Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what objectives her Department have set the Transatlantic Taskforce for Markets of the Future; and what assessment she has made of the Taskforce’s progress to date.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Transatlantic Taskforce for Markets of the Future was established by HM Treasury and the US Treasury on 22 September.
Its purpose is to bring the world’s leading financial centres together to develop concrete policy options and recommendations on further financial market innovation, with a particular focus on digital assets and capital markets. Innovation in these industries will be central to the government’s mission for economic growth.
The Chancellor has discussed progress on the Taskforce with US Treasury Secretary Bessent and HMT officials continue to work closely with US counterparts. Both parties are keen to ensure the Taskforce is a success.
Further details can be found here: Boosting collaboration between UK and US financial systems to drive innovation and growth in global markets - GOV.UK
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she discussed the Transatlantic Taskforce for Markets of the Future during her meeting with the US Secretary of the Treasury on 12 January 2026.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Transatlantic Taskforce for Markets of the Future was established by HM Treasury and the US Treasury on 22 September.
Its purpose is to bring the world’s leading financial centres together to develop concrete policy options and recommendations on further financial market innovation, with a particular focus on digital assets and capital markets. Innovation in these industries will be central to the government’s mission for economic growth.
The Chancellor has discussed progress on the Taskforce with US Treasury Secretary Bessent and HMT officials continue to work closely with US counterparts. Both parties are keen to ensure the Taskforce is a success.
Further details can be found here: Boosting collaboration between UK and US financial systems to drive innovation and growth in global markets - GOV.UK
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when the Transatlantic Taskforce for Markets of the Future plans to report back to HMT; and when their report will be shared with Parliament.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Transatlantic Taskforce for Markets of the Future was established by HM Treasury and the US Treasury on 22 September.
Its purpose is to bring the world’s leading financial centres together to develop concrete policy options and recommendations on further financial market innovation, with a particular focus on digital assets and capital markets. Innovation in these industries will be central to the government’s mission for economic growth.
The Chancellor has discussed progress on the Taskforce with US Treasury Secretary Bessent and HMT officials continue to work closely with US counterparts. Both parties are keen to ensure the Taskforce is a success.
Further details can be found here: Boosting collaboration between UK and US financial systems to drive innovation and growth in global markets - GOV.UK
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, on what date the National Wealth Fund Board was informed of the Government’s intention to allocate £200 million to Grangemouth community; and whether the Board formally approved any such commitment in accordance with its statutory governance and investment processes.
Answered by James Murray - Chief Secretary to the Treasury
The Government made a major intervention to ensure the long-term future of the Grangemouth site. As part of that, £200 million has been made available from the National Wealth Fund’s existing capitalisation for investible projects at Grangemouth.
The National Wealth Fund will be responsible for approval of specific investments, in line with its regular governance and investment processes, including Board approval where appropriate.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how the £14.5 million for Grangemouth announced at the Budget relates to the previous commitment from the Prime Minister that £200 million from the National Wealth Fund would support the transition of the Grangemouth site; and whether the £14.5 million announced at the Budget is additional to the previous £200 million commitment.
Answered by James Murray - Chief Secretary to the Treasury
The £14.5 million of investment to support industrial projects in Grangemouth announced at Autumn Budget 2025 is in addition to the National Wealth Fund commitment.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether was she informed by the Office for Budget Responsibility in advance of the (a) Autumn Budget 2024 and (b) Spring Statement 2025 that it was likely to conduct a review of productivity forecasts at a forthcoming fiscal event.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The OBR regularly reviews its forecast assumptions. As set out in its latest annual Forecast Evaluation Report, published in July 2025, the OBR noted that they are "currently conducting our regular summer supply stocktake, which involves research into our potential output forecast and its components."
As the Government’s independent official forecaster, the OBR has full discretion over the judgements underpinning its forecasts.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when she was first informed by officials in her Department that the Office for Budget Responsibility was likely to conduct a review of their productivity forecasts.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The OBR regularly reviews its forecast assumptions. As set out in its latest annual Forecast Evaluation Report, published in July 2025, the OBR noted that they are "currently conducting our regular summer supply stocktake, which involves research into our potential output forecast and its components."
As the Government’s independent official forecaster, the OBR has full discretion over the judgements underpinning its forecasts.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when was she first informed by the Office for Budget Responsibility that they planned to review the Government's productivity forecasts.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The OBR regularly reviews its forecast assumptions. As set out in its latest annual Forecast Evaluation Report, published in July 2025, the OBR noted that they are "currently conducting our regular summer supply stocktake, which involves research into our potential output forecast and its components."
As the Government’s independent official forecaster, the OBR has full discretion over the judgements underpinning its forecasts.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the HM Treasury press release entitled Chancellor pledges to unlock growth in Cornwall, published on 29 July 2025, whether the Government expects to provide additional public funding to support the reopening of the South Crofty Tin mine.
Answered by James Murray - Chief Secretary to the Treasury
The National Wealth Fund made a £28.6 million equity investment in the South Crofty tin mine to help de-risk the project and enable it to secure additional financing to operationalise the mine. The investment supports the continued growth and sustainability of Cornwall’s mining sector. The National Wealth Fund will continue to explore opportunities to support the South Crofty tin mine alongside private sector investment.
Asked by: Gareth Davies (Conservative - Grantham and Bourne)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the consultation on Reform of Landfill Tax, what discussions her Department has had with the Environment Agency on the adequacy of its capacity to process an increase in recovery permit applications before the proposed 2027 Landfill Tax exemption removal.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The government consulted on proposals for reform of landfill tax on 28 April following a call for evidence in 2021. The consultation closed on 28 July, and the government is currently considering responses.
HM Treasury is working with Defra and the Environment Agency on the proposals set out in the consultation.
The government will respond to the consultation in due course.