Callum Anderson MP: speeches 2025

Speeches

• 17 Jul 2025 · Capital and Export Finance: SMEs · Hansard source

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  9. What steps his Department is taking to ensure that SMEs in Buckingham and Bletchley constituency can access capital and export finance as part of the UK’s recent trade agreements.

• 17 Jul 2025 · Topical Questions · Hansard source

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  T2. The Government’s £500 million investment to support under-represented entrepreneurs was hugely welcomed by business leaders in my constituency, but access to capital is only part of the challenge. Many still face entrenched barriers around networks, mentoring and market access. Will the Minister set out the steps that the Government are taking to ensure that that investment is complemented by wider reforms to break down any structural obstacles to scaling businesses in Milton Keynes and Buckinghamshire?

• 16 Jul 2025 · Financial Services Reform · Hansard source

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  I thank the Minister for her statement and commend the work that she and the Chancellor have done on the wider Leeds reforms. I want to pick up on the forthcoming campaign to promote retail investment, which has the potential to reshape public understanding of risk, reward and financial planning. The problem with many similar campaigns is that they have failed to reach the people who most need them, so can the Minister provide a bit more detail about how the Treasury intends to work with both the financial services industry and civil society to ensure that the campaign delivers measurable benefits and improvements in financial capability across the whole population?

• 7 Jul 2025 · Pension Schemes Bill · Hansard source

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  In all aspects of our financial system and our financial markets, and when it comes to either public activities or private markets, transparency is very much the best way to derive the most effective outcomes for those who benefit from pension schemes. Initiatives such as the Mansion House accord, which has been referred to a number of times in this debate, have been welcome steps. When it comes to asset allocation, private sector leadership should always be preferable where possible, but we need to be candid about the fact that the challenge we face in the UK is stark and immediate. I now consider it necessary for the Government to signal to the markets that they will not ignore the reality that allocations by UK institutions to UK assets have fallen sharply over my lifetime, and certainly over the last 40 or 50 years, and that they are prepared to exercise a degree of agency, if required. Ideally, any reserve power will not be required. If the Government succeed with their broader economic strategy, there will be a wealth of investable opportunities that will attract capital without the need for compulsion. Although the Government will need to exercise any reserve power in the most judicious and careful way, and in close consultation with the industry, we simply cannot stand by and allow our domestic markets to be hollowed out. I understand that not everyone is in favour of the state intervening in markets, and I am sure that the Minister, who worked at the Treasury, will remember that not everyone in the City wanted the Government to step in and rescue Lloyds Banking Group or the Royal Bank of Scotland, but sometimes the Government have to act decisively in the country’s long-term economic interests. The Bill is a welcome and necessary step towards answering the question of how we inject greater confidence into our companies, our markets and our economy, while also providing people with a safe and secure retirement. That is why I am pleased to support it tonight.

• 7 Jul 2025 · Pension Schemes Bill · Hansard source

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  As I have said, I think that larger funds can manage risk better and deliver better outcomes for savers, which means that they can take greater ownership of how they spend their retirement years. I also think that the £25 billion threshold for megafunds in the defined-contribution market is the right level to deliver the objective. Other jurisdictions, especially Australia, Canada, and the Netherlands, have demonstrated that scale drives better governance, lower fees and stronger returns. I welcome consolidation and the path towards the professionalisation of the local government pension scheme. I disclose that before I entered this place, I chaired a local authority pension fund, so I know at first hand the potential of pooling, and share many experiences of pension fund meetings with the shadow Minister. I fully acknowledge that there will be resistance to pooling in some quarters.

