Lucy Rigby
MP for Northampton North · Labour · United Kingdom
“Border communities rely on strong transport links, and my hon. Friend is a strong advocate for the interests of his constituency and those in the surrounding area. The Government are delivering for people in all parts of the UK, including investments that will benefit those on both sides of the English-Welsh border.”
“Nothing was snuck out. A third runway at Heathrow means more than 60,000 good local jobs, and more than £40 billion for the British economy. The hon. Lady’s question rather highlights the Lib Dems’ curious approach to growth.”
“My right hon. Friend the Member for Makerfield (Andy Burnham) will speak for himself, but I am confident that his view is that growth extends far beyond the area that the hon. Gentleman referred to.”
“Effective transport links are vital to the prosperity and wellbeing of people across the country, including in our border communities. We have been working closely with the Welsh Government to deliver a plan for Welsh rail, and we continue to work with devolved Governments to ensure that border communities stay connected.”
“We have been clear that Heathrow expansion needs to benefit everyone, not just London. The Department for Transport has shown that expansion would deliver UK-wide support for trade, with 40% of the estimated GDP benefits from expansion being outside London and the south-east.”
“The Pride in Place programme provides £5.8 billion of support to 284 neighbourhoods right across the country, including five places in my hon. Friend’s constituency, which she does so much to advocate for. We will set out more details of further funding in the Budget.”
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“It is absolutely right that we have increased the amount of funding going into the National Wealth Fund. On my hon. Friend’s specific question, my understanding is that we have not set a date, but I am more than happy to write to her with further information—to the extent that it exists.”
“On the Government’s policies vis-à-vis businesses as a whole, we support the sort of businesses the hon. Member refers to in a whole range of ways. On businesses in his area, 80% of the recent deployment of the growth guarantee scheme was outside London.”
“It is definitely right to say that the FTSE 100 performed strongly in 2025, during which it rose faster than key benchmarks, the United States and the European stock markets, and hit 10,000 points as we entered the new year. The UK is one of the world’s leading global financial hubs, and this Government are committed to the sector’s enduring leadership.”
“I can confirm that I am indeed hearing that. Last week’s introduction of the new prospectus rules will mean faster execution, reduced complexity and a simplified route to capital raising. Together with the three-year UK listing relief announced at the Budget, these initiatives will make the UK the most attractive destination for companies to start, scale, list and stay.”
“The entrepreneurship package in the Budget was incredibly important. The aim of that package, which includes the UK listing relief—the three-year stamp duty holiday that I referred to in response to my hon. Friend the Member for Paisley and Renfrewshire North (Alison Taylor)—is designed to make the UK the best place to start, scale and list a company.”
“I could not disagree more with the shadow Minister. He is constantly talking this country down. The package of reforms that this Government are making to our capital markets are strengthening those markets, and they are beginning to bear fruit.”
“The hon. Member has referred to the motor finance redress situation. As the House would expect, we are monitoring that very closely, and we want to see the issues resolved in an efficient way that provides certainty for consumers and for firms. As the hon. Member knows, seeking to change the rules on corporation tax would mean deviating from our commitment to certainty and predictability in the tax system, as set out in our corporate tax road map.”
“The Government of course recognise the importance of in-person banking services and access to cash, as the hon. Member and I have discussed. As she knows, in-person services are provided through traditional bank branches, banking hubs, post offices and other means, and I will continue to monitor the situation. As she knows, I have listened very carefully to her concerns, and I am happy to do so again.”
“In conclusion, as I have set out, this regime will raise standards, strengthen consumer protection, help to tackle market abuse and support the responsible growth of the UK’s cryptoasset sector by providing clear and consistent rules. It brings cryptoassets within the robust Financial Services and Markets Act framework while ensuring that the sector has the space and flexibility to innovate. I hope the Committee will join me in supporting this instrument.”
“The instrument also uses the new designated activities regime to create frameworks governing public offers of qualifying cryptoassets and their admission to trading on relevant platforms and to tackle market abuse in relation to such cryptoassets. As people will have spotted, it also makes consequential amendments to various pieces of legislation to ensure that the regime can operate effectively and to ensure consistency between the cryptoasset regulatory framework and the rules that apply to traditional financial services. The provisions will take effect from 25 October 2027, which will allow the FCA to consult and finalise rules this year, and give at least 12 months for firms to apply for authorisation and the FCA to process applications ahead of the enforcement date.”
