Emma Reynolds
MP for Wycombe · Labour · United Kingdom
“My hon. Friend is a doughty champion for his area. As he said, the Prime Minister has been engaging with Cornwall—including, importantly, with its six MPs, including my hon. Friend—on a devolution agreement.”
“I thank the right hon. Gentleman, in whose footsteps I am again following by taking on another job that he did in government. As a former Environment Secretary, living in a rural area of Buckinghamshire myself and representing a semi-rural seat, I reassure him that this Government of course care about driving growth in rural areas.”
“I could not agree more with my hon. Friend. Driving public sector productivity is extremely important in two ways: first, because we get better value for money for taxpayers for the tax that people are putting in, including taxpayers in our own constituencies; and secondly, as she says, we are driving efficiencies, faster service delivery…”
“Public sector productivity is improving, with the NHS delivering 3.5% productivity growth in 2025-26, beating its 2% target. The Government will continue to drive public sector efficiency so that taxpayers’ money delivers the best possible public services.”
“My hon. Friend is a great champion for his constituency. The Cabinet statement on devolution set out the Government’s ambitions to accelerate devolution across the country by establishing a strategic authority for every area in England that wants one by the end of 2028.”
“The Government will support good growth in every postcode, including in Cornwall and Gloucester. We have already established No. 10 North to work in partnership with local leaders, businesses and communities, and at the Budget next month we will publish plans for further fiscal devolution, including greater retention of business rates rev…”
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“Clause 79 closes a known route for tax avoidance by making changes to the taxation of chargeable gains when a limited liability partnership is in liquidation, and clause 80 closes a loophole through which some taxpayers have attempted to avoid the company tax charge known as section 455. On clause 79, the Government have become aware of a scheme that is being exploited by tax-avoidance promoters involving the transfer of assets into an LLP that is then liquidated. At the time a member contributes an asset to the LLP, they are not charged tax on the gain accrued since the asset was acquired. This is because it is intended that they are taxed when the asset is disposed of, rather than the LLP itself. This is similar to the position for conventional hardships.”
“I thank the Opposition for their support. Question put and agreed to. Clause 79 accordingly ordered to stand part of the Bill. Clause 80 ordered to stand part of the Bill. Clause 81 OECD crypto-asset reporting framework Question proposed , That the clause stand part of the Bill.”
“The increased tax information that the CARF will bring to HMRC is expected to generate additional revenue of £315 million across 2026-2029. The Government intend to make the regulations in 2025 so that the CARF applies to UK crypto businesses in the UK from 1 January 2026. The changes made by the clause will amend existing legislation so that the CARF is added to the list of international arrangements for exchanging information. This will give the Treasury the power to make the CARF regulations to implement the CARF regime so that it applies to UK cryptoasset service providers from 1 January 2026. The clause is essential so that the Government can implement the CARF.”
“The clause makes changes to ensure that the Treasury has the power to make regulations to implement the cryptoasset reporting framework, which is also known as the CARF. The CARF was developed at the OECD, and the previous Government supported its development and committed to the UK’s implementing it, so I hope the Conservatives will support the clause. The CARF will require cryptoasset service providers to collect, check and report information that identifies their non-UK-resident customers and their non-UK-resident customers’ cryptoasset transactions undertaken from 2026. HMRC will then receive and share relevant data with participating jurisdictions for tax purposes from 2027. Other participating jurisdictions will share their data with HMRC where it relates to UK resident customers of non-UK cryptoasset service providers.”
“In my view, a cryptocurrency is a type of cryptoasset, but I will check that. Question put and agreed to. Clause 81 accordingly ordered to stand part of the Bill. Clause 82 Duty on vaping products”
“They will also help HMRC to manage the revenue risk from the initial sell-through period and to limit the duty avoidance practice known as forestalling, which is clearing large quantities of excise goods from duty suspense immediately prior to a rate increase to avoid paying the new tax. In regard to the shadow Minister’s amendment, the Government will not commit to fully digital stamps, as we are analysing consultation responses. A policy decision will be taken in due course, but I reassure him that we will take his views on board.”
“He asked whether there is a risk that increasing tobacco duty and introducing a vaping duty will drive up illicit trade. The threat from illicit tobacco needs to be addressed by reducing its availability, rather than allowing it to dictate our public health and tax policies. We are consulting on additional robust compliance tools for tackling the illicit trade in vapes and will collaborate with Border Force to target the illicit trade when the duty goes live. HMRC and Border Force already have a strategy in place to tackle illicit tobacco. I hope that that reassures the shadow Minister. The shadow Minister also asked about digital versus physical vaping duty stamps. Vaping duty stamps will support both enforcement and industry by identifying products that are non-duty paid and therefore illicit.”
