Asked by: John Glen (Conservative - Salisbury)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she has taken to ensure that consolidated tape architecture does not create single points of failure in UK market infrastructure in the context of the Financial Conduct Authority consultation on the framework for a UK equity consolidated tape.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The FCA is responsible for protecting and enhancing the integrity of the UK financial system, and making sure that markets are effective, efficient and reliable.
The FCA have published a discussion paper, including analysis, on the levels of lit and dark trading in the UK, which can be found in Chapter 4.
CP25/20: Consultation Paper on the SI regime for bonds and derivatives
The previous government legislated to give the Financial Conduct Authority (FCA) responsibility for the policy design and the procurement process of a UK consolidated tape. The FCA consulted on the policy design of an equities tape in November 2025, including the importance of operating to high standards of operational resilience. As noted in the FCA consultation, an equities tape aims to help market participants to understand the full picture of UK liquidity.
CP25/31: The framework for a UK equity consolidated tape
Asked by: John Glen (Conservative - Salisbury)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the potential impact of the proportion of equity trading taking place on lit markets on perceptions of capital market liquidity.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The FCA is responsible for protecting and enhancing the integrity of the UK financial system, and making sure that markets are effective, efficient and reliable.
The FCA have published a discussion paper, including analysis, on the levels of lit and dark trading in the UK, which can be found in Chapter 4.
CP25/20: Consultation Paper on the SI regime for bonds and derivatives
The previous government legislated to give the Financial Conduct Authority (FCA) responsibility for the policy design and the procurement process of a UK consolidated tape. The FCA consulted on the policy design of an equities tape in November 2025, including the importance of operating to high standards of operational resilience. As noted in the FCA consultation, an equities tape aims to help market participants to understand the full picture of UK liquidity.
CP25/31: The framework for a UK equity consolidated tape
Asked by: John Glen (Conservative - Salisbury)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment her Department has made of trends in the level of the proportion of equity trading taking place on lit markets.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The FCA is responsible for protecting and enhancing the integrity of the UK financial system, and making sure that markets are effective, efficient and reliable.
The FCA have published a discussion paper, including analysis, on the levels of lit and dark trading in the UK, which can be found in Chapter 4.
CP25/20: Consultation Paper on the SI regime for bonds and derivatives
The previous government legislated to give the Financial Conduct Authority (FCA) responsibility for the policy design and the procurement process of a UK consolidated tape. The FCA consulted on the policy design of an equities tape in November 2025, including the importance of operating to high standards of operational resilience. As noted in the FCA consultation, an equities tape aims to help market participants to understand the full picture of UK liquidity.
CP25/31: The framework for a UK equity consolidated tape
Asked by: John Glen (Conservative - Salisbury)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, To ask the Chancellor of the Exchequer, pursuant to the Answer to Question UIN 123141, of 31 March 2026, if she knows when the OBR expect to publish their first set of areas of research interest.
Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)
The Office for Budget Responsibility (OBR) has full discretion over the timing of its publication programme.
The November 2025 Economic and Fiscal Outlook stated that the OBR will be publishing its first set of areas of research interest in the coming months.
Asked by: John Glen (Conservative - Salisbury)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, when she expects the Office for Budget Responsibility to publish its first set of areas of research interest, as stated in the Economic and Fiscal Outlook - November 2025, published on 26 November 2025.
Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)
The Office for Budget Responsibility (OBR) has full discretion over the timing of its own publication programme.
Asked by: John Glen (Conservative - Salisbury)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the Chancellor's written statement of 5 January 2026, UIN HCWS1219, whether the government's response to the Office for Budget Responsibility's Spring forecast will be an oral or written statement to Parliament.
Answered by James Murray - Chief Secretary to the Treasury
As set out in a written statement to Parliament last week, the Chancellor has asked the Office for Budget Responsibility (OBR) to prepare an economic and fiscal forecast for publication on 3 March 2026. The Chancellor will deliver an oral statement to the House in response.
Asked by: John Glen (Conservative - Salisbury)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps her Department is taking to implement regulation that increases risk appetite amongst investors.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government wants to see more people benefit from the higher returns and long-term financial resilience that investing can provide. That is why the Chancellor’s Leeds Reforms included bold actions to boost retail investment.
In particular, the Treasury is working closely with the FCA to roll out a system of targeted support in time for ISA season next year. This represents the biggest reform of the financial advice and guidance landscape in more than a decade, and will be a step change in the support available to consumers.
The Government will also move Long-Term Asset Funds (LTAFs) from the Innovative Finance ISA to the Stocks & Shares ISA from April 2026. This will give more access to the higher returns available from less liquid assets, while directing investment into productive assets that will drive economic growth.
In addition, the Government welcomes the industry-led initiatives to promote the benefits of investing to the public, and to reform how firms talk about the risks and benefits of investing.
Asked by: John Glen (Conservative - Salisbury)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of tax incentives on levels of investment in small and mid-sized quoted companies.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The Government is committed to making the UK the best place in the world to start and grow a business, and understands how important it is for businesses to be able to access the finance they need to grow and develop.
That is why the Government provides three tax-advantaged venture capital schemes: the Enterprise Investment Scheme (EIS), the Seed Enterprise Investment Scheme (SEIS) and Venture Capital Trusts (VCTs). The schemes provide a range of tax reliefs for investors, to encourage investment in small- and medium-sized companies at the pre-listing stage, which face the biggest challenges in accessing growth capital.
The Stamp Taxes on Shares framework also contains multiples reliefs and exemptions which are designed to boost liquidity and growth, particularly for small and medium-sized companies, such as the Growth Market Exemption.