Callum Anderson
MP for Buckingham and Bletchley · Labour · United Kingdom
“When it comes to helping people start a business, raising the trading allowance from £1,000 to £3,000 is a strong signal that people—young people in particular—can realise their dreams here in the United Kingdom. We have known for a long time that scaling businesses is where Britain could do much more and needs to go further quickly.”
House of Commons29 October 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Secondly, it provides families, households and businesses in the towns, villages and cities that make up the Buckingham and Bletchley constituency with genuine breathing space as they manage ongoing cost of living pressures.”
House of Commons29 October 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Friend the Chancellor sought to do, which is to back those “bloody-minded entrepreneurs”. It is not just me saying that; business groups such as Startup Coalition and UK Private Capital are, too.”
House of Commons29 October 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I am very happy to contribute to this debate, and it is a pleasure in particular to follow my hon. Friends the Members for Brentford and Isleworth (Ruth Cadbury), for Blackpool South (Chris Webb) and for Mitcham and Morden (Dame Siobhain McDonagh). I welcome this Budget for three reasons.”
House of Commons29 October 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“That is why the founders’ relief is so welcome. I know that many business groups have been arguing and advocating for it across Government and Westminster for some time. We are giving entrepreneurs greater confidence that they can build and scale here and that they will be rewarded.”
House of Commons29 October 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“That will give us flexibility to let people keep more of what they earn and invest in the things that are particularly important to us, be they our national security, our schools or our police. The Budget is a very welcome step in the right direction.”
House of Commons29 October 2026Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
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“I also welcome clauses 14 and 15, which follow the logic that I just set out with regard to the enterprise investment scheme and venture capital trusts. I particularly welcome the raising of the company investment limits and the lifetime caps, which will ensure that more early-stage companies can scale here in the UK, not overseas. Similarly, raising the respective gross assets limits before and after share deals sensibly reflects modern growth realities. I believe that these reforms will support life sciences, green technology and advanced manufacturing, all of which are sectors identified in the Government’s industrial strategy, which they published earlier this year.”
House of Commons16 December 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I have read many commendations from the Startup Coalition and the ScaleUp Institute, which have backed many of the measures that I will cover in my remarks. Clauses 13 to 16 and clause 82 back ambition, encourage investment and reward those who want to take risks. Expanding the enterprise management incentives—by raising the employee limit to 500, the gross assets limit to £120 million and the holding period to 15 years—ensures that more high-growth, innovative companies can attract and retain the world-class domestic and global talent that they need. For many, joining a fast-growing company is a leap of faith, and when that risk pays off, the people who create the success should share in the reward.”
House of Commons16 December 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“This pro-investment and pro-reform approach lays the foundation not only for our long-term economic growth across the UK, but for our long-term global competitiveness. This country is a great place to start a business, despite what Opposition Members have said, but scaling a business has been too difficult for too long for too many entrepreneurs, and too many firms are acquired early by private capital—often from abroad—and therefore fail to scale globally. There are a number of fantastic, innovative and high-growth companies in the Buckingham and Bletchley constituency—be it Pulsar, Envisics or Carnot Engines—and I want all of them to realise their full potential in my constituency, not overseas. I believe that this Bill goes some way towards enabling that, and it is not just those companies that it will help.”
House of Commons16 December 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I am pleased to contribute to this debate, and I congratulate my hon. Friend the Exchequer Secretary on bringing forward his first finance Bill. I hope it is the first of many. Given the limited time that I have, I will focus my remarks on the Government’s central mission: economic growth. The Government have rightly placed investment and reform at the heart of their strategy, and they are removing the barriers to economic growth that for too long have held back this country and the towns, villages and city that make up the Buckingham and Bletchley constituency—be it through major planning reforms, cutting regulatory costs, investing in skills and apprenticeships, or undertaking fundamental pensions reform to free up more risk capital.”
House of Commons16 December 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Deterrence depends not only on military strength but on our economic resilience, from energy security to protecting our critical infrastructure and vital industries. Will the Minister provide more information on what conversations he has been having with our partners and NATO allies in Europe, to align our economic security measures with our broader defence strategy on our continent?”
House of Commons15 December 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“T10. Through the town deal and the Bletchley investment taskforce, our town is already working hard to attract private investment. We see an opportunity to go even further by bringing in socially minded investors to back local growth. What further steps is the Chief Secretary to the Prime Minister taking through the Office for the Impact Economy to connect social investors with our town so that we can realise our full potential?”
