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 ↗
The complete record
2,049 lines on record for Tulip Siddiq, in date order, each linked to its source. Free to read, without an account. Most recent 500 lines shown. Search to find more. Page 7 of 10.
This is not an official version of UK Parliament proceedings. It reproduces the published record and links to it; the official version is the one UK Parliament publishes.
“I thank my hon. Friend for that question. On pension funds, we are not looking at taking that action right now, but I will let her know when we take further action. On the remit letters, we are committed to financial inclusion and to ensuring that consumers are looked after. That is why, in their remit letters, I have asked regulators to have regard to that, and why I have made it clear that our top priority is to promote growth and international competitiveness. The laser focus, in the remit letters, is on growth, but they are not intended to encompass the entire scope of the Government’s vision for the sector. She should be in no doubt that consumer outcomes are top of our agenda. I have made that clear in every meeting I have had with the regulators.”
House of Commons18 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I thank the hon. Lady for her comments. I will pass them on to the Financial Secretary to the Treasury, who will look into the matter. I am worried to hear what she says about SMEs; she is absolutely right that they are the heart and soul of our economy—we should be looking into that. I will ensure that he writes to her, but if she needs a further meeting, I am sure he will meet her.”
House of Commons18 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I will bring forward legislation as quickly as possible, but I thought it was important to hear what people and the industry had to say, because we want to regulate properly. She is being patient, and I ask her to be a bit more patient; our intention is to make the sector as well regulated as possible under the FCA.”
House of Commons18 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I thank my hon. Friend for her question. She has done an enormous amount of work in this area, and I applaud her for that. She was instrumental in the Government taking our initial steps to regulate the “buy now, pay later” sector. There is a need for “buy now, pay later” during a cost of living crisis, and people will access those companies’ products, but I have brought this under FCA control so far, and have regulated to ensure that it is safer, and that people do not store up a huge amount of debt that they cannot pay back. The consultation is open until 29 November, and I ask her to urge others to feed into it to ensure that we get this policy right; that was not done by the previous Government.”
House of Commons18 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I know that the right hon. Member did a huge amount of work in the financial services sector while he was in office. The civil servants still talk about how amazing he was—much to my dismay sometimes! We agree that there needs to be a change in appetite in this place. Transparency is top of the list, as the Minister for Pensions just whispered in my ear. We thank the right hon. Member for his constructive approach on the review, and urge him to tell the people he knows in the sector to respond to and feed in to the consultation.”
House of Commons18 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I know that my hon. Friend takes a keen interest in this area—she been talking about it for the 25 years that I have known her. We agree that it is important. The FCA and the PRA are required to have regard to the UK’s net zero emissions target, as set out in the Climate Change Act 2008. The Mansion House speech set out the Government’s next steps to deliver a world-leading sustainable finance framework. That will be a huge part of our financial services strategy, as part of the industrial strategy, next spring. I urge her to consult and feed in on that.”
House of Commons18 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The consultation is ongoing, but I repeat that each administering authority will retain control over impactful decisions by setting out investment objectives and strategic asset allocation, and they will have control over their pooled assets. The Minister for Pensions will be happy to meet the hon. Lady should she wish to discuss that further. As the hon. Lady said herself, the consultation is ongoing, so she may wish to wait until after it is complete.”
House of Commons18 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“As my hon. Friend said, she stood on a ticket as a Labour and Co-operative Member of Parliament, and she has done a lot of work in that area. Last week, the Chancellor set out multiple new measures to unlock the full potential of the mutual sector, as we outlined in our manifesto. That included publishing a call for evidence and reforming the credit union common bond, and asking the PRA and the FCA to report on the current mutual landscape by the end of 2025.”
House of Commons18 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The Government will consult on replacing the certification regime, and will seek the views of industry and all interested stakeholders in doing so. We are working closely with the PRA and the FCA on that. If the hon. Lady meant certification of the senior managers regime, we are keeping that under review at the moment, but it was not mentioned in the way that she thinks it was.”
House of Commons18 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I am very happy to continue that conversation, but this is about considering the regulatory framework to ensure that it is for fit for purpose in doubling the mutual sector, which was a commitment in our manifesto.”
