Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what performance metrics she has set for the Scale-up Unit in relation to regulatory case resolution times for supported firms.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Scale-up Unit is a joint initiative by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) to enhance engagement with fast-growing, innovative firms. It builds on existing regulatory support for early-stage innovative firms, including through the joint PRA and FCA New Bank and Insurer Start-up Units, to support firms as they seek to scale-up.
The FCA and PRA will conduct further industry-wide engagement to gather input which will help shape the future direction of the Unit.
Sir Ron Kalifa, in his 2021 Review of Fintech, identified a UK Fintech scale-up funding gap of £2 billion. The Financial Services Growth and Competitiveness Strategy set out measures to tackle this gap, including the launch of this Scale-Up Unit, and work led by the City of London Corporation and British Business Bank to facilitate greater access to finance and commercial opportunities for fast-growing Fintech firms.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate her Department has made of the size of the UK FinTech scale-up funding gap.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Scale-up Unit is a joint initiative by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) to enhance engagement with fast-growing, innovative firms. It builds on existing regulatory support for early-stage innovative firms, including through the joint PRA and FCA New Bank and Insurer Start-up Units, to support firms as they seek to scale-up.
The FCA and PRA will conduct further industry-wide engagement to gather input which will help shape the future direction of the Unit.
Sir Ron Kalifa, in his 2021 Review of Fintech, identified a UK Fintech scale-up funding gap of £2 billion. The Financial Services Growth and Competitiveness Strategy set out measures to tackle this gap, including the launch of this Scale-Up Unit, and work led by the City of London Corporation and British Business Bank to facilitate greater access to finance and commercial opportunities for fast-growing Fintech firms.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how many innovative financial services firms are expected to access support from the Scale-up Unit in its first year of operation.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Scale-up Unit is a joint initiative by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) to enhance engagement with fast-growing, innovative firms. It builds on existing regulatory support for early-stage innovative firms, including through the joint PRA and FCA New Bank and Insurer Start-up Units, to support firms as they seek to scale-up.
The FCA and PRA will conduct further industry-wide engagement to gather input which will help shape the future direction of the Unit.
Sir Ron Kalifa, in his 2021 Review of Fintech, identified a UK Fintech scale-up funding gap of £2 billion. The Financial Services Growth and Competitiveness Strategy set out measures to tackle this gap, including the launch of this Scale-Up Unit, and work led by the City of London Corporation and British Business Bank to facilitate greater access to finance and commercial opportunities for fast-growing Fintech firms.
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 UK financial markets infrastructure to support further issuances of Islamic financial instruments.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The UK is the leading Western destination for Islamic finance businesses. The Islamic finance sector also has a role in the overall UK financial ecosystem by providing sharia-compliant products for the UK’s Muslim population as well as its contribution to the UK’s competitiveness as an Islamic finance hub.
The Government aims to build the right environment to allow businesses to capitalise on growth opportunities in the UK and also promotes the UK’s capabilities and expertise overseas. For example, the Economic Secretary to the Treasury visited the UAE and Saudi Arabia in February 2025 and attended the UK-Saudi Arabia GREAT FUTURES Leadership Summit in September 2025.
The Government is considering opportunities to support the Islamic finance sector through UK trade agreements with partners which have significant domestic markets for shariah-compliant finance, such as the Gulf Cooperation Council.
The UK's two sovereign sukuk issuances have been successful in providing a platform for and helping to maintain the UK’s position as the leading western hub for Islamic finance while also supporting the UK’s Islamic banks. Given the development of the sector in the last decade and the relatively high cost of issuing sukuk, the Government is not at this time planning to issue another Sukuk after the current Sukuk matures in summer 2026.
Officials continue to engage with industry and international partners to explore opportunities for synergies between Islamic finance and the sustainability agenda.
Islamic financial instruments are covered under the same legislative and regulatory framework as their conventional equivalents, and the Government works to address any unintended differences that may arise.
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 promote UK-based Islamic finance capabilities in international markets.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The UK is the leading Western destination for Islamic finance businesses. The Islamic finance sector also has a role in the overall UK financial ecosystem by providing sharia-compliant products for the UK’s Muslim population as well as its contribution to the UK’s competitiveness as an Islamic finance hub.
The Government aims to build the right environment to allow businesses to capitalise on growth opportunities in the UK and also promotes the UK’s capabilities and expertise overseas. For example, the Economic Secretary to the Treasury visited the UAE and Saudi Arabia in February 2025 and attended the UK-Saudi Arabia GREAT FUTURES Leadership Summit in September 2025.
The Government is considering opportunities to support the Islamic finance sector through UK trade agreements with partners which have significant domestic markets for shariah-compliant finance, such as the Gulf Cooperation Council.
The UK's two sovereign sukuk issuances have been successful in providing a platform for and helping to maintain the UK’s position as the leading western hub for Islamic finance while also supporting the UK’s Islamic banks. Given the development of the sector in the last decade and the relatively high cost of issuing sukuk, the Government is not at this time planning to issue another Sukuk after the current Sukuk matures in summer 2026.
Officials continue to engage with industry and international partners to explore opportunities for synergies between Islamic finance and the sustainability agenda.
Islamic financial instruments are covered under the same legislative and regulatory framework as their conventional equivalents, and the Government works to address any unintended differences that may arise.
