Question to the HM Treasury:

To ask His Majesty's Government who will be responsible for collecting the new ‘tourist tax’ on overnight stays in England and how revenue through the tax will be distributed.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The power is for Mayors, and potentially other local leaders, to introduce a visitor levy to raise revenue to drive growth and invest in their areas. The precise design and scope of the power is still under development. The Government has published a consultation which will run until 18 February 2026, to ensure that the public, businesses, and local government can shape the design of the power, including the administration process.

Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to ensure that environmental, social and governance (ESG) ratings, including those produced as part of another financial service or activity, will be regulated consistently by the FCA, to ensure that investors receive transparent and high-quality ESG ratings.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government has introduced regulations to bring the provision of Environment, Social and Governance (ESG) ratings into the FCA’s regulatory responsibility. This will strengthen market integrity and boost investor confidence.

Recognising that ESG ratings are provided by a range of different persons, the scope of the regulated activity is designed to be proportionate to the risk of harm, and to avoid dual regulation. In line with this approach, where firms are providing ESG ratings solely as part of another activity for which they are already regulated, they are excluded from the ESG ratings regulations.

The FCA is consulting on draft rules for ESG ratings providers. As part of this process, the FCA will carefully assess whether existing frameworks for regulated products and services adequately address risks of harm where ESG ratings are provided as part of those activities. If the FCA identifies significant gaps, they will consult on changes to enhance those regimes. This approach is designed to minimise burdens on firms whilst consistently addressing risks of harm from all providers, regardless of their business model or regulatory status.

Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to ensure that environmental, social and governance (ESG) ratings are regulated consistently, regardless of the business model or regulatory status of the provider.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government has introduced regulations to bring the provision of Environment, Social and Governance (ESG) ratings into the FCA’s regulatory responsibility. This will strengthen market integrity and boost investor confidence.

Recognising that ESG ratings are provided by a range of different persons, the scope of the regulated activity is designed to be proportionate to the risk of harm, and to avoid dual regulation. In line with this approach, where firms are providing ESG ratings solely as part of another activity for which they are already regulated, they are excluded from the ESG ratings regulations.

The FCA is consulting on draft rules for ESG ratings providers. As part of this process, the FCA will carefully assess whether existing frameworks for regulated products and services adequately address risks of harm where ESG ratings are provided as part of those activities. If the FCA identifies significant gaps, they will consult on changes to enhance those regimes. This approach is designed to minimise burdens on firms whilst consistently addressing risks of harm from all providers, regardless of their business model or regulatory status.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the impact of the new valuations by the Valuation Office Agency on grassroots music venues.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

At the Budget, the Valuation Office Agency (VOA) announced updated property values from the 2026 revaluation. Music venues are valued in the same way as any other class of non-domestic property, through applying the statutory and common law principles that apply across non-domestic rating.

Some properties, including in the retail, hospitality and leisure sectors, have seen their rateable values increased. This is in part because the last revaluation updated rateable values to align with market values at 1 April 2021 – during the COVID pandemic. This meant rateable values were lower due to the atypical economic situation the pandemic created. This latest revaluation reflects a post Covid world, which has led to significant increases in rateable values for some properties.

To support with bill increases, at the Budget, the Government introduced a support package worth £4.3 billion over the next three years to protect ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. Government support also means that most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.