Written questions by Anderson.

What recent assessment he has made of the potential impact of foreign investment on the UK defence industrial base.

The UK’s defence industry plays a vital role not only in our national security but also to the economic prosperity and growth of the UK. We want to boost investment in our defence industry, including from overseas, and the Defence Industrial Strategy will align our security and economic priorities to boost the prosperity of our people across the country, provide resilience for the UK, and ensure the credibility of our deterrence. The investment in defence announced by the Prime Minister on 25 February 2025 will protect UK citizens from threats and create a secure and stable environment in which businesses of all sizes can thrive. Alongside this, the Defence Industrial Strategy will consider how best to create the conditions needed for the private sector to invest more. We will maximise opportunities of dual-use technology and sectors to bring in investment that supports the broader industrial strategy as well as benefiting Defence. Equally this Government recognises that foreign investment can bring threats and risks as well as opportunity. The National Security and Investment Act is part of a robust system for scrutinising and where necessary intervening to protect national security, while providing businesses and investors with the certainty and transparency they need to do business in the UK.

What recent assessment he has made of the adequacy of domestic industrial capacity to support defence supply chains.

This Government is bringing forward a Defence Industrial Strategy that will ensure a strong Defence sector and resilient supply chains across the whole of the UK. The Statement of Intent for the Defence Industrial Strategy, published in December 2024, set out a commitment to prioritising UK businesses for investment and boosting sovereign capacity. Through the Defence Industrial Strategy and the Strategic Defence Review, the Ministry of Defence is currently undertaking a review and reconfirmation of sovereign capabilities required onshore. The Department is also actively improving the capabilities of the UK’s Defence sector through initiatives such as the Defence Supplier Capability Development Programme and the new support hub for small and medium enterprises that the Prime Minister announced on 3 March 2025.

What assessment his Department has made of the potential impact of foreign direct investment screening mechanisms on UK economic sovereignty.

The UK balances an open investment environment to facilitate growth while protecting the areas of our economy that are the most sensitive to national security. The National Security and Investment Act supports our economic sovereignty by giving us power to intervene where we need to, while allowing the vast majority of inward investment to proceed.The NSI Act was inspired by, and brought the UK’s approach to investment screening in line with, many other countries, including our close allies. The Act is a product of close international cooperation to ensure the UK’s investment screening regime draws on global best practice.

What recent assessment he has made of the potential merits of expanding UK-based (a) maintenance and (b) upgrading facilities for defence assets.

No recent assessments have been conducted on expanding UK based maintenance for Ministry of Defence (MOD) built assets. The MOD is investing in upgraded facilities to improve living, working and training environments in UK sites.

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 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 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 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

Commonwealth and Development Affairs, what steps British International Investment is taking to ensure that investments strengthen commercial relationships between the UK and partner countries.

British International Investment's (BII) investments are building markets in partner countries that are stimulating economic growth. This also develops future UK trade and investment opportunities.BII invest in sectors where it can have the most developmental impact. These tend to also align with areas of UK commercial strength, including financial services, clean energy, and digital. Examples of this modern approach to development include BII's partnership with Standard Chartered Bank which has enabled $10 billion in trade volumes across Africa and Asia since 2013 and BII's partnership with Vodafone that has brought down the cost of mobile services by up to 70 per cent in Ethiopia, and a new £100 million Mobilisation Facility to de-risk institutional investors such as those in the City of London to accelerate climate-focussed investments in developing countries. We will continue to work with BII to focus and maximise the impact of its work in line with our missions and the wider geopolitical situation.

Commonwealth and Development Affairs, what steps British International Investment is taking to align investment decisions with the Government’s (a) missions and (b) development objectives.

British International Investment's (BII) investment decisions are taken within a framework agreed and aligned with the Government's mission and development objectives. BII is delivering on the Government's ambitions on growth, accelerating the clean energy transition, and unlocking private capital for development impact. In 2023 alone, BII-backed businesses operating in developing countries provided jobs for over one million people, paid $2.4 billion in taxes in partner countries, and generated 59 TWh of electricity.The Foreign, Commonwealth and Development Office (FCDO) and BII ensure this strategic alignment through governance arrangements that follow best practice guidance from Cabinet Office and HM Treasury with robust lines of accountability between FCDO and BII. We will continue to work with BII to focus and maximise the impact of its work in line with our missions and the wider geopolitical situation.

What steps he is taking to help improve the representation of women in senior leadership positions within large (a) public and (b) private companies.

Promoting equal opportunities for women is a key part of this Government's Plan for Change, ensuring fair access to the best jobs. To that end, the Department for Business and Trade sponsors the FTSE Women Leaders Review, which collaborates with the UK's top public and private companies to achieve at least 40% representation of women on boards and at senior management levels.The 2025 report evidences real progress in representation of women leaders across the top of UK businesses. The Government will continue to work with UK business and the Review to ensure the continuation of this promising momentum.

