HM Treasury
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.
Shadow Ministers / Spokeperson
Liberal Democrat
Baroness Kramer (LD - Life peer)Liberal Democrat Lords Spokesperson (Treasury and Economy)
Daisy Cooper (LD - St Albans)
Liberal Democrat Spokesperson (Treasury)
Conservative
Mel Stride (Con - Central Devon)Shadow Chancellor of the Exchequer
Green Party
Adrian Ramsay (Green - Waveney Valley)Green Spokesperson (Treasury)
Liberal Democrat
Charlie Maynard (LD - Witney)Liberal Democrat Spokesperson (Chief Secretary to the Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Lord Altrincham (Con - Excepted Hereditary)Shadow Minister (Treasury)
Richard Fuller (Con - North Bedfordshire)
Shadow Chief Secretary to the Treasury
Gareth Davies (Con - Grantham and Bourne)
Shadow Financial Secretary (Treasury)
Baroness Neville-Rolfe (Con - Life peer)
Shadow Minister (Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
James Wild (Con - North West Norfolk)Shadow Exchequer Secretary (Treasury)
Mark Garnier (Con - Wyre Forest)
Shadow Economic Secretary (Treasury)
Ministers of State
Lord Livermore (Lab - Life peer)Financial Secretary (HM Treasury)
James Murray (LAB - Ealing North)
Chief Secretary to the Treasury
Lord Stockwood (Lab - Life peer)
Minister of State (HM Treasury)
Parliamentary Under-Secretaries of State
Torsten Bell (Lab - Swansea West)Parliamentary Secretary (HM Treasury)
Dan Tomlinson (Lab - Chipping Barnet)
Exchequer Secretary (HM Treasury)
Lucy Rigby (Lab - Northampton North)
Economic Secretary (HM Treasury)
04:00
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
To ask His Majesty's Government what assessment they have made of the implications for regulatory oversight of fintech innovation arising …
Regulation 2 amends the licensing table in Schedule 2 to the Customs (Tariff Quotas) (EU Exit) Regulations 2020 (S.I. 2020/1432) …
A Bill to Make provision to amend section 4 of the Social Security Contributions and Benefits Act 1992, and section …
HM Treasury Commons Appearances
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:- Urgent Questions where the Speaker has selected a question to which a Minister must reply that day
- Adjornment Debates a 30 minute debate attended by a Minister that concludes the day in Parliament.
- Oral Statements informing the Commons of a significant development, where backbench MP's can then question the Minister making the statement.
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.
Bills currently before Parliament
HM Treasury does not have Bills currently before Parliament
Acts of Parliament created in the 2024 Parliament
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.
HM Treasury - Secondary Legislation
Petitions
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).
(6,925 in the last 7 days)
(4,718 in the last 7 days)
(3,369 in the last 7 days)
(1,197 in the last 7 days)
(1,139 in the last 7 days)
(6,925 in the last 7 days)
(3,369 in the last 7 days)
(4,718 in the last 7 days)
(106 in the last 7 days)
(309 in the last 7 days)
Petition Closed
Raise the income tax personal allowance from £12,570 to £20,000
Gov Responded - 20 Feb 2025 Debated on - 12 May 2025closed 7 months ago
Raise 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.
Petition Closed
Don't change inheritance tax relief for working farms
Gov Responded - 5 Dec 2024 Debated on - 10 Feb 2025closed 8 months, 1 week ago
We 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.
Petition Closed
Don't apply VAT to independent school fees, or remove business rates relief.
Gov Responded - 20 Dec 2024 Debated on - 3 Mar 2025closed 7 months, 2 weeks ago
Prevent independent schools from having to pay VAT on fees and incurring business rates as a result of new legislation.
Departmental Select Committee
Treasury Committee
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.
11 Members of the Treasury Committee
Treasury Committee Member since 9th September 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 9th December 2024
Treasury Committee Member since 27th October 2025
Treasury Committee Member since 27th October 2025
Treasury Committee Member since 27th October 2025
Treasury Committee: Upcoming Events
Work of the Prudential Regulation Authority
21 Jan 2026, 2 p.m.
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Treasury Committee - Private Meeting
26 Jan 2026, 1:30 p.m.
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Treasury Committee - Oral evidence
Mutuals
28 Jan 2026, 2 p.m.
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Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)The Government’s ambition is to make the UK a global leader in AI, leveraging our dual strength in financial services and AI to drive growth, productivity, and consumer benefits. Encouraging safe adoption is an essential part of realising that ambition.