• 7 Jul 2025 · Pension Schemes Bill · Hansard source

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  My hon. Friend is absolutely right. Stakeholders and firms that I have spoken to—in the local government pension sector, the private sector and the City of London—are unanimous that scale is very much an economic imperative. Have the Government considered what role fiscal incentives can play in helping to accelerate the consolidation of private DC funds, and whether there is scope to reduce the number of LGPS pools in the year ahead? I particularly welcome the Bill’s proposal for a comprehensive value-for-money framework to guide DC consolidation, which my hon. Friend the Member for Tamworth (Sarah Edwards) mentioned. This correctly tackles head-on the trustee cost mindset, which too often prioritises the cheapest over the most appropriate asset allocation. That approach has frequently been tried and tested, and it delivers poorer returns for savers and missed opportunities for the wider economy, so I very much hope that DC consolidation can be implemented as soon as possible. Finally, I want to address the issue of mandation, which, to be honest, probably warrants a debate all by itself. I appreciate the concerns that have been raised by Members from across the House, and by people in the investment industry. My hon. Friend the Member for Hackney South and Shoreditch (Dame Meg Hillier) referred to the parliamentary fund, and I note non-facetiously that the parliamentary fund, of which we are all ultimately beneficiaries, allocates barely 1% of its assets to UK companies.

• 7 Jul 2025 · Pension Schemes Bill · Hansard source

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  I am probably a parliamentary oddity, given that I have been looking forward hugely to rising to support the Bill—and what luck to follow such a colourful and interesting speech from the right hon. Member for North West Hampshire (Kit Malthouse). I believe that this landmark piece of legislation, which builds on the progress made by the last Administration, has the potential to fundamentally reshape the trajectory of British capitalism by addressing one of the most important long-term challenges facing our country, namely how we can unlock and unleash the full potential of British savings to support growth and prosperity here at home. It is a challenge that we must overcome if we are to tackle a number of deep-rooted structural weaknesses in our economy: low productivity, low business investment and regional inequalities, as well as the financial insecurity that pervades the lives of too many of our older citizens, especially those who do not own their homes. Before I go any further, I must pay tribute to my hon. Friend the Minister—the Bill bears the hallmarks of his serious and determined leadership—and also commend my hon. Friend the Member for Tamworth (Sarah Edwards) for her very interesting speech. The Bill seeks to address the lack of alignment between our nation’s vast pool of domestic savings and the long-term investment needs of our economy. Over recent decades, that growing misalignment has become all too evident in communities across the United Kingdom. During that time, our domestic pension funds, which now amount to about £.3 trillion, have steadily retreated from investment in the UK, although the trend has not been replicated in other comparable developed economies. Despite taxpayer support amounting to more than £60 billion a year—or £70 billion, according to the right hon. Member for Salisbury (John Glen)—too little capital is finding its way into British companies, infrastructure and innovation. Data from the Capital Markets Industry Taskforce—I must disclose the fact that I once worked for one of its member firms before entering this place—lays bare the scale of the problem. The data focuses primarily on public equity markets, but when we look at the largest pension schemes and funds in other countries and compare the size of their total equity allocations relative to their domestic equity markets, we see that Canada’s pensions are 2.5 times overweighting their home market, while France’s are nine times overweight, Italy’s 10 times overweight, Australia’s 27 times overweight, and South Korea’s are 30 times overweight. The UK is, massively, an international anomaly. Our domestic pension funds are underweighting our equity market by about 40%. That, I think, represents a structural weakness, with direct consequences for the global competitiveness of our economy, the vitality of our industries and, ultimately, our national economic resilience. If we are unwilling to invest in ourselves, we hold back our growth prospects. The UK has long needed catalysts for a modern economic renaissance. The Government have taken important first steps through their industrial and infrastructure strategies, the artificial intelligence opportunities action plan and the reforms of our planning system, but the common ingredient that is required to ensure their success is a reliable source of long-term capital. Even a modest rebalancing of that £3 trillion could unlock billions in investment for domestic growth. In real currency that our constituents can understand, that means investment in digital, physical and social infrastructure, and it means greater opportunities for entrepreneurs to not only start up businesses but scale them into something globally consequential, providing better jobs and higher incomes for families throughout the country. These investments are not just good for local economies. If we get the broader fundamentals right, they can also deliver stronger returns for tomorrow’s growing cohort of retirees, so the Government are right to propose tackling fragmentation across the UK pensions system. In particular, the private defined-contribution market and the local government pension scheme remain too fragmented. I must gently disagree with the right hon. Member for North West Hampshire: I think that there are too many small, sub-scale schemes that have not only driven up costs and created market inefficiencies, but resulted overall in suboptimal investment outcomes. I think that larger funds can manage risk better, and can invest in opportunities that can deliver higher returns for savers.

