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, what support is available for small businesses and self-employed individuals to assist them …
Section 9 of the Public Service Pensions Act 2013 (c. 25) (revaluation) applies to pension schemes which, under that Act, …
A Bill to Authorise the use of resources for the years ending with 31 March 2025, 31 March 2026 and …
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).
(1,252 in the last 7 days)
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(286 in the last 7 days)
(127 in the last 7 days)
(952 in the last 7 days)
(71 in the last 7 days)
(286 in the last 7 days)
(982 in the last 7 days)
(1,252 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, 2 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 9 months, 3 weeks 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)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
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% |
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(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% |
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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)
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)
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.
The Government accepted the review’s conclusion that the loan charge was an extraordinary piece of Government policy which necessitated an exceptional response, and is now legislating a new settlement opportunity that will assist those who have not yet settled to do so.
As a result, most individuals could see reductions of at least 50% in their outstanding loan charge liabilities, and an estimated 30% of individuals could have these liabilities written off entirely. To encourage more people to settle, the Government will write off the first £5,000 of liabilities in addition to the proposals put forward by Ray McCann.
The Government’s response to the review represents a fair and proportionate attempt to provide a route to resolution for those who have not yet been able to settle with HMRC. In turn, this requires those individuals to now come forward and engage with HMRC in good faith.
Exchequer Secretary (HM Treasury)
The social media influencers used across all of these campaigns were commissioned and managed by a specialist agency, who identify, contract and oversee creators on HMRC's behalf based on the objectives set for reaching and engaging with specific audiences.
Exchequer Secretary (HM Treasury)
Charlie Dewhirst
(Conservative - Bridlington and The Wolds)
Government Procurement Card spend data is declared in relevant transparency publications.
Chief Secretary to the Treasury
HMRC are unable to provide the current number of ongoing Stamp Duty Land Tax (SDLT) investigations because live case data isn’t routinely released. This is due to the way in which enquiries are handled and categorised, as they have not been through the end of year assurance process.
Exchequer Secretary (HM Treasury)
The Government has not issued specific advice or guidance to banks or financial services firms on complying with United States sanctions imposed on individuals associated with the International Criminal Court.
The action taken by the United States under Executive Order 14203 is limited to the jurisdiction of the United States and does not reflect any legal action or domestic sanction taken by the UK.
The UK respects the independence of the International Criminal Court and does not support sanctioning individuals or organisations associated with the Court.
Economic Secretary (HM Treasury)
The 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 who had not settled and paid their loan charge liabilities.
The Government accepted all but one of the independent review’s recommendations and in some cases is going further. The Government’s decision to write off £5,000 from everyone’s liability will mean that around a third will have their liabilities written off entirely. Most people will see reductions in their liabilities of at least 50%.
HMRC will continue to work with taxpayers to resolve their cases in line with existing legislation and case law. HMRC is committed to working sensitively and pragmatically with taxpayers to reach settlement. This includes offering flexible payment terms where people need more time to pay their liabilities.
The Government takes the wellbeing of all taxpayers very seriously. Vulnerable customers can make use of HMRC’s well-established Extra Support Service.
Exchequer Secretary (HM Treasury)
Strengthening our relationships with all international partners, including the EU, is a key focus of the Government’s Financial Services Growth and Competitiveness Strategy.
The UK and EU both face the same challenges – delivering growth, renewal of our infrastructure and the green transition. Financial services are a key part of the solution. We want to work with the EU to ensure that firms and individuals across Europe are able to access much needed capital and investment as efficiently as possible.
This is the message the Chancellor has set out to EU Leaders, including at Eurogroup in December 2024, and reiterated in her Mansion House speech last July. This was also the message that the Economic Secretary to the Treasury shared when she met with European Commissioner Maria Luís Albuquerque in Brussels in January.
Financial Secretary (HM Treasury)
Last July, the Government published the Wholesale Financial Markets Digital Strategy, which sets out its commitment to establishing a regulatory and legislative framework that enables new digital solutions, such as tokenisation, to be taken forward.
