Written questions by Glen.

Whether her Department has made an assessment of the potential impact of the proportion of equity trading taking place on lit markets on perceptions of capital market liquidity.

The FCA is responsible for protecting and enhancing the integrity of the UK financial system, and making sure that markets are effective, efficient and reliable. The FCA have published a discussion paper, including analysis, on the levels of lit and dark trading in the UK, which can be found in Chapter 4.CP25/20: Consultation Paper on the SI regime for bonds and derivatives The previous government legislated to give the Financial Conduct Authority (FCA) responsibility for the policy design and the procurement process of a UK consolidated tape. The FCA consulted on the policy design of an equities tape in November 2025, including the importance of operating to high standards of operational resilience. As noted in the FCA consultation, an equities tape aims to help market participants to understand the full picture of UK liquidity. CP25/31: The framework for a UK equity consolidated tape

What steps she has taken to ensure that consolidated tape architecture does not create single points of failure in UK market infrastructure in the context of the Financial Conduct Authority consultation on the framework for a UK equity consolidated tape.

The FCA is responsible for protecting and enhancing the integrity of the UK financial system, and making sure that markets are effective, efficient and reliable. The FCA have published a discussion paper, including analysis, on the levels of lit and dark trading in the UK, which can be found in Chapter 4.CP25/20: Consultation Paper on the SI regime for bonds and derivatives The previous government legislated to give the Financial Conduct Authority (FCA) responsibility for the policy design and the procurement process of a UK consolidated tape. The FCA consulted on the policy design of an equities tape in November 2025, including the importance of operating to high standards of operational resilience. As noted in the FCA consultation, an equities tape aims to help market participants to understand the full picture of UK liquidity. CP25/31: The framework for a UK equity consolidated tape

What assessment her Department has made of trends in the level of the proportion of equity trading taking place on lit markets.

The FCA is responsible for protecting and enhancing the integrity of the UK financial system, and making sure that markets are effective, efficient and reliable. The FCA have published a discussion paper, including analysis, on the levels of lit and dark trading in the UK, which can be found in Chapter 4.CP25/20: Consultation Paper on the SI regime for bonds and derivatives The previous government legislated to give the Financial Conduct Authority (FCA) responsibility for the policy design and the procurement process of a UK consolidated tape. The FCA consulted on the policy design of an equities tape in November 2025, including the importance of operating to high standards of operational resilience. As noted in the FCA consultation, an equities tape aims to help market participants to understand the full picture of UK liquidity. CP25/31: The framework for a UK equity consolidated tape

To ask the Chancellor of the Exchequer, pursuant to the Answer to Question UIN 123141, of 31 March 2026, if she knows when the OBR expect to publish their first set of areas of research interest.

The Office for Budget Responsibility (OBR) has full discretion over the timing of its publication programme.The November 2025 Economic and Fiscal Outlook stated that the OBR will be publishing its first set of areas of research interest in the coming months.

When she expects the Office for Budget Responsibility to publish its first set of areas of research interest, as stated in the Economic and Fiscal Outlook - November 2025, published on 26 November 2025.

The Office for Budget Responsibility (OBR) has full discretion over the timing of its own publication programme.

With reference to the Chancellor's written statement of 5 January 2026, UIN HCWS1219, whether the government's response to the Office for Budget Responsibility's Spring forecast will be an oral or written statement to Parliament.

As set out in a written statement to Parliament last week, the Chancellor has asked the Office for Budget Responsibility (OBR) to prepare an economic and fiscal forecast for publication on 3 March 2026. The Chancellor will deliver an oral statement to the House in response.

What steps her Department is taking to help improve (a) public and (b) investor confidence in small and mid-sized quoted companies listed in the UK.

The government has delivered an ambitious programme of reforms to boost the competitiveness of UK markets, including for small and mid-sized quoted companies. This includes overhauling the Prospectus regime and Listing Rules, providing more flexibility to firms and founders raising capital on UK markets and reducing reporting requirements for the smallest companies. At Mansion House 2025, the government published its Financial Services Growth and Competitiveness Strategy, setting out our ten-year plan for the UK to be the world’s centre of choice for financial services investment now and in 2035, with capital markets a core pillar of the strategy.

What steps her Department is taking to implement regulation that increases risk appetite amongst investors.

The Government wants to see more people benefit from the higher returns and long-term financial resilience that investing can provide. That is why the Chancellor’s Leeds Reforms included bold actions to boost retail investment.In particular, the Treasury is working closely with the FCA to roll out a system of targeted support in time for ISA season next year. This represents the biggest reform of the financial advice and guidance landscape in more than a decade, and will be a step change in the support available to consumers.The Government will also move Long-Term Asset Funds (LTAFs) from the Innovative Finance ISA to the Stocks & Shares ISA from April 2026. This will give more access to the higher returns available from less liquid assets, while directing investment into productive assets that will drive economic growth.In addition, the Government welcomes the industry-led initiatives to promote the benefits of investing to the public, and to reform how firms talk about the risks and benefits of investing.

What plans her Department has to improve access to finance for small and mid-sized quoted companies.

