HM Treasury
HM Treasury is the government’s economic and finance ministry, maintaining control over public spending, setting the direction of the UK’s economic policy and working to achieve strong and sustainable economic growth.
Shadow Ministers / Spokeperson
Liberal Democrat
Baroness Kramer (LD - Life peer)Liberal Democrat Lords Spokesperson (Treasury and Economy)
Daisy Cooper (LD - St Albans)
Liberal Democrat Spokesperson (Treasury)
Conservative
Mel Stride (Con - Central Devon)Shadow Chancellor of the Exchequer
Green Party
Adrian Ramsay (Green - Waveney Valley)Green Spokesperson (Treasury)
Liberal Democrat
Charlie Maynard (LD - Witney)Liberal Democrat Spokesperson (Chief Secretary to the Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Lord Altrincham (Con - Excepted Hereditary)Shadow Minister (Treasury)
Richard Fuller (Con - North Bedfordshire)
Shadow Chief Secretary to the Treasury
Baroness Neville-Rolfe (Con - Life peer)
Shadow Minister (Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
James Wild (Con - North West Norfolk)Shadow Exchequer Secretary (Treasury)
Mark Garnier (Con - Wyre Forest)
Shadow Economic Secretary (Treasury)
Ministers of State
Lord Livermore (Lab - Life peer)Financial Secretary (HM Treasury)
James Murray (LAB - Ealing North)
Chief Secretary to the Treasury
Lord Stockwood (Lab - Life peer)
Minister of State (HM Treasury)
Parliamentary Under-Secretaries of State
Torsten Bell (Lab - Swansea West)Parliamentary Secretary (HM Treasury)
Dan Tomlinson (Lab - Chipping Barnet)
Exchequer Secretary (HM Treasury)
Lucy Rigby (Lab - Northampton North)
Economic Secretary (HM Treasury)
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Formal Minutes
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, with reference to the Explanatory Memorandum on the Double Contributions Convention with the …
This Order designates the Money and Mental Health Policy Institute as a designated consumer body under section 234C(2) of the …
A Bill to Make provision to amend section 4 of the Social Security Contributions and Benefits Act 1992, and section …
11:36
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
HM Treasury does not have Bills currently before Parliament
Acts of Parliament created in the 2024 Parliament
A Bill to Authorise the use of resources for the year ending with 31 March 2026; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2025.
This Bill received Royal Assent on 21st July 2025 and was enacted into law.
A Bill to make provision about secondary Class 1 contributions.
This Bill received Royal Assent on 3rd April 2025 and was enacted into law.
A Bill to make provision about finance.
This Bill received Royal Assent on 20th March 2025 and was enacted into law.
A Bill to amend the Crown Estate Act 1961.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to Authorise the use of resources for the years ending with 31 March 2024, 31 March 2025 and 31 March 2026; to authorise the issue of sums out of the Consolidated Fund for those years; and to appropriate the supply authorised by this Act for the years ending with 31 March 2024 and 31 March 2025.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to make provision for loans or other financial assistance to be provided to, or for the benefit of, the government of Ukraine.
This Bill received Royal Assent on 16th January 2025 and was enacted into law.
A Bill to impose duties on the Treasury and the Office for Budget Responsibility in respect of the announcement of fiscally significant measures.
This Bill received Royal Assent on 10th September 2024 and was enacted into law.
A Bill to authorise the use of resources for the year ending with 31 March 2025; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2024.
This Bill received Royal Assent on 30th July 2024 and was enacted into law.
HM Treasury - Secondary Legislation
Petitions
e-Petitions are administered by Parliament and allow members of the public to express support for a particular issue.
If an e-petition reaches 10,000 signatures the Government will issue a written response.
If an e-petition reaches 100,000 signatures the petition becomes eligible for a Parliamentary debate (usually Monday 4.30pm in Westminster Hall).
(3,363 in the last 7 days)
(1,944 in the last 7 days)
(1,823 in the last 7 days)
(1,473 in the last 7 days)
(748 in the last 7 days)
(1,823 in the last 7 days)
(1,473 in the last 7 days)
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(97 in the last 7 days)
Petition Closed
Raise the income tax personal allowance from £12,570 to £20,000
Gov Responded - 20 Feb 2025 Debated on - 12 May 2025closed 8 months ago
Raise the income tax personal allowance from £12570 to £20000. We think this would help low earners to get off benefits and allow pensioners a decent income.
