Written questions by Anderson.

What assessment her Department has made of the potential impact of the introduction of the Private Intermittent Securities and Capital Exchange System on SME listings on UK capital markets.

The Private Intermittent Securities and Capital Exchange System (PISCES) seeks to complement the government’s wide ranging and ongoing reforms to boost the UK as a listing destination. PISCES aims to make private secondary markets more transparent and efficient, while also supporting private companies prepare for an IPO in the UK.

What steps her Department is taking to help increase collaboration between UK and Qatari financial institutions in (a) capital markets, (b) sustainable finance and (c) financial technology, in the context of the Memorandum of Understanding on financial services.

The UK and Qatar share a strong trade and investment partnership, with a total trade volume of over £5.6 billion in 2024, contributing to economic growth, diversification, innovation and job creation. To reflect the important role that the financial services sector plays in achieving both the UK Government’s economic growth mission and Qatar’s National Vision 2030, the Chancellor and Qatar’s Finance Minister signed a Financial Services Memorandum of Understanding (MoU) between HM Treasury and the Qatar Ministry of Finance in December 2024. The MoU identifies capital markets, sustainable finance, and fintech as priority areas of interest. Work is underway to identify opportunities for collaboration within these subsectors, and the first annual UK-Qatar Financial Services Working Group will be held later this year.

What assessment her Department has made of the UK’s fiscal resilience in the context of trade liberalisation with Indo-Pacific partners.

The Treasury does not produce official economic and fiscal forecasts. The independent Office for Budget Responsibility is responsible for producing forecasts of the UK economy. Growth is the central mission of the government and can support the stability of the public finances. Free Trade Agreements (FTAs) can help to deliver growth, by reducing the costs of trade between partner countries and driving a more efficient allocation of resources within sectors, as well as wide range of other macroeconomic gains. The UK recently agreed a comprehensive FTA with India and acceded to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in December 2024. The UK also has FTAs with Australia and New Zealand. As the Business and Trade Secretary announced in a Written Ministerial Statement in July 2024, the government intends to agree a deal with the Republic of Korea as part of its FTA negotiations programme.

What steps her Department is taking to evaluate the long-term fiscal impacts of the UK-Japan partnership.

The Treasury does not produce official economic and fiscal forecasts. The independent Office for Budget Responsibility (OBR) is responsible for producing forecasts of the UK economy. The relationship has strengthened in recent years, following the 2020 Comprehensive Economic Partnership Agreement (CEPA) and the 2023 Hiroshima Accord, underlining the importance of the UK's relationship with Japan. These agreements have led to stronger economic ties, promoted trade and investment, and targeted mutual economic growth and resilience.

What the estimated administrative cost savings to HMRC are from tax simplification measures announced in Spring 2025.

The tax simplification measures announced will support economic growth by reducing burdens on businesses, employers and employees. The ongoing Spending Review will, once collectively agreed by Cabinet, set out HMRC’s settlement, including the administrative cost savings that HMRC will deliver through the simplification measures announced on 28 April. The Spending Review will be presented to Parliament in the usual way on 11 June.

How many taxpayers in (a) Buckinghamshire and (b) Milton Keynes she estimates will be affected by changes to the Income Tax Self Assessment criteria.

The information is not available. HMRC does not hold unitary authority-level estimates of taxpayers who could be affected by changes to the Income Tax Self-Assessment following the criteria review.

How many taxpayers in (a) Buckinghamshire and (b) Milton Keynes are expected to be removed from Income Tax Self Assessment following the recent criteria review.

HMRC does not hold unitary authority-level estimates of taxpayers who could be removed from Self-Assessment following the criteria review.

What progress her Department has made on establishing formal structures to implement the proposed UK-India infrastructure finance collaboration platform.

