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)
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, pursuant to the answer of 5 February 2026 to Question 109139 on Business …
These Regulations amend the Childcare Payments (Eligibility) Regulations 2015 (S.I. 2015/448) (“the 2015 Regulations”), which contain the detailed requirements a …
A Bill to Authorise the use of resources for the years ending with 31 March 2025, 31 March 2026 and …
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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).
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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, 3 weeks 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 10 months 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 9 months, 1 week 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
16 Mar 2026, 1:30 p.m.
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Treasury Committee - Oral evidence
The OBR: 15 years on
17 Mar 2026, 9:30 a.m.
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Treasury Committee - Oral evidence
Work of Financial Ombudsman Service
18 Mar 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 statistic is based on analysis conducted by the Ministry of Housing, Communities and Local Government (MHCLG) using property-level data on rateable values from the Valuation Office Agency, and local authority returns on the value of reliefs and the number of properties receiving reliefs, published in MHCLG’s National Non-Domestic Rates statistics.
Exchequer Secretary (HM Treasury)
The government does not routinely publish analysis and advice used during the policy making process.
Exchequer Secretary (HM Treasury)
Charlie Dewhirst
(Conservative - Bridlington and The Wolds)
HM Treasury commissioned a Budget Information Security Review following the November 2025 Budget which was published on 9 February 2026. A copy of the review can be found here: Budget Information Security Review - GOV.UK
No Crown Servants employed by HM Treasury were dismissed or disciplined for the stated reason.
Chief Secretary to the Treasury
The ONS publishes estimates of holdings of government debt by sector. The latest available data, as at end 2025 Q3, can be found here - UK Economic Accounts - Office for National Statistics - via the July to September 2025 dataset.
HMT works closely with the Bank of England (“the Bank”), including through its membership of the Bank’s Financial Policy Committee (FPC), to monitor and manage risks to UK financial stability, including any risks that may occur from the exposure of financial institutions to UK sovereign debt.
As part of this the FPC conducts regular stress tests of the banking sector, which assess how banks’ capital and liquidity would withstand a severe macroeconomic shock, ensuring institutions are able to continue to provide core financial services through severe economic shocks which may impact the value of their UK sovereign debt holdings. You can read more about the Bank’s approach to stress testing and the results of the latest stress tests here.
We also work closely with the Prudential Regulation Authority (PRA), which supervises individual firms, to understand the risks arising from those individual firms exposure to UK sovereign debt and ensure that these are managed prudently within the regulatory framework. You can read more about the supervision of financial institutions here.
In 2024, the Bank conducted a world first System‑Wide Exploratory Scenario (SWES), to explore how a broad range of financial institutions (including banks, insurers, pension funds and other non‑bank financial intermediaries) would respond to a severe market shock. The 2024 SWES focused on the functioning and resilience of key markets such as the gilt and gilt repo markets. It sought to understand the behaviour of firms in stress, and how market dynamics can amplify a shock. The Bank’s final report found that actions following previous market shocks have improved gilt market resilience, with the broader financial system showing an improved ability to absorb large price swings in assets, including sovereign bonds, while also highlighting areas for further policy work. You can see the final report from the SWES here.
Taken together these actions – HMTs work with the FPC, regular bank stress tests, PRA supervision, insights from the SWES and ongoing monitoring – ensure that risks arising from financial institutions exposures to UK sovereign debt are well understood and effectively managed.
Economic Secretary (HM Treasury)
The Government published its assessment of the business rates retail, hospitality and leisure multipliers on the 26 November 2025, which can be found here: https://www.gov.uk/government/publications/effects-of-the-business-rates-retail-hospitality-and-leisure-multipliers-and-high-value-multiplier/effects-of-the-business-rates-retail-hospitality-and-leisure-multipliers-and-high-value-multiplier
Exchequer Secretary (HM Treasury)
The retail, hospitality and leisure (RHL) multipliers being introduced from April are worth nearly £1 billion per year and will benefit over 750,000 properties in England.
