Asked by: Patrick Hurley (Labour - Southport)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps his Department is taking to increase the contribution of financial mutuals.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Financial mutuals, such as building societies and credit unions, have a strong focus on serving local communities for the benefit of their members. This leaves them well placed to make an important contribution to the Government’s priority to drive good growth in every postcode of the UK.
The Government is undertaking a multi-year programme of work to support financial mutuals. This includes, for example, updating the Building Societies Act 1986 to reduce unnecessary administrative burdens and provide greater funding flexibility, reforming the credit union common bond through the Financial Services and Markets Bill, and asking the Prudential Regulation Authority and the Financial Conduct Authority to produce their joint Mutuals Landscape Report, which identified opportunities for growth-focused reform.
Access to capital is a longstanding structural issue for mutual businesses, and one in which the Government takes a close interest. The Mutual and Co-operative Sector Business Council is currently considering this, including the barriers faced by the sector and potential solutions. The Government will review the Council’s work as it develops and consider the proposals it brings forward.
Asked by: Patrick Hurley (Labour - Southport)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, what support is available to help young people develop confidence, resilience, leadership skills and work experience during the period between claiming Universal Credit and becoming eligible for the Jobs Guarantee.
Answered by Lilian Greenwood - Parliamentary Under-Secretary (Department for Work and Pensions)
Lack of experience is a key barrier for young people. Through the Government’s additional £2.5 billion investment into the Youth Guarantee and Growth and Skills Levy, young people will benefit from a range of support to help young people develop confidence, resilience, leadership skills and work experience before they become eligible for the Jobs Guarantee.
Young people aged 16-24 on Universal Credit who are looking for work receive tailored employment support through the Youth Guarantee Gateway. If they are not earning or learning after 13 weeks, they receive a dedicated Youth Guarantee Gateway meeting followed by four weeks of intensive support from a Work Coach. During this period, they are offered opportunities including employment, work experience placements, Sector-based Work Academy Programmes (SWAPs), apprenticeships, training or learning.
As part of this offer, the Government is creating up to 300,000 additional sector-based work academy programme (SWAP) across Great Britain and work-experience placements. These placements are designed to help young people develop employability skills, confidence and work readiness, supporting them to move into employment, education or training. SWAPs are being expanded through the Youth Guarantee, with 145,000 starts planned by 2028/29, further supporting young people in gaining valuable work experience whilst building up sector-specific skills. The Department for Work and Pensions is engaging with national and local employers to create these opportunities.
Young people can also access support through an expanded network of Youth Hubs across Great Britain in the future. Youth Hubs bring together employment support with services such as skills development, mental health support, employer engagement and wider community-based support, helping young people build confidence and prepare for work.
Together, these measures help young people gain the confidence, resilience, skills and experience needed to progress towards sustained employment before becoming eligible for the Jobs Guarantee after 18 months claiming Universal Credit.
Asked by: Patrick Hurley (Labour - Southport)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential merits of reforming Stamp Duty Land Tax.
Answered by James Murray - Financial Secretary to the Treasury and Paymaster General
Stamp Duty Land Tax (SDLT) is an important source of Government revenue, raising around £14 billion each year. The structure of SDLT ensures that those buying the most expensive properties contribute the most.