HM Treasury is the government’s economic and finance ministry, maintaining control over public spending, setting the direction of the UK’s economic policy and working to achieve strong and sustainable economic growth.
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
Oral Answers to Questions is a regularly scheduled appearance where the Secretary of State and junior minister will answer at the Dispatch Box questions from backbench MPs
Other Commons Chamber appearances can be:Westminster Hall debates are performed in response to backbench MPs or e-petitions asking for a Minister to address a detailed issue
Written Statements are made when a current event is not sufficiently significant to require an Oral Statement, but the House is required to be informed.
HM Treasury does not have Bills currently before Parliament
A Bill to make provision in connection with finance.
This Bill received Royal Assent on 18th March 2026 and was enacted into law.
A Bill to Authorise the use of resources for the years ending with 31 March 2025, 31 March 2026 and 31 March 2027; to authorise the issue of sums out of the Consolidated Fund for those years; and to appropriate the supply authorised by this Act for the years ending with 31 March 2025 and 31 March 2026.
This Bill received Royal Assent on 18th March 2026 and was enacted into law.
A Bill to Authorise the use of resources for the year ending with 31 March 2026; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2025.
This Bill received Royal Assent on 21st July 2025 and was enacted into law.
A Bill to make provision about secondary Class 1 contributions.
This Bill received Royal Assent on 3rd April 2025 and was enacted into law.
A Bill to make provision about finance.
This Bill received Royal Assent on 20th March 2025 and was enacted into law.
A Bill to amend the Crown Estate Act 1961.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to Authorise the use of resources for the years ending with 31 March 2024, 31 March 2025 and 31 March 2026; to authorise the issue of sums out of the Consolidated Fund for those years; and to appropriate the supply authorised by this Act for the years ending with 31 March 2024 and 31 March 2025.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to make provision for loans or other financial assistance to be provided to, or for the benefit of, the government of Ukraine.
This Bill received Royal Assent on 16th January 2025 and was enacted into law.
A Bill to impose duties on the Treasury and the Office for Budget Responsibility in respect of the announcement of fiscally significant measures.
This Bill received Royal Assent on 10th September 2024 and was enacted into law.
A Bill to authorise the use of resources for the year ending with 31 March 2025; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2024.
This Bill received Royal Assent on 30th July 2024 and was enacted into law.
e-Petitions are administered by Parliament and allow members of the public to express support for a particular issue.
If an e-petition reaches 10,000 signatures the Government will issue a written response.
If an e-petition reaches 100,000 signatures the petition becomes eligible for a Parliamentary debate (usually Monday 4.30pm in Westminster Hall).
Raise the income tax personal allowance from £12,570 to £20,000
Gov Responded - 20 Feb 2025 Debated on - 12 May 2025Raise the income tax personal allowance from £12570 to £20000. We think this would help low earners to get off benefits and allow pensioners a decent income.
Don't change inheritance tax relief for working farms
Gov Responded - 5 Dec 2024 Debated on - 10 Feb 2025We think that changing inheritance tax relief for agricultural land will devastate farms nationwide, forcing families to sell land and assets just to stay on their property. We urge the government to keep the current exemptions for working farms.
Don't apply VAT to independent school fees, or remove business rates relief.
Gov Responded - 20 Dec 2024 Debated on - 3 Mar 2025Prevent independent schools from having to pay VAT on fees and incurring business rates as a result of new legislation.
Commons Select Committees are a formally established cross-party group of backbench MPs tasked with holding a Government department to account.
At any time there will be number of ongoing investigations into the work of the Department, or issues which fall within the oversight of the Department. Witnesses can be summoned from within the Government and outside to assist in these inquiries.
Select Committee findings are reported to the Commons, printed, and published on the Parliament website. The government then usually has 60 days to reply to the committee's recommendations.
The Valuation Office Agency published a Special Category code and local authority breakdown as part of the annual `Non-domestic rating: stock of properties, 2025` official statistics.
HMRC will publish a Special Category code and local authority breakdown for the end of the 2023 list position (31 March 2026) on 14 May 2026 in the annual `NDR: Stock of Properties` publication. In the following year, HMRC will publish the first `NDR: Stock of Properties` publication which will include a Special Category code and local authority breakdown for the 2026 list. This is consistent with the data that has previously been published in official statistics by the Valuation Office Agency. The departmental Head of Profession for Statistics was regularly consulted and aware of VOA statistical publications.
