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
Democratic Unionist Party
Sammy Wilson (DUP - East Antrim)Shadow DUP Spokesperson (Treasury)
Liberal Democrat
Baroness Kramer (LD - Life peer)Liberal Democrat Lords Spokesperson (Treasury and Economy)
Plaid Cymru
Ben Lake (PC - Ceredigion)Shadow PC Spokesperson (Treasury)
Labour
Rachel Reeves (Lab - Leeds West)Shadow Chancellor of the Exchequer
Liberal Democrat
Sarah Olney (LD - Richmond Park)Liberal Democrat Spokesperson (Treasury)
Labour
Baroness Chapman of Darlington (Lab - Life peer)Shadow Spokesperson (Treasury)
Lord Livermore (Lab - Life peer)
Shadow Spokesperson (Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Labour
James Murray (Lab - Ealing North)Shadow Financial Secretary (Treasury)
Tulip Siddiq (Lab - Hampstead and Kilburn)
Shadow Minister (Treasury)
Darren Jones (Lab - Bristol North West)
Shadow Chief Secretary to the Treasury
Ministers of State
Nigel Huddleston (Con - Mid Worcestershire)Financial Secretary (HM Treasury)
Laura Trott (Con - Sevenoaks)
Chief Secretary to the Treasury
Parliamentary Under-Secretaries of State
Gareth Davies (Con - Grantham and Stamford)Exchequer Secretary (HM Treasury)
Bim Afolami (Con - Hitchin and Harpenden)
Economic Secretary (HM Treasury)
Baroness Vere of Norbiton (Con - Life peer)
Parliamentary Secretary (HM Treasury)
14:30
Oral questions - Main Chamber
7 May 2024, 2:30 p.m.
HM Treasury (including Topical Questions)
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11:30
Oral questions - Main Chamber
18 Jun 2024, 11:30 a.m.
HM Treasury (including Topical Questions)
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11:30
Oral questions - Main Chamber
23 Jul 2024, 11:30 a.m.
HM Treasury (including Topical Questions)
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16:37
Written Evidence
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
To ask the Chancellor of the Exchequer, whether his Department is taking steps to support nurseries experiencing financial challenges as …
These Regulations amend the Mutual Societies (Transfers of Business) (Tax) Regulations 2009 (“the principal Regulations”) which make provision for and …
A Bill to authorise the use of resources for the years ending with 31 March 2023, 31 March 2024 and …
14:34
News and Communications
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
A Bill to make provision in connection with finance.
Wednesday 8th May 2024
Acts of Parliament created in the 2019 Parliament
A Bill to authorise the use of resources for the years ending with 31 March 2023, 31 March 2024 and 31 March 2025; 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 2023 and 31 March 2024.
This Bill received Royal Assent on 20th March 2024 and was enacted into law.
A Bill to make provision for and in connection with reducing the main rates of primary Class 1 national insurance contributions and Class 4 national insurance contributions.
This Bill received Royal Assent on 20th March 2024 and was enacted into law.
A Bill to make provision in connection with finance.
This Bill received Royal Assent on 22nd February 2024 and was enacted into law.
A Bill to make provision for and in connection with reducing the main rates of primary Class 1 national insurance contributions and Class 4 national insurance contributions, and removing the requirement to pay Class 2 national insurance contributions.
This Bill received Royal Assent on 13th December 2023 and was enacted into law.
A Bill to Authorise the use of resources for the year ending with 31 March 2024; 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 2023.
This Bill received Royal Assent on 11th July 2023 and was enacted into law.
A Bill to make provision in connection with finance.
This Bill received Royal Assent on 11th July 2023 and was enacted into law.
A Bill To make provision about the regulation of financial services and markets; and for connected purposes.
This Bill received Royal Assent on 29th June 2023 and was enacted into law.
A Bill to make provision about the UK Infrastructure Bank
This Bill received Royal Assent on 23rd March 2023 and was enacted into law.
A Bill to Authorise the use of resources for the years ending with 31 March 2022, 31 March 2023 and 31 March 2024; 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 2022 and 31 March 2023.
This Bill received Royal Assent on 23rd March 2023 and was enacted into law.
A Bill to reduce for a temporary period the amount of stamp duty land tax chargeable on the acquisition of residential property.
This Bill received Royal Assent on 8th February 2023 and was enacted into law.
A Bill to grant certain duties, to alter other duties, and to amend the law relating to the national debt and the public revenue, and to make further provision in connection with finance.
This Bill received Royal Assent on 10th January 2023 and was enacted into law.