The treatment of customers by UK banks and building societies is governed by the Financial Conduct Authority (FCA), whose independent regulatory powers ensure consumer protection in the financial services sector. The FCA’s Principles for Businesses require firms to provide prompt, efficient, and fair service to all their customers. The FCA’s Consumer Duty requires firms to act in good faith, prevent foreseeable harm, and act in the best interests of consumers.
UK banks are required to comply with relevant laws and regulations that are fundamental to consumer protection, including in any use of customer-facing agentic AI. In April 2024, the FCA published an update on its regulatory approach to AI, making it clear that where firms use AI as part of their business operations, they remain responsible for meeting FCA rules. Firms remain fully accountable for outcomes delivered by AI systems.
The Bank of England’s Financial Policy Committee (FPC) is responsible for identifying and monitoring risks to UK financial stability. In their April 2025 Financial Stability in Focus publication, they set out the potential benefits and risks to financial stability that could result from AI use in the financial system, including in relation to agentic AI. HM Treasury continues to work closely with the FPC and UK financial regulators to assess risks to financial stability.
The Government will continue to work with regulators and industry to ensure innovation proceeds safely and responsibly.
Financial Secretary (HM Treasury)
Stamp Duty Land Tax (SDLT) is an important source of government revenue, raising around £12 billion each year to help pay for essential public services. The Office for Budget Responsibility (OBR) sets out some of the interactions between SDLT, house prices and the volume of transactions as part of its Housing Market Forecasts, available on the OBR website.
https://obr.uk/forecasts-in-depth/the-economy-forecast/housing-market/
Exchequer Secretary (HM Treasury)
New forms of digital money and payments present potential benefits for both users and providers of payment services, offering faster, cheaper payments with better functionalities and greater security.
The government, alongside regulators, is considering the innovation opportunities that blockchain-based payments instruments, including tokenised deposits, could present the UK financial services sector.
We are working with regulators and industry to design the next generation of retail payments infrastructure, overseen by the Payments Vision Delivery Committee.
Steps have already been taken to set up the right regulatory conditions for firms to safely innovate and experiment with this technology, specifically through the Bank of England and Financial Conduct Authority’s (FCA) work on the Digital Securities Sandbox.
Furthermore, the government recently laid legislation to regulate cryptoassets and stablecoins. This regime will raise standards, strengthen consumer protection, help tackle market abuse, and support the responsible growth of the UK’s cryptoasset sector by providing clear and consistent rules.
Financial Secretary (HM Treasury)
The Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, has released the value of frozen funds from its Annual Frozen Asset Review exercise in each OFSI Annual Review since 2017.
OFSI published in its 2024-2025 Annual Review that £19.3 million in assets across multiple sanctions regimes have been reported as frozen as of September 2024.
This is an aggregated total of all entities and individuals listed on the Consolidated List of Financial Sanctions Targets under non specified regimes including the ISIL (Da’esh) and Al-Qaida regime.
Financial Secretary (HM Treasury)
The estimated amount of tax in 2026/27 that will be raised from double cab pick-up vehicles being treated as cars, comprised of increased Company Car Tax revenue and reduced Capital Allowances, has been estimated as follows:
Exchequer Impact (£m) | 2026-27 |
| 235 |
This figure is based on Autumn Budget 2024 basis and is subject to uncertainty typically around the behavioural response.
Exchequer Secretary (HM Treasury)
The sources used to calculate the number of properties impacted are set out in the published costings document: https://assets.publishing.service.gov.uk/media/692872fd2a37784b16ecf676/Budget_2025-Policy_Costings.pdf
Exchequer Secretary (HM Treasury)
Fewer than 1% of properties are expected to be above the £2 million threshold. The Valuation Office Agency is developing its approach and will set out more information alongside the government’s consultation.
Exchequer Secretary (HM Treasury)
Decisions on the use of tokenised deposits and smart contracts in the mortgage market are independent commercial matters for lenders and property firms, within the regulatory framework overseen by the Financial Conduct Authority, including the Consumer Duty and relevant mortgage conduct rules. However, the Government is regularly in contact with mortgage lenders on all aspects of their business, including the evolution and integration of new technologies and their potential impact on the industry.
The Ministry of Housing, Communities and Local Government is currently undertaking a review of home buying and selling, which will consider how digital tools and emerging technologies could be used to improve property transaction processes. The Government has made clear its objectives that reform should support faster, more reliable transactions and reduced fall throughs and risks.
Financial Secretary (HM Treasury)
HMRC uses a range of approaches to manage tax compliance, helping taxpayers get their tax right whilst tackling those who avoid or evade paying the taxes that are due.
Current and planned tax compliance measures are detailed below:
- HMRC has obtained historical data from cryptoasset entities using statutory information-gathering powers and undertaken communications with customers to encourage self-correction and disclosure.
