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Hayling Island coastguard rescue team provide a vital service in my south-coast constituency. They fear that the MCA’s proposal will have a massively detrimental effect on local recruitment and retention, particularly from the island. How will the Minister ensure that CROs are properly consulted? Will he come to Hayling Island...
Hayling Island coastguard rescue team provide a vital service in my south-coast constituency. They fear that the MCA’s proposal will have a massively detrimental effect on local recruitment and retention, particularly from the island. How will the Minister ensure that CROs are properly consulted? Will he come to Hayling Island...
What assessment she has made of the potential impact of reducing upfront Venture Capital Trust (VCT) Income Tax relief on VCT fundraising.
What assessment she has made of the potential impact of reducing upfront Venture Capital Trust (VCT) Income Tax relief on VCT fundraising.
At the Budget, the Government announced a comprehensive package of entrepreneurship tax measures, designed to provide substantially enhanced support for scaling businesses across the UK. That includes doubling the maximum amount that a company can raise through the enterprise investment scheme and the venture capital trust scheme. Overall, the changes to those schemes are forecast to generate about £100 million per year of additional investment in high-growth, scaling companies, thanks to the increased scheme limits in the Budget.
A recent industry survey revealed that 62% of VCT founders are scaling back growth plans, 45% are cutting headcounts, and 25% are leaving the country. Will the Government reverse the Chancellor’s plans to cut this relief, or will her legacy for Britain’s tech sector be lower growth, fewer jobs and lasting damage?
A recent industry survey revealed that 62% of VCT founders are scaling back growth plans, 45% are cutting headcounts, and 25% are leaving the country. Will the Government reverse the Chancellor’s plans to cut this relief, or will her legacy for Britain’s tech sector be lower growth, fewer jobs and lasting damage?
Absolutely not; we have real confidence in the British venture capital sector. In the 2025 Budget, we doubled the investment limits and gross assets threshold for the enterprise investment and venture capital trust schemes. Those changes are supporting growth and development.
Presentation and first reading (Bill 34). To be read a second time on 4 September.
Presentation and first reading (Bill 34). To be read a second time on 4 September.
My hon. Friend and constituency neighbour knows that the last Conservative Government created the coastal communities fund, which supported Hayling Island in my Havant constituency. Under the current Administration, there is not a specific equivalent fund to support employment, hospitality or the business community. Will he join me in calling...
My hon. Friend and constituency neighbour knows that the last Conservative Government created the coastal communities fund, which supported Hayling Island in my Havant constituency. Under the current Administration, there is not a specific equivalent fund to support employment, hospitality or the business community. Will he join me in calling...
How many asylum seekers were in asylum accommodation on (a) 31 March 2026 and (b) 30 June 2024.
How many asylum seekers were in asylum accommodation on (a) 31 March 2026 and (b) 30 June 2024.
What comparative assessment she has made of the competitiveness of the (a) UK and (b) EU science and technology sectors.
What comparative assessment she has made of the competitiveness of the (a) UK and (b) EU science and technology sectors.
Ten minute rule motion for leave to bring in a Bill. Agreed to on question. Presentation and first reading (Bill 442). To be read a second time on 8 May.
Ten minute rule motion for leave to bring in a Bill. Agreed to on question. Presentation and first reading (Bill 442). To be read a second time on 8 May.
I beg to move,
That leave be given to bring in a Bill to make provision about the delivery of in-person banking services; to require the Financial Conduct Authority to set standards for the provision of in-person banking services; and for connected purposes.
In places such as Hayling Island and Emsworth in...
I beg to move,
That leave be given to bring in a Bill to make provision about the delivery of in-person banking services; to require the Financial Conduct Authority to set standards for the provision of in-person banking services; and for connected purposes.
In places such as Hayling Island and Emsworth in...
Agreed to on question.
Agreed to on question.
On behalf of Havant residents and NHS patients, I welcome this opportunity to raise urgently in Parliament the sudden and distressing removal of diagnostic services at Oak Park clinic in Havant.
Oak Park is a vital community asset that has long played an important role in local healthcare provision, providing a...
On behalf of Havant residents and NHS patients, I welcome this opportunity to raise urgently in Parliament the sudden and distressing removal of diagnostic services at Oak Park clinic in Havant.
Oak Park is a vital community asset that has long played an important role in local healthcare provision, providing a...
The Government’s failure to resolve the uncertainty around AI data mining and copyright is undermining the UK’s economic competitiveness. Will the Secretary of State accept that that failure is driving jobs in both AI and the creative industries abroad?
