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 data on imports of steel is given in the attached tables in Annex A (volume) and Annex B (value).
HM Revenue & Customs (HMRC) is responsible for the collection and publication of data on imports and exports of goods to and from the UK. HMRC releases this information monthly, as an Accredited National Statistic called the Overseas Trade in Goods Statistics (OTS), which is available via their dedicated website (www.uktradeinfo.com ).
The data on imports of ferrous scrap is given in table 1. HM Revenue & Customs (HMRC) is responsible for the collection and publication of data on imports and exports of goods to and from the UK. HMRC releases this information monthly, as an Accredited National Statistic called the Overseas Trade in Goods Statistics (OTS), which is available via their dedicated website (www.uktradeinfo.com ). | |||
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Table 1: UK import volumes (kg) of Ferrous Scrap |
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Country | 2023 | 2024 | 2025 |
Not Declared | 100,666,973 | 119,323,136 | 110,711,763 |
Ireland | 58,409,303 | 62,163,906 | 54,568,750 |
Belgium | 10,620,084 | 11,853,794 | 385,988 |
Germany | 6,447,914 | 11,121,900 | 392,921 |
Netherlands | 3,600,562 | 5,603,047 | 1,460,658 |
UK | 1,783,716 | 4,873,692 | 705,830 |
United States | 451 | 137,270 | 2,211,158 |
France | 128,252 | 375,242 | 107,888 |
Canada | 2,880 |
| 372,743 |
Costa Rica | 106,506 |
| 25,000 |
Iceland | 110,610 | 9,610 | 6,490 |
Panama | 44,000 | 40,000 | 20,000 |
Spain |
| 2,003 | 99,660 |
Italy | 12,133 | 41,211 | 41,752 |
Malta | 24,100 | 41,760 |
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Norway |
| 51,060 |
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Czechia | 14,272 | 11,114 | 25,097 |
Israel |
| 48,830 |
|
Lithuania |
|
| 48,711 |
Estonia |
|
| 29,241 |
Latvia |
| 24,000 |
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Congo (Dem. Rep) | 15,000 |
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Switzerland | 7,120 | 5,530 | 331 |
China | 158 | 2,041 | 4,380 |
Slovakia |
| 52 | 2,971 |
Sweden |
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| 2,674 |
Falkland Islands | 2,540 |
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India | 869 | 582 | 209 |
Jamaica |
|
| 637 |
Oman | 228 |
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Comoros |
|
| 180 |
Singapore |
| 54 |
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Somalia |
|
| 15 |
Taiwan | 3 |
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Hungary | 1 |
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Grand Total | 181,997,675 | 215,729,834 | 171,225,047 |
Source: HMRC Overseas Trade Statistics / UK TradeInfo.com | |||
Notes |
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• Data for 2023-2025 are for calendar years | |||
• HS8 72044110, 72044191, 72043000, 72044199, 72044910, 72044930, 72044990, 72045000 | |||
• Import trade is on a country of origin basis | |||
• 2025 is an open year and is therefore provisional and is subject to change | |||
• Country of origin is not required on trade declared through the Intrastat system | |||
The data on imports of ferrous scrap is given in table 1.
HM Revenue & Customs (HMRC) is responsible for the collection and publication of data on imports and exports of goods to and from the UK. HMRC releases this information monthly, as an Accredited National Statistic called the Overseas Trade in Goods Statistics (OTS), which is available via their dedicated website (www.uktradeinfo.com ).
