Written questions by Athwal.

What steps she is taking to help first-time buyers in (a) London and (b) general.

The most sustainable long-term method to improve housing affordability and help people into homeownership is to increase the supply of housing. The government is committed to building 1.5 million homes this parliament (compared to the 1 million homes delivered the last parliament). In December, we announced major changes to the National Planning Policy Framework, including the restoration of mandatory housing targets and changes to allow development on ‘grey belt’. These reforms were forecast by the OBR to deliver 170,000 additional homes and add £6.8bn to the economy by 2029/30. We have worked with the FCA and the Bank of England, who have clarified and increased the flexibility of their mortgage regulations. This is helping more customers – especially first-time buyers – to borrow what they need to buy the homes they want, while retaining protections so that lending remains affordable and responsible.

Whether she plans to reform (a) Lifetime ISAs and (b) Stamp Duty Land Tax to support first time buyers in London.

SDLT continues to be an important source of government revenue, raising around £12 billion each year to help pay for the essential services the government provides. Any changes to SDLT would therefore have to be carefully considered given the potential effect on public finances. The Government is committed to helping first-time buyers own their own home. The Lifetime ISA remains focused on supporting people to achieve the aspiration of home ownership, or to build up savings for later life. The Government keeps all taxes under review as part of the usual tax policy making process.

What steps she is taking to help reduce barriers to home ownership in London for first-time buyers.

The most sustainable long-term method to improve housing affordability and help people into homeownership is to increase the supply of housing. The government is committed to building 1.5 million homes this parliament (compared to the 1 million homes delivered the last parliament). In December, we announced major changes to the National Planning Policy Framework, including the restoration of mandatory housing targets and changes to allow development on ‘grey belt’. These reforms were forecast by the OBR to deliver 170,000 additional homes and add £6.8bn to the economy by 2029/30. We have worked with the FCA and the Bank of England, who have clarified and increased the flexibility of their mortgage regulations. This is helping more customers – especially first-time buyers – to borrow what they need to buy the homes they want, while retaining protections so that lending remains affordable and responsible.

How many Sikhs are employed in her Department; and whether they are recorded as (a) an ethnic or (b) a religious group.

HM Treasury employs 14 Sikh staff (0.7% of the department), and this is recorded under religion in line with the Government Statistical Service (GSS) guidance.

What steps she is taking with Cabinet colleagues to help improve the provision of (a) physical banks and (b) banking hubs in Ilford South constituency.

Banking has changed significantly in recent years with many customers benefiting from the ease and convenience of remote banking. However, the Government understands the importance of face-to-face banking to constituents and businesses in Ilford South and across the UK and is committed to championing sufficient access for all. This is why the Government is working closely with industry to roll out 350 banking hubs across the UK. The UK banking sector has committed to deliver these hubs by the end of this Parliament. Over 200 hubs have been announced so far, and over 100 are already open. The Financial Services and Markets Act 2023 granted the Financial Conduct Authority (FCA) the responsibility and powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities. Under the FCA’s regime, LINK, the operator of the UK’s largest ATM network, is responsible for undertaking access to cash assessments. When a cash access facility such as a bank branch closes, or if LINK receives a request directly from a community, LINK assesses a community’s access to cash needs and can recommend a new service, such as a banking hub. Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance, pay bills and cash cheques. The Government protects the Post Office network by setting minimum access criteria. These include ensuring that 99% of the UK population lives within three miles of a Post Office and 90% of the population within one mile.