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)
Conservative
Jeremy Hunt (Con - Godalming and Ash)Shadow Chancellor of the Exchequer
Liberal Democrat
Daisy Cooper (LD - St Albans)Liberal Democrat Spokesperson (Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Laura Trott (Con - Sevenoaks)Shadow Chief Secretary to the Treasury
Nigel Huddleston (Con - Droitwich and Evesham)
Shadow Financial Secretary (Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Alan Mak (Con - Havant)Shadow Economic Secretary (Treasury)
Gareth Davies (Con - Grantham and Bourne)
Shadow Exchequer Secretary (Treasury)
Ministers of State
Darren Jones (Lab - Bristol North West)Chief Secretary to the Treasury
Lord Livermore (Lab - Life peer)
Financial Secretary (HM Treasury)
Parliamentary Under-Secretaries of State
Tulip Siddiq (Lab - Hampstead and Highgate)Economic Secretary (HM Treasury)
James Murray (LAB - Ealing North)
Exchequer Secretary (HM Treasury)
Emma Reynolds (Lab - Wycombe)
Parliamentary Secretary (HM Treasury)
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 estimate they have made of the revenue they would receive if National Insurance was …
These Regulations extend transitional provisions provided for in Regulation (EU) 575/2013 of the European Parliament and of the Council on …
A Bill to amend the Crown Estate Act 1961.
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 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).
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.
1 Members of the Treasury Committee
Treasury Committee Member since 9th September 2024
Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)On 29 July, the Government announced that, as of 1 January 2025, all education services and vocational training provided by a private school in the UK for a charge will be subject to VAT at the standard rate of 20 per cent. This will also apply to boarding services provided by private schools.
The Government will confirm the introduction of these tax policy changes at the Budget on 30 October. Following scrutiny of the Government’s costing by the independent Office for Budget Responsibility, details of the Government’s assessment of the expected impacts of these policy changes will be published at the Budget in the usual way.
The Chancellor has launched a multi-year Spending Review to conclude in Spring 2025.
Financial Secretary (HM Treasury)
The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) are non-governmental bodies which are independent from the Treasury and have broad powers to make rules in order to advance their statutory objectives. The regulators are required by legislation to carry out their general functions, which include rule-making, in a way that advances their competitiveness and growth objectives.
In line with statutory requirements, the FCA and PRA have included in their consultations an explanation of the compatibility of the proposed rules with their duties, including consideration of the competitiveness and growth objectives.
Financial Secretary (HM Treasury)
The London Chamber of Commerce and Industry (LCCI) and its operational unit, the UK National ATA Carnet Organisation, is responsible for the issue of ATA Carnets in the UK. Issuing Chambers charge their own fees to cover their administration costs. The cost of an ATA Carnet also reflects the cost of providing a guarantee through an International Guarantee Chain, which covers any customs charges potentially due on goods in the countries to be visited.
The UK is currently participating in a pilot exercise to digitalise ATA Carnets and their processes as part of a World Customs Organisation (WCO) and International Chamber of Commerce (ICC) initiative. The Digital Pilot was launched in February 2019, initially involving the UK and five other countries. To date, the UK has successfully processed a number of e-ATA Carnets from Heathrow and is looking to collaborate with more ports to make digital Carnets more readily available.
There are other options for temporarily moving goods between the UK and EU which may be more cost-effective than an ATA Carnet, depending on the specific circumstances. The EU’s Temporary Admission procedure can be used in conjunction with the UK’s Returned Goods Relief to claim relief on goods which are temporarily imported into the EU, and subsequently re-exported back into the UK. More information can be found on GOV.UK.
Financial Secretary (HM Treasury)
Since February 2023 HMRC have delivered three new online A1 application forms. These online forms are more accessible and provide a tailored customer journey for those applying for an A1 certificate.
In addition HMRC are adding automation to these forms, which will enable faster processing and reduce opportunities for error. HMRC expect the CA3837 used by self-employed workers in the music industry touring within the EEA, to be automated by October 2024.
