My Lords, under the 2026-27 Treasury remit to the Debt Management Office, index-linked gilt issuances will account for 9.3% of total new gilt issuances. Why was this decision made when a quarter of UK gilts are already index-linked well above the international norms, when we are in a period of inflation and rising interest rates, and when defined benefit plans—the schemes which had a hedging rather than a speculative use for index-linking—are rapidly disappearing? Does this make any sense?

My Lords, under the 2026-27 Treasury remit to the Debt Management Office, index-linked gilt issuances will account for 9.3% of total new gilt issuances. Why was this decision made when a quarter of UK gilts are already index-linked well above the international norms, when we are in a period of inflation and rising interest rates, and when defined benefit plans—the schemes which had a hedging rather than a speculative use for index-linking—are rapidly disappearing? Does this make any sense?

My Lords, despite the court ruling that made it illegal to practice box shifting, as described by the noble Lord, Lord Sikka, and some of these ridiculous things such as snail farming, many local authorities are finding it hard to enforce. They do not have the resources and get caught in fairly elongated court processes. Have the Government looked at giving them more direct and immediate powers to be able to crack down on this? These landlords go from one strategy to another, one form of cheating to another, and the close-down is vital.

My Lords, despite the court ruling that made it illegal to practice box shifting, as described by the noble Lord, Lord Sikka, and some of these ridiculous things such as snail farming, many local authorities are finding it hard to enforce. They do not have the resources and get caught in fairly elongated court processes. Have the Government looked at giving them more direct and immediate powers to be able to crack down on this? These landlords go from one strategy to another, one form of cheating to another, and the close-down is vital.

My Lords, there is a strong argument that the businesses hit hardest by the tax rises—notably in employers’ NICs—are small businesses with more than seven employees and medium-sized businesses. Have the Government done work to look at the impact of growth on that specific sector? It is crucial in very disadvantaged communities, and the impact is masked by always quoting the high-level numbers.

My Lords, there is a strong argument that the businesses hit hardest by the tax rises—notably in employers’ NICs—are small businesses with more than seven employees and medium-sized businesses. Have the Government done work to look at the impact of growth on that specific sector? It is crucial in very disadvantaged communities, and the impact is masked by always quoting the high-level numbers.

My Lords, stopping the money laundering means stopping the enablers. Will the Government rethink their legislation to transfer from professional bodies to the FCA the direct AML supervision of professional firms? Have they now recognised that the FCA lacks the resources and the expertise but, worst of all, that it has no capacity to provide the myriad small firms with adequate support rather than general guidance, thereby creating huge loopholes?

My Lords, stopping the money laundering means stopping the enablers. Will the Government rethink their legislation to transfer from professional bodies to the FCA the direct AML supervision of professional firms? Have they now recognised that the FCA lacks the resources and the expertise but, worst of all, that it has no capacity to provide the myriad small firms with adequate support rather than general guidance, thereby creating huge loopholes?

Even before the summer drought, failures of agricultural businesses had risen by 450% under the pressures of the energy costs that we have just heard described, with higher taxes and subsidy changes also playing a major part. Do the Government recognise that many people will be very concerned that today’s announcements by the Chancellor had so little focus on action in the rural UK? Will the Government now put themselves behind the proposed good food Bill that is being demanded by the industry to support domestic producers and provide us with greater food security?

Even before the summer drought, failures of agricultural businesses had risen by 450% under the pressures of the energy costs that we have just heard described, with higher taxes and subsidy changes also playing a major part. Do the Government recognise that many people will be very concerned that today’s announcements by the Chancellor had so little focus on action in the rural UK? Will the Government now put themselves behind the proposed good food Bill that is being demanded by the industry to support domestic producers and provide us with greater food security?

My Lords, so many PFIs and PPPs were inappropriate, poorly negotiated and cost the taxpayer a fortune. Frankly, they were motivated primarily to keep debt off the public books. Surely it is time to draw a line under those frameworks and update that approach with a much better record, such as joint ventures, concessions and targeted capital collaborations, as well as tackling the overall weakness in government procurement.