A Bill to authorise the use of resources for the year ending with 31 March 2023; to authorise the issue of sums out of the Consolidated Fund for that year; and to appropriate the supply authorised by this Act for that year.
This Bill received Royal Assent on 25th October 2022 and was enacted into law.
A Bill to make provision for and in connection with the repeal of the Health and Social Care Levy Act 2021.
This Bill received Royal Assent on 25th October 2022 and was enacted into law.
A Bill to authorise the use of resources for the year ending with 31 March 2023; 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 2022
This Bill received Royal Assent on 14th July 2022 and was enacted into law.
A Bill to make provision for, and in connection with, imposing a charge on ring fence profits of companies.
This Bill received Royal Assent on 14th July 2022 and was enacted into law.
A Bill to make provision for and in connection with increasing the thresholds at which primary Class 1 contributions, Class 2 contributions and Class 4 contributions become payable.
This Bill received Royal Assent on 31st March 2022 and was enacted into law.
A Bill to make provision in relation to national insurance contributions.
This Bill received Royal Assent on 14th March 2022 and was enacted into law.
A Bill To Authorise the use of resources for the years ending with 31 March 2021, 31 March 2022 and 31 March 2023; 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 2021 and 31 March 2022.
This Bill received Royal Assent on 14th March 2022 and was enacted into law.
A Bill to make provision about public service pension schemes, including retrospective provision to rectify unlawful discrimination in the way in which existing schemes were restricted under the Public Service Pensions Act 2013 and corresponding Northern Ireland legislation; to make provision for the establishment of new public pension schemes for members of occupational pension schemes of bodies that were brought into public ownership under the Banking (Special Provisions) Act 2008; to make provision about the remuneration and the date of retirement of holders of certain judicial offices; to make provision about judicial service after retirement; and for connected purposes
This Bill received Royal Assent on 10th March 2022 and was enacted into law.
A Bill to grant certain duties, to alter other duties, and to amend the law relating to the national debt and the public revenue, and to make further provision in connection with finance.
This Bill received Royal Assent on 24th February 2022 and was enacted into law.
A Bill to make provision about the meaning of references to Article 23A benchmarks in contracts and other arrangements; and to make provision about the liability of administrators of Article 23A benchmarks
This Bill received Royal Assent on 15th December 2021 and was enacted into law.
A Bill to make provision imposing a tax (to be known as the health and social care levy), the proceeds of which are payable to the Secretary of State towards the cost of health care and social care, on amounts in respect of which national insurance contributions are, or would be if no restriction by reference to pensionable age were applicable, payable; and for connected purposes.
This Bill received Royal Assent on 20th October 2021 and was enacted into law.
A Bill to provide for the payment out of money provided by Parliament of expenditure incurred by the Treasury for, or in connection with, the payment of compensation to customers of London Capital & Finance plc; provide for the making of loans to the Board of the Pension Protection Fund for the purposes of its fraud compensation functions; and for connected purposes.
This Bill received Royal Assent on 20th October 2021 and was enacted into law.
A Bill to authorise the use of resources for the year ending with 31 March 2022; 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 2021.
This Bill received Royal Assent on 19th July 2021 and was enacted into law.
A Bill to grant certain duties, to alter other duties, and to amend the law relating to the national debt and the public revenue, and to make further provision in connection with finance.
This Bill received Royal Assent on 10th June 2021 and was enacted into law.
A Bill to make provision about financial services and markets; to make provision about debt respite schemes; to make provision about Help-to-Save accounts; and for connected purposes.
This Bill received Royal Assent on 29th April 2021 and was enacted into law.
A Bill to authorise the use of resources for the years ending with 31 March 2019, 31 March 2020, 31 March 2021 and 31 March 2022; to authorise the issue of sums out of the Consolidated Fund for the years ending 31 March 2020, 31 March 2021 and 31 March 2022; and to appropriate the supply authorised by this Act for the years ending with 31 March 2019, 31 March 2020 and 31 March 2021.
This Bill received Royal Assent on 15th March 2021 and was enacted into law.
A Bill to make provision increasing the maximum capital of the Contingencies Fund for a temporary period.
This Bill received Royal Assent on 15th March 2021 and was enacted into law.
A Bill to make provision for payments to or in respect of Ministers and holders of Opposition offices on maternity leave.
This Bill received Royal Assent on 1st March 2021 and was enacted into law.