- A dedicated cryptoasset section was added to Self Assessment forms for 2024–25 returns.
- Implementation of the OECD Cryptoasset Reporting Framework (CARF) from 1 January 2026, requiring service providers to collect and report user information. This new framework is expected to lead to additional tax being collected of £535 million (across 2026-2031).
- HMRC has updated GOV.UK guidance and published a YouTube video (‘Cryptoassets and paying tax’) to improve customer understanding paying taxes.
- HMRC has established a dedicated Crypto Sector team to co-ordinate cryptoasset compliance activities. This team will expand in the Summer of 2026 in preparation of the data arriving from CARF to help promote compliance through education and tackle those who do not pay the tax that they owe.
- The government has introduced legislation to establish a new financial services regulatory regime for cryptoassets. Subject to Parliamentary approval, this will ensure consumers are protected and firms have the certainty needed to invest and grow in the UK.
Financial Secretary (HM Treasury)
The correction exercise opened to claims for both Child Benefit and Child Tax Credit on 1 October 2025.
As affected individuals may not have had an active claim, HMRC is unable to identify affected individuals from its records and is reliant on them contacting HMRC. Prior to the launch, HMRC provided messaging directly to third-party welfare rights stakeholders to advertise the exercise and encourage claimants to self-identify. HMRC officials worked with the Department for Education and the Department for Work and Pensions to amplify this messaging through homeschooling networks and local authorities, respectively. The exercise also received national press coverage.
The communications campaign is expected to run until October 2026. HMRC will continue to publicise through stakeholders, and consider further press releases or targeted social media.
Financial Secretary (HM Treasury)
The Government recognises the significant contribution made by small businesses to economic growth and life in the UK. Tax rates and thresholds are one of a range of factors that affect small businesses’ decisions on growth and recruitment, alongside wider economic conditions, demand and market considerations.
There is a range of views on the VAT registration threshold. Any consideration of changes to the threshold would have to carefully balance potential impacts on small businesses, the economy as a whole, and tax revenues. The Chancellor makes decisions on tax policy at fiscal events in the context of the overall public finances.
Exchequer Secretary (HM Treasury)
The Government recognises the significant contribution made by small businesses to economic growth and life in the UK. Tax rates and thresholds are one of a range of factors that affect small businesses’ decisions on growth and recruitment, alongside wider economic conditions, demand and market considerations.
There is a range of views on the VAT registration threshold. Any consideration of changes to the threshold would have to carefully balance potential impacts on small businesses, the economy as a whole, and tax revenues. The Chancellor makes decisions on tax policy at fiscal events in the context of the overall public finances.
Exchequer Secretary (HM Treasury)
The Government recognises the significant contribution made by small businesses to economic growth and life in the UK. Tax rates and thresholds are one of a range of factors that affect small businesses’ decisions on growth and recruitment, alongside wider economic conditions, demand and market considerations.
There is a range of views on the VAT registration threshold. Any consideration of changes to the threshold would have to carefully balance potential impacts on small businesses, the economy as a whole, and tax revenues. The Chancellor makes decisions on tax policy at fiscal events in the context of the overall public finances.
Exchequer Secretary (HM Treasury)
The Government recognises the significant contribution made by small businesses to economic growth and life in the UK. Tax rates and thresholds are one of a range of factors that affect small businesses’ decisions on growth and recruitment, alongside wider economic conditions, demand and market considerations.
There is a range of views on the VAT registration threshold. Any consideration of changes to the threshold would have to carefully balance potential impacts on small businesses, the economy as a whole, and tax revenues. The Chancellor makes decisions on tax policy at fiscal events in the context of the overall public finances.
Exchequer Secretary (HM Treasury)
The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties. To support with bill increases, at the Budget, the Government introduced a support package worth £4.3 billion over the next three years to protect ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. Government support also means that most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto. The Government is doing this by introducing permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties, including grassroots music venues, while ensuring that warehouses used by online giants will pay more. The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid.
Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
The support package includes a redesigned transitional relief scheme which caps bill increases. The Transitional Relief caps will be as follows for properties with a rateable value of:
- Up to £20,000 (£28,000 in London): in 2026-27 – 5%, in 2027-28 – 10% (plus inflation), in 2028-29 – 25% (plus inflation).
- £20,001 (£28,001 in London) to £100,000: in 2026-27 – 15%, in 2027-28 – 25% (plus inflation), in 2028-29 – 40% (plus inflation).
- Over £100,000: in 2026-27 – 30%, in 2027-28 – 25% (plus inflation), in 2028-29 – 25% (plus inflation).