The Government’s failure to resolve the uncertainty around AI data mining and copyright is undermining the UK’s economic competitiveness. Will the Secretary of State accept that that failure is driving jobs in both AI and the creative industries abroad?
We are creating new jobs, with 15,000 from our AI growth zones alone. Culture Secretary and I deeply understand the need to resolve the issues around AI and copyright. That is why we have been meeting the creative sector and those from the AI industry so that we find a way forward that works for both our world-leading creatives and our world-leading AI entrepreneurs.
Just one pure technology company is now listed on the FTSE 100 and Budget measures, such as cutting venture capital trust tax relief, discourage companies from listing on the UK exchanges. Why are the Government driving away growth and investment?
Just one pure technology company is now listed on the FTSE 100 and Budget measures, such as cutting venture capital trust tax relief, discourage companies from listing on the UK exchanges. Why are the Government driving away growth and investment?
The entrepreneurship package in the Budget was incredibly important. The aim of that package, which includes the UK listing relief—the three-year stamp duty holiday that I referred to in response to my hon. Friend the Member for Paisley and Renfrewshire North (Alison Taylor)—is designed to make the UK the best place to start, scale and list a company.
Vital services such as X-rays and scans have been removed from the Oak Park community clinic in my constituency without any prior warning or consultation from the ICB. Will the Secretary of State meet with me to discuss how we can restore those services locally so that my constituents do not have to travel to Portsmouth?
Vital services such as X-rays and scans have been removed from the Oak Park community clinic in my constituency without any prior warning or consultation from the ICB. Will the Secretary of State meet with me to discuss how we can restore those services locally so that my constituents do not have to travel to Portsmouth?
The hon. Gentleman should absolutely make representations to his local ICB if he has concerns about service reconfigurations. We are investing more in the NHS, but I recognise that there are none the less big challenges for ICBs to face. I am sure that the ICB would be happy to meet him to hear his concerns.
If she will make a statement on her departmental responsibilities.
If she will make a statement on her departmental responsibilities.
The Budget cut the venture capital trusts tax relief that allowed investors to back Britain’s fastest-growing companies. How can the Chancellor claim to support our entrepreneurs when she is cutting off the funding that they rely on?
The Budget cut the venture capital trusts tax relief that allowed investors to back Britain’s fastest-growing companies. How can the Chancellor claim to support our entrepreneurs when she is cutting off the funding that they rely on?
I hosted an event last night for entrepreneurs. Speaking at it were the chief executives of Quantexa and Motorway, both of whom welcomed the changes that we made to support entrepreneurs at the Budget, particularly the changes we made around enterprise management incentives, the enterprise investment scheme, VCT, and the three-year stamp duty holiday for companies choosing to list here in Britain. We are backing entrepreneurs in Britain, and they are backing our changes.
The patent box and full capital expensing are Conservative policies introduced to back the life sciences sector, and they are absolutely vital to the country’s future long-term prosperity. Will the Secretary of State commit to protecting these policies at the Budget from a Chancellor desperate to fix the public finances with short-term cuts and fixes?
The patent box and full capital expensing are Conservative policies introduced to back the life sciences sector, and they are absolutely vital to the country’s future long-term prosperity. Will the Secretary of State commit to protecting these policies at the Budget from a Chancellor desperate to fix the public finances with short-term cuts and fixes?
I absolutely support all measures that back innovation, and despite what the hon. Gentleman says, I know that the Chancellor wants to do that too. It is the innovators, entrepreneurs and businesses that create jobs and growth in this country, and we are determined to do even more, particularly in these crucial sectors for the future.
Pension providers play a key role in helping Britain’s tech start-ups turn into world-leading scale-ups, but around £3 trillion in pension funds sits idle. That money should be used to support our tech sector. Will the Minister commit to accelerating the Mansion House reforms successfully introduced by the last Conservative Government?
Pension providers play a key role in helping Britain’s tech start-ups turn into world-leading scale-ups, but around £3 trillion in pension funds sits idle. That money should be used to support our tech sector. Will the Minister commit to accelerating the Mansion House reforms successfully introduced by the last Conservative Government?
I thank the hon. Member for his question. I agree with where he started, but unfortunately he then went on to praise some of the work done under the last Government, when we did not see the investment that he talks about coming through and reaching entrepreneurs, who he rightly says we should do more to support. That is what the Mansion House Accord, which we have now put in place and supported for the private sector, is doing, and what the British Business Bank is doing by bringing forward the British Growth Partnership. We need to see UK pension funds investing in our most innovative, fastest-growing companies.