Rachel Blake
MP for Cities of London and Westminster · Labour (Co-op) · United Kingdom
“The Chancellor has committed to doing what she can to support families and businesses; to being responsive to a changing world; and to being responsible, in the national interest. Some legacy renewable energy generators stand to benefit from the disparity when higher gas prices determine the price of electricity.”
“That will provide a vital revenue stream, so that money is available to the Government to support businesses and families with the impact of the conflict in the middle east.”
“Recognising the key role that the road haulage sector plays in transporting goods across the UK, and its disproportionate exposure to fuel costs, the Government are introducing a 12-month holiday from vehicle excise duty for the majority of heavy goods vehicles for licences taken out between 1 July 2026—today—and 30 June 2027.”
“I thank my hon. Friend for his thoughtful intervention. I absolutely agree that this will make a real difference to those workers who drive for their work. This is a long overdue measure, and I am very happy to put the Bill forward today.”
“In recognition of the pressures facing drivers as a result of the conflict in the middle east, my right hon. Friend the Chancellor announced in May the first uprating of mileage rates in 15 years. It was backdated to April, to provide immediate support to both groups.”
“In total, the decisions taken since the 2024 general election to freeze fuel duty will save motorists 11p per litre, or £120 for the average car, £250 for the average van and over £2,000 for the average HGV, compared to previous plans. For those reasons, I commend the Bill to the House.”
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“In recognition of the pressures facing drivers as a result of the conflict in the middle east, my right hon. Friend the Chancellor announced in May the first uprating of mileage rates in 15 years. It was backdated to April, to provide immediate support to both groups. Mileage rates will increase for 2026-27 from 45p to 55p for the first 10,000 miles and 25p thereafter, with effect from 6 April 2026.”
“That will provide a vital revenue stream, so that money is available to the Government to support businesses and families with the impact of the conflict in the middle east. In the longer term, the increase in the EGL rate will also encourage participation in the new voluntary contract for difference scheme, announced in April—part of a broader package of measures that break the link between electricity and gas prices. Importantly, new investment is excluded from the levy. This ensures that the measure is targeted solely at legacy windfall returns, and does not deter future clean energy development. In March, the Government announced a review of mileage rates for employees who use their own vehicle for work, and for the self-employed who use the simplified expenses rates.”
“The Chancellor has committed to doing what she can to support families and businesses; to being responsive to a changing world; and to being responsible, in the national interest. Some legacy renewable energy generators stand to benefit from the disparity when higher gas prices determine the price of electricity. Without any new costs or risks, those generators receive extraordinary revenues. The electricity generator levy already recoups some of the excess returns made by renewable generators when electricity prices are over £82.61 per MWh, but the Government have decided to increase the rate of the levy from 45% to 55% from today, 1 July. The rate rise will have two main benefits. It will ensure that a larger proportion of any exceptional revenues from high gas prices are passed back to the Government.”
“I beg to move, That the Bill be now read a Second time. The conflict in the middle east has left British families and businesses exposed to volatile gas prices, which has made things more expensive for those who drive for work, including care workers. Even though much of the country’s electricity comes from cheaper renewables and nuclear, electricity prices are still largely set by gas, which means that running a wash, turning on the lights or boiling the kettle has also become more costly for families across the UK. As my right hon. Friend the Chancellor set out in May, the Government are keenly aware of the costs that the conflict in the middle east will impose on British people. The Government have taken steps to put our economic security and national security first.”
“In total, the decisions taken since the 2024 general election to freeze fuel duty will save motorists 11p per litre, or £120 for the average car, £250 for the average van and over £2,000 for the average HGV, compared to previous plans. For those reasons, I commend the Bill to the House.”
“Recognising the key role that the road haulage sector plays in transporting goods across the UK, and its disproportionate exposure to fuel costs, the Government are introducing a 12-month holiday from vehicle excise duty for the majority of heavy goods vehicles for licences taken out between 1 July 2026—today—and 30 June 2027. That will save a typical HGV £600, on top of savings from fuel duty. Fuel costs make up a substantial proportion of HGV operating costs, and this action will help prevent cost pressures arising from the conflict in the middle east spreading across the economy. The announcements on mileage rates and HGV VED were part of a wider package of measures announced in May, including on fuel duty.”