Treasury Ministers have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial meetings with external organisations on departmental business are published on a quarterly basis and are available at the link below.
HM Treasury: ministerial overseas travel and meetings - GOV.UK
The Government is actively monitoring the increase in fuel costs across the whole of the UK, including in Northern Ireland, and any impacts on our food and farming sectors.
The Government has already announced that the 5p fuel duty cut will be extended until September.
The majority of government borrowing is financed through the issuance of UK government bonds (known as gilts) by the UK Debt Management Office (DMO). In addition, some of the government’s financing is raised in the retail savings market through products offered by National Savings and Investments (NS&I). Finance raised via gilts or NS&I products is generally not tied to specific areas of government spending, in order to offer the best value-for-money for taxpayers.
The government keeps the introduction of new debt financing instruments under regular review.
HMRC does not hold information on how many Certificates of Origin were granted to UK businesses for goods destined for the EU in 2025.
VAT operates on a UK-wide basis and is a broad-based tax on consumption with the 20 per cent standard rate applying to most goods and services. VAT is the UK’s second largest tax, forecast to raise £180 billion in 2025/26.
Tax breaks reduce the revenue available for vital public services and must represent value for money for the taxpayer.
The open-book review was a condition of the £400m reserve claim the Northern Ireland Executive received at Supplementary Estimates 2025-26. The review’s Terms of Reference were agreed between HM Treasury and the Northern Ireland Executive.
The exercise has now concluded, and HM Treasury has shared the report with the Northern Ireland Department of Finance.
The open-book review was a condition of the £400m reserve claim the Northern Ireland Executive received at Supplementary Estimates 2025-26. The review’s Terms of Reference were agreed between HM Treasury and the Northern Ireland Executive.
The exercise has now concluded, and HM Treasury has shared the report with the Northern Ireland Department of Finance.
The British Industrial Competitiveness Scheme is being delivered in England, Wales and Scotland.
Responsibility for energy policy in Northern Ireland sits with the Northern Ireland Executive. However, the UK Government will provide funding for the Northern Ireland Executive to deliver comparable support in the usual way.
The majority of government borrowing is financed through the issuance of UK government bonds (known as gilts) by the UK Debt Management Office (DMO). In addition, some of the government’s financing is raised in the retail savings market through products offered by National Savings and Investments (NS&I). Finance raised via gilts or NS&I products is generally not tied to specific areas of government spending, in order to offer the best value-for-money for taxpayers.
The government keeps the introduction of new debt financing instruments under regular review.
Departments are required to report their efficiency savings within the performance section of their Annual Reports and Accounts (ARAs) from 2026-27.
The number of employers that paid the Apprenticeship Levy in the 2022 to 2023, 2023 to 2024, and 2024 to 2025 tax years are outlined in the table below. Figures have been provided on a tax-year receipts basis and rounded to the nearest 100.
Table: Number of employers paying the Apprenticeship Levy
| 2022-23 | 2023-24 | 2024-25 |
Employers | 34,200 | 36,000 | 36,900 |
The latest data from the ONS show that GDP per capita rose by 1.1 per cent in 2025, the fastest of any European G7 economy. Over the same period, GDP per capita rose 1.6 per cent in the United States and 1.3 per cent in the EU.
UK GDP per capita has grown by 1.0 per cent since the start of the Parliament, whereas it declined by 0.2 per cent during the previous Parliament.
The sector was engaged as part of the recent Call for Evidence on business rates and investment, which closed on 18 February. The Government is carefully considering representations it has received, and a response to the Call for Evidence will be published in due course.
The sector was also engaged ahead of the Transforming Business Rates: Interim Report, published in September 2025: https://www.gov.uk/government/publications/transforming-business-rates-interim-report/transforming-business-rates-interim-report
The sector was engaged as part of the recent Call for Evidence on business rates and investment, which closed on 18 February. The Government is carefully considering representations it has received, and a response to the Call for Evidence will be published in due course.
The sector was also engaged ahead of the Transforming Business Rates: Interim Report, published in September 2025: https://www.gov.uk/government/publications/transforming-business-rates-interim-report/transforming-business-rates-interim-report
I refer the honourable member to the answer provided in the response to UIN 126551.
