Lucy Rigby MP: speeches 2026

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Speeches

8 Sept 2026 · Topical Questions · Hansard source
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I want to be really clear about this: people who need in-person banking must be able to access essential services, including those in rural communities. That is exactly why I commissioned the independent review on access to banking services, which will gather data about current access to banking services. It is the Government’s intention for there to be a power in the Financial Services and Markets Bill to allow the Government to act on that review.
8 Sept 2026 · Topical Questions · Hansard source
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I am grateful to my hon. Friend for her question. She raises a concern about the interaction between matured child trust funds and adult social care assessments. The financial assessment framework to which she refers is a matter for the Department of Health and Social Care, but I am, of course, more than happy to facilitate a conversation with her and the relevant departmental Minister.
8 Sept 2026 · Topical Questions · Hansard source
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Fraud is the most common type of crime in this country, and its impact can be truly devastating for individuals and businesses. That is why this Government are committed to tackling it, including via the doubling of the economic crime levy. The Fisher review made a number of recommendations, including about the role of technology companies. We are considering those recommendations very thoroughly.
8 Sept 2026 · Topical Questions · Hansard source
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I will indeed meet the hon. Member. The issues she identifies are exactly why we had a commitment in our manifesto to work with industry to roll out 350 banking hubs over the course of the Parliament. We are well on track, with 282 banking hubs having already been announced, so we are running way ahead of schedule.
1 Sept 2026 · Face-to-Face Banking: Rural Areas · Hansard source
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It is a pleasure to serve with you in the Chair, Mr Wishart. I am very grateful to the hon. Member for South Devon (Caroline Voaden) for securing this debate. I recognise that she has been a consistent advocate for her constituency on this matter. I was going to make the point that access to banking attracts considerable interest from across the House. However, I hardly need to say that, given the number of hon. Members who have attended today, or who have personally raised this issue with me while I have been in this role—or indeed who raised it with the former Prime Minister at the Dispatch Box, as the hon. Member for South Devon did recently. I shall endeavour to respond to all the points that have been raised today. I am, I fear, under pressure to do so in a dynamic fashion—following the remarks of the right hon. Member for Beverley and Holderness (Graham Stuart)—so I will do my best. I am particularly grateful to all those Members who have shared the practical and, in some cases, very personal circumstances of their constituents—that is especially important. I recognise that in rural communities—the subject matter of this debate—the loss of a branch can make everyday banking much harder. That was recognised by the hon. Member for South Devon, as well as my hon. Friends the Members for Clwyd East (Becky Gittins), for Bury St Edmunds and Stowmarket (Dr Prinsley) and for Morecambe and Lunesdale (Lizzi Collinge), and the hon. Member for North Norfolk (Steff Aquarone), and plenty more besides—too many to name. It is right to acknowledge, as many hon. Members have, that the way people bank has changed significantly in recent years. Many customers now benefit from the convenience and flexibility of online and mobile banking. For many people, those changes have made managing their finances easier, more convenient and also more accessible. However, it is important that we recognise that while digital services work well for many customers, many people still need to access banking services in person—a point that has been set out thoughtfully and, in some cases, very movingly by hon. Members today. Those include some members of our communities who are older or may be more vulnerable, and those who face barriers to digital banking, not least because of connectivity—a point well made by the hon. Members for South Shropshire (Stuart Anderson) and for Chester South and Eddisbury (Aphra Brandreth). Many small businesses also continue to rely on face-to-face support and cash services. Around 3.3 million current account holders did not bank online or through a mobile app in 2024. That is a significant number. As has been detailed in this debate, branch closures can have a significant impact on communities, especially where transport links are limited—even on a good run, as the hon. Member for South Devon put it—and where towns provide essential services for a much wider rural area. That is exactly why access to banking services remains important. As a Government, we are committed to ensuring that people who need in-person banking can continue to access essential services. As the hon. Member for Havant (Alan Mak)—who is no longer here—recognised, access to cash is protected by the Financial Services and Markets Act 2023, but access to banking services is currently not. That is why in May the Government announced an independent review into access to banking services chaired by Richard Lloyd. That review will assess whether changes in access to in-person banking services are causing detriment. It will gather evidence on the extent of that detriment, and look into which groups are affected and which of those are most affected. As hon. Members know, that review has been gathering evidence from consumers, businesses, charities, community organisations, local authorities and industry right across the UK. It will consider whether current arrangements are meeting the needs of customers and communities. That includes banking hubs and other alternative banking services. I know that many Members—not least those in this Chamber—would like immediate answers to these questions, but it is important that interventions in this space are based on robust data and evidence, and a clear understanding of where the problems are and who they affect. That is why the Government’s review matters. I am not making a case for it to be a substitute for action; it is the evidence base that will enable the Government to act in the right way. Importantly, as Members have said, the Financial Services and Markets Bill, which is currently in the other place, includes a power that will allow the Government to take action to protect access to banking services. Together, the review and the Bill will enable the Government to respond swiftly and proportionately to the results and evidence from the review.
