Callum Anderson
MP for Buckingham and Bletchley · Labour · United Kingdom
“Farmers in north Buckinghamshire have raised queries with me regarding the transition from environmental land management agreements that expired this year to the funding available through the much-welcomed sustainable farming incentive 2026.”
“This weekend, more than half a million people from around the world will descend on the Silverstone circuit—half of which is located in the Buckingham and Bletchley constituency—hopefully to see another British win at the British grand prix.”
“Small and medium-sized enterprises are often best placed to kick-start a young person’s career, but when I met a group of small business owners at the Crown pub in Granborough, many told me that the up-front costs of training and supervision often act as a barrier to taking on young people.”
“Buckinghamshire farmers are hugely exposed to the global volatility in the fertiliser market, and many farmers in my constituency have faced increased costs of over 14%.”
“In addition to the measures that the Government introduced in the first parliamentary session, I established the Bletchley investment taskforce, bringing together local leaders, employers and investors, as a vehicle to attract the businesses, investment, jobs and apprenticeships that communities in my constituency need.”
“There are also parts of my constituency that are home to a number of rural enterprises, family farms and small independent businesses, which are all contributing to local growth and prosperity.”
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“They bring more stability, deliver more liquidity to our capital markets and provide a stronger base of support for UK quoted companies, making them more resilient to global shocks—be they pandemics or unexpected impositions of tariffs—and better equipped to focus on building their commercial offer. The UK has a proud history as a global financial centre. We attract capital from across the world, and we should be proud to do so. We used to pair that with high levels of retail participation by British citizens, but sadly that has changed. The data paints a stark picture. In the early 1960s, individuals in the UK owned, by value, a little over half of all shares traded on the London stock exchange; today that figure is barely 10%. At the same time, overseas ownership of UK shares has risen to almost 58%.”
“It gives them agency and an opportunity to own a stake in the companies that they work for, buy from and depend on in everyday life. At its best, it allows people from every corner of our country to share in the success of our economy, to grow their wealth, to build financial resilience and to prepare for life’s great milestones, such as weddings, and unexpected moments. Retail investment does not just help individuals; it helps companies, too. The capital that individuals invest provides the fuel for companies to expand, innovate and create jobs in every part of the UK. That is good for productivity, wages and Britain’s international competitiveness. Having more individual investors also strengthens our financial markets.”
“I beg to move, That this House has considered Government support for retail investment. It is a pleasure to serve under your chairship, Mrs Hobhouse. I thank my hon. Friend the Economic Secretary to the Treasury for joining us today and for her continued engagement on this subject, and I thank hon. Members from across the House for making time for the debate. I am grateful for the opportunity to raise the matter of retail investment in the UK stock market. This is about more than just the financial sector or the City of London; it is about how people across our country, from Sunderland to Swansea and Buckingham to Bletchley, can build more secure financial futures while helping the UK economy to grow. When people use their own money to invest in shares, Government bonds or other regulated financial products, that is a force for good.”
“It affects the efficacy of our economic model, the shape and direction of our growth path, our ability to support home-grown innovation and even, as we have seen in recent weeks, our economic sovereignty. If we want a strong economy that genuinely works for everyone, we must do what we can to help more of our constituents take part in it, not just as workers or consumers but as co-owners. I want to reiterate that this is not about helping the City of London. It is about helping everyday people—our constituents—make the most of their money and have a say in the companies that are shaping their lives. We know that long-term investing consistently outperforms keeping money in cash savings or bonds.”
“My hon. Friend is quite right; it is really important that we encourage women and other under-represented groups to invest and participate in owning a part of their economy. By encouraging retail investment we are able to reduce a variety of wealth gaps, including the gender wealth gap. I should add that there is a social justice element, too. People from middle-class or wealthier families are simply much more likely than those from ordinary working-class backgrounds to be exposed to the range of financial options available. That creates an asymmetrical divide in confidence, knowledge and opportunity. This matters because when UK citizens own less of their economy, the consequences are much more than just financial.”
“I believe that capital markets can and should serve everyone, and that it is our job in this place to make that a reality.”
