Written questions by Shastri-Hurst.

What steps she is taking to monitor the proposed involvement of UK listed firms in a takeover of Eurasian Resources Group to ensure no benefit to sanctioned Russian entities.

The Russia regulations prohibit the making available of funds or economic resources to a designated person without a licence. They also prohibit the provision of certain services to designated persons and persons connected with Russia. UK financial sanctions apply to all persons within the territory and territorial sea of the UK and to all UK persons, wherever they are in the world. OFSI assesses every instance of reported non-compliance and takes action in all cases where we conclude a breach has occurred. For serious breaches, OFSI may impose a civil monetary penalty. OFSI may also refer suspected criminal activities to law enforcement partners for investigation.

How much revenue the Exchequer raised from the introduction of VAT to private school fees between 1 January 2025 to 31 December 2025.

At Autumn Budget 2024, the revenue from applying the standard rate of VAT to education and boarding services provided by private schools from 1 January 2025 was estimated at £460 million in 2024-25 and £1,505 million in 2025-26, rising to £1,725 million in 2029-30. In their November 2025 Economic and Fiscal Outlook, the Office for Budget Responsibility revised the yield from this measure up by an average of £40 million per year, with outturn data providing initial support for the original assumption on pupil movements.

If she will make an estimate of the average annual cost to the energy from waste and biomass sectors of the removal of the Landfill Tax exemption for Air Pollution Control residues.

The Government recognises the important role that the energy from waste, dredging and biomass sectors play in supporting the Government’s circular economy objectives. The Government announced at Budget last year that it would remove the Landfill Tax exemption for stabilisers used in dredged material from April 2027 because it is inconsistent with the government’s circular economy ambitions. The decision followed on from a consultation on reform to the tax, during which the Government engaged with stakeholders in a range of sectors. This will not prevent the use of stabilisers, but it will encourage businesses to limit their use to what is necessary. The Government do not expect the change to have a significant impact on flood risk management as most material removed during routine waterway maintenance is reused locally and deposited adjacent to the channel, avoiding the need for disposal at landfill sites.

What assessment her Department has made of the potential impact of potential reductions in dredging activity on levels of flood risk, in the context of (a) the removal of the Landfill Tax exemption for Air Pollution Control residues and (b) the Government’s flood prevention programme.

The Government recognises the important role that the energy from waste, dredging and biomass sectors play in supporting the Government’s circular economy objectives. The Government announced at Budget last year that it would remove the Landfill Tax exemption for stabilisers used in dredged material from April 2027 because it is inconsistent with the government’s circular economy ambitions. The decision followed on from a consultation on reform to the tax, during which the Government engaged with stakeholders in a range of sectors. This will not prevent the use of stabilisers, but it will encourage businesses to limit their use to what is necessary. The Government do not expect the change to have a significant impact on flood risk management as most material removed during routine waterway maintenance is reused locally and deposited adjacent to the channel, avoiding the need for disposal at landfill sites.

What assessment her Department has made of the potential impact of increases in dredging disposal costs arising from the removal of the Landfill Tax exemption for Air Pollution Control residues on trends in levels of frequency and scale of dredging of rivers, canals and ports.

The Government recognises the important role that the energy from waste, dredging and biomass sectors play in supporting the Government’s circular economy objectives. The Government announced at Budget last year that it would remove the Landfill Tax exemption for stabilisers used in dredged material from April 2027 because it is inconsistent with the government’s circular economy ambitions. The decision followed on from a consultation on reform to the tax, during which the Government engaged with stakeholders in a range of sectors. This will not prevent the use of stabilisers, but it will encourage businesses to limit their use to what is necessary. The Government do not expect the change to have a significant impact on flood risk management as most material removed during routine waterway maintenance is reused locally and deposited adjacent to the channel, avoiding the need for disposal at landfill sites.

Whether her Department has made an assessment of the potential impact of improved financial literacy in schools on levels of personal debt among young adults.