House of Commons4 December 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I echo the comments made by my hon. Friend the Member for Milton Keynes North about the importance of coherent, strategic and joined-up leadership across the Oxford-Cambridge growth corridor. I know that hon. Members from across the Bedford, Luton and Milton Keynes region would value more conversations about that.”
House of Commons3 December 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I intend to use the Bletchley investment taskforce that I set up in the spring to catalyse more investment, businesses, jobs and apprenticeships in our town, so that we can realise the full promise of the Oxford-Cambridge growth corridor. I have little time remaining, but as the only Buckinghamshire MP able to participate in the debate, I want to shed light on Silverstone’s contribution to the east-west corridor, as articulated by my hon. Friend the Member for Cambridge. My constituency is home to a high-performance technology cluster in Silverstone Park, which already has 60 advanced companies, including Mercedes, Aston Martin and Andretti. If we can get the proposed Silverstone incubator village over the line, we can further demonstrate the region’s expertise in net zero propulsion, aerodynamics, meteorology and lightweight materials.”
House of Commons3 December 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I have drawn the short straw here. I congratulate my hon. Friend the Member for Cambridge (Daniel Zeichner) on securing this debate. I felt compelled to join the debate this afternoon because I wanted to underscore the point, which has been made by others, that if we want to make the Oxford-Cambridge growth corridor a success, we cannot ignore the roles of the towns and cities that lie between them. My hon. Friend the Member for Milton Keynes North (Chris Curtis) articulately explained the vitality of the MK economy. All I will add to what he said is that I am particularly proud that Pulsar, Envisics and Starship Technologies call Bletchley home. I particularly welcome East West Rail, as Bletchley and Winslow will host East West Rail stations. I cannot wait for passenger services to start, hopefully as soon as possible.”
House of Commons3 December 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I was pleased to see that the forthcoming curriculum reforms acknowledge the importance of financial capability for young people, but there is the immediate challenge of the scant financial education that exists now, which must be addressed. Can the Minister update the House on how the Department is working with civil society and the financial sector to ensure that young people are getting quality financial education now?”
House of Commons1 December 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I thank the Chief Secretary to the Treasury for his statement. The integrity of fiscal forecasting depends not only on technical expertise, but on the public’s confidence in the people who deliver it. Clearly, that confidence has been shaken in the past few days. Can he outline what governance changes he and the Department are thinking about enacting so that those overseeing the fiscal process meet the highest standards of conduct and scrutiny? Does he have confidence in the head of the OBR delivering them?”
House of Commons1 December 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“As the Prime Minister said in his speech this morning, in the long run we also need to control benefit expenditure. The previous Government oversaw a ballooning of welfare and benefit expenditure. On the Labour Benches we believe in the virtue of work, but we must not use the failings of the previous Government to shirk the responsibilities of the future.”
House of Commons1 December 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I want to highlight the role of UK listings relief, the expansion of the enterprise management incentives eligibility criteria, and the extension of the enterprise investment scheme and venture capital trusts. It is incredibly important, in the globally competitive economy in which the UK is operating, that Britain is the best place to start, scale and ultimately list a business, and I welcome the measures provided in the Budget. In conclusion, the Budget very much contributes to the financial prosperity of our economy, but we will need to go further, in the coming years and in the forthcoming parliamentary Session, on regulation, pro-growth tax reform and more inward investment—the Chancellor was in Wales today to bang the drum for more investment in the UK.”
House of Commons1 December 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“In Milton Keynes we have seen lots of investment over the past few years, enabled thanks to the fiscal responsibility of this Labour Government, such as the £500 million investment in the new hospital in Milton Keynes. Just last week the Milton Keynes University hospital confirmed the construction of two new operating theatres, beginning early next year, all thanks to a Labour Government. The final area I wish to cover is the pro-growth measures the Government are pursuing, some of which were announced last week. My hon. Friend the Member for Harrow West gave a very compelling argument for the need to increase the capabilities of our co-operatives and mutuals, which are an excellent feature of our economy.”
House of Commons1 December 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Given that over a third of our national debt is held by overseas investors, it is incredibly important that we respect their wishes and be fiscally responsible. My right hon. Friend the Secretary of State for Energy Security and Net Zero gave a tour de force on the various measures we are taking to reduce the cost of living, certainly with regard to energy bills and rail fares. My constituents in Buckingham and Bletchley will benefit from frozen fares, whether they travel from Bletchley or Milton Keynes to London Euston or to elsewhere in the country. When I was out knocking on doors with my right hon. Friend the Member for Wycombe (Emma Reynolds) on Saturday, people on the doorstep particularly welcome the frozen prescription charges, as well as the broader investment in the NHS.”
