HM Treasury is the government’s economic and finance ministry, maintaining control over public spending, setting the direction of the UK’s economic policy and working to achieve strong and sustainable economic growth.
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
Oral Answers to Questions is a regularly scheduled appearance where the Secretary of State and junior minister will answer at the Dispatch Box questions from backbench MPs
Other Commons Chamber appearances can be:Westminster Hall debates are performed in response to backbench MPs or e-petitions asking for a Minister to address a detailed issue
Written Statements are made when a current event is not sufficiently significant to require an Oral Statement, but the House is required to be informed.
HM Treasury does not have Bills currently before Parliament
A Bill to Authorise the use of resources for the year ending with 31 March 2026; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2025.
This Bill received Royal Assent on 21st July 2025 and was enacted into law.
A Bill to make provision about secondary Class 1 contributions.
This Bill received Royal Assent on 3rd April 2025 and was enacted into law.
A Bill to make provision about finance.
This Bill received Royal Assent on 20th March 2025 and was enacted into law.
A Bill to amend the Crown Estate Act 1961.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to Authorise the use of resources for the years ending with 31 March 2024, 31 March 2025 and 31 March 2026; to authorise the issue of sums out of the Consolidated Fund for those years; and to appropriate the supply authorised by this Act for the years ending with 31 March 2024 and 31 March 2025.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to make provision for loans or other financial assistance to be provided to, or for the benefit of, the government of Ukraine.
This Bill received Royal Assent on 16th January 2025 and was enacted into law.
A Bill to impose duties on the Treasury and the Office for Budget Responsibility in respect of the announcement of fiscally significant measures.
This Bill received Royal Assent on 10th September 2024 and was enacted into law.
A Bill to authorise the use of resources for the year ending with 31 March 2025; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2024.
This Bill received Royal Assent on 30th July 2024 and was enacted into law.
e-Petitions are administered by Parliament and allow members of the public to express support for a particular issue.
If an e-petition reaches 10,000 signatures the Government will issue a written response.
If an e-petition reaches 100,000 signatures the petition becomes eligible for a Parliamentary debate (usually Monday 4.30pm in Westminster Hall).
Raise the income tax personal allowance from £12,570 to £20,000
Gov Responded - 20 Feb 2025 Debated on - 12 May 2025Raise the income tax personal allowance from £12570 to £20000. We think this would help low earners to get off benefits and allow pensioners a decent income.
Don't change inheritance tax relief for working farms
Gov Responded - 5 Dec 2024 Debated on - 10 Feb 2025We think that changing inheritance tax relief for agricultural land will devastate farms nationwide, forcing families to sell land and assets just to stay on their property. We urge the government to keep the current exemptions for working farms.
Don't apply VAT to independent school fees, or remove business rates relief.
Gov Responded - 20 Dec 2024 Debated on - 3 Mar 2025Prevent independent schools from having to pay VAT on fees and incurring business rates as a result of new legislation.
Commons Select Committees are a formally established cross-party group of backbench MPs tasked with holding a Government department to account.
At any time there will be number of ongoing investigations into the work of the Department, or issues which fall within the oversight of the Department. Witnesses can be summoned from within the Government and outside to assist in these inquiries.
Select Committee findings are reported to the Commons, printed, and published on the Parliament website. The government then usually has 60 days to reply to the committee's recommendations.
The Treasury is aware of the Bank Confidential report about former misconduct in SME banking. The Government also recognises the serious impact that issues of misconduct have had on small businesses in the UK.
I would refer the Honourable Member to an answer I gave recently on this topic (UIN 101305), on 6 January, in which I noted that successive governments and the financial services regulator, working with the financial sector, have taken steps aimed at addressing historical issues of SME misconduct, including through a range of compensation and redress schemes, some of which are ongoing.
The Government continues to keep the financial services regulatory framework under ongoing review, working closely with the Financial Conduct Authority.
HM Treasury’s private office records for 2009-10, including for ministerial meetings and correspondence, are held within HM Treasury’s archives in both digital and paper formats, and those in electronic format are searchable electronically.