A Bill to make provision (including the imposition and regulation of new duties of customs) in connection with goods in Northern Ireland and their movement into or out of Northern Ireland; to make provision amending certain enactments relating to value added tax, excise duty or insurance premium tax; to make provision in connection with the recovery of unlawful state aid in relation to controlled foreign companies; and for connected purposes.
This Bill received Royal Assent on 17th December 2020 and was enacted into law.
This Bill received Royal Assent on 22nd July 2020 and was enacted into law.
A Bill to make provision to reduce for a temporary period the amount of stamp duty land tax chargeable on the acquisition of residential property.
This Bill received Royal Assent on 22nd July 2020 and was enacted into law.
A Bill to grant certain duties, to alter other duties, and to amend the law relating to the national debt and the public revenue, and to make further provision in connection with finance.
This Bill received Royal Assent on 22nd July 2020 and was enacted into law.
A Bill to make provision increasing the maximum capital of the Contingencies Fund for a temporary period.
This Bill received Royal Assent on 25th March 2020 and was enacted into law.
A Bill to authorise the use of resources for the years ending with 31 March 2020 and 31 March 2021; 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 year ending with 31 March 2020.
This Bill received Royal Assent on 16th March 2020 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).
(4,603 in the last 7 days)
(409 in the last 7 days)
(305 in the last 7 days)
(208 in the last 7 days)
(59 in the last 7 days)
(4,603 in the last 7 days)
(305 in the last 7 days)
(52 in the last 7 days)
(409 in the last 7 days)
(12 in the last 7 days)
Petition Closed
Extend the Stamp Duty Holiday for an additional 6 months after 31st March 2021
Gov Responded - 10 Dec 2020closed 3 years ago
Extending the Stamp Duty Holiday for an additional 6 months will assist many buyers who are looking to move to a property that they will not be able to afford otherwise.
This will help to stabilise the housing market
Petition Closed
Give all key workers a 100% tax and Nat. Ins. holiday through COVID-19 crisis
Gov Responded - 27 Apr 2020 Debated on - 14 Dec 2020closed 3 years, 6 months ago
The government is helping private firms to protect jobs by paying up to 80% of staff wages through this crisis. If it can do this why can it not help key workers who will be putting themselves/their families at risk and working extra hard under extremely challenging and unprecedented circumstances.
Petition Closed
Introduce charges on carbon emissions to tackle climate crisis and air pollution
Gov Responded - 30 Mar 2021 Debated on - 1 Nov 2021closed 2 years, 8 months ago
Air pollution kills 64,000 people in the UK every year, yet the Government provides annual fossil fuel subsidies of £10.5 billion, according to the European Commission. To meet UK climate targets, the Government must end this practice and introduce charges on producers of greenhouse gas emissions.
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 Chair since 9th November 2022
Treasury Committee Member since 2nd March 2020
Treasury Committee Member since 11th May 2020
Treasury Committee Member since 21st November 2022
Treasury Committee Member since 21st November 2022
Treasury Committee Member since 21st November 2022
Treasury Committee Member since 12th September 2023
Treasury Committee Member since 20th November 2023
Treasury Committee Member since 11th December 2023
Treasury Committee Member since 11th December 2023
Treasury Committee Member since 11th March 2024
Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)The government recognises the pressure that businesses have been under since the pandemic and that is why the government froze the business rates multiplier for three consecutive years from April 2021 until April 2024 at a cost of £14.5 billion.
To make sure that the most vulnerable businesses continue to be supported, the government announced a further freeze to the small business multiplier at Autumn Statement for 2024-25, which will protect over a million ratepayers from a multiplier increase. This means bills will be 6.6 per cent lower than without the freeze. In addition to this support, some nurseries will already be in receipt of business rates relief where they have a ‘charitable purpose’, such as those part of academy chains.
Financial Secretary (HM Treasury)
The Government takes the issue of fraud very seriously, and published a comprehensive Fraud Strategy in May last year. Through this the Government will work: with industry to remove the vulnerabilities that fraudsters exploit; with intelligence agencies to shut down fraudulent infrastructure; with law enforcement to identify and bring the most harmful offenders to justice; and with all partners to ensure that the public have the advice and support they need
Further, the Financial Conduct Authority (FCA) commenced enforcement of the cryptoassets financial promotion regime in October last year, requiring such promotions to be fair, clear and not misleading. This is aimed at improving consumers’ understanding of the risks and benefits associated with cryptoasset purchases and ensuring that cryptoasset promotions are held to the same standards as similar risk financial services products. In the next phase of its work, the Government is creating a comprehensive financial services regulatory regime for cryptoassets in the UK.