“The instrument amends the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 to do two principal things: first, to define the categories of cryptoasset that will be in scope of the regime; secondly, to define the new activities that will be regulated. Generally, firms undertaking those activities in the UK or for UK consumers must be authorised by the FCA or risk committing a criminal offence. The new activities are: issuing qualifying stablecoin in the UK; safeguarding qualifying cryptoassets and relevant specified investment cryptoassets; operating a qualifying cryptoasset trading platform; dealing in qualifying cryptoassets as principal or agent, or arranging deals in qualifying cryptoassets; and qualifying cryptoasset staking.”
“Previous intervention in this space has focused on addressing the most urgent risks first, namely money laundering and misleading financial promotions. However, as it stands, most cryptoasset activities are not subject to broader financial services regulation covering matters such as conduct and prudential requirements. Consumers and industry have long called for clear and comprehensive oversight of cryptoassets in the UK, and the Treasury first consulted on these proposals in 2023 under the previous Government. In October 2024, this Government committed to implementing a regime largely in line with the consultation proposals. The instrument before us today delivers on that commitment.”
“I beg to move, That the Committee has considered the draft Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025. This statutory instrument delivers a comprehensive regime for the regulation of cryptoassets within the Financial Services and Markets Act 2000 framework, meaning that cryptoassets will be regulated under the same architecture as other financial services. Coupled with the rules being prepared by the Financial Conduct Authority, the regime will protect consumers and give technology and financial services firms the certainty they need to invest and grow in the UK. There is a general trend towards more people investing in cryptoassets in the UK; as they become more intertwined with traditional financial services, it is critical that we offer appropriate protection and get our approach to regulation right.”
“We all want this to go right, and I certainly do not want there to be anything that subsequently becomes an issue. I am not sure that there is at this point but, as I say, while I note his support in principle, I would nevertheless be more than happy to talk to him at a mutually convenient time, and for him to bring in the experts that he referred to. We can then hopefully persuade him that this is completely kosher as it is, or he can tell us why he does not think that that is the case. That is a meeting that I am more than happy to have. I am grateful to members of the Committee for their consideration of this SI, and I hope they will join me in supporting these measures. Question put and agreed to.”
“An awful lot of work will be done on that over the course of this year, because, as the shadow EST rightly refers to, the UK is a leader in payments innovation, and stablecoin is a key piece of that. There are other pieces of the stablecoin picture; as I am sure the hon. Gentleman knows, the Bank is currently consulting on a systemic stablecoin. Quite what will constitute “systemic” is yet to be defined, so that remains an area in which the industry is, understandably, looking for answers. As I said, the Bank’s consultation is open, and the FCA is also consulting on the detailed rules that will underpin this regime. I note, and very much welcome, the shadow EST’s support in principle for these measures. It is critical that we make sure that every single i is dotted and every t is crossed.”
“The shadow Economic Secretary rightly refers to qualifying stablecoins as a definition being a subset of qualifying cryptoassets. He also recognises that this SI aims to bring the issuance of stablecoin within the FCA’s perimeter, which I distinguish from using stablecoin as a method of payment. Again, I think we are on the same page in relation to that. There is a deliberate carve-out for stablecoin payment activities in this SI, because we have carved out any transaction for the purposes of the supply of goods or services. The intention is to deal with the use of stablecoins as a method of payment in the context of the upcoming payments strategy.”
“I am grateful to the whole Committee for their consideration of this matter—in particular the shadow Economic Secretary to the Treasury, the hon. Member for Wyre Forest (Mark Garnier). I share his vital commitment to continuous innovation in financial services. I would argue that what has made London and our financial services hub as world-leading as we are is our continuous embracing of innovation—he went quite some way back with coffee shops. I also share his view that the next stage of innovation, which is critical to embrace, concerns stablecoin, digital assets and tokenisation much more broadly. It is fair to say that we are coming at this from the same place. With regard to stablecoin specifically, we wholeheartedly agree on the potential of stablecoin to play a really significant role in both retail and wholesale payments.”
