Asked by: Jim McMahon (Labour (Co-op) - Oldham West, Chadderton and Royton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment her Department has made of the financial contribution of the co-operative sector to the economy; and what estimate her Department has made of the level of growth in that sector in each of the next five years.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The government recognises the contribution of co-operatives to the economy, serving local communities and ensuring the UK has a diverse business sector.
According to Co-operatives UK, there are 7,391 co-operatives operating in the UK with a combined annual income of £42.7bn. Co-operatives serve 16.6 million members - an increase of 1.4 million (9.5%) from 2024 levels - and employ almost 240,000 people.
The government is taking steps to support further growth the co-operative sector in line with its manifesto commitment to double the size of the co-operative and mutuals sector. This includes funding the Law Commission’s independent review of the Co-operative and Community Benefit Societies Act 2014, which will consider ways to update and modernise the Act. The review is expected to be published by the end of the 2025 and the government will carefully consider its findings before responding.
Additionally, at Mansion House 2024 the Chancellor set out a package of measures aimed at supporting the growth of the broader co-operative and mutuals sector. This included welcoming the establishment of the industry-led Mutuals and Co-operative Business Council and asking the PRA and FCA to produce a report on the mutuals landscape by the end of 2025.
The Department for Business and Trade has also announced a call for evidence which will explore business support for co-operatives and non-financial mutuals.
Together, these will support the growth of the co-operative sector in line with the manifesto commitment.
Asked by: Mohammad Yasin (Labour - Bedford)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent discussions her Department has had with (a) the Financial Conduct Authority and (b) representatives of the insurance industry on the (i) availability and (ii) affordability of home insurance policies that provide cover for domestic air-to-water heat pumps; and what steps she is taking to ensure that households adopting low-carbon heating technologies have access to adequate insurance protection.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Treasury Ministers and officials have regular meetings with a wide variety of organisations in the public and private sectors on an ongoing basis.
Insurers make commercial decisions about the terms on which they will offer cover following an assessment of the relevant risks. This is usually informed by the insurer’s claims experience and other industry-wide statistics. The Government does not usually intervene in these decisions.
However, the Government is committed to ensuring that insurers treat their customers fairly and insurance companies are required to do so under the Financial Conduct Authority’s (FCA) rules.
Asked by: Carla Denyer (Green Party - Bristol Central)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 19 September 2025 to Question 76417 on Carbon Emissions, whether the Financial Policy Committee (a) is (i) monitoring and (ii) assessing evidence on the likelihood of planetary boundaries being breached and (b) has used its stress testing frameworks to assess the potential impact of climate tipping points on financial stability.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Bank of England’s Financial Policy Committee (FPC) is responsible for identifying, monitoring and taking action to mitigate systemic risks to the UK financial system. In its November 2024 Financial Stability Report, the FPC explained its approach to assessing climate-related financial stability risks; it recognised the potentially irreversible impact of passing through climate tipping points; and it highlighted that the Bank of England was considering incorporating risks caused or exacerbated by climate change into future bank and insurance stress tests. This followed the Chancellor’s remit to the FPC in 2024 recommending the FPC to use its stress testing frameworks, where appropriate, to consider how climate risks could impact financial stability.
Asked by: Liz Jarvis (Liberal Democrat - Eastleigh)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the adequacy of the financial performance of the Royal Mint in the last financial year.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Royal Mint faced a challenging year in 2024-25, but took necessary steps to place the business on a sustainable footing. Over 60% of The Royal Mint’s reported losses were due to exceptional costs, including ending overseas coin production and a right-sizing initiative.
Despite these challenges, the organisation continued to advance its transformation plan, adopting new technologies and refining its cost base. Notably, it launched the Precious Metals Recovery (PMR) plant, which uses pioneering technology to extract gold from electronic waste.
Asked by: Gregory Stafford (Conservative - Farnham and Bordon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the potential impact of the Bank of England’s proposed retail holding caps on stablecoins on (a) consumer financial freedoms, (b) the competitiveness of UK fintech and (c) the risk of driving digital asset innovation offshore.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government recognises that facilitating stablecoin innovation is important for UK competitiveness, and continues to engage with the regulators, including the Bank of England, to ensure a coherent regulatory framework that works for businesses and consumers.
The Government will bring forward legislation later this year to create a financial services regulatory regime for cryptoassets in the UK, including stablecoins.