House of Commons1 December 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Having worked in financial services before entering this place, I have observed debates on fiscal probity and prudence with great interest, but I would like to remind Members—certainly those on the Government side of the House, but also those across the House—that fiscal responsibility or fiscal prudence is not just an end in itself; it is a means to an end. It delivers economic and financial stability, and ultimately lowers inflation. I welcome the fact that measures in the Budget will reduce inflation more than expected. By increasing the headroom, we are enabling the central bank to, in time, reduce interest rates at a faster rate, which will not only support mortgage holders but support businesses to expand their operations. In the long run, it will also help to reduce our national debt.”
House of Commons1 December 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“It is a pleasure to contribute to this third day of the Budget debate, and a pleasure to follow the right hon. Member for Stone, Great Wyrley and Penkridge (Sir Gavin Williamson), and I associate myself with the speeches of my right hon. Friend the Secretary of State for Energy Security and Net Zero and my hon. Friend the Member for Harrow West (Gareth Thomas). In the short time available, I wish to cover a few areas, the first of which is the fiscal stance of the Government in relation to the cost of living. Overall, I believe that the set of measures announced by the Chancellor last week will indeed cut the cost of living, tackle NHS waiting lists, and reduce the deficit and the debt, which is much needed.”
House of Commons1 December 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Bletchley youth centre has been a trusted hub for our town for over 60 years, supporting 400 young people in the town every week by providing affordable activities and outreach to prevent antisocial behaviour, but that service has been stretched due to years of underfunding by the previous Government. There is hope, however, with the new Labour Government and their youth strategy. Will the Minister set out what steps her Department is taking to ensure that Bletchley youth centre and others like it receive the support that they need to help our young people?”
House of Commons27 November 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“When domestic firms depend primarily on foreign investors, as we have seen in the case of Arm—I was at LSEG at the time—they are more likely to list overseas and more likely to relocate there. Their leadership teams shift supply chains and take their tax receipts and intellectual property with it. We need to mobilise our own domestic capital, which secures our long-term economic sovereignty. Thirdly, lastly, and perhaps most importantly, it is about ensuring that our exciting innovators, of which there are many in my own constituency, are able to thrive and reach their full potential here. They all require patient capital, which was outlined in the industrial strategy. If Britain wants to lead in those industries, we must mobilise all our pension savings to give our unicorns the opportunity to compete globally.”
House of Commons25 November 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The first is to strengthen the integrity and vitality of UK public equity markets—I do have an interest, having worked for the London Stock Exchange Group before I entered Parliament—which was rightly cited as a priority in the Government’s financial services growth and competitiveness strategy earlier this year. Listed companies are already employing 4 million people across the UK. When domestic capital supports the domestic economy, firms can raise further growth capital, which we saw to its benefit during the pandemic. It can also create further jobs. A vibrant public market can also attract, in turn, a wider pool of investors, domestic or international, and create a virtuous cycle of demand, valuation and innovation. Secondly, I have already referred to national economic resilience.”
House of Commons25 November 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“It is positive that UK households have bigger cash buffers, but having excess cash not only potentially damages the ability to grow long-term wealth and secure financial security in the long run, but it deprives the many innovative scale-ups that we have in the UK from the investment that they need to grow, create jobs and deliver tax receipts for the Exchequer. If we want a stronger, more secure economy, we have to mobilise all sources of domestic capital—that includes pension funds, retail savings and also our public institutions like the British Business Bank—to meet what I think are three principal goals.”
House of Commons25 November 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The figure for France is a factor of nine; Italy 10; Australia 27; and South Korea is an astonishing 30 times overweight. By contrast, in the United Kingdom we are underweight by about 40%. That was the data from about a year ago. This is not a marginal trend; it identifies a structural weakness in our global competitiveness, our industrial capability and our long-term national economic resilience. As has been said, it is not just about our pension funds. Since the pandemic, UK households have accumulated greater levels of cash savings—depending on the financial institution, that is £600 billion, £700 billion and so on.”
House of Commons25 November 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Member for Salisbury was clear in setting out the data from the new financial think-tank. The right hon. Member for North West Hampshire (Kit Malthouse) and the hon. Member for Boston and Skegness (Richard Tice) explained the steady decline of domestic pension investment over the last two, three or four decades. Data that I would cite for international comparisons lies in the Capital Markets Industry Taskforce, of which I know the London Stock Exchange Group is a leading member, and which I cited on Second Reading of the Pension Schemes Bill, but it is worth repeating now. Canadian pension funds are hugely overweight in their own domestic economy relative to their share of the global markets by about two and a half times.”