Petition Closed
Don't change inheritance tax relief for working farms
Gov Responded - 5 Dec 2024 Debated on - 10 Feb 2025closed 9 months, 1 week ago
We think that changing inheritance tax relief for agricultural land will devastate farms nationwide, forcing families to sell land and assets just to stay on their property. We urge the government to keep the current exemptions for working farms.
Petition Closed
Don't apply VAT to independent school fees, or remove business rates relief.
Gov Responded - 20 Dec 2024 Debated on - 3 Mar 2025closed 8 months, 3 weeks ago
Prevent independent schools from having to pay VAT on fees and incurring business rates as a result of new legislation.
Departmental Select Committee
Treasury Committee
Commons Select Committees are a formally established cross-party group of backbench MPs tasked with holding a Government department to account.
At any time there will be number of ongoing investigations into the work of the Department, or issues which fall within the oversight of the Department. Witnesses can be summoned from within the Government and outside to assist in these inquiries.
Select Committee findings are reported to the Commons, printed, and published on the Parliament website. The government then usually has 60 days to reply to the committee's recommendations.
11 Members of the Treasury Committee
Treasury Committee Member since 9th September 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 9th December 2024
Treasury Committee Member since 27th October 2025
Treasury Committee Member since 27th October 2025
Treasury Committee Member since 27th October 2025
Treasury Committee: Upcoming Events
Bank of England Monetary Policy Reports
24 Feb 2026, 2 p.m.
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Treasury Committee - Oral evidence
The OBR: 15 years on
25 Feb 2026, 2 p.m.
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Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)The project to implement the Double Contributions Convention, including work required by Article 20 to scope and implement a system of electronic information exchange between the UK and India, is still on-going. A full estimate is therefore not available. The system under development will be a step towards the modernisation of international social security processes in HMRC.
Exchequer Secretary (HM Treasury)
The Office for Budget Responsibility will certify the impact of the Double Contributions Convention in the usual way at a fiscal event, once it has been ratified.
Exchequer Secretary (HM Treasury)
From April, every pub and live music venue will get 15% off its new business rates bill on top of the support announced at Budget, ahead of their bills being frozen in real terms for a further two years. The cost of this support will not impact other sectors’ bills.
Final costings will be confirmed at a fiscal event in the usual way.
Exchequer Secretary (HM Treasury)
If customers disagree with their Rateable Value (as published in the Rating Lists), there is a three-stage process run by the Valuation Office Agency (VOA) known as Check, Challenge, Appeal to challenge this.
Ratepayers are required to continue paying business rates based on the current valuation while a case is ongoing.
Exchequer Secretary (HM Treasury)
DWP has long provided HMRC with information where older children receive benefits in their own right. Since 2024, this has been done through notifications of Universal Credit claims, replacing the previous approach which relied on Jobseeker’s Allowance and Income Support data.
HMRC uses these notifications to stop Child Benefit awards in cases where a young person is receiving benefit in their own right. This prevents dual provision of government support for the same individual. Because the DWP data is notifying HMRC of clear evidence of a benefit award, rather than indicating a risk of this potential, it is approaching 100% effective for addressing this type of error and fraud.
Based on operational management information, which is subject to change, over the last two years HMRC has closed around 3,000 Child Benefit awards following notifications from DWP that the young person was in receipt of Universal Credit.
Exchequer Secretary (HM Treasury)
Financial Secretary (HM Treasury)
Remuneration arrangements involving the sacrifice of earnings for employer pension contributions are not possible within statutory Public Service Pension Schemes and those public sector employers to which the Managing Public Money guidance applies are not permitted to offer such remuneration schemes. For other public sector organisations, the Government does not hold a central record of which organisations offer this type of salary sacrifice arrangement.
Financial Secretary (HM Treasury)
As stated in answer to WPQ 109606 on 3 February, the government will set out in due course further details on how it will ease the administrative burden for pensioners whose sole income is the basic or new State Pension without any increments.
Parliamentary Secretary (HM Treasury)
The Government commissioned an independent review of the loan charge to bring the matter to a close for those affected, ensure fairness for all taxpayers and ensure that appropriate support is in place for those subject to the loan charge.
