Financial Services and Markets Bill [Lords]

Vikki Slade Excerpts

2nd reading
Tuesday 10th November 2026 Commons Chamber

[John Healey]

I think that most would regard the total removal of consumer protection or regulation as a reckless move. I hope the hon. Gentleman accepts that the Bill will reduce and remove unnecessary and duplicative regulation. I also hope that, where he has constructive, practical suggestions to offer, he will offer them as part of the House’s scrutiny of the Bill.

[Vikki Slade (Mid Dorset and North Poole) (LD)]

I am grateful to the Chancellor for talking about consumer protection, but one group of consumers is missing from the Bill: people who have been victims of economic abuse. They are trapped with financial products through no market failure or fault of their own, even if they want to move to something that is cheaper and therefore a smaller risk to their joint borrower. The Bill does not do anything for those people. Will the Chancellor consider some amendments to help them?

[John Healey]

If the hon. Lady wishes to table amendments for debate and consideration, she should please do so. If she looks at the detail of the financial inclusion strategy that we have published, with some of the measures now being put in place, she will see a recognition of concern for that group of people and some of the measures that may help in the future.

I will return to the four headline purposes and definitions of the content of the Bill, the first of which is the streamlining of regulation, and the second is allowing credit unions to expand, enabling more people to benefit from membership. Thirdly, the Bill modernises consumer protections and access to redress. Fourthly, it supports business lending and investment here in Britain. I am grateful that the Bill has received support from across the sector. UK Finance has confirmed that the Bill supports

“growth and competitiveness while strengthening consumer outcomes”.

TheCityUK has reasonably and rightly said, “Get on with it” and that the priority now needs to be on fully delivering these reforms. Before I move on, I want to pay tribute to my right hon. and learned Friend the Economic Secretary to the Treasury for all her work in developing the policy in the Bill and on the issues ranging from financial inclusion to the digitisation of markets.

Let me take those four major sections briefly in turn. First, on regulation, good growth demands an active state that is willing to deliver better regulation and quicker decisions. The Bill does that by updating the regulatory framework to support innovation, speed up decision making and streamline processes that at the moment add little value. It does so in five ways. First, it reduces the number of regulators that firms need to engage with by abolishing the Payment Systems Regulator and consolidating its functions within the Financial Conduct Authority. Secondly, it speeds up regulators’ decision making with ambitious new deadlines, including when deciding to authorise a new firm. The Bill also creates a new provisional licence regime to support innovative new firms while they apply for full authorisation. Thirdly, it strengthens oversight of the regulators. The Financial Conduct Authority and the Prudential Regulation Authority will now be required to publish long-term strategies, so that regulated firms and consumers can better understand their priorities, and Government and Parliament can better hold them to account against delivery.

Horse and Rider Road Safety

Vikki Slade Excerpts

Wednesday 14th January 2026 Westminster Hall

[Mr Dillon]

My hon. Friend makes an excellent point. Councils are responsible for maintaining bridleways, but unfortunately their funding has been cut over numerous years and they do not have the money to do so. That forces more riders to use the roads because other routes are not available. Indeed, I was contacted this morning by a lady who said that they do not have any bridleways where she rides, only pavements, so she always has to be on the carriageway. She asked whether we would consider allowing horses to use public pavements in that instance.

[Vikki Slade (Mid Dorset and North Poole) (LD)]

I am grateful to my hon. Friend for bringing forward this debate and his Bill. Does he agree that it is not just about bridleways? Forestry England has recently introduced quite substantial fees for carriages, which are used by a lot of disabled people, to use their paths, and complex paperwork more akin to that for people organising events. Does he agree that we should call on Forestry England to review that for individual carriage drivers?

[Mr Dillon]

I thank my hon. Friend for that intervention. The Forestry Commission looks after our forests. They should be open for us to be able to enjoy, and the Forestry Commission should work with all relevant groups to make open access as easy as possible.

The road safety strategy also announces the establishment of a new road safety board. Given that horses and riders are among the most vulnerable of road users, will the Minister commit to ensuring that an equestrian representative organisation, such as the British Horse Society, is included on that board? I know that horse-related bodies have been on previous safety advisory boards.

