Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what steps they are taking to support the responsible adoption of AI by UK financial services firms; and what assessment they have made of the impact of AI use by those firms on productivity, service delivery and competitiveness.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The Government believes that the safe adoption of artificial intelligence (AI) by the financial services sector is a major strategic opportunity, with the potential to power growth across the UK. As set out in the Government’s Financial Services Growth and Competitiveness Strategy, it is our ambition to make the UK ”the world’s most technologically advanced global financial sector”, leveraging our dual strengths in FS and AI to drive growth, productivity, and deliver consumer benefits.
The Government has appointed Financial Services AI Champions, Harriet Rees and Rohit Dhawan, who will focus on helping firms seize opportunities of AI while protecting consumers and financial stability.
AI is already widely used across financial services, with around three-quarters of UK firms now deploying AI according to a recent survey by the Bank of England and the FCA. Additionally, recent reports from the City of London Corporation suggests AI could add tens of billions of pounds to the financial and professional services sector by 2030, as well as transforming services for consumers, and increasing productivity by up to 50% - underlining both the pace of adoption and the scale of the opportunity ahead.
The Government will continue working closely with industry and the regulators to safely capitalise on the opportunities AI presents while protecting consumers and financial stability.
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the Foreign, Commonwealth & Development Office:
To ask His Majesty's Government what assessment they have made of the impact of their partnership with the World Bank on the position of the City of London as a global financial centre.
Answered by Baroness Chapman of Darlington - Minister of State (Development)
The UK works closely with the World Bank (WB) to strengthen the position of the City of London as a global financial centre. The World Bank Group has 70 staff members in London, which is one of three International Finance Corporation (IFC) Treasury Hubs.
IFC, WB's private sector arm, has an active committed investment portfolio of over $5.2 billion with UK businesses. The UK is the largest investor country for the Multilateral Investment Guarantee Agency (MIGA), with an exposure of $7.4 billion.
The City is also a centre of innovation. For example, last month, with support from the UK, the IFC sold $500 million of assets on the London Stock Exchange in a breakthrough transaction which will create a new asset class for UK and international investors.
Asked by: Peter Fortune (Conservative - Bromley and Biggin Hill)
Question to the Ministry of Housing, Communities and Local Government:
To ask the Secretary of State for Housing, Communities and Local Government, with reference to paragraph 2.2.5 of the English Devolution White Paper, published on 16 December 2024, when the working group jointly sponsored by his Department and the Greater London Authority will publish its conclusions.
Answered by Miatta Fahnbulleh - Parliamentary Under-Secretary (Housing, Communities and Local Government)
The Greater London Authority (GLA) is an Established Mayoral Strategic Authority (EMSA) and will be formally made as such via the English Devolution and Community Empowerment Bill (‘the Bill’). As with other EMSAs, the Bill will grant the GLA the ‘right to request’, allowing them to request additions to the devolution framework to help deliver their areas of competence. Requests could be for further powers, funding or place-based pilots. Requests will be considered by Government and responded to within 6 months. This will be the primary way the powers of all Strategic Authorities will be amended going forward; however the Bill delivers on our commitment to devolve responsibility for the disposal of TfL operational land to the Mayor of London.
It is my Department’s expectation that some of the GLA’s requests for future devolved functions will be informed by an analysis of the powers and policy approaches of any global cities which can provide valuable lessons for London. As such, there is no defined list of global city authorities with which the Department plans to compare to London.
The working group jointly sponsored by my Department and the GLA has met a total of three times since November 2024. It has provided a forum to discuss potential priorities for the GLA’s ‘right to request’ informed by global city comparisons. The group has also worked to ensure the Bill's provisions align with the GLA's unique devolution settlement. Work has also been ongoing to agree an Integrated Settlement for London, as was announced at the Spending Review in June 2025. The working group is intended to provide a forum for engagement with the GLA on an ongoing basis, as such the Department does not plan to publish final conclusions.
Asked by: Peter Fortune (Conservative - Bromley and Biggin Hill)
Question to the Ministry of Housing, Communities and Local Government:
To ask the Secretary of State for Housing, Communities and Local Government, with reference to paragraph 2.2.5 of the English Devolution White Paper, published on 16 December 2024, whether he plans to amend the Greater London Authority's powers.
