HM Treasury is the government’s economic and finance ministry, maintaining control over public spending, setting the direction of the UK’s economic policy and working to achieve strong and sustainable economic growth.
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
Oral Answers to Questions is a regularly scheduled appearance where the Secretary of State and junior minister will answer at the Dispatch Box questions from backbench MPs
Other Commons Chamber appearances can be:Westminster Hall debates are performed in response to backbench MPs or e-petitions asking for a Minister to address a detailed issue
Written Statements are made when a current event is not sufficiently significant to require an Oral Statement, but the House is required to be informed.
HM Treasury does not have Bills currently before Parliament
A Bill to make provision in connection with finance.
This Bill received Royal Assent on 18th March 2026 and was enacted into law.
A Bill to Authorise the use of resources for the years ending with 31 March 2025, 31 March 2026 and 31 March 2027; 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 2025 and 31 March 2026.
This Bill received Royal Assent on 18th March 2026 and was enacted into law.
A Bill to Authorise the use of resources for the year ending with 31 March 2026; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2025.
This Bill received Royal Assent on 21st July 2025 and was enacted into law.
A Bill to make provision about secondary Class 1 contributions.
This Bill received Royal Assent on 3rd April 2025 and was enacted into law.
A Bill to make provision about finance.
This Bill received Royal Assent on 20th March 2025 and was enacted into law.
A Bill to amend the Crown Estate Act 1961.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to Authorise the use of resources for the years ending with 31 March 2024, 31 March 2025 and 31 March 2026; to authorise the issue of sums out of the Consolidated Fund for those years; and to appropriate the supply authorised by this Act for the years ending with 31 March 2024 and 31 March 2025.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to make provision for loans or other financial assistance to be provided to, or for the benefit of, the government of Ukraine.
This Bill received Royal Assent on 16th January 2025 and was enacted into law.
A Bill to impose duties on the Treasury and the Office for Budget Responsibility in respect of the announcement of fiscally significant measures.
This Bill received Royal Assent on 10th September 2024 and was enacted into law.
A Bill to authorise the use of resources for the year ending with 31 March 2025; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2024.
This Bill received Royal Assent on 30th July 2024 and was enacted into law.
e-Petitions are administered by Parliament and allow members of the public to express support for a particular issue.
If an e-petition reaches 10,000 signatures the Government will issue a written response.
If an e-petition reaches 100,000 signatures the petition becomes eligible for a Parliamentary debate (usually Monday 4.30pm in Westminster Hall).
Raise the income tax personal allowance from £12,570 to £20,000
Gov Responded - 20 Feb 2025 Debated on - 12 May 2025Raise the income tax personal allowance from £12570 to £20000. We think this would help low earners to get off benefits and allow pensioners a decent income.
Don't change inheritance tax relief for working farms
Gov Responded - 5 Dec 2024 Debated on - 10 Feb 2025We think that changing inheritance tax relief for agricultural land will devastate farms nationwide, forcing families to sell land and assets just to stay on their property. We urge the government to keep the current exemptions for working farms.
Don't apply VAT to independent school fees, or remove business rates relief.
Gov Responded - 20 Dec 2024 Debated on - 3 Mar 2025Prevent independent schools from having to pay VAT on fees and incurring business rates as a result of new legislation.
Commons Select Committees are a formally established cross-party group of backbench MPs tasked with holding a Government department to account.
At any time there will be number of ongoing investigations into the work of the Department, or issues which fall within the oversight of the Department. Witnesses can be summoned from within the Government and outside to assist in these inquiries.
Select Committee findings are reported to the Commons, printed, and published on the Parliament website. The government then usually has 60 days to reply to the committee's recommendations.
A full list of all tax measures introduced at recent Budgets can be found in the Overview of Tax Legislation and Rates on the gov.uk website, including the tax rates and allowances in effect from 6 April 2026.
I refer the Hon. Member to the answers I gave on 9 February 2026 to UIN 109841, 109843, 109842, and the answer I gave on 27 February to UIN 114103.
I refer the Hon. Member to the answers I gave on 9 February 2026 to UIN 109841, 109843, 109842, and the answer I gave on 27 February to UIN 114103.
I refer the Hon. Member to the answers I gave on 9 February 2026 to UIN 109841, 109843, 109842, and the answer I gave on 27 February to UIN 114103.