My Lords, so many PFIs and PPPs were inappropriate, poorly negotiated and cost the taxpayer a fortune. Frankly, they were motivated primarily to keep debt off the public books. Surely it is time to draw a line under those frameworks and update that approach with a much better record, such as joint ventures, concessions and targeted capital collaborations, as well as tackling the overall weakness in government procurement.

My Lords, I welcome the noble Lord, Lord Pitt-Watson, to his post. He has already allowed me and my colleagues to badger him, and we will continue to do so. When the Government increased employers’ NICs and reduced the threshold, it gave protection to the tiniest small enterprises. But surveys now estimate that more than 40% of small and medium-sized enterprises have been significantly negatively impacted. Have the Government tracked the growth lost from the impact on this critical sector, particularly in the most disadvantaged regions of the country?

My Lords, I welcome the noble Lord, Lord Pitt-Watson, to his post. He has already allowed me and my colleagues to badger him, and we will continue to do so. When the Government increased employers’ NICs and reduced the threshold, it gave protection to the tiniest small enterprises. But surveys now estimate that more than 40% of small and medium-sized enterprises have been significantly negatively impacted. Have the Government tracked the growth lost from the impact on this critical sector, particularly in the most disadvantaged regions of the country?

My Lords, we support devolving more economic power to local areas, but any visitor tax must come alongside vital relief for a sector that is already struggling under the Government’s NIC hikes, which happened not so very long ago. So, will the Government enact an emergency 5p cut on VAT on hospitality, accommodation and entertainment until April 2027 to provide some ongoing relief? Will they also give us a cast-iron guarantee that a tourist tax will not be an excuse to further cut already insufficient local government funding?

My Lords, we support devolving more economic power to local areas, but any visitor tax must come alongside vital relief for a sector that is already struggling under the Government’s NIC hikes, which happened not so very long ago. So, will the Government enact an emergency 5p cut on VAT on hospitality, accommodation and entertainment until April 2027 to provide some ongoing relief? Will they also give us a cast-iron guarantee that a tourist tax will not be an excuse to further cut already insufficient local government funding?

My Lords, the House will know that I do not believe that whistleblowing cases belong in the employment tribunal, but that is where they are. Does the Minister recognise that the cost of going to tribunal is a minimum of £50,000 for a primary hearing, and that the delay is at least three years before the case starts, then followed by appeals, often extending cases out to five to seven years, and that these are used as weapons by employers to make sure that individuals are silenced or accept settlement? It very much discourages whistleblowing and accounts for much of the failure to speak out in many of the scandals that many of us are aware of. Will she take action on this issue and create a new whistleblowing framework?

My Lords, the House will know that I do not believe that whistleblowing cases belong in the employment tribunal, but that is where they are. Does the Minister recognise that the cost of going to tribunal is a minimum of £50,000 for a primary hearing, and that the delay is at least three years before the case starts, then followed by appeals, often extending cases out to five to seven years, and that these are used as weapons by employers to make sure that individuals are silenced or accept settlement? It very much discourages whistleblowing and accounts for much of the failure to speak out in many of the scandals that many of us are aware of. Will she take action on this issue and create a new whistleblowing framework?

My Lords, I am very glad to hear the words of the Government and the Minister on this issue, because it is an issue where remedy is absolutely required. I add an additional point, which is that many of those who will die, sadly, of a terminal illness at a young age will have put money aside or been due a state pension had they lived to the normal end of life, and therefore the tax benefit that they get is very largely offset by the fact that they will never receive the state pension that is their due, so the net cost to the Government is not quite as some might think it is.