India is an important emerging market, and we maintain several collaboration vehicles for discussing regulatory and market access barriers in financial services. Most recently there was a UK-India Financial Markets Dialogue held in GIFT City in December 2024 and we are looking forward to the upcoming UK-India Economic and Financial Dialogue in April 2025 which is jointly chaired by the Chancellor and the Indian Finance Minister. Both dialogues are an opportunity for both the UK and India’s finance ministries and regulators to table important FS issues for collaborative working.Boosting trade abroad is essential to delivering growth at home. That is why the UK is committed to negotiating a trade deal with India – one of the fastest growing economies in the world. Officials are continuing to negotiate the UK-India FTA, which includes FS provisions that will not undermine our future relationship and support our continued cooperation. A trade deal could unlock new opportunities for businesses and consumers in all regions and nations of the UK.Fintech is an important sector for both the UK and India, we engage closely with the Indian Finance Ministry through an annual Joint Fintech Working Group. We also welcome advice from industry through the India-UK Financial Partnership (IUKFP), including through their recent 2023 report ‘Harnessing the power of FinTech and data’.We welcome the progress of the UK-India Infrastructure Financing Bridge (UKIIFB) led by the City of London Corporation and the National Institute for the Transformation of India (NITI Aayog) in its first year, and we look forward to supporting the second year of the UKIIFB and any new areas of focus.The UK supported the establishment and development of the ISSB as a global standard setter for sustainability reporting at COP26. The government have also supported world-leading work on transition plan disclosures by co-chairing the Transition Plan Taskforce. We will be taking a pro-growth, pragmatic approach to sustainable finance, combining support for international and interoperable standards like ISSB with an openness to feedback about what policies we should be pursuing. The upcoming UK-India EFD will present a renewed opportunity to engage with India on our shared areas of interest in sustainable finance.

What her Department's timetable is for thee next phase of the UK-India financial services regulatory dialogue.

India is an important emerging market, and we maintain several collaboration vehicles for discussing regulatory and market access barriers in financial services. Most recently there was a UK-India Financial Markets Dialogue held in GIFT City in December 2024 and we are looking forward to the upcoming UK-India Economic and Financial Dialogue in April 2025 which is jointly chaired by the Chancellor and the Indian Finance Minister. Both dialogues are an opportunity for both the UK and India’s finance ministries and regulators to table important FS issues for collaborative working.Boosting trade abroad is essential to delivering growth at home. That is why the UK is committed to negotiating a trade deal with India – one of the fastest growing economies in the world. Officials are continuing to negotiate the UK-India FTA, which includes FS provisions that will not undermine our future relationship and support our continued cooperation. A trade deal could unlock new opportunities for businesses and consumers in all regions and nations of the UK.Fintech is an important sector for both the UK and India, we engage closely with the Indian Finance Ministry through an annual Joint Fintech Working Group. We also welcome advice from industry through the India-UK Financial Partnership (IUKFP), including through their recent 2023 report ‘Harnessing the power of FinTech and data’.We welcome the progress of the UK-India Infrastructure Financing Bridge (UKIIFB) led by the City of London Corporation and the National Institute for the Transformation of India (NITI Aayog) in its first year, and we look forward to supporting the second year of the UKIIFB and any new areas of focus.The UK supported the establishment and development of the ISSB as a global standard setter for sustainability reporting at COP26. The government have also supported world-leading work on transition plan disclosures by co-chairing the Transition Plan Taskforce. We will be taking a pro-growth, pragmatic approach to sustainable finance, combining support for international and interoperable standards like ISSB with an openness to feedback about what policies we should be pursuing. The upcoming UK-India EFD will present a renewed opportunity to engage with India on our shared areas of interest in sustainable finance.

What progress her Department has made on UK-India cooperation to improve regulatory frameworks for (a) sustainable finance and (b) climate-related financial disclosures.

India is an important emerging market, and we maintain several collaboration vehicles for discussing regulatory and market access barriers in financial services. Most recently there was a UK-India Financial Markets Dialogue held in GIFT City in December 2024 and we are looking forward to the upcoming UK-India Economic and Financial Dialogue in April 2025 which is jointly chaired by the Chancellor and the Indian Finance Minister. Both dialogues are an opportunity for both the UK and India’s finance ministries and regulators to table important FS issues for collaborative working.Boosting trade abroad is essential to delivering growth at home. That is why the UK is committed to negotiating a trade deal with India – one of the fastest growing economies in the world. Officials are continuing to negotiate the UK-India FTA, which includes FS provisions that will not undermine our future relationship and support our continued cooperation. A trade deal could unlock new opportunities for businesses and consumers in all regions and nations of the UK.Fintech is an important sector for both the UK and India, we engage closely with the Indian Finance Ministry through an annual Joint Fintech Working Group. We also welcome advice from industry through the India-UK Financial Partnership (IUKFP), including through their recent 2023 report ‘Harnessing the power of FinTech and data’.We welcome the progress of the UK-India Infrastructure Financing Bridge (UKIIFB) led by the City of London Corporation and the National Institute for the Transformation of India (NITI Aayog) in its first year, and we look forward to supporting the second year of the UKIIFB and any new areas of focus.The UK supported the establishment and development of the ISSB as a global standard setter for sustainability reporting at COP26. The government have also supported world-leading work on transition plan disclosures by co-chairing the Transition Plan Taskforce. We will be taking a pro-growth, pragmatic approach to sustainable finance, combining support for international and interoperable standards like ISSB with an openness to feedback about what policies we should be pursuing. The upcoming UK-India EFD will present a renewed opportunity to engage with India on our shared areas of interest in sustainable finance.