I refer the Hon. Member to the answers I gave on 9 February 2026 to UIN 109841, 109843, 109842, and the answer I gave on 27 February to UIN 114103.
VAT is a broad-based tax on consumption, and the 20 per cent standard rate applies to most goods and services, this includes most construction work. Exceptions to the standard rate have always been limited and balanced against affordability considerations.
The Government keeps all taxes under review and makes decisions at fiscal events in the context of the overall public finances.
VAT is a broad-based tax on consumption, and the 20 per cent standard rate applies to most goods and services.
The supply of energy for domestic use attracts the reduced rate of VAT (5 per cent). Whilst this relief was not designed or introduced for charging EVs at home, it applies for all uses of domestic energy, as it is not easy for energy companies to distinguish between electricity used to charge an EV and electricity used for general domestic purposes. Public EV charging, on the other hand, is subject to the standard rate of VAT (twenty per cent). This matches the VAT treatment of petrol and diesel, as well as all non-domestic electricity.
Estimates of the exchequer cost of Minor tax expenditures and structural reliefs were updated in January 2026 and are now contained in a new Tax Relief Statistics publication which combines the previous Minor tax expenditures and structural reliefs publication with the related Non-structural tax relief statistics publication, and can be found here:
https://www.gov.uk/government/statistics/tax-reliefs
The change was made following feedback from stakeholders and aims to improve clarity and accessibility.
HM Revenue & Customs (HMRC) holds data on the volume of products on which Small Producer Relief (SPR) is claimed, however it is not possible to accurately attribute this amount to a specific number of producers.
HMRC does not approve producers for SPR as both eligibility and rates can vary annually, depending on production levels. Instead, producers self- assess their eligibility and calculate the correct rate, meaning there is no central record of SPR claimants.
In some cases, the duty is paid by someone other than the producer. For example, goods may move in duty suspension from the producer to an excise warehouse, which pays the duty. In other cases large producers may conduct processes, such as bottling, on behalf of several smaller producers and account for the duty on behalf of their customers when the goods are released.
These arrangements reduce burdens on small producers while accommodating common commercial practices. Although HMRC cannot determine a definitive number of producers claiming SPR, it assesses that very few wine producers will have claimed the relief due to the 8.5% ABV eligibility limit.
HMRC will evaluate the 2023 duty reforms using several data sources, including SPR clearance volumes. For the reasons stated there are no plans to collect additional data on the number of producers claiming SPR.
To encourage charitable donations, the Government allows charities and their donors to claim tax reliefs across several different tax heads and exemptions, including VAT, Inheritance Tax, Stamp Duty, and Business Rates. Charities can also claim Gift Aid of 25p for every £1 of eligible donations made by UK taxpayers.
HM Treasury has not made a standalone assessment of the benefits of the HMRC Belfast office, but having an operational presence in Belfast supports access to HMRC services, engagement with local businesses and stakeholders, and the effective administration of the tax system in Northern Ireland.
The open-book exercise is intended to support the Northern Ireland Executive, so any decision to publish the report would be a question for the Northern Ireland Executive.
The government engages closely with the ceramics sector.
As set out in the Industrial Strategy, we are increasing support for our most energy-intensive industries eligible for the British Industry Supercharger package, including some of those in the ceramics sector, with an uplift of the Network Charging Compensation scheme from 60% to 90%. This will provide additional price relief from April 2026 to eligible businesses.
The Government is keen to ensure that regulation is proportionate and gives building societies the flexibility to choose what works best for them within the mutual model. It would be inappropriate for the Government to comment on specific governance decisions taken by a building society within the legal framework.
A building society's membership policy is set out in the society's rulebook. If an individual feels procedure has not been followed, they can raise a formal complaint with the building society directly.
Where termination of membership also results in loss of access to a payment service, further protections may also apply. In June 2025, the Government legislated to require payment service providers to give customers at least 90 days’ notice before closing their account or terminating a payment service and provide a sufficiently detailed and specific explanation so the customer can understand why it is being terminated. These rules come into force for relevant new contracts from April 2026 and will ensure more transparent and predictable access to payment services, giving customers the time and information they need to challenge decisions or find alternative arrangements.