The Government recognises the important role the Post Office plays in providing essential banking services, particularly in rural areas. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance and pay bills at thousands of Post Office branches across the UK. Furthermore, the Post Office is required by the Department for Business & Trade to ensure that 95% of the total rural population across the UK is within 3 miles of their nearest Post Office.
Decisions about what services are available at the Post Office, such as cheque deposits, are made by the banks as part of their commercial arrangements.
Customers continue to have other options for paying in cheques, whether at local bank branches, by post, or digitally via mobile apps using cheque imaging technology. I have discussed this with Lloyds, who assure me customers are able to use freepost to deposit cheques without needing to travel, where branch or digital options are not suitable.
The Government recognises the important role the Post Office plays in providing essential banking services, particularly in rural areas. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance and pay bills at thousands of Post Office branches across the UK. Furthermore, the Post Office is required by the Department for Business & Trade to ensure that 95% of the total rural population across the UK is within 3 miles of their nearest Post Office.
Decisions about what services are available at the Post Office, such as cheque deposits, are made by the banks as part of their commercial arrangements.
Customers continue to have other options for paying in cheques, whether at local bank branches, by post, or digitally via mobile apps using cheque imaging technology. I have discussed this with Lloyds, who assure me customers are able to use freepost to deposit cheques without needing to travel, where branch or digital options are not suitable.
The Government recognises the important role the Post Office plays in providing essential banking services, particularly in rural areas. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance and pay bills at thousands of Post Office branches across the UK. Furthermore, the Post Office is required by the Department for Business & Trade to ensure that 95% of the total rural population across the UK is within 3 miles of their nearest Post Office.
Decisions about what services are available at the Post Office, such as cheque deposits, are made by the banks as part of their commercial arrangements.
Customers continue to have other options for paying in cheques, whether at local bank branches, by post, or digitally via mobile apps using cheque imaging technology. I have discussed this with Lloyds, who assure me customers are able to use freepost to deposit cheques without needing to travel, where branch or digital options are not suitable.
The Government regularly engages with lenders and regulators to discuss the housing market, including lenders’ mortgage lending practices which support property transactions.
The Ministry of Housing, Communities and Local Government is currently consulting on reforms to the home buying and selling process. The Government has made clear its objectives that reform should support faster, more reliable transactions and reduced fall throughs and risks.
The Government regularly engages with lenders and regulators to discuss the housing market, including lenders’ mortgage lending practices which support property transactions.
The Ministry of Housing, Communities and Local Government is currently consulting on reforms to the home buying and selling process. The Government has made clear its objectives that reform should support faster, more reliable transactions and reduced fall throughs and risks.
We do not have this specific information. The UK’s tax system is not able to target specific tax rates at specific pots of money. The UK tends to apply tax to classes of transactions, rather than assets in situ.
Under all UK sanctions regimes, including the Libya Regulations, taxes and other payments may be made under licences and exceptions from frozen funds, subject to strict conditions. However, specific licence or exception related information is not available for publication to ensure and maintain confidentiality and to comply with UK data protection law.
The government’s Economic Crime Plan 2 has strengthened the UK’s defences against property‑related money laundering by enhancing transparency of land and overseas property ownership, improving data‑sharing and enforcement, and targeting higher‑risk activity in the property sector to better detect, disrupt and recover illicit assets.
The government’s Money Laundering Regulations ensure that those sectors most at risk of being abused for money laundering have appropriate risk-based controls in place. The regulations apply to all financial, legal and estate agency firms involved in property transactions, whether directly with the purchase, securing the funds, or setting up structures to hold property.
The government intends to develop a new public-private strategy focused on anti-money laundering and asset recovery in the coming months.
The Office for Value for Money (OVfM) successfully delivered on its remit.Its functions have been embedded within the Treasury, leaving a legacy of value for money improvements across the public sector.
OVfM was made up of a combination of HM Treasury employees and people on loan from other departments or public bodies. Staff on loan have returned to their home organisations and the permanent HM Treasury employees have either taken up new roles internally or left the department for new employers.
