Financial Services and Markets Bill [Lords]

Michelle Scrogham Excerpts

2nd reading
Tuesday 10th November 2026 Commons Chamber

[John Healey]

I cannot tell my hon. Friend exactly when our response will be brought into the sunlight and made public, as he puts it, but I can reassure him that we have followed closely the Law Commission’s work. My right hon. and learned Friend the Economic Secretary has the commission’s report, and we are giving it due consideration, as my hon. Friend would hope and expect.

Britain is in the midst of global economic storms and uncertainties. The conflict in Iran is driving up energy costs, inflation and the cost of borrowing. At the Budget, I rejected broad-based tax rises—keeping the promises made in our manifesto—and crude cuts to public services, but there were difficult decisions to meet our fiscal discipline, to fully fund the new policies I set out, and to provide some breathing space for families. Those included asking banks, through the bank surcharge, to help to pay for the energy help for households this winter. This is time limited and will end in March 2028. The time limitation is set out in the Finance Bill.

The ask that we made of banks at the Budget goes hand in hand with support. On my second full day as Chancellor, I convened a roundtable discussion with leading executives in the City, because I wanted to confirm my fullest commitment to the Government’s financial services and growth strategy and to this Bill.

[Michelle Scrogham (Barrow and Furness) (Lab)]

I welcome the commitment to make changes to the financial sector, but I have deepening concerns over security and cyber-attacks. The banks’ rush to go digital and pull out of our high streets has left a huge vulnerability for people, particularly in rural areas. What work is being done to ensure that cash services and face-to-face services remain in our towns and high streets, given that such attacks may occur in future?

[John Healey]

As a very active member of the Defence Committee, my hon. Friend probably knows better than many about the threats to our computer and cyber-systems from cyber-attacks. She will be aware that Richard Lloyd has recently completed a report on access to banking, which the Government have just received. In Committee, we will look to reinsert a provision that will allow us to respond to the recommendations of Richard Lloyd’s report. I aim to publish that report and the Government’s response shortly.

The Bill does four key things. First, it streamlines regulation and reduces administrative burdens on business while maintaining high standards.

Clause 1

Michelle Scrogham Excerpts

Monday 12th January 2026 Commons Chamber

[Maya Ellis (Ribble Valley) (Lab)]

It is a delight to speak in this debate following what was possibly the best Christmas present that I have ever received: no shade to my parents or husband, but when we got the call from the Treasury on 23 December and heard about the raising of the threshold for agricultural property relief and business property relief, it was more than I had ever hoped for. I am grateful to the Chancellor, the Prime Minister and colleagues for navigating the genuinely tricky balance between ensuring that the farming industry is not used to avoid tax, that our family farms are protected and encouraged to thrive, and that food security is protected in increasingly turbulent times internationally.

Let me put on record my huge thanks to my colleagues in the Labour Rural Research Group, of which I am delighted to have become treasurer today as we regroup for our next plans. In pushing for the change to the thresholds, they have shown me the collegiate and constructive politics that I had always hoped was possible for this country, under the solid leadership of my impressive hon. Friend the Member for Suffolk Coastal (Jenny Riddell-Carpenter).

When I stood as an MP in a rural area, I was most excited to learn more about the land and the farming industry that had been all around me growing up. It was challenging to have to start those conversations among such heated debate, but I got into politics because I like a robust discussion. And you know what? The situation allowed us to move past the niceties quickly and to talk frankly from the beginning about what really mattered to farmers, farming communities and family businesses—and it has been a joy to hear about the passion, the history, the deep pride in this country and its traditions, and about what our land and close-knit communities provide for us, from the voices of families who are motivated to keep it going in a way that money alone could never inspire.

We have heard a lot of discussion in recent years about what it means to be British. A poll last year by More in Common found that of all the things that British people are proud of, the countryside came second, with only the NHS ahead of it. There are a lot of decisions to be made about the role of agriculture in British society. I am grateful to Minette Batters for producing in her farming profitability review a brave and system-wide approach to the future of farming in this country, and I hope that the Government are bold enough to take on all her recommendations. We also have trade deals to negotiate, which must uphold the same standards that we rightly hold our farmers to, and indeed that they want to uphold without being undercut from abroad.

We have also had a lot of discussions about ideas like 15-minute cities and sustainable economies. Most rural towns and villages are 15-minute cities, with everything in one place and everyone helping each other out. I know that globalisation favours agglomeration and the urban, but let us not forget who did circular economies first: our rural towns and villages. Let us learn from them now, as much as we ask them to learn from the things that we do in this place.

When we talk about what it means to be British in the light of this Finance Bill, which sets the tone for what we want British growth to be in the next decade, let us make sure that we protect what makes us want to be British. I do not want this country to be prosperous at any cost—I want us to be prosperous in a truly British way. Both myself and the public are clear that that includes the countryside, and our rural economies and communities, being at the very heart of who we are.

I thank the Government for their continued work on adapting the Bill through amendment 24, and looking more widely at how we improve and sustain support for farming in the long term. I have 829 farms in my Ribble Valley constituency—mainly dairy and cattle, and with a wide range of innovation and diversification. One farm I visited has a value of around £3 million, and the people I met there told me that they had slowly seen farm after farm close in their part of the constituency over the past 20 years. Today’s changes mean that they now have confidence that the farm can be passed on to a fifth generation, and they are also confident to invest in new calf housing, supported by other Government funding.