House of Commons18 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“As my hon. Friend knows, the Mansion House speech set out multiple new measures to unlock the full potential of the mutual sector. As he says, we welcome the establishment of an industry mutuals and co-operative business council, alongside our delivery of legislation to support the building societies sector last month. We want to ensure, through those measures, that the sector can grow, and to support inclusive growth across the UK. In the few months that I have held this position, the main complaint in the mutual and co-operative sector seems to be that it is difficult to operate within the current regulatory framework, as it is not set up to support mutuals and co-ops in the way it supports other businesses, so I am looking at that.”
House of Commons18 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Our regulators do a very good job, and we are lucky to have them, but we will hold them to account. When the Chancellor talked about risk taking, she was saying that the post-financial crisis regulatory changes created a system that sought to eliminate risk, but which has gone too far and led to unintended consequences. For example, the certification regime has helped to improve standards and accountability, but some elements have become overly costly and administratively burdensome. That is what we are looking at. Getting rid of the regulators is not the way to grow the economy. Holding them to account, and considering how we increase risk taking in our system, is the way in which this Government will approach things.”
House of Commons18 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I absolutely share my hon. Friend’s enthusiasm for credit unions—I have visited those in my constituency several times and know what good work they do. We have made clear our strong support for the mutual sector. We recognise the value that credit unions bring to their members in local communities, including in her constituency. The Chancellor launched a call for evidence on reforming the credit union common bond during the Mansion House speech last week. We want to understand whether reform is needed in that space to help credit unions to grow substantially. Once we have completed the call for evidence, we will consider how much of that reform we can take forward as a Labour Government.”
House of Commons18 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“We will build on the success of the pools that already exist. If the hon. Gentleman is not satisfied with my answer, the Minister for Pensions is happy to meet with him.”
House of Commons18 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I know that my hon. Friend is an active member of the co-operative and mutuals movement. The Government have already taken the first step, with two statutory instruments laid on 14 October. We are committed to progressing the remaining changes to the Building Societies Act 1986 following Royal Assent of the Building Societies Act 1986 (Amendment) Act 2024. I will look at further SIs to try to further the work here, but I want to support the industry-led council, and I welcome the opportunity to work with it and discuss and test policy proposals with representatives and experts from across the sector. I know that view is shared across the Treasury, including by the Chancellor, who asked about it this morning in our ministerial meeting.”
House of Commons18 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“We are looking at a diverse portfolio of assets, and the pension funds mentioned by the right hon. Gentleman have already pooled and are investing in the UK.”
House of Commons18 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“That is the main thing that the financial services sector wants right now, and people in Bournemouth will probably agree with that. I look forward to that ice cream.”
House of Commons18 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“My hon. Friend will know that I can never resist an ice cream, so I probably will visit after all. Places such as JP Morgan, which employs 4,000 people in the financial services industry, are vital to us. One of the things that the Chancellor’s speech built on was the significant steps that the Government are already taking to enhance the competitiveness of our financial services sector. We want to look at the biggest changes to the UK’s listings regime in more than three decades and—my hon. Friend will be familiar with this—deliver the final stages of the post-crisis capital reforms to banks. With our financial services growth and competitiveness strategy, which I hope my hon. Friend will write to us on, we want to give the industry certainty and the confidence to invest.”
House of Commons18 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I reassure the hon. Gentleman that boosting return for savers is at the very heart of this agenda, which is why we are pursuing this pensions review. We want these reforms to increase security and boost people’s pension pots, and we want to unlock about £80 billion of productive investment. The Government’s reforms are already in the pension schemes Bill, and they could boost a typical defined contribution saver’s lifetime pension pot by £11,000. I do not want the hon. Gentleman to worry, because we have our eye on how to protect pensioners and savers.”
House of Commons18 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I have already mentioned our first step with the two SIs laid on 14 October, which try to modernise the Building Societies Act, and I am happy to send my hon. Friend further information on that. The main thing we will do is carefully consider the findings of the Law Commission reviews to understand whether reform of the legislation is needed to ensure that businesses are better supported and grow more in the future. The response to the calls for evidence will be carefully considered by myself and others, and any potential reform will require formal consultation. I want to make sure that my hon. Friend knows that at the top of our agenda is trying to unlock the full potential of this important sector after 14 years of that not having happened.”
