Asked by: Blake Stephenson (Conservative - Mid Bedfordshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the business rates system on pub closures.
Answered by James Murray - Chief Secretary to the Treasury
We are creating a fairer business rates system that protects the high street, supports investment, and is fit for the 21st century.
From 2026-27, we intend to introduce permanently lower tax rates for retail, hospitality, and leisure properties with rateable values below £500,000, which will benefit almost all pubs in England. We will confirm the rates for these new multipliers at Budget 2025, taking account of the outcomes of the 2026 revaluation as well as the broader economic and fiscal context.
Until these new tax rates are introduced, in 2025-26, RHL businesses will receive a 40 per cent relief on their eligible properties up to a cash cap of £110,000 per business. Under the previous Government, RHL relief was due to end entirely in April 2025. By extending the relief, the Government has saved the average pub, with a ratable value of £16,800, over £3,300.
Asked by: Blake Stephenson (Conservative - Mid Bedfordshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of extending the eligibility criteria for the Help to Save scheme.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
The Help to Save scheme promotes financial resilience among working people on low incomes by encouraging a regular, long-term savings habit and building a financial buffer to help people to plan and prepare for the future. The scheme is only available to working individuals in receipt of certain benefits. This ensures it is targeted at its intended population.
The government has recently extended the eligibility criteria for the Help to Save scheme. From April 2025 it is available to all Universal Credit claimants in work, not just those earning over a certain amount. These changes mean that around 550,000 more people will be able to take advantage of the scheme, bringing the eligible population to 3 million.
Asked by: Blake Stephenson (Conservative - Mid Bedfordshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when her Department plans to publish the income generated from applying VAT to school fees in 2024-25.
Answered by James Murray - Chief Secretary to the Treasury
The Annex to the Government Response to the Technical Note, Government_Response_to_the_Technical_Note_on_Applying_VAT_to_Private_School_Fees_and_Removing_the_Business_Rates_Charitable_Rate_Relief.pdf, sets out the expected VAT revenue resulting from this measure and the costing methodology. The Government’s estimate of the revenue is £460 million in 2024/25, rising to £1,725 million in 2029/30.
This costing has been certified by the Office for Budget Responsibility.
VAT revenue overall is recognised in the National Accounts on an accruals basis. As set out in the above Annex, the VAT liability in 2024/25 is time apportioned for the implementation date of 1 January 2025. The actual VAT liability reported on VAT returns for any month or quarter will depend on various factors, including the date when schools meet the requirement to register for VAT (if not already registered), and which of the staggered quarterly accounting periods apply to the business.
Asked by: Blake Stephenson (Conservative - Mid Bedfordshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an estimate of the average amount of tax paid by each person in (a) 2024-25 and (b) 2025-26.
Answered by James Murray - Chief Secretary to the Treasury
In 2024-25, HMRC expect the average amount of Income Tax paid by income tax payers to be £7,950.
In 2025-26, HMRC expect the average amount of Income Tax paid by income tax payers to be £8,270.
Asked by: Blake Stephenson (Conservative - Mid Bedfordshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an estimate of how many non-domiciled residents have left the country in each month since July 2024.
Answered by James Murray - Chief Secretary to the Treasury
Official Statistics around non-domiciled taxpayers in the UK [1] will be published in July 2025 and will contain information about taxpayers who claim non-domiciled status in the UK for the tax year 2023-24.
[1] https://www.gov.uk/government/statistics/statistics-on-non-domiciled-taxpayers-in-the-uk
Asked by: Blake Stephenson (Conservative - Mid Bedfordshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the press release entitled PM: North will no longer be held to ransom by broken transport system, published on 28 March 2025, how these projects will be funded.
Answered by Darren Jones - Minister for Intergovernmental Relations
Spending Review 2025 set transport budgets for day‑to‑day spending until 2028‑29, and until 2029‑30 for capital investment.
This included funding for our city regions receiving the final year of City Region Sustainable Transport Settlements (CRSTS 2026-27) as well as £15.6bn (2027-28 to 2031-32) for the elected Mayors of some of our largest city regions via the Transport for City Regions (TCR) settlement, supporting them to invest in their local transport priorities.
In addition, the North will receive £3.5bn for the Transpennine Route Upgrade (TRU) to drive forward delivery at pace. This will improve connectivity across the North between Manchester and York, electrifying the entire route, increasing reliability, slashing delays and cancellations and reducing journey times. For instance, the journey time for commuters travelling between Manchester and Leeds will fall from 55 to 41 minutes.
Asked by: Blake Stephenson (Conservative - Mid Bedfordshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps her Department plans to take to reduce regulations on financial service businesses.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
In the March Regulation Action Plan, the government committed to cutting the administrative costs of regulation for business by 25% by the end of the Parliament. This will take a whole-of-government approach to establish a baseline for the administrative costs of regulation and deliver an ambitious programme of reforms that remove or streamline administrative processes.
The Action Plan also announced that it will consolidate the Payments Systems Regulator into the Financial Conduct Authority, to provide a more streamlined approach to regulation for businesses. It also confirmed that the Financial Conduct Authority and Prudential Regulation Authority are taking steps to review and streamline reporting requirements for financial services firms.
The Financial Services Growth and Competitiveness Strategy, part of the Industrial Strategy, will set out the government’s next steps to ensure that the UK’s financial services regulatory environment is proportionate, predictable and internationally competitive. This will be published on 15 July .
Asked by: Blake Stephenson (Conservative - Mid Bedfordshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment her Department has made of the barriers to direct retail investment in shares by UK citizens; and if she will make an assessment of the potential impact of those barriers on economic growth.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
The government is committed to supporting retail participation in UK capital markets to ensure consumers can benefit from the long-term financial security that investing in shares can provide.
The government ran a Call for Evidence as part of the Financial Services Growth and Competitiveness Strategy and welcomed views on how to improve consumer engagement with investing. The Strategy will be published at Mansion House on 15 July.
Asked by: Blake Stephenson (Conservative - Mid Bedfordshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of the introduction of the Private Intermittent Securities and Capital Exchange System on economic growth; and when she expects the regulatory framework to be finalised.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
I refer the Member to the answer given to his question in PQ UIN 57791 on 12 June 2025.
Asked by: Blake Stephenson (Conservative - Mid Bedfordshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the introduction of the Private Intermittent Securities and Capital Exchange System on economic growth; and when the regulatory framework for that system will be finalised.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
In May 2025, the government delivered legislation to establish the Private Intermittent Securities and Capital Exchange System (PISCES). An impact assessment was published alongside it.
The Financial Conduct Authority (FCA) published their rules underpinning PISCES on 10 June 2025. This finalises the regulatory framework. Those wishing to operate a PISCES platform can now apply to the FCA.