Answered by Miatta Fahnbulleh - Parliamentary Under-Secretary (Housing, Communities and Local Government)
The Greater London Authority (GLA) is an Established Mayoral Strategic Authority (EMSA) and will be formally made as such via the English Devolution and Community Empowerment Bill (‘the Bill’). As with other EMSAs, the Bill will grant the GLA the ‘right to request’, allowing them to request additions to the devolution framework to help deliver their areas of competence. Requests could be for further powers, funding or place-based pilots. Requests will be considered by Government and responded to within 6 months. This will be the primary way the powers of all Strategic Authorities will be amended going forward; however the Bill delivers on our commitment to devolve responsibility for the disposal of TfL operational land to the Mayor of London.
It is my Department’s expectation that some of the GLA’s requests for future devolved functions will be informed by an analysis of the powers and policy approaches of any global cities which can provide valuable lessons for London. As such, there is no defined list of global city authorities with which the Department plans to compare to London.
The working group jointly sponsored by my Department and the GLA has met a total of three times since November 2024. It has provided a forum to discuss potential priorities for the GLA’s ‘right to request’ informed by global city comparisons. The group has also worked to ensure the Bill's provisions align with the GLA's unique devolution settlement. Work has also been ongoing to agree an Integrated Settlement for London, as was announced at the Spending Review in June 2025. The working group is intended to provide a forum for engagement with the GLA on an ongoing basis, as such the Department does not plan to publish final conclusions.
Asked by: Peter Fortune (Conservative - Bromley and Biggin Hill)
Question to the Ministry of Housing, Communities and Local Government:
To ask the Secretary of State for Housing, Communities and Local Government, with reference to paragraph 2.2.5 of the English Devolution White Paper, published on 16 December 2024, which global city authorities his Department plans to consider.
Answered by Miatta Fahnbulleh - Parliamentary Under-Secretary (Housing, Communities and Local Government)
The Greater London Authority (GLA) is an Established Mayoral Strategic Authority (EMSA) and will be formally made as such via the English Devolution and Community Empowerment Bill (‘the Bill’). As with other EMSAs, the Bill will grant the GLA the ‘right to request’, allowing them to request additions to the devolution framework to help deliver their areas of competence. Requests could be for further powers, funding or place-based pilots. Requests will be considered by Government and responded to within 6 months. This will be the primary way the powers of all Strategic Authorities will be amended going forward; however the Bill delivers on our commitment to devolve responsibility for the disposal of TfL operational land to the Mayor of London.
It is my Department’s expectation that some of the GLA’s requests for future devolved functions will be informed by an analysis of the powers and policy approaches of any global cities which can provide valuable lessons for London. As such, there is no defined list of global city authorities with which the Department plans to compare to London.
The working group jointly sponsored by my Department and the GLA has met a total of three times since November 2024. It has provided a forum to discuss potential priorities for the GLA’s ‘right to request’ informed by global city comparisons. The group has also worked to ensure the Bill's provisions align with the GLA's unique devolution settlement. Work has also been ongoing to agree an Integrated Settlement for London, as was announced at the Spending Review in June 2025. The working group is intended to provide a forum for engagement with the GLA on an ongoing basis, as such the Department does not plan to publish final conclusions.
Asked by: Peter Fortune (Conservative - Bromley and Biggin Hill)
Question to the Ministry of Housing, Communities and Local Government:
To ask the Secretary of State for Housing, Communities and Local Government, with reference to paragraph 2.2.5 of the English Devolution White Paper, published on 16 December 2024, how many times the new working group sponsored jointly by her Department and the Greater London Authority has met.
Answered by Miatta Fahnbulleh - Parliamentary Under-Secretary (Housing, Communities and Local Government)
The Greater London Authority (GLA) is an Established Mayoral Strategic Authority (EMSA) and will be formally made as such via the English Devolution and Community Empowerment Bill (‘the Bill’). As with other EMSAs, the Bill will grant the GLA the ‘right to request’, allowing them to request additions to the devolution framework to help deliver their areas of competence. Requests could be for further powers, funding or place-based pilots. Requests will be considered by Government and responded to within 6 months. This will be the primary way the powers of all Strategic Authorities will be amended going forward; however the Bill delivers on our commitment to devolve responsibility for the disposal of TfL operational land to the Mayor of London.