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Table 1: UK import volumes (kg) of Iron ore per year, from 2023 to 2025 | |||
Country | 2023 | 2024 | 2025 |
Sweden | 944,860,000 | 650,899,243 | 909,881,920 |
Brazil | 1,293,175,122 | 524,445,534 | 598,107,272 |
Canada | 1,290,465,000 | 496,900,000 | 565,870,677 |
Norway | 1,187,212,714 | 368,949,807 | 27,807,184 |
United States | 596,604,115 | 492,035,282 | 215,978,363 |
South Africa | 745,243,000 | 16,017,200 | 188,157,000 |
Mauritania | 315,269,000 | 248,684,000 | 356,403,000 |
Liberia | 379,172,000 | 243,407,200 |
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India | 127,150,000 | 71,500,000 |
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Vatican City | 158,257,000 |
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Egypt | 92,702,000 | 46,135,000 |
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Uruguay | 47,868,000 | 82,184,000 |
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Libya | 49,597,000 | 47,248,000 |
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Netherlands | 329,102 | 78,165,633 | 278,805 |
Trinidad:Tobago |
| 43,061,000 |
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Australia | 35,718,811 |
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Turkey | 117,089 | 258,720 | 282,240 |
France | 27,193 |
| 1,920 |
Germany | 23,086 |
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Spain |
| 3,018 | 6,178 |
UK | 2,397 | 3,560 | 1,550 |
Chile | 450 |
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Sierra Leone |
|
| 233 |
Ukraine |
| 203 |
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Italy |
|
| 95 |
Ireland | 14 |
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China |
| 2 |
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Grand Total | 7,263,793,093 | 3,409,897,402 | 2,862,776,437 |
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| Source: HMRC Overseas Trade Statistics / UK TradeInfo.com |
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Notes |
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• Data for 2023-2025 are for calendar years |
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• HS8 26011100, 260112000, 26012000 |
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• Import trade is on a country of origin basis |
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• 2025 is an open year and is therefore provisional and is subject to change | |||
• Country of origin is not required on trade declared through the Intrastat system | |||
The OBR publishes a breakdown of the Budget 2025 policy costings here:
The Government recently carried out a review of the Financial Ombudsman Service (FOS), and consulted on proposed changes to the statutory framework in which it operates. On 16 March, the Government published a response to its consultation on reforming the FOS, confirming it will legislate to stop the FOS acting as a quasi-regulator and provide greater regulatory coherence with the FCA.
The FOS was not intended to create binding precedents or new rules through its determinations, which are made based on all the individual circumstances of the case. The Government’s review concluded that there was not always coherence between the regulatory approach set by the Financial Conduct Authority (FCA) and the approach used by the FOS in determining individual complaints and, in a small but significant minority of cases, this led to the FOS acting as a quasi-regulator.
The Government’s reforms will amend the ‘Fair and Reasonable’ test to require that, where firms have met their obligations under relevant FCA Rules, the FOS will be required to find that a firm has acted fairly and reasonably. They will also make clear that the FOS can only consider rules that were in force at the time of the act or omission giving rise to a complaint. These reforms require primary legislation, which the government will take forward when Parliamentary time allows.
Alongside the Government’s planned legislative changes, the FCA and FOS are currently consulting on changes to the Dispute Resolution (DISP) rules in the FCA’s Handbook, which also proposes changes to address industry concerns about the potential for retrospective interpretation of FCA rules and standards.
All FCA authorised firms are subject to the same core regulatory requirements. The FCA communicates to firms, for example through their “Approach to Supervision” publication, that different business models including investment platforms and SIPP providers create different risk and therefore there are different expectations of the firms. The FCA expects firms to understand these risks and mitigate against them. Where appropriate, the FCA will clarify their expectations of different firms. Firms must also meet additional requirements, either rules or guidance, set out by the FCA depending on the specific regulated activities and permissions a firm undertakes and holds.
On Monday 16 March, the Government published a response to its consultation on reforming the Financial Ombudsman Service (FOS), confirming that the government will legislate to stop the FOS acting as a quasi-regulator and provide greater regulatory coherence with the Financial Conduct Authority (FCA).
The FOS was not intended to create binding precedents or new rules through its determinations, which are made based on all the individual circumstances of the case. The Government’s review concluded that there was not always coherence between the regulatory approach set by the FCA and the approach used by the FOS in determining individual complaints and, in a small but significant minority of cases, this had led to the FOS acting as a quasi-regulator. The Government’s reforms will ensure that FOS determinations are fully aligned with the regulatory standards set by the FCA.