The Government is also proceeding with a supporting small business scheme (SSB) capping bill increases for the smallest businesses losing some or all of their small business rates relief or rural rate relief. For any business whose value has increased so that they are no longer eligible for small business rates relief – which provides up to 100% relief from business rates for small businesses – we are capping their increase at the higher of £800 or the relevant Transitional Relief percentage cap for a property of their value, before changes in other reliefs and local supplements.
SSB eligibility and thresholds can be found at: Business rates relief: Small business rate relief - GOV.UK. Transitional Relief eligibility and thresholds can be found at: Business rates relief: Transitional relief - GOV.UK
Exchequer Secretary (HM Treasury)
The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties. To support with bill increases, at the Budget, the Government introduced a support package worth £4.3 billion over the next three years to protect ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. Government support also means that most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto. The Government is doing this by introducing permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties, including grassroots music venues, while ensuring that warehouses used by online giants will pay more. The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid.
Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
The support package includes a redesigned transitional relief scheme which caps bill increases. The Transitional Relief caps will be as follows for properties with a rateable value of:
- Up to £20,000 (£28,000 in London): in 2026-27 – 5%, in 2027-28 – 10% (plus inflation), in 2028-29 – 25% (plus inflation).
- £20,001 (£28,001 in London) to £100,000: in 2026-27 – 15%, in 2027-28 – 25% (plus inflation), in 2028-29 – 40% (plus inflation).
- Over £100,000: in 2026-27 – 30%, in 2027-28 – 25% (plus inflation), in 2028-29 – 25% (plus inflation).
The Government is also proceeding with a supporting small business scheme (SSB) capping bill increases for the smallest businesses losing some or all of their small business rates relief or rural rate relief. For any business whose value has increased so that they are no longer eligible for small business rates relief – which provides up to 100% relief from business rates for small businesses – we are capping their increase at the higher of £800 or the relevant Transitional Relief percentage cap for a property of their value, before changes in other reliefs and local supplements.
SSB eligibility and thresholds can be found at: Business rates relief: Small business rate relief - GOV.UK. Transitional Relief eligibility and thresholds can be found at: Business rates relief: Transitional relief - GOV.UK
Exchequer Secretary (HM Treasury)
On 6 April 2025 the outdated concept of domicile was removed from the tax system and replaced with a new residence-based regime, including a four-year foreign income and gains regime. The new regime includes the temporary repatriation facility (TRF) for individuals who have previously used the remittance basis to designate and pay tax at a reduced rate on foreign income and gains that arose prior April 2025.
The reforms to the tax treatment of non-domiciled individuals have been specifically designed to make the UK competitive, with a modern, simple tax regime that is also fair.
At Budget 2025, the government announced that it is introducing a cap on Inheritance Tax charges on trusts settled by former non-doms prior to Autumn Budget 2024. This reflects the significant amount of tax impacted individuals are expected to pay by remaining in the UK, as well as their wider economic contribution. This cap will apply to trust charges arising from April 2025.
At Budget 2025, the government also published the Finance Bill, which includes technical amendments to the legislation for the TRF. These include amendments to remove specific barriers to using the facility.
Exchequer Secretary (HM Treasury)
On 6 April 2025 the outdated concept of domicile was removed from the tax system and replaced with a new residence-based regime, including a four-year foreign income and gains regime. The new regime includes the temporary repatriation facility (TRF) for individuals who have previously used the remittance basis to designate and pay tax at a reduced rate on foreign income and gains that arose prior April 2025.
The reforms to the tax treatment of non-domiciled individuals have been specifically designed to make the UK competitive, with a modern, simple tax regime that is also fair.
At Budget 2025, the government announced that it is introducing a cap on Inheritance Tax charges on trusts settled by former non-doms prior to Autumn Budget 2024. This reflects the significant amount of tax impacted individuals are expected to pay by remaining in the UK, as well as their wider economic contribution. This cap will apply to trust charges arising from April 2025.
At Budget 2025, the government also published the Finance Bill, which includes technical amendments to the legislation for the TRF. These include amendments to remove specific barriers to using the facility.
Exchequer Secretary (HM Treasury)
Charlie Dewhirst
(Conservative - Bridlington and The Wolds)
The previous rules around voluntary National Insurance Contributions (NICs) allow those with a limited connection to the UK to build UK State Pension entitlement at a very cheap rate.
At Budget 2025 the Government took two immediate steps to fix the most unfair elements of these rules. From April 2026 we are removing most access to Class 2 voluntary NICs for periods abroad. This will prevent thousands of people who are not in the UK from building entitlement to a UK State Pension far more cheaply than working people here. Secondly, we are strengthening the link a person needs to have to the UK before they can build their National Insurance record abroad. A person will now need to have spent 10 years living or building their NI record in the UK, up from three years.
