Asked by: Mark Garnier (Conservative - Wyre Forest)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate his Department has made of the cost savings which will result from ending the retirement savings function of the Lifetime ISA under the new First-Time Buyer ISA.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government recognises that the Lifetime ISA (LISA) is not working for everyone and that its dual purpose of supporting both home ownership and retirement saving can create complexity for savers. The Government is therefore consulting on a new FTB ISA product, setting out options for a simpler product focused on supporting first-time buyers.
The Government is carefully considering responses to the FTB ISA consultation, including the fiscal impact of different design. Any decisions on the detailed design of the product, including matters affecting Exchequer costs, will be taken in the round and announced in the usual way.
The published FTB ISA consultation confirmed that until the new product is offered it will be possible to open a LISA. After the new product is introduced, it will not be possible to open a LISA, but existing LISA holders, including those currently using the LISA for retirement, will continue to be able to use their accounts in line with the existing rules. More information can be found here First Time Buyer ISA consultation - GOV.UK.
Asked by: Mark Garnier (Conservative - Wyre Forest)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment has been made of the potential impact on peoples' retirement savings of replacing the Lifetime ISA with the proposed First-Time Buyer ISA.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government recognises that the Lifetime ISA (LISA) is not working for everyone and that its dual purpose of supporting both home ownership and retirement saving can create complexity for savers. The Government is therefore consulting on a new FTB ISA product, setting out options for a simpler product focused on supporting first-time buyers.
The Government is carefully considering responses to the FTB ISA consultation, including the fiscal impact of different design. Any decisions on the detailed design of the product, including matters affecting Exchequer costs, will be taken in the round and announced in the usual way.
The published FTB ISA consultation confirmed that until the new product is offered it will be possible to open a LISA. After the new product is introduced, it will not be possible to open a LISA, but existing LISA holders, including those currently using the LISA for retirement, will continue to be able to use their accounts in line with the existing rules. More information can be found here First Time Buyer ISA consultation - GOV.UK.
Asked by: Mark Garnier (Conservative - Wyre Forest)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, what steps he is taking to ensure the consultation entitled Discussion paper on key elements of the Scale Policy has regard to clause (a) 40, sub-section 28L and (b) 45 of the Pension Schemes Act.
Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)
The Department for Work and Pensions has indicated that it will not be possible to answer this question within the usual time period. An answer is being prepared and will be provided as soon as it is available.
Asked by: Mark Garnier (Conservative - Wyre Forest)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if he will publish an economic impact assessment comparing the proposed First-Time Buyer ISA with the Lifetime ISA.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government recognises that the Lifetime ISA (LISA) is not working for everyone and that its dual purpose of supporting both home ownership and retirement saving can create complexity for savers. The Government is therefore consulting on a new FTB ISA product, setting out options for a simpler product focused on supporting first-time buyers.
The Government is carefully considering responses to the FTB ISA consultation, including the fiscal impact of different design. Any decisions on the detailed design of the product, including matters affecting Exchequer costs, will be taken in the round and announced in the usual way.
The published FTB ISA consultation confirmed that until the new product is offered it will be possible to open a LISA. After the new product is introduced, it will not be possible to open a LISA, but existing LISA holders, including those currently using the LISA for retirement, will continue to be able to use their accounts in line with the existing rules. More information can be found here First Time Buyer ISA consultation - GOV.UK.
Asked by: Mark Garnier (Conservative - Wyre Forest)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether the Government plans to use the powers in the Financial Services and Markets Bill 2026 to establish a mutual recognition framework for digital assets, including stablecoins, to support the UK's competitiveness as a global financial centre.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government acknowledges the potential benefits of recognising compatible jurisdictions’ regulatory regimes, including promoting growth and competitiveness by supporting cross-border activity.
The Financial Services and Markets Bill will enable HM Treasury to establish bespoke Overseas Recognition Regimes, where doing so will benefit the UK. The Government will consider using these powers for digital assets, where appropriate, subject to an assessment of the compatibility of the relevant jurisdiction’s regulatory and supervisory framework.
Asked by: Mark Garnier (Conservative - Wyre Forest)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, with reference to the consultation entitled ‘Trust-based pension schemes: Trustees and governance, building a stronger future’, whether he is taking steps to ensure future guidance doesn’t impede on the primary duty of pension fund trustees.
Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)
Trustees of occupational pension schemes must act in accordance with their legal and fiduciary duties and in the interests of scheme members. The consultation ‘Trust-based pension schemes: Trustees and governance, building a stronger future’ seeks views on trustee standards, governance and administration and does not alter those duties.