The Government will bring forward legislation to deliver the reforms when parliamentary time allows. Alongside the Government’s response, the FCA and the FOS published a paper seeking views on a number of changes they can make in advance of legislation, including updates to the fair and reasonable test and initial implementation of the new referral mechanism.
The reforms will improve cooperation between the FOS and the FCA, including through introducing a referral mechanism, which will require the FOS to seek a view from the FCA where the FOS considers there may be ambiguity in what FCA rules require, or where it considers an issue raised may have wider implications across the financial services industry, which the FCA will be required to respond to. The FOS and the FCA have implemented an initial version of this mechanism through their updated Memorandum of Understanding.
The reforms will also require the FCA and the FOS to publish regular thematic reports, which will explain the FOS’s approach to types of complaints that it receives. This will provide greater certainty on the approach used by the FOS to resolve disputes, and which demonstrates how that approach is aligned with the regulatory standards set by the FCA. In their joint paper, the FOS and the FCA set out that they will work with the Government to consider how greater clarity could be provided ahead of any legislative change.
On Monday 16 March, the Government published a response to its consultation on reforming the Financial Ombudsman Service (FOS), confirming that the government will legislate to stop the FOS acting as a quasi-regulator and provide greater regulatory coherence with the Financial Conduct Authority (FCA).
The FOS was not intended to create binding precedents or new rules through its determinations, which are made based on all the individual circumstances of the case. The Government’s review concluded that there was not always coherence between the regulatory approach set by the FCA and the approach used by the FOS in determining individual complaints and, in a small but significant minority of cases, this had led to the FOS acting as a quasi-regulator. The Government’s reforms will ensure that FOS determinations are fully aligned with the regulatory standards set by the FCA.
The Government will bring forward legislation to deliver the reforms when parliamentary time allows. Alongside the Government’s response, the FCA and the FOS published a paper seeking views on a number of changes they can make in advance of legislation, including updates to the fair and reasonable test and initial implementation of the new referral mechanism.
The reforms will improve cooperation between the FOS and the FCA, including through introducing a referral mechanism, which will require the FOS to seek a view from the FCA where the FOS considers there may be ambiguity in what FCA rules require, or where it considers an issue raised may have wider implications across the financial services industry, which the FCA will be required to respond to. The FOS and the FCA have implemented an initial version of this mechanism through their updated Memorandum of Understanding.
The reforms will also require the FCA and the FOS to publish regular thematic reports, which will explain the FOS’s approach to types of complaints that it receives. This will provide greater certainty on the approach used by the FOS to resolve disputes, and which demonstrates how that approach is aligned with the regulatory standards set by the FCA. In their joint paper, the FOS and the FCA set out that they will work with the Government to consider how greater clarity could be provided ahead of any legislative change.
On Monday 16 March, the Government published a response to its consultation on reforming the Financial Ombudsman Service (FOS), confirming that the government will legislate to stop the FOS acting as a quasi-regulator and provide greater regulatory coherence with the Financial Conduct Authority (FCA).
The FOS was not intended to create binding precedents or new rules through its determinations, which are made based on all the individual circumstances of the case. The Government’s review concluded that there was not always coherence between the regulatory approach set by the FCA and the approach used by the FOS in determining individual complaints and, in a small but significant minority of cases, this had led to the FOS acting as a quasi-regulator. The Government’s reforms will ensure that FOS determinations are fully aligned with the regulatory standards set by the FCA.
The Government will bring forward legislation to deliver the reforms when parliamentary time allows. Alongside the Government’s response, the FCA and the FOS published a paper seeking views on a number of changes they can make in advance of legislation, including updates to the fair and reasonable test and initial implementation of the new referral mechanism.
The reforms will improve cooperation between the FOS and the FCA, including through introducing a referral mechanism, which will require the FOS to seek a view from the FCA where the FOS considers there may be ambiguity in what FCA rules require, or where it considers an issue raised may have wider implications across the financial services industry, which the FCA will be required to respond to. The FOS and the FCA have implemented an initial version of this mechanism through their updated Memorandum of Understanding.