“I thank my hon. Friend for his thoughtful intervention. I absolutely agree that this will make a real difference to those workers who drive for their work. This is a long overdue measure, and I am very happy to put the Bill forward today. The proposals represent the largest ever increase to the mileage rates, benefiting around 2 million employees and 1 million self-employed individuals, and saving over £120 a year for a worker doing 6,000 business miles. Looking beyond 2026-27, the Government have already committed to a review of the rates, and will set that out at the Budget.”
“The strategy recognises that mental health can significantly affect people’s ability to access and use financial services, along with the interrelationship between people’s mental health and their attitudes and ability to work with particular financial products. It is therefore important that we strengthen the support available for individuals through interventions to improve debt collection practices, expand the breathing space scheme to support individuals in problem debt during a mental health crisis, and examine how pre-existing mental health conditions are treated in the travel insurance market. Each of those approaches is very much under way.”
“This afternoon, we have heard interesting suggestions as to how that work can be undertaken, whether it is in youth hubs or in other youth settings. It is the responsibility of us all to consider how that investment can be made most effective, with industry working with the Government to provide jobs guarantees for a wide range of people and ensure that there are youth jobs grants under which businesses receive £3,000 for every young person they hire between the ages of 18 and 24. This is a partnership approach between industry and Government, and one that I believe will make a real difference. I also want to talk about the significant issue of mental health and its prevalence in society, particularly among young people. Today, we are talking specifically about its interaction with financial inclusion.”
“In responding, I want to talk briefly about youth employment and support for mental health, and then try to get through the questions put to me by my hon. Friend the Member for Hertford and Stortford. Following the Milburn report and the contributions made today, we have to be clear that the Government are in no way complacent about youth unemployment. We are absolutely determined to unlock the potential of young people across the UK. Funding for employment support is increasing to more than £3.75 billion per year by 2028-29. At the last Budget, the Government committed to more than £1.5 billion to back young people through the youth guarantee and invest additional funding in the growth and skills levy.”
“Friend the Member for Hertford and Stortford (Josh Dean) a chance to respond; I thank him for securing this debate and for all his work to focus the Government and colleagues on young people and the particular challenges that they face. We have had a really broad range of contributions, including from the hon. Members for West Dorset (Edward Morello) and for Keighley and Ilkley (Robbie Moore) and from my hon. Friends the Members for Ilford South (Jas Athwal), for North West Leicestershire (Amanda Hack), for York Outer (Mr Charters) and for Kettering (Rosie Wrighting). It has been a powerful debate. We can all agree on the importance of ensuring that everyone across the UK has access to affordable financial products and services to enable them to engage in the economy.”
“It is a pleasure to serve under your chairmanship, Sir John. I am grateful that my first chance to speak as the Minister in Westminster Hall is in such a thorough and rich debate on this topic. Let me join in with the tradition of talking about our first job by saying that I spent many a happy afternoon doing a Saturday job on the high street in a sadly now-closed women’s retailer. I am very proud that jobs like that still exist: it gave me a thorough and deep understanding of the importance of the high street. It would be impossible to cover or respond to all of the rich and broad points that have been raised this afternoon. I also want to give my hon.”
“There is much more to cover, and I commit to doing so in writing. I am grateful to my hon. Friend for securing the debate, and will be happy to continue the conversation.”
“To give my hon. Friend the Member for Hertford and Stortford a chance to respond, I will rattle through actions on insurance. The Government recognise the important role of insurance in supporting individuals’ financial resilience. There are pilots among social renters, led by Fair4All Finance, and the Government also recognise that affordability is a key issue. We have had quite a thorough discussion about scam ads. The Online Safety Act 2023 places duties on the largest social media platforms to tackle fraudulent adverts. Ofcom is due to consult on those measures later this year, and once they are implemented it will be able to impose fines of up to £80 million or 10% of qualifying revenue, whichever is greater. I certainly want to hear from my hon. Friend the Member for Hertford and Stortford.”
“As the hon. Member will expect, I disagree with his characterisation of employer NI and the Employment Rights Act. I remind him of the positive impact that both those measures are having on workers, our NHS and the services that they are funding, and of the specific ways in which they operate with young people. His evidence base therefore does not entirely stack up. I turn to the issue of building up a credit record. The Government are continuing to engage with the FCA on its work with industry to tackle thin credit files. As part of that, the FCA has recently consulted on introducing mandatory credit information sharing by regulated firms, which would mean that any firm reporting to one designated credit reference agency must report the same information to all such agencies, ensuring full and consistent information on a consumer’s file.”