Umbrella companies are a type of employment intermediary that engages workers on behalf of recruitment agencies and end client organisations. Although many umbrella companies operate diligently, others are used to facilitate non-compliance including tax avoidance and fraud.
From 6 April 2026, recruitment agencies are responsible for ensuring that Pay As You Earn and National Insurance contributions obligations are met when they choose to use an umbrella company to engage a worker. Where these obligations are not met, HMRC will recover underpayments from the recruitment agency. If there is no recruitment agency involved in an arrangement with an umbrella company, this responsibility will fall to the end client organisation. The rules apply regardless of the sector in which workers are engaged.
The new rules are intended to drive behavioural change in the temporary labour market, increasing the amount of assurance undertaken by organisations that use umbrella companies to force non-compliance umbrella companies out of the market. This change is forecast to protect around £2.7 billion across the scorecard period up to and including 2030-31.
It is right that organisations that choose to use umbrella companies to engage workers should take steps to make sure that they are compliant. HMRC has published extensive guidance to support organisations that use umbrella companies to undertake assurance checks.
Umbrella companies are a type of employment intermediary that engages workers on behalf of recruitment agencies and end client organisations. Although many umbrella companies operate diligently, others are used to facilitate non-compliance including tax avoidance and fraud.
From 6 April 2026, recruitment agencies are responsible for ensuring that Pay As You Earn and National Insurance contributions obligations are met when they choose to use an umbrella company to engage a worker. Where these obligations are not met, HMRC will recover underpayments from the recruitment agency. If there is no recruitment agency involved in an arrangement with an umbrella company, this responsibility will fall to the end client organisation. The rules apply regardless of the sector in which workers are engaged.
The new rules are intended to drive behavioural change in the temporary labour market, increasing the amount of assurance undertaken by organisations that use umbrella companies to force non-compliance umbrella companies out of the market. This change is forecast to protect around £2.7 billion across the scorecard period up to and including 2030-31.
It is right that organisations that choose to use umbrella companies to engage workers should take steps to make sure that they are compliant. HMRC has published extensive guidance to support organisations that use umbrella companies to undertake assurance checks.
Umbrella companies are a type of employment intermediary that engages workers on behalf of recruitment agencies and end client organisations. Although many umbrella companies operate diligently, others are used to facilitate non-compliance including tax avoidance and fraud.
From 6 April 2026, recruitment agencies are responsible for ensuring that Pay As You Earn and National Insurance contributions obligations are met when they choose to use an umbrella company to engage a worker. Where these obligations are not met, HMRC will recover underpayments from the recruitment agency. If there is no recruitment agency involved in an arrangement with an umbrella company, this responsibility will fall to the end client organisation. The rules apply regardless of the sector in which workers are engaged.
The new rules are intended to drive behavioural change in the temporary labour market, increasing the amount of assurance undertaken by organisations that use umbrella companies to force non-compliance umbrella companies out of the market. This change is forecast to protect around £2.7 billion across the scorecard period up to and including 2030-31.
It is right that organisations that choose to use umbrella companies to engage workers should take steps to make sure that they are compliant. HMRC has published extensive guidance to support organisations that use umbrella companies to undertake assurance checks.
The National Wealth Fund (NWF) is operationally independent in regard to its investment decisions. The NWF undertakes extensive due diligence in line with commercial investor assessment standards, processes and quantification methodologies, to ensure that taxpayer funds are deployed safely, represent value for money, and support technically and commercially viable projects.
As part of this process, the NWF considers all relevant design, technical and delivery risks associated with proposed projects. Details of individual assessments, including any consideration of specific design or routing options, remain commercially sensitive.
The Government recognises the important role that life sciences research and development (R&D) plays in driving innovation and economic growth as well as the benefits it can bring for society. The Government committed to maintaining the generosity of the rates in both the merged R&D Expenditure Credit (RDEC) scheme and the Enhanced R&D Intensive Support (ERIS). This, combined with the commitment to cap the headline rate of Corporation Tax, means that companies doing qualifying R&D – including pre-clinical R&D – will continue to receive between £15 to £27 for every £100 spent on R&D.
