Tulip Siddiq
MP for Hampstead and Highgate · Labour · United Kingdom
“I explained that no one has ever contacted me about all those allegations—not even now—because apparently they cannot find me, even though I am standing here right now in Parliament.”
House of Commons22 October 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Some people in the House may have noticed that a year ago a foreign state took an enormous interest in me and went to town with the newspapers.”
House of Commons22 October 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“On 24 September, Melissa Premaratne was on her way to school when she was run over by a private hire vehicle on a crossing. Her parents, family, friends and teachers at Highgate school are understandably devastated.”
House of Commons22 October 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Vincent Chan abused baby girls at a Bright Horizons nursery in my constituency for seven years. The Guardian has now revealed that three years before he was arrested, a complaint was made about him.”
House of Commons15 October 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“On the topic of local businesses, 87% of my constituents voted to remain in the EU, but kitchen designer Neil Lerner told me that he had to close the doors on a family business that had lasted for more than 30 years because of a severe downturn in sales caused by Brexit, a local bakery told me that its paperwork nearly doubled before it c…”
House of Commons12 October 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“While I recognise this was not the main part of the Foreign Secretary’s statement, I thank him for raising the plight of British Jewish children who are fearful going to school. As he will know, a lot of British Jewish children live in my constituency, and their safety is my main priority.”
House of Commons8 September 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
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“It was in Kilburn in my constituency that synagogues, churches and homes opened their doors to families who faced persecution. I should say that Kilburn—or County Kilburn, as it is often called—was also a place of refuge for those fleeing the Irish famine in the mid-1800s. I am delighted to say that in Kilburn we now have the largest Irish community living in London. In Highgate, a new part of my constituency, Camden council provided refuge to families escaping the Taliban in Afghanistan. These are people who risked their lives and are now in Camden—our doctors, nurses, translators and civil servants. My constituency of Hampstead and Highgate has a proud legacy of welcoming refugees, and I intend to continue supporting that legacy.”
House of Commons1 July 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“It is a pleasure to serve under your chairship, Ms Butler. I thank my hon. Friend the Member for Alloa and Grangemouth (Brian Leishman) for bringing this important debate to the House; I am sure his constituents are very proud of the powerful speech that he made here today. I know that there are brilliant grassroots charities in his constituency offering sanctuary and support to new Scots from Syria, South Sudan and Ukraine. Our constituencies are hundreds of miles apart from each other, but we are united in the belief that we have to give refugees our compassion and support. I wanted to speak in today’s debate because my constituency of Hampstead and Highgate has had a proud history of supporting refugees for years and years. During the first world war, 250,000 Belgians fled to England to escape the invading Germans.”
House of Commons1 July 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I am concerned about my constituents Natasha, Joshua and Jemma, who are stuck in Israel after travelling there for a wedding. They sent me a desperate message saying that they are worried about their safety and are facing a daily cascade of missiles. They have registered their presence with the Foreign Office. I have heard what the Foreign Secretary has said today, but could I ask him to publicly reassure their families in my constituency that he is doing all he can to bring British nationals home to safety?”
House of Commons16 June 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The hon. Member is making an important speech on behalf of his constituent. He mentioned the diagnosis process; I have seen in my casework that constituents in hard-to-reach communities find it difficult to navigate the ADHD process, and some appeal to the wrong groups for advice and information. Ultimately, they end up on the waiting list for even longer, because the people they reached out to were not the right ones. Does the hon. Member agree that Government and local authorities need to work together to provide targeted information to marginalised groups and hard-to-reach communities, so that people do not fall even further behind their privileged peers?”
House of Commons10 June 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Innocent Palestinian civilians face a horrific choice: either they die of starvation, or they risk being killed while they queue up for aid. I welcome the sanctions announced by the Minister, but I want to press him for more detail about his engagement with our international allies on collectively putting pressure on the Israeli Government to allow free-flowing aid into Gaza for those who need it most, and who are in this situation through no fault of their own.”
House of Commons10 June 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Members in this room, but for all my constituents in Hampstead and Highgate, especially on Kilburn High Road.”