The reforms will also require the FCA and the FOS to publish regular thematic reports, which will explain the FOS’s approach to types of complaints that it receives. This will provide greater certainty on the approach used by the FOS to resolve disputes, and which demonstrates how that approach is aligned with the regulatory standards set by the FCA. In their joint paper, the FOS and the FCA set out that they will work with the Government to consider how greater clarity could be provided ahead of any legislative change.
On Monday 16 March, the Government published a response to its consultation on reforming the Financial Ombudsman Service (FOS), confirming that the government will legislate to stop the FOS acting as a quasi-regulator and provide greater regulatory coherence with the Financial Conduct Authority (FCA).
The FOS was not intended to create binding precedents or new rules through its determinations, which are made based on all the individual circumstances of the case. The Government’s review concluded that there was not always coherence between the regulatory approach set by the FCA and the approach used by the FOS in determining individual complaints and, in a small but significant minority of cases, this had led to the FOS acting as a quasi-regulator. The Government’s reforms will ensure that FOS determinations are fully aligned with the regulatory standards set by the FCA.
The Government will bring forward legislation to deliver the reforms when parliamentary time allows. Alongside the Government’s response, the FCA and the FOS published a paper seeking views on a number of changes they can make in advance of legislation, including updates to the fair and reasonable test and initial implementation of the new referral mechanism.
The reforms will improve cooperation between the FOS and the FCA, including through introducing a referral mechanism, which will require the FOS to seek a view from the FCA where the FOS considers there may be ambiguity in what FCA rules require, or where it considers an issue raised may have wider implications across the financial services industry, which the FCA will be required to respond to. The FOS and the FCA have implemented an initial version of this mechanism through their updated Memorandum of Understanding.
The reforms will also require the FCA and the FOS to publish regular thematic reports, which will explain the FOS’s approach to types of complaints that it receives. This will provide greater certainty on the approach used by the FOS to resolve disputes, and which demonstrates how that approach is aligned with the regulatory standards set by the FCA. In their joint paper, the FOS and the FCA set out that they will work with the Government to consider how greater clarity could be provided ahead of any legislative change.
The Valuation Office are working with the sector to ensure that recording studios are categorised as such. They publish an annual stock of properties which can be sorted by their Special Category (SCat) here: Non-domestic rating: stock of properties collection - GOV.UK. Recording studios can be found under SCat code 232. The total number of recording studios in England and Wales for the last ten years are:
2025 - 410
2024 - 410
2023 - 420
2022 - 420
2021 - 410
2020 - 400
2019 - 410
2018 - 400
2017 - 390
2016 - 390
Parents cannot receive more than one statutory payment at the same time, meaning Statutory Neonatal Care Pay (SNCP) is often taken at the end of Statutory Maternity Pay and Statutory Paternity Pay. As mothers can receive up to 39 weeks of maternity pay, and SNCP was introduced from April last year, many eligible mothers will have been in receipt of maternity pay at the point the data was extracted and may not yet have claimed SNCP.
SNCP Claims in Tax Year 2025-26 | |
Gender | Cases |
Female | 200 |
Male | 1600 |
Notes:
1) Data collected using HMRC Real Time Information (RTI) and extracted in December 2025. RTI is subject to revision or updates.
2) Cases have been rounded to nearest 100.
3) Figures may not sum to totals due to rounding.
HM Treasury is currently analysing data provided by Section 41 bodies on their irrecoverable VAT and will set out the next steps to the reforms in due course.
Individuals do face both investment and longevity risk in today’s Defined Contribution pension landscape, That can include investment risk during retirement. The government is acting to help savers manage these risk, including via the introduction of default pensions through the Pension Schemes Bill. This will ensure that savers in workplace defined contribution schemes have a default solution in place for retirement, helping secure a sustainable income in later life. Trustees and providers will need to consider how the solution they put in place help protect individuals from investment and longevity risks.