1 Sept 2026 · Face-to-Face Banking: Rural Areas · Hansard source
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I do not want to prejudge the way that we will deal with the conclusions of the review. In response to one of the questions that I was asked, I can say that the Lloyd review’s results and report will be published next month. We can expect it in that timeframe. The Government’s commitment is further reflected in our support for the roll-out of 350 banking hubs by the end of this Parliament. I am pleased to report that we continue to make real progress against that target. More than 280 banking hubs have been announced, and 240 are already open. As hon. Members know, they provide assisted cash services and allow customers to receive face-to-face support from community bankers representing individual banks. I very much welcome the progress that has been made on the roll-out and on expanding the services available via the hubs. Community banker services now more closely resemble those of traditional branches.
1 Sept 2026 · Face-to-Face Banking: Rural Areas · Hansard source
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We are considering the entirety of the geography of the United Kingdom, as my hon. Friend would want us to. His point relates to not just access to cash but access to banking services, and it is important that the Government take action in that area. Let me go back to the services now available via banking hubs. Customers can now get help not only with account opening and changes of address, complaints and powers of attorney, but with things such as bereavement support and concerns about fraud and scams, which have been raised in the debate. They can also get help with digital banking. We and the industry recognise that digital banking services are not always completely intuitive, so some people may need assistance to use them. Many hubs are piloting further improvements, including Saturday opening hours and customer liaison officers. A number of hon. Members raised concerns about how decisions are made about the location of banking hubs under the existing legislation, and whether the current arrangements adequately reflect the circumstances of rural communities in particular. Decisions about the location of banking hubs are made independently by Link, following an access to cash assessment. Link assesses a range of criteria and factors, including population size, vulnerability, transport links, the local retail environment and post office facilities. There is a real strength of feeling across the House about how those criteria are applied, and many feel that there should be a wider consideration of access to face-to-face banking services, beyond access to cash alone— Motion lapsed (Standing Order No. 10(6)).