Because of the decisions the Government has taken, around 30 percent of people within scope of the review could have their liabilities removed entirely. Most other individuals will see their liabilities reduced by at least half.
The most serious cases within scope of the Loan Charge review include instances where an individual has avoided more than £5 million of tax through disguised remuneration use. The Government does not believe it is right to offer this group further substantial reductions to their liabilities. The £70,000 cap was introduced to ensure fairness for all taxpayers, including the vast majority who have never used disguised remuneration schemes.
Over 80% of individuals that are within scope of the settlement opportunity will not be affected by the cap.
Exchequer Secretary (HM Treasury)
VAT is a broad-based tax on consumption, and the 20 per cent standard rate applies to most goods and services. Outside of a limited number of VAT reliefs aimed at stimulating the supply of new homes, the standard VAT rate of 20 per cent applies to most construction work.
Some museums and galleries receive VAT refunds on the costs associated with providing free access to their permanent collections, under the museums and galleries VAT Refund Scheme. This includes the refunds of the VAT paid on repairs to the buildings that contain museums/galleries’ permanent collections. Further information about the refund scheme can be found here:
VAT Refund Scheme for museums and galleries (VAT Notice 998) - GOV.UK
The Listed Places of Worship Grant Scheme, administered by the Department for Digital, Culture, Media and Sport, provides grants for VAT paid by listed places of worship on their repair and maintenance costs, with the objective of helping to preserve UK heritage. From April 2026, the scheme will be replaced by a Places of Worship Renewal Fund, which will invest £92 million capital funding into listed places of worship. It is designed to ensure that taxpayer funding is targeted more effectively toward the preservation of our heritage assets.
Exchequer Secretary (HM Treasury)
Childminders make a significant contribution to children’s development, learning, and wellbeing. The Government has eased rules on working from schools and community centres and increased early years funding rates above 2023 average fees. These increases reflect increased costs, and from April 2026, local authorities must pass at least 97 per cent of funding to providers.
Only a small proportion of childminders with qualifying income over £50,000 will be mandated into Making Tax Digital (MTD) for income tax from April 2026. Childminders moving to MTD for income tax can continue to claim tax relief for household costs, wear and tear of household items and furniture, and food and drink, by deducting actual business costs. This ensures childminders receive tax relief for all of the costs that they incur in relation to their childminding business.
The Government will monitor the impact of MTD for income tax on childminders and other home-based childcare providers in the same way as it will for all sole traders moving to MTD for income tax.
Exchequer Secretary (HM Treasury)
The Epstein scandal exposed a culture that didn't value the lives of women. It is utterly contrary to what the Prime Minister stands for and the values at the heart of a government tackling misogyny in schools, halving violence against women and girls and overhauling how our criminal justice system serves victims.
The Crown Estate is an independent commercial organisation, and the Government is not involved in its operations and day-to-day decision making.
The Crown Estate has confirmed that its leases contain a nuisance clause that prohibits illegal or immoral use, and that it enforces those leases in accordance with applicable law.
The Crown Estate has confirmed that its residential lease arrangements do not require monitoring or recording the identities of a leaseholder’s private visitors. Such monitoring would be incompatible with privacy and data protection requirements and with the long-established covenant owed to leaseholders under landlord-tenant law.
Chief Secretary to the Treasury
The Epstein scandal exposed a culture that didn't value the lives of women. It is utterly contrary to what the Prime Minister stands for and the values at the heart of a government tackling misogyny in schools, halving violence against women and girls and overhauling how our criminal justice system serves victims.
The Crown Estate is an independent commercial organisation, and the Government is not involved in its operations and day-to-day decision making.
The Crown Estate has confirmed that its leases contain a nuisance clause that prohibits illegal or immoral use, and that it enforces those leases in accordance with applicable law.
The Crown Estate has confirmed that its residential lease arrangements do not require monitoring or recording the identities of a leaseholder’s private visitors. Such monitoring would be incompatible with privacy and data protection requirements and with the long-established covenant owed to leaseholders under landlord-tenant law.
Chief Secretary to the Treasury
Visitor information for HM Treasury offices in Whitehall is not retained for the time periods specified.