The Treasury continues to work closely with the Bank of England and the regulators to monitor and respond to developments in the non-bank financial sector. The Treasury keeps the regulatory framework under review and is closely engaged in international work to understand and mitigate financial stability risks in respect of non-banks, including at the Financial Stability Board and G7.
Information on the contribution to debt from the Bank of England and Asset Purchase Facility are routinely published in the monthly Public Sector Finances statistical release. The latest release, published by the Office for National Statistics on 20th March, showed that the impact on government debt from Asset Purchase Facility gilt holdings was £85.1 billion at the end of February 2026.
The Government's fiscal rules target net financial debt (Public sector net financial liabilities), to prioritise investment to drive long-term growth while getting debt falling as a share of the economy. Net financial debt includes the Bank of England’s balance sheet activities, including the Asset Purchase Facility.
Data on the interest paid on central bank reserves backed by bonds held in the Asset Purchase Facility is made publicly available by the Office for National Statistics in its monthly Public Sector Finances publication.
Time period | Interest payable |
Dataset identifier code | MDD7 |
2015 | 1,872 |
2016 | 1,515 |
2017 | 1,501 |
2018 | 3,434 |
2019 | 3,374 |
2020 | 1,078 |
2021 | 941 |
2022 | 13,394 |
2023 | 38,233 |
2024 | 36,335 |
2025 | 25,910 |
These data refer to reserves backed only by bonds held in the Asset Purchase Facility. While data on total interest paid is not available, the Bank of England does publish the aggregate level of outstanding reserves and the Bank Rate.
Paying interest on reserves is an important part of the transmission of monetary policy to the real economy and there are no plans to change the way reserves are remunerated at the Bank of England.
The data on imports of steel is given in the attached tables in Annex A (volume) and Annex B (value).
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 (www.uktradeinfo.com ).
The data on imports of ferrous scrap is given in table 1. 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 (www.uktradeinfo.com ). | |||
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Table 1: UK import volumes (kg) of Ferrous Scrap |
| ||
Country | 2023 | 2024 | 2025 |
Not Declared | 100,666,973 | 119,323,136 | 110,711,763 |
Ireland | 58,409,303 | 62,163,906 | 54,568,750 |
Belgium | 10,620,084 | 11,853,794 | 385,988 |
Germany | 6,447,914 | 11,121,900 | 392,921 |
Netherlands | 3,600,562 | 5,603,047 | 1,460,658 |
UK | 1,783,716 | 4,873,692 | 705,830 |
United States | 451 | 137,270 | 2,211,158 |
France | 128,252 | 375,242 | 107,888 |
Canada | 2,880 |
| 372,743 |
Costa Rica | 106,506 |
| 25,000 |
Iceland | 110,610 | 9,610 | 6,490 |
Panama | 44,000 | 40,000 | 20,000 |
Spain |
| 2,003 | 99,660 |
Italy | 12,133 | 41,211 | 41,752 |
Malta | 24,100 | 41,760 |
|
Norway |
| 51,060 |
|
Czechia | 14,272 | 11,114 | 25,097 |
Israel |
| 48,830 |
|
Lithuania |
|
| 48,711 |
Estonia |
|
| 29,241 |
Latvia |
| 24,000 |
|
Congo (Dem. Rep) | 15,000 |
|
|
Switzerland | 7,120 | 5,530 | 331 |
China | 158 | 2,041 | 4,380 |
Slovakia |
| 52 | 2,971 |
Sweden |
|
| 2,674 |
Falkland Islands | 2,540 |
|
|
India | 869 | 582 | 209 |
Jamaica |
|
| 637 |
Oman | 228 |
|
|
Comoros |
|
| 180 |
Singapore |
| 54 |
|
Somalia |
|
| 15 |
Taiwan | 3 |
|
|
Hungary | 1 |
|
|
Grand Total | 181,997,675 | 215,729,834 | 171,225,047 |
Source: HMRC Overseas Trade Statistics / UK TradeInfo.com | |||
Notes |
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• Data for 2023-2025 are for calendar years | |||
• HS8 72044110, 72044191, 72043000, 72044199, 72044910, 72044930, 72044990, 72045000 | |||
• Import trade is on a country of origin basis | |||
• 2025 is an open year and is therefore provisional and is subject to change | |||
• Country of origin is not required on trade declared through the Intrastat system | |||
The data on imports of ferrous scrap is given in table 1.