1 Sept 2026 · UK Financial Services · Hansard source
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It is a pleasure to serve with you in the Chair, Mr Twigg. I am not sure either of my descendants wants to serve in this Chamber yet—to the point made by the shadow Economic Secretary to the Treasury, the hon. Member for Wyre Forest (Mark Garnier)—but there we are. I thank my hon. Friend the Member for Buckingham and Bletchley (Callum Anderson) for securing this debate and for his consistent advocacy for the importance of financial services to the United Kingdom. While I am not sure I needed any convincing, even in the short time since returning to this brief I have seen that importance at first hand: in Leeds, home to an incredibly vibrant financial services cluster; in conversations that I have had with debt advice organisations about the difference that timely support can make to those in difficulty; and in Bournemouth, where I met degree apprentices and those at the beginning of their careers who are building the sector’s future. Those few engagements have reinforced for me just how much a thriving financial services sector matters to communities right across this country. I wholly appreciate the contributions of all hon. Members to this debate, whether they wear their financial services experience on their sleeve or seek to hide it—whatever experience they have, it has been a very informed debate. My right hon. Friend the Member for Leeds West and Pudsey (Rachel Reeves), to whom I pay tribute, put financial services at the heart of this Government’s growth agenda and launched our 10-year strategy for the sector. The new Chancellor has been equally clear about its importance. Within days of taking office, he went to Bloomberg, reiterating his support for the central importance of our financial services sector. I think that that answers, at least in large part, one of the questions put to me by the right hon. Member for Godalming and Ash (Sir Jeremy Hunt); the remainder of his questions I shall seek to answer as well. I look forward to supporting the Chancellor as we continue to deliver on the Government’s financial services strategy. In doing so, I recognise the challenges, but also the opportunities, in the five areas that my hon. Friend the Member for Buckingham and Bletchley has identified as central to the future of financial services. I will take each of those themes in turn. I thank him for his continued advocacy for strengthening UK capital markets and ensuring that those long-standing strengths support long-term investment in the British economy. He is right to recognise the progress that has already been made. Through the financial services strategy, the Government have taken decisive action to increase investment, to improve outcomes for savers and to support growing British businesses. We have delivered the Pension Schemes Act 2026, established a framework to monitor delivery of the Mansion House accord, enabled targeted support for consumers and launched measures to help to build a stronger retail investment culture, a point I will come back to. Mobilising more domestic capital must go hand in hand with ensuring that firms can access the right finance at the right time. Innovative businesses need clear funding pathways, from start-up right the way through to scale-up and into public markets, if they are to invest, expand, create jobs and, of course, remain headquartered in the UK. That is exactly why we are strengthening funding pathways at every stage of business growth. The expanded British Business Bank is helping to address market gaps and crowd in investment, while the National Wealth Fund is mobilising investment into the sectors and infrastructure that will drive long-term economic growth. We also recognise the particular challenge of later-stage funding. Our reforms are intended to support a more diverse range of funding sources and connect high-growth firms with the capital that they need to scale domestically and internationally. Strong capital markets are central to that objective. The UK has deep markets, global expertise and a position as Europe’s leading investment hub. There is no complacency, to answer my hon. Friend’s point, in my saying that we must ensure that our markets consistently deliver what companies need and make the UK the best place for firms to start, scale, list and stay. PISCES—the private intermittent securities and capital exchange system—provides a stepping stone from private to public markets. Hon. Members may have recently taken note of its first major auctions, which saw Wayve and Moneybox sell more than £100 million of shares between them. We have removed barriers to secondary fundraisings, improved market liquidity and eased accounting and reporting requirements for the smallest companies, because listing must be the beginning of a company’s growth story, not the end. Alongside these reforms, we are encouraging pension funds to diversify—I acknowledge the passionate case made by the hon. Member for Carshalton and Wallington (Bobby Dean)—supporting investment in private markets and helping savers to access better information and guidance. Trustees and fund managers must, of course, remain responsible for decisions made in the best interests of their members and customers. Sustainable success will come from making UK assets an attractive investment proposition. On retail investment, I share the view of my hon. Friend the Member for Buckingham and Bletchley that too much capital remains in low-yield savings when it could be working harder for individuals and the wider economy. We are therefore helping people to understand the opportunities and risks of investing, and giving them access to appropriate guidance and support. We have also been working closely with the Bank of England’s Financial Policy Committee to increase the financial system’s ability to support economic growth, which relates to another of the questions put to me by the right hon. Member for Godalming and Ash on financing for