Economic Secretary (HM Treasury)
VAT registered schools, like all VAT registered businesses, are entitled to recover VAT incurred on the goods and services they purchase and use in making taxable supplies. Costs relating to non-business activities cannot be recovered as input tax. There is no special provision to allow recovery of VAT incurred for non-business activities.
Where Combined Cadet Forces related costs also support the broader educational provision, schools may be able to deduct a portion of the VAT incurred on the associated costs.
HMRC has published guidance specifically for private schools, including how they can recover VAT on costs.
Financial Secretary (HM Treasury)
UK association to Erasmus+ is provided for through technical amendments to Protocol I of the Trade and Cooperation Agreement (TCA), which was agreed in 2020 and provides for UK association to EU Programmes under Part 5.
Section 3 of Part 5 of the TCA outlines the legal mechanism under which the UK’s participation in all EU Programmes, including Erasmus+, would be subject to suspension and/or termination.
Chief Secretary to the Treasury
This funding relates to money that has already been spent by local authorities. The effect of the decision referred to is to transfer the accounting for that historic spending from local to central government. Any impact will be reflected in the OBR’s upcoming forecast.
Chief Secretary to the Treasury
I refer the Hon Member to the response provided to 110941 on 10 February 2026.
Exchequer Secretary (HM Treasury)
Any Barnett consequentials generated will be confirmed when departments formally receive funding; the next opportunity is Spring Forecast 2026.
Chief Secretary to the Treasury
Yes, the Double Contributions Convention with the Republic of India is subject to the scrutiny requirements of the Constitutional Reform and Governance Act 2010.
The Government laid the Convention before Parliament on 11 February 2026, and the scrutiny period commenced on 12 February 2026.
Exchequer Secretary (HM Treasury)
The security of HMRC’s online services is a top priority. We are aware of attempts by organised criminals to access VAT accounts using genuine customers’ registration details, and our immediate focus is to protect customer data and correct any affected tax or payment records. Customer accounts may be restricted, i.e. suspended or deleted, for a range of reasons, including proactive fraud monitoring, reports of suspicious activity, and the closure of inactive accounts. Specialist security and VAT teams are actively investigating and delivering improvements to strengthen VAT account security, which could include restricting accounts where fraudulent activity has not been identified.
When and if fraudulent activity has occurred, HMRC contacts affected customers to explain the remedial actions taken and outline any steps they need to take.
Exchequer Secretary (HM Treasury)
The Barnett formula applies to all changes in UK Government Departmental Expenditure Limits, as set out in the Statement of Funding Policy. The Block Grant Transparency publication breaks down all changes to the Northern Ireland Executive’s block grant funding since Spending Review 2015. The most recent report was published in October 2025.
At spending reviews, the Barnett formula is applied to overall changes to department funding, rather than to individual programmes or specific funding streams. Therefore, it is not possible to identify or specify Barnett consequentials allocated to the Northern Ireland Executive for particular programmes where funding was provided at spending reviews, including increases in police funding to Police and Crime Commisioners in England and Wales.
Chief Secretary to the Treasury
The correspondence from the hon. Member is receiving attention, and a response will be issued in due course.
Chief Secretary to the Treasury
The Financial Conduct Authority (FCA) applies a number of regulatory regimes to distinguish between retail investors and those that are more sophisticated, and to apply appropriate protections. These include the financial promotion regime and client categorisation rules.
The financial promotion regime provides a framework which seeks to ensure that consumers are appropriately protected such that they are able to make informed decisions. The regime, which is governed by the Financial Promotion Order, includes exemptions for marketing to investment professionals, and high-net-worth or sophisticated investors.
In addition, client categorisation rules seek to protect retail clients investing in capital markets, without imposing undue restrictions on professional clients. The FCA are currently reviewing these rules to unlock greater opportunities for wealthy investors, strengthen capital markets and drive economic growth. A consultation on the FCA’s proposals closed on 2 February 2026.
Financial Secretary (HM Treasury)
The information required to inform an estimate is not held in a readily available form. Producing an estimate would require detailed manual examination of a very large number of individual Child Benefit claims, which could only be done at disproportionate cost.
Financial Secretary (HM Treasury)
Across HMRC’s main helplines, the average speed of answering customer calls for 2023–24, 2024–25, and 2025–26 (year-to-date to November 2025) is shown in the table.