• 1 Jul 2025 · Topical Questions · Hansard source

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  As people are living longer, they face more complex financial choices. The new, simplified advice regime announced by the Government and the Financial Conduct Authority yesterday is hugely welcome and will help more people make better informed investment decisions. Will the Minister provide more detail on the steps the Government will be taking to help firms deliver better advice at scale, especially to young people and the self-employed?

• 23 Jun 2025 · Topical Questions · Hansard source

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  Closing the disability employment gap is a matter of opportunity for disabled people in my constituency. I recently visited M&M Supplies, a stand-out company in Bletchley, not only for its many exporting successes but because a quarter of its workforce are adults with learning disabilities and difficulties—and that is thanks mainly to the vision of managing director Frank Purcell, who works with organisations like MK SNAP to run a work experience programme for adults with disabilities. What assurances can my right hon. Friend give me that this Government are committed to working with employers to ensure that no disabled people in my constituency are written off?

• 23 Jun 2025 · Topical Questions · Hansard source

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  T1. If she will make a statement on her departmental responsibilities.

• 18 Jun 2025 · HS2 Reset · Hansard source

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  I thank the Secretary of State for her statement and the candidness with which she has delivered it. The villages I represent in north Buckinghamshire, be they Turweston, Westbury, Quainton or North Marston—I know the hon. Member for Mid Buckinghamshire (Greg Smith) will be familiar with those communities—have for too long faced chaos and disruption from HS2 and its contractors. News that there will be yet more delay will cause them significant distress. Will the Secretary of State update the House and explain what additional practical support, financial or otherwise, her Department plans to give rural communities such as mine over the years ahead?

• 16 Jun 2025 · Topical Questions · Hansard source

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  Just two in five young people recall receiving any financial education at school, and those who did so often received less than an hour per month. While I welcome the Government’s Children’s Wellbeing and Schools Bill, which will require all schools to teach financial literacy, does the Minister agree that the curriculum and assessment review gives us an opportunity to go even further? Will she meet me to discuss how Government, industry and civil society can ensure that children in my constituency get this vital life skill?

• 13 May 2025 · Mansion House Accord · Hansard source

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  The Mansion House accord is clearly a welcome step in aligning the UK’s pool of domestic pension capital with long-term growth, greater economic sovereignty and financial security in retirement. For this to succeed, we need greater clarity in who is stepping up, so can the Minister update the House on what discussions he is having with the industry about how firms intend to report progress under the accord in a clear and transparent way?

• 12 May 2025 · Private Pension Pots: Young People · Hansard source

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  If we want young people, including those in my constituency, to believe in the value of long-term investing, they need to see that their pensions are helping to build the country that they live in and are not just distant markets. Will the Minister set out what steps he is taking to ensure that the Government’s pensions reforms encourage funds to invest more in UK infrastructure and hybrid companies?