My Lords, I am very glad to hear the words of the Government and the Minister on this issue, because it is an issue where remedy is absolutely required. I add an additional point, which is that many of those who will die, sadly, of a terminal illness at a young age will have put money aside or been due a state pension had they lived to the normal end of life, and therefore the tax benefit that they get is very largely offset by the fact that they will never receive the state pension that is their due, so the net cost to the Government is not quite as some might think it is.

My Lords, fraud during Covid—heinous though it was—was carried out mainly by individuals and individual firms. Do the Government accept that, with AI, the character of fraud has now evolved into highly co-ordinated operating systems falsifying identity, behaviour and documentation, and it escapes detection by using digital money—primarily stablecoin and primarily among that tether? Work by Juniper Research shows that in 2025, tech platforms earned £430 million from scam ads in the UK alone. Will the Government require the tech platforms to close down these crimes?

My Lords, fraud during Covid—heinous though it was—was carried out mainly by individuals and individual firms. Do the Government accept that, with AI, the character of fraud has now evolved into highly co-ordinated operating systems falsifying identity, behaviour and documentation, and it escapes detection by using digital money—primarily stablecoin and primarily among that tether? Work by Juniper Research shows that in 2025, tech platforms earned £430 million from scam ads in the UK alone. Will the Government require the tech platforms to close down these crimes?

My Lords, the noble Lord, Lord Bruce, tabled this Question in part because he is appalled that so many people he speaks to in Scotland think that the whole of their benefit comes from Scottish-only taxes, not just the top-up. Ahead of the Brexit referendum, many people whose areas had received millions in EU support declared that their area had never received a penny because the EU contribution was unacknowledged or obscured. Is it time to improve communication and strengthen the union by making it clear that the whole of the UK contributes to benefit funding in Scotland, as well as in the other nations?

My Lords, the noble Lord, Lord Bruce, tabled this Question in part because he is appalled that so many people he speaks to in Scotland think that the whole of their benefit comes from Scottish-only taxes, not just the top-up. Ahead of the Brexit referendum, many people whose areas had received millions in EU support declared that their area had never received a penny because the EU contribution was unacknowledged or obscured. Is it time to improve communication and strengthen the union by making it clear that the whole of the UK contributes to benefit funding in Scotland, as well as in the other nations?

My Lords, the tech companies are rapidly moving into the banking space—digital money, wallets, payments, payroll, savings and investments. Will the Government insist that these tech players contribute to the costs of interoperability, inclusion and face-to-face services, and not get a free ride?

My Lords, the tech companies are rapidly moving into the banking space—digital money, wallets, payments, payroll, savings and investments. Will the Government insist that these tech players contribute to the costs of interoperability, inclusion and face-to-face services, and not get a free ride?

I am over 71, yet I had no idea until this moment that a self-referral programme was in place—and I have just had a friend in her early 70s go into surgery for breast cancer. How is this message being distributed? I fear that, if I contacted my GP, even the GP would have no idea that self-referral was available.

I am over 71, yet I had no idea until this moment that a self-referral programme was in place—and I have just had a friend in her early 70s go into surgery for breast cancer. How is this message being distributed? I fear that, if I contacted my GP, even the GP would have no idea that self-referral was available.

My Lords, I have a personal interest in this. Do the Government recognise that outdated tax treaties are driving away talent that the UK wants, especially in life sciences and AI? Many overseas nationals, especially Americans, end up paying significantly more tax than any equivalent UK-only citizen. It is not a non-dom issue but a failure to modernise relief to deal with tax savings such as ISAs, investments in mutual funds and the complexity of death duties. Will the Government get to grips with this?

My Lords, I have a personal interest in this. Do the Government recognise that outdated tax treaties are driving away talent that the UK wants, especially in life sciences and AI? Many overseas nationals, especially Americans, end up paying significantly more tax than any equivalent UK-only citizen. It is not a non-dom issue but a failure to modernise relief to deal with tax savings such as ISAs, investments in mutual funds and the complexity of death duties. Will the Government get to grips with this?