Clause 1

Vikki Slade Excerpts

Monday 12th January 2026 Commons Chamber

[Dr Evans]

I know that my right hon. Friend has been a stalwart in making that point. That leads on to the wider point of thinking about social care and how we will fund it. These sticky points are really important, so we need to ensure that we have this debate. The fact is that we are dealing with the Finance (No. 2) Bill in Committee. When the Government are making these choices, I am really keen to try to understand the direct impact they will have on my constituents.

At the last general election, the last Government—now the Opposition—had a solution in our manifesto to deal with this issue, which was the “triple lock plus”. That would have negated the issue at source. There is a ready-made solution if the Government would like to go for it, but I understand the difficulties of the associated cost, as my right hon. Friend the Member for Gainsborough (Sir Edward Leigh) has pointed out.

That brings us full circle to where the hon. Member for Poole started. How exactly are we going to solve this issue for pensioners? Do the Government just need to be up front with them and say that they will have to do a tax return? Will they be pulled into this tax? If they will not, how?

[Vikki Slade (Mid Dorset and North Poole) (LD)]

I completely recognise that the extension of the frozen tax threshold will not be felt immediately. We are all here worrying about it, but most of our residents will not see the difference probably until the next general election. However, it is on us to resolve this issue once and for all.

In the Minister’s opening speech, he talked about asking those with the broadest shoulders to pay more. Let me speak briefly about three groups of people—apprentices, graduates and pensioners—who do not have the broadest shoulders and instead feel completely targeted.

--- Later in debate ---

[Dr Luke Evans]

Is the hon. Lady as concerned as I am about the fact that plan 2 student loans seem to be particularly impacted by the thresholds? I am concerned about the impact that that will have on the way in which people will have to make their repayments.

[Vikki Slade]

I will be honest and say that, not having been to university, I do not know the details of the different groups. My students are all very recent graduates, so they went in knowing that they would have enormous debt and recognising that they would be more than £50,000 in debt, with probably no prospect of ever paying it off. I do not think they went in realising that they would get such a bad deal when they were at university, with eight hours of contact time a week and PhD students doing their lectures, rather than actual lecturers, some of whom cannot even speak English and are here only for their visas. Students are having a really rough time, and this measure is just rubbing salt into the wound.

[Jim Shannon]

I have often said in this Chamber in the last three or four years that the Government should sponsor medical students—those working to be doctors or whatever the position may be in the medical service—and ensure that they do three or four years in the health service. Wales does that, and it works. I have a constituent from Newtownards—we will never get her back in Newtownards, because she has fallen in with a Welshman; she will stay there and marry him, and that is it—who had to stay for three years, but she got all her student fees paid. Is that not what Government should be doing to make it easier for young students and to retain them in the health service?

[Vikki Slade]

I always value the interventions of the hon. Member. As the aunt of a young GP, Bethan, who has more than £100,000-worth of debt, I think it is ridiculous that our young people are being saddled with this situation. I have constituents who have deliberately gone to study in Wales so that they are able to get that benefit. It is time for us to look collectively at analysing the cumulative impact of the issues faced by our young, aspirational adults, because we will see more of them deciding to go abroad, and we desperately need our home-grown talent to stay.

Thirdly, I turn, as most Members have done, to pensioners. The older age group will have been pleased to hear that they are due to be exempted from the tax threshold if their only income is the state pension, but two constituents—Colin from Wareham, who is a regular correspondent, and John from Lytchett—have written to suggest that the Chancellor may have inadvertently misled Martin Lewis. I will not use their other accusation, as I will get into a lot of trouble. One said that most pensioners are expected to survive on a weekly state pension that is four times lower than the average wage, and that mandating that they be taxed will plunge many older people into desperation and poverty. They have suggested that it is not quite accurate that the state pension alone will not be taxed—I am using my words very carefully—so can the Minister assure me and my constituents, like others, that from April, those with no income other than the state income and modest savings will pay no income tax, particularly because there appears to be nothing in the Bill about that?

Finally, given that millions of people with tiny private pensions and, in particular, many pensioners will be dragged into tax, will the Minister consider the Lib Dem proposal for a pensioners’ “red phone” to ensure that they do not spend hours hanging on the telephone?