A Tax Information and Impact Note for these changes will be published alongside the introduction of legislation.
Exchequer Secretary (HM Treasury)
Further to the Answer of 8 December 2025 to Question 96894, the annual remuneration of the paid direct ministerial appointments is:
- Alex Depledge, Entrepreneurship Adviser to the Chancellor of the Exchequer – a daily rate of £565.50 for two days per week.
- David Sturrock, Economic Adviser to the Chancellor of the Exchequer and member of the Council of Economic Advisers – £117,362 per annum, full time.
All other direct ministerial appointments listed are unpaid.
Direct ministerial appointments are temporary appointments made to provide time limited advice and support to Ministers.
Exchequer Secretary (HM Treasury)
Further to the Answer of 8 December 2025 to Question 96894, the annual remuneration of the paid direct ministerial appointments is:
- Alex Depledge, Entrepreneurship Adviser to the Chancellor of the Exchequer – a daily rate of £565.50 for two days per week.
- David Sturrock, Economic Adviser to the Chancellor of the Exchequer and member of the Council of Economic Advisers – £117,362 per annum, full time.
All other direct ministerial appointments listed are unpaid.
Direct ministerial appointments are temporary appointments made to provide time limited advice and support to Ministers.
Exchequer Secretary (HM Treasury)
The VOA is not developing an automated valuation model for council tax in England.
Exchequer Secretary (HM Treasury)
Information on SCAT codes is available at this link [SCat code list]
Exchequer Secretary (HM Treasury)
I will write to you as soon as practicably possible.
Exchequer Secretary (HM Treasury)
Pilot training may be exempt from VAT when provided by an eligible body which meets certain conditions (for example, when provided by a government institution or certain regulated organisations), but otherwise will be subject to the standard rate. VAT-registered businesses paying for training will be able to recover any VAT they pay.
The Government currently has no plans to remove VAT on pilot flight training courses more broadly.
Exchequer Secretary (HM Treasury)
The government recognises the importance of ensuring disabled people are supported in meeting the additional costs of disability, which is why VAT is relieved on certain equipment and appliances designed solely for their use, including wheelchairs, certain motorised wheelchairs and mobility scooters, and other mobility aids.
VAT Notice 701/7 - Reliefs from VAT for disabled and older people sets out which goods and services for disabled people are zero-rated for VAT, and which mobility aids for people aged 60 or over are reduced-rated (subject to VAT at a rate of 5%).
While all taxes are kept under review, there are no current plans to change the VAT treatment of these goods.
Exchequer Secretary (HM Treasury)
Banking is changing, with many customers benefitting from the convenience and flexibility of managing their finances remotely. However, Government understands the importance of face-to-face banking to communities and is committed to supporting sufficient access for customers in rural areas and across the country.
Through the Financial Services and Markets Act 2023, the Government gave the Financial Conduct Authority regulatory responsibility for access to cash. Its rules ensure cash continues to be a viable method of payment for the millions of people who depend on it by providing reasonable access to cash withdrawal and deposit facilities for individuals and businesses, including free services for personal accounts.
In addition to traditional bank branches, the financial services industry is committed to rolling out 350 banking hubs across the UK by the end of this Parliament. Over 240 hubs have been announced so far, and more than 200 are already open. Government is working closely with industry on this commitment, including through regular ministerial engagement. Most recently, on 8 January, I chaired a roundtable with banks, Cash Access UK and UK Finance to discuss banking hubs.
Banking hubs are allocated based on independent assessments by LINK, which consider factors such as branch closures, cash reliance and community vulnerability. The criteria also differentiate between rural and urban areas. For example, LINK applies a wider three-mile catchment area in rural locations to recognise that villages often rely on nearby market towns.
Customers can also access everyday banking services at a nearby Post Office. The Post Office Banking Framework allows personal and business customers of participating banks to withdraw and deposit cash, check their balance, pay bills and cash cheques at over 10,000 Post Office branches across the UK. The Government protects the Post Office network by setting minimum access criteria. These include ensuring that 99% of the UK population lives within three miles of a Post Office and 90% of the population within one mile.
Beyond bank branches, banking hubs and Post Office banking services, some banks also provide points of access through initiatives such as pop-up services in libraries and community centres, or mobile banking vans serving remote areas. The Government supports initiatives which give customers access to in-person banking, as well as digital access.
Economic Secretary (HM Treasury)
Liam Byrne
(Labour - Birmingham Hodge Hill and Solihull North)
Payroll savings schemes allow employees to save directly from their salary and are a proven way of helping people start and maintain a savings habit. Research from the National Employment Savings Trust demonstrates that payroll savings can effectively help people to save, particularly where behavioural support is put in place.