“A technical public consultation on the design of the scheme ran from 30 October 2024 to 11 December 2024, and respondents submitted their views on digital duty stamps, physical duty stamps or a combined approach. We are currently analysing the responses to that consultation; no policy decision has yet been made. We will communicate in due course a policy decision to balance enforcement decisions and business operations. We will take on board the views of the shadow Minister; I thank him again for his amendment. The Government remain committed to working with industry to ensure that the scheme only creates burdens that are essential to tackle non-compliance, avoidance and evasion. Let me try to answer the shadow Minister’s questions.”
“On the shadow Minister’s amendment 67, I thank him for his speech, and I agree that it is crucial to get the implementation of the Bill right. His amendment would require HMRC to “have regard to the desirability of requiring a digital tax stamp to be applied to e-cigarette liquids.” The Government deem the amendment unnecessary at this time, as HMRC is already giving due consideration to vaping duty stamps. The decision to introduce vaping duty stamps was supported by respondents to the vaping products duty consultation, who pointed to their use on vaping products in other jurisdictions. The shadow Minister asked about the illicit vaping market. HMRC intends to exploit modern technology and digitalisation to ensure that the vaping duty stamps scheme targets the specific risks of the illicit vaping market.”
“As the shadow Minister said, vaping rates are highest among 16 to 24-year-olds, with 15.8% vaping daily or occasionally. Reducing affordability is part of the Government’s wider strategy to influence behaviour, especially given the addictive nature of these products. Several countries have already introduced a tax on vaping. Approximately 50 countries have a national tax on vaping products, with most targeting liquid as the tax base. The majority target both nicotine-free liquids and liquids containing nicotine. The changes made by clause 82 will enable HMRC to prepare for the introduction of the new excise duty before it is formally provided for in primary legislation next year. It will allow for spending on IT systems and staff recruitment.”
“Introducing a vaping products duty is part of the wider Government strategy to tackle vaping among young people—as the shadow Minister stated, there are worrying developments in the number of young people taking up vaping—and indeed among those who do not smoke, including via the Tobacco and Vapes Bill and the ban on disposable vapes. The vaping products duty is forecast to raise £525 million in revenue a year by the end of the scorecard, to fund vital public services such as the NHS, defence, education and stop smoking initiatives supporting a smoke-free UK. In 2023, 12% of the UK’s adult population used e-cigarettes, the highest rate ever recorded. One million people in England now vape despite never having been regular smokers: a sevenfold increase in just three years, which is pretty shocking.”
“I thank the shadow Minister for his comments. If he will bear with me, I will speak generally about clause 82 before I address his amendment. Clause 82 will make changes to ensure that HMRC can secure the resource it needs to implement the vaping products duty. The duty will be legislated for in this Bill and will come into force on 1 October 2026. It will be accompanied by a one-off increase in all tobacco duties to maintain the financial incentive to give up tobacco. The chief medical officer is clear that those who do not smoke should not vape.”
“Consequently, introducing the UK CBAM will reduce the risk of carbon leakage by placing a carbon price on carbon-intensive goods imported into the UK from 2027. The new tax will enable a charge to be placed on the carbon emissions found in highly traded carbon-intensive goods imported into the UK from the aluminium, cement, fertiliser, hydrogen, iron and steel sectors. A comparable carbon price will be placed on those goods, based on what they would have incurred if they had been produced in the UK under our domestic emissions trading scheme.”
“The clause will enable the commissioners for HMRC to prepare for the introduction of the UK carbon border adjustment mechanism and allow information to be disclosed for the purposes of developing the CBAM. The Government are committed to reaching net zero by 2050. As we make progress to decarbonise, we must ensure that the effect of our efforts is not undermined by carbon leakage. I am sure that hon. Members know this, but for the benefit of the Committee, let me define carbon leakage: it is the movement of production and its associated emissions from one country to another to avoid higher decarbonisation efforts and costs. The best solution to carbon leakage risk would be international co-ordination on decarbonisation and carbon pricing. However, many countries do not yet have domestic carbon pricing mechanisms.”
“The UK emissions trading scheme is the UK’s primary carbon pricing mechanism. The scheme was established to increase the climate ambition of the UK’s carbon pricing policy while protecting the competitiveness of UK businesses. The UK CBAM will be implemented only in sectors where it will effectively mitigate carbon leakage risk and where delivery is deemed feasible. Other sectors that give rise to carbon leakage will be considered for future inclusion.”