SMEs. Taken together, those measures join up the full investment chain: mobilising more domestic savings, directing capital towards productive assets, widening access to finance for growing businesses and ensuring that UK capital markets help business to build and grow global companies here. Secondly, I am grateful to my hon. Friend the Member for Buckingham and Bletchley for pointing out the opportunities presented by the digitalisation of financial markets. That is something I am particularly passionate about. The shadow EST, the hon. Member for Wyre Forest, talked about the importance of innovation to financial services—something that I talk about almost on an hourly basis in this job. The UK is a global leader in financial services because we have consistently embraced innovation; I will not go through the coffee houses that were set up on the banks of the Thames decade by decade. I should say at this point that it is fantastic to have leaders in the insurance industry listening to this debate from the Public Gallery. Innovation is important. We must consistently innovate, because it is key to our global competitiveness and the future of our financial services industry. Our ambition is to digitalise the UK’s financial markets and make the UK a world leader in tokenised finance. It is reassuring and encouraging to hear the right hon. Member for Godalming and Ash indicate that he thinks that is a sensible ambition. We are moving from experimentation to adoption at scale, as set out in our wholesale financial market digital strategy. We appointed Chris Woolard as the Government’s wholesale digital markets champion, and he published his first report in July. We are enabling firms to adopt tokenised securities through the digital securities sandbox, where the first firm recently received permission to conduct live activity. The regulators have committed to publishing a full cross-authority road map on tokenisation of wholesale markets later in 2026. We have committed to issuing DIGIT, a digital sovereign debt instrument, no later than quarter 1 2027. Alongside that, we are modernising and optimising the foundations of our markets, moving to a T+1 settlement cycle from quarter 4 2027 to reduce risk and improve efficiency. The hon. Member for Witney (Charlie Maynard) talked about the importance of stablecoins, and I think he welcomed the innovation objective that we are giving to the Bank of England. Stablecoins are important because they can enable faster and more efficient transactions, which means that money that would otherwise be held up can be spent by businesses on other things—they free up capital by being an efficient means of payment. The Government want to see Great British pound denominated systemic stablecoins and, as he is aware, we have established the regulatory regime. There really is no shortage of ambition from the Government when it comes to stablecoins— [ Interruption. ] The hon. Gentleman is gesturing as if I have forgotten something; I think that means he wants me to address the matter of a central digital bank currency. Work in that regard is ongoing among the Government, the Treasury and the Bank, and we will set out the next steps very shortly. Many Members mentioned AI, which is already delivering benefits across financial services, from improved customer services to tackling fraud, enhancing productivity and supporting decision making. We now have an AI adoption plan; I will not rehearse that, but I want to pick up on the hon. Gentleman’s points, since he rightly highlighted the extreme importance of resilience in our financial system—as he pointed out, the Governor has been speaking about that recently. Work is going on across Government, including with the regulators and in international fora. I hope I can reassure him that the Government are taking the issue about as seriously as it is possible to take it. The third area that my hon. Friend the Member for Buckingham and Bletchley mentioned was clean energy. The UK is playing a leading role in supporting and financing the global net zero transition, which my hon. Friend the Member for Bristol East (Kerry McCarthy) has spoken passionately about in this place on many occasions. As my hon. Friend the Member for Buckingham and Bletchley will be aware, the UK is already one of the world’s leading sustainable finance centres, and the Government’s focus is on how we can evolve and expand that leadership. We are delivering a number of targeted initiatives and prioritising changes that will have the greatest impact, such as UK sustainability reporting standards. We are also focused on making the UK a global hub for transition finance, which is not only essential to meeting our global net zero goals, but a major opportunity for UK growth and investment. I will speed up, but I want to mention financial inclusion as another aspect of my brief that I am particularly passionate about. I am grateful to my hon. Friend for his recognition of the financial inclusion strategy; I intend to make it a step change in how easily all our constituents can access the financial services they need. He rightly recognised that the ability to open a bank account, to build a modest savings buffer, to access safe and affordable credit, to secure insurance and to protect against life’s shocks is fundamental to participation in our economy and, therefore, to participation in our society. The hon. Member for Strangford (Jim Shannon) spoke passionately about the importance of ensuring that financial services are available to all who need them. For all those reasons, those areas are the focus of our financial inclusion strategy, with actions ranging from supporting those without a fixed address to open a bank account, to supporting our credit union sector through a £30 million transformation fund. You are indicating, Mr Twigg, that I should draw my speech to a close. Before I do so, let me again thank my hon. Friend the Member for Buckingham and Bletchley for securing the debate and all Members for their contributions.