As part of the recently published Financial Inclusion Strategy, the Government has worked with partners to provide the clarity employers need to offer payroll savings options to their workforce. The Government also announced an ambitious National Coalition of Employers, which will further encourage uptake of payroll savings schemes among employers.
Economic Secretary (HM Treasury)
A response to the hon. Member for East Londonderry was sent on 19 January 2026.
Economic Secretary (HM Treasury)
Insurers make commercial decisions about pricing and the terms of cover, they offer, including no claims discounts, based on their assessment of the relevant risks. The government does not generally intervene in these decisions by insurance companies and has no plans to add to existing legislation at this time.
However, the government is determined that insurers should treat customers fairly and firms are required to do under Financial Conduct Authority (FCA) rules. The FCA requires firms to ensure their products offer fair value, meaning the price paid by consumers should be reasonable compared to the overall benefits received. FCA rules also require insurers to handle claims fairly and promptly, provide appropriate guidance throughout the claims process, avoid unreasonable rejection, and settle claims promptly once terms are agreed.
The government launched a cross-government Motor Insurance Taskforce in October 2024 to address the rising costs of motor insurance, identifying short and long-term actions aimed at stabilising or reducing premiums, while maintaining appropriate levels of cover. The Taskforce’s final report, setting out actions being taken by government, regulators and industry to help reduce premium costs, was published in December 2025.
Economic Secretary (HM Treasury)
Insurers make commercial decisions about pricing and the terms of cover, they offer, including no claims discounts, based on their assessment of the relevant risks. The government does not generally intervene in these decisions by insurance companies and has no plans to add to existing legislation at this time.
However, the government is determined that insurers should treat customers fairly and firms are required to do under Financial Conduct Authority (FCA) rules. The FCA requires firms to ensure their products offer fair value, meaning the price paid by consumers should be reasonable compared to the overall benefits received. FCA rules also require insurers to handle claims fairly and promptly, provide appropriate guidance throughout the claims process, avoid unreasonable rejection, and settle claims promptly once terms are agreed.
The government launched a cross-government Motor Insurance Taskforce in October 2024 to address the rising costs of motor insurance, identifying short and long-term actions aimed at stabilising or reducing premiums, while maintaining appropriate levels of cover. The Taskforce’s final report, setting out actions being taken by government, regulators and industry to help reduce premium costs, was published in December 2025.
Economic Secretary (HM Treasury)
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 have the goal of delivering a direct and positive environmental impact.
Eligible expenditures are assessed on the basis of their contribution to the government’s climate and environmental objectives. Military nuclear spending, including the Trident renewal programme, is primarily for national defence purposes and as such is not eligible to be financed under the Framework. This exclusion is in line with international norms for green bond frameworks and enables the UK’s green gilts to be accessible to the greatest possible pool of investors, improving value-for-money.
The Green Financing Framework only applies to public expenditures and does not apply to private investment. Eligible expenditures are drawn from departments’ confirmed Spending Review settlements. There has been no rationale for HM Treasury and the Ministry of Defence to assess the potential impact on private sector participation in the Trident renewal programme.
Economic Secretary (HM Treasury)
The government recognises that stablecoins stand to drive important innovation in payments and settlement, but like other financial instruments they also have the potential to cause consumer harm, especially if not properly regulated.
That is why the UK has worked closed with international partners through the Financial Stability Board to develop global standards for cryptoassets and stablecoin. It is also why the government is creating a comprehensive UK regulatory regime under the Financial Conduct Authority for cryptoassets, including to regulate the issuance of stablecoin.
Economic Secretary (HM Treasury)
The Financial Conduct Authority (FCA) assumed responsibility for the peer to peer lending sector in 2014. In 2016, the FCA launched a post-implementation review into the peer to peer and crowdfunding sector, leading to a consultation on updated rules for the sector in 2018, with a set of strengthened rules being published in 2019.
The FCA has supervisory and enforcement powers in relation to the sector, and has undertaken investigations into certain, individual firms, such as Lendy Ltd. Lendy was subject to an asset restriction and a court petition to appoint a liquidator prior to it being placed in administration. The FCA has received several complaints about its regulation of Lendy under its Complaints Scheme. We await the findings of the complaints investigation into the FCA’s actions under the Complaints Scheme.
The Government takes the accountability of the FCA very seriously. The FCA’s independence from Government does not mean it can act arbitrarily; rather, it must operate within the framework of statutory duties and powers agreed by Parliament. As well as being required to operate within this framework, the FCA is fully accountable to Parliament for how it discharges its statutory functions.