The independent Chair's contract ended alongside the closure of OVfM. An exit payment was not made.
The Office for Value for Money (OVfM) successfully delivered on its remit.Its functions have been embedded within the Treasury, leaving a legacy of value for money improvements across the public sector.
OVfM was made up of a combination of HM Treasury employees and people on loan from other departments or public bodies. Staff on loan have returned to their home organisations and the permanent HM Treasury employees have either taken up new roles internally or left the department for new employers.
The independent Chair's contract ended alongside the closure of OVfM. An exit payment was not made.
Education is a devolved matter. It is for the Welsh government to confirm threshold levels in Wales.
Education is a devolved matter. It is for the Welsh government to confirm threshold levels in Wales.
The Government recognises that households are still struggling with the impact of the cost of living on their finances. The Government notes the Competition and Markets Authority’s (CMA) annual road fuel monitoring report found that fuel margins remain persistently high and are not explained by operating costs. This indicates that competition in the road fuel retail market remains weak.
To address this, the Government is implementing Fuel Finder and extending the 5p fuel duty cut until the end of August 2026, with rates then gradually returning to March 2022 levels by March 2027.
The independent review of the Green Book discount rate will be published in the summer 2026.
Changes to the Green Book discount rate methodology will affect the appraisal of major infrastructure projects that involve benefits and costs well into the future.
The discount rate review will inform the government’s decisions on major projects at the next Spending Review. It will help to ensure that the government makes fair assessments of transformational projects that provide long-term benefits.
HM Treasury’s terms of reference for the discount rate review note that the lead authors should look at international comparisons to better inform their judgements on the UK approach.
The independent review of the Green Book discount rate will be published in the summer 2026.
Changes to the Green Book discount rate methodology will affect the appraisal of major infrastructure projects that involve benefits and costs well into the future.
The discount rate review will inform the government’s decisions on major projects at the next Spending Review. It will help to ensure that the government makes fair assessments of transformational projects that provide long-term benefits.
HM Treasury’s terms of reference for the discount rate review note that the lead authors should look at international comparisons to better inform their judgements on the UK approach.
The independent review of the Green Book discount rate will be published in the summer 2026.
Changes to the Green Book discount rate methodology will affect the appraisal of major infrastructure projects that involve benefits and costs well into the future.
The discount rate review will inform the government’s decisions on major projects at the next Spending Review. It will help to ensure that the government makes fair assessments of transformational projects that provide long-term benefits.
HM Treasury’s terms of reference for the discount rate review note that the lead authors should look at international comparisons to better inform their judgements on the UK approach.
As set out in response to PQ UIN 43043 on 9 April 2025, The UK Benchmarks Regulation sets out the requirements for UK Climate Transition Benchmarks and UK Paris-aligned Benchmarks.
The Financial Conduct Authority (FCA) monitors and supervises benchmark administrators according to the Benchmarks Regulation . The FCA published a statement regarding their position on sustainability regulations and UK defence investment on 11 March 2025.
The Treasury launched a consultation on the future regulatory regime for benchmarks and benchmark administrators on 17 December 2025. This consultation seeks views on proposals to reform the UK’s existing benchmarks regime, including the Climate Transition Benchmark and Paris-Aligned Benchmark labels.
As set out in a written statement to Parliament last week, the Chancellor has asked the Office for Budget Responsibility (OBR) to prepare an economic and fiscal forecast for publication on 3 March 2026. The Chancellor will deliver an oral statement to the House in response.
As set out in a written statement to Parliament last week, the Chancellor has asked the Office for Budget Responsibility (OBR) to prepare an economic and fiscal forecast for publication on 3 March 2026. The Chancellor will deliver an oral statement to the House in response.
The review will commence in 2026, with the outputs considered as part of the Spending Review 2027.
The review will be a collaborative effort across government departments and external expertise will also be used to inform a comprehensive assessment of homelessness services. This will include expertise from frontline services, local government, and other voluntary and charity sector organisations.