“I thank the hon. Lady for her intervention, but I am not entirely sure that I follow the logic. The purpose of CBAM, as I have said, is to ensure that if a product is produced using carbon in another country, we do not have leakage across the border. The overall impact will vary depending on the sector’s exposure to CBAM imports relative to the overall input costs and the extent to which it can substitute them. CBAM imports make up only a small proportion—about 1%—of average UK industry input costs. CBAM liabilities are expected to be small initially, and reliance on inputs of goods within scope across the economy is limited overall. I am not sure that I follow the logic that imposing CBAM on imported fertilisers will somehow have the effect that the hon. Lady suggests.”
“I thank the shadow Minister for his questions. I think from his comments that he knows this, but the clause is a paving measure for legislation that will be introduced. There will be further detail in draft legislation that will come in a future Finance Bill, so I cannot give him that detail today, but I take into account what he said. Draft legislation will be published so that affected industries can comment on it. I therefore reassure him that some of the issues he raised will be taken into account. Question put and agreed to. Clause 83 ordered to stand part of the Bill. Clause 84 Correction of wrong cross-reference etc Question proposed, That the clause stand part of the Bill.”
“The clause corrects the error by requiring regulations to be laid before the Commons only—take back control. Lastly, subsection (3) corrects a typographical error in section 4 of the Taxation (Post-transition Period) Act 2020, concerning excise duty on the removal of goods to Northern Ireland. The correction removes a reference to section 42 of the Finance (No. 2) Act 2023, and inserts the correct reference to section 47 of that Act. In summary, the changes made by clause 84 will ensure that legislation accurately reflects the policy intent, and remove possible confusion for readers.”
“To reflect that change in responsibility, the definition of financial institution was amended in both the Income Tax Act 2007 and the Corporation Tax Act 2009. However, the mirror legislation found in the Taxation of Chargeable Gains Act 1992 was overlooked, and subsection (1) will make similar changes to the Act to ensure that the definition of financial institution is consistent across the relevant capital gains tax, income tax and corporation tax legislation. Secondly, subsection (2) corrects the procedure for making regulations under part 14A of the Corporation Tax Act 2009. The current wording requires regulations to be made by statutory instrument, subject to annulment by either House of Parliament. That is incorrect, as financial regulations are a reserved matter for the House of Commons only.”
“I hope the clause will not be controversial, although we are always surprised by Opposition Members. The clause will make changes to ensure that various errors and omissions in three pieces of legislation are corrected. I will go through them in turn. First, subsection (1) will amend paragraph (d) of section 151I(1)—that is a confusing number—of the Taxation of Chargeable Gains Act 1992, which defines “financial inclusion” for the purposes of legislation on the provision of alternative finance in chapter 4. That definition includes persons who are authorised to provide credit. Authorisation of such persons was previously the responsibility of the Office of Fair Trading, but moved to the Financial Conduct Authority.”
“In conclusion, the changes made by these clauses will bring the tax treatment of transfers to EEA and Gibraltar pension schemes, the conditions that EEA overseas schemes need to meet, and the requirements for EEA administrators of UK schemes in line with the rest of the world. I commend the clauses to the Committee.”
“They will align the requirements for schemes in the EEA with those for the rest of the world, and bring the requirements for non-occupational schemes in line with those for occupational ones. Clause 34 concerns the requirements on administrators of UK registered pension schemes. Under the existing rules for such schemes, the scheme administrator can be a resident in the EEA, which can make enforcement of tax debts from the scheme difficult and costly for HMRC. The changes made by clause 34 would mean that, from 6 April 2026, all scheme administrators of UK registered pension schemes will need to be UK residents. That requirement will support HMRC’s enforcement activities, as there will be a UK resident for it to engage with.”
“When the UK was a member of the EU, the requirements for schemes based in the EEA were different from those for schemes based in the rest of the world. The changes made by clause 33 mean that a non-occupational pension scheme established in the EEA must be regulated by a pension schemes regulator in that country—provided there is such a regulator—to be considered an overseas pension scheme. If there is no such regulator, the scheme provider must be regulated for the establishment and provision of the scheme. Furthermore, to be considered a recognised overseas pension scheme, a scheme based in the EEA must be established in a country with which the UK has either a double tax agreement that allows for exchange of information or a tax information exchange agreement. The changes will take effect from 6 April 2025.”