The definition of ‘average speed of answering a customer’s call’ (ASA) is the average time spent waiting in the queue for an adviser. This is from the time that the customer finished listening to HMRC’s automated messages and completed their selection from HMRC’s automated menu to the time when they get to speak to an adviser.
HMRC’s main helplines - Average Speed of Answering a customer’s call (minutes: seconds)
| 2023-24 | 2024-25 | 2025-26 YTD to November |
Child Benefit | 21:05 | 16:05 | 10:35 |
National Insurance | 20:55 | 21:48 | 10:32 |
Tax Credits Helpline | 19:22 | 22:09 | 05:16 |
Tax Credits Payment Helpline | 22:13 | 16:50 | 05:34 |
Corporation Tax | 13:52 | 11:51 | 11:49 |
Stamp Duty and Capital Gains | 05:45 | 02:47 | 03:26 |
Agent Dedicated Line | 21:56 | 26:38 | 16:37 |
Construction Industry Scheme Helpline | 13:49 | 09:23 | 09:44 |
Employers Helpline | 22:20 | 26:32 | 27:20 |
Online Services Helpline | 08:36 | 11:49 | 05:58 |
PAYE | 34:18 | 22:58 | 17:34 |
Self Assessment Helpline | 37:15 | 23:40 | 16:46 |
VAT | 27:14 | 14:30 | 10:32 |
Overall, ASA has improved over the past two years. In 2023-24, across all HMRC helplines, it was 23 minutes and 14 seconds. In 2025-26 (year to date - end of November 2025), ASA was 13 minutes and 17 seconds.
HMRC are taking steps to make sure more of their services are digital, so customers can self-serve online. HMRC online services and the HMRC app are convenient to access and receive high customer satisfaction ratings. As more people use HMRC online services, advisers are freed up to support those with more complex queries and those who are digitally excluded.
Financial Secretary (HM Treasury)
Charlie Dewhirst
(Conservative - Bridlington and The Wolds)
Following the departure of previous occupants, the official Ministerial residence was provided unfurnished. To address this, £19,759.61 was spent since 4 July 2024 on furnishings which remain government property and will be retained for future occupants.
Exchequer Secretary (HM Treasury)
The Government does not comment on specific movements in financial markets.
The Government, together with the Financial Conduct Authority, has already undertaken significant reforms to ensure UK capital markets deliver for British businesses and investors. This includes an ongoing programme to implement reforms to wholesale markets. These have been designed to maintain high regulatory standards, promote openness and competitiveness, deliver fair and proportionate regulation, and support economic growth, innovation and wealth creation across society.
Financial Secretary (HM Treasury)
Challenging times for global and European security call for creative solutions. The UK is therefore stepping up work with likeminded allies on the most effective option for a collective approach to defence spending and procurement.
Together, we can accelerate vital investment and maximise the potential of historic spending uplifts to meet the scale of our shared defence and security commitments.
Financial Secretary (HM Treasury)
Student loan repayments are taken into account as part of affordability assessments for mortgage applications, but student loans are very different from a mortgage or credit card debt as repayments are determined by income, not the amount borrowed. For example, a Plan 2 graduate earning £30,000 will repay only around £4 a month in FY2026–27.
The most sustainable long-term method to improve housing affordability and help people into homeownership is to increase the supply of housing. This Government has recommitted to delivering 1.5 million homes over this Parliament.
The government is committed to making home ownership more accessible by supporting first-time buyers, and welcomes clarifications from the Financial Conduct Authority (FCA), which should allow customers to borrow around 10% more on the same income.
Chief Secretary to the Treasury
The fiscal situation this government inherited means we’ve had to make tough but fair choices, including on student loan repayment threshold freezes.
Student loan borrowers repay a portion of their income (typically 9%) above the repayment threshold. A Plan 2 graduate earning £30,000 will repay only around £4 a month in FY2026–27. The student finance system is heavily subsidised by government, and lower-earning graduates will always be protected, with any outstanding loan and interest cancelled at the end of the repayment term. It is right that those who are able to repay do so.
The Department for Education has published analysis of the impact of the repayment threshold freeze on total repayments here.