[Sammy Wilson]

Tonight’s debate is not just an opportunity for the Opposition to have a go at the Government. Many people who are getting cynical about politics will say, “Well, of course you would expect them to have a go about taxation and the Government’s behaviour on that issue.” However, this debate goes far beyond that, because the implications of what we are discussing tonight are very serious.

First, there are the macroeconomic impacts of the decision not to make work pay, because of higher taxation. The Government have hung a lot of their predictions of economic success on obtaining economic growth, but one thing we will not do is tax our way to growth. This will be an anti-growth measure, which will have implications not just for this year but future years and future Budgets. Secondly, it will have personal consequences for many people facing the current cost of living crisis and finding it difficult to stretch their income to meet their needs.

Lastly, the decision will have an impact on people’s confidence in the democratic system. The Government will get this Bill through tonight. They will get it through because they have a massive majority, and they have a massive majority because they made massive promises. They promised that people would not face income tax increases, and I have no doubt that that influenced how many working people voted. However, the Minister has accepted tonight that by the end of this period, £28 billion will have been raised. One reason I support new clauses 3, 13 and 14 is that they at least give people an opportunity to realise what the Government are doing to them, and they show that politicians in this House want there to be honesty with the people. If there was not honesty when the manifesto was written and presented, let us ensure that there is honesty when the implications of the decisions that this Government are making become clear to the citizens of this country. These are confidence measures.

Let us just remind ourselves of what the Government promised—we have been around this a number of times tonight. They promised that they would not increase taxes on working people. They then went on to define “working people” as people who go to work every day, yet we know that by freezing the thresholds, people who go to work every day and are therefore subject to income tax being charged on the money they earn will pay more. Working people know that a promise to them has been broken.

Oral Answers to Questions

Vikki Slade Excerpts

Tuesday 4th November 2025 Commons Chamber

[Dan Tomlinson]

I thank my hon. Friend for her service on the Treasury Committee; she is doing a sterling job as its Chair. This is a really important issue. Last year HMRC undertook a pilot to try to find a way to reduce fraud in the child benefit system. That measure is expected to save £350 million over the next five years, and we have already managed to prevent £17 million in wrongful payments, but my hon. Friend is right to say that a very small number of claimants had their child benefit incorrectly removed. I am really sorry that that happened. HMRC is writing to those who have been affected and ensuring that people who should get their child benefit payments do receive them.

[Vikki Slade (Mid Dorset and North Poole) (LD)]

My constituent Hollie from Wimborne applied for a self-assessment refund of just £300 in April. When she chased it in June, she was told it had gone to a specialist tax team, with no reason and no time frame given. She complained in August, but it is now November, and she has heard nothing. While she may be owed only £300, this is happening around the country. Can the Minister tell me whether he thinks seven months is a reasonable time within which to receive a basic refund, and what the Department is doing to speed things up?

[Dan Tomlinson]

I thank the hon. Member for raising her constituent’s issue, and I would be happy for her to write to the Department about it. Even though it is not appropriate for me to get involved in an individual taxpayer’s affairs, I hope the Department can improve on that service. We have improved the response rates for both people making phone calls and people getting in touch via the post, but of course there is always more we can do.

Oral Answers to Questions

Vikki Slade Excerpts

Tuesday 1st July 2025 Commons Chamber

[Darren Jones]

This Labour Government in Westminster are delivering for the people of Scotland. As a consequence of our spending review, Scotland will receive an average of £50.9 billion per year over this Parliament—the largest real-terms increase in funding since devolution began. The only reason there is a black hole in the budget in Scotland is because of the SNP Government, and the people of Scotland need a new direction with a Labour Government in Scotland.

[Vikki Slade (Mid Dorset and North Poole) (LD)]

T5. Representatives of a not-for-profit care company in my constituency feel that the Government are waging war on the care sector. I met residents and staff at a Sunday lunch at Magna care home, and the managers told me that they cannot recruit locally at all and that, because of the changes to social care visas, they are struggling to recruit internationally. I know the Government want to build our own workforce, but what are they planning to do to support organisations while we get the training in place, so that we do not see care homes going bust?

