Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she has taken to ensure UK firms are impacted the designation of the Bank of China’s London Branch as the UK’s second renminbi clearing bank.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The agreements reached at the first UK‑China Financial Working Group in Beijing will strengthen cooperation with China in ways that support the UK’s position as an open, competitive and well‑regulated international financial centre, supporting jobs and growth in the UK.
As set out in HM Treasury’s press release and the joint readout of the first UK-China Financial Working Group meeting (FWG), the FWG provides a new formal mechanism for structured, substantive and technical dialogue between UK and Chinese financial authorities on issues including financial stability and resilience, capital markets, market development and sustainable finance.
Specific outcomes include the designation of Bank of China’s London Branch as the UK’s second renminbi (RMB) clearing bank, which will broaden the range of services available to UK businesses trading with China and strengthen London’s role as a leading international financial centre. Technical discussions were also held on long-term initiatives to support the UK’s capital markets, as well as green finance and asset management sectors. Alongside the FWG and the Prime Minister’s visit, the UK and China also agreed to pursue new cooperation on innovative financing, such as RMB-denominated sovereign biodiversity bond issuances, cementing the City's role as the global hub for green finance.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of the outcomes of the UK-China Financial Working Group on UK-China trade flows.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The agreements reached at the first UK‑China Financial Working Group in Beijing will strengthen cooperation with China in ways that support the UK’s position as an open, competitive and well‑regulated international financial centre, supporting jobs and growth in the UK.
As set out in HM Treasury’s press release and the joint readout of the first UK-China Financial Working Group meeting (FWG), the FWG provides a new formal mechanism for structured, substantive and technical dialogue between UK and Chinese financial authorities on issues including financial stability and resilience, capital markets, market development and sustainable finance.
Specific outcomes include the designation of Bank of China’s London Branch as the UK’s second renminbi (RMB) clearing bank, which will broaden the range of services available to UK businesses trading with China and strengthen London’s role as a leading international financial centre. Technical discussions were also held on long-term initiatives to support the UK’s capital markets, as well as green finance and asset management sectors. Alongside the FWG and the Prime Minister’s visit, the UK and China also agreed to pursue new cooperation on innovative financing, such as RMB-denominated sovereign biodiversity bond issuances, cementing the City's role as the global hub for green finance.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the agreements from the first UK-China Financial Working Group in Beijing on UK financial services.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The agreements reached at the first UK‑China Financial Working Group in Beijing will strengthen cooperation with China in ways that support the UK’s position as an open, competitive and well‑regulated international financial centre, supporting jobs and growth in the UK.
As set out in HM Treasury’s press release and the joint readout of the first UK-China Financial Working Group meeting (FWG), the FWG provides a new formal mechanism for structured, substantive and technical dialogue between UK and Chinese financial authorities on issues including financial stability and resilience, capital markets, market development and sustainable finance.
Specific outcomes include the designation of Bank of China’s London Branch as the UK’s second renminbi (RMB) clearing bank, which will broaden the range of services available to UK businesses trading with China and strengthen London’s role as a leading international financial centre. Technical discussions were also held on long-term initiatives to support the UK’s capital markets, as well as green finance and asset management sectors. Alongside the FWG and the Prime Minister’s visit, the UK and China also agreed to pursue new cooperation on innovative financing, such as RMB-denominated sovereign biodiversity bond issuances, cementing the City's role as the global hub for green finance.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she is taking to help ensure regulatory co-operation with China does not impact on UK standards in financial supervision.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The agreements reached at the first UK‑China Financial Working Group in Beijing will strengthen cooperation with China in ways that support the UK’s position as an open, competitive and well‑regulated international financial centre, supporting jobs and growth in the UK.
As set out in HM Treasury’s press release and the joint readout of the first UK-China Financial Working Group meeting (FWG), the FWG provides a new formal mechanism for structured, substantive and technical dialogue between UK and Chinese financial authorities on issues including financial stability and resilience, capital markets, market development and sustainable finance.
Specific outcomes include the designation of Bank of China’s London Branch as the UK’s second renminbi (RMB) clearing bank, which will broaden the range of services available to UK businesses trading with China and strengthen London’s role as a leading international financial centre. Technical discussions were also held on long-term initiatives to support the UK’s capital markets, as well as green finance and asset management sectors. Alongside the FWG and the Prime Minister’s visit, the UK and China also agreed to pursue new cooperation on innovative financing, such as RMB-denominated sovereign biodiversity bond issuances, cementing the City's role as the global hub for green finance.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what mechanisms she will use to monitor the implementation of agreements reached on innovative biodiversity financing with China.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The agreements reached at the first UK‑China Financial Working Group in Beijing will strengthen cooperation with China in ways that support the UK’s position as an open, competitive and well‑regulated international financial centre, supporting jobs and growth in the UK.