“We must challenge that mistaken perception head-on. Why not launch a modern, compelling and inclusive public awareness campaign—perhaps a 21st-century version of “Tell Sid”? It should focus on real people, real lives, and real, genuine, tangible benefits that people can see in their local community. It should be visible, too, in universities, in jobcentres, in community places and in our workplaces, because this is not just a personal finance issue; it is a national opportunity. I think that the case for retail investment is clear and I believe that this Labour Government have the chance to fuse their democratic socialism with a modern brand of democratic capitalism. By helping more people to invest in their own economy, we empower citizens, grow our companies and build a more prosperous country for everyone.”
“I believe that primarily means finishing the work of Sir Douglas Flint’s Digitisation Taskforce at pace, ending paper share certificates and creating a fully transparent modern shareholding system. However, it is also about access to information: right now, only the big top-tier institutions get first-class research; retail investors get patchy websites filled with jargon, if they get anything at all. The UK should be developing high-quality and accessible investment information, especially for those smaller UK firms that have the potential to be the Googles and Nvidias of tomorrow. Fourthly and finally, we must fundamentally shift the British culture and mindset into individual investing. Too many of our constituents still see investing as something that other people do—something for the wealthy, or the experts, or the lucky to do.”
“Let us be honest: as I said in my opening remarks, kids from wealthier backgrounds are more likely than those from less wealthy families to hear about compound interest, investment portfolios and ISAs at the dinner table. That is why financial education should form a part of everyone’s life, from school right through to retirement, so that people feel confident and well informed at every stage of their life. That means recommitting ourselves to properly implementing age-appropriate financial education throughout our school system, from basic budgeting and saving at a young age, to more sophisticated learning about investment, risk and long-term planning in later school years. This is not just about economics; it is about equity and fairness. Thirdly, we need to make it easier for citizens to engage with the companies they invest in.”
“Is it time to look again at the original PEP—personal equity plan—model introduced by Nigel Lawson in the 1980s, which required at least 50% of the ISA allowance to be directed towards UK-focused assets? That could strike a better balance between supporting investment freedoms and choice, and the national interest. Secondly, we must boost, embed and entrench the virtues of financial education, because if people do not understand how investing works, they simply will not do it. I welcome the Government’s continued support for the Financial Conduct Authority’s review of the boundary between financial advice and guidance. It is really important that people can get timely and affordable help when making big financial decisions so that they can make the most of their money, but I think there is scope for us—for Britain—to go further.”
“The Government might also wish to consider reviewing the stamp duty framework on share purchases. Currently, it is cheaper for an individual investor to buy shares in Illumina than in Oxford Nanopore, in Lockheed Martin than in BAE Systems, and in Tesla than in Rolls-Royce. Is it time for us to ask ourselves whether we want to continue making it more expensive for Britons to buy British? Finally on this point, we should ensure that ISA tax exemptions align much better with the needs of the UK economy as a whole. Today, someone can put £20,000 in a tax-free wrapper that invests in companies that create no jobs in the UK, pay nothing into our Exchequer, generate no domestic growth and contribute no intellectual property or research and development. Should we as legislators be asking ourselves whether that is a good use of taxpayer subsidy?”
“That is the virtuous cycle that I believe we all agree that we need to build. How can we—Parliament, Government, regulators and the industry itself—go about working towards that together? Ultimately, I believe that the UK would greatly benefit from a long-term retail investment strategy invested in by Parliament, Government, regulators and the industry. For the purpose of this debate, I think there are four immediate priorities. First, we need to simplify the ISA framework and reform it to better support British investment. There are four types of ISAs, each with slightly different rules. For many, that is simply confusing and, I think, off-putting. Why not consolidate those products into a single ISA, with stocks and shares ISAs the default but, crucially, people can still hold cash if they choose?”
“I know from my early career in financial inclusion charities that, for many households, possessing even £500 in emergency savings can often be out of reach. Let me be clear again: this debate is not about replacing or discouraging cash savings—far from it. It is about showing that even small investments—£10, £20 or £50 per month—can make a real difference over time. If more people invest, our economy will be stronger in the long run. Imagine if we could shift just 10% or 20% of that £290 billion towards more productive, growth-inducing assets. That would mean more companies starting, growing and scaling right here in the United Kingdom and, therefore, more jobs, better pay and more people gaining that crucial bit of additional disposable income to invest for themselves or, perhaps just as importantly, to enjoy life with their families.”