House of Commons18 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“My hon. Friend knows this area well, having worked in the Treasury in a former life. We will absolutely make sure that we avoid the mistakes of a certain Liz Truss and work very closely with the TPR and the FCA to deliver all our reforms and ensure that we do not make any decisions that shake the stability of the economy, because we want to have a stable financial services sector and a stable economy to encourage investment and ultimately deliver on our growth mission.”
House of Commons18 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“We are setting up a financial inclusion committee, which is meeting next week, and I am happy to let my hon. Friend know what we are doing in that to protect consumers.”
House of Commons18 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Consumer protection is at the heart of anything that we do in financial services. As well as being a Minister, I am a constituency MP; every time I have one of my surgeries, I hear about people who have been either a victim of fraud or taken out a buy now, pay later product without realising the consequences. We want to give enhanced consumer protections to people through the Financial Ombudsman Service, but we are very aware that it needs to be reformed, which is why the Chancellor mentioned it over and over in her speech. We plan to introduce legislation on that as soon as possible, because we want to deliver better protection for millions of consumers after years of uncertainty. I am also making progress on financial inclusion at the moment, and I can send my hon. Friend more information on that if she wants.”
House of Commons18 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“With the additional capital, the EBRD plans to provide a sustained level of annual investment to Ukraine of about €1.5 billion during wartime, increasing to €3 billion annually once reconstruction begins. Over the course of a decade, that will result in tens of billions of euros of financing for Ukraine as the EBRD leverages the paid-in capital on the financial markets. I hope the Committee will agree that this complements the UK’s military and fiscal support for Ukraine and enables the EBRD to continue providing financing in support of the sustainable development goals across its countries of operation. This is a topic that all parts of the House have been united on in support of Ukraine. I therefore recommend the draft order to the Committee.”
House of Commons12 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Accordingly, in December 2023, the UK and other shareholders agreed to increase the EBRD’s paid-in capital by €4 billion. The draft order is being made to enable the Government to participate in the capital increase in proportion to its current shareholding, with a contribution of €343.6 million paid in five equal annual instalments between 30 April next year and 30 April 2029. As determined by the OECD’s Development Assistance Committee, 71% of that contribution will be classified as official development assistance. The capital increase enables the EBRD to continue to support Ukraine’s resilience and recovery during wartime and in reconstruction through the provision of high-quality project financing, while securing the EBRD’s financial standing and its ability to maintain support to its other countries of operation.”
House of Commons12 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The EBRD’s support since 2022 has amounted to over €4.5 billion for essential priorities, including supporting Ukraine’s critical national infrastructure against deliberate and repeated attacks by Russian forces. The UK and other shareholders have agreed that the EBRD should continue its operations to support Ukraine, and that this support should be long-term and predictable. Given the exceptional circumstances in Ukraine and the EBRD’s commitment to sound banking principles, continued financial support was not possible without additional shareholder support. Last year, shareholders concluded that a paid-in capital increase is the most effective, efficient and broad-based means of enabling the EBRD to continue to finance Ukraine.”
House of Commons12 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The UK engages with the EBRD on several UK foreign, development and economic policy priorities across its countries of operation, including assistance for Ukraine, supporting the transition to a green, low-carbon economy, and promoting equality of opportunity for women, young people and other underserved communities. The EBRD has been a long-standing partner to Ukraine. Over the past 30 years, it has been the largest institutional investor in Ukraine, with more than €20 billion invested in almost 600 projects. The bank provides technical assistance, lending, guarantees and grants to support policy reform and financial assistance in key sectors including energy, infrastructure and agribusiness. The UK welcomes the EBRD’s distinctive contribution to supporting Ukraine’s resilience and recovery in the face of Russia’s illegal invasion.”
House of Commons12 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I beg to move, That the Committee has considered the draft European Bank for Reconstruction and Development (Further Payments to Capital Stock) Order 2024. It is a pleasure to serve under your chairmanship, Sir Roger. Allow me briefly to take the Committee through the background and purpose of the draft order. The European Bank for Reconstruction and Development is a multilateral development bank headquartered in London. It provides high-quality project financing to support economic and private sector development in 40 different countries. The UK is the bank’s joint second-largest shareholder and hosts the EBRD’s headquarters in Canary Wharf, London.”