Economic Secretary (HM Treasury)
The Equitable Life Payment Scheme has been fully wound down and closed since 2016 and there are no plans to reopen any previous decisions relating to the Payment Scheme or review the £1.5 billion funding allocation previously made to it. Further guidance on the status of the Payment Scheme after closure is available at: https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme.
Economic Secretary (HM Treasury)
The government is extending the sunset clause for the Enterprise Investment Scheme (EIS) and the Venture Capital Trust (VCT) scheme to 2035.
The UK-EU Trade and Cooperation Agreement is now the primary framework governing subsidy control between the UK and EU. As such, EU State aid rules no longer apply to the UK, save for the limited circumstances covered by the Windsor Framework.
For the EIS and VCT schemes, the government is engaging with the EU, under the Windsor Framework, due to Northern Ireland’s unique access to the EU Single Market.
Parliamentary Secretary (HM Treasury)
The Government already cut employee NICs by 4p, self-employed NICs by 3p and abolished the requirement to pay Class 2 for self-employed people across Autumn and Spring without increasing borrowing or cutting spending. That is the model the Government wants to follow when it is prudent to go further.
The ambition to abolish NICs is about reducing tax and rewarding work, not about reforming the contributory benefits system. It is a long-term ambition, and the Government has been clear, this cannot be done overnight and this can only be done in a fiscally responsible way.
Cutting NICs rates does not affect anyone’s entitlement to the State Pension or contributory benefits.
Parliamentary Secretary (HM Treasury)
The Government is not developing economic models to forecast cryptoasset trends. Rather, it uses information from a range of sources to understand broad trends in the market in order to inform policy development.
In October last year, the Treasury published its final proposals for creating the UK’s financial services regulatory regime for cryptoassets, and is currently working to deliver legislation giving effect to its proposals. As part of this, the government will publish analysis of the impacts of its legislation on cryptoasset businesses in scope of the forthcoming regime in the usual way.
Economic Secretary (HM Treasury)
HMRC issues SA tax returns to customers when the information they hold suggests that the customer meets the published criteria for completing one. HMRC often cannot determine someone’s tax liability until they have sent in a tax return, therefore they need the return to establish whether there is tax due or not. Late filing and payment penalties are charged to encourage customers to file on time but we can cancel a customer’s late filing penalty if they have a reasonable excuse. Customers can also ask HMRC to remove them from the SA process for future years if they no longer meet the criteria.
From October 2011 the penalty legislation changed, from this point the capping of penalties was no longer factored into the calculation and any fixed penalty applied remained at the full amount regardless of liability.
Although no change to the current penalty regime has been announced, Penalty Reform within Making Tax Digital will change the way we calculate penalties for late Submission and late payment of tax. The new legislation will factor in the Liability amount, Filing frequency and length of time outstanding within its penalty calculations.
In reforming late payment and late filing penalties HMRC’s aim is to encourage those who persistently default to comply with their tax obligations rather than penalise those who make occasional errors.
Financial Secretary (HM Treasury)
The government recognises the importance of the film and TV sector to the UK and is committed to making the UK the best place to invest through our generous and reliable fiscal support, as well as wider business support through our funded bodies like the British Film Commission.
The government keeps all tax-advantaged venture capital schemes under review to ensure they continue to meet their policy objectives in a way that is fair and effective. Information on the Enterprise Investment Scheme and Seed Enterprise Investment Scheme is published annually by HM Revenue and Customs. The data published relates to overall scheme statistics and not sector specific performance.
Economic Secretary (HM Treasury)
The government recognises the importance of the film and TV sector to the UK and is committed to making the UK the best place to invest through our generous and reliable fiscal support, as well as wider business support through our funded bodies like the British Film Commission.
The government keeps all tax-advantaged venture capital schemes under review to ensure they continue to meet their policy objectives in a way that is fair and effective. Information on the Enterprise Investment Scheme and Seed Enterprise Investment Scheme is published annually by HM Revenue and Customs. The data published relates to overall scheme statistics and not sector specific performance.
Economic Secretary (HM Treasury)
The government recognises the importance of the film and TV sector to the UK and is committed to making the UK the best place to invest through our generous and reliable fiscal support, as well as wider business support through our funded bodies like the British Film Commission.
The government keeps all tax-advantaged venture capital schemes under review to ensure they continue to meet their policy objectives in a way that is fair and effective. Information on the Enterprise Investment Scheme and Seed Enterprise Investment Scheme is published annually by HM Revenue and Customs. The data published relates to overall scheme statistics and not sector specific performance.