FCA rules already require drawdown providers to provide annual statements to consumers which contain enough information for them to review their position. This ensures that consumers can make choices regarding their drawdown arrangements on an informed basis.
I refer the Hon Member to the answer given to Question UIN113817 on 1 April 2026.
The Financial Services Growth and Competitiveness Strategy set out the government’s vision for the UK’s sustainable finance regulatory framework, which prioritises championing the UK’s world leading sustainable finance sector to innovate and adapt to upcoming developments.
The government published the UK Sustainability Reporting Standards for voluntary use on 25 February. These aim to support long-term, sustainable decision-making by the business and investment community by providing high-quality and comparable information about the sustainability-related risks and opportunities that businesses face. These standards are closely aligned with the standards from the International Sustainability Standards Board and will support both companies and investors working across jurisdictional boundaries. The Financial Conduct Authority has also consulted on potential updates to its rules for listed companies.
The UK is also taking decisive action to ensure its financial services sector in supporting the global transition and is well placed to capture the opportunity of transition finance. The government has been working closely with the Transition Finance Council, which the Chancellor co-launched with the City of London Corporation in February 2025. It has also consulted on potential implementation options to take forward transition planning in a way that supports the market’s need for credible and decision-useful information, while encouraging action in line with the UK’s climate commitments and supporting economic growth. The government will publish its response in due course.
The government is maintaining close engagement with the UK’s international partners on digital asset and stablecoin market access opportunities.
The government is committed to making the UK a leading global destination for digital assets.
Financial regulatory dialogues, including the Japan-UK Financial Regulatory Forum (FRF), are important in supporting cross-border trade in financial services and form a core part of the government’s approach to strengthening international partnerships, as set out in the Financial Services Growth and Competitiveness Strategy published in July.
The most recent Japan-UK FRF was on 18 March 2026 in Tokyo, alongside joint sessions with the seventh meeting of the Financial Dialogue. The Forum provided an opportunity for a deep and meaningful exchange across a broad set of economic, fiscal and financial regulatory issues, including alignment on international sustainability reporting standards, digital finance and international banking. Further details of the discussions can be found in the Joint Statement.
HM Treasury does not pay for followers on any social media platforms.
The Valuation Office Agency publishes data relating to your request annually, in the NDR stock of properties which can be found here.
The Call for Evidence on business rates and investment closed on 18 February. It asked stakeholders for 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 representations we’ve received, and a response to the Call for Evidence will be published in due course.
The Call for Evidence on business rates and investment closed on 18 February. It asked stakeholders for 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 representations we’ve received, and a response to the Call for Evidence will be published in due course.
The mechanism the Chancellor announced on 17 March will increase the availability of munitions and other critical capabilities when we need them most.
Similar to other international financial institutions, we expect that capital will be paid in based on countries’ GDP share, and that this will leverage many multiples more capital via private sector funding. The precise set-up is now being explored, and HMT and MOD are working together with finance and defence ministries across partner countries.
The mechanism the Chancellor announced on 17 March will increase the availability of munitions and other critical capabilities when we need them most.
Similar to other international financial institutions, we expect that capital will be paid in based on countries’ GDP share, and that this will leverage many multiples more capital via private sector funding. The precise set-up is now being explored, and HMT and MOD are working together with finance and defence ministries across partner countries.
The mechanism the Chancellor announced on 17 March will increase the availability of munitions and other critical capabilities when we need them most.
Similar to other international financial institutions, we expect that capital will be paid in based on countries’ GDP share, and that this will leverage many multiples more capital via private sector funding. The precise set-up is now being explored, and HMT and MOD are working together with finance and defence ministries across partner countries.
HM Treasury has a comprehensive framework for assessing and managing risks to the economic outlook and to financial stability. This includes systematic monitoring through internal risk monitors, risk governance forums, and collaboration with other government departments such as the Department for Environment, Food & Rural Affairs and the Department for Energy Security and Net Zero in relation to the impacts of climate change and nature related risks.
