Asked by: Chris Coghlan (Liberal Democrat - Dorking and Horley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what discussions the Government has had with HSBC and other UK linked financial institutions about reports that BN(O) status holders are being denied access to their pension savings in Hong Kong when they leave.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
This government is deeply committed to supporting members of the Hong Kong community who have relocated to the UK. We are aware that individuals who have chosen to take up the British National (Overseas) route are having difficulties accessing their Mandatory Provident Fund.
As documentary requirements for withdrawing funds are a matter for the Hong Kong authorities, officials have raised this issue directly with the Hong Kong Special Administrative Region Government and the Hong Kong MPF Schemes Authority. We have urged them to facilitate early draw down of funds as is the case for other Hong Kong residents who move overseas permanently and have made clear such discrimination of BN(O)s is unacceptable.
We will continue to raise the issue with the relevant authorities and work towards a solution.
Asked by: Chris Coghlan (Liberal Democrat - Dorking and Horley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she has made an assessment of the potential impact of Stamp Duty on primary residences on (a) labour mobility, (b) housing supply and (c) house prices.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
Stamp Duty Land Tax (SDLT) is an important source of government revenue, raising around £12 billion each year to help pay for essential public services. The Office for Budget Responsibility (OBR) sets out some of the interactions between SDLT, house prices and the volume of transactions as part of its Housing Market Forecasts, available on the OBR website.
https://obr.uk/forecasts-in-depth/the-economy-forecast/housing-market/
Asked by: Chris Coghlan (Liberal Democrat - Dorking and Horley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential impact of increases in business rates at major UK airports on passenger drop off charges.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
Properties seeing large bill increases as a result of the business rates revaluation - including airports - will benefit from a redesigned transitional relief scheme worth £3.2 billion over the next 3 years.
At Budget 2025, the government also published a Call for Evidence on Business Rates and Investment. It will explore the concerns that airports and a small number of other ratepayers have raised around the ‘Receipts & Expenditure’ valuation methodology and its impacts on long-term, high value investments. The government is seeking to address issues raised ahead of the 2029 revaluation, aiming to conclude this work in sufficient time before pre-list discussion commences.
Asked by: Chris Coghlan (Liberal Democrat - Dorking and Horley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the answer of 26 June 2025 to Question 61659 on Research: Investment, if the Economic Secretary to the Treasury will meet with the hon. Member for Dorking and Horley to discuss research and development funding.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
R&D funding falls within the portfolio of the Financial Secretary to the Treasury (Lord Livermore). I have passed on your request, but due to diary constraints Lord Livermore is unable to meet currently.
Asked by: Chris Coghlan (Liberal Democrat - Dorking and Horley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of issuing research and development bonds of up to £20 billion per year.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
Government investment in research and development (R&D) underpins the UK’s excellence in its universities and research institutes and stimulates private sector innovation, driving growth and higher living standards. On average, every £1 of government spending delivers £7 of economic benefits in the long term. At the recent Spending Review, the government therefore prioritised R&D – increasing R&D funding to £22.6 billion per year by 2029-30, an above-inflation increase.
Our core gilt programme is the most stable and cost-effective way of raising finance to fund the day-to-day activities of the government, owing to the depth and liquidity of the market. This is, in part, down to the fungibility of the instruments issued to the market. Issuing bonds aimed at financing specific areas of spending risks fragmenting the gilt market, which would not be consistent with the government’s debt management objective of minimising the long-term cost of financing, taking into account risk.
The government keeps under regular review the introduction of new debt instruments. The government would however need to be satisfied that any new instrument would meet value-for-money criteria, enjoy strong and sustained demand in the long term, and be consistent with wider fiscal objectives.
Asked by: Chris Coghlan (Liberal Democrat - Dorking and Horley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 1 April to Question 4096, what assessment she has made of the potential implications for her policies of the Financial Conduct Authority’s response to the Financial Regulators Complaints Commissioner's final report, published on 11 March 2025 stating that compensatory payment to the customers of Safe Hands Plans Limited will not be offered.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
I refer the honorable member to my response to UIN 40961.
Asked by: Chris Coghlan (Liberal Democrat - Dorking and Horley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of expensing intellectual property transactions.
Answered by James Murray - Chief Secretary to the Treasury
The UK’s Intangible Fixed Asset (IFA) regime offers generous and internationally competitive relief for acquired intangible assets like trademarks and licences. In addition, UK businesses can benefit from the biggest tax treaty network in the OECD – which make the UK an attractive jurisdiction for holding IFAs.
The government committed to maintain the regime’s current competitive approach in the Corporation Tax Roadmap.
Asked by: Chris Coghlan (Liberal Democrat - Dorking and Horley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she plans to take to reduce gilt rates.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
The government issues debt to the market, and the price of government debt is determined by the market.
The government does not comment on specific financial market movements. Gilt yields are determined by a wide range of international and domestic factors, and it is normal for the yields of gilts to fluctuate when there are wider movements in the global financial markets.