Financial Secretary (HM Treasury)
Estimated figures of the cost of the National Insurance Contributions (NICs) exemption for those aged over 65 are published by HM Revenue and Customs in their Structural Tax Reliefs publication.
A condensed version of the table of interest has been copied below, showing estimated costs annually from 2018-19 until 2023-24.
Table: HMRC NICs Structural Cost Estimates by Financial Year
Financial Year NICs structural cost estimates (£ million)
2018-19 1,300
2019-20 1,200
2020-21 840
2021-22 1,200*
2022-23 1,200*
2023-24 1,100*
*Projected estimates based upon the 2019-20 Survey of Personal Incomes, projected in line with economic assumptions consistent with the Office for Budget Responsibility’s March 2023 Economic and Fiscal Outlook.
The estimated cost of this exemption does not represent the yield if this exemption were to be abolished as other behavioural responses, including a possible increase in State Pension expenditure, would be expected to substantially reduce the yield.
Financial Secretary (HM Treasury)
Achieving sustained economic growth is the priority mission of this government. The government is focused on fixing the foundations of the UK’s economy.
Having launched the Growth Mission in July 2024, the government has already taken several steps including planning reforms to get Britain building, establishing the National Wealth Fund, announcing a Pensions Review, and launching Skills England. The government is under no illusion of the scale of the challenge, however, given the difficult economic inheritance.
HM Treasury does not prepare formal forecasts for the UK economy, which are the responsibility of the independent Office for Budget Responsibility (OBR). In its March forecast, the OBR expects that GDP per capita will surpass its pre-pandemic peak in 2025. Further details can be found in Table 1.5 of the OBR’s latest Economic and Fiscal Outlook published in March 2024: https://obr.uk/efo/economic-and-fiscal-outlook-march-2024/.
Financial Secretary (HM Treasury)
HMRC is committed to tackling all forms of non-compliance, including evasion. Each year HMRC makes an annual assessment of the tax gap, which is the difference between the amount of tax that should, in theory, be paid, and the amount that is actually paid. The latest published tax gap is for 2022-23 and was 4.8% of theoretical liabilities, or £39.8bn. The element attributable to small businesses is 60% (£24.1bn) of that overall tax gap.
HMRC publishes these estimates in its annual ‘Measuring the Tax Gap’ report. https://www.gov.uk/government/statistics/measuring-tax-gaps
The tax gap derives from a wide range of non-compliant behaviours, from simple errors at one end of the spectrum to more deliberate behaviours at the other, requiring different approaches to tackle it. The Government is committed to ensuring that businesses and individuals pay the taxes they owe.
Financial Secretary (HM Treasury)
Ian Corfield was appointed on a short-term basis to carry out urgent work in support of the government’s International Investment Summit in October. A full recruitment process could not have been completed in the time available. He has since been appointed, unpaid, as a direct ministerial appointment.
The Treasury does not comment on the individual contractual arrangements.
Financial Secretary (HM Treasury)
Ian Corfield was appointed on a short-term basis to carry out urgent work in support of the government’s International Investment Summit in October. A full recruitment process could not have been completed in the time available. He has since been appointed, unpaid, as a direct ministerial appointment.
The Treasury does not comment on the individual contractual arrangements.
Financial Secretary (HM Treasury)
On 29 July, the Government announced that, as of 1 January 2025, all education services and vocational training provided by a private school in the UK for a charge will be subject to VAT at the standard rate of 20 per cent. This will also apply to boarding services provided by private schools.
The Government has considered the policy’s interaction with Human Rights law, and is confident that it is compatible with the UK’s obligations under the Human Rights Act.
Financial Secretary (HM Treasury)
On 29 July, the Government announced that, as of 1 January 2025, all education services and vocational training provided by a private school in the UK for a charge will be subject to VAT at the standard rate of 20 per cent.
This was a tough but necessary decision that will secure additional funding to help deliver the Government’s commitments relating to education and young people, including opening 3,000 new nurseries, rolling out breakfast clubs to all primary schools, and recruiting 6,500 new teachers.
The Government has carefully considered the impact that this policy will have on pupils and their families across both the state and private sector. Following scrutiny of the Government's costings by the independent Office for Budget Responsibility (OBR), details of the Government’s assessment of the expected impacts of these policy changes will be published at the Budget on 30 October in the usual way.