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 UK’s Islamic finance sector on the Government’s objective of strengthening the UK’s position as a leading global financial centre.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The UK is the leading Western destination for Islamic finance businesses. The Islamic finance sector also has a role in the overall UK financial ecosystem by providing sharia-compliant products for the UK’s Muslim population as well as its contribution to the UK’s competitiveness as an Islamic finance hub.
The Government aims to build the right environment to allow businesses to capitalise on growth opportunities in the UK and also promotes the UK’s capabilities and expertise overseas. For example, the Economic Secretary to the Treasury visited the UAE and Saudi Arabia in February 2025 and attended the UK-Saudi Arabia GREAT FUTURES Leadership Summit in September 2025.
The Government is considering opportunities to support the Islamic finance sector through UK trade agreements with partners which have significant domestic markets for shariah-compliant finance, such as the Gulf Cooperation Council.
The UK's two sovereign sukuk issuances have been successful in providing a platform for and helping to maintain the UK’s position as the leading western hub for Islamic finance while also supporting the UK’s Islamic banks. Given the development of the sector in the last decade and the relatively high cost of issuing sukuk, the Government is not at this time planning to issue another Sukuk after the current Sukuk matures in summer 2026.
Officials continue to engage with industry and international partners to explore opportunities for synergies between Islamic finance and the sustainability agenda.
Islamic financial instruments are covered under the same legislative and regulatory framework as their conventional equivalents, and the Government works to address any unintended differences that may arise.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the potential contribution of Islamic finance to achieving the Government’s green finance and sustainability objectives.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The UK is the leading Western destination for Islamic finance businesses. The Islamic finance sector also has a role in the overall UK financial ecosystem by providing sharia-compliant products for the UK’s Muslim population as well as its contribution to the UK’s competitiveness as an Islamic finance hub.
The Government aims to build the right environment to allow businesses to capitalise on growth opportunities in the UK and also promotes the UK’s capabilities and expertise overseas. For example, the Economic Secretary to the Treasury visited the UAE and Saudi Arabia in February 2025 and attended the UK-Saudi Arabia GREAT FUTURES Leadership Summit in September 2025.
The Government is considering opportunities to support the Islamic finance sector through UK trade agreements with partners which have significant domestic markets for shariah-compliant finance, such as the Gulf Cooperation Council.
The UK's two sovereign sukuk issuances have been successful in providing a platform for and helping to maintain the UK’s position as the leading western hub for Islamic finance while also supporting the UK’s Islamic banks. Given the development of the sector in the last decade and the relatively high cost of issuing sukuk, the Government is not at this time planning to issue another Sukuk after the current Sukuk matures in summer 2026.
Officials continue to engage with industry and international partners to explore opportunities for synergies between Islamic finance and the sustainability agenda.
Islamic financial instruments are covered under the same legislative and regulatory framework as their conventional equivalents, and the Government works to address any unintended differences that may arise.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the potential merits of expanding the UK’s sovereign sukuk programme.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The UK is the leading Western destination for Islamic finance businesses. The Islamic finance sector also has a role in the overall UK financial ecosystem by providing sharia-compliant products for the UK’s Muslim population as well as its contribution to the UK’s competitiveness as an Islamic finance hub.
The Government aims to build the right environment to allow businesses to capitalise on growth opportunities in the UK and also promotes the UK’s capabilities and expertise overseas. For example, the Economic Secretary to the Treasury visited the UAE and Saudi Arabia in February 2025 and attended the UK-Saudi Arabia GREAT FUTURES Leadership Summit in September 2025.
The Government is considering opportunities to support the Islamic finance sector through UK trade agreements with partners which have significant domestic markets for shariah-compliant finance, such as the Gulf Cooperation Council.
The UK's two sovereign sukuk issuances have been successful in providing a platform for and helping to maintain the UK’s position as the leading western hub for Islamic finance while also supporting the UK’s Islamic banks. Given the development of the sector in the last decade and the relatively high cost of issuing sukuk, the Government is not at this time planning to issue another Sukuk after the current Sukuk matures in summer 2026.
Officials continue to engage with industry and international partners to explore opportunities for synergies between Islamic finance and the sustainability agenda.
Islamic financial instruments are covered under the same legislative and regulatory framework as their conventional equivalents, and the Government works to address any unintended differences that may arise.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent assessment her Department has made of the potential impact of sovereign wealth fund partnerships on UK regional growth priorities.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Increasing economic growth is a strong priority of this Government and ensuring growth is felt in all regions of the UK is a core part of the Growth Mission. The Government recognises the important role that sovereign wealth fund partnerships can play in supporting this mission.This Government has expanded the Office for Investment (OfI) including pursuing deeper investment collaboration with global sovereign wealth funds (SWFs) in support of our first Modern Industrial Strategy. The OfI manages multi-billion-pound Sovereign and Strategic Investment Partnerships with SWFs and provides a channel for collaboration. The OfI has already facilitated over £30bn in commitments and approximately £20bn in capital deployed from these partners, contributing to growth and prosperity across the country.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what metrics her Department will use to measure the success of HMRC’s transformation programme.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
HMRC will use the metrics published in Annex A of HMRC’s Transformation Roadmap to measure the success of HMRC’s transformation programme. This is available online here: Annex A: HMRC's Transformation Roadmap metrics - GOV.UK