Question to the Department for Work and Pensions:

To ask His Majesty's Government what action they are taking to encourage young people to start a career in the construction industry.

Answered by Baroness Sherlock - Minister of State (Department for Work and Pensions)

The Youth Guarantee in England was launched as part of the Get Britain Working White Paper, for all 18–21-year-olds, to ensure that they can access quality training opportunities, an apprenticeship or help to find work. This will start with eight trailblazers which are launching this spring.

The Department understands the negative effects of unemployment can be particularly pronounced for young people and can have longstanding implications on their future earnings potential and life chances. This is why DWP have a particular focus on ensuring young people are supported into employment whilst also recognising their needs will vary depending on where they live and their own individual circumstances.

To support the government’s target to build 1.5 million homes this parliament, DWP are supporting an industry-led, cross government communications campaign to raise the profile of the construction sector. The three-week campaign launched 3 March with a particular focus on encouraging young people to consider construction as a career of choice. We are promoting the industry, connecting our customers to jobs, apprenticeships, and opportunities within it, including an emphasis on improving workforce diversity and increasing the number of construction teachers.

In the coming months, the Secretary of State for DWP, will be co-hosting a construction industry summit with Ministry of Housing, Communities and Local Government and Department for Business and Trade, inviting key employers and representative bodies. This will build on our commitment in the Get Britain Working White Paper to explore how we can best work with employers to address their recruitment needs. DWP officials are members of the Cross Government Built Environment Working Group which is responsible for ensuring a coordinated approach to increasing the size and skills of the construction and built environment workforce, including on-site trades and wider skilled professions.

From April 2024 to 31 December 31 we have delivered 10,220 SWAP starts in the construction helping jobseekers to develop skills to match the needs of the construction labour market.

Through our Strategic Relationship Team, we have agreed a working relationship with many construction organisations and continue to deliver bespoke packages to support their recruitment needs. The Department has a long-standing partnership agreement with CiTB with a shared agenda to recruit people into the construction sector. We are currently developing a new partnership agreement to forge closer working links and key activity to support both policy and operational connections between the organisations.

Question to the Department for Education:

To ask His Majesty's Government what assessment they have made of the study by Oxford Economics, The Economic Impact of Management Apprenticeships, published in February 2025; and what action they intend to take to support the take-up of management apprentices.

Answered by Baroness Smith of Malvern - Minister of State (Minister for Women and Equalities)

Employers are able to benefit from a number of high-quality apprenticeships to support the development of management skills, including level 5 Operations Manager and level 6 Chartered Manager (degree), and starts on these standards have increased in recent years.

There were 10,710 starts on the level 5 Operations Manager apprenticeship standard in the 2023/24 academic year, which is a 9.6% increase compared to the 2022/23 academic year, and 2,860 starts on the level 6 Chartered Manager (degree) apprenticeship standard in 2023/24, which is a 9.1% increase compared to the 2022/23 academic year.

The government is committed to spreading opportunities and economic growth supported by a strong skills system.

This government has an extremely challenging fiscal inheritance. There are tough choices that need to be taken on how funding should be prioritised in order to generate opportunities for young people that enable them to make a start in good, fulfilling careers, and the department will therefore be asking more employers to step forward and fund a significant number of level 7 apprenticeships themselves outside of the levy-funded growth and skills offer.

The department is taking advice from Skills England, who engaged with employers and stakeholders, including the Chartered Management Institute, on funding for level 7 apprenticeships, including the level 7 Senior Leader standard, over the autumn, and the department expects to make a final decision on affected apprenticeships shortly.

Learners who have started these apprenticeships will be funded through to completion.

Question to the HM Treasury:

To ask His Majesty's Government whether their Financial Services Growth and Competitiveness Strategy will include policies to encourage more firms to list on the London Stock Exchange.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

At Mansion House 2024, the Chancellor published a call for evidence on the first-ever Financial Services Growth and Competitiveness Strategy. The call for evidence focussed on how to deliver long-term, sustainable and inclusive growth, with UK capital markets (including retail investment) identified as a priority growth opportunity. The final Strategy will be published later this year.

Alongside this, the government is already undertaking an ambitious programme of reforms to improve the competitiveness of UK markets.

Question to the Department for Business and Trade:

To ask His Majesty's Government when they expect to publish their industrial strategy.

Answered by Baroness Jones of Whitchurch - Baroness in Waiting (HM Household) (Whip)

The government will publish our Industrial Strategy alongside the multi-year Spending Review in Spring 2025.

Question to the HM Treasury:

To ask His Majesty's Government what plans they have to review their ISA scheme; what the rationale for any review would be; and whether improving UK economic growth would be an objective of the review.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government is committed to incentivising greater savings and investment.

As set out at the Spring Statement, the Government is looking at options for reforms to Individual Savings Accounts that get the balance right between cash and equities to earn better returns for savers, boost the culture of retail investment, and support the growth mission.

Question to the Department for Work and Pensions:

To ask His Majesty's Government when they plan to publish new rules on accessing surpluses in defined benefit pension schemes to allow companies to access £160 billion in corporate defined benefit schemes; and what assessment they have made of the potential effect the changes will have on UK growth.

Answered by Baroness Sherlock - Minister of State (Department for Work and Pensions)

We have set out that pension scheme trustees should have greater flexibilities to be able to release DB scheme surplus to benefit employers and members, where it is safe to do so. We will publish the Government’s response to the “Options for Defined Benefit Schemes” consultation in the coming weeks and this will set out the detail of the DB surplus policy. A full impact assessment will be published in due course.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the potential impact of the recently announced Mansion House Accord on economic growth.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

Seventeen of the largest workplace pension providers in the UK have signed the Mansion House Accord, a voluntary commitment which will see signatories allocating at least 10 per cent to private markets across all main defined contribution (DC) default funds by 2030, with at least half (5 per cent) of the total invested in the UK.

The Government welcomes the Accord which, via more diverse portfolios, can improve outcomes for savers and boost growth for Britain with greater investment in the likes of infrastructure and fast-growing businesses across the country.

Question to the Department for Business and Trade:

To ask His Majesty's Government when they will publish their Industrial Strategy; and whether it will include a road map for improved economic growth.

Answered by Baroness Gustafsson - Minister of State (Department for Business and Trade)

The Industrial Strategy will be published in spring 2025, aligned with the multi-year Spending Review.

The Industrial Strategy will set out a credible, 10-year plan to deliver higher growth – and improved living standards – by targeting growth-driving sectors and places with the greatest potential for growth.