The Government is committed to improving SEND provision in mainstream state schools, as well as ensuring state special schools cater to those with the most complex needs.
Financial Secretary (HM Treasury)
The Government is committed to breaking down barriers to opportunity, ensuring every child has access to high-quality education, which is why we have made the tough decision to end tax breaks for private schools. This will raise revenue for essential public services, including investing in the education system.
Recognising the enormous sacrifices our military families make, the Ministry of Defence provide the Continuity of Education Allowance (CEA) to eligible Service Personnel. The government will monitor closely the impact of these policy changes on affected military families and the upcoming Spending Review is the right time to consider any changes to this scheme.
Financial Secretary (HM Treasury)
On 29 July, the Government announced that, as of 1 January 2025, all education services and vocational training provided by a private school in the UK for a charge will be subject to VAT at the standard rate of 20 per cent. This will also apply to international schools in the UK who provide education and vocational services for a charge.
This will secure additional funding to help deliver the Government’s commitments relating to education and young people, including opening 3,000 new nurseries, rolling out breakfast clubs to all primary schools, and recruiting 6,500 new teachers.
A technical note setting out the details of this policy has been published online here:
Draft VAT legislation has also been published alongside this technical note forming a technical consultation. The Government is engaging with a wide range of stakeholders as part of this consultation, to assess the impacts of these reforms.
Financial Secretary (HM Treasury)
The Apprenticeship Levy (AL) is currently paid by large employers, charged at a rate of 0.5% on an employer’s annual pay bill of over £3 million. HMT then sets the Apprenticeship Budget at each Spending Review, which funds all apprenticeship training in England – both existing and new apprenticeships – across all employers. In FY22-23, £2,554 million was allocated to the Apprenticeship Budget in England.
While the Apprenticeship Levy is UK wide, apprenticeship policy and spending is devolved. From FY2017-18 to FY2019-20, the devolved administrations received a population share of the Office for Budget Responsibility’s apprenticeship Levy forecast. Beyond 2019-20, the devolved administrations received funding through the Barnett formula in relation to English apprenticeship spending. The Block Grant Transparency publication which is available on GOV.UK sets out all Barnett consequentials generated at both departmental and programme level. It is for the devolved administrations to allocate their funding in devolved areas as they see fit, including investing in their skills programmes.
Financial Secretary (HM Treasury)
On 29 July, the Government announced that, as of 1 January 2025, all education services and vocational training provided by a private school in the UK for a charge will be subject to VAT at the standard rate of 20 per cent. This will also apply to boarding services provided by private schools.
The Government gives due consideration to the UN Convention on the Rights of the Child (UNCRC) articles when making new policy. State education is accessible to all children, regardless of their financial status and all children of compulsory school age are entitled to a state-funded school place if they need one. Education matters and is at the heart of our mission to break down barriers to opportunity so every child gets the best start in life.
The Government is also committed to ensuring that all children’s needs are met. This Government’s ambition is that all children and young people with Special Educational Needs and Disabilities (SEND), with an Education, Health and Care Plan (EHCP) or not, receive the right support to succeed in their education and as they move into adult life. We are committed to improving inclusivity and expertise in mainstream schools, as well as ensuring special schools cater to those with the most complex needs.
Financial Secretary (HM Treasury)
The Chancellor has launched a multi-year Spending Review to conclude in Spring 2025 that will establish a new approach to public service reform to drive greater productivity in the public sector.
The Government will use the Spending Review to change the way public services are delivered by embedding a mission-led approach, driving forward public service reform and making the best use of technology to better deliver services. The Spending Review will set spending plans for a minimum of three years of the five-year forecast period.
Chief Secretary to the Treasury
The Welsh Government have previously responded on this matter in June 2024.
The answers can be viewed here:
Exchequer Secretary (HM Treasury)
The Welsh Government have previously responded on this matter in June 2024.