“Clause 66 makes some consequential amendments to the Inheritance Tax Act 1984 to ensure that the existing exemption for spouses and civil partners and the treatment of payments to charities continue to apply. Clause 67 changes the income tax rules for pensions to provide for the payment of inheritance tax, including in respect of direct payment by pension schemes. Clause 68 ensures that the changes take effect from 6 April 2027. These clauses ensure that pensions are used, as I have said, for their core intended purpose, rather than as a vehicle for passing on wealth free of inheritance tax. They also remove long-standing inconsistencies and deliver on the Government’s promise to this country to build a stronger and fairer economy.”
“By contrast, some pension schemes are non-discretionary, and these are subject to inheritance tax under existing rules. The changes made by clause 63 mean that most unused pension funds and death benefits payable from a pension will form part of a person’s estate for inheritance tax purposes from 6 April 2027. Clause 64 ensures that personal representatives are responsible for paying any inheritance tax due. Clause 65 means that personal representatives will be able to request that the pension scheme administrator withhold paying a proportion of benefits where certain conditions are met. It also allows both personal representatives and pension beneficiaries to make pension scheme administrators pay inheritance tax due on pensions directly to His Majesty’s Revenue and Customs—again, provided certain conditions are met.”
“Changes to pensions tax policy by the previous Government over the last decade led to pensions being used, and increasingly marketed, as tax planning vehicles to transfer wealth, rather than holding true to pensions’ primary purpose, which is of course to provide a way to fund retirement. As hon. Members will know, there are also long-standing inconsistencies in the inheritance tax treatment of different types of pensions. Most UK-registered pension schemes are discretionary, meaning members can nominate whom they would like to receive death benefits, but the scheme trustees are not obliged to follow members’ wishes. Under existing rules, any unused pension funds and death benefits from discretionary schemes are not subject to inheritance tax.”
“The pensions clauses will ensure that generous tax reliefs continue to support the core purpose of pensions, which is to help people to save for retirement. They address long-standing inconsistencies, and will ensure that pensions are not used primarily as a vehicle for passing on wealth free of inheritance tax, but instead continue to protect the vast majority of estates and maintain strong incentives to save. I turn to clauses 63 to 68. Pensions enjoy significant tax benefits, with gross income tax and national insurance contributions relief costing £78.2 billion in 2023-24. It is therefore crucial to ensure that these reliefs are used for their intended purpose, which is to encourage saving for retirement and later life.”
“This Government wholeheartedly reject those failed approaches and choose a different path, one of fiscal responsibility and one that will strengthen our economy so that it delivers for people throughout the country. Today the Committee will consider a further set of important and targeted measures relating to pensions, gambling duties and alcohol duty, which reflect this Government’s commitment to a tax system that is fair, modern, and aligned with the realities of today’s economy. Our approach to changes in gambling taxation is fair and proportionate, as the Committee will hear later this afternoon, and, as my right hon. Friend the Chancellor explained in her Budget statement, those reforms will contribute significantly to the Government’s efforts to lift an additional 450,000 children out of poverty.”
“It is a pleasure to open this second day of our Committee stage debate. Yesterday the Exchequer Secretary to the Treasury, my hon. Friend the Member for Chipping Barnet (Dan Tomlinson), explained how the Bill gives effect to a Budget that took fair and responsible decisions to stabilise and strengthen the public finances, address the cost of living and renew our public services. We are clear about the fact that we will not repeat the mistakes of the last Government. That means no return to austerity and no completely irresponsible unfunded spending commitments, both of which, unfortunately, were features of the Conservatives’ time in power.”
“It sets out the impact on individuals, and accounts for the impact on personal representatives. As hon. Members know, the Government keep all tax policies under review through the monitoring of returns and communication with representative bodies and taxpayer groups. A review within six months of the policy taking effect on 6 April 2027 is not practical, not least because the data relating to inheritance tax in 2027-28 will not be fully available until the summer of 2030. That is the normal timescale, and it operates because tax liabilities data is available only with a long lag, partly because the filing of the relevant inheritance tax accounts is due 12 months after a death. For those reasons, new clause 18 should be rejected.”
“We are not allowing them to function as a tax-free vehicle for the transfer of wealth. Generous tax relief for retirement saving is preserved. The clauses ensure that pension wealth is treated fairly and consistently for inheritance tax purposes. They protect ordinary families, with more than 90% of estates still paying no inheritance tax at all each year after the changes. Let me turn to the non-Government amendments in this group. New clause 18 would require the Treasury to review the effects of the changes to pension tax policy, including their impacts on individuals, administrators and behaviour. A report would need to be laid in Parliament no later than six months from when the Act comes into force. This new clause is not necessary. The Government have published a tax information and impact note on the changes in the normal way.”