The Exchequer impact of the new RHL multipliers can be found on page 30 of the ‘Policy costings’ document, published at the Budget and found online at this address: https://assets.publishing.service.gov.uk/media/692872fd2a37784b16ecf676/Budget_2025-Policy_Costings.pdf
Exchequer Secretary (HM Treasury)
Value Significant Codes are used internally by the Valuation Office Agency to indicate specific features that are likely to affect the value of a property – there are therefore no plans to publish these.
Exchequer Secretary (HM Treasury)
The VOA training modules are for internal use only and are not routinely published.
Exchequer Secretary (HM Treasury)
The Government has no plans to abolish Stamp Duty Land Tax (SDLT). SDLT continues to be an important source of Government revenue, raising around £14 billion each year to help pay for the essential services the Government provides.
Financial Secretary (HM Treasury)
The Valuation Office Agency is committed to protecting taxpayer confidentiality in line with its duty under the Commissioners for Revenue and Customs Act 2005.
Exchequer Secretary (HM Treasury)
Where a dwelling includes a garden, then this will be reflected in the valuation subject to the legislative framework. The Valuation Office Agency’s internal guidance on when gardens are included in the valuation can be found in the Council Tax Manual, published online here.
Exchequer Secretary (HM Treasury)
Council Tax bands are based on the price a property could have sold for on a fixed date set in law. The High Value Council Tax Surcharge (HVCTS) is in addition to Council Tax. This will be a new charge on owners of residential property in England worth £2 million or more in 2026, taking effect in 2028. The precise antecedent valuation date for HVCTS has not yet been set in legislation.
Exchequer Secretary (HM Treasury)
There are a wide range of factors to take into consideration when introducing a tax relief. These include how effective the relief would be at achieving the policy intent, how targeted support would be, whether it adds complexity to the tax system, and the cost.
Tax reliefs are typically of greatest benefit to those paying higher rates of tax. Furthermore, new reliefs also add complexity to the tax system and are likely to result in similar calls for reliefs on other forms of personal expenditure or income, which others may argue are equally deserving.
To support social care authorities to deliver key services, in light of pressures, the Government is making available up to £3.7 billion of additional funding for social care authorities in 2025/26, which includes a £880 million increase in the Social Care Grant. This is part of an overall increase to local Government spending power of 6.8% in cash terms.
Moreover, the Government is making available around £4.6 billion of additional funding for adult social care in 2028/29 compared to 2025/26, to support the sector to improve adult social care.
The Government recognises the significant challenges facing the adult social care system and is committed to transforming the sector and supporting the care workforce. Baroness Louise Casey is leading an independent commission to build consensus on reform. The first phase will report in 2026 and will focus on how to make the most of existing resources.
Exchequer Secretary (HM Treasury)
According to the latest ONS data, annual rental price inflation slowed to 3.5% in January 2026, after peaking at 9.1% in March 2024. However, the Government recognises the pressure that rental inflation places on the finances of working households in the private rental sector.
The Government is taking action to reduce levels of in-work poverty for families by tackling the cost of living. Thanks to decisions the Government made at the Budget, households across Britain will now save around £150 on energy bills from April 2026. We have also removed the two-child benefit cap, which will lift 450,000 children out of poverty and we have increased the minimum wage, so that those on low incomes are properly rewarded for their hard work. Alongside this, the Government is taking steps to increase housing supply and improve conditions in the private rented sector, helping to ease pressure on renters.
Parliamentary Secretary (HM Treasury)
HM Revenue and Customs does not hold information on VAT revenue from specific products or services. This is because businesses are not required to provide figures at a product level within their VAT returns, as this would impose an excessive administrative burden.
VAT is chargeable at the reduced rate of 5% on domestic fuel and power. Business consumers of energy may reclaim VAT on their purchases of energy subject to normal VAT deduction rules.
Exchequer Secretary (HM Treasury)
Electric and plug-in hybrid (PHEV) cars will be in scope of electric Vehicle Excise Duty (eVED) on the basis they can be plugged in to charge, where the electricity input is not subject to a fuel duty equivalent.