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 (www.uktradeinfo.com ).
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Table 1: UK import volumes (kg) of Iron ore per year, from 2023 to 2025 | |||
Country | 2023 | 2024 | 2025 |
Sweden | 944,860,000 | 650,899,243 | 909,881,920 |
Brazil | 1,293,175,122 | 524,445,534 | 598,107,272 |
Canada | 1,290,465,000 | 496,900,000 | 565,870,677 |
Norway | 1,187,212,714 | 368,949,807 | 27,807,184 |
United States | 596,604,115 | 492,035,282 | 215,978,363 |
South Africa | 745,243,000 | 16,017,200 | 188,157,000 |
Mauritania | 315,269,000 | 248,684,000 | 356,403,000 |
Liberia | 379,172,000 | 243,407,200 |
|
India | 127,150,000 | 71,500,000 |
|
Vatican City | 158,257,000 |
|
|
Egypt | 92,702,000 | 46,135,000 |
|
Uruguay | 47,868,000 | 82,184,000 |
|
Libya | 49,597,000 | 47,248,000 |
|
Netherlands | 329,102 | 78,165,633 | 278,805 |
Trinidad:Tobago |
| 43,061,000 |
|
Australia | 35,718,811 |
|
|
Turkey | 117,089 | 258,720 | 282,240 |
France | 27,193 |
| 1,920 |
Germany | 23,086 |
|
|
Spain |
| 3,018 | 6,178 |
UK | 2,397 | 3,560 | 1,550 |
Chile | 450 |
|
|
Sierra Leone |
|
| 233 |
Ukraine |
| 203 |
|
Italy |
|
| 95 |
Ireland | 14 |
|
|
China |
| 2 |
|
Grand Total | 7,263,793,093 | 3,409,897,402 | 2,862,776,437 |
|
|
| Source: HMRC Overseas Trade Statistics / UK TradeInfo.com |
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Notes |
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|
• Data for 2023-2025 are for calendar years |
| ||
• HS8 26011100, 260112000, 26012000 |
|
| |
• Import trade is on a country of origin basis |
| ||
• 2025 is an open year and is therefore provisional and is subject to change | |||
• Country of origin is not required on trade declared through the Intrastat system | |||
The OBR publishes a breakdown of the Budget 2025 policy costings here:
The Government recently carried out a review of the Financial Ombudsman Service (FOS), and consulted on proposed changes to the statutory framework in which it operates. On 16 March, the Government published a response to its consultation on reforming the FOS, confirming it will legislate to stop the FOS acting as a quasi-regulator and provide greater regulatory coherence with the FCA.
The FOS was not intended to create binding precedents or new rules through its determinations, which are made based on all the individual circumstances of the case. The Government’s review concluded that there was not always coherence between the regulatory approach set by the Financial Conduct Authority (FCA) and the approach used by the FOS in determining individual complaints and, in a small but significant minority of cases, this led to the FOS acting as a quasi-regulator.
The Government’s reforms will amend the ‘Fair and Reasonable’ test to require that, where firms have met their obligations under relevant FCA Rules, the FOS will be required to find that a firm has acted fairly and reasonably. They will also make clear that the FOS can only consider rules that were in force at the time of the act or omission giving rise to a complaint. These reforms require primary legislation, which the government will take forward when Parliamentary time allows.
Alongside the Government’s planned legislative changes, the FCA and FOS are currently consulting on changes to the Dispute Resolution (DISP) rules in the FCA’s Handbook, which also proposes changes to address industry concerns about the potential for retrospective interpretation of FCA rules and standards.
All FCA authorised firms are subject to the same core regulatory requirements. The FCA communicates to firms, for example through their “Approach to Supervision” publication, that different business models including investment platforms and SIPP providers create different risk and therefore there are different expectations of the firms. The FCA expects firms to understand these risks and mitigate against them. Where appropriate, the FCA will clarify their expectations of different firms. Firms must also meet additional requirements, either rules or guidance, set out by the FCA depending on the specific regulated activities and permissions a firm undertakes and holds.