“I thank hon. Members for their contributions to the debate on this group of clauses. Before I respond to the specific points that have been raised, I will reflect briefly on the core purpose of the Bill. The Bill contains fair and necessary reforms to the tax system, which unfortunately have been ducked for far too long. They will help to strengthen our economy for the long term, ensuring that we can cut the cost of living and inflation, and restore our public services and the public finances to health. The Tories and Reform—who are increasingly indistinguishable, it might be said—have already set out their choice: a return to the chaos and instability of the past. That approach failed before, and we are not going back. The clauses in this group restore pensions to their core and intended purpose, which is funding retirement.”
“In the Budget, the Chancellor made it clear that changes to gambling taxation are fair, proportionate and for a purpose, as they will directly contribute to lifting an additional 450,000 children out of poverty. This Government are very proud of that. Unfortunately, the Opposition showed little regard for child poverty when they were in government, and it is entirely in character, albeit no less shocking, that they oppose this Government’s changes and would increase child poverty as a result. Reform UK is even more brazen.”
“At the same time, evidence of gambling-related harms has become even clearer. The estimated cost to the Government and society of gambling-related harms in England alone is between £1.05 billion and £1.77 billion a year. NHS figures show that over 40% of gamblers using online slots, bingo or casino games are considered to be at risk, compared with less than 15% of those betting in person on horseracing. Referrals for gambling addition have risen sharply—NHS England has doubled the number of clinics for problem gambling. I am grateful for representations from so many MPs and campaigners on this matter, alongside those with constituencies where horseracing plays an important role in the community and, indeed, the local economy.”
“Clauses 83 to 85 and schedule 13 make changes to the gambling duties regime, to better reflect the modern gambling market and to raise more than £1 billion a year to support the lifting of the two-child benefit cap. I will first speak briefly to the broader context of the package, and I will then turn to each clause. Gambling is a significant part of the UK economy, generating an annual gross gambling yield of around £16.8 billion in 2025, according to figures from the Gambling Commission. The industry has changed markedly in recent years, while the duty system has not changed since 2019. Most notably, there has been a structural shift from in-person to online gambling. Between 2015 and 2025, remote gambling grew by 80%, while land-based gambling has declined by 10%.”
“The tax changes in the Bill disincentivise the most harmful forms of gambling. We have also introduced a statutory levy to pay for the prevention of some of those harms arising in the first place, and of treatment, and my hon. Friend makes an excellent point.”
“My hon. Friend makes a good point. NHS figures show that over 40% of gamblers who use online slots, bingo and casino games are considered at risk, compared with less than 15% of those who bet in person on horseracing, so that is an important contrast, and the NHS figures bear that out. Reform UK’s position on the two-child cap is even more brazen. The party went into the election promising to scrap the two-child limit but has now abandoned that position, and its Members will be traipsing through the Division Lobby with their ideological bedfellows, the Conservatives. Indeed, on any given day it is hard to keep track of who is supposed to be sitting on the Conservative Benches, and who has moved to the Reform Bench.”
“This Government know the importance of bingo halls in our communities, and we are proud to back them with this tax change.”
“The new remote rate will also not apply to bets placed via self-service betting terminals in UK-licensed betting premises, pool bets and spread bets. Finally, clause 85 will abolish bingo duty, which is currently charged on the gross gambling yield from bingo, including in dedicated bingo halls. Bingo is a much lower-risk and community-based form of gambling, often providing an important social outlet, and it supports local venues, including around 250 bingo halls right across this country. Clause 85 and the associated schedule 13 will abolish bingo duty with effect from 1 April 2026. The Bill also makes consequential changes to ensure that bingo played in UK licensed bingo halls does not become liable to other taxes or duties as a result of that abolition.”
“General betting duty is currently charged at 15% for both remote and in-person betting, but the betting market has changed significantly in how it operates. Clause 84 will create a new, higher rate of general betting duty that will apply to bets placed remotely, such as online sports bets, from 1 April 2027. The new remote rate will be set at 25%, while the existing 15% rate will continue to apply to bets placed in person in licensed betting premises. The new 25% rate will not apply to remote bets on UK horseracing. Those bets will remain taxed at 15%, in recognition of the fact that operators already pay the 10% statutory horserace betting levy on horseracing bets, creating a de facto 25% burden when the 15% levy is taken into account.”