My Lords, most foods subject to VAT are high in fat, salt and sugar and are often ultra-processed. Is there a danger that VAT relief will increase the donation of such foods to food banks and charities, putting people already at high risk of obesity and diet-related illnesses at even higher risk? Will the Minister consider excluding HFSS foods, at the very least, from VAT relief?

My Lords, most foods subject to VAT are high in fat, salt and sugar and are often ultra-processed. Is there a danger that VAT relief will increase the donation of such foods to food banks and charities, putting people already at high risk of obesity and diet-related illnesses at even higher risk? Will the Minister consider excluding HFSS foods, at the very least, from VAT relief?

My Lords, I am now completely bewildered. I would have thought that, with the state of the gilts market, the Government would be leaping at the opportunity to find AAA financing for their defence expenditure, and on a multilateral basis. Are we dealing with the underlying problem of a Treasury that basically says, “not invented here”, rather than looking at an opportunity that has been virtually handed to it?

My Lords, I am now completely bewildered. I would have thought that, with the state of the gilts market, the Government would be leaping at the opportunity to find AAA financing for their defence expenditure, and on a multilateral basis. Are we dealing with the underlying problem of a Treasury that basically says, “not invented here”, rather than looking at an opportunity that has been virtually handed to it?

My Lords, I will just pick up the Minister’s point about level crossings. They are a real point of vulnerability in the rail system, especially when those level crossings are on private land. I understand that, in 2024, statutory instruments were brought in to update the legal requirements on signage and barriers, particularly for those private lands. Does the Minister have any assessment of the follow-up to those statutory instruments and whether they have made a difference?

My Lords, I will just pick up the Minister’s point about level crossings. They are a real point of vulnerability in the rail system, especially when those level crossings are on private land. I understand that, in 2024, statutory instruments were brought in to update the legal requirements on signage and barriers, particularly for those private lands. Does the Minister have any assessment of the follow-up to those statutory instruments and whether they have made a difference?

My Lords, does the Minister find, as I have done, in conversations perhaps not dissimilar to those with the noble Lord, Lord Ranger, that the challenger banks and fintechs are largely serving the same group—although perhaps more efficiently—that is served by the high street banks? Therefore, will he look much more seriously at the potential not just of banking hubs but of community development financial institutions and a way to combine them, so that small businesses can finally get access to the loans and services they need and that individuals who remain excluded finally have access to the banking sector?

My Lords, does the Minister find, as I have done, in conversations perhaps not dissimilar to those with the noble Lord, Lord Ranger, that the challenger banks and fintechs are largely serving the same group—although perhaps more efficiently—that is served by the high street banks? Therefore, will he look much more seriously at the potential not just of banking hubs but of community development financial institutions and a way to combine them, so that small businesses can finally get access to the loans and services they need and that individuals who remain excluded finally have access to the banking sector?

My Lords, the Government keep looking in the rearview mirror. The IMF report and today’s inflation numbers are telling us that forecasts made in January essentially now go into the bin, and what we need are policies to deal with uncertainty and provide resilience. The new BICS provides energy-intensive industries with some benefits, but no money will flow for a year. When will firms know what that money will

be and when they will get it so that they can plan? Is anything going to be put in place for food and agriculture? We are seeing a real rise in food prices and potential food shortages. Small businesses are, frankly, on the brink. Are there new policies to come forward that will provide the resilience we need?

My Lords, the Government keep looking in the rearview mirror. The IMF report and today’s inflation numbers are telling us that forecasts made in January essentially now go into the bin, and what we need are policies to deal with uncertainty and provide resilience. The new BICS provides energy-intensive industries with some benefits, but no money will flow for a year. When will firms know what that money will

be and when they will get it so that they can plan? Is anything going to be put in place for food and agriculture? We are seeing a real rise in food prices and potential food shortages. Small businesses are, frankly, on the brink. Are there new policies to come forward that will provide the resilience we need?