The answers can be viewed here:
Exchequer Secretary (HM Treasury)
The variables used in the AVM model include property attributes, locations, and sales details. While much of this data is sourced from VOA records, the VOA supplement this with data available across Government and through the Public Sector Geospatial Agreement, including from the Office for National Statistics, HM Land Registry and Ordnance Survey.
Exchequer Secretary (HM Treasury)
Recent trends in the rate of the business rates multiplier can be found at:
https://www.gov.uk/calculate-your-business-rates.
A number of reliefs are available to support businesses with their business rate liabilities. The eligibility criteria for them can be found on GOV.Uk. This includes the Small Business Rate Relief (SBRR) which provides 100% rate relief for eligible properties with rateable values below £12,000 with tapered relief available for eligible properties with rateable values between £12,000 and £15,000. SBRR means that over a third of the smallest non-domestic properties in England pay no business rates.
I am unable to comment on the Welsh business rates system, as business rates is a devolved policy area which means this is a matter for the Welsh government.
Exchequer Secretary (HM Treasury)
Recent trends in the rate of the business rates multiplier can be found at:
https://www.gov.uk/calculate-your-business-rates.
A number of reliefs are available to support businesses with their business rate liabilities. The eligibility criteria for them can be found on GOV.Uk. This includes the Small Business Rate Relief (SBRR) which provides 100% rate relief for eligible properties with rateable values below £12,000 with tapered relief available for eligible properties with rateable values between £12,000 and £15,000. SBRR means that over a third of the smallest non-domestic properties in England pay no business rates.
I am unable to comment on the Welsh business rates system, as business rates is a devolved policy area which means this is a matter for the Welsh government.
Exchequer Secretary (HM Treasury)
The Automated Valuation Model (AVM) utilises supervised machine learning, where a model is trained using known transaction values. Statistical techniques are used to calculate the impact of the property’s inherent characteristics and location on the value of a property. While the AVM supports the valuation process, its outputs are reviewed and refined by valuers and analysts before making a final judgement on the appropriate band a property is placed in.
Exchequer Secretary (HM Treasury)
On 29 July, the Government announced that, as of 1 January 2025, all education services and vocational training provided by private schools in the UK for a charge will be subject to VAT at the standard rate of 20 per cent. This will also apply to boarding services provided by private schools.
The Government has considered the policy’s interaction with Human Rights law, and is confident that it is compatible with the UK’s obligations under the Human Rights Act.
Financial Secretary (HM Treasury)
There are currently 3 members of HM Treasury staff who have (a) diversity, (b) inclusion, (c) equity or (d) equality in their job title. We do not hold this information for previous years.
As the total number of individuals is less than 5, HM Treasury is unable to release salary information as doing so would mean these individuals may be identifiable. This is in line with HM Treasury's data reporting policy.
Exchequer Secretary (HM Treasury)
The Government is committed to tackling all forms of non-compliance, including evasion. Each year HMRC estimates the size of the tax gap, and the latest published tax gap (2022-23) was 4.8% of theoretical liabilities, or £39.8bn. The element attributable to small businesses is 60% (£24.1bn) of that overall tax gap.
HMRC publishes these estimates in its annual ‘Measuring the Tax Gap’ report. https://www.gov.uk/government/statistics/measuring-tax-gaps
Small businesses play a vital role in the UK economy and most businesses pay what they owe. A small minority fail to pay their fair share of tax, thereby depriving public services of vital funding and leading to unfair competition between businesses.
Exchequer Secretary (HM Treasury)
A new duty structure for alcohol products was introduced in August 2023 by the previous Government.
HMRC plans to evaluate the impact of the new rates and structures three years after the changes took effect. This will allow time for HMRC to gather a broad range of data with which to evaluate the impacts.
Financial Secretary (HM Treasury)
The Chancellor and Exchequer Secretary regularly receive representations on the tax system from a wide range of stakeholders and welcome their views.
The current, temporary duty easement for wine is due to end on 1 February 2025.
Financial Secretary (HM Treasury)
The Chancellor and Exchequer Secretary regularly receive representations on the tax system from a wide range of stakeholders and welcome their views.
The current, temporary duty easement for wine is due to end on 1 February 2025.