The Government recently carried out a review of the Financial Ombudsman Service (FOS), and consulted on proposed changes to the statutory framework in which it operates. On 16 March, the Government published a response to its consultation on reforming the FOS, confirming it will legislate to stop the FOS acting as a quasi-regulator and provide greater regulatory coherence with the FCA.
The FOS was not intended to create binding precedents or new rules through its determinations, which are made based on all the individual circumstances of the case. The Government’s review concluded that there was not always coherence between the regulatory approach set by the Financial Conduct Authority (FCA) and the approach used by the FOS in determining individual complaints and, in a small but significant minority of cases, this led to the FOS acting as a quasi-regulator.
The Government’s reforms will amend the ‘Fair and Reasonable’ test to require that, where firms have met their obligations under relevant FCA Rules, the FOS will be required to find that a firm has acted fairly and reasonably. They will also make clear that the FOS can only consider rules that were in force at the time of the act or omission giving rise to a complaint. These reforms require primary legislation, which the government will take forward when Parliamentary time allows.
Alongside the Government’s planned legislative changes, the FCA and FOS are currently consulting on changes to the Dispute Resolution (DISP) rules in the FCA’s Handbook, which also proposes changes to address industry concerns about the potential for retrospective interpretation of FCA rules and standards.
All FCA authorised firms are subject to the same core regulatory requirements. The FCA communicates to firms, for example through their “Approach to Supervision” publication, that different business models including investment platforms and SIPP providers create different risk and therefore there are different expectations of the firms. The FCA expects firms to understand these risks and mitigate against them. Where appropriate, the FCA will clarify their expectations of different firms. Firms must also meet additional requirements, either rules or guidance, set out by the FCA depending on the specific regulated activities and permissions a firm undertakes and holds.
On Monday 16 March, the Government published a response to its consultation on reforming the Financial Ombudsman Service (FOS), confirming that the government will legislate to stop the FOS acting as a quasi-regulator and provide greater regulatory coherence with the Financial Conduct Authority (FCA).
The FOS was not intended to create binding precedents or new rules through its determinations, which are made based on all the individual circumstances of the case. The Government’s review concluded that there was not always coherence between the regulatory approach set by the FCA and the approach used by the FOS in determining individual complaints and, in a small but significant minority of cases, this had led to the FOS acting as a quasi-regulator. The Government’s reforms will ensure that FOS determinations are fully aligned with the regulatory standards set by the FCA.
The Government will bring forward legislation to deliver the reforms when parliamentary time allows. Alongside the Government’s response, the FCA and the FOS published a paper seeking views on a number of changes they can make in advance of legislation, including updates to the fair and reasonable test and initial implementation of the new referral mechanism.
The reforms will improve cooperation between the FOS and the FCA, including through introducing a referral mechanism, which will require the FOS to seek a view from the FCA where the FOS considers there may be ambiguity in what FCA rules require, or where it considers an issue raised may have wider implications across the financial services industry, which the FCA will be required to respond to. The FOS and the FCA have implemented an initial version of this mechanism through their updated Memorandum of Understanding.
The reforms will also require the FCA and the FOS to publish regular thematic reports, which will explain the FOS’s approach to types of complaints that it receives. This will provide greater certainty on the approach used by the FOS to resolve disputes, and which demonstrates how that approach is aligned with the regulatory standards set by the FCA. In their joint paper, the FOS and the FCA set out that they will work with the Government to consider how greater clarity could be provided ahead of any legislative change.
On Monday 16 March, the Government published a response to its consultation on reforming the Financial Ombudsman Service (FOS), confirming that the government will legislate to stop the FOS acting as a quasi-regulator and provide greater regulatory coherence with the Financial Conduct Authority (FCA).
The FOS was not intended to create binding precedents or new rules through its determinations, which are made based on all the individual circumstances of the case. The Government’s review concluded that there was not always coherence between the regulatory approach set by the FCA and the approach used by the FOS in determining individual complaints and, in a small but significant minority of cases, this had led to the FOS acting as a quasi-regulator. The Government’s reforms will ensure that FOS determinations are fully aligned with the regulatory standards set by the FCA.
The Government will bring forward legislation to deliver the reforms when parliamentary time allows. Alongside the Government’s response, the FCA and the FOS published a paper seeking views on a number of changes they can make in advance of legislation, including updates to the fair and reasonable test and initial implementation of the new referral mechanism.