The Chancellor’s latest remit and recommendations letter to the Financial Policy Committee (FPC) asks the Committee to consider how climate-related risks could affect financial stability over the near and long term, and to continue to assess the materiality of nature-related risks to its primary objective. The remits for the FPC and Prudential Regulation Committee also make clear that they should support the Government’s approach to accelerate the transition to a climate-resilient, nature-positive and net zero economy.
HMT and the Bank of England meet regularly to discuss the financial stability outlook.
The Government recognises the profound impact which the Covid-19 pandemic had on individuals and businesses across the country. While the pandemic may have receded, the challenges for many small businesses still persist. This is why the Government published the Small Business Plan in July 2025, delivering the most comprehensive package of SME support in a generation, including legislating to end late payments, reducing regulatory burdens, supporting exporters, and investing in skills.
Disability refers to a range of conditions, many of which do not prevent holders of Child Trust Funds and JISAs accessing them in the usual way. Where parents and carers need to engage with provisions under the Mental Capacity Act to manage the finances of a child, the Ministry of Justice has provided a guide, available at https://www.gov.uk/government/news/new-how-to-guide-to-help-families-access-trust-funds-of-disabled-young-adults
Disability refers to a range of conditions, many of which do not prevent holders of Child Trust Funds and JISAs accessing them in the usual way. Where parents and carers need to engage with provisions under the Mental Capacity Act to manage the finances of a child, the Ministry of Justice has provided a guide, available at https://www.gov.uk/government/news/new-how-to-guide-to-help-families-access-trust-funds-of-disabled-young-adults
Disability refers to a range of conditions, many of which do not prevent holders of Child Trust Funds and JISAs accessing them in the usual way. Where parents and carers need to engage with provisions under the Mental Capacity Act to manage the finances of a child, the Ministry of Justice has provided a guide, available at https://www.gov.uk/government/news/new-how-to-guide-to-help-families-access-trust-funds-of-disabled-young-adults
The Financial Conduct Authority (FCA) has clarified that non-financial spread betting products are not financial instruments, and that the FCA’s regulatory framework does not account for gambling activity in relation to events which are not connected to financial markets.
Furthermore, the Gambling Commission does not licence products whose name, branding or marketing contain language associated with financial products, and understands spread bets of all kinds to potentially fall within the FCA’s remit.
The FCA advises that consumers who take positions in sports or other non-financial betting products should not assume they are eligible for financial compensation schemes or other financial regulatory protections.
Vehicle Excise Duty (VED) is a tax on vehicles used or kept on public roads, and as in my previous response, rates for different vehicles vary according to a range of factors.
The rates payable for different vehicle types and the factors which determine them are set out in the V149 and V149/1 rates tables published by the Driver and Vehicle Licensing Agency (DVLA), and which can be found here: https://www.gov.uk/government/publications/rates-of-vehicle-tax-v149
The Government annually reviews the rates and thresholds of taxes and reliefs to ensure that they are appropriate and reflect the current state of the economy. The Chancellor makes decisions on tax policy at fiscal events in the context of the public finances.
As announced at Budget 2025, the Government is introducing Electric Vehicle Excise Duty (eVED) from April 2028, to create a fair tax system whilst also taking steps to ensure that driving an electric vehicle (EV) remains an attractive choice for consumers.
The Government published a consultation which set out further detail on how eVED will work and sought views on its design and implementation. This included a commitment to engage with garages on the costs of mileage checks and MOT fees.
As part of the consultation process, the government has undertaken a programme of engagement involving a range of stakeholders, including garages, and is committed to continuing to engage closely on the implementation of eVED in the lead up to April 2028.
The consultation closed on 18 March 2026. The government is considering responses and will publish a response in due course.
As announced at Budget 2025, the Government is introducing Electric Vehicle Excise Duty (eVED) from April 2028, to create a fair tax system whilst also taking steps to ensure that driving an electric vehicle (EV) remains an attractive choice for consumers.