There are a number of ways in which the legal framework ensures direct accountability of the FCA to Parliament, such as a requirement for the FCA to produce annual reports and accounts, which are laid before Parliament by the Treasury. The FCA is also subject to scrutiny via departmental select committee hearings, including the Treasury Select Committee and the Lords Financial Services Regulation Committee.
Economic Secretary (HM Treasury)
The Financial Conduct Authority (FCA) assumed responsibility for the peer to peer lending sector in 2014. In 2016, the FCA launched a post-implementation review into the peer to peer and crowdfunding sector, leading to a consultation on updated rules for the sector in 2018, with a set of strengthened rules being published in 2019.
The FCA has supervisory and enforcement powers in relation to the sector, and has undertaken investigations into certain, individual firms, such as Lendy Ltd. Lendy was subject to an asset restriction and a court petition to appoint a liquidator prior to it being placed in administration. The FCA has received several complaints about its regulation of Lendy under its Complaints Scheme. We await the findings of the complaints investigation into the FCA’s actions under the Complaints Scheme.
The Government takes the accountability of the FCA very seriously. The FCA’s independence from Government does not mean it can act arbitrarily; rather, it must operate within the framework of statutory duties and powers agreed by Parliament. As well as being required to operate within this framework, the FCA is fully accountable to Parliament for how it discharges its statutory functions.
There are a number of ways in which the legal framework ensures direct accountability of the FCA to Parliament, such as a requirement for the FCA to produce annual reports and accounts, which are laid before Parliament by the Treasury. The FCA is also subject to scrutiny via departmental select committee hearings, including the Treasury Select Committee and the Lords Financial Services Regulation Committee.
Economic Secretary (HM Treasury)
Lenders offering high-cost credit are regulated by the Financial Conduct Authority (FCA). This oversight ensures that lending practices are fair and that consumers are protected.
In 2013 the Government placed a duty on the FCA to implement a price cap for high-cost short-term credit products. The price cap came into force in 2015 and ensures that consumers using these products will never repay more than 100% of the principal in interest, fees, and other charges.
Lenders are also required to follow the FCA’s rules on promotions and adverts, where non-compliance could lead to fines. The FCA requires that all adverts and other promotions must be clear, fair, and not misleading.
The Government is also taking steps to improve financial literacy and awareness across the population... As part of the Financial Inclusion Strategy, the Government announced plans to make financial education compulsory in primary schools in England through a new statutory requirement to teach citizenship, alongside a renewed emphasis on the subject in secondary schools in the subjects of mathematics and citizenship. These measures aim to equip young people with the knowledge and skills they need to navigate an increasingly complex financial landscape and make informed decisions throughout their lives.
More widely, the Financial Inclusion Strategy recognises the useful role of responsible credit in helping households manage their cashflow and meet unexpected costs. The Strategy includes measures to support people’s access to responsible credit, including support for community finance providers, like credit unions.
Economic Secretary (HM Treasury)
The Government is committed to providing appropriate analysis of any agreement made with the EU, but we will not be able to provide a full assessment of the impacts whilst detailed negotiations are ongoing. We have made a choice to align in some areas where it makes sense to do so in our national interest. For example, to unlock the SPS and carbon pricing agreements, which will add up to £9 billion a year to the UK economy by 2040. The carbon pricing deal also avoids the risk of taxes on £7bn worth of UK exports to the EU. Where we agree to dynamically align, we will have decision-shaping rights, as well technical adaptations and phasing in to make this deal work for the UK. The details of these are subject to negotiation.
Economic Secretary (HM Treasury)
The Chancellor’s Council of Economic Advisers consists of three paid Special Advisers — Neil Amin-Smith, Spencer Thompson and Emily Fry — and one paid direct ministerial appointee, David Sturrock.
Exchequer Secretary (HM Treasury)
The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties.
To support with bill increases, at the Budget, the Government introduced a support package worth £4.3 billion over the next three years to protect ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down next year. Government support also means that most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
Exchequer Secretary (HM Treasury)
Charlie Dewhirst
(Conservative - Bridlington and The Wolds)
HMRC customers currently access digital services via the GOV.UK website or via the HMRC app by logging in with their Government Gateway credentials.
HMRC will be transitioning its customers (individuals, agents and organisations) to GOV.UK One Login.
Once HMRC customers have transitioned to GOV.UK One Login they will be able to access their digital HMRC services in the same way they currently do (via the GOV.UK website or the HMRC app) using their GOV.UK One Login credential instead of Government Gateway.