The Parliamentary Contributory Pension Fund is independent from government and investment decisions are a matter for the scheme’s trustees.
The information is not held in the form requested and could be provided only at disproportionate cost.
The information is not held in the form requested and could be provided only at disproportionate cost.
The information is not held in the form requested and could be provided only at disproportionate cost.
The information is not held in the form requested and could be provided only at disproportionate cost.
Installations of qualifying energy-saving materials (ESMs) in residential accommodation and buildings used solely for a charitable purpose benefit from a temporary VAT zero rate until March 2027, after which they will revert to the reduced rate of VAT at five per cent. The list of qualifying ESMs, which includes but is not limited to heat pumps, can be found here: https://www.gov.uk/guidance/vat-on-energy-saving-materials-and-heating-equipment-notice-7086.
The Government assesses whether to add ESMs to this relief by evaluating them against the following tests: the primary purpose of the technology must be to improve energy efficiency and reduce carbon emissions; relieving the technology of VAT must be a cost effective lever for encouraging installations; and it must be practical for business to operate and for HMRC to administer.
Installations of qualifying energy-saving materials (ESMs) in residential accommodation and buildings used solely for a charitable purpose benefit from a temporary VAT zero rate until March 2027, after which they will revert to the reduced rate of VAT at five per cent. The list of qualifying ESMs, which includes but is not limited to heat pumps, can be found here: https://www.gov.uk/guidance/vat-on-energy-saving-materials-and-heating-equipment-notice-7086.
The Government assesses whether to add ESMs to this relief by evaluating them against the following tests: the primary purpose of the technology must be to improve energy efficiency and reduce carbon emissions; relieving the technology of VAT must be a cost effective lever for encouraging installations; and it must be practical for business to operate and for HMRC to administer.
I refer the hon. Members to the answer given to UIN 101363.
I refer the hon. Members to the answer given to UIN 101363.
I refer the hon. Members to the answer given to UIN 101363.
I refer the hon. Members to the answer given to UIN 101363.
The Government recognises the importance of businesses in the foundry sector, which employ thousands of people across the UK and support critical supply chains.
The Government has listened to concerns from businesses and announced at Budget 2025 that it will not proceed with the plan to converge towards a single rate of Landfill Tax. Instead, the Government intends to prevent the gap between the two rates from widening further over the coming years.
The Government has also decided not to remove key exemptions to Landfill Tax including the water discounting scheme and Qualifying Fines regime, and is committed to continuing to work with businesses to develop new solutions that enable them to recycle more of the waste they produce.
HMRC does not produce household-level analysis for either the Marriage Allowance or the Married Couple’s Allowance.
Data on the number of Marriage Allowance claimants up to 2022-23 can be found here:
Non-structural tax reliefs - GOV.UK
Published estimates of the number of Married Couple’s Allowance claimants up to 2024-25 can be found here:
The Government does not hold data on the breakdown of business rates revenue.
Properties seeing large bill increases as a result of the business rates revaluation - including airports - will benefit from a redesigned transitional relief scheme worth £3.2 billion over the next 3 years.
At Budget 2025, the government also published a Call for Evidence on Business Rates and Investment. It will explore the concerns that airports and a small number of other ratepayers have raised around the ‘Receipts & Expenditure’ valuation methodology and its impacts on long-term, high value investments. The government is seeking to address issues raised ahead of the 2029 revaluation, aiming to conclude this work in sufficient time before pre-list discussion commences.
The retail, hospitality and leisure (RHL) multipliers being introduced from April are worth nearly £900 million per year, and they will benefit over 750,000 properties in England.
Businesses can already claim a number of employer NICs reliefs including those for under-21s and under-25 apprentices. This means employers will pay no employer NICs for apprentices under 25 or employees under 21 on earnings up to £50,270.
I refer the hon member to the answer given on UIN 99865.
I refer the hon member to the answer given on UIN 99863.