It is my Department’s expectation that some of the GLA’s requests for future devolved functions will be informed by an analysis of the powers and policy approaches of any global cities which can provide valuable lessons for London. As such, there is no defined list of global city authorities with which the Department plans to compare to London.
The working group jointly sponsored by my Department and the GLA has met a total of three times since November 2024. It has provided a forum to discuss potential priorities for the GLA’s ‘right to request’ informed by global city comparisons. The group has also worked to ensure the Bill's provisions align with the GLA's unique devolution settlement. Work has also been ongoing to agree an Integrated Settlement for London, as was announced at the Spending Review in June 2025. The working group is intended to provide a forum for engagement with the GLA on an ongoing basis, as such the Department does not plan to publish final conclusions.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what her Department's timetable is for thee next phase of the UK-India financial services regulatory dialogue.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
India is an important emerging market, and we maintain several collaboration vehicles for discussing regulatory and market access barriers in financial services. Most recently there was a UK-India Financial Markets Dialogue held in GIFT City in December 2024 and we are looking forward to the upcoming UK-India Economic and Financial Dialogue in April 2025 which is jointly chaired by the Chancellor and the Indian Finance Minister. Both dialogues are an opportunity for both the UK and India’s finance ministries and regulators to table important FS issues for collaborative working.
Boosting trade abroad is essential to delivering growth at home. That is why the UK is committed to negotiating a trade deal with India – one of the fastest growing economies in the world. Officials are continuing to negotiate the UK-India FTA, which includes FS provisions that will not undermine our future relationship and support our continued cooperation. A trade deal could unlock new opportunities for businesses and consumers in all regions and nations of the UK.
Fintech is an important sector for both the UK and India, we engage closely with the Indian Finance Ministry through an annual Joint Fintech Working Group. We also welcome advice from industry through the India-UK Financial Partnership (IUKFP), including through their recent 2023 report ‘Harnessing the power of FinTech and data’.
We welcome the progress of the UK-India Infrastructure Financing Bridge (UKIIFB) led by the City of London Corporation and the National Institute for the Transformation of India (NITI Aayog) in its first year, and we look forward to supporting the second year of the UKIIFB and any new areas of focus.
The UK supported the establishment and development of the ISSB as a global standard setter for sustainability reporting at COP26. The government have also supported world-leading work on transition plan disclosures by co-chairing the Transition Plan Taskforce. We will be taking a pro-growth, pragmatic approach to sustainable finance, combining support for international and interoperable standards like ISSB with an openness to feedback about what policies we should be pursuing. The upcoming UK-India EFD will present a renewed opportunity to engage with India on our shared areas of interest in sustainable finance.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what progress her Department has made on establishing formal structures to implement the proposed UK-India infrastructure finance collaboration platform.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
India is an important emerging market, and we maintain several collaboration vehicles for discussing regulatory and market access barriers in financial services. Most recently there was a UK-India Financial Markets Dialogue held in GIFT City in December 2024 and we are looking forward to the upcoming UK-India Economic and Financial Dialogue in April 2025 which is jointly chaired by the Chancellor and the Indian Finance Minister. Both dialogues are an opportunity for both the UK and India’s finance ministries and regulators to table important FS issues for collaborative working.
Boosting trade abroad is essential to delivering growth at home. That is why the UK is committed to negotiating a trade deal with India – one of the fastest growing economies in the world. Officials are continuing to negotiate the UK-India FTA, which includes FS provisions that will not undermine our future relationship and support our continued cooperation. A trade deal could unlock new opportunities for businesses and consumers in all regions and nations of the UK.
Fintech is an important sector for both the UK and India, we engage closely with the Indian Finance Ministry through an annual Joint Fintech Working Group. We also welcome advice from industry through the India-UK Financial Partnership (IUKFP), including through their recent 2023 report ‘Harnessing the power of FinTech and data’.
We welcome the progress of the UK-India Infrastructure Financing Bridge (UKIIFB) led by the City of London Corporation and the National Institute for the Transformation of India (NITI Aayog) in its first year, and we look forward to supporting the second year of the UKIIFB and any new areas of focus.