The Strategy notes that current use cases demonstrate that English and Welsh law, alongside UK financial services legislation is, in many cases, sufficiently flexible to accommodate digital assets. However, the Strategy commits the Government to providing legal clarity where it is needed to accommodate distributed ledger technology and we are working closely with the financial services regulators to identify where such clarifications may be necessary.
As part of this, the Government has established the Digital Securities Sandbox (DSS). This addresses priority areas where existing requirements can create barriers to adopting new technology. The DSS allows participating entities to be subject to modified legislative requirements, to facilitate new digital infrastructures in the UK market.
Financial Secretary (HM Treasury)
Some payments made under Government established compensation schemes will not give rise to an income tax liability. This is because payments intended to compensate individuals for personal injury would generally fall within established tax principles that treat compensation for personal injury as non-taxable. If payments are made which specifically represent loss of earnings, they will be subject to income tax under miscellaneous income rules.
Beyond this, tax exemptions for individual schemes will be considered on a case-by-case basis.
Given the historic nature of the Infected Blood Scandal and the reduced life expectancy of Infected Blood recipients, many individuals will have passed away before they could receive their compensation. This means that concerns around the impacts of secondary transfers are particularly acute in the case of Infected Blood compensation. For this reason, we have taken steps to extend the inheritance tax relief for this scheme.
Exchequer Secretary (HM Treasury)
Some payments made under Government established compensation schemes will not give rise to an income tax liability. This is because payments intended to compensate individuals for personal injury would generally fall within established tax principles that treat compensation for personal injury as non-taxable. If payments are made which specifically represent loss of earnings, they will be subject to income tax under miscellaneous income rules.
Beyond this, tax exemptions for individual schemes will be considered on a case-by-case basis.
Given the historic nature of the Infected Blood Scandal and the reduced life expectancy of Infected Blood recipients, many individuals will have passed away before they could receive their compensation. This means that concerns around the impacts of secondary transfers are particularly acute in the case of Infected Blood compensation. For this reason, we have taken steps to extend the inheritance tax relief for this scheme.
Exchequer Secretary (HM Treasury)
HM Revenue & Customs (HMRC) is responsible for the collection and publication of data on imports and exports of goods to and from the UK. HMRC releases this information monthly, as an Accredited National Statistic called the Overseas Trade in Goods Statistics (OTS), which is available via their dedicated website at the following link: http://www.uktradeinfo.com/.
Commodity Codes are used to identify the goods being imported and exported and these can be found at the following link: https://www.gov.uk/trade-tariff. However, there is not a commodity code specifically covering industrial hemp used in the construction industry.
Hemp is classified to several commodity codes within headings 1404 (vegetable products note elsewhere specified or included), 5302 (true hemp) and 6808 (panels, board, tiles, blocks of vegetable fibre) of the Tariff. Whilst none of these are specific to hemp used in construction, 6808 includes hempcrete used as an insulation material with hemp fibres mixed with lime and water and made into, for example, insulating panels and boards. This may be the most appropriate heading containing the information requested.
The value and net mass in kilograms for the headings that may contain hemp for the years 2023 to 2025 are as follows:
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Financial Secretary (HM Treasury)
In December 2025, the Monetary Policy Committee (MPC) at the Bank of England announced its decision to reduce the Bank Rate to 3.75%. The MPC has the government's full support as it acts to return inflation to the 2% target sustainably. This was the sixth interest rate cut since the election. Those interest rate cuts will save households over £1,300 a year on a typical new 2-year fix for a £215,000 mortgage over a 29-year term.
Financial Secretary (HM Treasury)
Inflation fell to 3 per cent in January 2026. Wages rose faster than inflation in Q4 2025, indicating that real wages are growing, which will support household purchasing power and ease pressure on household budgets.
The Government welcomes the fall in inflation and is committed to improving living standards for everyone, in every part of the UK. We recognise that the cost of living remains too high, which is why, at the last Budget, we took action to bear down on prices and help ease the cost of living pressures for people by targeting everyday expenses. This includes taking on average £150 of costs off household energy bills from April 2026, expanding the £150 Warm Home Discount to 6 million lower income households, freezing rail fares and NHS prescription fees, and extending the 5p fuel duty cut until the end of August 2026.