Financial Secretary (HM Treasury)
The Chancellor and Exchequer Secretary regularly receive representations on the tax system from a wide range of stakeholders and welcome their views.
The current, temporary duty easement for wine is due to end on 1 February 2025.
Financial Secretary (HM Treasury)
HMRC works closely with local authorities to help tackle illicit tobacco trade at a retail level.
In January 2021 HMRC and National Trading Standards launched Operation CeCe. This joint initiative builds on decades of partnership working with local Trading Standards Officers.
HMRC funds Operation CeCe with the money being allocated by National Trading Standards to local authority Trading Standards. This supports them to undertake enforcement activity including the sharing of information and intelligence to target and seize illegal tobacco, disruption of the illicit tobacco market and prevention of fraud in their area.
In its first two years of operation more than 28 million cigarettes and nearly 8 tonnes of illicit hand rolling-tobacco were seized.
In July 2023 new powers were given to Trading Standards to make referrals to HM Revenue and Customs (HMRC) where they find evidence of tobacco products that do not comply with the UK Tobacco Track and Trace System.
In January 2024, HMRC published a new Illicit Tobacco Strategy ‘Stubbing out the problem’. The Strategy sets out how HMRC intends to build on the success of Operation CeCe by increasing the level of funding available to Trading Standards.
Exchequer Secretary (HM Treasury)
HMRC publishes data regularly about the number of claims and the cost of non-structural tax reliefs, such as agricultural property relief and business property relief. The information can be found at www.gov.uk/government/statistics/main-tax-expenditures-and-structural-reliefs.
Exchequer Secretary (HM Treasury)
HMRC publishes data regularly about the number of claims and the cost of non-structural tax reliefs, such as agricultural property relief and business property relief. The information can be found at www.gov.uk/government/statistics/main-tax-expenditures-and-structural-reliefs.
Exchequer Secretary (HM Treasury)
To support the model development, VOA let a short-term advisory contract with the Centre for Appraisal Research and Technology (CART) who provided advice on:
- Specific statistical and modelling techniques employed by VOA to ensure appropriate use, focusing on published academic research and international best practice among government property tax/valuation authorities;
- Alignment of VOA modelling procedures with international standards;
- Any additional statistical tests and analyses VOA should consider as part of their modelling work.
Exchequer Secretary (HM Treasury)
Rent a room relief provides an incentive for people to make spare rooms available for rent.
As with all aspects of the tax system, the Government will keep this under review.
Exchequer Secretary (HM Treasury)
Departments are responsible for managing their budgets and delivering efficiency savings, both those in plans from the previous government, and those announced by the new government.
The government has secured £5.5 billion of savings in 2024-25 rising to £8.1 billion in 2025-26. That means it has already managed down the £21.9 billion spending pressure to £16.4 billion.
The Government will set out its further plans on efficiencies in the multi-year Spending Review that will conclude Spring 2025.
Chief Secretary to the Treasury
Angus MacDonald
(Liberal Democrat - Inverness, Skye and West Ross-shire)
The Government will abolish the Furnished Holiday Lets (FHLs) tax regime from April 2025, which will equalise the tax treatment of landlords’ property income and gains.
The government wants to support visitor accommodation alongside housing for long term-residents to rent or buy. Achieving this balance is crucial in supporting the tourism sector, and many of the people who work in the sector need access to local housing.
Exchequer Secretary (HM Treasury)
The last business rates revaluation, which came into effect in England and Wales on 1 April 2023, resulted in a fall in the total rateable values for each of the sectors shown below. Using the examples provided, the figures below demonstrate the overall change in total rateable value (RV) for civil airports and fossil fuel power stations, between the 2017 and 2023 rating lists.
Civil airports.
2017 RV: £392,425,000
2023 RV: £390,997,000
Fossil fuel power stations.
2017 RV: £164,653,000
2023 RV: £138,420,000
For transparency the VOA publishes official statistics for each property class, which show the change in RV. These can be found on the Non-domestic Rating Stock of Properties statistics pages for 2023 and 2024.