Asked by: Mark Garnier (Conservative - Wyre Forest)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, following the conclusion of the consultation entitled ‘Trust-based pension schemes: Trustees and governance, building a stronger future’, what steps he will take to ensure any guidance to pension fund trustees remains voluntary.
Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)
Trustees of occupational pension schemes must act in accordance with their legal and fiduciary duties and in the interests of scheme members. The consultation ‘Trust-based pension schemes: Trustees and governance, building a stronger future’ seeks views on trustee standards, governance and administration and does not alter those duties.
Asked by: Mark Garnier (Conservative - Wyre Forest)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she will take to ensure the long-term viability of the Lifetime ISA following the implementation of the First-Time Buyer ISA product.
Answered by Rachel Blake
On 23 June the Government published a consultation on the implementation of the First-Time Buyer ISA (FTB ISA), further details of which can be found at www.gov.uk/government/consultations/first-time-buyer-isa-consultation. The consultation confirmed that until the new product is offered it will be possible to open a Lifetime ISA (LISA). After the new product is introduced it will not be possible to open a LISA but existing LISA holders will continue to be able to use their accounts in line with the existing rules.
There are currently no plans to increase the property price cap for the LISA, Help to Buy ISA or FTB ISA. The FTB ISA consultation does not propose the level at which any property price cap, government bonus or subscription limit should be set or whether a separate property price cap should apply in different parts of the UK.
Data from the latest UK House Price Index shows that the average price paid by first-time buyers remains below the Lifetime ISA property price cap in all regions of the UK except London, where the average price paid is affected by some boroughs with very high property values. The Help to Buy ISA also continues to support first-time buyers within its existing property price caps.
The Government will consider views received as part of the consultation process including comments on the interaction between the new product and the Lifetime ISA. All feedback will be considered in coming to a decision on the detail of the design and implementation of the FTB ISA.
Asked by: Mark Garnier (Conservative - Wyre Forest)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of reviewing the property price cap of (a) the Lifetime ISA, (b) the Help to Buy ISA and (c) the First-Time Buyer ISA on an annual basis.
Answered by Rachel Blake
On 23 June the Government published a consultation on the implementation of the First-Time Buyer ISA (FTB ISA), further details of which can be found at www.gov.uk/government/consultations/first-time-buyer-isa-consultation. The consultation confirmed that until the new product is offered it will be possible to open a Lifetime ISA (LISA). After the new product is introduced it will not be possible to open a LISA but existing LISA holders will continue to be able to use their accounts in line with the existing rules.
There are currently no plans to increase the property price cap for the LISA, Help to Buy ISA or FTB ISA. The FTB ISA consultation does not propose the level at which any property price cap, government bonus or subscription limit should be set or whether a separate property price cap should apply in different parts of the UK.
Data from the latest UK House Price Index shows that the average price paid by first-time buyers remains below the Lifetime ISA property price cap in all regions of the UK except London, where the average price paid is affected by some boroughs with very high property values. The Help to Buy ISA also continues to support first-time buyers within its existing property price caps.
The Government will consider views received as part of the consultation process including comments on the interaction between the new product and the Lifetime ISA. All feedback will be considered in coming to a decision on the detail of the design and implementation of the FTB ISA.
Asked by: Mark Garnier (Conservative - Wyre Forest)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she plans to implement a property price cap on the First-Time Buyer ISA based on whether the property is (a) in London and (b) outside London.
Answered by Rachel Blake
On 23 June the Government published a consultation on the implementation of the First-Time Buyer ISA (FTB ISA), further details of which can be found at www.gov.uk/government/consultations/first-time-buyer-isa-consultation. The consultation confirmed that until the new product is offered it will be possible to open a Lifetime ISA (LISA). After the new product is introduced it will not be possible to open a LISA but existing LISA holders will continue to be able to use their accounts in line with the existing rules.
There are currently no plans to increase the property price cap for the LISA, Help to Buy ISA or FTB ISA. The FTB ISA consultation does not propose the level at which any property price cap, government bonus or subscription limit should be set or whether a separate property price cap should apply in different parts of the UK.
Data from the latest UK House Price Index shows that the average price paid by first-time buyers remains below the Lifetime ISA property price cap in all regions of the UK except London, where the average price paid is affected by some boroughs with very high property values. The Help to Buy ISA also continues to support first-time buyers within its existing property price caps.
The Government will consider views received as part of the consultation process including comments on the interaction between the new product and the Lifetime ISA. All feedback will be considered in coming to a decision on the detail of the design and implementation of the FTB ISA.