Financial Secretary (HM Treasury)
The Crown Estate is an independent commercial organisation, and the Government is not involved in its operations and day-to-day decision making.
Removal of abandoned vehicles is primarily the responsibility of the relevant local authority; therefore, where vehicles are abandoned on land under the Crown Estate’s control and management, they will engage with the relevant authorities to address the issue.
Crown Estate land is not automatically considered “off road” for Statutory Off Road Notification purposes.
Financial Secretary (HM Treasury)
The Office for Budget Responsibility (OBR) published the latest Economic and Fiscal Outlook (EFO) in March 2026[1]. This forecasts the tax-to-GDP ratio to change as follows: 2025-26 – 36.3%; 2026-27 – 37.0%; 2027-28 – 37.7%; 2028-29 – 37.8%; 2029-30 – 38.3%[2].
The UK’s current tax-to-GDP ratio is in the middle of the pack within the G7; lower than Italy (42.8%), France (43.5%) and Germany (38.0%), but above Japan (33.7%), Canada (34.9%) and the US (25.6%) based on the latest available OECD data. [3]
[1] https://obr.uk/efo/economic-and-fiscal-outlook-march-2026/#
[2] https://obr.uk/efo/economic-and-fiscal-outlook-march-2026/#, page 42
[3] Latest OECD data 2024, except Japan, which is from 2023.
Financial Secretary (HM Treasury)
Exchequer Secretary (HM Treasury)
I refer the hon member to my answer of 3 March 2026, to PQ UIN 114888.
Exchequer Secretary (HM Treasury)
When a taxpayer requests an address change on their Government Gateway account, a range of security checks are applied to help protect the account and prevent unauthorised access.
These checks include confirming the user’s identity through their Government Gateway credentials, monitoring for unusual or suspicious activity, and applying additional verification measures where appropriate. HMRC also uses automated controls and risk‑based assessments to help detect and prevent potential fraud.
The precise nature of these checks is kept under review and is not disclosed in detail, as doing so could undermine their effectiveness.
Exchequer Secretary (HM Treasury)
Where employers reimburse allowable travel expenses, tax relief is available provided the expenses are wholly, exclusively and necessarily incurred for work purposes.
Ordinarily, employers must hold evidence of the employee’s actual expenditure. However, to reduce administrative burdens on employers, HMRC allows expenses for travel outside the UK to be reimbursed without evidence up to the levels contained within the Overseas Scale Rates. Where the Overseas Scale Rates do not cover the expense incurred by employees, employers can still reimburse and provide tax relief provided they have appropriate evidence.
The government keeps all taxes under review as part of the policy making process.
Exchequer Secretary (HM Treasury)
The Treasury is in regular contact with the Bank of England, international counterparts, and affected industries, including our maritime sector.
I recently met with Lloyd’s of London as part of the government’s ongoing work to monitor impacts from the unfolding conflict in Iran and the Middle East. The Treasury will continue to monitor global insurance markets, including war risk insurance coverage.
Economic Secretary (HM Treasury)
We are taking measures to ensure the wider economic environment is conducive to growth. We are cutting borrowing and debt, and supporting the Bank of England by taking action to bring inflation down – which otherwise dampens investment in the UK and slows economic growth. Government took measures at Budget to reduce consumer price inflation by 0.4pp in 2026/27, which the office for budget responsibility forecast will reduce CPI.
The Government set out its overall approach for supporting SMEs in the Small Business Strategy published in July 2025 and built on this with targeted reforms to support small businesses at Autumn Budget 2025. The Government is committed to a fair tax system that supports small firms, while ensuring the ongoing funding of essential public services and economic stability. Through our changes to Employer National Insurance Contributions, the threshold at which business start paying Employer NICs has doubled to £10,500.
We are supporting employment and skills by changing the rules to fully fund SME apprenticeships training costs for eligible people under the age of 25.