House of Commons25 November 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Backing British businesses of all types and sizes across the UK with British capital is fundamental to jobs, greater levels of innovation and, in the long run, higher household incomes. However, it is also important for our economic sovereignty. As hon. Members have explained, if we are unwilling to invest in our own economy, we risk increasing our reliance on international capital, which may not necessarily prioritise the UK’s long-term national interest. I welcome the work that the Minister has advanced through the Pension Schemes Bill. It is a good Bill. Creating larger pension funds that are able to invest at scale will deliver stronger returns for millions of savers, including those in my constituency. The scale of the challenge with regard to domestic pension investment in our economy is stark. The right hon.”
House of Commons25 November 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“It is a pleasure to serve under your chairship, Mr Stringer, and to keep the Minister company on the Government side. I congratulate the right hon. Member for Salisbury (John Glen) on securing this debate and on a highly compelling speech and argument. The question of whether we can create the right incentive framework for domestic pension funds to invest more in the UK is a strong one—not only in UK equities but across all asset classes, including gilts and infrastructure. It goes to the heart of the Government’s growth mission. It is imperative for strengthening our national economy and for unlocking the regional potential of our economies, including in my own constituency of Buckingham and Bletchley, which lies in the engine room of the Oxford-Cambridge growth corridor.”
House of Commons25 November 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Multi-year funding settlements can help councils such as Buckinghamshire to prepare for the future and ensure the continuity of local services, but that approach was not necessarily applied by the last Conservative Government. In the north Buckinghamshire towns and villages that I represent, there is particular pressure on the economic and social infrastructure that meets rural requirements. Will the Minister set out in a bit more detail how the fair funding review will take all that into account so that residents in my community have the services they need?”
House of Commons24 November 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“East West Rail promises to be hugely transformative for Bletchley, positioning the town as a key economic hub, not only between London and Birmingham but between Oxford and Cambridge. With a new eastern entrance at Bletchley station, we can unlock the jobs and investment that will not only revitalise the town centre, but deliver a modern gateway for visitors to Bletchley Park. We have local backing; we just need some local funding. Will the Secretary of State meet me and key strategic partners to discuss how we can realise that opportunity?”
House of Commons20 November 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Returning to rural crime, I pay tribute to the work that the Thames Valley police rural crime taskforce is doing for rural communities and farmers in the Buckingham and Bletchley constituency. Can the Minister set out more detail of how the national rural crime strategy will complement the work already being done by local forces? Will that strategy be complemented by a long-term funding model?”
House of Commons17 November 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I thank the Minister for her response. Last winter’s floods exposed how years of under-investment by the previous Conservative Government had left Buckingham’s flood defences inadequate, which impacted many businesses and residents in our town. I have had the pleasure of working with the Flood Action 4 Buckingham group and others to ensure that local voices are heard and to identify ways we can act together to ensure we are resilient in the future. Can the Minister advise me and my constituents on how we can access our fair share of future flood resilience funding so that we are not in this position again?”
House of Commons13 November 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The establishment of the Sterling 20 sends a strong signal that this country is serious about mobilising more of its own domestic capital into productive domestic assets. As the Oxford-Cambridge growth corridor’s anchor, my Buckingham and Bletchley constituency is primed to offer high-quality investment opportunities. Can the Minister set out more detail about how he is working with local authorities, such as the Labour-run Milton Keynes city council, to ensure that we provide that pipeline, and will he meet me to discuss how we can take it further?”
House of Commons4 November 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The on-time, on-budget delivery of 183 new council homes for local families on the Lakes estate in Bletchley is a good demonstration of what Labour can achieve in local government. Is my right hon. Friend willing to visit Bletchley over the coming weeks and months to discuss how further investment from the social and affordable homes programme could help ambitious, pro-housebuilding councils like Milton Keynes to go even further for local people?”
House of Commons13 October 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The trust of financial markets depends not just on the policy of the Government today, but on whether we keep that trust tomorrow. The Opposition squandered that trust when they were in government by trying to push through tax cuts that they could not afford—that the UK could not afford. Does the Chancellor agree that Labour, too, has to resist the temptation to duck the tough choices on spending, which would not only risk economic stability but hold back growth?”