“Let us take ISAs, the most commonly known product, as an example. In the 2022-23 financial year, the latest for which official statistics are known, more than 12 million adult ISA accounts were active, yet nearly two thirds of the total value—almost £290 billion—was held in cash. That is more than £290 billion earning very little return indeed. Some major high street banks, which I will decline to name, are at the moment offering as little as 1.35% interest on cash ISAs, yet we know that inflation has consistently outpaced that rate for the past four years; indeed, it has sometimes reached double figures. Many financial experts and advisers will rightly recommend keeping three, six or nine months of living expenses in cash savings.”
“As I have mentioned ad nauseam since I was elected, my mum works for Morrisons, so I know the impact that various structures of ownership can have on workers and customers. My hon. Friend is right that that is one of the many factors that we should consider as policymakers. A £100 investment in Government gilts in 1900 would have returned around £463 by 2019. The same investment in UK equities would have yielded £35,000. Despite that, many Britons still keep the bulk of their money in cash. In the G7, only the citizens of Germany and Japan hold more of their national wealth in cash than we do. Inflation, even at modest levels, steadily eats away at its value. I believe that we must do more to help people feel confident in making smart, informed, long-term choices, and that starts with awareness, the right tools and advice, and trust.”
“I again thank everybody for spending an hour of their time contributing to the debate. Question put and agreed to. Resolved , That this House has considered Government support for retail investment.”
“I had no idea, Mrs Hobhouse, that this was the first Westminster Hall debate that you have chaired. Given that we have 20 minutes left, hopefully this is the start of a good track record for you of ending debates in time. Once again, I am really grateful for the opportunity to bring the debate to Westminster Hall, and to the Members from all parts of the political spectrum who have contributed in a thoughtful and considered way. And as I said at the beginning, I thank the Minister for her continued engagement and patience with me as I bring the issue up again and again. Clearly, there is a lot of cross-party political consensus. There is therefore a big opportunity for Britain to reinvigorate our capital markets and, as the hon. Member for St Albans (Daisy Cooper) said, to ensure we can democratise share ownership.”
“The Minister will know that both domestic and international investors are often influenced by decisions taken by multiple agencies, regulators, and indeed Government Departments, which is why consistency is key. Can the Minister update the House on how the Treasury is supporting a whole-of-Government and whole-of-regulator approach to delivering coherent UK regulatory frameworks that strike a balance between protecting consumers and boosting the global competitiveness of the UK economy?”
“T4. Grassroots football clubs such as Bletchley Scot FC are inspiring the next generation of girls and boys to take up the beautiful game. When I visited them last month, they told me that securing funding for modern sports facilities was their top priority, but that engaging with the Football Association was incredibly challenging. Can the Minister set out what steps she is taking to work with the FA at the local and national levels?”
“I thank my right hon. Friend for his statement. Yesterday’s dramatic shift in US trade policy marks an historic abdication of the principles of open commerce and global trade that have underpinned the economies of the western world since the end of the second world war. Tariffs bring no winners—there are only losers, through higher costs for consumers and higher barriers for business and industry. Will the Secretary of State set out how the Government are working with international institutions such as the World Trade Organisation to prevent further escalation and position the UK as a leading champion for open markets?”
“I thank the Secretary of State for her statement, and warmly welcome the inclusion of Great Horwood Church of England school in the first round of funding. Like every school leader in Buckinghamshire, Milton Keynes and the country as a whole, the school’s headteacher, Paula Shaw, is working tirelessly to ensure that all children and their families have the opportunity to thrive. Does the Secretary of State agree that it is vital to ensure that parents in both urban and rural communities never have to choose between their families and their jobs?”
“Over eight years and four Prime Ministers, the last Conservative Government commissioned review after review into UK corporate governance and audit reform, and delivered absolutely nothing. For UK plc to be globally competitive, we need robust corporate governance frameworks which balance the needs of investors and society for information with the administrative burdens on companies. Will the Minister update the House on what progress his Department is making on bringing forward an audit reform and corporate governance Bill?”