The rate of eVED for EVs will be half of the equivalent fuel duty rate paid by the average petrol/diesel driver, ensuring that EVs are cheaper to own and run for the majority of EV drivers.
Alongside eVED, the Government also announced at Budget 2025 generous additional support to incentivise the use of electric vehicles, including £1.3 billion of additional funding for the Electric Car Grant (ECG), £200 million for chargepoint rollout, and increasing the VED Expensive Car Supplement (ECS) threshold to £50,000 for EVs. To support manufacturers and the automotive sector supply chain, the Government announced an extension of funding for the Drive 35 (Driving Research & Investment in Vehicle Electrification) programme and a delay to proposed changes to Employee Car Ownership Schemes (ECOS) alongside transitional arrangements.
As set out by the OBR, the estimated net impact of eVED and other Budget measures, including the ECG and ECS, is 120,000 fewer new EV sales across the forecast period. This is against a baseline which assumes EV sales more than triple from 2025-26 levels by 2030-31, which means the net impact of eVED represents only 2% of total new EV sales in the period.
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
The Green Financing Framework, updated in 2025, explains how proceeds from green gilts and NS&I’s retail Green Savings Bonds will finance public expenditures that deliver a direct and positive environmental impact.
The Defence Nuclear Enterprise is critically important but does not primarily exist to support those objectives and so is not eligible to be financed under the Framework. This exclusion is in line with international norms for green bond frameworks.
The Chancellor has regular discussions with the Secretary of State for the Department for Health and Social Care (DHSC) on a range of issues.
DHSC ran a 12-week consultation on proposals for the ban of high-caffeine energy drinks to children under 16 years from 3 September to 26 November 2025. This included seeking views on how the ban should apply in vending machines.
DHSC is now carefully considering the responses and will publish the government response in due course, setting out the consultation outcome and any next steps.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since the pandemic, which has led to significant increases in rateable values for some properties as they recover from the pandemic.
To respond to those who are seeing large increases, Government has already acted to limit increases in bills, announcing a support package worth £4.3 billion package at the Budget.
The Government is also introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £1 billion per year and will benefit over 750,000 properties.
The Government published information on the effects of the changes to business rates made at Budget 2025 here: https://www.gov.uk/government/publications/effects-of-the-business-rates-retail-hospitality-and-leisure-multipliers-and-high-value-multiplier/effects-of-the-business-rates-retail-hospitality-and-leisure-multipliers-and-high-value-multiplier#multipliers
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since the pandemic, which has led to significant increases in rateable values for some properties as they recover from the pandemic.
To respond to those who are seeing large increases, Government has already acted to limit increases in bills, announcing a support package worth £4.3 billion package at the Budget.
The Government is also introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £1 billion per year and will benefit over 750,000 properties.
The Government published information on the effects of the changes to business rates made at Budget 2025 here: https://www.gov.uk/government/publications/effects-of-the-business-rates-retail-hospitality-and-leisure-multipliers-and-high-value-multiplier/effects-of-the-business-rates-retail-hospitality-and-leisure-multipliers-and-high-value-multiplier#multipliers
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since the pandemic, which has led to significant increases in rateable values for some properties as they recover from the pandemic.
To respond to those who are seeing large increases, Government has already acted to limit increases in bills, announcing a support package worth £4.3 billion package at the Budget.
The Government is also introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £1 billion per year and will benefit over 750,000 properties.
The Government published information on the effects of the changes to business rates made at Budget 2025 here: https://www.gov.uk/government/publications/effects-of-the-business-rates-retail-hospitality-and-leisure-multipliers-and-high-value-multiplier/effects-of-the-business-rates-retail-hospitality-and-leisure-multipliers-and-high-value-multiplier#multipliers
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since the pandemic, which has led to significant increases in rateable values for some properties as they recover from the pandemic.
To respond to those who are seeing large increases, Government has already acted to limit increases in bills, announcing a support package worth £4.3 billion package at the Budget.
The Government is also introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £1 billion per year and will benefit over 750,000 properties.