House of Commons5 June 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“They undermine community spirit and community resilience, and have a huge impact on the mental health of our community. Yesterday, my hon. Friend for Queen’s Park and Maida Vale and I went to the One Kilburn meeting. The community has come together under the leadership of Ajay, Stephane, Alan and Josie to reassure the community that we are here for them. There is an increase in community police officers on the high street—they do a fantastic job—but that cannot be a temporary measure. We have to make the community in Kilburn feel safe all the time. I welcome the Government’s neighbourhood policing guarantee, because it could not come sooner for our constituents. I say to the Minister, who I know is excellent at her job, that we have to have a guarantee that the scheme’s funding will be protected not just for all hon.”
House of Commons5 June 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“We serve Afghan food from Ariana and we have the award winning Kiln theatre. We have community festivals at Kilburn Grange Park, which hon. Members are also very welcome to attend. But last month, we had six stabbings on Kilburn High Road and the community is shaken. I spoke to one of my residents, who says she never wanted to see what she saw—her neighbour being stabbed outside his corner shop, just because he tried to confront a shoplifter who was stealing food from the shop that he owns. One of the businessmen who I spoke to said, “It doesn’t feel like Kilburn any more.” A young mother who I spoke to said, “After 4 pm, I am scared to walk across and fetch my child from nursery because of the recent stabbings.” The truth is that stabbings are not just a physical thing.”
House of Commons5 June 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“It is a pleasure to serve under your chairship, Ms Furniss. I thank my hon. Friend the Member for Birmingham Erdington (Paulette Hamilton) for securing this important debate. She is a doughty champion for her constituents, who are lucky to have her. Whoever we are in this room, as MPs, we have probably at some point had an email from constituents asking about increased police presence on our high streets. I am very lucky. I have Kilburn High Road in my constituency, which I share half and half with my hon. Friend the Member for Queen’s Park and Maida Vale (Georgia Gould). Ms Furniss, if you have not been to Kilburn High Road, you are missing out. It is affectionately called County Kilburn because of the thriving Irish community; we have a thriving Somali community on the other side as well.”
House of Commons5 June 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“My hon. Friend will know my views on Brexit—I represent a constituency in which 87% of people voted to remain and I represent 22,000 EU nationals, who are part of the fabric of our community—but I want to ask her about young people, who she will probably mention at some point. The statistics show that there has been a 30% drop in the number of schoolchildren going to Europe on school trips, and that disadvantaged areas have been hit the hardest—”
House of Commons22 May 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The UK is not part of the list of travellers scheme, which is why it is so hard for schoolchildren to go on trips. Does my hon. Friend agree that we should have better access to Europe, like we had when we were growing up?”
House of Commons22 May 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“May I congratulate the Prime Minister on securing a landmark deal with our European neighbours? The Prime Minister will know that my constituency has been a leading light in the creative industries for a long time—and not just because my predecessor was a double Oscar-winning actress. Local actors have been coming to me expressing their frustration about securing work in Europe because of delays with work visas, and also because of the limit of 90 days for UK nationals. Can the Prime Minister reassure my local performers that they will not just be waiting in the wings while the rest of Europe takes centre stage?”
House of Commons20 May 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Gentleman agree that developers also have a role to play in managing surface water flooding? I am sure he will address that, but I want him to know that there are others in this room who agree with him about the role of developers.”
House of Commons13 May 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I thank the hon. Gentleman for securing this important debate. As soon as I walked in, a colleague looked at me in astonishment and said, “Is there flooding in west Hampstead?”, and I said, “Actually, there is.” It takes only a heavy rainstorm to fill all the homes in my constituency with water and sewage. I intervene at this point in the debate because we, too, have a Mill Lane—not the same one—in west Hampstead that has been flooded. The risk of surface water flooding has not been taken seriously, which is strange, because properties in danger from surface water flooding outnumber those in danger from rivers and seas by two to one. I am proud that our friends in City Hall are actually publishing their surface water strategy tomorrow, but does the hon.”
House of Commons13 May 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“My constituency of Hampstead and Highgate has a proud history of welcoming refugees, whether it is migrants from Ireland back in the day or people fleeing political persecution in Nazi Germany. More recently, they opened their doors to refugees from Afghanistan and Ukraine. I welcome the Government’s measures to enable refugees to access skilled worker visas. However, what are the Home Secretary’s plans for refugees whose work visas will expire, but who cannot return to their countries of origin? Will they be eligible for settled status, and how will the Government guarantee their safety in the UK?”