• 22 Apr 2025 · Retail Investment · Hansard source

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  As I have mentioned ad nauseam since I was elected, my mum works for Morrisons, so I know the impact that various structures of ownership can have on workers and customers. My hon. Friend is right that that is one of the many factors that we should consider as policymakers. A £100 investment in Government gilts in 1900 would have returned around £463 by 2019. The same investment in UK equities would have yielded £35,000. Despite that, many Britons still keep the bulk of their money in cash. In the G7, only the citizens of Germany and Japan hold more of their national wealth in cash than we do. Inflation, even at modest levels, steadily eats away at its value. I believe that we must do more to help people feel confident in making smart, informed, long-term choices, and that starts with awareness, the right tools and advice, and trust. Let us take ISAs, the most commonly known product, as an example. In the 2022-23 financial year, the latest for which official statistics are known, more than 12 million adult ISA accounts were active, yet nearly two thirds of the total value—almost £290 billion—was held in cash. That is more than £290 billion earning very little return indeed. Some major high street banks, which I will decline to name, are at the moment offering as little as 1.35% interest on cash ISAs, yet we know that inflation has consistently outpaced that rate for the past four years; indeed, it has sometimes reached double figures. Many financial experts and advisers will rightly recommend keeping three, six or nine months of living expenses in cash savings. I know from my early career in financial inclusion charities that, for many households, possessing even £500 in emergency savings can often be out of reach. Let me be clear again: this debate is not about replacing or discouraging cash savings—far from it. It is about showing that even small investments—£10, £20 or £50 per month—can make a real difference over time. If more people invest, our economy will be stronger in the long run. Imagine if we could shift just 10% or 20% of that £290 billion towards more productive, growth-inducing assets. That would mean more companies starting, growing and scaling right here in the United Kingdom and, therefore, more jobs, better pay and more people gaining that crucial bit of additional disposable income to invest for themselves or, perhaps just as importantly, to enjoy life with their families. That is the virtuous cycle that I believe we all agree that we need to build. How can we—Parliament, Government, regulators and the industry itself—go about working towards that together? Ultimately, I believe that the UK would greatly benefit from a long-term retail investment strategy invested in by Parliament, Government, regulators and the industry. For the purpose of this debate, I think there are four immediate priorities. First, we need to simplify the ISA framework and reform it to better support British investment. There are four types of ISAs, each with slightly different rules. For many, that is simply confusing and, I think, off-putting. Why not consolidate those products into a single ISA, with stocks and shares ISAs the default but, crucially, people can still hold cash if they choose? The Government might also wish to consider reviewing the stamp duty framework on share purchases. Currently, it is cheaper for an individual investor to buy shares in Illumina than in Oxford Nanopore, in Lockheed Martin than in BAE Systems, and in Tesla than in Rolls-Royce. Is it time for us to ask ourselves whether we want to continue making it more expensive for Britons to buy British? Finally on this point, we should ensure that ISA tax exemptions align much better with the needs of the UK economy as a whole. Today, someone can put £20,000 in a tax-free wrapper that invests in companies that create no jobs in the UK, pay nothing into our Exchequer, generate no domestic growth and contribute no intellectual property or research and development. Should we as legislators be asking ourselves whether that is a good use of taxpayer subsidy? Is it time to look again at the original PEP—personal equity plan—model introduced by Nigel Lawson in the 1980s, which required at least 50% of the ISA allowance to be directed towards UK-focused assets? That could strike a better balance between supporting investment freedoms and choice, and the national interest. Secondly, we must boost, embed and entrench the virtues of financial education, because if people do not understand how investing works, they simply will not do it. I welcome the Government’s continued support for the Financial Conduct Authority’s review of the boundary between financial advice and guidance. It is really important that people can get timely and affordable help when making big financial decisions so that they can make the most of their money, but I think there is scope for us—for Britain—to go further. Let us be honest: as I said in my opening remarks, kids from wealthier backgrounds are more likely than those from less wealthy families to hear about compound interest, investment portfolios and ISAs at the dinner table. That is why financial education should form a part of everyone’s life, from school right through to retirement, so that people feel confident and well informed at every stage of their life. That means recommitting ourselves to properly implementing age-appropriate financial education throughout our school system, from basic budgeting and saving at a young age, to more sophisticated learning about investment, risk and long-term planning in later school years. This is not just about economics; it is about equity and fairness. Thirdly, we need to make it easier for citizens to engage with the companies they invest in. I believe that primarily means finishing the work of Sir Douglas Flint’s Digitisation Taskforce at pace, ending paper share certificates and creating a fully transparent modern shareholding system. However, it is also about access to information: right now, only the big top-tier institutions get first-class research; retail investors get patchy websites filled with jargon, if they get anything at all. The UK should be developing high-quality and accessible investment information, especially for those smaller UK firms that have the potential to be the Googles and Nvidias of tomorrow. Fourthly and finally, we must fundamentally shift the British culture and mindset into individual investing. Too many of our constituents still see investing as something that other people do—something for the wealthy, or the experts, or the lucky to do. We must challenge that mistaken perception head-on. Why not launch a modern, compelling and inclusive public awareness campaign—perhaps a 21st-century version of “Tell Sid”? It should focus on real people, real lives, and real, genuine, tangible benefits that people can see in their local community. It should be visible, too, in universities, in jobcentres, in community places and in our workplaces, because this is not just a personal finance issue; it is a national opportunity. I think that the case for retail investment is clear and I believe that this Labour Government have the chance to fuse their democratic socialism with a modern brand of democratic capitalism. By helping more people to invest in their own economy, we empower citizens, grow our companies and build a more prosperous country for everyone. I believe that capital markets can and should serve everyone, and that it is our job in this place to make that a reality.