House of Commons12 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The EBRD’s aim is for more than 50% of its total investment in 2025 to be towards green projects, reducing net annual greenhouse gas emissions by at least 25 million tonnes. Since 2006, the EBRD has invested €49 billion in more than 2,600 green projects, which are expected to reduce carbon emissions by 124 million tonnes yearly. I thank the hon. Member for his constructive comments and his questions. The draft order will enable the UK to participate in a capital increase for the EBRD, which will improve the bank’s financial capacity to increase lending to support Ukraine’s resilience while maintaining activity in all countries of operation. I am happy to write to the hon. Member on the point about the G7 countries. I hope the Committee will join me in supporting the draft order. Question put and agreed to.”
House of Commons12 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“It is always a pleasure to see the hon. Member for Grantham and Bourne in his place. I thank him for his support for the measure, and he is right to ask those questions. The other shareholders of the bank have confirmed their intention to participate in the capital increases. That includes other members of the G7. I am happy to write to the hon. Member with specifics if that would be helpful. The capital increase will ensure that the EBRD can increase lending to support Ukraine’s resilience, while maintaining activity in all its countries of operation; it is not dependent on other factors. In 2023, the EBRD’s total investment in Ukraine was €2.1 billion, compared with a total investment of €13.1 billion across all countries of operation. The hon. Member also asked about climate change.”
House of Commons12 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I beg to move, That the Committee has considered the draft Packaged Retail and Insurance-based Investment Products (Retail Disclosure) (Amendment) Regulations 2024.”
House of Commons6 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The extension granted by this instrument will allow time for the EEA-EFTA states to implement these changes and for UK authorities to make a more informed decision about the non-time limited designation of EU STS securitisation products by June 2026. These SIs will empower regulators to ensure that our financial services industry is subject to a rulebook that is fit for purpose, more proportionate, and tailored to UK markets. I know that the hon. Member for Grantham and Bourne is familiar with the regulations, as I have debated with him several times in Committee. I hope that he and the Committee will join me in supporting the regulations, which I commend to them.”
House of Commons6 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“This means that banks and insurance firms holding such products may be able to benefit from preferential capital treatment. The current arrangement is due to expire at the end of December 2024, which would mean that no additional EU STS securitisations would be able to enter the temporary arrangement after that date. As that could impact the range of investment options for UK market participants, the Government are legislating to extend this arrangement to June 2026. The EU securitisation regulation was recently incorporated into the European economic area agreement, and the EEA-European Free Trade Association states have indicated their intention to align themselves with the EU securitisation regulations over the course of 2025.”
House of Commons6 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The second amendment will expand the definition of a “recognised exchange”, from referring only to domestic investment exchanges to include those from overseas. This will enable stocks and shares from qualifying overseas exchanges to receive preferential prudential treatment when used as collateral to secure financial services, and will broaden our definition, making the UK comparable with international counterparts and ensuring that we are competitive. Finally, the draft Securitisation (Amendment) (No. 2) Regulations 2024 extend a temporary arrangement allowing UK banks to treat EU securitisation products as though they originate from the UK, providing that they meet the standards of the “simple, transparent and standardised” framework.”
House of Commons6 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Let me now turn to the draft Prudential Regulation of Credit Institutions (Meaning of CRR Rules and Recognised Exchange) (Amendment) Regulations 2024, which make two amendments. The first is a technical change supporting the implementation of Basel 3.1, the final round of bank capital reforms following the global financial crisis. Bank capital rules are contained in the capital requirements regulation, part of assimilated law on financial services. This SI will enable revocations of these regulations, allowing the Prudential Regulation Authority to replace those rules in its rulebook, while ensuring that the PRA’s rule making remains subject to appropriate accountability and scrutiny.”
House of Commons6 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“We have worked quickly to deliver these changes and firms are able to take advantage of this provision immediately, before the legislation takes effect, due to the FCA’s regulatory forbearance. This approach is intended as an interim measure, and investment trusts will be included within the scope of the new CCI regime, once it is in place. The FCA, recognising that the pace of legislative reform can be slow, has already implemented regulatory forbearance so that firms can take advantage of the provision immediately, before the instrument takes effect. In the long term, investment trusts will follow bespoke and tailored rules befitting the industry, and I encourage all sides to come together to find a sensible solution under the CCI regime.”