PHEVs have the capacity to drive in either electric or petrol mode and will continue to pay fuel duty on miles driven in petrol mode. In recognition of this, they will be subject to a reduced eVED rate of 1.5 pence per mile upon its introduction in April 2028 – half the rate of 3 pence per mile that will apply to fully electric cars.
The government recognises that PHEV driving habits vary and that some motorists will drive more or less than 50% in electric mode. However, alternative options would require motorists to report their exact mileage driven in petrol versus electric mode, which is not considered a practical or proportionate approach. A reduced rate for PHEVs strikes the right balance between fairness, protecting motorists’ privacy and minimising administrative burdens on motorists.
Exchequer Secretary (HM Treasury)
The government is cooperating fully with a Metropolitan Police investigation and is providing any assistance required.
Economic Secretary (HM Treasury)
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.
To support with bill increases, the Government has introduced a generous support package worth £4.3 billion over the next 3 years, including support to help ratepayers to transition to their new bill. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
The Government is introducing new permanently lower multipliers 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.
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.
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.
Around a third of properties already pay no business rates as they receive 100 per cent Small Business Rate Relief (SBRR), with an additional 85,000 benefiting from reduced bills as this relief tapers.
Exchequer Secretary (HM Treasury)
Child Benefit is a non-means tested benefit payable to families as a contribution towards the cost of raising children. Successfully applying for Child Benefit automatically gives eligible parents and carers Class 3 National Insurance (NI) credits until their child turns twelve. The requirement to apply for Child Benefit to qualify for the corresponding NI credit has existed since the introduction of Child Benefit in 2010. A similar policy link between Child Benefit and an individual’s NI record applied previously via Home Responsibilities Protection.
Given the link between Child Benefit and an individual’s NI record is a long-standing feature of the system, HMRC has not conducted an assessment of the impacts of requiring parents to apply for Child Benefit to access these particular NI credits.
Exchequer Secretary (HM Treasury)
There will be many factors that impact the length of time a case is open, including complexity and whether the customer wishes to appeal HMRC’s decision and enters a dispute resolution process.
Exchequer Secretary (HM Treasury)
The ONS publishes estimates of holdings of government debt by sector. The latest available data, as at end 2025 Q3, splits holdings by overseas and domestic investors. ONS data shows a split of holdings between overseas and domestic investors of 28% and 72% respectively in 2021 Q3 and 33% and 67% respectively in 2025 Q3.
Parliamentary Secretary (HM Treasury)
Consistent with the debt management objective, the government assesses a range of cost and risk factors when setting its financing plans, in addition to demand considerations and market conditions. HM Treasury and the Debt Management Office regularly consult with gilt market investors, including pension funds, to provide participants with the opportunity to inform decisions on debt management.
The gilt holdings of pension funds will decline in the coming years as most private sector defined benefit pension schemes are closed to new members and will eventually wind down. This trend is well understood by the market – and it remains an important consideration when setting debt management policy. This was reflected in the 2026-27 UK Debt Management Office financing remit, which was announced on 3 March. The remit sets out a balanced and well-diversified gilt issuance programme across the range of maturities, in order to support maintaining an accessible, well-functioning gilt market.
Parliamentary Secretary (HM Treasury)
Exempting the State Pension from income tax entirely would reduce tax receipts substantially undermining the public services we all rely on – especially the NHS.
However, I can confirm that those whose sole income is the basic and full new State Pension, without any increments, will not pay any income tax this tax year or next.
Parliamentary Secretary (HM Treasury)
Forecasting the economy, including the impact of Government policy decisions on inflation, is the responsibility of the independent Office for Budget Responsibility (OBR). The OBR set out its latest assessment of policy measures in its Spring Forecast 2026, published on 3 March 2026. The OBR did not publish a specific estimate of the impact of social rent convergence on inflation in that forecast.
Parliamentary Secretary (HM Treasury)
According to the latest ONS data, annual rental price slowed to 3.5% in January 2026, after peaking at 9.1% in March 2024. However, the Government recognises the pressure that rental inflation places on the finances of households in the private rental sector.
