Oral Answers to Questions

Lucy Rigby Excerpts

Tuesday 28th April 2026 Commons Chamber

[Jacob Collier (Burton and Uttoxeter) (Lab)]

3. What steps she is taking to support businesses to trade globally.

[The Economic Secretary to the Treasury (Lucy Rigby)]

This Government are backing our brilliant British businesses to trade globally, including through our new trade strategy that expands UK Export Finance’s capacity to £80 billion. This Government have secured new trade deals with India, South Korea, the EU and the US to back British businesses globally, delivering improved access to key markets and protecting British jobs.

[Jacob Collier]

I recently joined Cosy Direct for its second King’s Award presentation, this time for international trade. Cosy Direct is an award-winning business in early years education resources, exporting globally and continuing to grow. The Chancellor saw its success, and its goats, at first hand when she visited with me last year. Will the Minister join me in congratulating Pete, Amanda and all the team, and will she say what work she is doing to allow such businesses to expand and export globally?

[Lucy Rigby]

I warmly congratulate Pete, Amanda and the wider team—and the goats—on their success. In inviting me to do so, my hon. Friend shows that he is indeed a true champion for the businesses in his constituency. The support that this Government are giving to businesses will enable more of our fantastic British companies to export globally and to emulate Cosy Direct’s success.

[Graham Stuart (Beverley and Holderness) (Con)]

Integrated industrial clusters such as Saltend in my constituency provide fundamental chemicals and other inputs into defence and wider industries right across the country. Yet higher energy costs and global events mean that they are under unprecedented pressure. Will the Minister look at establishing an industrial support fund, so that rather than having an ad hoc approach, such as that seen when supporting Grangemouth, we have something strategic to ensure that we do not lose the industrial base upon which so much of this country depends?

[Lucy Rigby]

I believe the right hon. Member mentioned the British industrial competitiveness scheme. That is being expanded. He will also be aware of the British industry supercharger package, which provides additional price relief from April 2026 as well.

[Mr Speaker]

I call the shadow Minister.

[Mark Garnier (Wyre Forest) (Con)]

The Economic Secretary to the Treasury will know that our financial services industry is a shining example of our international economic might. However, overinterpretation of rules and regulations has led to banks being nervous of taking risks, and that has slowed growth in the City and holds up international trade. For example, overinterpretation of anti-money laundering rules means that foreign inward remittances can take up to two weeks to clear into a UK bank account, while poor classification of risk-rated assets potentially starves businesses of growth debt capital. Will the Economic Secretary please assure the House that this ever-unnecessary tightening of the rules will be addressed in the financial services Bill, due to be announced in the King’s Speech?

[Lucy Rigby]

The hon. Gentleman will not expect me to pre-empt anything that may or may not be announced in the King’s Speech. What I will tell him, though, as he already knows, is that this Government are backing our financial services sector to the hilt to ensure that it continues to be the world-leading success that it is.

[John Milne (Horsham) (LD)]

4. What discussions she has had with the Secretary of State for Defence on the effectiveness of the defence industrial strategy.

--- Later in debate ---

[Sarah Olney (Richmond Park) (LD)]

T5. More than 1.3 million people use lifetime ISAs to save for their first home. The property cap of £450,000 has been frozen since 2017, despite rising house prices, but those buying their first home over that threshold face a 25% penalty. First-time buyers across London are disproportionately affected. Data from February this year showed that the average price paid by a first-time buyer in London was £463,000. Can the Chancellor tell us how she is ensuring that first-time buyers in London are not unfairly disadvantaged by using this saving scheme?

[The Economic Secretary to the Treasury (Lucy Rigby)]

The Government are committed to making the aspiration of home ownership a reality for as many people as possible, and we recognise that the LISA is not working for everyone. That is exactly why we have launched a short consultation on the implementation of a new ISA product that will support more first-time buyers. That new product will include the Government bonus being paid at the point the individual makes a withdrawal for a home purchase, therefore removing the need for a withdrawal charge.

[Tom Rutland (East Worthing and Shoreham) (Lab)]

T8. The Chancellor will have seen the news this morning that BP’s profits have more than doubled, undoubtedly driven by the conflict in the middle east. Does she agree that this shows the value of having a windfall tax at this point in time?

--- Later in debate ---

[Shockat Adam (Leicester South) (Ind)]

Leicester South has a home ownership rate of just over 40%—nearly 23 points below the national average—in a city where the average house costs 8.5 times average local earnings. My young constituents work very hard and save responsibly to get on to the housing ladder, yet the tax system offers them absolutely nothing, while incorporated landlords deduct full mortgage interest through a company structure. Canada and Nordic countries are offering targeted tax relief for first-time buyers. Has the Chancellor considered introducing a similar relief here to ensure that young people are supported by the tax system, not left behind?

[Lucy Rigby]

This Labour Government are committed to enabling more people to realise the dream of home ownership. Mortgages have become more affordable under this Government, thanks to increased economic stability and six interest rate cuts.

Bills Presented

Newhaven West Beach (Public Access)

Presentation and First Reading (Standing Order No. 57)

James MacCleary presented a Bill to provide for a right of public access on foot to Newhaven West Beach; to impose duties on the harbour authority in respect of that right, including requirements to open and maintain specified access routes; to provide for exemptions from those duties for reasons of safety or in connection with harbour operations; and for connected purposes.

Bill read the First time; to be read a Second time on Friday 8 May, and to be printed (Bill 436).

Defence Bonds (Proposals)

Presentation and First Reading (Standing Order No. 57)

James MacCleary presented a Bill to require the Secretary of State to publish proposals for the issuing of defence bonds, including for purchase by members of the public; and for connected purposes.

Bill read the First time; to be read a Second time on Friday 8 May, and to be printed (Bill 437).