At the Budget we announced an Entrepreneurship package to support starts ups and scale ups. As part of this, Government is undertaking its largest ever injection of capital into the British Business Bank. Over the next five years, the British Business Bank will increase annual deployment by two-thirds, aiming to unlock around £26 billion of private capital alongside £13 billion in public funding, and enable up to an additional £10 billion in small business lending through guarantees. We are also doubling the eligibility of our enterprise tax incentives to boost scale-ups, consulting on plans to reducing business energy prices, and reforming and simplifying regulation.
We have also launched the Business Growth Service, making it easier for all firms, including micro companies, to get the advice and support they need to grow and thrive.
Economic Secretary (HM Treasury)
Following the conclusion of each financial year, the Royal Mint Advisory Committee publishes its annual report on the Royal Mint Museum website. These reports contain detail on when the Committee and the Sub-Committee on the selection of themes met over the financial year and themes that were recommended to the Chancellor of the Exchequer in her capacity as Master of the Mint and HM The King. The annual report for 2024-25 can be found here: www.royalmintmuseum.org.uk/siteassets/about-us/rmac-annual-report-2024-25.pdf
The annual report for 2025-26 will be published later this year.
All designs for the themes recommended by the Committee can be found on The Royal Mint website, here: Coin Designs and Specifications | The Royal Mint
Economic Secretary (HM Treasury)
ISA reform forms part of our strategy to support people into the higher returns that investing can provide.
Rules will be introduced to avoid circumvention of the lower limit for cash ISAs where an individual is under the age of 65. The industry is being consulted on the draft rules, which will be made by amendments to the ISA Regulations and laid in Parliament ahead of April 2027.
We will consult on the final rules as soon as these are ready, so that firms have enough notice before the new limit applies in April 2027.
Economic Secretary (HM Treasury)
The government is committed to ensuring high standards of financial inclusion across the financial services sector, including accessibility for blind and partially sighted customers.
The Equality Act 2010 provides legal protection from discrimination for disabled people in a range of circumstances, including in the provision of goods, facilities and services and requires retailers to make reasonable adjustments. The Financial Conduct Authority also requires authorised financial services firms to comply with their ‘Consumer Duty’, which requires them to deliver good outcomes for retail customers, including those with disabilities.
Ensuring individuals have access to the financial products and services they need is a key priority for the government. This is why I published the Financial Inclusion Strategy last year which sets out a range of ambitious measures for government and industry to improve financial inclusion for underserved groups across the UK. This includes the launch of an industry-led inclusive design working group to consider how to make products more accessible.
As part of the focus on inclusive design, the strategy specifically acknowledges that the phasing out of tactile features from payment processes has made it more difficult for people who are blind or partially sighted to make payments independently.
The Royal National Institute of Blind People is working with providers and UK Finance, the leading trade association for the banking sector, to introduce accessible features for cards. UK Finance is developing a Code of Practice for Accessible Cards, providing a set of guidelines for accessibility features on card products for participating firms. The government welcomes this positive example of industry and consumer representatives working together on tangible solutions.
UK Finance also maintains voluntary standards to help ensure point-of-sale technology remains accessible for those who are visually impaired. It will be working with the British Retail Consortium to identify opportunities to go further in embedding accessibility features where they can make the most difference in practice.
The government continues to closely monitor progress in this important area.
Economic Secretary (HM Treasury)
The government is committed to ensuring high standards of financial inclusion across the financial services sector, including accessibility for blind and partially sighted customers.
The Equality Act 2010 provides legal protection from discrimination for disabled people in a range of circumstances, including in the provision of goods, facilities and services and requires retailers to make reasonable adjustments. The Financial Conduct Authority also requires authorised financial services firms to comply with their ‘Consumer Duty’, which requires them to deliver good outcomes for retail customers, including those with disabilities.
Ensuring individuals have access to the financial products and services they need is a key priority for the government. This is why I published the Financial Inclusion Strategy last year which sets out a range of ambitious measures for government and industry to improve financial inclusion for underserved groups across the UK. This includes the launch of an industry-led inclusive design working group to consider how to make products more accessible.
As part of the focus on inclusive design, the strategy specifically acknowledges that the phasing out of tactile features from payment processes has made it more difficult for people who are blind or partially sighted to make payments independently.