The UK supported the establishment and development of the ISSB as a global standard setter for sustainability reporting at COP26. The government have also supported world-leading work on transition plan disclosures by co-chairing the Transition Plan Taskforce. We will be taking a pro-growth, pragmatic approach to sustainable finance, combining support for international and interoperable standards like ISSB with an openness to feedback about what policies we should be pursuing. The upcoming UK-India EFD will present a renewed opportunity to engage with India on our shared areas of interest in sustainable finance.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what progress her Department has made on UK-India cooperation to improve regulatory frameworks for (a) sustainable finance and (b) climate-related financial disclosures.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
India is an important emerging market, and we maintain several collaboration vehicles for discussing regulatory and market access barriers in financial services. Most recently there was a UK-India Financial Markets Dialogue held in GIFT City in December 2024 and we are looking forward to the upcoming UK-India Economic and Financial Dialogue in April 2025 which is jointly chaired by the Chancellor and the Indian Finance Minister. Both dialogues are an opportunity for both the UK and India’s finance ministries and regulators to table important FS issues for collaborative working.
Boosting trade abroad is essential to delivering growth at home. That is why the UK is committed to negotiating a trade deal with India – one of the fastest growing economies in the world. Officials are continuing to negotiate the UK-India FTA, which includes FS provisions that will not undermine our future relationship and support our continued cooperation. A trade deal could unlock new opportunities for businesses and consumers in all regions and nations of the UK.
Fintech is an important sector for both the UK and India, we engage closely with the Indian Finance Ministry through an annual Joint Fintech Working Group. We also welcome advice from industry through the India-UK Financial Partnership (IUKFP), including through their recent 2023 report ‘Harnessing the power of FinTech and data’.
We welcome the progress of the UK-India Infrastructure Financing Bridge (UKIIFB) led by the City of London Corporation and the National Institute for the Transformation of India (NITI Aayog) in its first year, and we look forward to supporting the second year of the UKIIFB and any new areas of focus.
The UK supported the establishment and development of the ISSB as a global standard setter for sustainability reporting at COP26. The government have also supported world-leading work on transition plan disclosures by co-chairing the Transition Plan Taskforce. We will be taking a pro-growth, pragmatic approach to sustainable finance, combining support for international and interoperable standards like ISSB with an openness to feedback about what policies we should be pursuing. The upcoming UK-India EFD will present a renewed opportunity to engage with India on our shared areas of interest in sustainable finance.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent progress her Department has made on financial sector reform to facilitate bilateral investment flows between the UK and India.
Answered by Emma Reynolds - Secretary of State for Environment, Food and Rural Affairs
India is an important emerging market, and we maintain several collaboration vehicles for discussing regulatory and market access barriers in financial services. Most recently there was a UK-India Financial Markets Dialogue held in GIFT City in December 2024 and we are looking forward to the upcoming UK-India Economic and Financial Dialogue in April 2025 which is jointly chaired by the Chancellor and the Indian Finance Minister. Both dialogues are an opportunity for both the UK and India’s finance ministries and regulators to table important FS issues for collaborative working.
Boosting trade abroad is essential to delivering growth at home. That is why the UK is committed to negotiating a trade deal with India – one of the fastest growing economies in the world. Officials are continuing to negotiate the UK-India FTA, which includes FS provisions that will not undermine our future relationship and support our continued cooperation. A trade deal could unlock new opportunities for businesses and consumers in all regions and nations of the UK.
Fintech is an important sector for both the UK and India, we engage closely with the Indian Finance Ministry through an annual Joint Fintech Working Group. We also welcome advice from industry through the India-UK Financial Partnership (IUKFP), including through their recent 2023 report ‘Harnessing the power of FinTech and data’.
We welcome the progress of the UK-India Infrastructure Financing Bridge (UKIIFB) led by the City of London Corporation and the National Institute for the Transformation of India (NITI Aayog) in its first year, and we look forward to supporting the second year of the UKIIFB and any new areas of focus.
The UK supported the establishment and development of the ISSB as a global standard setter for sustainability reporting at COP26. The government have also supported world-leading work on transition plan disclosures by co-chairing the Transition Plan Taskforce. We will be taking a pro-growth, pragmatic approach to sustainable finance, combining support for international and interoperable standards like ISSB with an openness to feedback about what policies we should be pursuing. The upcoming UK-India EFD will present a renewed opportunity to engage with India on our shared areas of interest in sustainable finance.