House of Commons12 May 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I thank my hon. Friend for giving way and congratulate him on a very important speech. I know he has been vocal on this topic since he was elected. He will not be surprised to know that I agree with him: the City has an important role to play in mobilising capital to support the defence industry, as he mentioned. I also know how important it is for UK companies to have access to EU finance. For example, there is the Horizon scheme. British scientists have already secured £500 million in research funding, thanks to the UK rejoining the programme. He just mentioned the summit coming up. Does my hon. Friend agree that co-operative defence procurement should be a high priority for the Government at the UK-EU summit?”
House of Commons7 May 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“15. What steps he is taking to ensure that local authorities have adequate resources for energy efficiency upgrades for council leaseholders and social homes.”
House of Commons29 April 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I am pleased to see the Government’s commitment to provide thousands of low-income households with energy-efficient upgrades. This could not have come too soon for my vulnerable constituents who are living on housing estates with outdated energy systems that sometimes leave them without hot water and heating for months on end. Camden Council, which I know the Minister knows well, has plans to upgrade the energy efficiency of those estates, but in many cases it just does not have the resources to replace the heating systems with heat pumps, which would lower bills and carbon emissions even further. What assurances can the Minister give me that local authorities will be given the support necessary to deliver the energy upgrades to the highest possible level?”
House of Commons29 April 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I was pleased to see that the Foreign Secretary, along with France and Germany, strongly condemned the use of humanitarian aid as a political tool. The Minister will know very well that the only way to bring peace and stability to the region is by working together with our network of allies. Bearing that in mind, what conversations has he had with our European and international allies about the Palestinian-led planning of recovery and reconstruction in Gaza, as outlined in yesterday’s excellent memorandum of understanding?”
House of Commons29 April 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Last year, I raised the concerns of a constituent whose family member was stuck in Gaza without food and water. The situation has worsened since the aid blockade. I am particularly worried about the escalation of hostilities impacting most on women and girls. Supplies of female hygiene products are at critical lows, women are giving birth on hospital floors, and doctors are performing C-sections without adequate medical supplies. May I ask the Minister, on behalf of the hundreds of constituents who have written to me, what the UK Government are doing to end the aid blockade? Will he reassure me that the Government have communicated the sheer urgency on the ground to the Israeli Government?”
House of Commons2 April 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I thank the hon. Member for bringing such an important debate to the House, and I congratulate her for having three teenagers and still holding down this job—that is a remarkable achievement. Relationship education is very important for how young people relate to their peers, but one of the common complaints I hear from parents in my constituency is that a lot of people will learn about relationships from social media. The hon. Member has already touched on this, but will she say a bit more about the importance of looking at young people’s access to social media and supporting teachers and headteachers who are looking at banning smartphones and social media in schools?”
House of Commons1 April 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Much to my alarm, the North Central London ICB has recommended the closure of the maternity unit at the Royal Free hospital in my constituency. The Secretary of State knows the Royal Free well. Will he meet me to see how I can save my local maternity unit, which looked after me so well when I had gestational diabetes?”
House of Commons25 March 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I thank the Minister for her commitment to mandatory ethnicity pay gap reporting. However, I was disappointed to learn that the Financial Conduct Authority and the Prudential Regulation Authority are rowing back on their proposals to boost diversity in financial services. I feel that risks pushing away the very best talent from the sector. Only 4% of financial services firms disclose their ethnicity pay gap. The announcement will only slow the pace of change that is needed to tackle inequalities. Does the Minister agree that initiatives that aim to reduce the ethnicity pay gap are not anti-growth, but pro-talent and pro-growth?”
House of Commons19 March 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Q5. I am proud to represent a constituency with eight synagogues, a thriving Jewish population and the United Kingdom’s largest Jewish cultural centre, JW3, but this week, I was horrified to read reports of rising antisemitism on NHS wards, and in particular about a shocking incident in which a Jewish NHS staff member was called a baby killer by a colleague. The NHS that I know and love is open to everyone, regardless of background. What is the Prime Minister doing to ensure that my Jewish constituents can safely use our beloved national health service?”
House of Commons12 March 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“When I was growing up in the 1980s, my nose was always buried in a book, and I let my imagination run wild. Nowadays, nine in 10 children have a mobile phone by the time they reach the age of 11, and statistics show that there has been a steep decline in the number of children reading for pleasure. Does the Minister agree that the likes of Roald Dahl and Jacqueline Wilson should not be replaced by a smartphone, and will she prioritise children’s reading for pleasure in the school curriculum?”