More details on HMRC’s plans to transition to GOV.UK One Login can be found in HMRC’s Transformation Roadmap, published in July 2025: HMRC's Transformation Roadmap - GOV.UK
Exchequer Secretary (HM Treasury)
The Government recognises the central role of the motor finance industry in helping consumers and businesses access vehicles and in supporting the wider automotive sector. Ensuring that consumers can access motor finance on manageable and affordable terms is therefore of vital importance and the Government wants to see this issue resolved in an efficient and orderly way that provides certainty for consumers and firms.
The Financial Conduct Authority (FCA), as the independent regulator, has consulted on proposals for a motor finance consumer redress scheme. Throughout the consultation period, which closed on December 12, the Government encouraged all stakeholders to fully engage with the process so that their views can be considered by the FCA. The FCA has indicated it will finalise the rules of the scheme in February or March.
Economic Secretary (HM Treasury)
The Government recognises the central role of the motor finance industry in helping consumers and businesses access vehicles and in supporting the wider automotive sector. Ensuring that consumers can access motor finance on manageable and affordable terms is therefore of vital importance and the Government wants to see this issue resolved in an efficient and orderly way that provides certainty for consumers and firms.
The Financial Conduct Authority (FCA), as the independent regulator, has consulted on proposals for a motor finance consumer redress scheme. Throughout the consultation period, which closed on December 12, the Government encouraged all stakeholders to fully engage with the process so that their views can be considered by the FCA. The FCA has indicated it will finalise the rules of the scheme in February or March.
Economic Secretary (HM Treasury)
The Government recognises the central role of the motor finance industry in helping consumers and businesses access vehicles and in supporting the wider automotive sector. Ensuring that consumers can access motor finance on manageable and affordable terms is therefore of vital importance and the Government wants to see this issue resolved in an efficient and orderly way that provides certainty for consumers and firms.
The Financial Conduct Authority (FCA), as the independent regulator, has consulted on proposals for a motor finance consumer redress scheme. Throughout the consultation period, which closed on December 12, the Government encouraged all stakeholders to fully engage with the process so that their views can be considered by the FCA. The FCA has indicated it will finalise the rules of the scheme in February or March.
Economic Secretary (HM Treasury)
Forecasts for the UK economy, including assessments of the impact of policy decisions, are the responsibility of the independent Office for Budget Responsibility (OBR).
The OBR publishes its forecast in the Economic and Fiscal Outlook (EFO). The OBR’s latest EFO can be found here: Economic and fiscal outlook – November 2025 - Office for Budget Responsibility. The OBR’s EFO includes a forecast of the GDP deflator.
The OBR is required to produce a Forecast Evaluation Report (FER) each year under the Budget Responsibility and National Audit Act (2011). The OBR is required to explain reasons for divergence between its forecasts and subsequent outturns, to support future forecast improvements.
The latest Forecast Evaluation Report can be found here: Forecast evaluation report 2025 - Office for Budget Responsibility . Evaluation of the GDP deflator can be found on pages 29-30.
Economic Secretary (HM Treasury)
In the 2022 to 2023 tax year, 7.12 million people subscribed to a Cash ISA only, and 3.07 million people subscribed to a Stocks and Shares ISA only. 1.46 million individuals subscribed the full £20,000 to Cash ISAs, while 0.84 million individuals subscribed the maximum £20,000 to Stocks and Shares ISAs.
In 2022 to 2023, there were 0.74 million people who subscribed to both Cash and S&S ISAs, and 0.19 million of these dual‑subscribers subscribed the maximum £20,000.
Economic Secretary (HM Treasury)
Those whose sole income is the basic and full new State Pension without any increments will not pay any income tax in 2026/27.
The Chancellor has said that those whose only income is the basic or new State Pension without any increments will not have to pay income tax over this Parliament. At the Budget, the Government announced that it will achieve this by easing the administrative burden for pensioners so that they do not have to pay small amounts of tax via Simple Assessment from 2027/28. The Government will set out more details in due course.
Parliamentary Secretary (HM Treasury)
Those whose sole income is the basic and full new State Pension without any increments will not pay any income tax in 2026/27.
The Chancellor has said that those whose only income is the basic or new State Pension without any increments will not have to pay income tax over this Parliament. At the Budget, the Government announced that it will achieve this by easing the administrative burden for pensioners so that they do not have to pay small amounts of tax via Simple Assessment from 2027/28. The Government will set out more details in due course.
Parliamentary Secretary (HM Treasury)
The Business Appointment rules are designed to uphold the core values in the Civil Service Code. The aim of the rules is that when a civil servant takes up an outside appointment or employment there should be no cause for justified public concern, criticism, or misinterpretation. These aims were considered in this case, and appropriate mitigations were put in place in line with standard HM Treasury practice and in accordance with the Business Appointment rules.
Exchequer Secretary (HM Treasury)