House of Commons9 September 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Britain’s commitment to the 5% NATO target clearly sends a strong signal of our resolve, but that pledge must command public confidence that the money will be spent wisely. Can the Secretary of State provide more detail on how he is working with the Treasury, the Cabinet Office and others to ensure that every additional pound of public investment in defence delivers value for money for the taxpayer?”
House of Commons8 September 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I thank the Minister for his statement. I welcome this industrial strategy, which—as my hon. Friend the Member for Slough (Mr Dhesi) said—demonstrates how closely aligned a strong domestic defence sector is with our economic security and sovereignty. Can the Minister add a bit more detail about what assessment his Department has made of the potential further export opportunities arising from this industrial strategy, which will strengthen not only UK economic growth but our economic and defence relationships with our allies?”
House of Commons8 September 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“9. What steps his Department is taking to ensure that SMEs in Buckingham and Bletchley constituency can access capital and export finance as part of the UK’s recent trade agreements.”
House of Commons17 July 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Innovative high-growth companies, such as Envisics in Bletchley, are developing and exporting world-leading technology-driven products but face difficulties securing the domestic capital needed to scale up. Too often, overseas investors and, sometimes, Governments, offer both finance and other incentives for them to relocate. Will the Minister set out in more detail how his Department is working across Whitehall to ensure that domestic financial institutions, including Government-backed entities, are helping companies like Envisics to firmly anchor their innovations here in the UK?”
House of Commons17 July 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“T2. The Government’s £500 million investment to support under-represented entrepreneurs was hugely welcomed by business leaders in my constituency, but access to capital is only part of the challenge. Many still face entrenched barriers around networks, mentoring and market access. Will the Minister set out the steps that the Government are taking to ensure that that investment is complemented by wider reforms to break down any structural obstacles to scaling businesses in Milton Keynes and Buckinghamshire?”
House of Commons17 July 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I thank the Minister for her statement and commend the work that she and the Chancellor have done on the wider Leeds reforms. I want to pick up on the forthcoming campaign to promote retail investment, which has the potential to reshape public understanding of risk, reward and financial planning. The problem with many similar campaigns is that they have failed to reach the people who most need them, so can the Minister provide a bit more detail about how the Treasury intends to work with both the financial services industry and civil society to ensure that the campaign delivers measurable benefits and improvements in financial capability across the whole population?”
House of Commons16 July 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“Member for North West Hampshire: I think that there are too many small, sub-scale schemes that have not only driven up costs and created market inefficiencies, but resulted overall in suboptimal investment outcomes. I think that larger funds can manage risk better, and can invest in opportunities that can deliver higher returns for savers.”
House of Commons7 July 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“In real currency that our constituents can understand, that means investment in digital, physical and social infrastructure, and it means greater opportunities for entrepreneurs to not only start up businesses but scale them into something globally consequential, providing better jobs and higher incomes for families throughout the country. These investments are not just good for local economies. If we get the broader fundamentals right, they can also deliver stronger returns for tomorrow’s growing cohort of retirees, so the Government are right to propose tackling fragmentation across the UK pensions system. In particular, the private defined-contribution market and the local government pension scheme remain too fragmented. I must gently disagree with the right hon.”
House of Commons7 July 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“If we are unwilling to invest in ourselves, we hold back our growth prospects. The UK has long needed catalysts for a modern economic renaissance. The Government have taken important first steps through their industrial and infrastructure strategies, the artificial intelligence opportunities action plan and the reforms of our planning system, but the common ingredient that is required to ensure their success is a reliable source of long-term capital. Even a modest rebalancing of that £3 trillion could unlock billions in investment for domestic growth.”
House of Commons7 July 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“The data focuses primarily on public equity markets, but when we look at the largest pension schemes and funds in other countries and compare the size of their total equity allocations relative to their domestic equity markets, we see that Canada’s pensions are 2.5 times overweighting their home market, while France’s are nine times overweight, Italy’s 10 times overweight, Australia’s 27 times overweight, and South Korea’s are 30 times overweight. The UK is, massively, an international anomaly. Our domestic pension funds are underweighting our equity market by about 40%. That, I think, represents a structural weakness, with direct consequences for the global competitiveness of our economy, the vitality of our industries and, ultimately, our national economic resilience.”
House of Commons7 July 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“During that time, our domestic pension funds, which now amount to about £.3 trillion, have steadily retreated from investment in the UK, although the trend has not been replicated in other comparable developed economies. Despite taxpayer support amounting to more than £60 billion a year—or £70 billion, according to the right hon. Member for Salisbury (John Glen)—too little capital is finding its way into British companies, infrastructure and innovation. Data from the Capital Markets Industry Taskforce—I must disclose the fact that I once worked for one of its member firms before entering this place—lays bare the scale of the problem.”