House of Commons10 March 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I thank the Minister for his statement and echo his sentiments and worries about the escalating violence in the region. He will be aware of the chronic underfunding of health facilities there, particularly maternity services and newborn care facilities. There are worrying reports of pregnant women losing their lives as they are shuttled between hospitals because of inadequate medical supplies. What conversations is he having with the interim Government about the health provision in the region, particularly women’s health provision?”
House of Commons10 March 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I have received an email from my constituent that says: “On April 1 last year I had a fall on Highgate Golf Course which resulted in a complex break of my right leg. Friends phoned for an ambulance but were told that an ambulance would not come for this type of emergency…On a cold spring day, I was left lying in an isolated spot on the wet ground, unable to move and in great pain, with very limited options about getting to hospital.” Could we have a debate about the response of ambulances in such serious situations, so that my constituents do not have to go through something like that again?”
House of Commons6 March 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“My hon. Friend is making a powerful speech. I am sure that all those young women in Brent and north London who are watching her will be very proud. One topic that often comes up in our local mothers’ WhatsApp chats is social media. My hon. Friend is talking a lot about change. Statistics show that, after spending time online and on social media, 40% of young women and girls feel lonely and depressed because of all the online abuse. Does she think that social media platforms need to take some responsibility for the content that is amplified through their platforms?”
House of Commons6 March 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“My constituency has welcomed hundreds of Ukrainian refugees into the community. I pass on their thanks to the Prime Minister for the strong leadership that he has shown over the past few weeks. The majority of these Ukrainians want to go back to their country when it is safe to do so, but a small minority of young Ukrainian refugees have approached me to say that they have laid down roots, built careers and started relationships here, but have no route to settled status. What consideration has the Prime Minister given to the lives of these young Ukrainians who want to make London their permanent home?”
House of Commons3 March 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“A constituent of mine and her son moved to this country under the Homes for Ukraine scheme. She has a very stable job here and her son is doing A-levels at the best maths school in London, but she is worried that her 18-month visa extension will expire in the middle of her son’s exams. What conversations is the Foreign Secretary’s Department having with the Home Office to ensure that young Ukrainians who moved here through no fault of their own do not have their education disrupted, but can build a life for themselves?”
House of Commons24 February 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The Secretary of State will be well aware of the impact of covid on the wellbeing and attainment of children who are now at primary school, particularly those from disadvantaged backgrounds. This welcome intervention will make a massive difference to that covid cohort, but may I press the Secretary of State on the next steps for them, in terms of attainment but also mental health? What is her Department doing to ensure that there is more mental health provision, especially in primary schools?”
House of Commons24 February 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“My hon. Friend is making a powerful speech. Everyone wants to intervene, and she is being very generous with her time. As she mentioned a few important local organisations, I want to do the same for my constituency. The redevelopment of Highgate Newtown community centre is an example of how an ambitious community space can serve as a welcoming hub that children and families look forward to visiting, and I thank Andrew Sanalitro and his team for making that happen. Does my hon. Friend agree that housing developers should not just retain community centres, but enhance them, in order to make provision for young people and families in our constituencies?”
House of Commons11 February 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The hon. Member is being very generous with his time. He has brought a very important debate to the House. Others might disagree, but I think my constituency is the best in the world. We have one of the prettiest high streets in Hampstead, but the problem at the moment is that Hampstead post office is under threat of closure because of years of under-investment. I personally have been going there since I was a teenager. Elderly people and small businesses, which the hon. Gentleman referred to, rely on it. Does he agree that if we want our high streets to thrive, the post office has to stay open?”
House of Commons5 February 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I thank the Minister for his important update. As an aside, I hope that he will keep the definition of extremism under review. Turning to the case today, I am sure the Minister will agree that we have a collective responsibility to ensure that young people do not develop a world view that leads them to a life of violent extremism. We know that a lot of the grooming of young people starts online, and that the perpetrator in this case viewed harmful content online, which stayed online for months on end. What conversations has the Minister had with the social media companies, which have to take some responsibility over the content that is generated and then amplified on their platforms?”