What recent progress her Department has made on financial sector reform to facilitate bilateral investment flows between the UK and India.

India is an important emerging market, and we maintain several collaboration vehicles for discussing regulatory and market access barriers in financial services. Most recently there was a UK-India Financial Markets Dialogue held in GIFT City in December 2024 and we are looking forward to the upcoming UK-India Economic and Financial Dialogue in April 2025 which is jointly chaired by the Chancellor and the Indian Finance Minister. Both dialogues are an opportunity for both the UK and India’s finance ministries and regulators to table important FS issues for collaborative working.Boosting trade abroad is essential to delivering growth at home. That is why the UK is committed to negotiating a trade deal with India – one of the fastest growing economies in the world. Officials are continuing to negotiate the UK-India FTA, which includes FS provisions that will not undermine our future relationship and support our continued cooperation. A trade deal could unlock new opportunities for businesses and consumers in all regions and nations of the UK.Fintech is an important sector for both the UK and India, we engage closely with the Indian Finance Ministry through an annual Joint Fintech Working Group. We also welcome advice from industry through the India-UK Financial Partnership (IUKFP), including through their recent 2023 report ‘Harnessing the power of FinTech and data’.We welcome the progress of the UK-India Infrastructure Financing Bridge (UKIIFB) led by the City of London Corporation and the National Institute for the Transformation of India (NITI Aayog) in its first year, and we look forward to supporting the second year of the UKIIFB and any new areas of focus.The UK supported the establishment and development of the ISSB as a global standard setter for sustainability reporting at COP26. The government have also supported world-leading work on transition plan disclosures by co-chairing the Transition Plan Taskforce. We will be taking a pro-growth, pragmatic approach to sustainable finance, combining support for international and interoperable standards like ISSB with an openness to feedback about what policies we should be pursuing. The upcoming UK-India EFD will present a renewed opportunity to engage with India on our shared areas of interest in sustainable finance.

What assessment her Department has made of the potential impact of the UK-Switzerland Financial Services Mutual Recognition Agreement on cross-border financial services trade.

The Berne Financial Services Agreement is a ground-breaking mutual recognition agreement which enables financial services firms to provide certain services on a cross-border basis to wholesale and sophisticated clients. It is rooted in the high quality of each country’s regulation.The Agreement will enhance an already thriving financial services trade relationship with Switzerland. Between 2016 and 2023, UK trade in financial and insurance services with Switzerland grew by 85%. The ease of doing business under the agreement combined with the unprecedented new market access it opens will boost client choice and drive efficiencies in the financial sector – delivering growth in the UK economy and bolstering job opportunities in the sector. A document outlining the benefits for the UK can be found on the Berne Financial Services Agreement gov.uk page alongside the text of the Agreement.The Government’s priority is to implement the Agreement as soon as possible, by the end of 2025 at the latest, and enter the Agreement into force shortly thereafterThe Agreement includes a mechanism for the UK and Switzerland to expand in scope, including adding entirely new financial service sectors. The Agreement also commits the UK and Switzerland to enter into negotiations with a view to potentially expanding the Agreement to include sustainable finance at the appropriate time.

What steps her Department has taken to support the establishment of (a) fintech bridges and (b) equivalent co-operation frameworks with India.