Economic Secretary (HM Treasury)
The 2021 Spending Review set the largest annual block grant for the Welsh Government, in real terms, of any spending review settlement since the devolution Acts. On top of this the Welsh Government received over £1 billion through the Barnett formula in 2023-24, including £200 million at Supplementary Estimates 2023-24.
The Welsh Government is well-funded to deliver all its devolved responsibilities, receiving around 20% more per person compared to equivalent funding in England. This is around £1 billion more each year than the Holtham Commission indicated – and the Welsh Government agreed - was fair for Wales relative to England.
Chief Secretary to the Treasury
Gregory Campbell
(Democratic Unionist Party - East Londonderry)
The Government remains committed to delivering a UK Green Taxonomy to support an increase in financing for activities supporting the transition to net zero and delivering on UK environmental objectives.
The Government expects to publish the consultation on the UK Green Taxonomy shortly.
Economic Secretary (HM Treasury)
The Consolidated Fund receives the proceeds of Vehicle Excise Duty (VED) and most other tax revenues. VED is being reinvested into the English road network between 2020-2025 to fund road enhancement projects. The Government uses the tax system to encourage the uptake of cars with low carbon dioxide (CO2) emissions to help meet our legally binding climate change targets.
Exchequer Secretary (HM Treasury)
The Government has announced that it will abolish the Furnished Holiday Lettings (FHL) tax regime from April 2025.
The Government will publish draft legislation, explanatory notes, and a tax information and impacts note in due course.
As with all aspects of tax policy, the Government keeps the taxation of property landlords under review and any decisions on future changes will be taken by the Chancellor in the context of the wider public finances.
Financial Secretary (HM Treasury)
Pursuant to the answer provided on 18 April 2024 to Question 21846, HM Revenue and Customs is responsible for enforcing and investigating export controls on strategic goods and sanctions and investigating potential breaches of those controls. HM Revenue and Customs does not comment on operational enforcement matters pertaining to specific import or export scenarios.
Financial Secretary (HM Treasury)
Pursuant to the answer provided on 18 April 2024 to Question 21846, HM Revenue and Customs is responsible for enforcing and investigating export controls on strategic goods and sanctions and investigating potential breaches of those controls. HM Revenue and Customs does not comment on operational enforcement matters pertaining to specific import or export scenarios.
Financial Secretary (HM Treasury)
The government is backing British business to drive long-term economic growth by tackling barriers to investment, cutting taxes and rewarding work, and by supporting the priority growth sectors, including digital technology, which are helping to turn the UK into the world’s next Silicon Valley. The UK has Europe’s leading tech ecosystem, valued at over $1trillion, and the government is acting to create the best environment for our most innovative tech companies to start, scale and stay in the UK. This includes making over £3.5 billion of public investment in the AI ecosystem since 2014, extending the sunset clause for the Enterprise Investment Scheme and the Venture Capital Trust scheme to 6 April 2035, making changes to simplify and improve R&D tax reliefs, extending the British Business Bank’s Future Fund: Breakthrough investment programme, and implementing the measures the Chancellor announced at last year’s Mansion House speech to reform the pensions market to unlock investment into high growth sectors and generate increased returns for savers.
Exchequer Secretary (HM Treasury)
The Government is committed to incentivising greater saving and investment, to help hard working people save for their future goals and build greater financial resilience.
The Help to Save scheme was launched in September 2018 and is intended to promote financial resilience among working households on low incomes by supporting them to kickstart a regular, long-term savings habit and build a financial buffer for a rainy day.
Individuals can also save up to £20,000 into an Individual Savings Account (ISA) each year, and any savings income received within an ISA is tax free. This, along with the Personal Savings Allowance of up to £1,000 for basic rate taxpayers means that around 85% of people with savings income pay no tax on that income.
However, the Government also recognises that people need support to make effective investment decisions. This is why the Government and FCA are working on a joint review of the boundary between financial advice and guidance to ensure people can access appropriate support with their financial decision-making.
Parliamentary Secretary (HM Treasury)
The Bank of England has operational independence from the government to carry out its statutory responsibilities for monetary policy and financial stability. The government’s commitment to this independence remains absolute.
Parliamentary Secretary (HM Treasury)
To sustain economic growth momentum, the government is continuing to pursue an ambitious policy agenda to increase growth and productivity across the economy. The OBR expects that policies announced at the previous three fiscal events will increase the size of the economy by 0.7% by 2028-29.
