Written questions by Ribeiro-Addy.

Whether she has considered the merits of introducing a stamp duty relief on second home purchases by leaseholders impacted by cladding issues and remediation delays who are unable to sell their property.

A refund of the higher rate of Stamp Duty Land Tax (SDLT) paid when purchasing additional property can be claimed if an old main residence is sold within three years of the purchase of the new main residence. For most people, three years is enough time to sell a previous main residence. However, the Government recognises that there will sometimes be exceptional circumstances, for example, where issues with cladding have delayed a sale, which are not within the control of the seller and mean that a previous main residence cannot be sold within three years, and where a refund outside of the three year period may be given. Further guidance from HMRC is available here: https://www.gov.uk/guidance/stamp-duty-land-tax-buying-an-additional-residential-property The Remediation Bill announced at the King’s Speech will speed up remediation for people living in homes with unsafe cladding.

Whether her Department has assessed the potential merits of (a) introducing National Insurance credits for periods spent in full-time higher education and (b) allowing individuals to make voluntary National Insurance contributions for student-year gaps that fall outside the standard six-year window.

Qualifying years of National Insurance on an individual’s NI record can be built in several ways; by paying National Insurance contributions (NICs) while working (employed or self-employed); by being credited with NI credits; or by paying voluntary NICs. Individuals can usually pay voluntary NICs for the past six years. This time limit has been in place for over forty years and is a vital part of the National Insurance system. It is in place to prevent individuals from deferring payment until just before they are due to retire and effectively buying an enhanced pension, or a pension from scratch, which would be unfair to the majority who contribute throughout their lives. In line with legislation, HMRC can only extend the time limit if an individual exercised due care and diligence but due to factors not in their control, they were unable to pay. If they believe exceptional circumstances stopped them from paying, they can ask us to extend the usual six-year deadline. NI credits recognise the non-financial contributions that individuals make to society and/or the economy. There are no National Insurance credits available to protect a person’s future State Pension entitlement as a result of them being in higher or advanced education. Most individuals under the age of 50 will only need 35 qualifying years over a possible working life of 50 years to get the full rate of the new State Pension. This flexibility allows individuals to take time out of the workplace, including gap years, without harming their State Pension position.

What discussions her Department has had with international partners on the potential merits of linking debt cancellation to climate adaptation funding for countries facing both high debt burdens and climate-related disasters.

The UK government is focused on delivering an international financial system that better finances development needs, reduces debt vulnerabilities, and supports relevant countries to be more resilient to shocks, including those caused by climate change and nature loss. We are working with all our partners to tackle unsustainable debt and ensure all countries can invest and grow. I am co-chairing the 'London Coalition on Sustainable Sovereign Debt', launched in June to work with private creditors on sovereign debt issues, and at the UN Fourth Conference on Financing for Development, the UK co-led the launch of the Debt Pause Clause Alliance. We continue to drive progress in the G20 on strengthening and accelerating debt restructurings via the G20 Common Framework. The UK government is committed to playing our part alongside other developed countries and providers to deliver our international climate finance commitments, including through our shareholdings at the Multilateral Development Banks (MDBs), the largest providers of public climate finance. We are also pushing for new sources of funding such as agreement on the International Maritime Organisation's Net Zero Framework alongside efforts to mobilise more private capital. In line with the UK's commitment to the OECD's sustainable lending practices, the UK government considers debt sustainability when providing financing, particularly in cases of lending to countries deemed at high risk of debt distress. In such cases, the UK only supports projects in line with limits set by the IMF and World Bank. We also follow best practice under the G20 Official Guidelines on Sustainable Finance, including strong commitments to debt transparency, and recently published our own self-assessment against these guidelines.

What steps her Department is taking to ensure that UK-backed international development finance does not contribute to unsustainable debt in recipient countries.

The UK government is focused on delivering an international financial system that better finances development needs, reduces debt vulnerabilities, and supports relevant countries to be more resilient to shocks, including those caused by climate change and nature loss. We are working with all our partners to tackle unsustainable debt and ensure all countries can invest and grow. I am co-chairing the 'London Coalition on Sustainable Sovereign Debt', launched in June to work with private creditors on sovereign debt issues, and at the UN Fourth Conference on Financing for Development, the UK co-led the launch of the Debt Pause Clause Alliance. We continue to drive progress in the G20 on strengthening and accelerating debt restructurings via the G20 Common Framework. The UK government is committed to playing our part alongside other developed countries and providers to deliver our international climate finance commitments, including through our shareholdings at the Multilateral Development Banks (MDBs), the largest providers of public climate finance. We are also pushing for new sources of funding such as agreement on the International Maritime Organisation's Net Zero Framework alongside efforts to mobilise more private capital. In line with the UK's commitment to the OECD's sustainable lending practices, the UK government considers debt sustainability when providing financing, particularly in cases of lending to countries deemed at high risk of debt distress. In such cases, the UK only supports projects in line with limits set by the IMF and World Bank. We also follow best practice under the G20 Official Guidelines on Sustainable Finance, including strong commitments to debt transparency, and recently published our own self-assessment against these guidelines.