“Secondly, I want to touch on the growing occurrence of abuse and the threat of violence faced by too many shop workers in their workplace. In a 2024 survey of USDAW members, more than two thirds of retail workers revealed they had been verbally abused, almost half had been threatened, and one in five had been physically assaulted while doing their job. That is clearly totally intolerable. Nobody in this country should go to work fearing for their own physical safety. I believe that we in this House, with our security guards and our armed police, have a particular duty to ensure that those who work in our shops feel just as safe as we do.”
“Data from the British Retail Consortium suggests that this is already costing businesses across the country more than £2 billion a year. In the Thames Valley police area, retail crime rose by over a third between April 2023 and February 2024. This year alone, the Co-op store in Winslow has faced two violent raids aiming to remove its cash machine. This is not just petty crime; too often, it is organised. It is this kind of emboldened criminality that must be stopped. Such activity is not just a blot on a company’s balance sheet; it punishes good-faith customers and demoralises the workers, who take pride in the work that they do. That is why I welcome the repeal of section 176 of the Anti-social Behaviour, Crime and Policing Act 2014, to finally call time on Britain’s open invitation to criminals to steal goods worth £200 or less.”
“I am pleased to support the Bill, which will be welcomed in urban and rural communities across Buckingham and Bletchley. Given the time constraints, I will focus my remarks on part 3, on the protection of retail workers. I have a particular interest in Britain’s 3.5 million retail workers, not least because my mum is one of them, having worked on the shop floor at Morrisons for over 20 years. During that time, she has seen it all—the good, the bad and the ugly. In my conversations with her, particularly over the last decade, two themes have become much more prevalent, and they have already been raised by Members on both sides of the House. The first theme is the increasingly casual and habitual nature of shoplifting and other retail crime.”
“I will not, just because there is so little time and too many people want to speak. That is why the Bill’s introduction of the new offence of assaulting a retail worker is so important. It is also why I welcome the new respect orders, which will give the courts the power to ban repeat offenders from retail premises. Ultimately, this is a Bill that delivers for retail workers and ensures they are given the respect and dignity they deserve. That is why I will be supporting it tonight.”
“T8. Football clubs are far more than 90 minutes of entertainment on match day; they are also powerful engines of community outreach, which provide a lifeline for vulnerable people. In the Buckingham and Bletchley constituency, Milton Keynes Dons Sport and Education Trust offers a variety of programmes for those battling dementia or who have suffered from brain trauma or stroke. Can the Secretary of State explain to the House how the Football Governance Bill will help the ability of clubs to continue providing those programmes?”
“T9. Earlier this month, the Chancellor rightly went to China to put our UK-China relations on a more pragmatic footing. Will my right hon. Friend update the House on what assessment he has made of the National Security and Investment Act 2021 to ensure that it remains fit for purpose in safeguarding the UK’s economic and national security as we cultivate new commercial links?”
“Does my hon. Friend agree that, once again, the Conservative party has failed to agree with the tough decisions we have made and has no idea how to raise the revenue to finance the public services that benefit rural communities like mine in north Buckinghamshire?”
“Recent developments in the UK investment trust sector have once again shone a light on the crucial role that retail investors play in our financial markets. In her Mansion House speech last November, the Chancellor rightly prioritised leveraging domestic pension capital to drive the Government’s economic growth mission. Does the Minister agree that greater retail participation in UK financial markets also supports growth and democratises wealth, and will she meet me to discuss how the Government can better support access to financial markets for individuals, including in my constituency?”
“I thank the Chancellor for her statement. Can she set out in more detail how the Government intend to help reinvigorate the UK-China stock connect, so that UK companies and investors can access Chinese capital markets and vice versa?”
“9. What steps his Department is taking to support the delivery of the funding plans outlined in the Chancellor of the Exchequer’s Mansion House speech.”
“High-growth companies across Buckingham and Bletchley rely on foreign direct investment for their growth and innovation. Will the Minister set out the steps her Department and the Minister for Investment are taking to ensure that the Office for Investment can attract more foreign private investment to help the high- potential industries in which Britain excels?”
“These deals have opened the floodgates to imports that threaten to undercut our domestic producers, leaving British farmers struggling to compete against lower-welfare and lower-cost alternatives. Our farmers deserve better. That is why this Government are determined to do things differently. We have committed, as others have said, £5 billion to the farming budget over the next two years. That is the largest investment in sustainable food production in our history, because we know that food security is national security. In the coming year alone, £2.4 billion will go directly to supporting British farmers, ensuring that they can thrive in a rapidly changing and uncertain world.”