23 Jun 2026 · Heathrow Airport Expansion: Economic Growth outside London · Hansard source
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Nothing was snuck out. A third runway at Heathrow means more than 60,000 good local jobs, and more than £40 billion for the British economy. The hon. Lady’s question rather highlights the Lib Dems’ curious approach to growth. When they were in government, they decimated our economy with austerity, and now they oppose all the investment in infrastructure needed for growth. This Government are taking a wholly better approach.
23 Jun 2026 · Heathrow Airport Expansion: Economic Growth outside London · Hansard source
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We have been clear that Heathrow expansion needs to benefit everyone, not just London. The Department for Transport has shown that expansion would deliver UK-wide support for trade, with 40% of the estimated GDP benefits from expansion being outside London and the south-east.
23 Jun 2026 · Topical Questions · Hansard source
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The Pride in Place programme provides £5.8 billion of support to 284 neighbourhoods right across the country, including five places in my hon. Friend’s constituency, which she does so much to advocate for. We will set out more details of further funding in the Budget.
23 Jun 2026 · Transport Connectivity: Border Communities · Hansard source
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Effective transport links are vital to the prosperity and wellbeing of people across the country, including in our border communities. We have been working closely with the Welsh Government to deliver a plan for Welsh rail, and we continue to work with devolved Governments to ensure that border communities stay connected.
23 Jun 2026 · Transport Connectivity: Border Communities · Hansard source
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My right hon. Friend the Member for Makerfield (Andy Burnham) will speak for himself, but I am confident that his view is that growth extends far beyond the area that the hon. Gentleman referred to. Most importantly, this Government’s approach is to ensure that growth can be generated right across the country, rather than in just a few postcodes.
23 Jun 2026 · Transport Connectivity: Border Communities · Hansard source
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Border communities rely on strong transport links, and my hon. Friend is a strong advocate for the interests of his constituency and those in the surrounding area. The Government are delivering for people in all parts of the UK, including investments that will benefit those on both sides of the English-Welsh border. That includes the investment in places like Padeswood, on the Wrexham to Liverpool line, as part of the £445 million of investment allocated for rail enhancements in Wales at the 2025 spending review.
21 May 2026 · Costs for Motorists · Hansard source
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I have to tell the right hon. Member that we are not attempting to cap the prices in supermarkets and nor were we intending to do so. The Chancellor is having discussions with supermarkets, as she is with other sectors, with a view to putting downwards pressure on prices and helping people with the cost of living. As I have said repeatedly, we on the Government Benches recognise that there is a cost of living crisis out there, not least because of the inheritance we received from the Conservatives, and we are seeking to help people with those costs.
21 May 2026 · Costs for Motorists · Hansard source
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My hon. Friend’s comments again highlight that the Conservative party would have raced to war. When I said that earlier—Conservative Members are doing it again; they are shaking their heads at me. The reality is—
21 May 2026 · Costs for Motorists · Hansard source
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Thank you, Mr Speaker. The point is that we have to manage the public finances responsibly. We cannot put in place measures that are not fully funded, and I wish that some of the proposals being put forward were adequately backed up and fully funded.