The government has delivered an ambitious programme of reforms to boost the competitiveness of UK markets, including for small and mid-sized quoted companies. This includes overhauling the Prospectus regime and Listing Rules, providing more flexibility to firms and founders raising capital on UK markets and reducing reporting requirements for the smallest companies. At Mansion House 2025, the government published its Financial Services Growth and Competitiveness Strategy, setting out our ten-year plan for the UK to be the world’s centre of choice for financial services investment now and in 2035, with capital markets a core pillar of the strategy.

What assessment she has made of the potential impact of tax incentives on levels of investment in small and mid-sized quoted companies.

The Government is committed to making the UK the best place in the world to start and grow a business, and understands how important it is for businesses to be able to access the finance they need to grow and develop. That is why the Government provides three tax-advantaged venture capital schemes: the Enterprise Investment Scheme (EIS), the Seed Enterprise Investment Scheme (SEIS) and Venture Capital Trusts (VCTs). The schemes provide a range of tax reliefs for investors, to encourage investment in small- and medium-sized companies at the pre-listing stage, which face the biggest challenges in accessing growth capital. The Stamp Taxes on Shares framework also contains multiples reliefs and exemptions which are designed to boost liquidity and growth, particularly for small and medium-sized companies, such as the Growth Market Exemption.

What steps her Department is taking to ensure that the UK remains an (a) attractive investment environment and (b) listing venue for small and mid-sized quoted companies.

The government has delivered an ambitious programme of reforms to boost the competitiveness of UK markets, including for small and mid-sized quoted companies. This includes overhauling the Prospectus regime and Listing Rules, providing more flexibility to firms and founders raising capital on UK markets and reducing reporting requirements for the smallest companies. At Mansion House 2025, the government published its Financial Services Growth and Competitiveness Strategy, setting out our ten-year plan for the UK to be the world’s centre of choice for financial services investment now and in 2035, with capital markets a core pillar of the strategy.

With reference to the Spending Review 2025, published on 11 June 2025, how much and what proportion of the additional British Business Bank funding will be allocated to the life sciences sector.

This Government is committed to ensuring high-potential life sciences businesses can access the finance they need to innovate, grow, and boost the UK economy. As part of the Industrial Strategy, the British Business Bank will invest £4 billion across key sectors, including life sciences, supporting both the expansion of the Life Sciences Investment Programme and direct investment in R&D-intensive companies. This funding is not hypothecated by sector, allowing the Bank to back the most promising opportunities, including through specialist fund managers. The percentage of Bank supported deals in life sciences was 7.2%, compared to 4.9% for the overall equity market and 6.1% for the wider PE/VC market from 2022-2024.

With reference to the British Business Bank's publication Small Business Equity Tracker 2024, if she will make a comparative assessment of (a) venture capital investment in the life sciences in the UK and the US and (b) the implications for companies in each jurisdiction seeking to scale-up.

The UK remains Europe’s leading destination for life sciences venture capital (VC) investment, according to the British Business Bank’s Small Business Equity Tracker 2024. The US market is larger in scale, supporting late-stage growth with deeper capital pools and larger fund sizes. While the UK VC market is competitive with the US at the seed stage, UK companies face a widening funding gap as they scale. At the recent Spending Review, the Government increased the British Business Bank’s financial capacity to £25.6 billion, a two-thirds increase in investment activity. Alongside reforms to give the British Business Bank greater flexibility to deploy funding responsively, this expanded capacity will enable more substantial support for SMEs and scale-ups, including life sciences companies, and move the UK market closer to the scale of late-stage financing seen in the US.

Whether her Department plans to require merchants that might offer unregulated Buy Now, Pay Later (BNPL) once BNPL regulation is in force to provide clear information to consumers to make it clear that certain consumer protections will not apply to their credit agreements.

Regulating the Buy-Now, Pay-Later (BNPL) sector is a government priority. On 19 May, the government introduced legislation to bring BNPL products into regulation. Our legislative approach will disapply the elements of the consumer credit regulatory regime that were originally designed for interest-bearing loans. This will enable the Financial Conduct Authority (FCA) to create a proportionate information disclosure regime tailored specifically to BNPL products. At this stage, the government considers that BNPL agreements provided directly by merchants should remain exempt from regulation. Including merchant-provided BNPL in the regime would disproportionately impact small businesses offering low-risk agreements such as gym memberships and instalment plans for invoices. Consumers using merchant-provided BNPL will remain protected by wider consumer protection laws, including strict rules on advertising and financial promotions; and the Consumer Protection from Unfair Trading Regulations, which prohibit unfair commercial practices such as misleading consumers. The government has not seen evidence that merchants are seeking to offer BNPL agreements on a scale similar to third-party lenders. However, my officials and I will continue to monitor the merchant-provided BNPL market closely, working with the FCA and industry. If we see clear evidence of significant market expansion or large-scale consumer harm, we will intervene swiftly to address these risks.

What steps her Department is taking to ensure that the Financial Conduct Authority is able to deliver final rules for Buy Now, Pay Later regulation that are proportionate to the product.