The most effective way to keep rents down is by increasing housing supply across the UK. The Government’s Plan for Change has set a milestone to build 1.5m homes in this Parliament. This will help address the housing crisis which impacts everyone, especially private renters. The Government has also passed the Renter’s Rights Act 2025 which empowers 11 million renters in England to challenge unreasonable rent increases, giving them greater security and stability.
Parliamentary Secretary (HM Treasury)
As part of its standard cyber security and risk management processes, HMRC regularly undertakes security risk assessments, vulnerability management activity and testing to identify and mitigate potential threats, including risks associated with unauthorised changes to customer account details. These activities are complemented by fraud prevention controls, monitoring and investigation arrangements designed to detect and respond to suspicious or potentially fraudulent account activity. Where issues are identified, they are prioritised and addressed in line with HMRC’s security governance and incident management arrangements.
For security reasons, HMRC does not comment publicly on the detail or outcomes of specific security assessments.
Exchequer Secretary (HM Treasury)
HMRC provides guidance on the interest applied to tax that is paid late, and on the repayment interest paid when taxpayers are owed money. The rates and explanatory information are published on GOV.UK and reviewed regularly to ensure they remain accurate, accessible and up to date.
Details of HMRC’s current interest rates for late and early payments are available here: https://www.gov.uk/government/publications/rates-and-allowances-hmrc-interest-rates-for-late-and-early-payments/rates-and-allowances-hmrc-interest-rates
For customers who need extra help, including those who are vulnerable or digitally excluded, HMRC provides dedicated tailored support through their Extra Support Team. They can offer additional assistance over the phone and help customers understand what interest applies and why.
Anyone worried about meeting their tax obligations on time should contact HMRC as early as possible to discuss options, such as setting up a time to pay arrangement.
Exchequer Secretary (HM Treasury)
This government recognised that concerns continued to be raised about the loan charge and that some felt strongly that it had not been handled appropriately.
The Government therefore 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.
The Government is introducing new powers in Finance Bill 2025/26 to close in on promoters of marketed tax avoidance and the other professionals who market or enable tax avoidance schemes.
These new powers will go further and include more criminal sanctions. This shows the Government’s clear determination to close in on the few remaining promoters by strengthening deterrents and introducing significant additional consequences for promoters who continue promoting tax avoidance schemes.
At the Budget, the Government announced action to tackle tax avoidance by umbrella companies, where most disguised remuneration now takes place. The Government will introduce legislation, effective from April 2026, to make recruitment agencies using umbrella companies legally responsible for accounting for PAYE on workers’ pay. Where there is no agency in the supply chain, this responsibility will fall to the end client. This along with the measures on promoters will help prevent disguised remuneration in the future.
Exchequer Secretary (HM Treasury)
The Government wishes to encourage pension saving, to help ensure that people have an income, or funds on which they can draw, throughout retirement. This is why, for the majority of savers, pension contributions are tax-free. This makes pensions tax relief one of the most expensive reliefs in the personal tax system. In 2023/24 Income Tax relief on total contributions and investment income of pension funds and National Insurance relief on employer contributions for pension savings cost the Exchequer £78.2 billion, with around 68 per cent of Income Tax relieved at the Higher and Additional rates.
Ending the provision of tax relief on pension contributions at the age of 75 is a longstanding feature of the pensions tax system. It is the age at which at which most people will bring or will have brought their pension into payment.
The Government does not want pensions to become a vehicle for tax planning, and the Government does not intend to change these rules.
Parliamentary Secretary (HM Treasury)
From 1 April 2026, the National Living Wage will increase by 4.1% to £12.71 per hour for eligible workers aged 21 and over. This represents an increase of £900 to the gross annual earnings of a full-time worker on the National Living Wage, and is expected to directly benefit the spending power of around 2.4m low-paid workers.
Chief Secretary to the Treasury
The Financial Ombudsman Service (FOS) sets itself performance targets in its annual Plans and Budgets publication.
Ensuring timely outcomes is one of the FOS’s main priorities for 2025-26, as outlined in its annual Plans and Budget publication on 1 April 2025.