21 May 2026 · Costs for Motorists · Hansard source
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My apologies, Mr Speaker. I had intended to say just then that the Chancellor will come to the House and give a full statement on everything, including the matters that we are discussing. I am sorry that the shadow Chancellor is so upset and appalled by the recent growth figures. I am in the business of talking this country up rather than down. Indeed, I am grateful to him for highlighting that growth has been revised up, interest rates are coming down, inflation is coming down and real wages are going up. As I said, that is because of the prudent decisions that the Government have taken, all of which are allowing us to take further action on the cost of living. The action that we are taking on fuel duty is very important. It will save millions of motorists across this country a lot of money. I will address the point on HMRC mileage rates: as I said, the Chancellor will come to the House later and talk about the full package.
21 May 2026 · Costs for Motorists · Hansard source
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My hon. Friend raises a really important issue, and I thank him for all the work that he has done in this space to try to bring down the cost for people across the country. In my old role as Economic Secretary to the Treasury, I was closer to the work of the insurance sector and the work that the current Economic Secretary is now taking forward to try to ensure that prices are brought down, but I am more than happy to convene with the new Economic Secretary and take forward the work that my hon. Friend suggests.
21 May 2026 · Costs for Motorists · Hansard source
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I am grateful for the hon. Member highlighting the measures we are taking when it comes to red diesel. He mentions fertiliser costs. We know that substantially increased fertiliser costs, as well as fuel costs, are hurting farmers. That is exactly why we are taking these measures on red diesel, cutting the duty rate by over a third per litre from just over 10p to 6.5p, which, as I said, is the lowest rate for more than 20 years.
21 May 2026 · Costs for Motorists · Hansard source
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Put simply, as I said, the shadow Chancellor’s party would have had motorists hurtling full speed towards higher fuel costs. It is only because of the action that this Government have taken that we have applied the brake to the hikes that his party would have introduced. The Conservatives would have introduced higher costs; we are keeping the freeze on fuel duty and protecting millions of motorists right across the country. Exactly as I said, we are taking further measures on red diesel and for HGV drivers. That is on top of additional action that we are taking on the cost of living. The shadow Chancellor and I saw each other in the studios earlier this morning when I was out there talking about the free, unlimited bus travel for children that the Chancellor will update us on—
21 May 2026 · Costs for Motorists · Hansard source
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As I said in response to my right hon. Friend the Member for Birmingham Hodge Hill and Solihull North (Liam Byrne), I appreciate that this is a really important issue, and I know what an important issue it is to my hon. Friend and his constituency too. As I said, I am more than happy to take up the matter, and I will discuss it with the Exchequer Secretary.
21 May 2026 · Costs for Motorists · Hansard source
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My right hon. Friend makes an important point. I know how passionate he is about these issues. He refers to changes made at the Budget, which were made with the best of intentions and from the point of view of encouraging the use of electric vehicles. I believe that the Chancellor may say something on that later on.
21 May 2026 · Costs for Motorists · Hansard source
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I am glad to hear that the measures will help the Malcolm Group in my hon. Friend’s constituency, as indeed they will hauliers right across the country. She raises, as other hon. Members have, an important point around welfare. She also alludes to freight crime, which has been discussed at length in this House and is something in which I am particularly interested, given the nature of my constituency. The Government are taking forward action to seek to deal with freight crime, as well as taking action on welfare, but I would be more than happy to convene a meeting with other Ministers and my hon. Friend on the issue.
21 May 2026 · Costs for Motorists · Hansard source
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Mr Speaker, your comments have been fully noted, and I will ensure that they are fed back to the entire ministerial team. The Government are taking steps to support households and businesses with fuel costs in response to the conflict in the middle east. A rapid de-escalation in the middle east remains the best way to bring down fuel prices. The most impactful step, of course, would be to reopen the strait of Hormuz. That is exactly why the UK Government are playing a leading role in the international effort to get shipping flowing freely. Indeed, I contrast that with the position of the Leader of the Opposition, who would have rushed us to war. [ Interruption. ] Alongside this key step— [ Interruption. ] Mr Speaker, the boys’ club—

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