Chief Secretary to the Treasury
Economic Secretary (HM Treasury)
Lenders offering credit are regulated by the Financial Conduct Authority (FCA). This oversight ensures that lending practices are fair and that consumers are protected – firms regulated by the FCA must comply with its strict lending affordability rules, lending only to those who can afford repayments based on a thorough assessment of their financial situation. Under the FCA’s Consumer Duty, firms are required to take steps to identify and respond to signs of vulnerability, support customers to disclose their needs, and make them aware of available assistance.
The Government is committed to supporting people who are experiencing problem debt. Through the Money and Pensions Service (MaPS), the Government funds a range of national and community-based debt advice services in England, so households can access the specialist support they need to get their finances back on track.
Economic Secretary (HM Treasury)
The government is introducing a Carbon Border Adjustment Mechanism (CBAM) from 1 January 2027. It will apply to imported goods from the aluminium, cement, fertiliser, hydrogen, and iron and steel sectors.
When considering which sectors should be included in the scope of the CBAM, the government looked primarily at three factors: inclusion in the UK Emissions Trading Scheme (ETS), carbon leakage risk, and feasibility and effectiveness of applying the CBAM.
It has been considered that currently the horticultural sector does not meet these factors. The sectoral scope of the CBAM will be kept under review beyond 2027 as new evidence comes to light to reflect methodological and technological advances.
Exchequer Secretary (HM Treasury)
Roz Savage
(Liberal Democrat - South Cotswolds)
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since the pandemic, which has led to significant increases in rateable values for some properties as they recover from the pandemic.
In recognition of the impact of the revaluation on bills, the Government introduced a support package worth £4.3 billion, to protect against ratepayers seeing large overnight increases in bills.
The Government is also introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £1 billion per year and will benefit over 750,000 properties.
We are paying for this through higher rates on the top one per cent of most expensive properties. This includes many large distribution warehouses, such as those used by online giants. The high value multiplier is 33% more than the multiplier for small RHL properties.
From April, every pub and live music venue will get 15% off its new business rates bill on top of the support announced at Budget and then bills will be frozen in real terms for a further two years.
Three-quarters of pubs will see bills flat or falling in April. The new relief is worth £1,650 for the average pub next year. As a sector pubs will pay 8% less in business rates in 2029 than they do right now.
The Government will also launch a review on how pubs are valued for business rates.
Exchequer Secretary (HM Treasury)
As set out in the Government’s Financial Services Growth and Competitiveness Strategy, it is our ambition to make the UK ”the world’s most technologically advanced global financial sector”, leveraging our dual strengths in FS and AI to drive growth, productivity, and deliver consumer benefits.
To help achieve that ambition, the Government has appointed Financial Services AI Champions, Harriet Rees and Rohit Dhawan, who will focus on helping firms seize opportunities of AI while protecting consumers and financial stability. The AI Champions will engage with industry experts, the regulators and other stakeholders to provide HM Treasury Ministers and officials with recommendations on areas of potential growth for AI in financial services and what action could be taken to seize the opportunities that AI brings in financial services.
The Government will carefully consider any recommendations before setting out its next steps, taking into account the benefits of innovation but also ensuring that risks are appropriately considered.
The Government will continue working closely with industry and regulators to inform our approach to safely capitalise on the opportunities AI presents while protecting consumers and financial stability as the technology continues to evolve.
Financial Secretary (HM Treasury)
Lord Taylor of Warwick
(Non-affiliated - Life peer)
As set out in the Government’s Financial Services Growth and Competitiveness Strategy, the UK aims to be the world’s most technologically advanced global financial centre, and to remain a leading jurisdiction for Fintech firms to start-up, scale and list.
The UK has a long history as a powerhouse of financial services innovation. The Financial Services Strategy set out a comprehensive package of reforms to maintain the UK’s global leadership in Fintech, and the sector attracted $3.6 billion of investment in 2025 - second only to the US. This drive to deliver innovation also includes the safe adoption of artificial intelligence (AI) by the financial services sector, which the Government believes is a major strategic opportunity, with the potential to power growth across the UK.
The Digital and Technology sector has also been identified as one of the key growth driving sectors for the UK, as part of our Industrial Strategy. The Government’s 2025 AI Opportunities Action Plan sets out our strategy on AI in particular, including putting in place the foundations to capitalise on the opportunities of AI. In January, a year after its publication, the Government announced that 75% of the recommendations committed to have been actioned, including developing AI talent through the £187 million tech first package and the designation of five AI Growth Zones across the UK, with streamlined planning and energy access.