What assessment her Department has made of the potential impact of debt servicing on the ability of low-income countries to fund public services and climate adaptation; and what steps she is taking to support international debt cancellation initiatives.

The UK government is focused on delivering an international financial system that better finances development needs, reduces debt vulnerabilities, and supports relevant countries to be more resilient to shocks, including those caused by climate change and nature loss. We are working with all our partners to tackle unsustainable debt and ensure all countries can invest and grow. I am co-chairing the 'London Coalition on Sustainable Sovereign Debt', launched in June to work with private creditors on sovereign debt issues, and at the UN Fourth Conference on Financing for Development, the UK co-led the launch of the Debt Pause Clause Alliance. We continue to drive progress in the G20 on strengthening and accelerating debt restructurings via the G20 Common Framework. The UK government is committed to playing our part alongside other developed countries and providers to deliver our international climate finance commitments, including through our shareholdings at the Multilateral Development Banks (MDBs), the largest providers of public climate finance. We are also pushing for new sources of funding such as agreement on the International Maritime Organisation's Net Zero Framework alongside efforts to mobilise more private capital. In line with the UK's commitment to the OECD's sustainable lending practices, the UK government considers debt sustainability when providing financing, particularly in cases of lending to countries deemed at high risk of debt distress. In such cases, the UK only supports projects in line with limits set by the IMF and World Bank. We also follow best practice under the G20 Official Guidelines on Sustainable Finance, including strong commitments to debt transparency, and recently published our own self-assessment against these guidelines.

What steps her Department is taking to encourage private creditors to participate in international debt relief efforts for heavily indebted low-income countries.

The UK government is focused on delivering an international financial system that better finances development needs, reduces debt vulnerabilities, and supports relevant countries to be more resilient to shocks, including those caused by climate change and nature loss. We are working with all our partners to tackle unsustainable debt and ensure all countries can invest and grow. I am co-chairing the 'London Coalition on Sustainable Sovereign Debt', launched in June to work with private creditors on sovereign debt issues, and at the UN Fourth Conference on Financing for Development, the UK co-led the launch of the Debt Pause Clause Alliance. We continue to drive progress in the G20 on strengthening and accelerating debt restructurings via the G20 Common Framework. The UK government is committed to playing our part alongside other developed countries and providers to deliver our international climate finance commitments, including through our shareholdings at the Multilateral Development Banks (MDBs), the largest providers of public climate finance. We are also pushing for new sources of funding such as agreement on the International Maritime Organisation's Net Zero Framework alongside efforts to mobilise more private capital. In line with the UK's commitment to the OECD's sustainable lending practices, the UK government considers debt sustainability when providing financing, particularly in cases of lending to countries deemed at high risk of debt distress. In such cases, the UK only supports projects in line with limits set by the IMF and World Bank. We also follow best practice under the G20 Official Guidelines on Sustainable Finance, including strong commitments to debt transparency, and recently published our own self-assessment against these guidelines.

What assessment her Department has made of the potential merits of a financial levy on UK industries historically linked to environmental degradation with revenue allocated to affected countries.

The Government is committed to helping deliver global climate finance, including the New Collective Quantified Goal agreed at COP29 of at least $300bn per year to developing countries by 2035, and responding to the wider call on all actors to increase climate finance to developing countries to £1.3trn per year. As part of that effort, we are pressing for faster and more ambitious reforms to the global financial system to deliver much more and higher quality climate and development finance. Alongside this, we are supportive of exploring revenue raising mechanisms for climate action. The Government’s headline carbon pricing measure is the UK Emissions Trading Scheme (ETS), a ‘cap and trade’ system setting a declining cap on the amount of greenhouse gases that can be emitted by covered sectors, which include the power sector, energy intensive industries and aviation. This approach is viewed by the IMF and World Bank as one of the most efficient tools for promoting decarbonisation. The Government is committed to the ETS until at least 2050. In 2024-25 the UK ETS raised £3.5bn to support public services and other government objectives like net zero.

What steps her Department is taking to ensure that UK-based private lenders participate in international debt relief initiatives for low-income countries.