The Government fully recognises the importance of financial education and wants to ensure that all children are equipped with the skills they need to make informed financial decisions throughout their lives. HM Treasury works closely with the Department for Education, which sets the national curriculum for financial education in schools in England. In England, financial education forms a compulsory part of the national curriculum for mathematics at key stages 1 to 4, and citizenship at key stages 3 and 4, this includes personal budgeting, saving for the future, and managing credit and debt. The Government has established an independent Curriculum and Assessment Review, which is considering whether there is sufficient coverage of key knowledge and skills, including financial education, to prepare children and young people for future life. The interim report highlighted that the Review has heard consistently from children and young people and their parents that they want more focus on the applied knowledge and skills that will equip them for later life and work, such as financial education. The Review’s final report and recommendations will be published in autumn with the government’s response. The Money and Pensions Service (MaPS), an arm’s length body of the Government, provides comprehensive guidance to support people at every stage of their financial lives through the Money Helper website. This includes guidance for dealing with debt and signposting to free debt advice.

What discussions she has had with the Secretary of State for Education on strengthening financial education to improve long-term financial resilience among young people.

The Government fully recognises the importance of financial education and wants to ensure that all children are equipped with the skills they need to make informed financial decisions throughout their lives. HM Treasury works closely with the Department for Education, which sets the national curriculum for financial education in schools in England. In England, financial education forms a compulsory part of the national curriculum for mathematics at key stages 1 to 4, and citizenship at key stages 3 and 4, this includes personal budgeting, saving for the future, and managing credit and debt. The Government has established an independent Curriculum and Assessment Review, which is considering whether there is sufficient coverage of key knowledge and skills, including financial education, to prepare children and young people for future life. The interim report highlighted that the Review has heard consistently from children and young people and their parents that they want more focus on the applied knowledge and skills that will equip them for later life and work, such as financial education. The Review’s final report and recommendations will be published in autumn with the government’s response. The Money and Pensions Service (MaPS), an arm’s length body of the Government, provides comprehensive guidance to support people at every stage of their financial lives through the Money Helper website. This includes guidance for dealing with debt and signposting to free debt advice.

What information her Department holds on whether there were irregular trading activities in UK-listed defence sector stocks on 2 June 2025.

The Financial Conduct Authority (FCA) is the UK’s markets regulator and the lead agency responsible for monitoring UK markets, and investigating and taking any enforcement action related to market abuse.

What recent estimate she has made of the UK’s exposure to Chinese (a) sovereign debt and (b) state-backed entities through (i) public pension funds and (ii) financial institutions.

Seven of the eight largest Public Service Pension Schemes (PSPSs) are unfunded, which means that they do not hold or invest assets against their pension liabilities and instead the Exchequer pays pensions as they come due. The largest funded PSPS is the Local Government Pension Scheme in England & Wales (LGPS). The LGPS is managed locally by 86 Administering Authorities and each publish asset allocation data in their yearly Annual Report and Accounts.The Bank of England’s Financial Policy Committee closely monitor risks to the financial system, including those stemming from UK financial institutions’ global exposures. The Bank’s most recent stress test (Financial Stability Report, November 2024), shows that the UK banking system is resilient to severe global scenarios.

What estimate she has made of the increase of tax paid by hospices as a result of changes to National Insurance contributions rates.

The latest forecasts for tax revenues were published alongside the Office for Budget Responsibility’s (OBR) October Economic and Fiscal Outlook. These forecasts are based on economic determinants, including wage growth and employment levels. The OBR do not forecast NICs receipts at a sector level. Detailed tax receipts forecasts can be found here: Economic and fiscal outlook – October 2024 - Office for Budget Responsibility.

What estimate she has made of the costs to HMRC of processing changes to rates of National Insurance contributions.

Tax Information and Impact Notes (TIINs) covering recent changes to rates of National Insurance contributions (NICs) are available on GOV.UK and include information about estimated costs associated with these measures. A TIIN covering employer NICs changes announced at Autumn Budget was published by HMRC on 13 November. These changes included a change in the rate of employers’ National Insurance. The TIIN confirmed that HMRC would need to make IT changes to implement this package of measures, and that the total cost of changes required was estimated to be circa £900,000.