“At the Budget, the Government announced a comprehensive package of entrepreneurship tax measures, designed to provide substantially enhanced support for scaling businesses across the UK. That includes doubling the maximum amount that a company can raise through the enterprise investment scheme and the venture capital trust scheme. Overall, the changes to those schemes are forecast to generate about £100 million per year of additional investment in high-growth, scaling companies, thanks to the increased scheme limits in the Budget.”
“Absolutely not; we have real confidence in the British venture capital sector. In the 2025 Budget, we doubled the investment limits and gross assets threshold for the enterprise investment and venture capital trust schemes. Those changes are supporting growth and development.”
“This Chancellor has secured six interest rate cuts. We are creating the conditions for investment in business. Investment in skills and innovation is up; investment in regional infrastructure is up; and whole-economy investment is up by 4.9% since the election. This country is the best place for start-ups and scale-ups, thanks to the economic stability that the Chancellor has been securing.”
“The draft regulations will make a number of changes to close loopholes that would be leveraged to obscure asset ownership; to improve transparency of beneficial ownership of trusts with significant UK connections; and to refine registration requirements for other types of trust. In summary, the draft regulations contain measures to build a stronger, more risk-based and therefore more effective anti-money laundering regime. I commend them to the Committee.”
“The draft regulations will make changes to strengthen co-operation and information-sharing between anti-money laundering supervisors and other public bodies such as Companies House, which plays an increasingly integral role in the UK’s defences against illicit finance. To close gaps in coverage, the draft regulations will bring the activity of selling off-the-shelf firms within the scope of regulated activities. They will also make changes to ensure that owners of cryptoasset firms do not escape fit and proper checks by the Financial Conduct Authority. Finally, I turn to the trust registration service.”
“The FATF does not require these checks, and the Government expect that permitting more flexibility here will enable firms to focus their scrutiny on the most serious risks to the UK, as set out in the latest national risk assessment of money laundering and terrorist financing. The Government estimate that this change alone will generate savings of £178 million per year for regulated firms, which can then be reinvested in higher-value compliance activity that identifies genuinely suspicious activity. Other changes on customer due diligence include important measures to increase the availability of pooled client accounts for businesses with a legitimate need, and to facilitate continued access to banking services for customers in the event of a bank insolvency. I turn to system co-ordination.”
“They will also make minor and technical changes to improve consistency and ensure that the UK complies with the standards set by the Financial Action Task Force, the global standard-setter on anti-money laundering. First, the measures on customer due diligence aim to ensure that the checks required on customers are proportionate to the risks. This includes the removal of the requirement for regulated businesses to apply enhanced due diligence checks on countries listed by the FATF as “jurisdictions under increased monitoring”; these are countries found by the FATF to have strategic deficiencies in their regimes.”
“They will make a number of changes to ensure that regulatory requirements are proportionate and risk-based, while closing loopholes and making the regime clearer and easier to use. This reflects the Government’s determination to build a more effective anti-money laundering system, sitting alongside the major reforms announced last year to our anti-money laundering supervision regime. The draft regulations consist of measures on four core themes: making customer due diligence more proportionate and effective; strengthening system co-ordination; closing loopholes in coverage; and reforming registration requirements for the trust registration service.”
“This includes a new high street organised crime unit, which is being set up by the National Crime Agency, backed by £30 million of additional funding over the next three years. It will target cash-intensive businesses, such as barbershops, vape stores, mini-marts and sweetshops, which are exploited by criminal groups to conceal their activities. The draft regulations represent a significant update to the money laundering regulations, which require financial institutions and other regulated businesses to take measures to avoid being used by criminals to launder the proceeds of crime, and to ensure that any attempts to do so are detected and flagged to law enforcement.”
“I beg to move, That the Committee has considered the draft Money Laundering and Terrorist Financing (Amendment) Regulations 2026. It is an honour to serve under your chairship, Mr Betts. The draft regulations aim to improving the effectiveness of the UK’s anti-money laundering regime. Money laundering is not a victimless crime. It fuels serious organised crime that damages our high streets and ruins the lives of people who fall victim to fraud, human trafficking and the drugs trade. It undermines the UK’s reputation as a safe and secure place to do business and, in doing so, undermines the interests of legitimate businesses. As new technologies emerge and criminals find new ways to launder illicit funds, the Government are taking action to turn the tide on dirty money.”