India is an important emerging market, and we maintain several collaboration vehicles for discussing regulatory and market access barriers in financial services. Most recently there was a UK-India Financial Markets Dialogue held in GIFT City in December 2024 and we are looking forward to the upcoming UK-India Economic and Financial Dialogue in April 2025 which is jointly chaired by the Chancellor and the Indian Finance Minister. Both dialogues are an opportunity for both the UK and India’s finance ministries and regulators to table important FS issues for collaborative working.Boosting trade abroad is essential to delivering growth at home. That is why the UK is committed to negotiating a trade deal with India – one of the fastest growing economies in the world. Officials are continuing to negotiate the UK-India FTA, which includes FS provisions that will not undermine our future relationship and support our continued cooperation. A trade deal could unlock new opportunities for businesses and consumers in all regions and nations of the UK.Fintech is an important sector for both the UK and India, we engage closely with the Indian Finance Ministry through an annual Joint Fintech Working Group. We also welcome advice from industry through the India-UK Financial Partnership (IUKFP), including through their recent 2023 report ‘Harnessing the power of FinTech and data’.We welcome the progress of the UK-India Infrastructure Financing Bridge (UKIIFB) led by the City of London Corporation and the National Institute for the Transformation of India (NITI Aayog) in its first year, and we look forward to supporting the second year of the UKIIFB and any new areas of focus.The UK supported the establishment and development of the ISSB as a global standard setter for sustainability reporting at COP26. The government have also supported world-leading work on transition plan disclosures by co-chairing the Transition Plan Taskforce. We will be taking a pro-growth, pragmatic approach to sustainable finance, combining support for international and interoperable standards like ISSB with an openness to feedback about what policies we should be pursuing. The upcoming UK-India EFD will present a renewed opportunity to engage with India on our shared areas of interest in sustainable finance.

What assessment her Department has made of the potential merits of expanding the UK-Switzerland Financial Services Mutual Recognition Agreement to cover additional financial services sectors.

The Berne Financial Services Agreement is a ground-breaking mutual recognition agreement which enables financial services firms to provide certain services on a cross-border basis to wholesale and sophisticated clients. It is rooted in the high quality of each country’s regulation.The Agreement will enhance an already thriving financial services trade relationship with Switzerland. Between 2016 and 2023, UK trade in financial and insurance services with Switzerland grew by 85%. The ease of doing business under the agreement combined with the unprecedented new market access it opens will boost client choice and drive efficiencies in the financial sector – delivering growth in the UK economy and bolstering job opportunities in the sector. A document outlining the benefits for the UK can be found on the Berne Financial Services Agreement gov.uk page alongside the text of the Agreement.The Government’s priority is to implement the Agreement as soon as possible, by the end of 2025 at the latest, and enter the Agreement into force shortly thereafterThe Agreement includes a mechanism for the UK and Switzerland to expand in scope, including adding entirely new financial service sectors. The Agreement also commits the UK and Switzerland to enter into negotiations with a view to potentially expanding the Agreement to include sustainable finance at the appropriate time.

What steps her Department has taken to raise awareness of employee share schemes among small and medium-sized businesses.

The Government offers four tax-advantaged employee share schemes, which all enable employers to offer their employees tax-advantaged shares or share options in their business. These are Save as You Earn (SAYE), Share Incentive Plan (SIP), Enterprise Management Incentives (EMI), and Company Share Option Plan (CSOP). These schemes are popular, generous and internationally competitive. A call for evidence on SAYE and SIP ran from June to August 2023. It sought views on whether the schemes are meeting their policy objectives and opportunities to improve and simplify them. The Government is considering the responses to the call for evidence, and is grateful to those who took the time to respond. In 2021-22, a review of the EMI scheme found that the scheme remained effective at achieving its policy aims, including employee retention. The review was expanded to consider if CSOP should be reformed to further support companies as they grow beyond the scope of EMI. Following this report, CSOP limits were expanded from April 2023. The Government keeps all tax reliefs under review, to ensure they continue to meet their policy objectives in a way that is fair and effective. HMRC release annual statistics on the tax-advantaged employee share schemes, which can be found at GOV.UK here: https://www.gov.uk/government/statistics/employee-share-scheme-statistics

What steps her Department is taking to support businesses in offering employee share schemes.

