Taxpayer-subsidised childcare is increasingly being taken over by large for-profit companies quartered overseas, according to new research by University College London and the Nuffield Foundation. These companies have growing debts and charge high fees to parents while having among the lowest levels of staff qualifications and pay. They are reinvesting little in childcare provision. Does the Minister believe that repaying corporate debt represents value for money for taxpayers while families across the country struggle to access childcare that they can afford?