The Government published information on the effects of the changes to business rates made at Budget 2025 here: https://www.gov.uk/government/publications/effects-of-the-business-rates-retail-hospitality-and-leisure-multipliers-and-high-value-multiplier/effects-of-the-business-rates-retail-hospitality-and-leisure-multipliers-and-high-value-multiplier#multipliers
The VOA provided five data drops from 1 April 2024 to the publication of the draft rating list.
HMRC does not hold information on (1) the number of parents that have taken Neonatal Care Leave and (3) the number of parents that have received both Neonatal Care Leave and Pay.
HMRC does hold data on Statutory Neonatal Care Pay provided by Real Time Information, HMRC’s database that holds Pay as You Earn information relating to employees. Using data from April-December 2025, an estimated 1,900 individuals were in receipt of Statutory Neonatal Care Pay. This data was extracted from HMRC’s Real-Time Information in January 2026 and is subject to revision or updates.
HMRC does not receive data on exact claim duration. However, it is possible to estimate the duration of a claim based on total amounts of Statutory Neonatal Care Pay claimed. The average length of a claim is currently estimated at 2.3 weeks. The distribution of this is shown in the table below:
SNCP Claims in Tax Year 2025-26 | |
Estimated Claim Duration | Cases |
1 week | 800 |
2 weeks | 500 |
3 weeks | 200 |
4 weeks | 200 |
5 weeks | 100 |
6 weeks | 100 |
Notes:
1) Data collected using HMRC Real Time Information (RTI) and extracted in December 2025. RTI is subject to revision or updates.
2) Cases have been rounded to nearest 100.
All assessments are underpinned by statutory assumptions defined in Schedule 6 of the Local Government Finance Act 1988.
For the 2026 revaluation, we consider general economic circumstances and the receipts and expenditure relevant to individual airports at the valuation date 1 April 2024. As this is the first revaluation since Covid, a large number of ratepayers may see a significant increase in rateable value compared to the previous valuation date 1 April 2021, when the country was in a pandemic lockdown.
Resource on preparations for the 2028 Council Tax revaluation in Wales has ranged from between 56 to 68 Full Time Equivalent staff in recent years.
HMRC is committed to helping retirees and others with pensions and savings understand their tax position and avoid errors with their tax codes.
Most people who receive a pension or savings income pay the right tax automatically through Pay As You Earn (PAYE). HMRC uses information provided by pension providers, banks and building societies to set and update tax codes, and continues to improve how this data is used to increase accuracy and reduce the risk of errors.
Where changes are made to a tax code, HMRC provides clear explanations so customers understand why an adjustment has been made and what action, if any, is needed. Customers can check and update their details online through their Personal Tax Account or the HMRC app, and can contact HMRC directly if something does not look right.
HMRC also recognises that some retirees may find tax matters more complex or may not be able to use digital services. For these customers, HMRC provides alternative support, including telephone and postal services, clear written guidance, and trained advisers who can offer tailored and empathetic help.
HMRC continues to improve its guidance and communications, including plain‑English information designed around real‑life situations, to help people better understand their tax affairs and avoid common mistakes.
The Office for Budget Responsibility (OBR) has full discretion over the timing of its own publication programme.
Bank authorisations are a matter for the independent Prudential Regulation Authority.
As set out in the Government’s Financial Services Growth and Competitiveness Strategy, the UK aims to be the world’s most technologically advanced global financial centre, and to remain a leading jurisdiction for Fintech firms to start up, scale and list.
The Strategy set out a comprehensive package of reforms to maintain the UK’s global leadership in Fintech. This includes creating a competitive regulatory environment by working with UK regulators to make it quicker and easier for new firms to achieve regulatory authorisation.
As required by the Sovereign Grant Act 2011, the next review of the Sovereign Grant is taking place this year. Further detail will be announced in due course.
The Government is committed to bringing forward legislation to reset the Grant to a lower level from 2027-28 once Buckingham Palace reservicing works are completed.