Asked by: Damien Egan (Labour - Bristol North East)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, what steps his Department takes to ensure that information in official leaflets on (a) access to and (b) guidance on benefit entitlements is accurate.
Answered by Stephen Timms - Minister of State (Department for Work and Pensions)
To ensure information is accurate, all new and amended leaflets are subject to a quality assurance process where content is checked and approved by subject matter experts before publication.
In addition, the department undertakes an annual uprating review of all leaflets that are impacted by rate changes.
Asked by: Ben Obese-Jecty (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the UK’s Modern Industrial Strategy, CP 1337, published on 23 June 2025, what progress she has made on making the UK the world’s most innovative full-service financial centre.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government published the Financial Services Growth and Competitiveness Strategy on 15 July, which sets out the Government’s ten-year plan to make the UK the global location of choice for financial services firms to invest, grow and sell their services throughout the UK and to the world. As part of this, the Government announced the most wide-ranging package of reforms to financial services regulation in over a decade.
Following publication, HM Treasury has been working with partners to deliver the reforms at pace. The Department for Business and Trade has published its first quarterly update on delivery of the Industrial Strategy. In relation to financial services, it confirms that the Office for Investment: Financial Services announced in the Strategy has now been launched to guide and support international investors looking to establish or grow a presence in the UK’s financial services sector. In September, the Chancellor and US Secretary to the Treasury established the Transatlantic Taskforce for Markets of the Future, to drive innovation and growth in global markets including capital markets digital assets and other innovative financial activities.
Working with industry and the regulators, the government will continue to prioritise delivery of the wide-ranging reform programme set out in the Financial Services Growth and Competitiveness Strategy.
Asked by: Charlotte Cane (Liberal Democrat - Ely and East Cambridgeshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she is taking to grow the economy in Ely and East Cambridgeshire constituency.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government’s approach to regional growth will drive growth in city regions, towns and communities and make the most of the opportunities in each part of the country, to make everyone better off. There is excellence right across the country and this government is backing it: lifting living standards and putting more money in people’s pockets.
Cambridgeshire and Peterborough Combined Authority (CPCA) will receive £37.9 million in Local Transport Grant funding enabling local authorities to deliver transport improvements including more zero emission buses, cycleways, accessibility and congestion improvement measures. This will deliver a four-fold increase in funding in 2029-30 compared to 2024-25.
Ely and East Cambridgeshire residents will also benefit from the Government’s commitment to growth in the Oxford-Cambridge Growth Corridor to accelerate infrastructure investment, unlock new housing and commercial space, and strengthen partnerships with both private sector and local leaders. This also includes £2.5 billion for continued delivery of East-West Rail, providing new connectivity and unlocking growth across the corridor.
Asked by: John Glen (Conservative - Salisbury)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps her Department is taking to implement regulation that increases risk appetite amongst investors.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government wants to see more people benefit from the higher returns and long-term financial resilience that investing can provide. That is why the Chancellor’s Leeds Reforms included bold actions to boost retail investment.
In particular, the Treasury is working closely with the FCA to roll out a system of targeted support in time for ISA season next year. This represents the biggest reform of the financial advice and guidance landscape in more than a decade, and will be a step change in the support available to consumers.
The Government will also move Long-Term Asset Funds (LTAFs) from the Innovative Finance ISA to the Stocks & Shares ISA from April 2026. This will give more access to the higher returns available from less liquid assets, while directing investment into productive assets that will drive economic growth.
In addition, the Government welcomes the industry-led initiatives to promote the benefits of investing to the public, and to reform how firms talk about the risks and benefits of investing.
Asked by: Ben Obese-Jecty (Conservative - Huntingdon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the UK’s Modern Industrial Strategy, CP 1337, published on 23 June 2025, what progress she has made on reducing regulation for FinTech firms.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Financial Services Growth and Competitiveness Strategy, part of the UK’s Modern Industrial Strategy, delivers on the Government’s mission to shape a regulatory environment for financial services that is proportionate, predictable and internationally competitive, embracing innovation and leveraging the UK’s Fintech leadership.
For example, the Strategy committed to make it quicker and easier for new firms to achieve regulatory authorisation, allowing them to conduct limited regulated activities with streamlined conditions, as well as the launch of the FCA and PRA’s Scale-Up Unit to enhance engagement with fast-growing, innovative regulated firms.