[Darren Jones]

On behalf of the House, may I thank social care workers for the service they provide in all our constituencies? As a result of this Labour Government commitment’s to social workers and the social care system, we will have increased funding for social care by £4 billion by 2028-29 through the local government settlements, and we will bring forward a fair pay agreement to make sure that there is a fair deal for those people serving our constituents on the frontline.

Spending Review 2025

Vikki Slade Excerpts

Wednesday 11th June 2025 Commons Chamber

[Rachel Reeves]

Well, we did announce two new railway stations in Wales today with that £445 million. In the 10-year infrastructure strategy, which we publish next week, we will be setting out more details of investment right across the UK. I am pleased that my hon. Friend welcomes the £118 million for the coal tips work, which I know is so important and which so many Welsh Labour MPs have lobbied me about over the last few months. I am pleased that we can deliver for their communities in Wales.

[Vikki Slade (Mid Dorset and North Poole) (LD)]

I declare an interest as a sitting councillor. Local government will be pleased to see an increase in spending and to have clarity but, alongside social care, we have no clarity on another area that will sink councils: the statutory override on special educational needs. That was promised time and again, and we were hanging our hats on having it today. Will the Chancellor tell us what is happening and can we give security to councils on special educational needs?

[Rachel Reeves]

The hon. Lady makes a really important point. Every single MP in this House will have heard harrowing stories of parents desperate to get support for their kids with special educational needs. The Secretary of State for Education will be bringing forward a White Paper to make the reforms that are desperately needed. We will make sure that we do that in partnership with the parents and children who are most affected.

Oral Answers to Questions

Vikki Slade Excerpts

Tuesday 20th May 2025 Commons Chamber

[Rachel Reeves]

Yesterday we announced £360 million of investment in coastal and fishing communities. That will be vital to ensure that those communities continue to thrive.

[Vikki Slade (Mid Dorset and North Poole) (LD)]

Dorset and Wiltshire fire and rescue service has suffered a real-terms funding cut, partly because the majority of firefighters are on call so the employer national insurance contributions were not sufficiently compensated. Will Ministers commit to reviewing the funding formula to fit the needs of communities, and to undertaking a local impact assessment on the effect of the funding cuts on public and firefighter safety?

[Darren Jones]

The Government have already increased NHS spending by £22.6 billion, police funding by £1.1 billion, and fire and rescue authority funding by £65.5 million. Further spending will be set out in the June spending review, but this is another example of a Labour Government delivering on the promise of change.

Oral Answers to Questions

Vikki Slade Excerpts

Tuesday 8th April 2025 Commons Chamber

[Rachel Reeves]

My hon. Friend is doing great work supporting local businesses in Burnley, including the digital marketing start-up Door4, which I know he has been championing.

[Vikki Slade (Mid Dorset and North Poole) (LD)]

T2. I have been contacted by many local businesses, including the Cross Keys pub in the Holt Heath nature reserve and the BEAR café in Wimborne. They are two different venues in two different locations, but both tell me that these are the most extreme trading conditions ever seen in hospitality. With national insurance, minimum wage and energy and food costs, will the Chancellor consider a reduction in VAT on hospitality sales to protect high streets and local producers and to save our communities?

[The Exchequer Secretary to the Treasury (James Murray)]

I am unclear, given the hon. Lady’s remarks, whether she is opposed to the increase in the national minimum wage, but she should know that we have extended support for businesses in business rates relief this year, which would have been ended entirely under the plans we inherited from the previous Government, and there will be permanently lower multipliers for retail, hospitality and leisure premises on the high street from April 2026.

National Insurance Contributions (Secondary Class 1 Contributions) Bill

Vikki Slade Excerpts

Consideration of Lords amendments
Wednesday 19th March 2025 Commons Chamber

[Dr Sandher]

It is a pretty well established introduction to the tax system to have both employee and employer NICs. The point about simplicity is about where the tax is levied. I will come to the specific point that the hon. Member raises later in my speech and hopefully provide some illumination.

The revenue we are raising will be used to invest in our nation’s prosperity: insulating our homes, rebuilding our crumbling schools and hiring more nurses to care for our loved ones. It is about getting costs down and creating good jobs. It is about rebuilding this country after, frankly, more than a decade of despondency and despair.