• 22 Apr 2025 · Retail Investment · Hansard source

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  I beg to move, That this House has considered Government support for retail investment. It is a pleasure to serve under your chairship, Mrs Hobhouse. I thank my hon. Friend the Economic Secretary to the Treasury for joining us today and for her continued engagement on this subject, and I thank hon. Members from across the House for making time for the debate. I am grateful for the opportunity to raise the matter of retail investment in the UK stock market. This is about more than just the financial sector or the City of London; it is about how people across our country, from Sunderland to Swansea and Buckingham to Bletchley, can build more secure financial futures while helping the UK economy to grow. When people use their own money to invest in shares, Government bonds or other regulated financial products, that is a force for good. It gives them agency and an opportunity to own a stake in the companies that they work for, buy from and depend on in everyday life. At its best, it allows people from every corner of our country to share in the success of our economy, to grow their wealth, to build financial resilience and to prepare for life’s great milestones, such as weddings, and unexpected moments. Retail investment does not just help individuals; it helps companies, too. The capital that individuals invest provides the fuel for companies to expand, innovate and create jobs in every part of the UK. That is good for productivity, wages and Britain’s international competitiveness. Having more individual investors also strengthens our financial markets. They bring more stability, deliver more liquidity to our capital markets and provide a stronger base of support for UK quoted companies, making them more resilient to global shocks—be they pandemics or unexpected impositions of tariffs—and better equipped to focus on building their commercial offer. The UK has a proud history as a global financial centre. We attract capital from across the world, and we should be proud to do so. We used to pair that with high levels of retail participation by British citizens, but sadly that has changed. The data paints a stark picture. In the early 1960s, individuals in the UK owned, by value, a little over half of all shares traded on the London stock exchange; today that figure is barely 10%. At the same time, overseas ownership of UK shares has risen to almost 58%. What is more, according to studies from the London-based New Financial think-tank, the proportion of UK households that directly own shares has halved in under two decades, from 22% in 2004 to just 11% in 2022. That is far below the proportion in many developed countries, such as Sweden, where over a fifth of households own shares. There are many interconnected reasons behind those trends, and I do not propose to examine each in detail right now. Of course, some people simply cannot afford to invest, particularly when the cost of living remains high; others feel that they do not know where to begin or do not trust the system to work for them; and many are simply more comfortable with cash, even though it often fails to keep pace with inflation.

• 22 Apr 2025 · Retail Investment · Hansard source

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  My hon. Friend is quite right; it is really important that we encourage women and other under-represented groups to invest and participate in owning a part of their economy. By encouraging retail investment we are able to reduce a variety of wealth gaps, including the gender wealth gap. I should add that there is a social justice element, too. People from middle-class or wealthier families are simply much more likely than those from ordinary working-class backgrounds to be exposed to the range of financial options available. That creates an asymmetrical divide in confidence, knowledge and opportunity. This matters because when UK citizens own less of their economy, the consequences are much more than just financial. It affects the efficacy of our economic model, the shape and direction of our growth path, our ability to support home-grown innovation and even, as we have seen in recent weeks, our economic sovereignty. If we want a strong economy that genuinely works for everyone, we must do what we can to help more of our constituents take part in it, not just as workers or consumers but as co-owners. I want to reiterate that this is not about helping the City of London. It is about helping everyday people—our constituents—make the most of their money and have a say in the companies that are shaping their lives. We know that long-term investing consistently outperforms keeping money in cash savings or bonds.