Under the merged R&D scheme, relief is generally available to the company that decides to undertake R&D and bears the financial risk, rather than the company contracted to carry it out, subject to limited exceptions. This approach is intended to ensure support is targeted at the company that invests in the R&D. These rules apply to pre-clinical research services in the same way as they do for all other companies.
HMRC is currently in an initial proof‑of‑value phase for its use of MSPs, which is helping to inform longer‑term workforce planning. At this stage, HMRC has no plans to publish full staffing projections for either MSPs or HMRC customer services staff.
Decisions about future staffing levels will be based on what is learned from the proof‑of‑value phase and will be taken through HMRC’s normal business planning and Spending Review processes.
The Valuation Office calculates a rateable value for each business property in England and Wales. A rateable value is an estimate of what it would cost to rent a property for a year, on a set date known as the Valuation Date.
The methodology and approach used to assess rateable values varies depending on the type of property. The Valuation Office publishes a Rating Manual describing how each property class is valued. The manual for the 2023 rating list can be found here, and will be updated for the 2026 list in due course.
I refer the Member to the answer given to Question UIN 126456 on 20 April 2026.
The Government’s Call for Evidence on business rates and investment has sought views from industry representatives, to establish more detailed evidence on how the business rates system influences investment decisions, with questions on the business rates system’s tax structure, Small Business Rates Relief, Improvement Relief and Empty Property Relief.
The Government is carefully considering the representations received – including those from BIRA and other retailers - and a summary of responses will be published in due course. HM Treasury also continues to have regular discussions with sector representatives to understand the impact of business rates on the sector’s financial sustainability.
The Government’s economic strategy aims to spread growth across Britain, supporting all regions by investing in transport, housing, skills, and key industrial sectors. The Chancellor has repeatedly emphasised that regional growth, including in the North and North East, is central to her plans, highlighted by ongoing work on the Northern Growth Strategy. These measures are part of a place-based approach to boost the UK’s productive capacity and living standards, ensuring national policy promotes growth in every region rather than focusing on a single area.
The government recognises the role that refineries play in energy security and the UK’s industrial base. The Government published a call for evidence (https://www.gov.uk/government/calls-for-evidence/future-of-the-uk-downstream-oil-sector/future-of-the-uk-downstream-oil-sector-call-for-evidence) on the future of the fuel sector on 23rd February 2026 in order to help understand the current state of the refining sector.
Following a strategic and technical assessment by HMG, it has been decided not to expand the Carbon Border Adjustment Mechanism (CBAM) to refined oil products in January 2028. We are continuing to work with the sector to assess the options and case for expanding CBAM to refined oil products at a later date.
We are unable to conclude that expanding the CBAM to refined oil products is technically feasible for January 2028, especially in an uncertain global environment where the potential adverse impacts of inclusion could not necessarily be managed effectively at such accelerated timelines.
The Government has announced powers for Mayors to introduce a visitor levy on short-term overnight accommodation in their region, to drive economic growth, including through support for the local visitor economy.
At Budget, the Government published a consultation so that the public, businesses, and local government could shape the design of these powers, including options to minimise the burden on businesses and communities. This consultation closed on the 18th of February and the Government will publish a response in due course.
The precise design and scope of the power for Mayors to introduce a visitor levy is still under development, and the impacts of the levy will largely be determined by local decisions. Evidence from international and domestic schemes suggested modest rates have minimal impact on visitor numbers. Mayors will decide whether to introduce a levy and, if so, consult on specific proposals. We expect Mayors to engage constructively with businesses and their communities to hear any concerns. Following consultation, we expect Mayors to publish a summary of the consultation results and their response, including a final prospectus, and an impact assessment.
The Government has announced powers for Mayors to introduce a visitor levy on short-term overnight accommodation in their region, to drive economic growth, including through support for the local visitor economy.
At Budget, the Government published a consultation so that the public, businesses, and local government could shape the design of these powers, including options to minimise the burden on businesses and communities. This consultation closed on the 18th of February and the Government will publish a response in due course.
The precise design and scope of the power for Mayors to introduce a visitor levy is still under development, and the impacts of the levy will largely be determined by local decisions. Evidence from international and domestic schemes suggested modest rates have minimal impact on visitor numbers. Mayors will decide whether to introduce a levy and, if so, consult on specific proposals. We expect Mayors to engage constructively with businesses and their communities to hear any concerns. Following consultation, we expect Mayors to publish a summary of the consultation results and their response, including a final prospectus, and an impact assessment.