The Government recognises that Further Education (FE) funding is vital to ensure people are being trained in the skills they need to thrive in the modern labour market. The 2025 Spending Review provided an additional £1.2 billion per year by 2028-29 for skills and £1.7 billion of capital funding to help colleges maintain the condition of their estate. In addition, the Government is providing £375 million of capital investment to support the FE system to accommodate increasing student numbers.
For their non-business activity, FE colleges are unable to reclaim VAT incurred. We operate several VAT refund schemes for schools and academies. FE colleges do not meet the criteria for either scheme.
In relation to business activity, FE colleges enjoy an exemption from VAT which means that they do not have to charge VAT to students, but cannot recover it either. The Government is not currently planning to introduce a VAT refund scheme for FE institutions.
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 new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £900 million per year and will benefit over 750,000 properties.
The Government is also supporting small businesses to grow. At Budget, the Government announced the extension of Small Business Rates Relief (SBRR) so that businesses opening second premises can retain their SBRR for three years, tripling the current allowance.
The Government also published a Call for Evidence at Budget which explores how reform of the business rates system can be used to incentivise investment. This Call for Evidence builds on the findings set out in the Transforming Business Rates: Interim Report, which was based on written evidence from 141 stakeholders and engagement with 230 organisations.
Any reforms taken forward will be phased over the course of the Parliament.
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 new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £900 million per year and will benefit over 750,000 properties.
The Government is also supporting small businesses to grow. At Budget, the Government announced the extension of Small Business Rates Relief (SBRR) so that businesses opening second premises can retain their SBRR for three years, tripling the current allowance.
The Government also published a Call for Evidence at Budget which explores how reform of the business rates system can be used to incentivise investment. This Call for Evidence builds on the findings set out in the Transforming Business Rates: Interim Report, which was based on written evidence from 141 stakeholders and engagement with 230 organisations.
Any reforms taken forward will be phased over the course of the Parliament.
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 new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £900 million per year and will benefit over 750,000 properties.
The Government is also supporting small businesses to grow. At Budget, the Government announced the extension of Small Business Rates Relief (SBRR) so that businesses opening second premises can retain their SBRR for three years, tripling the current allowance.
The Government also published a Call for Evidence at Budget which explores how reform of the business rates system can be used to incentivise investment. This Call for Evidence builds on the findings set out in the Transforming Business Rates: Interim Report, which was based on written evidence from 141 stakeholders and engagement with 230 organisations.
Any reforms taken forward will be phased over the course of the Parliament.
Private hire vehicle (PHV) services provided by VAT-registered businesses are, and always have been, subject to the standard rate of VAT (20%).
The Government’s announcement at Autumn Budget 2025 puts an end to the exploitation of a VAT administration scheme, designed for the tour operator sector, by a small number of large private hire vehicle operators seeking to pay a lower rate of VAT than others.
This won’t affect smaller operators outside London whose drivers contract directly with passengers, or black cabs, neither of which have attempted to exploit this scheme.
Empty Property Relief (EPR) operates by providing owners of empty non-domestic properties with 100% relief for the first 3 months (or 6 months for industrial properties) after a property becomes empty. If the property remains empty once the relief period ends, the owner must pay the property’s full business rates liability.
At Budget, the Government published a Call for Evidence at Budget which focuses on how reform of the business rates system can be used to incentivise and secure more investment by Britain’s businesses. This Call for Evidence builds on the findings of the Transforming Business Rates: Discussion Paper and asks stakeholders for more detailed evidence on how the business rates system influences investment decisions.
The Call for Evidence published at Budget seeks further evidence on the role business rates and reliefs play in investment, including Empty Property Relief.
Private hire vehicle (PHV) services provided by VAT-registered businesses are, and always have been, subject to the standard rate of VAT (20%).
The Government’s announcement at Autumn Budget 2025 puts an end to the exploitation of a VAT administration scheme, designed for the tour operator sector, by a small number of large private hire vehicle operators seeking to pay a lower rate of VAT than others.
This won’t affect smaller operators outside London whose drivers contract directly with passengers, or black cabs, neither of which have attempted to exploit this scheme.