Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what consideration he gave to the potential impact on equalities of increasing to £170,000 the annual income threshold for eligibility for the high net worth individual exemption in the Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) (No. 2) Order 2023; and whether he had discussions with the Minister for Women and Equalities on the potential impact on equalities of the order.

The changes to the financial promotion exemptions that came into force on 31 January 2024 were subject to a public consultation which closed in March 2022.

However, the Government recognises the concerns that have been raised recently about these changes. I met recently with the angel investing sector and listened carefully to the representations made, and the Government is working closely with the sector to address the concerns raised.

In line with the practice of successive administrations, details of internal discussions are not usually disclosed.