• 22 Apr 2025 · Retail Investment · Hansard source

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  I had no idea, Mrs Hobhouse, that this was the first Westminster Hall debate that you have chaired. Given that we have 20 minutes left, hopefully this is the start of a good track record for you of ending debates in time. Once again, I am really grateful for the opportunity to bring the debate to Westminster Hall, and to the Members from all parts of the political spectrum who have contributed in a thoughtful and considered way. And as I said at the beginning, I thank the Minister for her continued engagement and patience with me as I bring the issue up again and again. Clearly, there is a lot of cross-party political consensus. There is therefore a big opportunity for Britain to reinvigorate our capital markets and, as the hon. Member for St Albans (Daisy Cooper) said, to ensure we can democratise share ownership. I again thank everybody for spending an hour of their time contributing to the debate. Question put and agreed to. Resolved , That this House has considered Government support for retail investment.

• 8 Apr 2025 · Investment: Regulatory Policies · Hansard source

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  The Minister will know that both domestic and international investors are often influenced by decisions taken by multiple agencies, regulators, and indeed Government Departments, which is why consistency is key. Can the Minister update the House on how the Treasury is supporting a whole-of-Government and whole-of-regulator approach to delivering coherent UK regulatory frameworks that strike a balance between protecting consumers and boosting the global competitiveness of the UK economy?

• 8 Apr 2025 · Investment: Regulatory Policies · Hansard source

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  12. What assessment she has made of the potential impact of her Department’s regulatory policies on trends in the level of investment.

• 3 Apr 2025 · Topical Questions · Hansard source

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  T4. Grassroots football clubs such as Bletchley Scot FC are inspiring the next generation of girls and boys to take up the beautiful game. When I visited them last month, they told me that securing funding for modern sports facilities was their top priority, but that engaging with the Football Association was incredibly challenging. Can the Minister set out what steps she is taking to work with the FA at the local and national levels?

• 3 Apr 2025 · UK-US Trade and Tariffs · Hansard source

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  I thank my right hon. Friend for his statement. Yesterday’s dramatic shift in US trade policy marks an historic abdication of the principles of open commerce and global trade that have underpinned the economies of the western world since the end of the second world war. Tariffs bring no winners—there are only losers, through higher costs for consumers and higher barriers for business and industry. Will the Secretary of State set out how the Government are working with international institutions such as the World Trade Organisation to prevent further escalation and position the UK as a leading champion for open markets?

• 2 Apr 2025 · School-based Nursery Capital Grants · Hansard source

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  I thank the Secretary of State for her statement, and warmly welcome the inclusion of Great Horwood Church of England school in the first round of funding. Like every school leader in Buckinghamshire, Milton Keynes and the country as a whole, the school’s headteacher, Paula Shaw, is working tirelessly to ensure that all children and their families have the opportunity to thrive. Does the Secretary of State agree that it is vital to ensure that parents in both urban and rural communities never have to choose between their families and their jobs?

• 13 Mar 2025 · Regulatory Environment · Hansard source

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  Over eight years and four Prime Ministers, the last Conservative Government commissioned review after review into UK corporate governance and audit reform, and delivered absolutely nothing. For UK plc to be globally competitive, we need robust corporate governance frameworks which balance the needs of investors and society for information with the administrative burdens on companies. Will the Minister update the House on what progress his Department is making on bringing forward an audit reform and corporate governance Bill?

• 13 Mar 2025 · Regulatory Environment · Hansard source

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  3. What steps his Department is taking to improve the regulatory environment.