“As a result, some pension scheme members can benefit from double tax-free allowances by taking tax-free entitlements from both their UK scheme and their qualifying overseas pension schemes. The changes made by clause 32 remove that exclusion from the overseas transfer charge for transfers from 30 October 2024. As a result, transfers will be subject to the overseas transfer charge unless another exclusion applies—for example, if the transfer is to a scheme established in a country where the member is a resident. That will reduce the number of tax-free transfers made and help to keep up to £1 billion of pension savings in the UK over the next five years. Clause 33 concerns the requirements for schemes to be considered as overseas pension schemes and recognised overseas pension schemes.”
“These clauses make changes to pension schemes established in, or administered by, persons resident in European economic area states and bring them in line the rest of the world. Currently, individuals can transfer some or all of their UK pension savings to an overseas pension scheme, provided it is a qualifying recognised overseas pension scheme. Certain transfers to such schemes are subject to the overseas transfer charge, which is a 25% tax charge on the value of the transfer. However, provided they do not exceed the overseas transfer allowance, UK or EEA residents are excluded from this charge for transfers to qualifying overseas pension schemes in the EEA and Gibraltar. That exclusion was introduced to comply with EU fundamental freedoms that were in place at the time.”
“Treasury Ministers and officials work very closely with HMRC—we are in the same building—and these changes have been drafted and consulted on with HMRC, so I suspect that I can reassure him that everything is in order.”
“I thank the shadow Minister for his questions. I hope to answer all of them and, if I do not, I promise to write to him with clarification. He asked some questions about the number of individuals. I can tell him that in 2023-24, there were 7,100 transfers to qualifying recognised overseas pension schemes, and the value of those transfers was £1.14 billion. There is an increasing risk that these transfers were being made tax free and that some of these individuals would have been benefiting from the double tax-free allowances. I note the hon. Gentleman’s support for eliminating the risk of that and not allowing people to benefit from double tax-free allowances, which is obviously the main intention of these clauses. He asked about HMRC being prepared and the operational challenges that it might face as a result of the changes.”
“The Government will introduce this exemption ahead of the first PISCES trading events. The effect of the exemption will be time-limited, in line with the duration of the PISCES sandbox. Clause 56 introduces a stamp duty and stamp duty reserve tax power in relation to financial market infra-structure sandboxes that will be used to provide an exemption for PISCES transactions. This will increase the attractiveness of PISCES and demonstrates the Government’s commitment to ensuring its success. The announcement of the exemption has been welcomed by stakeholders.”
“As part of this, the Government will lay a statutory instrument to establish the PISCES sandbox by May this year. Clause 56 will allow the Treasury to make stamp duty and stamp duty reserve tax changes by statutory instrument, in connection with any exercise of the time-limited FMI sandbox power in the Financial Services and Markets Act 2023. The power will be used to introduce an exemption from stamp duty and stamp duty reserve tax for PISCES transactions, as announced at the autumn Budget. That exemption will boost the attractiveness of PISCES, incentivising investors and private companies to participate, and it demonstrates the Government’s commitment to the success of PISCES as part of our wider ambitions to reinvigorate UK capital markets and to deliver growth.”
“PISCES is a new type of trading platform that will allow private companies to have their shares traded intermittently, supporting private companies to scale and grow, and boosting the pipeline of future initial public offerings in the UK. Using powers from the Financial Services and Markets Act 2023, which was introduced by the previous Government, this Government will establish the regulatory framework for PISCES in a financial market infrastructure sandbox. That will allow the Treasury to temporarily modify or disapply certain pieces of legislation, to support market operators to trial new or developing technologies or practices, while still achieving appropriate regulatory outcomes. The Government published a response to the PISCES consultation paper at Mansion House on 14 November 2024.”
“Clause 56 introduces a power enabling changes to be made to stamp duty and stamp duty reserve tax in relation to financial market infrastructure sandboxes. The Government are committed to developing the UK’s capital markets and, as part of that, have announced that they will take forward the private intermittent securities and capital exchange system, known as PISCES. That power will be used to provide an exemption from stamp duty and stamp duty reserve tax for PISCES transactions. This will be a carefully targeted exemption, representing a cost-effective approach to boosting growing private companies and supporting our capital markets.”
“On his final question, although I am quite new to this position, I am familiar with the demands for the simplification of stamp duty and stamp duty reserve tax—we might make it a little bit easier to say, let alone to pay. I will absolutely prioritise looking at simplification, because any kind of simplification is good for the market and helps to get things going. I am happy to look at that, but I cannot give the shadow Minister an exact answer now. Question put and agreed to. Clause 56 accordingly ordered to stand part of the Bill. Clause 57 Rate bands etc for tax years 2028-29 and 2029-30 Question proposed, That the clause stand part of the Bill.”