House of Commons5 February 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“My hon. Friend is making a powerful speech based on his personal experience. He talks about the importance of support, and I want to talk about the importance of advocacy services that advise children on their rights when they receive social care services. Advocacy can be transformative to the lives of children, but the Children’s Commissioner found that many children do not receive support from an advocate, despite being referred by their local authority. Does my hon. Friend agree that if we are trying to protect the most vulnerable, which he is clearly passionate about, a good starting point is to prioritise advocates so that children feel like they are being listened to?”
House of Commons4 February 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Whether our constituencies are rural or urban, the destruction that we saw last week should remind us of the need for urgent climate action. In the summer of 2021, my constituency experienced an extreme rainstorm, and homes in south Hampstead were invaded by water and raw sewage. One of my constituents, a recovering stroke victim, was left on the street with nothing but a small bag of belongings, and is now homeless. The same area was flooded in 2002 and in 1975, but no drainage improvements have been made. Can my right hon. Friend, who knows my constituency well, confirm that drainage infrastructure will be included in the Government’s resilience review?”
House of Commons27 January 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I am proud of my constituents in Hampstead and Highgate who opened their doors to Ukrainian refugees, and those at South Hampstead synagogue who offered free history and English lessons. Last year, I met some of those refugees to talk about the enormous cultural contribution they are making to our country. Turning to the pillar 9 of the partnership, what is the Foreign Secretary doing to ensure those who have been forced to flee their homes retain cultural links with their country and preserve their sense of heritage?”
House of Commons20 January 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I beg to move, That the Committee has considered the draft Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2024.”
House of Commons7 January 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“They do this by enabling the FCA to exercise existing supervision and enforcement powers under FSMA 2000 on persons carrying out designated activities, whether or not they are authorised. In the first instance, these powers will be extended to the activities covered by the Consumer Composite Investments (Designated Activities) Regulations 2024 and the Short Selling Regulations 2024. Tha will enable effective supervision of these regimes. I thank the Committee for putting up with these quite technical amendments. The statutory instruments ensure that our financial services industry is subject to a rulebook that is fit for purpose, more proportionate and tailored to UK markets. I hope the Committee will join me in supporting these regulations.”
House of Commons7 January 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The DAR was introduced into the Financial Services and Markets Act 2000 by the Financial Services and Markets Act 2023, which the Opposition spokesperson will know very well, since we sat across from each other, debating it for days. It allows the Treasury to designate certain activities to be regulated by the FCA. However, persons carrying on those activities under the DAR do not need to become full authorised persons like banks or insurers. This enables proportionate regulation for activities where it would be disproportionate to have met all requirements for authorisation. The Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2024 enable the FCA to supervise and enforce the rules it makes under the DAR.”
House of Commons7 January 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“It will also mean that the UK’s short selling rules can be adapted and updated by the FCA in a more agile way in future—for example, to better adapt to new global standards or to take account of market innovation and new business models. The instrument retains the FCA’s powers to intervene in relation to short selling activity in UK markets in exceptional circumstances, which is an important feature of the current regime. Turning to the Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2024, to give the FCA the broad rule-making powers for short selling that I just mentioned, the new short selling regime operates under the designated activities regime—known as DAR.”
House of Commons7 January 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The draft regulations introduce a more streamlined UK short selling regime, which focuses on equities, rather than both equities and sovereign debt. The new regime also introduces a reformed public disclosure regime for short selling, ensuring that there is transparency over short selling activity, without the issues identified with the current regime through the 2022 call for evidence. However, as I am sure the Opposition spokesperson will identify, there can be risks associated with short selling. As such, it is important for the Financial Conduct Authority to have the tools to effectively monitor short selling activity and intervene if necessary. This statutory instrument provides the FCA with broad rule-making powers in relation to short selling. This will allow the FCA to effectively oversee short selling in UK markets.”
House of Commons7 January 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“It also creates significant new flexibilities to allow ringfenced banks to operate globally, subject to PRA rules, as well as to provide a wider range of goods and services to their customers. I turn to the draft Short Selling Regulations. Short selling is the practice of selling a security that is borrowed or not owned by the seller with the intention of buying it back later at a lower price to make a profit. Short selling plays a healthy role in the proper functioning of financial markets. It provides essential liquidity to markets, which drives investment in British companies; it helps to drive economic growth; and it helps to ensure that investors pay the right price when investing in shares.”