As set out in HM Treasury’s press release and the joint readout of the first UK-China Financial Working Group meeting (FWG), the FWG provides a new formal mechanism for structured, substantive and technical dialogue between UK and Chinese financial authorities on issues including financial stability and resilience, capital markets, market development and sustainable finance.
Specific outcomes include the designation of Bank of China’s London Branch as the UK’s second renminbi (RMB) clearing bank, which will broaden the range of services available to UK businesses trading with China and strengthen London’s role as a leading international financial centre. Technical discussions were also held on long-term initiatives to support the UK’s capital markets, as well as green finance and asset management sectors. Alongside the FWG and the Prime Minister’s visit, the UK and China also agreed to pursue new cooperation on innovative financing, such as RMB-denominated sovereign biodiversity bond issuances, cementing the City's role as the global hub for green finance.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions she has had with relevant stakeholders on targets that have been set for the UK Social Investment Fund in terms of measurable outputs for each of the next three financial years.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Social Investment Fund was launched by M&G on 21st January and aims to invest up to £1 billion into the UK economy over the next three to five years to support new affordable homes, regeneration projects and infrastructure. This commitment aligns with the Government’s aim to encourage LGPS assets to be invested to boost UK economic growth.
The Chancellor has discussed the fund with M&G and supports their intention to align it with the government’s Missions including urban regeneration, clean energy and essential infrastructure that improves health and community wellbeing.
It is private finance and M&G will manage the fund in the best interests of investors, to deliver measurable impact across the UK.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she is taking to ensure delivery of pledged additional risk capital by signatories to the Mansion House Accord.
Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)
In May 2025, 17 of the largest workplace pension providers signed the Mansion House Accord and voluntarily committed to invest at least 10 per cent of their defined contribution default funds in private markets by 2030, with at least half of that invested in the UK.The organising bodies of the Accord have committed to working with government and regulators to ensure that data demonstrating progress against the Accord will be tracked.
The government has a broad programme of reform which will facilitate pensions investment across the UK. The British Business Bank has launched an investment vehicle, the British Growth Partnership (BGP), and the new Venture Link initiative, to help pension funds invest more in UK venture opportunities. The Sterling 20 partnership was also established last year. The investor-led partnership between 20 of the UK’s largest pension funds and insurers is working with the government and the City of London Corporation to help ensure pension schemes have visibility of the range of investment opportunities in productive assets.
The government is also legislating in the Pension Schemes Bill for a reserve investment power, to act as a backstop to the Accord.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what analysis her Department has undertaken on the potential fiscal implications for future public spending decisions of altering the declining discount rate regime.
Answered by James Murray - Chief Secretary to the Treasury
The independent review of the Green Book discount rate will be published in the summer 2026.
Changes to the Green Book discount rate methodology will affect the appraisal of major infrastructure projects that involve benefits and costs well into the future.
The discount rate review will inform the government’s decisions on major projects at the next Spending Review. It will help to ensure that the government makes fair assessments of transformational projects that provide long-term benefits.
HM Treasury’s terms of reference for the discount rate review note that the lead authors should look at international comparisons to better inform their judgements on the UK approach.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of how changes to the discount rate methodology might affect the appraisal of major infrastructure projects in different UK regions.
Answered by James Murray - Chief Secretary to the Treasury
The independent review of the Green Book discount rate will be published in the summer 2026.
Changes to the Green Book discount rate methodology will affect the appraisal of major infrastructure projects that involve benefits and costs well into the future.
The discount rate review will inform the government’s decisions on major projects at the next Spending Review. It will help to ensure that the government makes fair assessments of transformational projects that provide long-term benefits.
HM Treasury’s terms of reference for the discount rate review note that the lead authors should look at international comparisons to better inform their judgements on the UK approach.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how her Department plans to account for international approaches to social discounting in informing the UK review of discounting in the Green Book.
Answered by James Murray - Chief Secretary to the Treasury
The independent review of the Green Book discount rate will be published in the summer 2026.
Changes to the Green Book discount rate methodology will affect the appraisal of major infrastructure projects that involve benefits and costs well into the future.
The discount rate review will inform the government’s decisions on major projects at the next Spending Review. It will help to ensure that the government makes fair assessments of transformational projects that provide long-term benefits.
HM Treasury’s terms of reference for the discount rate review note that the lead authors should look at international comparisons to better inform their judgements on the UK approach.