Regulating the Buy-Now, Pay-Later (BNPL) sector is a government priority. On 19 May, the government introduced legislation to bring BNPL products into regulation. Our legislative approach will disapply the elements of the consumer credit regulatory regime that were originally designed for interest-bearing loans. This will enable the Financial Conduct Authority (FCA) to create a proportionate information disclosure regime tailored specifically to BNPL products. At this stage, the government considers that BNPL agreements provided directly by merchants should remain exempt from regulation. Including merchant-provided BNPL in the regime would disproportionately impact small businesses offering low-risk agreements such as gym memberships and instalment plans for invoices. Consumers using merchant-provided BNPL will remain protected by wider consumer protection laws, including strict rules on advertising and financial promotions; and the Consumer Protection from Unfair Trading Regulations, which prohibit unfair commercial practices such as misleading consumers. The government has not seen evidence that merchants are seeking to offer BNPL agreements on a scale similar to third-party lenders. However, my officials and I will continue to monitor the merchant-provided BNPL market closely, working with the FCA and industry. If we see clear evidence of significant market expansion or large-scale consumer harm, we will intervene swiftly to address these risks.

What steps her Department is taking to ensure that consumers are made aware that some forms of buy now, pay later will remain unregulated when BNPL regulation is in force.

Regulating the Buy-Now, Pay-Later (BNPL) sector is a government priority. On 19 May, the government introduced legislation to bring BNPL products into regulation. Our legislative approach will disapply the elements of the consumer credit regulatory regime that were originally designed for interest-bearing loans. This will enable the Financial Conduct Authority (FCA) to create a proportionate information disclosure regime tailored specifically to BNPL products. At this stage, the government considers that BNPL agreements provided directly by merchants should remain exempt from regulation. Including merchant-provided BNPL in the regime would disproportionately impact small businesses offering low-risk agreements such as gym memberships and instalment plans for invoices. Consumers using merchant-provided BNPL will remain protected by wider consumer protection laws, including strict rules on advertising and financial promotions; and the Consumer Protection from Unfair Trading Regulations, which prohibit unfair commercial practices such as misleading consumers. The government has not seen evidence that merchants are seeking to offer BNPL agreements on a scale similar to third-party lenders. However, my officials and I will continue to monitor the merchant-provided BNPL market closely, working with the FCA and industry. If we see clear evidence of significant market expansion or large-scale consumer harm, we will intervene swiftly to address these risks.

Pursuant to the Answer of 9 April 2025 to Question 43043 on Environment Protection: Finance, if she will make it her policy to remove the provisions in the (a) UK Climate Transition Benchmarks and (b) UK Paris-aligned Benchmarks on the requirements affecting UK weapons manufacturers.

I refer the Honourable Member to the answers given to his questions in PQ UIN 48396 on 1 May 2025, PQ UIN 43043 and 43449 on 9 April 2025, PQ UIN 47194 on 28 April, and PQ 47196 on 30 April 2025.

If she will make an assessment of the potential impact of EU green finance regulations on levels of investment from Europe into UK defence (a) firms and (b) shares.

This Government does not see a conflict in green and sustainable investment contributing to our world-leading defence sector. There is considerable work to support the sector ongoing across government, including through the Chancellor’s growth mission and in the development of a new Defence Industrial Strategy. In a time of increasing geopolitical instability, maintaining a robust and thriving defence sector is essential to our national security. The government is committed to supporting the defence sector and supporting investment opportunities in it. Private investment in the defence sector is crucial for fostering innovation, boosting economic growth and enhancing national security.

Pursuant to the answer of 4 March 2025 to Question 33375 on Environment Protection: Finance, whether the defence sector will be included in the UK Green Taxonomy.

The government has set out its ambition for the UK to be the world leader in sustainable finance. This includes delivering a regulatory framework to support sustainable growth and enable the private sector to realise the opportunities of the transition. Through the consultation, the government was keen to explore whether a UK Green Taxonomy can be a useful tool in contributing to this ambition. The government is reviewing and analysing the consultation responses, this includes considering the potential costs and how it fits in with existing regulation and regimes. We will publish a formal consultation response in due course which will set out next steps. At this stage in the consultation process, the government was not seeking feedback on the detail of the sectors for inclusion. Instead, the government are focused on the bigger picture of whether and how this can be a useful tool for companies and investors. Therefore, at this stage issues around activities and sectors, such as defence, are out of scope.

Pursuant to the Answer of 9 April 2025 to Question 43449 on Trident Submarines: Procurement, if she will make it her policy to amend assimilated EU law under the UK Benchmarks Regulation to remove the EU legacy law references to controversial weapons; and if she will make an assessment of the potential impact of doing so on levels of investment by companies which provide (a) goods and (b) services relating to Trident renewal.

As set out in the recent Call for Evidence on the Financial Services Growth and Competitiveness Strategy, having an effective regulatory environment is key to maintaining and enhancing our position as a global financial centre so that it can support growth across the wider UK economy. That includes regulations inherited from the European Union, such as the Benchmarks regulation. The government remains open to views from industry on how we can continue to progress reforms to assimilated law as part of this work creating an effective regulatory environment. More broadly, the government does not see a conflict between sustainable investment and investment in the defence sector.