The reforms will improve cooperation between the FOS and the FCA, including through introducing a referral mechanism, which will require the FOS to seek a view from the FCA where the FOS considers there may be ambiguity in what FCA rules require, or where it considers an issue raised may have wider implications across the financial services industry, which the FCA will be required to respond to. The FOS and the FCA have implemented an initial version of this mechanism through their updated Memorandum of Understanding.
The reforms will also require the FCA and the FOS to publish regular thematic reports, which will explain the FOS’s approach to types of complaints that it receives. This will provide greater certainty on the approach used by the FOS to resolve disputes, and which demonstrates how that approach is aligned with the regulatory standards set by the FCA. In their joint paper, the FOS and the FCA set out that they will work with the Government to consider how greater clarity could be provided ahead of any legislative change.
On Monday 16 March, the Government published a response to its consultation on reforming the Financial Ombudsman Service (FOS), confirming that the government will legislate to stop the FOS acting as a quasi-regulator and provide greater regulatory coherence with the Financial Conduct Authority (FCA).
The FOS was not intended to create binding precedents or new rules through its determinations, which are made based on all the individual circumstances of the case. The Government’s review concluded that there was not always coherence between the regulatory approach set by the FCA and the approach used by the FOS in determining individual complaints and, in a small but significant minority of cases, this had led to the FOS acting as a quasi-regulator. The Government’s reforms will ensure that FOS determinations are fully aligned with the regulatory standards set by the FCA.
The Government will bring forward legislation to deliver the reforms when parliamentary time allows. Alongside the Government’s response, the FCA and the FOS published a paper seeking views on a number of changes they can make in advance of legislation, including updates to the fair and reasonable test and initial implementation of the new referral mechanism.
The reforms will improve cooperation between the FOS and the FCA, including through introducing a referral mechanism, which will require the FOS to seek a view from the FCA where the FOS considers there may be ambiguity in what FCA rules require, or where it considers an issue raised may have wider implications across the financial services industry, which the FCA will be required to respond to. The FOS and the FCA have implemented an initial version of this mechanism through their updated Memorandum of Understanding.
The reforms will also require the FCA and the FOS to publish regular thematic reports, which will explain the FOS’s approach to types of complaints that it receives. This will provide greater certainty on the approach used by the FOS to resolve disputes, and which demonstrates how that approach is aligned with the regulatory standards set by the FCA. In their joint paper, the FOS and the FCA set out that they will work with the Government to consider how greater clarity could be provided ahead of any legislative change.
On Monday 16 March, the Government published a response to its consultation on reforming the Financial Ombudsman Service (FOS), confirming that the government will legislate to stop the FOS acting as a quasi-regulator and provide greater regulatory coherence with the Financial Conduct Authority (FCA).
The FOS was not intended to create binding precedents or new rules through its determinations, which are made based on all the individual circumstances of the case. The Government’s review concluded that there was not always coherence between the regulatory approach set by the FCA and the approach used by the FOS in determining individual complaints and, in a small but significant minority of cases, this had led to the FOS acting as a quasi-regulator. The Government’s reforms will ensure that FOS determinations are fully aligned with the regulatory standards set by the FCA.
The Government will bring forward legislation to deliver the reforms when parliamentary time allows. Alongside the Government’s response, the FCA and the FOS published a paper seeking views on a number of changes they can make in advance of legislation, including updates to the fair and reasonable test and initial implementation of the new referral mechanism.
The reforms will improve cooperation between the FOS and the FCA, including through introducing a referral mechanism, which will require the FOS to seek a view from the FCA where the FOS considers there may be ambiguity in what FCA rules require, or where it considers an issue raised may have wider implications across the financial services industry, which the FCA will be required to respond to. The FOS and the FCA have implemented an initial version of this mechanism through their updated Memorandum of Understanding.
The reforms will also require the FCA and the FOS to publish regular thematic reports, which will explain the FOS’s approach to types of complaints that it receives. This will provide greater certainty on the approach used by the FOS to resolve disputes, and which demonstrates how that approach is aligned with the regulatory standards set by the FCA. In their joint paper, the FOS and the FCA set out that they will work with the Government to consider how greater clarity could be provided ahead of any legislative change.