“Instead, the Conservatives left it on the table, not because it was not needed, but because they could not be bothered to make sure that their policy to replace the basic payment scheme was completed on time. That was their attitude when in office. The gaps and the unanswered questions in the schemes left many farmers in my constituency in limbo, undermining their confidence and threatening their livelihoods. When in government, the Opposition failed again when they negotiated trade deals with Australia and New Zealand, removing most tariffs on beef and lamb. Even the Conservative Cabinet Member responsible for negotiating the deal said it was a bad one.”
“Since I was elected in July I have engaged closely with farmers across north Buckinghamshire, and I have been grateful to meet local agricultural and rural businesses in my constituency such as Boycott farm in Stowe and Hogshaw farm and wildlife park; I thank them for welcoming me to their world. These visits have reinforced my commitment to representing their interests and addressing the challenges they face. I have been struck this afternoon as I listened to speeches from across the House by the inability of the Conservatives to confront and defend their own record in office. Time and again, the previous Government failed to stand up for Buckinghamshire farmers. As has been said, they failed to spend £358 million of the UK’s agricultural budget, and that money should have gone straight into the pockets of Buckinghamshire farmers.”
“I associate myself with the excellent speeches by my hon. Friends the Members for Ribble Valley (Maya Ellis), for Peterborough (Andrew Pakes) and for Forest of Dean (Matt Bishop), who were all absolutely right to say that this Government are committed to standing shoulder to shoulder with British farmers and ensuring their voices are heard and their future is secured. Nowhere is this more vital than in Buckinghamshire, where farming is not just an industry, but an integral part of our local identity. It supports our economy, shapes our landscape and is woven into the fabric of our communities.”
“I would be happy to were there not too little time. These investments are about more than money. They represent a vision for a resilient and sustainable future. On the inheritance tax point, the Government’s approach is balanced and fair.”
“This Government are delivering a new deal—a square deal—for farmers, including measures to ensure that British produce is prioritised in Government procurement, that farmers are not undercut by low-welfare imports and that energy costs are reduced through innovative solutions. Our farmers deserve a Government who listen, support and invest in them, and this Government are committed to doing just that.”
“I will not on this occasion. Just last night, the former Conservative Chancellor Lord Clarke agreed with our approach, saying that he was team Chancellor. He said it was “a strange exemption…which is why so many rich people buy agricultural land”. He is not wrong. As others have said, in 2021-22, the top 7% of wealthiest claimants accounted for 40% of the total value of APR, at a cost of £219 million to the taxpayer, as my hon. Friend the Member for Rugby (John Slinger) said. The majority of claimants will not be affected. Couples inheriting farms can still pass up to £3 million tax-free, and any additional assets will be taxed at half the standard rate, with payments spread over 10 years.”
“For almost my entire lifetime, the UK has been a laggard in that area—we have been at the bottom of the G7 rankings for public and private investment for 24 of the past 30 years. I am pleased that this Budget represents a vital first step in correcting course, with a credible package of investment in infrastructure, schools and hospitals. That includes East West Rail in my constituency, and my constituents in Bletchley and Winslow are looking forward to the opportunities from that. I am pleased to support this Budget. It gives working people and their families a hand up, builds strong foundations and ensures that our economy will be competitive in the long run.”
“For many working people across the country and in my constituency, the consequences are stark, with a loss of almost £11,000 a year in potential wages over the past 15 years. Members across the House will have seen how that has manifested itself in rising child poverty and in the routine use of food banks, which my right hon. Friend the Secretary of State for Work and Pensions mentioned. That is why measures such as the fair repayment rate and the extension of the household support fund are so vital, as they provide the lifeline that families in my constituency and across the country so desperately need. Another key issue correctly identified by the Chancellor is the low level of public and private investment in the UK compared with our peers.”
“To understand why this Budget is so crucial, we need to take a moment to recognise the scale of the economic and social challenge that we face. Since the financial crisis, the UK’s productivity has grown at just 0.7% per year—a sharp drop from the 2.1% annual growth rate that we saw in the 14 years beforehand. While other advanced economies have experienced a similar slowdown, the UK has been hit particularly hard, not least as a result of the previous Government’s shying away from taking the proper long-term decisions for our economy. This has led to the UK’s productivity being 28% lower than that of the United States and far lower than that of our European competitors such as France and Germany.”