“On estimating the impact, it is really important to note that many stakeholders in the City and across financial services, not least the Investment Association, have welcomed this innovation. We know that investors and those in the market are interested in it, and I think there is great optimism about the demand for shares on PISCES. We still have to lay the statutory instrument, but the innovation is of interest to Members across the House, so I am very happy to update it on the development of PISCES. On the shadow Minister’s questions about the FCA, we stress to the financial services regulators at every opportunity that any new rules should be proportionate, and I assure him that that is how I will approach my work with the FCA.”
“I thank the shadow Minister for the way he has approached this subject. He is correct, of course, that the previous Government consulted on PISCES in March last year. We responded to the consultation in November, alongside the Mansion House speech delivered by my right hon. Friend the Chancellor. I am glad that there is cross-party agreement on these issues. When we were in opposition, we were very constructive in our feedback on such proposals. The shadow Minister is right that there are other reforms in this area, which came from the Lord Hill listings review and others—there were other reviews pertinent to capital markets when the Conservative party was in government. The shadow Minister asked me a number of questions.”
“Member recognised the Government’s dire economic inheritance from the Conservatives, none of whom are in the Chamber. We had some very difficult decisions to make in the Budget, but it was necessary to wipe the slate clean to deliver the economic stability that high street businesses need.”
“High streets are focal points of economic activity, but most importantly—she said this in her speech—they are often a key part of the unique character of our communities. We know that high street businesses are contending with a range of challenges. She listed some of them, but I will list a couple: changing consumer shopping habits and the rise of online shopping, and a series of economic headwinds, including the pandemic, which we know was particularly difficult for small, independent businesses on the high street. The Government are committed to reforming Britain’s economy to bring about a decade of national renewal. Creating an environment in which our high streets are able to flourish is critical to that commitment. In her speech, the hon.”
“I congratulate the hon. Member for Harpenden and Berkhamsted (Victoria Collins) on securing the debate and thank her for sharing her story of working in her mum’s gift shop. It was very moving to hear that she has had direct experience of working in a shop on the high street. I also thank her for her survey of local small businesses on her seven high streets, which is an impressive number. She outlined very well the importance of the businesses there; I think she said that there are 197 retail, hospitality and leisure businesses, employing some 6,000 people. I thank her for sharing those statistics, and the feedback from those businesses. I share the hon. Member’s passion for the regeneration of our high streets. I think it is a concern for Members across the House.”
“The hon. Member pre-empts my next sentence, so I thank him for that. We have committed to reforming business rates, because we need a fairer system, fit for the 21st century. That important part of our reforms and plans will, I hope, benefit the businesses that the hon. Member for Harpenden and Berkhamsted spoke about.”
“That will capture the majority of large distribution warehouses, including those used by online giants, as well as other out-of-town businesses that draw footfall away from high streets. Those business rates reforms provide the certainty that businesses need to invest while protecting the public finances. The Government have already introduced to the House primary legislation that will provide the underpinning of those reforms, and the exact rates for the new multipliers will be confirmed later this year in the autumn Budget.”
“We very much believe that for too long, the business rates system has placed an unfair burden on high-street retail, hospitality and leisure businesses, as she mentioned. To support those sectors, we intend to introduce permanently lower tax rates for retail, hospitality and leisure properties with rateable values of less than £500,000 from 2026-27. That will allow us to provide stability after the ongoing uncertainty of the one-year retail and hospitality leisure relief, which has been extended year by year since the pandemic. That tax cut will be sustainably funded not by increases in taxes on working people, which we promised not to introduce, but through a higher tax rate on the most valuable 1% of business properties in the country.”
“To support businesses, including those on the high street, the Budget honoured the manifesto commitment to not raise corporation tax; it set out the tax road map for this Parliament, in which we will not change corporation tax, which means we have the lowest rate in the G7. All that will support businesses, from restaurants to retailers, to invest. On the high street, we announced at the Budget major support for pubs; we are cutting alcohol duty on qualifying draught products, which make up approximately 60% of the alcoholic drinks sold in pubs. That represents an overall reduction in duty bills of over £85 million a year, and is equivalent to a 1p duty reduction on a typical pint. The hon. Member raised concerns about the business rate system; let me address those in more detail.”
