One of the reasons why we are looking at a UK taxonomy and being clear that we want to introduce one is to ensure that there is great transparency and clarity for investors; that, when they buy an investment product, they know what they are getting. One of the things that has historically been lacking in the market is an understanding of what fund managers mean by “green”, so investors are put at a disadvantage and at risk of not purchasing what they believe to be a green product. We will see how that consultation goes, but I assure my hon. Friend that it will take place this autumn.

On a global scale, the markets for ESG ratings and data are rapidly developing, and they are increasingly relied on by investors to guide their decision making. The growth of the integration of ESG into the investment process is expected to continue across all jurisdictions. However, ESG ratings providers currently fall outside the regulatory perimeter. This raises the risk of harm with unrated ratings, which often lack transparency, directing capital flows towards some companies and projects, and away from others. We are therefore exploring action to address these growing ESG investment trends, to ensure that this activity is robust, and that it protects UK markets and, ultimately, consumers. Alongside the updated green finance strategy, the Treasury has published a consultation seeking views for a potential future regulatory scheme for ESG ratings providers. The consultation closed on 30 June, with 94 responses received from industry, and we are reviewing those responses to inform the next stages of our work.

Any potential regulation would be aligned with recommendations made by the International Organisation of Security Commissions on how ESG data and ratings providers could improve their activities, such as improving transparency and mitigating conflicts of interest. It would also seek to be aligned with other jurisdictions, including those of Japan, Singapore and the EU, which are putting forward initiatives in this space. More transparent ESG ratings would build confidence in these products and the wider sustainable investment market, as investors would be better able to understand how their money is put to use.

Since the UK is at the forefront of international efforts on this issue, we have the opportunity to shape the approach of other jurisdictions. If they are to follow us, it is incumbent on us to set a good example, so we must recognise and address where ESG principles are misapplied. As my hon. Friend has pointed out, we have seen concerns around banking raised recently. We have been clear that, as a matter of public policy, it is wrong to remove someone’s bank account simply because of their political views. Free speech and the legitimate expression of differing views are essential British principles, just as much as is ESG.

Let me conclude by saying that I hope that, in the time I have been given, and in the time we had listening to my hon. Friend, he and other hon. Members can now appreciate that this country has built a sustainable finance market, product set and industry of which we should all be proud. We are one of the world’s great democracies, a country that advocates for the fair and considerate treatment of the environment and the people of this world, and one that practises what it preaches. We are determined to carry that on, making conscientious decisions that work for our country, supporting our finance industry to play an important role in our economy and, of course, in society.

Question put and agreed to.

House adjourned.