House of Commons7 January 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The first is an increase in the primary deposit threshold—the amount of core deposits a bank can hold before it is required to ringfence—from £25 billion to £35 billion. This accounts for growth in the deposit base and other relevant economic indicators since ringfencing was introduced and it supports competition. The second change is the introduction of a new secondary threshold, which exempts retail-focused banking groups from the regime, where investment banking activity accounts for less than 10% of common equity tier 1 capital. This SI also makes changes to the way that banks within the regime can operate. It introduces measures to encourage more investment by ringfenced banks in UK small and medium enterprises and to reduce the compliance burden associated with the regime.”
House of Commons7 January 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“It requires large, complex banks to separate the services that they provide to households and small and medium enterprises from investment banking activity. In 2022, an independent statutory review of the regime recommended updates to ensure that it operates as intended and is proportionate. This statutory instrument improves the regime and implements changes from the review. The reforms that it contains will improve competition in the banking sector, reduce costs and support economic growth. They have been developed with the Prudential Regulation Authority, which is content that they also maintain appropriate financial stability protections. I will outline the most material updates to the regime. The reforms will ensure that in future only the largest, most complex banks are subject to the regime, with two key changes.”
House of Commons7 January 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“It is a pleasure to serve under you, Mr Vickers, during this quiet week in politics. The regulations that we are introducing today will ensure effective, proportionate regulation for the financial services sector, first, by reforming the ringfencing regime to be more flexible while upholding financial stability safeguards; secondly, by creating a new framework for the regulation of short selling; and thirdly, by enabling better supervision and enforcement of designated activities under the Financial Services and Markets Act 2023. I will turn first to the reforms to the ringfencing regime for banks. As the Committee will know, ringfencing was introduced following the global financial crisis on the recommendation of the Independent Commission on Banking, and it came into full force in 2019.”
House of Commons7 January 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Generally, we feel that this SI is important overall to our mission of growing the economy. I know that when the hon. Gentleman was in government, he had sight of a similar SI and was in agreement with it. I thank the Committee for agreeing to pass this legislation. Question put and agreed to. DRAFT FINANCIAL SERVICES AND MARKETS ACT 2000 (DESIGNATED ACTIVITIES) (SUPERVISION AND ENFORCEMENT) REGULATIONS 2024 Resolved, That the Committee has considered the draft Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2024. —(Tulip Siddiq.) DRAFT SHORT SELLING REGULATIONS 2024 Resolved, That the Committee has considered the draft Short Selling Regulations 2024. —(Tulip Siddiq.)”
House of Commons7 January 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I have been clear with the FCA that effective, proportionate regulation is key to our aims, and that it needs to deliver the Government’s mission to drive inclusive growth. As the hon. Gentleman knows, the FCA is operationally independent but accountable to Government and Parliament. I am engaging closely with the FCA on name-and-shame proposals and will make sure that any potential impacts on international competitiveness and growth are properly considered. That is not to dismiss the concerns about those proposals from industry, which I have heard first hand. The subject comes up repeatedly in my meetings with the FCA. I hope that reassures the hon. Gentleman a little bit. I think I have covered most of the hon. Gentleman’s questions, but am happy to write to him on any others.”
House of Commons7 January 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Gentleman mentioned, did not suggest that uprating was necessary to maintain the policy aims of the current ringfence, the Government have recognised that the threshold acts as a barrier to the growth of smaller players in the market, dampening competition for retail customers. His points are valid, and we will be looking at them, but there are no plans at this point to change the threshold in the way he mentioned. On the hon. Gentleman’s points about name-and-shame proposals, I am very pleased to hear that he has been reading my interviews in detail. I have raised those proposals several times with the FCA and welcome the fact that it has listened to industry feedback on them. It has taken some steps to address some of the concerns raised by industry, which he will know about.”
House of Commons7 January 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The Treasury considered several metrics as well as financial stability and competition considerations in proposing the £10 billion increase. Increasing the deposit threshold will provide smaller banks with more headroom to grow before being subject to the requirements and costs of ringfencing. We feel that will support domestic competition in retail banking markets. A competitive and dynamic market will improve outcomes for depositors. The reform may encourage inward investment in the UK as new entrants to the UK banking market will have more room to develop economies of scale before being subject to the regime. While the independent review, which the hon.”
House of Commons7 January 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