The amendments before us represent bad policy that puts that at risk. As I may have mentioned in this House once or twice before, I used to be an economist. I can tell the House that a good tax is one that raises revenue and does not introduce perverse incentives. A good tax ensures that resources go to activity because there are higher levels of productivity. A good tax system introduces three principles. The first is neutrality: it treats similar activities in similar ways. The second is simplicity: it is straightforward and easy to implement. The third is stability: it is predictable.

[Vikki Slade (Mid Dorset and North Poole) (LD)]

The hon. Member is talking about productivity and growth. How does he square that with the additional tax on early years care? That care allows parents to work. If parents cannot work and employers cannot afford to bring young people through, how are we going to get the nation working? Nurseries are on their knees and they cannot take on more children, because there are strict rules about ratios and the amount of space each child takes.

[Dr Sandher]

First, there is more funding going into the early years, but I will deal with the tax side as I speak to the specific amendments.

Each amendment seeks to carve out an exemption for something, and I am sure that Members across the House identify with and, indeed, support some of those individual exemptions. However, if we were to pass the amendments, they would give specified sectors advantages not enjoyed by others.

Inheritance Tax Relief: Farms

Vikki Slade Excerpts

Monday 10th February 2025 Westminster Hall

[Vikki Slade (Mid Dorset and North Poole) (LD)]

It is a pleasure to serve under your chairmanship, Dr Murrison. Last week, I was invited to Goodens farm in Stoborough in my constituency. Phil Randall is a third-generation farmer, and he hosted us with other Purbeck dairy, beef and arable farmers. I saw the investment he has made in his equipment, buildings and livestock. I was really impressed with the innovations he has already put in place to protect him and his business from the steep increases in fertiliser costs after the invasion of Ukraine, as well as the investment he has made in the care of his dairy and beef cows to improve their welfare and his yield. I was so excited to meet his newest calf, which was born by caesarean section and nurtured through its early days by Phil and his children.

I was shocked when Phil told me that his farm is run entirely by him, his wife, his children and two members of staff, which gives me the impression that there is no money left to pay anybody else on the farm. It was really clear that Phil and the other Purbeck farmers, including Ian, Chris, Nicki and Catherine, care deeply about their farms. However, they also care about the wider sector, protecting the countryside, ensuring food security and making sure that they have a sustainable business. One farmer shared with me that the margins on his farm are just 1%. I can think of no other industry in which a business would carry on with a profit margin of 1%.

The farmers are deeply angry about what happened last year, but they have now come to the conclusion that it is unlikely the Chancellor is going to make a U-turn, so they asked me to convey their ideas of what they want from the Government. They want a consultation with them about how these changes can be modified. They recognise that there are people buying up land in the countryside who are not producing food and are not supporting the environmental aims of the Government to mitigate climate change.

The farmers support the introduction of a family farm tax, as proposed by the Liberal Democrats, and the transfer of the inheritance tax liability to the point of sale of assets, not inheritance. They want a temporary relief to create time for estate planning, not just for elderly farmers, but for anyone who dies unexpectedly in the next three to four years, as they noted that farming is an incredibly dangerous profession at any age. They want to see institutional investors forced to be more transparent, having raised concerns about wealth being hidden in their land. They want APR and BPR to be separated and to have separate thresholds.

[Joe Robertson (Isle of Wight East) (Con)]

The hon. Lady spoke about the pessimism that the Government will U-turn on this, but does she share my optimism that they may well U-turn if enough of their Back Benchers make a point?

[Vikki Slade]

That is not really for me to say, but I hope that they are listening. The important thing is that there is time. We have until April next year, and that is why the consultation and listening to all these people is so important.

I saw just how much was being invested in tractors, muck-spreaders, equipment to cut and bale the grass, milking equipment and water storage systems. If we want our farms to be more efficient and more profitable, it is ridiculous to tax farmers on investments in making their farms work better. So I implore the Minister—this tax is going to harm the countryside and food security, and if we end up increasing imports it will also have negative impacts on climate change and animal welfare. It is so important that the Minister hears our message—that of Opposition Members, and the people in the Gallery and in the tractors outside—and I hope that the Minister takes this opportunity to at least reform if not scrap this tax.