The UK government is focused on delivering an international financial system that better finances development needs, reduces debt vulnerabilities, and supports relevant countries to be more resilient to shocks, including those caused by climate change and nature loss. We are working with all our partners to tackle unsustainable debt and ensure all countries can invest and grow. I am co-chairing the 'London Coalition on Sustainable Sovereign Debt', launched in June to work with private creditors on sovereign debt issues, and at the UN Fourth Conference on Financing for Development, the UK co-led the launch of the Debt Pause Clause Alliance. We continue to drive progress in the G20 on strengthening and accelerating debt restructurings via the G20 Common Framework. The UK government is committed to playing our part alongside other developed countries and providers to deliver our international climate finance commitments, including through our shareholdings at the Multilateral Development Banks (MDBs), the largest providers of public climate finance. We are also pushing for new sources of funding such as agreement on the International Maritime Organisation's Net Zero Framework alongside efforts to mobilise more private capital. In line with the UK's commitment to the OECD's sustainable lending practices, the UK government considers debt sustainability when providing financing, particularly in cases of lending to countries deemed at high risk of debt distress. In such cases, the UK only supports projects in line with limits set by the IMF and World Bank. We also follow best practice under the G20 Official Guidelines on Sustainable Finance, including strong commitments to debt transparency, and recently published our own self-assessment against these guidelines.

What assessment her Department has made of the impact of the real-terms freeze in the annual Cash ISA allowance on (a) pensioners and (b) other low-risk savers.

ISAs incentivise saving and investment by providing generous tax advantages to individual taxpayers. Individuals can save up to £20,000 into an Individual Savings Account (ISA) each year, and any savings income received within an ISA is tax free. In 2022/2023 the average Cash ISA subscription was £5,296. Along with the Personal Savings Allowance of up to £1,000 for basic rate taxpayers and £500 for higher rate taxpayers, and the Starting Rate for Savings, which allows for tax free savings income of up to £5,000 for those with earned income below £17,570, around 90 per cent of people with savings income pay no tax on that income.

What assessment her Department has made of the potential impact of the household income threshold for childcare support on (a) labour market participation and (b) associated reductions in local economic activity.

The Government is committed to providing access to affordable childcare to support parents’ who want to go out to work, and their local economies. This includes rollout of 30 funded hours for working parents from September 2025, which the OBR has estimated would lead to 60,000 more people in employment and 1.5m people increasing their hours. The income threshold for childcare eligibility ensures that support is targeted towards the families who most need it, and that the system remains fair and sustainable.

Whether she has made an assessment of the potential merits of tapering the introduction of changes to unused pension funds and death benefits into scope of Inheritance Tax from 6 April 2027.

From 6 April 2027 most unused pension funds and death benefits will be included within the value of a person’s estate for Inheritance Tax purposes. This change was announced on 30 October 2024 and will only impact those who die on or after 6 April 2027. There are no plans to change this commencement date. The government has published draft legislation in July 2025 for technical consultation and will publish full guidance ahead of these changes coming into effect.

What discussions she has had with her Welsh counterpart on the universal basic income pilot scheme in that country.

The Chancellor regularly meets with the Welsh First Minister. During their last engagement, the issue of universal basic income was not discussed.

What assessment her Department has made of the potential impact of implementing a universal basic income on inflation.

HM Treasury does not prepare forecasts for the UK economy. These forecasts, including any assessment of the macroeconomic impact of policy decisions, are the responsibility of the independent Office for Budget Responsibility (OBR). The OBR publish their forecast in their Economic and Fiscal Outlook (EFO). The OBR’s latest EFO can be found here: Economic and fiscal outlook – March 2025 - Office for Budget Responsibility. This includes the OBR’s assessment of government policy announced at Spring Statement 2025. Universal Basic Income is not a government policy and therefore no assessment has been made of its economic or distributional impacts.

Whether her Department has made an assessment of the potential impact of universal basic income on (a) GDP growth and (b) economic activity.

HM Treasury does not prepare forecasts for the UK economy. These forecasts, including any assessment of the macroeconomic impact of policy decisions, are the responsibility of the independent Office for Budget Responsibility (OBR). The OBR publish their forecast in their Economic and Fiscal Outlook (EFO). The OBR’s latest EFO can be found here: Economic and fiscal outlook – March 2025 - Office for Budget Responsibility. This includes the OBR’s assessment of government policy announced at Spring Statement 2025. Universal Basic Income is not a government policy and therefore no assessment has been made of its economic or distributional impacts.

What assessment her Department has made of the potential impact of universal basic income on (a) income distribution and (b) wealth inequality.

HM Treasury does not prepare forecasts for the UK economy. These forecasts, including any assessment of the macroeconomic impact of policy decisions, are the responsibility of the independent Office for Budget Responsibility (OBR). The OBR publish their forecast in their Economic and Fiscal Outlook (EFO). The OBR’s latest EFO can be found here: Economic and fiscal outlook – March 2025 - Office for Budget Responsibility. This includes the OBR’s assessment of government policy announced at Spring Statement 2025. Universal Basic Income is not a government policy and therefore no assessment has been made of its economic or distributional impacts.

Whether she has made an assessment of the potential implications for her policies of international trials of universal basic income.