House of Commons7 July 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“It is a challenge that we must overcome if we are to tackle a number of deep-rooted structural weaknesses in our economy: low productivity, low business investment and regional inequalities, as well as the financial insecurity that pervades the lives of too many of our older citizens, especially those who do not own their homes. Before I go any further, I must pay tribute to my hon. Friend the Minister—the Bill bears the hallmarks of his serious and determined leadership—and also commend my hon. Friend the Member for Tamworth (Sarah Edwards) for her very interesting speech. The Bill seeks to address the lack of alignment between our nation’s vast pool of domestic savings and the long-term investment needs of our economy. Over recent decades, that growing misalignment has become all too evident in communities across the United Kingdom.”
House of Commons7 July 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I am probably a parliamentary oddity, given that I have been looking forward hugely to rising to support the Bill—and what luck to follow such a colourful and interesting speech from the right hon. Member for North West Hampshire (Kit Malthouse). I believe that this landmark piece of legislation, which builds on the progress made by the last Administration, has the potential to fundamentally reshape the trajectory of British capitalism by addressing one of the most important long-term challenges facing our country, namely how we can unlock and unleash the full potential of British savings to support growth and prosperity here at home.”
House of Commons7 July 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“As I have said, I think that larger funds can manage risk better and deliver better outcomes for savers, which means that they can take greater ownership of how they spend their retirement years. I also think that the £25 billion threshold for megafunds in the defined-contribution market is the right level to deliver the objective. Other jurisdictions, especially Australia, Canada, and the Netherlands, have demonstrated that scale drives better governance, lower fees and stronger returns. I welcome consolidation and the path towards the professionalisation of the local government pension scheme. I disclose that before I entered this place, I chaired a local authority pension fund, so I know at first hand the potential of pooling, and share many experiences of pension fund meetings with the shadow Minister.”
House of Commons7 July 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“That approach has frequently been tried and tested, and it delivers poorer returns for savers and missed opportunities for the wider economy, so I very much hope that DC consolidation can be implemented as soon as possible. Finally, I want to address the issue of mandation, which, to be honest, probably warrants a debate all by itself. I appreciate the concerns that have been raised by Members from across the House, and by people in the investment industry. My hon. Friend the Member for Hackney South and Shoreditch (Dame Meg Hillier) referred to the parliamentary fund, and I note non-facetiously that the parliamentary fund, of which we are all ultimately beneficiaries, allocates barely 1% of its assets to UK companies.”
House of Commons7 July 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“My hon. Friend is absolutely right. Stakeholders and firms that I have spoken to—in the local government pension sector, the private sector and the City of London—are unanimous that scale is very much an economic imperative. Have the Government considered what role fiscal incentives can play in helping to accelerate the consolidation of private DC funds, and whether there is scope to reduce the number of LGPS pools in the year ahead? I particularly welcome the Bill’s proposal for a comprehensive value-for-money framework to guide DC consolidation, which my hon. Friend the Member for Tamworth (Sarah Edwards) mentioned. This correctly tackles head-on the trustee cost mindset, which too often prioritises the cheapest over the most appropriate asset allocation.”
House of Commons7 July 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I understand that not everyone is in favour of the state intervening in markets, and I am sure that the Minister, who worked at the Treasury, will remember that not everyone in the City wanted the Government to step in and rescue Lloyds Banking Group or the Royal Bank of Scotland, but sometimes the Government have to act decisively in the country’s long-term economic interests. The Bill is a welcome and necessary step towards answering the question of how we inject greater confidence into our companies, our markets and our economy, while also providing people with a safe and secure retirement. That is why I am pleased to support it tonight.”
House of Commons7 July 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗
“I now consider it necessary for the Government to signal to the markets that they will not ignore the reality that allocations by UK institutions to UK assets have fallen sharply over my lifetime, and certainly over the last 40 or 50 years, and that they are prepared to exercise a degree of agency, if required. Ideally, any reserve power will not be required. If the Government succeed with their broader economic strategy, there will be a wealth of investable opportunities that will attract capital without the need for compulsion. Although the Government will need to exercise any reserve power in the most judicious and careful way, and in close consultation with the industry, we simply cannot stand by and allow our domestic markets to be hollowed out.”
House of Commons7 July 2025Contains Parliamentary information licensed under the Open Parliament Licence v3.0Source ↗