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 adequacy of mechanisms in place to co-ordinate financial inclusion delivery across (a) central government and (b) regulators.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government recognises that action on financial inclusion requires a joined-up approach and will work collaboratively across local, central, and devolved governments, as well as regulators, industry, and civil society to deliver the recently published Financial Inclusion Strategy.
The Strategy sets out the Government’s plans to improve financial inclusion and resilience for underserved groups across the UK. It outlines action to address a range of barriers individuals face in accessing financial products, with a key focus on access to banking services and recognition of the important links with the National Payments Vision and the opportunities this presents to embed and support financial inclusion
To deliver the Strategy effectively, the Government will monitor levels of financial inclusion. There are a number of useful resources which were used in the development of the Strategy and which the Government will continue to monitor as the Strategy is delivered, including the Financial Conduct Authority’s (FCA) Financial Lives Survey and research carried out by the Money and Pensions Service (MaPS).
The Strategy’s implementation will be reviewed in two years’ time to provide an update on progress and relevant outcomes-based metrics, which will reflect on the progress made across the sector.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she plans to establish benchmarks for improving access to affordable financial services among vulnerable consumers.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government recognises that action on financial inclusion requires a joined-up approach and will work collaboratively across local, central, and devolved governments, as well as regulators, industry, and civil society to deliver the recently published Financial Inclusion Strategy.
The Strategy sets out the Government’s plans to improve financial inclusion and resilience for underserved groups across the UK. It outlines action to address a range of barriers individuals face in accessing financial products, with a key focus on access to banking services and recognition of the important links with the National Payments Vision and the opportunities this presents to embed and support financial inclusion
To deliver the Strategy effectively, the Government will monitor levels of financial inclusion. There are a number of useful resources which were used in the development of the Strategy and which the Government will continue to monitor as the Strategy is delivered, including the Financial Conduct Authority’s (FCA) Financial Lives Survey and research carried out by the Money and Pensions Service (MaPS).
The Strategy’s implementation will be reviewed in two years’ time to provide an update on progress and relevant outcomes-based metrics, which will reflect on the progress made across the sector.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions her Department has had with local authorities on identifying areas of financial exclusion for targeted support.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government recognises that action on financial inclusion requires a joined-up approach and will work collaboratively across local, central, and devolved governments, as well as regulators, industry, and civil society to deliver the recently published Financial Inclusion Strategy.
The Strategy sets out the Government’s plans to improve financial inclusion and resilience for underserved groups across the UK. It outlines action to address a range of barriers individuals face in accessing financial products, with a key focus on access to banking services and recognition of the important links with the National Payments Vision and the opportunities this presents to embed and support financial inclusion
To deliver the Strategy effectively, the Government will monitor levels of financial inclusion. There are a number of useful resources which were used in the development of the Strategy and which the Government will continue to monitor as the Strategy is delivered, including the Financial Conduct Authority’s (FCA) Financial Lives Survey and research carried out by the Money and Pensions Service (MaPS).
The Strategy’s implementation will be reviewed in two years’ time to provide an update on progress and relevant outcomes-based metrics, which will reflect on the progress made across the sector.
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 that financial inclusion initiatives remain aligned with developments in (i) digital payments and (ii) banking.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government recognises that action on financial inclusion requires a joined-up approach and will work collaboratively across local, central, and devolved governments, as well as regulators, industry, and civil society to deliver the recently published Financial Inclusion Strategy.
The Strategy sets out the Government’s plans to improve financial inclusion and resilience for underserved groups across the UK. It outlines action to address a range of barriers individuals face in accessing financial products, with a key focus on access to banking services and recognition of the important links with the National Payments Vision and the opportunities this presents to embed and support financial inclusion
To deliver the Strategy effectively, the Government will monitor levels of financial inclusion. There are a number of useful resources which were used in the development of the Strategy and which the Government will continue to monitor as the Strategy is delivered, including the Financial Conduct Authority’s (FCA) Financial Lives Survey and research carried out by the Money and Pensions Service (MaPS).
The Strategy’s implementation will be reviewed in two years’ time to provide an update on progress and relevant outcomes-based metrics, which will reflect on the progress made across the sector.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate she has made of the resources allocated for data collection to support financial inclusion monitoring.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government recognises that action on financial inclusion requires a joined-up approach and will work collaboratively across local, central, and devolved governments, as well as regulators, industry, and civil society to deliver the recently published Financial Inclusion Strategy.
The Strategy sets out the Government’s plans to improve financial inclusion and resilience for underserved groups across the UK. It outlines action to address a range of barriers individuals face in accessing financial products, with a key focus on access to banking services and recognition of the important links with the National Payments Vision and the opportunities this presents to embed and support financial inclusion
To deliver the Strategy effectively, the Government will monitor levels of financial inclusion. There are a number of useful resources which were used in the development of the Strategy and which the Government will continue to monitor as the Strategy is delivered, including the Financial Conduct Authority’s (FCA) Financial Lives Survey and research carried out by the Money and Pensions Service (MaPS).