The Government has announced powers for Mayors to introduce a visitor levy on short-term overnight accommodation in their region, to drive economic growth, including through support for the local visitor economy.
At Budget, the Government published a consultation so that the public, businesses, and local government could shape the design of these powers, including options to minimise the burden on businesses and communities. This consultation closed on the 18th of February and the Government will publish a response in due course.
The precise design and scope of the power for Mayors to introduce a visitor levy is still under development, and the impacts of the levy will largely be determined by local decisions. Evidence from international and domestic schemes suggested modest rates have minimal impact on visitor numbers. Mayors will decide whether to introduce a levy and, if so, consult on specific proposals. We expect Mayors to engage constructively with businesses and their communities to hear any concerns. Following consultation, we expect Mayors to publish a summary of the consultation results and their response, including a final prospectus, and an impact assessment.
The Government has announced powers for Mayors to introduce a visitor levy on short-term overnight accommodation in their region, to drive economic growth, including through support for the local visitor economy.
At Budget, the Government published a consultation so that the public, businesses, and local government could shape the design of these powers, including options to minimise the burden on businesses and communities. This consultation closed on the 18th of February and the Government will publish a response in due course.
The precise design and scope of the power for Mayors to introduce a visitor levy is still under development, and the impacts of the levy will largely be determined by local decisions. Evidence from international and domestic schemes suggested modest rates have minimal impact on visitor numbers. Mayors will decide whether to introduce a levy and, if so, consult on specific proposals. We expect Mayors to engage constructively with businesses and their communities to hear any concerns. Following consultation, we expect Mayors to publish a summary of the consultation results and their response, including a final prospectus, and an impact assessment.
As of 14 April 2026 there are 25,950,670 dwellings on the Council Tax list in England. Of these, 25,781,260 (99.3%) have a dwelling group, and 25,784,950 (99.4%) have a dwelling type, and 6,755,400 (26.0%) have at least one value significant code.
In Wales, there are 1,494,410 dwellings on the Council Tax list. Of these, 1,494,180 (>99.9%) have a dwelling group, and 1,494,060 (>99.9%) have a dwelling type. 403,610 (27.0%) have at least one value significant code.
As set out in the Office for Budget Responsibility’s March 2026 Economic and Fiscal Outlook, business rates receipts in England were £32.1 billion in 2024/25 and are forecast to be £33.7 billion, £37.1 billion, £37.9 billion and £38.8 billion in 2025/26, 2026/27, 2027/28 and 2028/29 respectively.
The Government recognises the serious harm that illegal money lenders can cause, particularly to vulnerable people. To help prevent people from turning to illegal money lenders, the Government funds specialist Illegal Money Lending Teams (IMLTs). These teams combine enforcement action against illegal lenders with prevention and victim support, including awareness-raising in communities, working with local partners to identify those at risk, and encouraging the safe reporting of illegal lenders. More information about the work of the IMLTs is available on the Stop Loan Sharks website.[1] The Government is also taking steps to ensure appropriate access to regulated credit through the Financial Inclusion Strategy.
The Chancellor has not held or attended any meetings with the City Remembrancer Paul Wright.
The Chancellor and City Remembrancer are likely to have attended a number of the same events, relevant to their respective roles.
The Chancellor announced in October that the Financial Conduct Authority (FCA) will become the Anti-Money Laundering/Counter Terrorist Financing (AML/CTF) supervisor for professional services firms, simplifying the current complex model. The FCA are currently working on the implementation of this new supervisory framework and HM Treasury will announce next steps shortly.
In answer to Question 120278 the Government set out that analysis suggests that the average EV driver will pay around £20 a month under the Government’s eVED proposals once the new policy starts in 2028, roughly half the equivalent rate for a petrol car.
This is based on an average EV driving 8,000 miles per year subject to an eVED rate of three pence per mile. The average EV driver will therefore pay £240 - or £20 per month - in eVED, while an average petrol/diesel car driving the same distance will pay around £480 in fuel duty, or six pence per mile.