The Government also recognises the huge productivity and growth opportunity that the adoption of digital technology offers the wider economy. The Technology Adoption Review focussed on adoption in the Industrial Strategy sectors and was published in June 2025, while DBT established the Digital Adoption Taskforce, working with industry members to identify the current needs of SMEs in their digital adoption journeys. Their final report was published in July 2025 with government response included in the Small Business Strategy. The Government is responding to these recommendations, including progressing with mandating e-invoicing and expanding successful firm level programmes such as Bridge AI.
Financial Secretary (HM Treasury)
The Government is committed to improving the affordability of housing, and making the aspiration of home ownership a reality for as many households as possible.
Student loan repayments are taken into account as part of affordability assessments for mortgage applications, but student loans are very different from a mortgage or credit card debt, as repayments are determined by income, not the amount borrowed. For example, a Plan 2 graduate earning £30,000 will repay only around £4 a month in FY2026–27.
The most sustainable long-term method to improve housing affordability and help people into homeownership is to increase the supply of housing. This Government has recommitted to delivering 1.5 million homes over this Parliament.
Chief Secretary to the Treasury
The Valuation Office Agency is using the following data from the Office of National Statistics: Census geographies and House Price Index.
Exchequer Secretary (HM Treasury)
Officials in my department regularly speak to EU counterparts on a range of issues.
Private Pleasure Craft (PPC)) across the UK incur the full duty rate on fuel used for propulsion (52.95 pence per litre (ppl)) and the rebated rate (10.18 ppl) for non-propulsion use.
PPC that refuel in Great Britain can use red diesel provided they pay a top up to reflect the difference in duty between the red diesel rate and the full duty rate to cover their propulsion use. PPC in Northern Ireland are not permitted to refuel with red diesel, but a relief scheme is in place to cover diesel used for non-propulsion purposes (e.g. heating and lighting the boat).
Exchequer Secretary (HM Treasury)
HMRC confirm that prize draws offering both paid and free entry routes are not eligible for VAT exemption and paid entries will be subject to VAT at the standard rate of 20%.
Exchequer Secretary (HM Treasury)
The Government already offers flexibility when SDLT is due on transactions relating to shared ownership properties. When a shared ownership lease is first granted, the purchaser can choose to either pay SDLT on the market value of the property, in which case no further SDLT will be due when purchasing additional interest in the property (including when staircasing above 80%); or instead choose to pay SDLT in stages. Purchasers of shared ownership properties can also claim First-time Buyers’ Relief (FTBR) on purchases where the value of their property does not exceed £500,000. For those purchasers who choose to pay SDLT in stages, SDLT will be payable on any staircasing transaction which takes them over 80% ownership. In those circumstances, FTBR is not available as the person staircasing is no longer a first-time buyer. The ability to choose when SDLT is due, along with the relief available to first-time buyers, can help reduce the amount of SDLT due when initially buying a shared ownership property as your first home.
Exchequer Secretary (HM Treasury)
A new duty structure for alcohol products was introduced in August 2023. This included the introduction of Draught Relief, which enables products served on draught below 8.5% alcohol by volume (ABV) to pay less duty. This relief provides vital support to pubs and other venues, whilst also helping breweries that supply eligible products.
This Government is proud to have been able to expand the generosity of Draught Relief this parliament. The Chancellor’s draught rate cut announced at Autumn Budget 2024 applied to approximately 60% of the alcoholic drinks sold in pubs, with draught beer and cider now paying 13.9% less in duty than their packaged equivalents.
The Chancellor makes decisions on future tax policy at fiscal events, and, as with all taxes, the Government keeps alcohol duty under review as part of its Budget process.
This Government is also committed to moving towards a circular economy that delivers sustainable growth, and produces less waste, rubbish and litter. Implementing the Government’s Collection and Packaging Reforms, including Packaging Extended Producer Responsibility (pEPR) and the Deposit Return Scheme, is a critical step in this transition that will create a substantial incentive for investment in new and improved recycling services in the UK.