In addition to making full expensing permanent, a tax cut to companies of over £10 billion a year, the government has announced measures to boost labour supply, which the OBR predicts will increase the number of hours worked by the equivalent of over 300,000 full-time workers by the end of the forecast period.
Parliamentary Secretary (HM Treasury)
The FCA’s 2024 Cost of Living survey found a reduction in the number of people finding it hard to manage higher costs of living since January 2023.
The government has already provided support to help with the cost of living totalling £96 billion from 2022-23 to 2023-2024 – an average of £3400 per UK household.
Further actions taken by the government in 2024-25 include: a rise in the National Living Wage (NLW) by 9.8% - ending low hourly pay for workers on the NLW, raising Local Housing Allowance to the 30th percentile of market rents, uprating working-age benefits by 6.7%, freezing fuel duty, removing Debt Relief Order fees, and doubling the Budgeting Advance Loan repayment period.
Parliamentary Secretary (HM Treasury)
The Government is determined that all insurers, including private medical insurers, treat consumers fairly and firms are required to do so under the Financial Conduct Authority’s rules.
The FCA requires insurers to ensure their products offer fair value, meaning the price a consumer pays for a product or service must be reasonable compared to the overall benefits they can expect to receive. The FCA has been clear that it will be monitoring firms to make sure they comply with this rule and will take action where necessary.
All providers of healthcare are regulated by the Care Quality Commission and follow a set of fundamental standards of safety and quality below which care should never fall, while the General Medical Council is responsible for regulating doctors in the United Kingdom.
Parliamentary Secretary (HM Treasury)
The £2,000 Tax-Free Childcare top-up, which can be claimed per year and per child, was set at this level because the Government believes it strikes the right balance between helping parents with their childcare costs, and managing the public finances in a responsible way.
Chief Secretary to the Treasury
The Personal Allowance is currently set at a level high enough to ensure that those pensioners whose sole income is the full rate of the new State Pension or basic State Pension do not pay any income tax.
The Government keeps all aspects of the tax system under review and any decision on future changes will be made by the Chancellor in the context of the wider public finances.
Financial Secretary (HM Treasury)
The Government is committed to keeping taxes low to support people to keep more of what they earn. The Personal Allowance has nearly doubled since 2010 and is over 20% higher in real terms.
As with all aspects of the tax system, the Government keeps the Personal Allowance under review and any decisions on future changes will be made by the Chancellor in the context of the wider public finances.
Financial Secretary (HM Treasury)
HMRC is committed to helping all taxpayers pay their taxes and urges anyone having difficulty to make contact as soon as possible. Time to Pay arrangements are available for taxpayers who cannot afford to make full payment of their tax when it is due. Also, a Budget Payment Plan service allows Self Assessment taxpayers to make advance payments. HMRC has recently published YouTube videos on GOV.UK to help the self-employed, including one about ‘How to budget for your Self-Assessment tax bill if you’re self-employed’.
In Spring 2021 the government announced a new points-based penalty regime for regular tax return submission obligations, to replace existing penalties for VAT and Self Assessment. The new approach is fairer, with financial penalties arising only when the failure is consistent. For Self Assessment taxpayers, reformed penalties will begin when they join the Making Tax Digital (MTD) service for Self Assessment from April 2026 onwards.
Financial Secretary (HM Treasury)
The Government has been engaging with the European Commission including through the UK/EU annual Trade Specialised Committee on Customs Cooperation and Rules of Origin.
The EU has expressed the need for consultation with the UK to take into account potential implications for Northern Ireland.
The Government published an Explanatory Memorandum in August 2023 setting out relevant considerations in relation to the EU’s proposed reforms. As the reforms develop, we will continue to monitor the progress and to assess any potential impacts on UK businesses.
Financial Secretary (HM Treasury)
The Government has been engaging with the European Commission including through the UK/EU annual Trade Specialised Committee on Customs Cooperation and Rules of Origin.
The EU has expressed the need for consultation with the UK to take into account potential implications for Northern Ireland.
The Government published an Explanatory Memorandum in August 2023 setting out relevant considerations in relation to the EU’s proposed reforms. As the reforms develop, we will continue to monitor the progress and to assess any potential impacts on UK businesses.
Financial Secretary (HM Treasury)
The Government has been engaging with the European Commission including through the UK/EU annual Trade Specialised Committee on Customs Cooperation and Rules of Origin.
The EU has expressed the need for consultation with the UK to take into account potential implications for Northern Ireland.