The Government has set out expected impacts from eVED and other Budget measures in the Budget 2025 Policy Costings document at GOV.UK: https://assets.publishing.service.gov.uk/media/692872fd2a37784b16ecf676/Budget_2025-Policy_Costings.pdf
Since the start of the conflict the Government has engaged allies and partners to urge de-escalation and shared efforts towards diplomacy, and has taken action to protect the UK public from the rising cost of living by providing immediate support for vulnerable heating oil customers and bringing energy bills down.
HM Treasury has also been working closely with the financial regulators to monitor potential risks to financial stability, including through its membership of the Bank of England’s Financial Policy Committee (FPC) and the global Financial Stability Board (FSB). The FPC is responsible in the UK for identifying, monitoring and taking action to remove or reduce systemic risks to the UK financial system.
In its April 2026 Record, the FPC assessed that conflict in the Middle East represents a negative supply shock to the global economy. The FPC noted that while the financial system has remained resilient, and the UK banking system has the capacity to support households and businesses even if conditions were to be substantially worse than expected, the conflict has increased global uncertainty following a period of already elevated risks and called for firms to actively manage their risks.
Since the start of the conflict the Government has engaged allies and partners to urge de-escalation and shared efforts towards diplomacy, and has taken action to protect the UK public from the rising cost of living by providing immediate support for vulnerable heating oil customers and bringing energy bills down.
HM Treasury has also been working closely with the financial regulators to monitor potential risks to financial stability, including through its membership of the Bank of England’s Financial Policy Committee (FPC) and the global Financial Stability Board (FSB). The FPC is responsible in the UK for identifying, monitoring and taking action to remove or reduce systemic risks to the UK financial system.
In its April 2026 Record, the FPC assessed that conflict in the Middle East represents a negative supply shock to the global economy. The FPC noted that while the financial system has remained resilient, and the UK banking system has the capacity to support households and businesses even if conditions were to be substantially worse than expected, the conflict has increased global uncertainty following a period of already elevated risks and called for firms to actively manage their risks.
The UK and US are also working closely together on the Transatlantic Taskforce for Markets of the Future, which was established jointly by HM Treasury and US Treasury on 22 September.
The Taskforce is exploring options to strengthen linkages between UK and US capital markets, supporting growth and competitiveness in both jurisdictions by reducing burdens for UK and US firms raising capital-cross border. It is also exploring opportunities for collaboration on digital assets and other innovative financial activities.
HM Treasury and the US Treasury have conducted joint senior-level industry engagement in both London and Washington DC to ensure the Taskforce’s work is informed by what matters most to industry on both sides of the Atlantic. The Taskforce aims to report back to both finance ministries on its recommendations via the FRWG in summer 2026.
The UK and US are also working closely together on the Transatlantic Taskforce for Markets of the Future, which was established jointly by HM Treasury and US Treasury on 22 September.
The Taskforce is exploring options to strengthen linkages between UK and US capital markets, supporting growth and competitiveness in both jurisdictions by reducing burdens for UK and US firms raising capital-cross border. It is also exploring opportunities for collaboration on digital assets and other innovative financial activities.
HM Treasury and the US Treasury have conducted joint senior-level industry engagement in both London and Washington DC to ensure the Taskforce’s work is informed by what matters most to industry on both sides of the Atlantic. The Taskforce aims to report back to both finance ministries on its recommendations via the FRWG in summer 2026.
The UK and US are also working closely together on the Transatlantic Taskforce for Markets of the Future, which was established jointly by HM Treasury and US Treasury on 22 September.
The Taskforce is exploring options to strengthen linkages between UK and US capital markets, supporting growth and competitiveness in both jurisdictions by reducing burdens for UK and US firms raising capital-cross border. It is also exploring opportunities for collaboration on digital assets and other innovative financial activities.
HM Treasury and the US Treasury have conducted joint senior-level industry engagement in both London and Washington DC to ensure the Taskforce’s work is informed by what matters most to industry on both sides of the Atlantic. The Taskforce aims to report back to both finance ministries on its recommendations via the FRWG in summer 2026.
Banks provide access to in‑person banking services through a range of channels, including branches, banking hubs and post offices.
Some banks also provide access to community bankers through pop‑up services in locations such as libraries and community centres, or via mobile banking vans serving rural and remote areas. Community bankers are bank employees who provide face-to-face support to customers in local communities outside a traditional branch, helping with banking queries and access to further support as needed. Decisions about where such services are located are commercial matters for individual banks.