The VOA carried out a revaluation of around 2.1 million non-domestic properties in England and Wales to produce the 2023 rating list. The new RVs came into force on 1 April 2023, with the 2023 RV reflecting changes in rental values between 1 April 2015 and 31 March 2021.
The government is committed to a fairer business rates system. In our manifesto, we pledged to level the playing field between the high street and online giants, as well as to take steps to incentivise investment, tackle empty properties and support entrepreneurship.
Financial Secretary (HM Treasury)
The Government wants to encourage as many people as possible to complete their self assessments online. HMRC therefore asks taxpayers who do not initially opt to complete their return online to call HMRC. This approach allows HMRC to speak to taxpayers to encourage them to file online, or to find out if they need additional support and guidance to do so, before sending them a paper form if needed. The SA100 form is available for download on gov.uk.
Financial Secretary (HM Treasury)
The Independent Public Service Pension Commission led by Lord Hutton recommended in March 2011 that projected public service pension benefit payments as a percentage of estimated future GDP is the most relevant measure of their future affordability. This is because most public service pensions are financed through taxation, which is closely related to GDP.
The Office for Budget Responsibility forecast in 2022 that spending on public service pensions will fall from 2 per cent of GDP at present to 1.7 per cent by 2071-72. An updated forecast is expected to be published in the near future.
Remuneration in the main public sector workforces tends to be weighted towards pension relative to pay compared to packages typically available in the private sector. The total remuneration package needs to be considered when making any comparisons. The recommendations by the independent Pay Review Bodies for the main public service workforces take account of the total reward for each workforce, including the relevant pension scheme.
Financial Secretary (HM Treasury)
In July, the government confirmed changes to the Energy Profits Levy (EPL), including extending the levy’s end date to March 2030, increasing it by three percentage points to 38%, removing the levy’s main 29% investment allowance, and reducing the generosity of capital allowances when calculating profits taxable by the EPL. The government will confirm further details of these changes at Budget on October 30, including the rate of the EPL’s decarbonisation investment allowance, which has been retained. We are currently consulting with the sector to finalise these changes and ensure a phased and responsible transition for the North Sea.
Money raised from these changes will support the transition to clean energy, increasing security and independence while providing sustainable jobs for the future and helping to protect electricity bills against future price shocks. Full costings certified by the Office for Budget Responsibility (OBR) will be published at Budget on October 30. Forecasts for investment in the sector will also be published by the OBR at this time, and will take into account policy decisions impacting the production of oil and gas across the UK and UK Continental Shelf.
Exchequer Secretary (HM Treasury)
In July, the government confirmed changes to the Energy Profits Levy (EPL), including extending the levy’s end date to March 2030, increasing it by three percentage points to 38%, removing the levy’s main 29% investment allowance, and reducing the generosity of capital allowances when calculating profits taxable by the EPL. The government will confirm further details of these changes at Budget on October 30, including the rate of the EPL’s decarbonisation investment allowance, which has been retained. We are currently consulting with the sector to finalise these changes and ensure a phased and responsible transition for the North Sea.
Money raised from these changes will support the transition to clean energy, increasing security and independence while providing sustainable jobs for the future and helping to protect electricity bills against future price shocks. Full costings certified by the Office for Budget Responsibility (OBR) will be published at Budget on October 30. Forecasts for investment in the sector will also be published by the OBR at this time, and will take into account policy decisions impacting the production of oil and gas across the UK and UK Continental Shelf.
Exchequer Secretary (HM Treasury)
In July, the government confirmed changes to the Energy Profits Levy (EPL), including extending the levy’s end date to March 2030, increasing it by three percentage points to 38%, removing the levy’s main 29% investment allowance, and reducing the generosity of capital allowances when calculating profits taxable by the EPL. The government will confirm further details of these changes at Budget on October 30, including the rate of the EPL’s decarbonisation investment allowance, which has been retained. We are currently consulting with the sector to finalise these changes and ensure a phased and responsible transition for the North Sea.