“Remote gaming has relatively low operating costs and has grown rapidly in recent years, with gross gambling yield rising significantly above inflation, from £2.5 billion in 2015-16 to £5.2 billion in 2024-25, based on Gambling Commission figures. It is associated with higher rates of gambling-related harm, relative to other products. As we have discussed, NHS data shows that online slots and casino games have much higher proportions of problem gamblers than betting on sports, for example. By increasing the rate on remote gaming more significantly, this measure intends to reduce the incentive for operators to push customers towards higher harm products. Clause 84 will increase the rate for remote betting.”
“Respondents strongly opposed a single duty, arguing that remote betting and gaming significantly differ in operating costs and harms. The Government have listened to those concerns and are not proceeding with a single remote betting and gaming duty. Instead, the Bill implements a targeted package of rate changes that will raise over £1 billion a year. It focuses on remote gambling, which has grown significantly, it protects UK horseracing and it supports lower risk community-based activities by abolishing bingo duty. I will now turn to the individual clauses in the Bill. The changes made by clause 83 will increase the rate of remote gaming duty, which applies to online games such as slots and roulette, from 21% to 40% on 1 April 2026.”
“The right hon. Member raises a good point, as did my hon. Friend the Member for Stoke-on-Trent Central (Gareth Snell), about the illegal market. We are reassured by the fact that the illegal betting market in the UK is relatively small, representing between 2% and 9% of legal online market stakes. The Gambling Commission is already tackling this risk and seeking to protect consumers. The additional £26 million that we will provide to the Gambling Commission over the next three years will go to better and further enforcement against the illegal market in this space. I hope that reassures him. At the autumn Budget 2024, the Government announced a consultation on modernising the tax treatment of remote gambling, including a proposal for a single duty covering all remote betting and gaming. The consultation ran from April to July 2025.”
“I confess to my hon. Friend that I will need to write to her on that specific issue, because I do not have notes in front of me to that end. We are on the same page in terms of the principles she raises and the values that she seeks to put forward, and I welcome her welcoming of this Bill. Taken together, clauses 83 to 85 modernise the gambling duties regime. As I said, they raise more than £1 billion a year to support public services and lift children out of poverty. They also focus tax increases on higher-harm, fast-growing online products while protecting UK horseracing and land-based betting and supporting bingo halls.”
“My hon. Friend raises an important point around jobs in the industry. He will be aware that employment in the gambling industry as a whole declined by around 20% between 2015 and 2023, so it is in gradual decline, and the trend predates this Bill. The jobs in his constituency are incredibly important, which is why the measures in this Bill deliberately focus on online gambling, rather than betting shops and casinos, which support more jobs and face higher operating costs, as I am sure the institutions in his constituency do.”
“As I said, employment is an important consideration that has been borne in mind for the purposes of this Bill, and there has been considerable engagement on all these issues. If the right hon. Member seeks further engagement, I am more than happy to have it. I was just about to conclude.I commend clauses 83 to 85 and schedule 13 to the Committee.”
“As I have set out, we believe that the measures in clauses 83 to 85 deliver fair reforms to our system of gambling taxation because they reflect the reality of how gambling has changed in our country, the harms that now exist and the need for the tax system to keep pace as these changes continue. The Government’s objective is to strike a balance by raising revenue fairly while avoiding further pressures on land-based operators. New clauses 21 and 25 ask the Chancellor to review the impact of and make a statement on the effects of the increase in gambling duties.”
“I am grateful to hon. Members for their contributions to today’s debate, and particularly to my hon. Friends the Members for Wolverhampton North East (Mrs Brackenridge), for Morecambe and Lunesdale (Lizzi Collinge) and for Halesowen (Alex Ballinger) for their heartfelt speeches in favour of these measures. I also note the comments of the hon. Member for Gosport (Dame Caroline Dinenage), which I can assure her I did listen to in full, and of my hon. Friend the Member for Stoke-on-Trent Central (Gareth Snell), both of whom, I accept, have tremendous expertise in this area.”