The retail banking sector provides everyday banking services at post offices through the Banking Framework, a commercial agreement that enables personal and business customers to withdraw and deposit cash, check balances and pay bills at over 10,500 Post Office branches across the UK.
The Government supports initiatives that help customers access banking services in ways that reflect local needs, alongside digital provision.
In January, the Minister for Small Business and Economic Transformation and the Economic Secretary to the Treasury convened a roundtable with the Post Office and the banking sector to facilitate discussion on where further collaboration would allow all parties to better meet the needs of people and businesses.
The Government supports collaboration between banks and the Post Office, while being clear that this must be achieved on a voluntary and commercial basis.
Banking is changing, with many customers benefitting from the convenience and flexibility of managing their finances remotely. However, the Government understands the importance of access to in‑person banking services for communities and high streets and is committed to supporting the financial services industry’s roll-out of 350 banking hubs by the end of this Parliament. Importantly, this number is a floor, not a ceiling, and Cash Access UK will deliver a banking hub wherever LINK has recommended one. Over 275 hubs have been announced so far, and more than 230 are already open.
Banking hubs are a voluntary industry initiative from the largest UK high street banks which provide ‘assisted cash services’ in shared premises. They were developed in preparation for the FCA’s access to cash regime.
Banking hubs offer everyday counter services provided by Post Office staff, allowing people and businesses to withdraw and deposit cash, pay bills and make balance enquiries. They also contain dedicated rooms where customers can see community bankers from their own bank to carry out wider banking services.
Banking hub locations are independently recommended by LINK, the operator of UK’s largest ATM network. When a bank branch closes, or there is a material change to a cash service, or a community request is received, LINK conducts an access to cash assessment under the access to cash regime set out in the Financial Services and Markets Act 2023. In its assessments, LINK takes into consideration a wide range of criteria, including those unique to each location, such as population demographics, public transport links, existing and remaining cash access facilities and the number of shops.
Customers can also access everyday banking services through the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check balances and pay bills at over 10,500 Post Office branches across the UK.
Some banks also provide points of access through initiatives such as pop-up services in libraries and community centres, or mobile banking vans serving rural and remote areas. The Government supports initiatives which give customers access to in-person banking, as well as digital access.
The Government keeps the effectiveness of current arrangements under review through regular engagement with stakeholders to ensure they meet the needs of local communities.
As set out in the Memorandum of Understanding between HM Treasury and the Bank of England, the Bank of England is entirely responsible for the design, production, issue and distribution of banknotes. There are no current plans to change these responsibilities.
The Bank of England will launch another consultation in summer 2026 to seek the views of the public on images for the next series of banknotes. Further detail can be found on the Bank of England’s website.
The final decision about what imagery will appear on the next series of banknotes will be made by the Governor of the Bank of England.
The Government is taking action on fuel affordability at the pump.
At Budget 2025, the Government extended the 5p-per-litre cut for a further five months, until the end of August this year. The Government has also cancelled the increase in line with inflation for 2026/27; instead, rates will only gradually return to early 2022 levels by March 2027.
The Government's action on fuel duty will save an average heavy goods vehicle more than £800 in 2026/27 compared to previous plans, and follows an extended period where freezes to fuel duty have resulted in substantial savings for the haulage industry.
As with all taxes, the Government keeps fuel duty under review.
HM Treasury does not prepare forecasts for the UK economy. These forecasts are the responsibility of the independent Office for Budget Responsibility (OBR).
The OBR publishes its forecasts in their Economic and Fiscal Outlook (EFO). The OBR’s latest EFO can be found here: Economic and fiscal outlook – March 2026 - Office for Budget Responsibility. This includes the OBR’s forecast for the labour share of income at March 2026 which can be found in tab 1.6 of this link: Detailed Forecast Economy Tables.
The Government keeps the economic outlook, including living standards, under close review. The economic impact of the situation in the Middle East will depend on its severity, duration and the extent of disruption to energy supplies. Official forecasts, including for living standards, are published by the independent Office for Budget Responsibility.
Living standards are rising, with real household disposable income per capita having risen by £700 in the last 12 months compared to the final year of the last Parliament.
The Government is acting to improve living standards by growing the economy, tackling inflation and supporting households, including measures at the Budget to cut energy bills, expand targeted support for lower‑income households, and freeze rail fares and NHS prescription charges.