Exchequer Secretary (HM Treasury)
Most unused pension funds and death benefits payable from a pension will form part of a person’s estate for inheritance tax purposes from 6 April 2027. This removes distortions which have led to pensions being openly used and marketed as a tax planning vehicle to transfer wealth, rather than as a way to fund retirement. These reforms also remove inconsistencies in the inheritance tax treatment of different types of pensions.
Inheritance tax should be paid within 6 months from the end of the month after the date of death, or late payment interest will begin to accrue on the outstanding tax. This is a longstanding requirement that ensures the tax is collected quickly and efficiently. However, the Government recognises the difficulties personal representatives may face in paying the inheritance tax due and offers several payment options to help. This includes the direct payment scheme, which allows personal representatives to instruct banks and building societies to transfer funds from the deceased’s bank or building accounts before probate is granted.
The Government also announced changes at the Budget in November 2025 which mitigate the risks to personal representatives by providing them with the ability to direct pension scheme administrators to withhold taxable benefits for up to 15 months from the date of death and to direct them to make payments of inheritance tax directly to HMRC. The changes also protect personal representatives from risk that lost pension pots emerge later by discharging them from liability where they have received clearance from HMRC. Furthermore, to ensure that the process of calculating, reporting and paying inheritance tax does not take longer than necessary, the Government will introduce regulations setting out deadlines for the parties involved to exchange information.
These changes are consistent with the process which already exists for administering estates and paying any inheritance tax due. Personal representatives are already responsible for administering the rest of the estate, including non-discretionary pension schemes which are already in scope of inheritance tax. The Government will publish further guidance and tools to support personal representatives in readiness for these changes being implemented in 2027.
Financial Secretary (HM Treasury)
Most unused pension funds and death benefits payable from a pension will form part of a person’s estate for inheritance tax purposes from 6 April 2027. This removes distortions which have led to pensions being openly used and marketed as a tax planning vehicle to transfer wealth, rather than as a way to fund retirement. These reforms also remove inconsistencies in the inheritance tax treatment of different types of pensions.
Inheritance tax should be paid within 6 months from the end of the month after the date of death, or late payment interest will begin to accrue on the outstanding tax. This is a longstanding requirement that ensures the tax is collected quickly and efficiently. However, the Government recognises the difficulties personal representatives may face in paying the inheritance tax due and offers several payment options to help. This includes the direct payment scheme, which allows personal representatives to instruct banks and building societies to transfer funds from the deceased’s bank or building accounts before probate is granted.
The Government also announced changes at the Budget in November 2025 which mitigate the risks to personal representatives by providing them with the ability to direct pension scheme administrators to withhold taxable benefits for up to 15 months from the date of death and to direct them to make payments of inheritance tax directly to HMRC. The changes also protect personal representatives from risk that lost pension pots emerge later by discharging them from liability where they have received clearance from HMRC. Furthermore, to ensure that the process of calculating, reporting and paying inheritance tax does not take longer than necessary, the Government will introduce regulations setting out deadlines for the parties involved to exchange information.
These changes are consistent with the process which already exists for administering estates and paying any inheritance tax due. Personal representatives are already responsible for administering the rest of the estate, including non-discretionary pension schemes which are already in scope of inheritance tax. The Government will publish further guidance and tools to support personal representatives in readiness for these changes being implemented in 2027.
Financial Secretary (HM Treasury)
The Government wants to make sure that those who have the ability to put away money for the long-term can do so. The Long-Term Asset Fund (LTAF) provides investors with the opportunity to invest in long-term alternative assets, such as venture capital, private equity, real estate and infrastructure, that can offer higher returns in exchange for limited liquidity.
The Financial Conduct Authority have designed robust governance requirements for the LTAF, so investors who understand the risks of investing in long‑term less liquid assets are able to invest with confidence. Where a firm markets an LTAF to a retail investor, the firm must provide appropriate risk warnings and conduct an appropriateness assessment.
Financial Secretary (HM Treasury)
The Government does not hold this information.
The Government has already started the work of reforming our business rates system by introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £1 billion per year and will benefit over 750,000 properties.
The Government 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.
Exchequer Secretary (HM Treasury)
Details on how large distribution warehouses are impacted by the new high-value multiplier can be found at the following link:
Exchequer Secretary (HM Treasury)