on a new FTB ISA product, setting out options for a simpler product focused on supporting first-time buyers.
The Government is carefully considering responses to the FTB ISA consultation, including the fiscal impact of different design. Any decisions on the detailed design of the product, including matters affecting Exchequer costs, will be taken in the round and announced in the usual way.
The published FTB ISA consultation confirmed that until the new product is offered it will be possible to open a LISA. After the new product is introduced, it will not be possible to open a LISA, but existing LISA holders, including those currently using the LISA for retirement, will continue to be able to use their accounts in line with the existing rules. More information can be found here First Time Buyer ISA consultation - GOV.UK.
Asked by: Mark Garnier (Conservative - Wyre Forest)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment has been made of the potential impact on peoples' retirement savings of replacing the Lifetime ISA with the proposed First-Time Buyer ISA.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government recognises that the Lifetime ISA (LISA) is not working for everyone and that its dual purpose of supporting both home ownership and retirement saving can create complexity for savers. The Government is therefore consulting on a new FTB ISA product, setting out options for a simpler product focused on supporting first-time buyers.
The Government is carefully considering responses to the FTB ISA consultation, including the fiscal impact of different design. Any decisions on the detailed design of the product, including matters affecting Exchequer costs, will be taken in the round and announced in the usual way.
The published FTB ISA consultation confirmed that until the new product is offered it will be possible to open a LISA. After the new product is introduced, it will not be possible to open a LISA, but existing LISA holders, including those currently using the LISA for retirement, will continue to be able to use their accounts in line with the existing rules. More information can be found here First Time Buyer ISA consultation - GOV.UK.
Asked by: Mark Garnier (Conservative - Wyre Forest)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will publish an economic impact assessment comparing the proposed First-Time Buyer ISA with the Lifetime ISA.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government recognises that the Lifetime ISA (LISA) is not working for everyone and that its dual purpose of supporting both home ownership and retirement saving can create complexity for savers. The Government is therefore consulting on a new FTB ISA product, setting out options for a simpler product focused on supporting first-time buyers.
The Government is carefully considering responses to the FTB ISA consultation, including the fiscal impact of different design. Any decisions on the detailed design of the product, including matters affecting Exchequer costs, will be taken in the round and announced in the usual way.
The published FTB ISA consultation confirmed that until the new product is offered it will be possible to open a LISA. After the new product is introduced, it will not be possible to open a LISA, but existing LISA holders, including those currently using the LISA for retirement, will continue to be able to use their accounts in line with the existing rules. More information can be found here First Time Buyer ISA consultation - GOV.UK.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the progress of the Listings Taskforce in reducing the barriers identified by businesses considering a UK listing.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
At Mansion House 2025, the government published its Financial Services Growth and Competitiveness Strategy. This document sets out the government’s ten-year plan for the UK to be the world’s centre of choice for financial services investment now and in 2035, with capital markets as a core pillar of the strategy.
As part of this strategy, the government established a Listings Taskforce to support businesses to list and grow in the UK. HM Treasury continues to work in partnership with the Office for Investment, and industry, to ensure the UK attracts the best and brightest businesses from around the world, and right here in the UK, to list on UK markets.
Since 2025, more than £25.8bn of equity capital has been raised in London through follow-on issuances and IPOs.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what metrics the Listings Taskforce is using to assess whether its work is improving the attractiveness and competitiveness of UK capital markets.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
At Mansion House 2025, the government published its Financial Services Growth and Competitiveness Strategy. This document sets out the government’s ten-year plan for the UK to be the world’s centre of choice for financial services investment now and in 2035, with capital markets as a core pillar of the strategy.
As part of this strategy, the government established a Listings Taskforce to support businesses to list and grow in the UK. HM Treasury continues to work in partnership with the Office for Investment, and industry, to ensure the UK attracts the best and brightest businesses from around the world, and right here in the UK, to list on UK markets.
Since 2025, more than £25.8bn of equity capital has been raised in London through follow-on issuances and IPOs.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the economic impact of the Listings Taskforce increasing the number of UK listings.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
At Mansion House 2025, the government published its Financial Services Growth and Competitiveness Strategy. This document sets out the government’s ten-year plan for the UK to be the world’s centre of choice for financial services investment now and in 2035, with capital markets as a core pillar of the strategy.
As part of this strategy, the government established a Listings Taskforce to support businesses to list and grow in the UK. HM Treasury continues to work in partnership with the Office for Investment, and industry, to ensure the UK attracts the best and brightest businesses from around the world, and right here in the UK, to list on UK markets.
Since 2025, more than £25.8bn of equity capital has been raised in London through follow-on issuances and IPOs.
Asked by: Susan Murray (Liberal Democrat - Mid Dunbartonshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what the average waiting time was for callers to HM Revenue and Customs helplines dealing with bereavement and estates in each of the last two years.
Answered by James Murray - Financial Secretary to the Treasury and Paymaster General
Most unused pension funds and pension death benefits will be brought into the value of a person’s estate for Inheritance Tax (IHT) purposes from 6 April 2027. Most estates will continue to have no IHT liability, even after these changes have come into effect. HMRC has published a Tax Information and Impact Note on these changes, which includes details of the expected operational impact on HMRC. This is available at https://www.gov.uk/government/publications/inheritance-tax-unused-pension-funds-and-death-benefits/inheritance-tax-unused-pension-funds-and-death-benefits HMRC’s service standard is to process 80% of applications for clearance for IHT within 15 working days. In the first quarter of 2026/27, HMRC processed 93% of clearance applications using Form IHT30 within 15 working days. On 17 June 2025, HMRC introduced a new Bereavement Helpline to provide a central service to support customers dealing with the tax affairs of someone who has died. The average speed of answer for the Bereavement Helpline in 2025/26 (between 17 June 2025 to March 2026) was 7 minutes 58 seconds. From April to June 2026, the average speed of answer was 5 minutes 4 seconds.Asked by: Julian Smith (Conservative - Skipton and Ripon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of using existing community infrastructure, including Post Office branches, to support access to cash and everyday banking transactions.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government recognises the importance of cash, understanding that it continues to be used by millions of people across the UK, including charities, churches, voluntary organisations and community groups to support communities across the UK, and is committed to protecting access to cash for individuals and businesses.
The Financial Conduct Authority (FCA) assumed regulatory responsibility for access to cash in September 2024. Its rules ensure cash continues to be a viable method of payment for the millions of people who depend on it by providing reasonable access to cash withdrawal and deposit facilities for individuals and businesses, including free services for personal accounts.
In addition to access to cash, the Government is committed to ensuring that people who need in-person banking can continue to access essential services. That is why the Government commissioned an independent Review into Access to Banking Services, to assess whether changes to access to in-person banking services are causing consumer detriment and the scale of any detriment.
As part of this, the Review will consider existing forms of in-person banking provision, including those available in the Post Office. Under the Banking Framework, a commercial agreement with 30 banking firms, most personal and business customers can withdraw and deposit cash, check their balance, pay bills and cash cheques at over 10,000 Post Office branches across the UK, subject to each bank’s service arrangements.
Alongside the Review, the Financial Services and Markets Bill includes a power to allow the Government to take action in future to protect access to banking services, should this be necessary. This power ensures the Government can act swiftly and proportionately, including through future regulation, if the evidence from the Review supports intervention.