Money raised from these changes will support the transition to clean energy, increasing security and independence while providing sustainable jobs for the future and helping to protect electricity bills against future price shocks. Full costings certified by the Office for Budget Responsibility (OBR) will be published at Budget on October 30. Forecasts for investment in the sector will also be published by the OBR at this time, and will take into account policy decisions impacting the production of oil and gas across the UK and UK Continental Shelf.
Exchequer Secretary (HM Treasury)
In July, the government confirmed changes to the Energy Profits Levy (EPL), including extending the levy’s end date to March 2030, increasing it by three percentage points to 38%, removing the levy’s main 29% investment allowance, and reducing the generosity of capital allowances when calculating profits taxable by the EPL. The government will confirm further details of these changes at Budget on October 30, including the rate of the EPL’s decarbonisation investment allowance, which has been retained. We are currently consulting with the sector to finalise these changes and ensure a phased and responsible transition for the North Sea.
Money raised from these changes will support the transition to clean energy, increasing security and independence while providing sustainable jobs for the future and helping to protect electricity bills against future price shocks. Full costings certified by the Office for Budget Responsibility (OBR) will be published at Budget on October 30. Forecasts for investment in the sector will also be published by the OBR at this time, and will take into account policy decisions impacting the production of oil and gas across the UK and UK Continental Shelf.
Exchequer Secretary (HM Treasury)
The Government wants those eligible for Pension Credit but not currently claiming it to receive the benefits they are entitled to, including their Winter Fuel Payment. We will continue to maximise opportunities to promote Pension Credit – such as the recent Week of Action - and to raise awareness of its wider benefits and to encourage pensioners to apply.
In the five weeks following the Chancellor’s statement on 29 July we have seen a 115% increase in claims for Pension Credit, compared to the five weeks before. This is a welcome increase, but we must continue to raise awareness. We are now focusing on a paid media partnership and a national Pension Credit marketing campaign through to 21 December to maximise take-up.
Campaign activity is funded from DWP's budget. We will confirm department's control totals for 2024-25, and expenditure limits for 2025-26 alongside the Budget on 30 October.
Chief Secretary to the Treasury
The Office for Value for Money (OVfM) has two primary roles. First, to provide targeted interventions, working with Treasury and departments, so that value for money governs every decision government makes. Second, to recommend system reforms to ensure any changes support the government’s missions and deliver value for money.
The OVfM is focussed on tackling wider systemic challenges that impact Government operations. Internal teams across departments already consider the value for money on respective policies and external interactions, using existing tools to consider their impact.
Chief Secretary to the Treasury
The Office for Value for Money (OVfM) has two primary roles. First, to provide targeted interventions, working with Treasury and departments, so that value for money governs every decision government makes. Second, to recommend system reforms to ensure any changes support the government’s missions and deliver value for money.
The OVfM is focussed on tackling wider systemic challenges that impact Government operations. Internal teams across departments already consider the value for money on respective policies and external interactions, using existing tools to consider their impact.
Chief Secretary to the Treasury
The Office for Value for Money (OVfM) has two primary roles. First, to provide targeted interventions, working with Treasury and departments, so that value for money governs every decision government makes. Second, to recommend system reforms to ensure any changes support the government’s missions and deliver value for money.
The OVfM is focussed on tackling wider systemic challenges that impact Government operations. Internal teams across departments already consider the value for money on respective policies and external interactions, using existing tools to consider their impact.
Chief Secretary to the Treasury
On 29 July, the Government announced that, as of 1 January 2025, all education services and vocational training provided by a private school, including independent special schools, in the UK for a charge will be subject to VAT at the standard rate of 20 per cent. This will also apply to boarding services provided by private schools.
This change will not impact pupils with the most acute additional needs, where these can only be met in private schools. Where a Local Authority (LAs) funds a pupil’s place in a private school because their needs can only be met in a private school, LAs will be able to reclaim the VAT on the fees from HMRC. In Northern Ireland, it will be the Education Authority who fund placements in private schools and will be able to reclaim the VAT.
Financial Secretary (HM Treasury)
Lord McCrea of Magherafelt and Cookstown
(Democratic Unionist Party - Life peer)
The government will provide further information on its plans for the British ISA in due course.
Financial Secretary (HM Treasury)