“I can assure him that there has been engagement, not by me, but by some of my colleagues in the Treasury, with Gibraltar to that end.”
“He will know that right across the piece, the OBR expects that employment levels will rise in every year of the forecast. Costings were also raised, including by my hon. Friend the Member for Stoke-on-Trent Central. The OBR has taken account of behavioural impacts within its costing. Of course, those costings have been certified and scrutinised in the usual way. The Liberal Democrat spokesperson, the hon. Member for St Albans (Daisy Cooper), asked about engagement with industry. I can confirm that the Government, as I hope she would expect, engaged with a number of stakeholders, including from the gambling industry, as part of the consultation process. My hon. Friend the Member for Stoke-on-Trent Central also raised Gibraltar. Of course we recognise that Gibraltar has a gambling industry that very much faces the UK.”
“As is set out in that note, consideration will be given to monitoring and evaluating the expected Exchequer impacts of the policy after at least two years of monitoring data has been collected and analysed. More broadly, the Government continually monitor the operation of all taxes and keep them under review to ensure that they deliver on their intended outcomes and, indeed, are fit for purpose. For those reasons, the proposed statement and the impact assessment are not necessary. The measures in clauses 83 to 85 deliver fair reforms to our system of gambling taxation. They reflect how gambling has changed in our country, the harms that now exist and the need for the tax system to keep pace as those changes continue. The shadow Exchequer Secretary, the hon. Member for North West Norfolk (James Wild), raised levels of employment.”
“Secondly, on the illegal market, which has been raised a number of times, the Gambling Commission is already tackling that risk and is protecting consumers, but we recognise that modern technology makes it easier for illegal websites to target consumers. To strengthen enforcement and protect consumers from dangerous illegal sites, we are providing an additional £26 million to the Gambling Commission over the next three years. I hope I can assure my hon. Friend the Member for Stoke-on-Trent Central that the £100 million a year in the form of the statutory levy is ringfenced for prevention, treatment and research in this area. The Government published a tax information and impact note for this measure at the Budget.”
“The hon. Member raises an important point. Before I commit to her that I will take that forward, I would like to check what discussions have already taken place. I hope she will accept that that is necessary from my point of view. Both the proposed new clauses focus on the impacts of the changes to the gambling duty and ask for a commitment to update Parliament within six months of the Bill being passed. First, this Government did not announce, and are not proposing to make, any changes to the treatment of free plays or free bets through this Bill. Furthermore, the Bill does not make any changes to the duty charged on bets placed on horseracing in high street betting shops.”
“New Clause 25 Statements on increasing remote gambling duty and introducing a new rate of General Betting Duty “(1) The Chancellor of the Exchequer must, within six months of this Act being passed, make a statement to the House of Commons on the effects of the increase in gambling duties made under sections 83 to 84 of this Act. (2) The statement made under subsection (1) must include details of the impact on— (a) sports and horseracing, (b) the number of high street betting shops, (c) the gambling black market, (d) the employment rate, and (e) the public finances.”— (James Wild.) This new clause would require the Chancellor to make a statement about the effects of the increase in gambling duties. Brought up, and read the First time. Question put, That the clause be read a Second time.”
“It was not me who had those engagements, but as I said, I confirm to the hon. Member that we are not proposing to make any changes to the treatment of free plays and free bets through the Bill, which I hope reassures her in that regard. I urge the Committee to reject new clauses 21 and 25 and agree that clauses 83 to 85 and schedule 13 should stand part of the Bill. Question put and agreed to. Clause 83 accordingly ordered to stand part of the Bill. Clause s 84 and 85 ordered to stand part of the Bill. Schedule 13 agreed to.”
“I am pleased to open this session—the sixth and final session in Committee of the whole House on the Finance (No. 2) Bill—on clause 86, which concerns alcohol duty. This Government’s approach to alcohol duty is one of proportionality. Indeed, we are taking a fair and coherent approach to alcohol taxation as a whole. The measures in the Bill take account of the important contribution of alcohol producers, pubs and the wider hospitality sector, the Government’s commitments to back British businesses, and the need to maintain the health of the public finances. Clause 86 makes changes to alcohol duty rates from 1 February 2026. Specifically, the clause changes the rates of alcohol duty for all alcoholic products in schedule 7 to the Finance (No. 2) Act 2023 to reflect the retail prices index.”