The Government offers four tax-advantaged employee share schemes, which all enable employers to offer their employees tax-advantaged shares or share options in their business. These are Save as You Earn (SAYE), Share Incentive Plan (SIP), Enterprise Management Incentives (EMI), and Company Share Option Plan (CSOP). These schemes are popular, generous and internationally competitive. A call for evidence on SAYE and SIP ran from June to August 2023. It sought views on whether the schemes are meeting their policy objectives and opportunities to improve and simplify them. The Government is considering the responses to the call for evidence, and is grateful to those who took the time to respond. In 2021-22, a review of the EMI scheme found that the scheme remained effective at achieving its policy aims, including employee retention. The review was expanded to consider if CSOP should be reformed to further support companies as they grow beyond the scope of EMI. Following this report, CSOP limits were expanded from April 2023. The Government keeps all tax reliefs under review, to ensure they continue to meet their policy objectives in a way that is fair and effective. HMRC release annual statistics on the tax-advantaged employee share schemes, which can be found at GOV.UK here: https://www.gov.uk/government/statistics/employee-share-scheme-statistics

What recent assessment she has made of the effectiveness of (a) Company Share Option Plans, (b) Save As You Earn and (c) Share Incentive Plans in encouraging employee ownership.

The Government offers four tax-advantaged employee share schemes, which all enable employers to offer their employees tax-advantaged shares or share options in their business. These are Save as You Earn (SAYE), Share Incentive Plan (SIP), Enterprise Management Incentives (EMI), and Company Share Option Plan (CSOP). These schemes are popular, generous and internationally competitive. A call for evidence on SAYE and SIP ran from June to August 2023. It sought views on whether the schemes are meeting their policy objectives and opportunities to improve and simplify them. The Government is considering the responses to the call for evidence, and is grateful to those who took the time to respond. In 2021-22, a review of the EMI scheme found that the scheme remained effective at achieving its policy aims, including employee retention. The review was expanded to consider if CSOP should be reformed to further support companies as they grow beyond the scope of EMI. Following this report, CSOP limits were expanded from April 2023. The Government keeps all tax reliefs under review, to ensure they continue to meet their policy objectives in a way that is fair and effective. HMRC release annual statistics on the tax-advantaged employee share schemes, which can be found at GOV.UK here: https://www.gov.uk/government/statistics/employee-share-scheme-statistics

What assessment she has made of the potential impact of employee share schemes on staff retention in UK companies.

The Government offers four tax-advantaged employee share schemes, which all enable employers to offer their employees tax-advantaged shares or share options in their business. These are Save as You Earn (SAYE), Share Incentive Plan (SIP), Enterprise Management Incentives (EMI), and Company Share Option Plan (CSOP). These schemes are popular, generous and internationally competitive. A call for evidence on SAYE and SIP ran from June to August 2023. It sought views on whether the schemes are meeting their policy objectives and opportunities to improve and simplify them. The Government is considering the responses to the call for evidence, and is grateful to those who took the time to respond. In 2021-22, a review of the EMI scheme found that the scheme remained effective at achieving its policy aims, including employee retention. The review was expanded to consider if CSOP should be reformed to further support companies as they grow beyond the scope of EMI. Following this report, CSOP limits were expanded from April 2023. The Government keeps all tax reliefs under review, to ensure they continue to meet their policy objectives in a way that is fair and effective. HMRC release annual statistics on the tax-advantaged employee share schemes, which can be found at GOV.UK here: https://www.gov.uk/government/statistics/employee-share-scheme-statistics

What proportion of Enterprise Investment Scheme funding was provided to companies based in Milton Keynes and Buckinghamshire in each of the last five financial years.

HMRC publish national statistics for the Enterprise Investment Scheme (EIS) every year. HMRC’s most recent published statistics are for the 2022 to 2023 tax year. HMRC publish statistics outlining regional investment, but this is not broken down further. Information about EIS funding in the South East can be found in these statistics publications. [1] [ 1 ] Enterprise Investment Scheme, Seed Enterprise Investment Scheme and Social Investment Tax Relief: May 2024 - GOV.UK

How many companies that received funding through the Enterprise Investment Scheme in the each of the last five financial years were in their first year of trading.

The Enterprise Investment Scheme (EIS) offers tax reliefs for investors investing into companies below a certain age. This ensures it is targeted towards the most early-stage, high-risk companies, who face the greatest struggle securing the investment they need to grow and develop. The initial investment into a company must occur within 7 years of the company’s first commercial sale, or within 10 years for knowledge intensive companies (KICs). HMRC does not publish statistics on the age or length of trading time for companies receiving investment through the Enterprise Investment Scheme (EIS).