The Royal National Institute of Blind People is working with providers and UK Finance, the leading trade association for the banking sector, to introduce accessible features for cards. UK Finance is developing a Code of Practice for Accessible Cards, providing a set of guidelines for accessibility features on card products for participating firms. The government welcomes this positive example of industry and consumer representatives working together on tangible solutions.
UK Finance also maintains voluntary standards to help ensure point-of-sale technology remains accessible for those who are visually impaired. It will be working with the British Retail Consortium to identify opportunities to go further in embedding accessibility features where they can make the most difference in practice.
The government continues to closely monitor progress in this important area.
Economic Secretary (HM Treasury)
The government is committed to ensuring high standards of financial inclusion across the financial services sector, including accessibility for blind and partially sighted customers.
The Equality Act 2010 provides legal protection from discrimination for disabled people in a range of circumstances, including in the provision of goods, facilities and services and requires retailers to make reasonable adjustments. The Financial Conduct Authority also requires authorised financial services firms to comply with their ‘Consumer Duty’, which requires them to deliver good outcomes for retail customers, including those with disabilities.
Ensuring individuals have access to the financial products and services they need is a key priority for the government. This is why I published the Financial Inclusion Strategy last year which sets out a range of ambitious measures for government and industry to improve financial inclusion for underserved groups across the UK. This includes the launch of an industry-led inclusive design working group to consider how to make products more accessible.
As part of the focus on inclusive design, the strategy specifically acknowledges that the phasing out of tactile features from payment processes has made it more difficult for people who are blind or partially sighted to make payments independently.
The Royal National Institute of Blind People is working with providers and UK Finance, the leading trade association for the banking sector, to introduce accessible features for cards. UK Finance is developing a Code of Practice for Accessible Cards, providing a set of guidelines for accessibility features on card products for participating firms. The government welcomes this positive example of industry and consumer representatives working together on tangible solutions.
UK Finance also maintains voluntary standards to help ensure point-of-sale technology remains accessible for those who are visually impaired. It will be working with the British Retail Consortium to identify opportunities to go further in embedding accessibility features where they can make the most difference in practice.
The government continues to closely monitor progress in this important area.
Economic Secretary (HM Treasury)
The Government recognises that cheques remain an important payment method for some people, including those with protected characteristics. UK’s largest retail banks continue to accept cheques through a range of channels, including at bank branches, in banking hubs and the Post Office, by post, and digitally through cheque imaging.
The Treasury has not made a formal assessment of the impact of individual banks’ decisions on specific groups. Where banks have taken commercial decisions to change how they accept cheque deposits, they are expected to consider the needs of customers in vulnerable circumstances and to ensure alternative routes remain available.
The treatment of customers by UK banks is governed by the Financial Conduct Authority (FCA), which requires firms to provide a prompt, efficient, and fair service to all of their customers. This includes special considerations for vulnerable customers. In addition, like all service providers, banks and building societies are bound under the Equality Act 2010 to make reasonable adjustments, where necessary, in the way they deliver their services. Treasury Ministers and officials engage regularly with the FCA, the Payment Systems Regulator and UK Finance on matters relating to retail banking and payments.
Ensuring everyone has access to the appropriate financial products and services they need is a priority for the Government. That is why we have published the Government’s Financial Inclusion Strategy which sets out a package of ambitious measures to improve financial inclusion and resilience across the UK. Access to banking is a key area of focus in the Strategy, alongside digital inclusion, including an intervention to make financial products more accessible through an industry-led inclusive design working group. Action to improve financial inclusion requires a joined-up approach, and the Government is committed to continuing to work collaboratively across the UK on this important agenda going forward.
Economic Secretary (HM Treasury)
The Chancellor chaired the Growth Mission Board. The membership was flexible, at the Chancellor's discretion, with internal and external attendees determined based on their relevance to the agenda. The Growth Mission Board was a Cabinet Committee. It is a long-established precedent that information about the discussions that have taken place in Cabinet and its committees, including attendance, is not normally shared publicly.
Economic Secretary (HM Treasury)