The Valuation Office are working with the sector to ensure that recording studios are categorised as such. They publish an annual stock of properties which can be sorted by their Special Category (SCat) here: Non-domestic rating: stock of properties collection - GOV.UK. Recording studios can be found under SCat code 232. The total number of recording studios in England and Wales for the last ten years are:
2025 - 410
2024 - 410
2023 - 420
2022 - 420
2021 - 410
2020 - 400
2019 - 410
2018 - 400
2017 - 390
2016 - 390
Parents cannot receive more than one statutory payment at the same time, meaning Statutory Neonatal Care Pay (SNCP) is often taken at the end of Statutory Maternity Pay and Statutory Paternity Pay. As mothers can receive up to 39 weeks of maternity pay, and SNCP was introduced from April last year, many eligible mothers will have been in receipt of maternity pay at the point the data was extracted and may not yet have claimed SNCP.
SNCP Claims in Tax Year 2025-26 | |
Gender | Cases |
Female | 200 |
Male | 1600 |
Notes:
1) Data collected using HMRC Real Time Information (RTI) and extracted in December 2025. RTI is subject to revision or updates.
2) Cases have been rounded to nearest 100.
3) Figures may not sum to totals due to rounding.
HM Treasury is currently analysing data provided by Section 41 bodies on their irrecoverable VAT and will set out the next steps to the reforms in due course.
Individuals do face both investment and longevity risk in today’s Defined Contribution pension landscape, That can include investment risk during retirement. The government is acting to help savers manage these risk, including via the introduction of default pensions through the Pension Schemes Bill. This will ensure that savers in workplace defined contribution schemes have a default solution in place for retirement, helping secure a sustainable income in later life. Trustees and providers will need to consider how the solution they put in place help protect individuals from investment and longevity risks.
FCA rules already require drawdown providers to provide annual statements to consumers which contain enough information for them to review their position. This ensures that consumers can make choices regarding their drawdown arrangements on an informed basis.
I refer the Hon Member to the answer given to Question UIN113817 on 1 April 2026.
The Financial Services Growth and Competitiveness Strategy set out the government’s vision for the UK’s sustainable finance regulatory framework, which prioritises championing the UK’s world leading sustainable finance sector to innovate and adapt to upcoming developments.
The government published the UK Sustainability Reporting Standards for voluntary use on 25 February. These aim to support long-term, sustainable decision-making by the business and investment community by providing high-quality and comparable information about the sustainability-related risks and opportunities that businesses face. These standards are closely aligned with the standards from the International Sustainability Standards Board and will support both companies and investors working across jurisdictional boundaries. The Financial Conduct Authority has also consulted on potential updates to its rules for listed companies.
The UK is also taking decisive action to ensure its financial services sector in supporting the global transition and is well placed to capture the opportunity of transition finance. The government has been working closely with the Transition Finance Council, which the Chancellor co-launched with the City of London Corporation in February 2025. It has also consulted on potential implementation options to take forward transition planning in a way that supports the market’s need for credible and decision-useful information, while encouraging action in line with the UK’s climate commitments and supporting economic growth. The government will publish its response in due course.
The government is maintaining close engagement with the UK’s international partners on digital asset and stablecoin market access opportunities.
The government is committed to making the UK a leading global destination for digital assets.
Financial regulatory dialogues, including the Japan-UK Financial Regulatory Forum (FRF), are important in supporting cross-border trade in financial services and form a core part of the government’s approach to strengthening international partnerships, as set out in the Financial Services Growth and Competitiveness Strategy published in July.
The most recent Japan-UK FRF was on 18 March 2026 in Tokyo, alongside joint sessions with the seventh meeting of the Financial Dialogue. The Forum provided an opportunity for a deep and meaningful exchange across a broad set of economic, fiscal and financial regulatory issues, including alignment on international sustainability reporting standards, digital finance and international banking. Further details of the discussions can be found in the Joint Statement.
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The Valuation Office Agency publishes data relating to your request annually, in the NDR stock of properties which can be found here.
The Call for Evidence on business rates and investment closed on 18 February. It asked stakeholders for more detailed evidence on how the business rates system influences investment decisions, with questions on the business rates system’s tax structure, small business rates relief, improvement relief and empty property relief.