What assessment her Department has made of the potential impact of the proposed rail reforms on commuter services from Bletchley.

The Railways Bill will enable the biggest overhaul of the rail sector in a generation. It will create stronger leadership by establishing Great British Railways as a new ‘directing mind’ for the industry, unifying track and train under a single public body to deliver better services for passengers and customers, and better value for money for taxpayers. The Government launched an eight-week consultation on 18 February seeking views on the key legislative proposals that will form part of the upcoming Railways Bill. Services from Bletchley will benefit from the changes set out above, alongside the rest of the network.

What assessment her Department has made of the impact of (a) Venture Capital Trusts, (b) the Enterprise Investment Scheme, (c) the Seed Enterprise Investment Scheme and (d) the Social Investment Tax Relief on economic growth in the last five fiscal years.

Growth is the central mission of the Government, and investment is a vital part of addressing the growth challenge. The venture capital schemes are a key part of this. The venture capital schemes were evaluated in 2022, and these evaluations were published on gov.uk. [1] The evaluations found that the schemes were well targeted to address the market failure which makes it difficult for early-stage, high-risk companies to secure the investment they need. SITR expired in April 2023. [1] Evaluation of Venture Capital Schemes - GOV.UK

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

Communities and Local Government, what assessment she has made of trends in Local Government Pension Scheme asset allocation to UK equities in the last ten years.

The Local Government Pension Scheme (LGPS) invests approximately 9% of its total assets of c. £392 billion in UK equities (or 17% of its total equity holdings) compared to over 20% a decade ago. The government’s landmark pensions review aims to unlock investment in the UK economy.

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).

What criteria her Department uses to establish the annual number of Seasonal Worker visas.

The Home Office works closely with the Department of Environment, Food and Rural Affairs to set the annual quotas for the Seasonal Worker route. This process takes into consideration a range of data and information including previous years’ usages, work force plans and industry intelligence because the Government keeps the annual quota numbers under review, we are unable to provide an estimated projection of what the visa numbers will be over the next five years.

What assessment her Department has made of the potential contribution of the Mansion House compact on levels of pension investment.

The Mansion House Compact is a voluntary industry-led initiative with eleven signatories to secure better outcomes for defined contribution (DC) savers by increasing pension investment into unlisted equity. The ambition is to allocate at least 5% of the DC default funds to unlisted equities by 2030 and increase the proportion of UK pension and other relevant investments in unlisted equities. The Government continues to monitor progress on the Mansion House commitments in collaboration with the Association of British Insurers (ABI). An update from the ABI suggests that signatory pension firms are making progress on these ambitions. The ABI’s latest publication highlights that firms have laid strong foundations to implement the commitment of allocating 5% of DC default funds to unlisted equities by 2030. Ten of the eleven signatories to the compact have taken steps to establish or expand their expertise in unlisted equity investment. Furthermore, eight of the eleven signatories have begun to develop specific solutions to enable increased unlisted equity investment. The Government is also taking further proactive steps to increase investment in innovative businesses. In November, the British Business Bank completed its £250m Long Term Investment for Technology and Science (LIFTS) investment alongside £250m from Phoenix Group with Schroders Capital. The £500m investment vehicle will invest in UK late-stage companies focused on technology and science, with 20% of the fund expected to be invested in life sciences. Additionally, two UK pension funds, Aegon UK and NatWest Cushon, have agreed to collaborate with the British Business Bank on launching the British Growth Partnership to crowd-in institutional investment into venture capital funds and innovative businesses here in the UK.

Communities and Local Government, what information her Department holds on what the value of business rates written off by Buckinghamshire Council was in each of the last three financial years.

Data on the amount of business rates that local authorities have written off are published as part of the annual ‘Collection of council tax and business rates’ statistical release, published here: https://www.gov.uk/government/collections/council-tax-statistics#collection-rates-for-council-tax-and-non-domestic-rates.Local authorities are asked to report the amount written off in the financial year across three lines – in relation to bills for the year itself, in relation to the previous year only and in relation to earlier financial years. All local authority level data are published in Table 9.

If she will make an estimate of the projected annual quota for the Seasonal Worker Visa Scheme over the next five years.

The Home Office works closely with the Department of Environment, Food and Rural Affairs to set the annual quotas for the Seasonal Worker route. This process takes into consideration a range of data and information including previous years’ usages, work force plans and industry intelligence because the Government keeps the annual quota numbers under review, we are unable to provide an estimated projection of what the visa numbers will be over the next five years.