In 2023-24, the FOS resolved over half of its cases within three months.
The FOS regularly publishes data on its casework, including progress against its annual performance targets. The latest complaints data is available at https://www.financial-ombudsman.org.uk/data-insight/our-insight and its Annual Reports and Accounts can be found at https://www.financial-ombudsman.org.uk/who-we-are/governance-funding/annual-reports-accounts
The government is considering the feedback received to its recent consultation on the FOS, and will publish a response soon.
Economic Secretary (HM Treasury)
Officials from HM Treasury work closely with other departments across Government – including the Ministry of Defence – to support the delivery of the vision outlined in the Strategic Defence Review.
Chief Secretary to the Treasury
Parliament is responsible for the Restoration and Renewal programme.
Chief Secretary to the Treasury
The text of the Decision will be published on the GOV.UK, at the following link: https://www.gov.uk/government/collections/specialised-committee-on-participation-in-union-programmes.
Chief Secretary to the Treasury
Lord Roberts of Llandudno
(Liberal Democrat - Life peer)
The FCA is responsible for overseeing compliance by financial institutions with due diligence checks on politically exposed persons. The overall effectiveness of the UK’s anti-money laundering regime is assessed on a regular basis by the Financial Action Task Force (FATF), the global body for standard setting on anti-money laundering and counter terrorist financing (AML/CFT). The methodology used by the FATF for assessments, including of the effectiveness of due diligence checks undertaken by financial institutions, is available online. [1] The next FATF assessment of the UK will take place by 2028.
[1] https://www.fatf-gafi.org/content/dam/fatf-gafi/methodology/FATF-Assessment-Methodology-2022.pdf
Financial Secretary (HM Treasury)
All departments’ Departmental Expenditure Limit (DEL) budgets are freely available on GOV.UK.
DfE’s DEL budgets allocated at the Spending Review 2025 were:
£bn | 2026-27 | 2027-28 | 2028-29 |
RDEL | 98.3 | 100.1 | 101.5 |
CDEL | 8.3 | 7.7 | 7.7 |
Revised budgets were published at the Autumn Budget in 2025:
£bn | 2026-27 | 2027-28 | 2028-29 |
RDEL | 98.3 | 100.2 | 101.0 |
CDEL | 8.3 | 7.7 | 7.7 |
Financial Secretary (HM Treasury)
The Government recognises that Buy-Now, Pay-Later (BNPL) products are increasingly embedded within digital payment platforms and are now widely offered to consumers at checkout. Millions of people across the UK have used BNPL products, which can help spread the cost of purchases. However, without regulation there are risks — particularly around unaffordable borrowing.
That is why, in July 2025, Parliament passed legislation to bring BNPL products within the scope of Financial Conduct Authority (FCA) regulation. The new regulatory regime will come into force this July and last month, the FCA published its final rules for BNPL lending.
Under these rules, BNPL providers will be required to carry out affordability checks as well as provide consumers with clear and upfront information about costs and repayment obligations. Consumers will also benefit from stronger rights, including access to the Financial Ombudsman Service and protection under section 75 of the Consumer Credit Act, making it easier to obtain refunds where purchases go wrong. These new rules will ensure that BNPL products remain a useful payment option while protecting consumers from harm.
Financial Secretary (HM Treasury)
In May 2025, the Government delivered legislation to establish the Private Intermittent Securities and Capital Exchange System (PISCES), which will support private firms to scale and grow.
The Financial Conduct Authority (FCA) has since approved two PISCES operators.
The Treasury and the FCA will jointly assess the efficacy of PISCES over the five-year sandbox period. Consideration will be given to the functioning of the legal and regulatory framework, as well as to the outcomes for market participants.