“The timing of the approach to crypto and vulnerabilities will relate to changes in controlled provisions; I believe that they will come into force for crypto firms on 25 October 2027, which will coincide with the introduction of new financial services regulatory regimes for cryptoassets. I will come back to the hon. Member on the estimated impact and the evidence base for off-the-shelf companies. He asked for further information about the impact assessment and why more benefits cannot be monetised; I hope that he will accept a written response. I am confident that the draft regulations will take us further forward in tackling money laundering. Question put and agreed to.”
“The FATF recommends mandatory enhanced due diligence only for countries on the separate “Call for Action” list, which the hon. Member highlighted. That will mean that there is still an opportunity for enhanced due diligence, but the focus will be on those countries that are mandated by the Financial Action Task Force. This is an area for continued scrutiny, and that is something that I will do. The hon. Member asked about the realisation of savings. Those savings were estimated in terms of the sector, and there is an expectation that it is the sector that will focus on delivering them. A bank insolvency is obviously a very unusual event, and we are putting in place the appropriate measures to respond to that.”
“I thank the hon. Member for North West Norfolk for his analysis and for his support for the draft regulations. I am grateful to him for saying that he hopes I will be able to address some of his points, because I wrote down all nine themes. Whether I can address them all as fully as I would like, I am not sure. I am glad that he raised the Financial Action Task Force list, because I have spent some time over the past few days considering its impact. He is absolutely right to probe on the justification and the approach that will be taken. Some countries on the FATF increased monitoring list are recognised as presenting regional more than international risks, perhaps due to the lack of a specialist in the internationally facing financial sector or due to strict currency controls.”
“I will return to that later in my speech—in fact, I will probably be referring most hon. Members’ interventions to the access to banking services review.”
“I am grateful to the hon. Member for Moray West, Nairn and Strathspey (Graham Leadbitter) for securing this debate and for setting out the concerns of not only of his constituents but, as he made clear, those of the many Members who are in the Chamber this evening who want to talk about this topic. I congratulate him on gathering people from across the country and from across different political persuasions to talk about access to banking services—I know how important it is to people. Let me start by acknowledging the important work done on this issue by my predecessor, my hon. and learned Friend the Member for Northampton North (Lucy Rigby), particularly in relation to the announcement of the independent review on access to banking services and the Financial Services and Markets Bill, which was introduced yesterday.”
“I thank my hon. Friend for his thoughtful intervention, and I wish local businesses in his constituency all the best. These decisions are made by Link, but the Government keep a very close eye on the assessment criteria.”
“I absolutely recognise the importance of banking hubs, as my hon. Friend has described. I am very grateful to her for highlighting the different models available, and I very much hope that she will submit some of that evidence and the case study to the access to banking services review. I am particularly struck by the reflections of hon. Members on the importance of banking services for those who are vulnerable, and the importance of banking services in urban and rural communities and how they have been lost.”
“I would absolutely be happy to meet with the hon. Member to talk about that issue. I hope to meet with Members from across the House about the access to banking services review.”
“My hon. Friend makes important points about access to banking services across a number of different areas. I am grateful to him, and I hope we can continue to discuss this issue. We now have very little time left—”
“I disagree—I think that the hon. Gentleman goes too far in his criticism of the criteria. It is important that the Government continue to monitor how these banking hubs are assessed and the need for them. I will close by talking about—”
“I am going to make a little bit of progress now, because we do not have much time. Despite the important progress that we have heard this evening about the number of banking hubs that have been set up—a commitment to 275 with 235 already delivered—it would be premature to conclude that all people and communities are receiving support with their banking needs. Decisions to close bank branches are ultimately commercial decisions taken by banks and building societies, and reflect some of the changes in the way people choose to bank.”
“I have to finish now. I welcome the commitments that firms have made to maintain or improve their existing branches, recognising just how important they are to their customers. There are already some rules and obligations for firms that are changing their branch networks, which they must take very seriously. All Members should know that those decisions must be taken with regard to the impact on customers and communities. I underline that banks and building societies are expected to put appropriate alternatives in place ahead of closure, and where they fall short of those expectations, the FCA can and will ask for closures to be paused.”
“I am sure that many Members from across the House agree with that, and I look forward to working with them on the access to banking services review. Question put and agreed to.”