I question how many famers Opposition Members have spoken to in recent weeks, because most of my farmers are happy with these changes and want me to now focus on other critical issues. The farm I mentioned has seen a drop of 9.5p per litre in what it has been paid for milk since last October, so although I now welcome the tax policy in the Bill, I remind the Government that that there is still a huge amount of work to do to ensure that farms are sustainable and our food security is robust.

I hope that the Government will work with us to put increasing pressure on supermarket shareholders to play their part—supermarkets are companies that thrive from British custom—by working much harder to protect the lifeblood of our economy, as farmers are, as well as their pockets.

[Michelle Scrogham (Barrow and Furness) (Lab)]

It has been an absolute pleasure to work with the Labour Rural Research Group and to see the difference it makes when we have serious conversations behind the scenes, talking to the Treasury and Ministers. In the last 12 months, I have met over 100 farmers from my constituency, who were all incredibly concerned about the changes that were proposed. We had serious conversations about what we needed to do and listened to them talk about their problems. While they were all incredibly pleased with the changes to those proposals, does my hon. Friend agree that our farmers and farming communities have struggled for decades? They might have farms worth lots of money, but it is more important that they are profitable. Does she agree that those are the changes that we need to make?

[Maya Ellis]

I completely agree. That is why it is disappointing that the Opposition are looking at certain details, when all the farmers that I speak to desperately want us to focus on the next stages of how we support those farms. We have done the thing that we needed to do to protect the smallest ones.

Spring Statement

Michelle Scrogham Excerpts

Wednesday 26th March 2025 Commons Chamber

[Michelle Scrogham (Barrow and Furness) (Lab)]

Communities such as mine in Barrow and Furness feel very acutely the failures of the previous Government, as they left us in a dreadful state. Does the Chancellor agree that it is through this Government’s commitment to, and funding in, Barrow and Furness and our defence sector that we can transform things on the ground, which will mean that Barrow can be a blueprint for how the defence pound can be better spent across our constituencies?

[Rachel Reeves]

I know that my hon. Friend is incredibly proud to represent Barrow and Furness and that her constituents are incredibly proud to work on our nuclear deterrent. This Government will always stand with them, putting in place our new plan for Barrow for new jobs and new investment in the town, so that we get value for money for taxpayers and, critically, ensure our country’s national security.

Oral Answers to Questions

Michelle Scrogham Excerpts

Tuesday 4th March 2025 Commons Chamber

[Graham Stringer (Blackley and Middleton South) (Lab)]

6. What steps she has taken to increase regional growth in England.

[Michelle Scrogham (Barrow and Furness) (Lab)]

16. What fiscal reforms she has made to help increase economic growth in Cumbria.

[The Chief Secretary to the Treasury (Darren Jones)]

At autumn Budget 2024, we set out the first major steps in our approach to regional growth through devolution, investment and reform. The January growth speech regional investment package built on that. We have made clear the Government’s focus on attracting inward investment across the country and to investing in infrastructure needed to support cities and regions to grow. We have made it clear that the importance of investing in major city regions across the UK will play an important part in that endeavour. For example, if we improve the productivity gap in Manchester, Birmingham and Leeds, we estimate we can deliver an extra £33 billion in economic output.

--- Later in debate ---

[Darren Jones]

I thank my hon. Friend for his questions; I will do my best to answer them. I can confirm that Treasury officials routinely engage with local and regional officials across the country, including frequently in Manchester with Mayor Burnham and his team. I would point my hon. Friend gently to some of the announcements made by the Chancellor, including support for the Old Trafford development in Manchester. I congratulate the operators of Manchester airport on running a successful business, which we will continue to support in the normal way.

[Michelle Scrogham]

At the autumn Budget, the Government announced a range of support measures for small businesses, including vital support for the retail, hospitality and leisure sectors. Will the Minister confirm the measures being taken to support the independent and important craft brewing and distillery sector in Cumbria?

[Darren Jones]

As the House has already heard today from my hon. Friend the Exchequer Secretary to the Treasury, we have made permanent decisions to give businesses in the retail, hospitality and leisure sectors certainty that their discounts will apply to business rates relief for the long term, not just on a one-year rolling temporary basis, as was the case for years under the previous Government. I understand from my hon. Friend the Member for Barrow and Furness (Michelle Scrogham) that the likes of Shed One gin, Wolftown and Kin vodka in Cumbria will benefit enormously from the Government’s policy. I look forward to visiting those establishments with her in due course.

--- Later in debate ---

[Darren Jones]

We have to decide whether we are for growth or against growth. This Government are for growth and we will set out further details of this particular project when the developers come forward with their plans for the Government to consider.

[Michelle Scrogham (Barrow and Furness) (Lab)]

T10. The previous Government’s mismanagement has left our flood defences unfit for purpose, which has a huge impact on my constituents. Will the Chancellor set out what the Government are doing to increase community resilience against flooding and coastal erosion?

[Darren Jones]

To ensure that we protect the country from the devastating impacts of flooding, we have committed £2.65 billion over 2024-25 to 2025-26 to improve flood defences, and we have established a flood resilience taskforce to feed into our decisions on future spending, which will report in due course.