Financial Secretary (HM Treasury)
Lord Macpherson of Earl's Court
(Crossbench - Life peer)
The requested information is in the table below. The data presentation is consistent with PQ HL3608 that was tabled in November 2022.
| 1996-97 | 2009-10 | 2024-25 |
(1) National insurance-funded pensions (£billion) (1) | 32.0 | 66.8 | 136.4 |
as a percentage of Total Managed Expenditure | 9.75% | 9.28% | 10.56% |
|
|
|
|
(2) UK Health Expenditure (£billion) (2) | 42.8 | 116.9 | 242.5 |
as a percentage of Total Managed Expenditure | 13.04% | 16.23% | 18.77% |
|
|
|
|
Total Managed Expenditure (£billion) (3) | 328.2 | 720.3 | 1,291.8 |
Data Sources:
(1) Figures taken from benefit expenditure and caseload tables published by the Department of Work and Pensions. Figures for National insurance-funded pensions are in line with data provided in a similar PQ from November 2022.
(2) Data from 2009-10 onwards taken from Table 10 of the Public Spending Statistics (PSS) release of February 2026. Data for 1996-97 are taken from Table 4.2 of PESA 2020.
(3) Data originally published by the Office for National Statistics consistent with the February 2026 PSS release from HM Treasury.
Financial Secretary (HM Treasury)
I refer the Hon. Member to the answers I gave on 9 February 2026 to UIN 109841, 109843 and 109842.
Exchequer Secretary (HM Treasury)
I refer the Hon. Member to the answers I gave on 9 February 2026 to UIN 109841, 109843 and 109842.
Exchequer Secretary (HM Treasury)
I refer the Hon. Member to the answers I gave on 9 February 2026 to UIN 109841, 109843 and 109842.
Exchequer Secretary (HM Treasury)
I refer the Hon. Member to the answers I gave on 9 February 2026 to UIN 109841, 109843 and 109842.
Exchequer Secretary (HM Treasury)
I refer the Hon. Member to the answers I gave on 9 February 2026 to UIN 109841, 109843 and 109842.
Exchequer Secretary (HM Treasury)
I refer the Hon. Member to the answers I gave on 9 February 2026 to UIN 109841, 109843 and 109842.
Exchequer Secretary (HM Treasury)
I refer the Hon. Member to the answers I gave on 9 February 2026 to UIN 109841 and 109842.
Exchequer Secretary (HM Treasury)
I refer the Hon. Member to the answers I gave on 9 February 2026 to UIN 109841 and 109842.
Exchequer Secretary (HM Treasury)
Making Tax Digital will help businesses and landlords keep on top of their tax affairs. It places small businesses on a more digital footing, with digital tools helping to reduce errors and make annual tax returns easier.
The government is undertaking a range of activities to ensure those needing to use MTD for Income Tax from April 2026 are ready and able to do so successfully.
This includes targeted media campaigns, awareness letters, developing guidance, and working with the software industry to ensure a broad range of MTD-compatible products is available, to suit different needs and budgets. Free options will support those with the simplest affairs.
Supporting its introduction is a dedicated team of fully-trained MTD advisors. From April 2026, new options will be available on HMRC’s Self-Assessment and Agent helplines tailored to the needs of MTD users.
Further support will continue to be offered through webinars, industry engagement and marketing activities targeted to reach those affected by the changes.
HMRC’s latest published assessment of the potential impact of MTD for Income Tax across different taxpayer groups is available at:
Exchequer Secretary (HM Treasury)
Making Tax Digital will help businesses and landlords keep on top of their tax affairs. It places small businesses on a more digital footing, with digital tools helping to reduce errors and make annual tax returns easier.
The government is undertaking a range of activities to ensure those needing to use MTD for Income Tax from April 2026 are ready and able to do so successfully.
This includes targeted media campaigns, awareness letters, developing guidance, and working with the software industry to ensure a broad range of MTD-compatible products is available, to suit different needs and budgets. Free options will support those with the simplest affairs.
Supporting its introduction is a dedicated team of fully-trained MTD advisors. From April 2026, new options will be available on HMRC’s Self-Assessment and Agent helplines tailored to the needs of MTD users.
Further support will continue to be offered through webinars, industry engagement and marketing activities targeted to reach those affected by the changes.
HMRC’s latest published assessment of the potential impact of MTD for Income Tax across different taxpayer groups is available at:
Exchequer Secretary (HM Treasury)