The Government is carefully considering representations we’ve received, and a response to the Call for Evidence will be published in due course.
The Call for Evidence on business rates and investment closed on 18 February. It asked stakeholders for more detailed evidence on how the business rates system influences investment decisions, with questions on the business rates system’s tax structure, small business rates relief, improvement relief and empty property relief.
The Government is carefully considering representations we’ve received, and a response to the Call for Evidence will be published in due course.
The mechanism the Chancellor announced on 17 March will increase the availability of munitions and other critical capabilities when we need them most.
Similar to other international financial institutions, we expect that capital will be paid in based on countries’ GDP share, and that this will leverage many multiples more capital via private sector funding. The precise set-up is now being explored, and HMT and MOD are working together with finance and defence ministries across partner countries.
The mechanism the Chancellor announced on 17 March will increase the availability of munitions and other critical capabilities when we need them most.
Similar to other international financial institutions, we expect that capital will be paid in based on countries’ GDP share, and that this will leverage many multiples more capital via private sector funding. The precise set-up is now being explored, and HMT and MOD are working together with finance and defence ministries across partner countries.
The mechanism the Chancellor announced on 17 March will increase the availability of munitions and other critical capabilities when we need them most.
Similar to other international financial institutions, we expect that capital will be paid in based on countries’ GDP share, and that this will leverage many multiples more capital via private sector funding. The precise set-up is now being explored, and HMT and MOD are working together with finance and defence ministries across partner countries.
HM Treasury has a comprehensive framework for assessing and managing risks to the economic outlook and to financial stability. This includes systematic monitoring through internal risk monitors, risk governance forums, and collaboration with other government departments such as the Department for Environment, Food & Rural Affairs and the Department for Energy Security and Net Zero in relation to the impacts of climate change and nature related risks.
The Chancellor’s latest remit and recommendations letter to the Financial Policy Committee (FPC) asks the Committee to consider how climate-related risks could affect financial stability over the near and long term, and to continue to assess the materiality of nature-related risks to its primary objective. The remits for the FPC and Prudential Regulation Committee also make clear that they should support the Government’s approach to accelerate the transition to a climate-resilient, nature-positive and net zero economy.
HMT and the Bank of England meet regularly to discuss the financial stability outlook.
The Government recognises the profound impact which the Covid-19 pandemic had on individuals and businesses across the country. While the pandemic may have receded, the challenges for many small businesses still persist. This is why the Government published the Small Business Plan in July 2025, delivering the most comprehensive package of SME support in a generation, including legislating to end late payments, reducing regulatory burdens, supporting exporters, and investing in skills.
Disability refers to a range of conditions, many of which do not prevent holders of Child Trust Funds and JISAs accessing them in the usual way. Where parents and carers need to engage with provisions under the Mental Capacity Act to manage the finances of a child, the Ministry of Justice has provided a guide, available at https://www.gov.uk/government/news/new-how-to-guide-to-help-families-access-trust-funds-of-disabled-young-adults
Disability refers to a range of conditions, many of which do not prevent holders of Child Trust Funds and JISAs accessing them in the usual way. Where parents and carers need to engage with provisions under the Mental Capacity Act to manage the finances of a child, the Ministry of Justice has provided a guide, available at https://www.gov.uk/government/news/new-how-to-guide-to-help-families-access-trust-funds-of-disabled-young-adults
Disability refers to a range of conditions, many of which do not prevent holders of Child Trust Funds and JISAs accessing them in the usual way. Where parents and carers need to engage with provisions under the Mental Capacity Act to manage the finances of a child, the Ministry of Justice has provided a guide, available at https://www.gov.uk/government/news/new-how-to-guide-to-help-families-access-trust-funds-of-disabled-young-adults
The Financial Conduct Authority (FCA) has clarified that non-financial spread betting products are not financial instruments, and that the FCA’s regulatory framework does not account for gambling activity in relation to events which are not connected to financial markets.
Furthermore, the Gambling Commission does not licence products whose name, branding or marketing contain language associated with financial products, and understands spread bets of all kinds to potentially fall within the FCA’s remit.
The FCA advises that consumers who take positions in sports or other non-financial betting products should not assume they are eligible for financial compensation schemes or other financial regulatory protections.