House of Commons6 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Representing over 30% of the FTSE 250, and predominantly investing in illiquid assets—including infrastructure projects and renewables—they play an active role in supporting the Government’s growth agenda. Investment trusts are a unique and well established type of closed-ended investment vehicle, and the Government recognise that the prescriptive cost disclosure methodology required by the PRIIPs regulation does not reflect the actual cost of investing in these close-ended funds. The industry has told us again and again that the methodology is negatively impacting its ability to fundraise, and competitiveness. Therefore, this instrument will immediately exempt listed investment trusts from the current PRIIPs regulation and other relevant assimilated law as we finalise the replacement CCI regime, delivering on a key industry ask.”
House of Commons6 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The new regime for CCIs will have tailored and flexible rules that address the key issues with PRIIPs and will support investors to better understand what they are paying for. The FCA’s consultation later this year will provide an opportunity for a full range of stakeholders to provide feedback on the new regime to ensure that it works as intended. I return to the draft Packaged Retail and Insurance-based Investment Products (Retail Disclosure) (Amendment) Regulations 2024. I have heard concerns from industry about PRIIPs. The current disclosure requirements have had unintended consequences on the investment trust sector specifically. Listed investment trusts are a British invention dating back 150 years, and they are unique to our country.”
House of Commons6 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“However, as many Members will be aware, the regime was overly prescriptive and burdensome with the one-size-fits-all template of the key information document, or KID, resulting in the presentation of misleading information to consumers on potential risks and returns. The previous Government took urgent action to address the most pressing issues with the KID in the Financial Services Act 2021, and the draft statutory instrument will deliver on this Government’s commitment to wholesale reform of these EU-inherited rules, with a new regime tailored to UK markets and firms. The SI provides the Financial Conduct Authority with tailored rule-making and enforcement powers to deliver this long-called-for reform and to ensure its effective implementation.”
House of Commons6 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“It is a pleasure to serve under your chairmanship, Mr Efford. The regulations that we are introducing today will ensure effective, proportionate regulation for the financial sector by laying the groundwork for wholesale reform of consumer disclosure for financial services, and for effective prudential arrangements. Let me turn first to the draft Consumer Composite Investments (Designated Activities) Regulations 2024. The packaged retail and insurance-based investment products regulation, or PRIIPs regulation, was designed to standardise disclosure across a wide range of financial instruments and across the EU in an attempt to improve transparency and enable comparison between products for retail investors.”
House of Commons6 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“2) Regulations 2024. —(Tulip Siddiq.) DRAFT PRUDENTIAL REGULATION OF CREDIT INSTITUTIONS (MEANING OF CRR RULES AND RECOGNISED EXCHANGE) (AMENDMENT) REGULATIONS 2024 Resolved , That the Committee has considered the draft Prudential Regulation of Credit Institutions (Meaning of CRR Rules and Recognised Exchange) (Amendment) Regulations 2024. —(Tulip Siddiq.)”
House of Commons6 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I encourage all interested parties to engage with the FCA as it consults on the proposed CCI regime later this year, because it is important to hear from the industry and ensure that we make regulation according to what it will thrive on. I thank the Committee for listening to me speak for quite a long time. If Members have any questions, I would be happy to answer them. I thank the shadow Minister, and I thank the Whips for organising us today. Question put and agreed to. DRAFT CONSUMER COMPOSITE INVESTMENTS (DESIGNATED ACTIVITIES) REGULATIONS 2024 Resolved , That the Committee has considered the draft Consumer Composite Investments (Designated Activities) Regulations 2024. —(Tulip Siddiq.) DRAFT SECURITISATION (AMENDMENT) (NO. 2) REGULATIONS 2024 Resolved , That the Committee has considered the draft Securitisation (Amendment) (No.”
House of Commons6 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I thank the shadow Minister—or perhaps temporary shadow Minister—for his support and associate myself with his comments about the financial services sector. It is a success story of our country. During the passage of the legislation that is now the Financial Services and Markets Act, he and I talked often about the importance of the financial services sector to the overall economy, but I will not associate myself with his comments on the Budget or rise to anything he says in that regard! These SIs represents an important step in our approach to regulation for financial services, which we want to be proportionate, effective and tailored to the UK. We want to get the best out of our financial services sector.”