The Government published an Explanatory Memorandum in August 2023 setting out relevant considerations in relation to the EU’s proposed reforms. As the reforms develop, we will continue to monitor the progress and to assess any potential impacts on UK businesses.
Financial Secretary (HM Treasury)
The Office for Budget Responsibility publishes forecast levels of National Insurance receipts in their Economic and Fiscal Outlook report.
Financial Secretary (HM Treasury)
HM Treasury is monitoring the situation closely following Iran’s attack against Israel. The UK is working urgently with our allies to de-escalate the situation.
The Office for Budget Responsibility (OBR) estimated the potential UK economic impacts of a widening of conflict in the Middle East in their March 2024 Economic and Fiscal Outlook (https://obr.uk/efo/economic-and-fiscal-outlook-march-2024/ ).
Economic Secretary (HM Treasury)
HMRC capital gains tax (CGT) guidance in connection with selling a home is available on GOV.UK at www.gov.uk/tax-sell-home.
Self-assessment Helpsheets 281 and 283 also contain information about the amount of CGT private residence relief available when a person sells a property that has been their only or main residence at some time during their ownership, including how the relief applies to married couples and civil partnerships. These are available, respectively, at www.gov.uk/government/publications/husband-and-wife-civil-partners-divorce-dissolution-and-separation-hs281-self-assessment-helpsheet and www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet.
More detailed information on CGT is available in HMRC’s Capital Gains Tax Manual at www.gov.uk/hmrc-internal-manuals/capital-gains-manual.
There are no separate CGT rules for properties acquired under the Right to Buy arrangements.
Financial Secretary (HM Treasury)
Treasury Ministers and officials have regular meetings with a wide variety of organisations in the public and private sectors, including the financial services regulators, on an ongoing basis.
The Government does not prescribe the terms, conditions or price that insurance companies set when offering insurance. Insurers make commercial decisions about the pricing of insurance following their assessment of the relevant risks. The Government does not intervene in these decisions as this could damage competition in the market.
The Financial Conduct Authority (FCA) is the independent regulator responsible for supervising the insurance industry. The FCA requires firms to ensure their products offer fair value (i.e. if the price a consumer pays for a product or service is reasonable compared to the overall benefits they can expect to receive). The FCA has been clear that it will be monitoring firms to ensure they are providing products that are fair value, and, where necessary, it will take action.
Economic Secretary (HM Treasury)
- The government is committed to creating a regulatory environment in the UK where firms can innovate, while crucially maintaining financial stability and clear regulatory standards.
- In line with this, the government has already brought cryptoassets into regulation for anti-money laundering and counter-terrorist financing, and financial promotions.
- As a result, the Financial Conduct Authority now regulates and supervises qualifying cryptoasset promotions, with the aim of improving consumers’ understanding of the risks and benefits associated with cryptoasset investments, and ensuring that cryptoasset promotions are held to the same high standards as for broader financial services.
- In October last year, the Treasury published its final proposals for creating the UK’s financial services regulatory regime for cryptoassets.
Economic Secretary (HM Treasury)
- The government is committed to creating a regulatory environment in the UK where firms can innovate, while crucially maintaining financial stability and clear regulatory standards.
- In line with this, the government has already brought cryptoassets into regulation for anti-money laundering and counter-terrorist financing, and financial promotions.
- As a result, the Financial Conduct Authority now regulates and supervises qualifying cryptoasset promotions, with the aim of improving consumers’ understanding of the risks and benefits associated with cryptoasset investments, and ensuring that cryptoasset promotions are held to the same high standards as for broader financial services.
- In October last year, the Treasury published its final proposals for creating the UK’s financial services regulatory regime for cryptoassets.
Economic Secretary (HM Treasury)
- The government is committed to creating a regulatory environment in the UK where firms can innovate, while crucially maintaining financial stability and clear regulatory standards.
- In line with this, the government has already brought cryptoassets into regulation for anti-money laundering and counter-terrorist financing, and financial promotions.
- As a result, the Financial Conduct Authority now regulates and supervises qualifying cryptoasset promotions, with the aim of improving consumers’ understanding of the risks and benefits associated with cryptoasset investments, and ensuring that cryptoasset promotions are held to the same high standards as for broader financial services.
- In October last year, the Treasury published its final proposals for creating the UK’s financial services regulatory regime for cryptoassets.
Economic Secretary (HM Treasury)
- The government is committed to creating a regulatory environment in the UK where firms can innovate, while crucially maintaining financial stability and clear regulatory standards.