“Member’s points about national insurance, one of the toughest decisions we took in the Budget was to raise the rate of employer national insurance contributions from 13.8% to 15%, but we recognised the need to protect the smallest businesses. The Federation of Small Businesses asked us specifically about that, which is why we have more than doubled the employment allowance to £10,500. That means that more than half of businesses with national insurance contribution liabilities will either see no change at all or be taken out of paying national insurance contributions. As I said, that was a key demand from small businesses.”
“As I said, we had to make difficult decisions, and that was one of the most difficult. The hon. Member asked whether we were meeting small businesses. The Exchequer Secretary is meeting a range of small businesses, as are Treasury officials, before formulating our plan to reform business rates, which I will talk about briefly. She asked questions about inheritance tax; I will write to her on that, to ensure she gets the right answer. She also asked about local government. I was not entirely sure about the question, so perhaps we can clarify that, and I will write to her on that as well. Turning in more detail to the hon.”
“Ministers are always happy to hear from hon. Members. I suggest that the hon. Member writes to the Exchequer Secretary to the Treasury with that feedback. I should note that this is not my policy area; the Exchequer Secretary is visiting small businesses as we speak, so I am standing in for him, but I am sure that he will welcome that feedback from the hon. Lady. I have listened carefully to the hon. Member for Harpenden and Berkhamsted and tried to note down all her questions, but if I do not get to all of them, I am happy to write to her after the debate; I hope that is helpful. She asked whether there were any mitigations, and I think she asked us to cancel some of the plans in the Budget. I am afraid that I cannot give her that assurance. The changes to national insurance will come into force on 1 April.”
“We need to treat all small businesses equally. I understand the hon. Lady’s perspective, but I do not think that it would be fair or easy to have a business rates system that distinguished between rural and non-rural. What is rural? I know the constituency of the hon. Member for Harpenden and Berkhamsted rather well because I live not too far away. Tring is a town there, but other places in her constituency would be quite difficult to categorise as rural or non-rural, so I do not think that we can go down that route, although I understand why the hon. Member for Glastonbury and Somerton (Sarah Dyke) is trying to tempt us down it; I do not think that would work.”
“Government officials have undertaken a series of roundtable events to understand from businesses across all sectors and sizes how they think reform of the system can best be delivered. Over 200 businesses have already given their feedback at those roundtables. The Exchequer Secretary to the Treasury is leading that work and engaging with a broad range of high-street businesses, as are officials in my Department.”
“I am here in my ministerial capacity, of course, but I also represent High Wycombe in the south-east, so I understand her point, and promise to take it back to the Department, and to the Exchequer Secretary to the Treasury. Levelling the playing field for the high street is just the start, and we are committed to transforming the whole system in the longer term. As we set out in the “Transforming Business Rates” policy paper that we published alongside the Budget, the Government will create a fairer business rates system that protects the high street, supports investment and is fit for the 21st century. It is important that we work in partnership with high-street businesses to get the reforms right. I thank the hon. Member for Harpenden and Berkhamsted for bringing the voice of small businesses in her constituency to our proceedings.”
“Member for Harpenden and Berkhamsted again on her first Adjournment debate in the House—it is also the first Adjournment debate that I have responded to as a Minister—and thank her for raising this important issue. This Government have delivered the economic stability that high-street businesses need to thrive, and we are committed to delivering the business rates reforms that will support high streets up and down the country. Question put and agreed to.”
“Indeed. The point of the reforms is to better protect small businesses. As the hon. Gentleman says, there are already small businesses that are protected, but we want to ensure that those small businesses that are above the current thresholds are also protected, and do not pay the rates that they pay at the moment. We want to make sure that small businesses on the high street are better supported—that is the whole point of the reforms—so I can reassure him that it will not get worse for small businesses. It may be the Exchequer Secretary’s area, but I know that much, so I thank the hon. Gentleman for the opportunity to respond to that question. We look forward to further engagement with businesses over the coming months on delivering a business rates system fit for the future. I congratulate the hon.”
“I can tell I am going to enjoy discussing these matters with the right hon. Gentleman. I have looked into this since our exchange on Monday, and I want to clarify what happened on the Friday before the Monday in March 2023. The Bank of England issued a statement on the Friday evening saying that it intended to apply to the court to place SVB UK Ltd into a bank insolvency procedure, absent any meaningful further information. However, a buyer came forward over the weekend, which is what changed between the Friday and the Monday. It was judged to be both in the public interest and in the interest of SVB UK customers that this resolution on the Monday morning was preferable to the insolvency procedure that had been announced on the Friday.”