“I must say that I am not quite sure how I can follow that. I congratulate my hon. Friends the Members for Huddersfield (Harpreet Uppal), for North Somerset (Sadik Al-Hassan) and for Wrexham (Andrew Ranger) on their excellent maiden speeches. I am pleased to add my support to the Budget that my right hon. Friend the Chancellor put forward last week. It provides a fresh start for our families in the towns, villages and cities that comprise the constituency of Buckingham and Bletchley. Given this Labour Government’s dire economic inheritance, the Budget has done a great job not only of addressing the immediate challenges that my constituents face, but more importantly of laying the foundations for a resilient economy that will spread opportunity and deliver the down payment that we need on the Government’s ambition to tackle child poverty.”
“There are so many others to whom I also owe so much, be they family members, my partner of 10 years, or my friends of 15, 20 and 30 years—all of which I mention to warn my constituents that I generally invest only in the most long-term of relationships. It is on that note that I wish to address the young people in the towns, villages and city that comprise the Buckingham and Bletchley constituency: regardless of who your parents are, where you come from or what you look like, never stop believing that if you work hard, anything in Britain is possible. Every moment I am granted in this place will be spent working towards ensuring that you have the power to write your own life story and live the life that you have imagined for yourself on these islands of ours. That is the Britain I believe in, and the one I will be fighting for.”
“If the House will indulge me for a few more moments, I want to close my maiden speech by thanking the people who believed in me and supported me on my journey to this place. First and foremost, I owe an unpayable debt to my mother, who brought me up alone in a council flat and sacrificed everything to help her son reach heights that neither of us could have dreamed of 33 years ago—be that the City of London or the home of our democracy—and whose simple values of hard work and quiet perseverance taught me that everyone has value and deserves respect. Her example has been a guiding light to me, and for that I will be forever grateful.”
“That is why this Government’s achievement in securing the commitment of £63 billion of private investment, 10% of which will help turbocharge Britain’s AI capacity, is so important. I congratulate my right hon. and hon. Friends across Government on their hard work to secure that historic investment. But, Madam Deputy Speaker, the Buckingham and Bletchley constituency offers so much more. Farmers and rural businesses across north Buckinghamshire work tirelessly to feed our nation, using the latest methods to produce high-quality food while safeguarding our local environment, as I saw at first hand when I met the Edgcott and Winslow Young Farmers earlier this summer. I am committed to being their advocate in the House, ensuring that they receive the support and recognition that they deserve.”
“Silverstone is where the pinnacle of innovation meets the thrill of competition, and inward international investment has been pivotal to achieving that status. From Formula 1 teams to global technology giants, international investors are choosing Britain because they see a country where creativity, innovation and entrepreneurship can flourish. But the value of international investment is not just financial; it is also a vote of confidence in us—in our workforce, our infrastructure and our unique creative spirit. It strengthens our relationships with key global players, ensuring that we continue to be the country that others seek out for collaboration, whether in emerging fields such as artificial intelligence or established ones such as financial services and advanced manufacturing.”
“As we speak, the South Central Institute of Technology is inspiring the next generation, providing young people with the skills to thrive in the digital age. The expertise does not end there: the University of Buckingham is innovating in higher education, enabling students to pursue accelerated degrees and equipping them with the agility and knowledge to navigate an ever-changing world. Just as Bletchley and Buckingham lead in education, Silverstone—of which the southern half of the track is located in my constituency—leads on the world stage for motorsport. It convenes the best drivers, including our very own Sir Lewis Hamilton and Lando Norris, alongside cutting-edge engineers, technologists and designers.”
“One of the great privileges of representing Bletchley is that I carry the legacy of Bletchley Park and the remarkable codebreakers who worked there in the 1940s. The ingenuity and tireless efforts of those brave women and men—including Alan Turing, a very British hero—who together uncovered key strategic military plans of the Nazis, not only shortened the second world war and saved countless lives, but laid the foundation of today’s technological age. That is why Bletchley Park remains an iconic institution of national and global significance, and why it was such a fitting host for the AI summit last year. That legacy of technology and creative thinking remains at Bletchley’s core today.”