The Strategy’s implementation will be reviewed in two years’ time to provide an update on progress and relevant outcomes-based metrics, which will reflect on the progress made across the sector.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps her Department is taking to strengthen financial sector co-operation between the UK and Gulf economies.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The UK has signed financial services Memoranda of Understanding with Saudi Arabia, the United Arab Emirates and Qatar – priority markets for the UK sector given the scale of growth and investment opportunities.
The Chancellor recently visited Saudi Arabia to attend the Future Investment Initiative, where she promoted the UK’s modern Industrial Strategy, driving growth in the financial sector and the economy, advanced the UK’s Free Trade Agreement negotiations with the GCC, advocated for deeper UK-Saudi capital market connectivity, and unveiled a two-way investment package worth £6.4bn
In negotiations for a Free Trade Agreement, the UK aims to secure the Gulf Cooperation Council’s most advanced financial services commitments yet, supporting increased trade between our markets.
The Chancellor’s trip followed a visit from the then-Economic Secretary to the Treasury to Saudi Arabia and the UAE in February to discuss our financial service relationships.
The first UK-Qatar Financial Services Working Group, as agreed under our MoU signed last year, took place on 3 November and focused on collaboration in capital markets, sustainable finance, fintech and pensions.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps her Department is taking to monitor delivery of the £6.4 billion of trade and investment commitments announced during her visit to the Gulf.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Whilst in Riyadh, the Chancellor welcomed a total package worth £6.4bn in mutual trade and investment. This included both private commercial deals and a Memorandum of Understanding between UK Export Finance (UKEF) and the Public Investment Fund (PIF) of Saudi Arabia. HMT will be able to monitor UKEF financial exposure in Saudi Arabia via regular reporting and UKEF’s annual accounts. Commercial agreements are a matter for the relevant companies.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department has identified priority regions for investment arising from recent Gulf trade agreements.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Chancellor is committed to building strong relationships with Gulf countries and Sovereign Wealth Funds, as reflected in her attendance of the Future Investment Initiative Conference in Saudi Arabia. She engaged with key partners to explore opportunities that could benefit regions across the UK and progress negotiations on a free trade agreement with the Gulf Cooperation Council. The visit also helped unlock £6.4bn in two-way trade and investment between the UK and Saudi Arabia, including a £5bn MoU between UK Export Finance and the Saudi Public Investment Fund to support jobs and manufacturing across the UK.
Attracting investment into every region of the UK is central to this government’s mission to drive national growth. Partnering with the private sector is essential and is why at the Regional Investment Summit last month the Chancellor announced the creation of the Sterling 20. The new grouping of institutional investors will further support mobilising institutional investment by raising awareness among investors of government-led programmes and initiatives. This will allow members to help shape and co-design investment opportunities, so they are attractive, unlocking capital for UK infrastructure throughout the UK.
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 role of UK sovereign investment vehicles in facilitating co-investment opportunities with Gulf partners.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Chancellor is committed to building strong relationships with Gulf countries and Sovereign Wealth Funds, as reflected in her attendance of the Future Investment Initiative Conference in Saudi Arabia. She engaged with key partners to explore opportunities that could benefit regions across the UK and progress negotiations on a free trade agreement with the Gulf Cooperation Council. The visit also helped unlock £6.4bn in two-way trade and investment between the UK and Saudi Arabia, including a £5bn MoU between UK Export Finance and the Saudi Public Investment Fund to support jobs and manufacturing across the UK.
Attracting investment into every region of the UK is central to this government’s mission to drive national growth. Partnering with the private sector is essential and is why at the Regional Investment Summit last month the Chancellor announced the creation of the Sterling 20. The new grouping of institutional investors will further support mobilising institutional investment by raising awareness among investors of government-led programmes and initiatives. This will allow members to help shape and co-design investment opportunities, so they are attractive, unlocking capital for UK infrastructure throughout the UK.
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 the Bank of England on managing potential financial stability risks from increased Gulf investment in UK markets.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Increased investments from the Gulf states represent significant opportunities for the UK, supporting growth and innovation across the economy. The Chancellor’s recent visit to Saudi Arabia promoted the UK’s modern Industrial Strategy, advanced Free Trade Agreement negotiations with the Gulf Cooperation Council, advocated for deeper UK-Saudi capital market connectivity, and unveiled a two-way investment package worth £6.4 billion.
Regarding potential financial stability risks, the Chancellor and the Governor of the Bank of England regularly discuss the financial stability outlook, including as required under the Bank of England Act 1998. Readouts of their discussions are published on GOV.UK.
The Bank’s Financial Policy Committee (FPC), which is responsible for identifying and addressing systemic risks to the financial system as a whole, published its most recent Financial Stability Report in July 2025.