- In line with this, the government has already brought cryptoassets into regulation for anti-money laundering and counter-terrorist financing, and financial promotions.
- As a result, the Financial Conduct Authority now regulates and supervises qualifying cryptoasset promotions, with the aim of improving consumers’ understanding of the risks and benefits associated with cryptoasset investments, and ensuring that cryptoasset promotions are held to the same high standards as for broader financial services.
- In October last year, the Treasury published its final proposals for creating the UK’s financial services regulatory regime for cryptoassets.
Economic Secretary (HM Treasury)
- The government is committed to creating a regulatory environment in the UK where firms can innovate, while crucially maintaining financial stability and clear regulatory standards.
- In line with this, the government has already brought cryptoassets into regulation for anti-money laundering and counter-terrorist financing, and financial promotions.
- As a result, the Financial Conduct Authority now regulates and supervises qualifying cryptoasset promotions, with the aim of improving consumers’ understanding of the risks and benefits associated with cryptoasset investments, and ensuring that cryptoasset promotions are held to the same high standards as for broader financial services.
- In October last year, the Treasury published its final proposals for creating the UK’s financial services regulatory regime for cryptoassets.
Economic Secretary (HM Treasury)
The Government recognises the importance of supporting parents with the costs of childcare and does so through a range of childcare offers.
The Government keeps childcare policy under regular review.
Chief Secretary to the Treasury
The next round of International Climate Finance falls outside of this Spending Review period. Decisions on how spending is allocated after 2024-25, including for International Climate Finance, will be made at a future Spending Review.
Chief Secretary to the Treasury
HM Treasury work closely with other Government departments and relevant stakeholders on all elements of childcare policy, including Tax-Free Childcare.
Chief Secretary to the Treasury
Claire Hanna
(Social Democratic & Labour Party - Belfast South)
The government keeps all tax policy under review and changes are announced at a fiscal event as part of the normal tax policy making process.
Financial Secretary (HM Treasury)
The abolition of Multiple Dwellings Relief follows an external evaluation which found no strong evidence the relief is meeting its original objectives of supporting investment in the private rented sector.
Larger investors who purchase 6 or more properties in a single transaction can still continue to benefit from the non-residential rates of Stamp Duty Land Tax.
The government will continue to engage with stakeholders in the build to rent sector to understand any concerns.
Parliamentary Secretary (HM Treasury)
HMT’s expenditure on these related areas are all published in the public domain and can be found across the below links
a) https://www.gov.uk/government/collections/gpc-spend
b) https://www.gov.uk/government/collections/25000-spend
c) https://www.gov.uk/government/collections/hmt-annual-report
Exchequer Secretary (HM Treasury)
The HMRC Stakeholder Conference was attended by 184 external stakeholders from a range of sectors and organisations, including professional bodies, agents, business representative organisations, businesses, customs, and the voluntary and community sector.
Financial Secretary (HM Treasury)
The Government has launched a review of the BBC’s funding model, to ensure it is fair to licence fee payers, sustainable for the long term, and supports the BBC’s vital role in growing our thriving creative industries.
This is an important cross-Government programme of work, HMT and DCMS are in regular engagement, and will continue to do so over the course of the review.
Chief Secretary to the Treasury
The Government is supportive of industry initiatives that assist access to in-person banking. These include the Post Office Banking Framework, which allows personal and business customers to carry out everyday banking services at 11,500 Post Office branches across the UK.
Negotiations between the banking industry and the Post Office regarding any future Banking Framework are commercial discussions and the Government has no role.
Economic Secretary (HM Treasury)
The Treasury meet with the Bank of England regularly to discuss their assessment of the economy, inflation and the impact of shocks and structural trends, including climate change.
The Office for Budget Responsibility (OBR) is the government’s official forecaster. They published their latest assessment of the economic and fiscal outlook (EFO) which includes inflation on 6th March. The Fiscal risks and sustainability report, published in July 2023, included discussion of the long-term impact of climate change on the fiscal position.
The Bank of England has operational independence over monetary policy and publishes its own forecasts, including for inflation, in its quarterly Monetary Policy Report.
Economic Secretary (HM Treasury)
The Government recognises the important role that Furnished Holiday Lets (FHL), including those located on farms, have in the visitor economy. This measure does not penalise or prohibit the provision of FHLs and simply brings their tax treatment in line with other rentals.
As with all aspects of the tax system, the Government keeps the taxation of property landlords under review and any decision on future changes will be taken by the Chancellor in the context of the wider public finances.
Financial Secretary (HM Treasury)