HM Treasury does not prepare forecasts for the UK economy. These forecasts, including any assessment of the macroeconomic impact of policy decisions, are the responsibility of the independent Office for Budget Responsibility (OBR). The OBR publish their forecast in their Economic and Fiscal Outlook (EFO). The OBR’s latest EFO can be found here: Economic and fiscal outlook – March 2025 - Office for Budget Responsibility. This includes the OBR’s assessment of government policy announced at Spring Statement 2025. Universal Basic Income is not a government policy and therefore no assessment has been made of its economic or distributional impacts.

What assessment her Department has made of the potential impact of universal basic income on (a) consumer spending and (b) local economic growth.

HM Treasury does not prepare forecasts for the UK economy. These forecasts, including any assessment of the macroeconomic impact of policy decisions, are the responsibility of the independent Office for Budget Responsibility (OBR). The OBR publish their forecast in their Economic and Fiscal Outlook (EFO). The OBR’s latest EFO can be found here: Economic and fiscal outlook – March 2025 - Office for Budget Responsibility. This includes the OBR’s assessment of government policy announced at Spring Statement 2025. Universal Basic Income is not a government policy and therefore no assessment has been made of its economic or distributional impacts.

What steps her Department is taking to ensure the effectiveness of the (a) regulatory oversight and (b) accountability of Cifas.

The Credit Industry Fraud Avoidance Scheme (CIFAS) is the UK’s fraud prevention service. Services like CIFAS play a crucial role in safeguarding against financial fraud, supporting the Government’s broader efforts to protect individuals and businesses from these crimes. When a financial institution suspects fraudulent activity, they can register a "marker" against a customer's credit report on the National Fraud Database, which is managed by CIFAS. As stated on their website, the markers themselves are not created by CIFAS, but rather by the financial institutions who suspect fraud. CIFAS only provides the infrastructure for these markers to be registered and accessed by other members. We do not have plans to introduce statutory requirements for financial firms to notify people when a CIFAS marker has been assigned. If an individual believes that a CIFAS marker has been incorrectly assigned, they should first raise it with the organisation that recorded it to the CIFAS database for them to review. If they do not remove the marker then the individual can go directly to CIFAS. The individual can also apply to have a further review conducted by the Financial Ombudsman Service (FOS). The Treasury has not assessed the potential merits of bringing CIFAS under the regulatory remit of the Financial Conduct Authority.

Whether she plans to introduce statutory requirements for financial institutions to (a) notify people when a Cifas fraud marker is placed against them and (b) ensure access to an independent appeals process.

The Credit Industry Fraud Avoidance Scheme (CIFAS) is the UK’s fraud prevention service. Services like CIFAS play a crucial role in safeguarding against financial fraud, supporting the Government’s broader efforts to protect individuals and businesses from these crimes. When a financial institution suspects fraudulent activity, they can register a "marker" against a customer's credit report on the National Fraud Database, which is managed by CIFAS. As stated on their website, the markers themselves are not created by CIFAS, but rather by the financial institutions who suspect fraud. CIFAS only provides the infrastructure for these markers to be registered and accessed by other members. We do not have plans to introduce statutory requirements for financial firms to notify people when a CIFAS marker has been assigned. If an individual believes that a CIFAS marker has been incorrectly assigned, they should first raise it with the organisation that recorded it to the CIFAS database for them to review. If they do not remove the marker then the individual can go directly to CIFAS. The individual can also apply to have a further review conducted by the Financial Ombudsman Service (FOS). The Treasury has not assessed the potential merits of bringing CIFAS under the regulatory remit of the Financial Conduct Authority.

Whether she has made an assessment of the potential merits of bringing Cifas under the regulatory remit of the Financial Conduct Authority.

The Credit Industry Fraud Avoidance Scheme (CIFAS) is the UK’s fraud prevention service. Services like CIFAS play a crucial role in safeguarding against financial fraud, supporting the Government’s broader efforts to protect individuals and businesses from these crimes. When a financial institution suspects fraudulent activity, they can register a "marker" against a customer's credit report on the National Fraud Database, which is managed by CIFAS. As stated on their website, the markers themselves are not created by CIFAS, but rather by the financial institutions who suspect fraud. CIFAS only provides the infrastructure for these markers to be registered and accessed by other members. We do not have plans to introduce statutory requirements for financial firms to notify people when a CIFAS marker has been assigned. If an individual believes that a CIFAS marker has been incorrectly assigned, they should first raise it with the organisation that recorded it to the CIFAS database for them to review. If they do not remove the marker then the individual can go directly to CIFAS. The individual can also apply to have a further review conducted by the Financial Ombudsman Service (FOS). The Treasury has not assessed the potential merits of bringing CIFAS under the regulatory remit of the Financial Conduct Authority.