House of Commons6 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“It is an absolute honour to make the closing speech on this historic Budget. It is historic for two reasons. First, it is the first ever Budget to be delivered by a woman—the first female Chancellor of the Exchequer after 800 years. She has smashed the glass ceiling, and I hope all the women and young girls watching know that they can be in the driving seat of a Labour Government. Secondly, it is historic because we are finally wiping the slate clean and turning the page on 14 years of Tory incompetence, chaos and outright instability. This Budget will make meaningful change by focusing on the fundamentals.”
House of Commons6 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Of course, buying a home is harder if the seller has misled us about its true condition by underestimating the size and cost of any required repairs. In that sense, rebuilding our economy is no different, because the previous Government’s public spending plans existed only on paper; there was no real allocation of money to back up any of the spending plans. They behaved no better than some huckster trying desperately to sell a flat that they know will never be built. That is why the OBR has said that, had it been made aware of the scale of the spending pressures during the spring 2024 Budget, its assessment of the previous Government’s spending plans would have been “materially different”. That is why it was right that we took our time to conduct a full survey of the economic inheritance that they left us.”
House of Commons6 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I thank my hon. Friend for her intervention. I know that she is a doughty champion of the pubs in Carlisle. The pubs in my constituency are celebrating the penny off pints. Let me get back to the previous Government, who were wrong when they claimed that they would fix the roof while the sun was shining. While chasing a budget surplus— for which, 14 years later, all they had to show was catastrophic public finances—they merely painted over the ever-growing cracks in the bedrock of our society and our country. That is why this Government are right to focus on fixing the foundations of our economy, because that is the only way that we can change the country, deliver for working people and rebuild Britain.”
House of Commons6 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“In 10 years’ time, the country will look back on this Budget as the moment when we got Britain’s future back. In the future, the economy will have grown because at this moment we chose to prioritise a healthy workforce; we will have record levels of investment because we prioritised fiscal and economic responsibility; and people will have more money in their pockets because we prioritised protecting hard-working people’s payslips. The merry-go-round of austerity and economic irresponsibility is over. We made a choice—a choice to rebuild Britain. Question put and agreed to. Resolved, That income tax is charged for the tax year 2025-26. And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.”
House of Commons6 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“In an increasingly volatile world, Government should play an important role in securing our energy supply so that firms can price that into their business plan. We heard powerful and authentic maiden speeches today from my hon. Friends the Members for North Ayrshire and Arran (Irene Campbell), for Stoke-on-Trent North (David Williams) and for Sherwood Forest (Michelle Welsh). We will see them as huge assets to Parliament. Some of them mentioned that their families did not think that they would get here; I am really pleased that their families were wrong. I will finish by echoing something that the shadow Minister, the hon. Member for North Bedfordshire (Richard Fuller), said. It is not often that I agree with him, but he said that we had choices. The truth is that we did have choices, and guess what? We chose to act.”
House of Commons6 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Infrastructure is key to tying those communities together while ensuring that they plug into the wider economy. [Interruption.] The shadow Foreign Secretary asks how. If she listens, she will learn, so she should pay attention. Getting our country moving again will be key to growing the economy. [Interruption.] She should not chunter from the Front Bench. She needs to listen, because our commitment to infrastructure investment will help us to do so—by, for instance, increasing local roads investment by £500 million in 2024-25. These are the things that the previous Government failed to do, but we will deliver for our country. For working families, that means less time wasted dodging potholes and more time for the things that actually matter. Of course, infrastructure helps not just families but firms.”
House of Commons6 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The sad truth is that, for working people—particularly young people—up and down the country, home ownership, entrepreneurship and starting a family have never been more distant. This Budget will start to change that. Our manifesto made a clear commitment to get Britain building again. This Budget puts the first shovels in the ground, with a commitment to spend an average of 2.6% of GDP on public sector net investment over the course of this Parliament. This will include an additional £500 million in new funding for social and affordable homes, which brings total investment in housing supply to more than £5 billion and supports the delivery of tens of thousands of new homes. We will build more than just homes; we need to build communities.”
House of Commons6 November 2024Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