“I am not going to give way. I fully support those powers, and expect the FCA to use them where necessary. However, the Government are concerned that although firms have been reshaping their branch networks in response to customer demand, this may be creating particular challenges, which is why we have brought forward the review. The Government recognise how important it is that communities such as those represented by the hon. Member for Moray West, Nairn and Strathspey and many other Members from all parts of the country have sufficient access to cash and banking services. Banks and building societies are a core part of the everyday economy. It is critical that communities have sufficient access to those important services.”
“On the point of reading out statements, I see that the right hon. Lady is enjoying reading out her statement. What I cannot see is the case that she makes about the Privileges Committee, and what she does not think is right about a criminal investigation and the inquiries that are consistently being made about the decision, which we have accepted was wrong. What is wrong with the Foreign Affairs Committee and what is wrong with the processes—”
“T2. The Cities of London and Westminster has more jobs in it than people—certainly many more than there are young people. For too long, though, some of the young people in the very centre of London have not had the chances they should. I welcome the Government’s youth guarantee. Will the Secretary of State tell me how it will work with institutions such as Westminster city council, the Corporation of London, Zacchaeus 2000 and the Abbey Centre to really deliver on that promise?”
“I wish you a very happy St George’s day, Mr Speaker. The Cities of London and Westminster hold many celebrations for St George’s day. We heard significant movement earlier today regarding energy. What economic assessment has been made beyond food and drink, the youth experience scheme, Erasmus and the emissions trading system to make sure that, at the forthcoming summit, we deliver on our commitments?”
“T6. Last week the UK attended the third international conference on the situation in Sudan, with Germany, France, the US, the African Union and the European Union. The Foreign Office reports that 30 million people require humanitarian assistance and that an estimated 130 humanitarian workers have been killed. What did the conference and summit say about humanitarian corridors, which could give us some confidence that there can be humanitarian assistance going forward?”
“My constituents are deeply concerned about the appointment of Peter Mandelson, and they want to see complete transparency going forward. I am very concerned to read that the civil servants in the Cabinet Office may have had this information about a month ago, and it has taken them this long to be in a position to share it with the democratically elected person making the appointment. What can the Prime Minister share with us today so that we do not have to face this type of issue in the future?”
“I thank the Minister for his work on this issue. I am working to make sure that the managing agent Freshwater will meet me to talk about its service charges. Does he agree that it is important that managing agents meet representatives in order to tackle these high levels, and to ensure that they are prepared for this Government’s reforms? I also have a real concern about the impact of high service charges on the long-term sustainability of the leasehold model for people who are choosing to retire into leasehold properties.”
“I hear from parents who have real concerns about exclusions, which have been mentioned already. Parents want to understand how accountability will work in a future system, particularly in relation to concerns that their children might experience trauma as a result of exclusion. I would be grateful to hear my hon. Friend’s thoughts on that?”
“Unlike in combined authorities outside London, London borough leaders do not have a formal say in decision making about budgets at the Greater London Authority, so it would be the only major city in the country where local authorities would not have joint decision making over the levy mechanisms. I therefore support the mandation of a 50:50 split, allowing local authorities to keep part of the receipts and enabling boroughs such as Westminster to invest in the vital services that keep the heart of London a world-leading tourist destination. That could include investment in the public realm as well as investment in growth measures—”
“Member, because I do think that Brontë country is an international destination, as I am sure many of his constituents will agree—but Hampshire, Hartlepool, Hillingdon and Haworth will not have the same needs as Hyde Park. That is the fundamental principle that we need to focus on today. I firmly support introducing an overnight visitor levy. It is the right thing to do to enable localities to accurately reflect the particular needs of their neighbourhoods. Taking a local and regional approach means that we have to look carefully at what London might need specifically.”
“It is a pleasure to serve under your chairship, Mr Efford. I am incredibly proud to represent the centre of the capital; Ronnie Scott’s, Abbey Road, Tate Britain and all the best museums are right here in the centre of London. Every year, 25 million tourists visit Westminster, spending £1.7 billion to support businesses and residents across London. This debate has not focused enough on the essential principles of devolution and the role that different organisations play in supporting the tourism industry. We need to hear, again, that nine out of 10 of the most visited tourist destinations in Europe implement a tourist tax. I have listened to the right hon. Member for East Hampshire (Damian Hinds) and the hon. Member for Keighley and Ilkley (Robbie Moore)—although I have to disagree with the hon.”
“Short-term lets should be paying this levy, and the levy should be implemented in a way that makes sure we can gather data on who is letting out their home on a short-term basis. That should be factored into the design of any scheme. I am grateful for the chance to discuss these topics in this setting.”