HM Treasury is the government’s economic and finance ministry, maintaining control over public spending, setting the direction of the UK’s economic policy and working to achieve strong and sustainable economic growth.
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
Oral Answers to Questions is a regularly scheduled appearance where the Secretary of State and junior minister will answer at the Dispatch Box questions from backbench MPs
Other Commons Chamber appearances can be:Westminster Hall debates are performed in response to backbench MPs or e-petitions asking for a Minister to address a detailed issue
Written Statements are made when a current event is not sufficiently significant to require an Oral Statement, but the House is required to be informed.
HM Treasury does not have Bills currently before Parliament
A Bill to authorise the use of resources for the year ending with 31 March 2027; 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 2026.
This Bill received Royal Assent on 15th July 2026 and was enacted into law.
A Bill to Increase the rate of electricity generator levy and mileage amounts relating to income tax and to provide for temporary rates of vehicle excise duty for goods vehicles.
This Bill received Royal Assent on 15th July 2026 and was enacted into law.
A Bill to Make provision to amend section 4 of the Social Security Contributions and Benefits Act 1992, and section 4 of the Social Security Contributions and Benefits (Northern Ireland) Act 1992, so that amounts of salary sacrificed for employer pensions contributions pursuant to optional remuneration arrangements are liable to national insurance contributions.
This Bill received Royal Assent on 29th April 2026 and was enacted into law.
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.
Introduce new tax code for state pensioners with double the personal allowance
Gov Responded - 9 Dec 2025We want the government to introduce a new tax code for state pensioners, set at double the basic threshold. If this was implemented, pensioners would receive a higher tax-exempt limit, but wealthier pensioners would still pay tax.
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.
Fiscal discipline is the bedrock of economic stability and national security. The Government will meet the fiscal rules, with a buffer against uncertainty.
HM Treasury and the Debt Management Office manage the Government's financing costs in line with the debt management objective, which is to minimise, over the long term, the costs of meeting the Government's financing needs, taking account of risk. As set out in the Debt Management Report 2026-27, in determining the annual financing remit the Government assesses interest-rate, refinancing and inflation risks, and issues an appropriate balance of conventional and index-linked gilts over a range of maturities.
The government’s vision for devolution in England was set out in the joint cabinet statement, ‘Rewiring the state’ published in July. This committed to replacing grants from central government with a share of local income tax for every mayor beginning in 2028 and greater retention of the revenue from business rates for local councils and strategic authorities. Strategic authorities will also have the power to introduce an overnight visitor levy as a way to raise money to support growth in their regions, including the visitor economy. The long-term certainty of funding via taxation will provide more flexibility and enable greater investment to fund interventions that will deliver a return.
Counts of employees receiving Statutory Maternity Pay, Statutory
Paternity Pay, Statutory Adoption Pay, and Statutory Shared Parental Pay for tax years 2024-25 and 2025-26 are included in the table below.
Table 1 – Claims by Statutory Payment.
| 2024-25 | 2025-26 | |
| Statutory Adoption Pay | 4,500 | 4,300 |
| Statutory Shared Parental Pay | 22,700 | 27,400 |
| Statutory Maternity Pay | 631,400 | 639,000 |
| Statutory Paternity Pay | 216,400 | 230,100 |
Notes:
1) Data collected using HMRC Real Time Information (RTI) and extracted in July 2026. RTI is subject to revision or updates.
2) Counts of claims have been rounded to nearest 100.
3) Figures may not sum to totals due to rounding.
Council Tax is a vital source of income for Local Authorities, which the OBR forecasts will raise £50.9 billion across England in 2025/26.
The new High Value Council Tax Surcharge (HVCTS) makes the Council Tax system fairer by adding charges to high value property.
The Government is committed to creating a fairer business rates system over the course of this Parliament that protects the high street, supports investment, and is fit for the 21st century.
The Government has already started the work of reforming our business rates system by introducing new permanently lower multipliers for eligible retail, hospitality and leisure (RHL) properties. These provide nearly £1 billion per year of support to the RHL sector and benefit over 750,000 properties.
The Government is continuing to review the wider business rates system to ensure it better supports high streets, local economies and small businesses, and further decisions on business rates reform will be set out in the normal way at the Budget.
Estimates of the administrative burden of import and export declarations for trade between Great Britain and the European Union are published at the following link: Estimating the customs administrative burden of 2022 declarations - GOV.UK.
HMRC is committed to reducing trader burden and making customs processes as simple as possible while ensuring effective risk based checks are in place at the border.
HMRC does not hold information on the number of UK businesses that exported goods to the European Union (EU) in 2019 and remained trading in 2024 but recorded no goods exports to the EU in that year.
Prior to the end of the EU Exit transition period on 31 December 2020, goods movements between the UK and EU were not subject to customs declarations. Information on trade in goods between the UK and EU was instead collected through the Intrastat system, which was designed to support trade statistics rather than identify the full population of EU-exporting businesses.
As a result, HMRC does not hold a complete and directly comparable record of all businesses exporting goods to the EU in 2019. Consequently, it is not possible to accurately determine how many businesses that exported to the EU in 2019 remained trading in 2024 but recorded no exports to the EU during that year.
The National Wealth Fund (NWF) proactively identifies investment opportunities across the UK to ensure the benefits of investment are felt nationwide. It has dedicated directors based in all devolved nations to support the NWF’s view of markets across the country, and works collaboratively with the Scottish National Investment Bank (SNIB) across a range of investments.
The NWF has invested £9 million in transportation and hubs across Scotland, including expected rollout locations of Gridserve, Osprey and Roam EV charging at the point of financial close.
The NWF has invested £287 million in digital and technologies in Scotland, including expected fibre rollouts and two DataVita data centres in Scotland’s AI Growth Zone.
The NWF has invested nearly £2.5 billion in clean energy in Scotland, across ports, power grids, battery storage, and wind investments. This includes a significant financial guarantee to support four major SSEN grid upgrade projects.
The NWF has invested £44 million in advanced manufacturing in Scotland, including a co-investment with the Scottish National Investment Bank into Pulpex sustainable packaging.
The National Wealth Fund (NWF) proactively identifies investment opportunities across the UK to ensure the benefits of investment are felt nationwide. It has dedicated directors based in all devolved nations to support the NWF’s view of markets across the country, and works collaboratively with the Scottish National Investment Bank (SNIB) across a range of investments.
The NWF has invested £9 million in transportation and hubs across Scotland, including expected rollout locations of Gridserve, Osprey and Roam EV charging at the point of financial close.
The NWF has invested £287 million in digital and technologies in Scotland, including expected fibre rollouts and two DataVita data centres in Scotland’s AI Growth Zone.
The NWF has invested nearly £2.5 billion in clean energy in Scotland, across ports, power grids, battery storage, and wind investments. This includes a significant financial guarantee to support four major SSEN grid upgrade projects.
The NWF has invested £44 million in advanced manufacturing in Scotland, including a co-investment with the Scottish National Investment Bank into Pulpex sustainable packaging.
The National Wealth Fund (NWF) proactively identifies investment opportunities across the UK to ensure the benefits of investment are felt nationwide. It has dedicated directors based in all devolved nations to support the NWF’s view of markets across the country, and works collaboratively with the Scottish National Investment Bank (SNIB) across a range of investments.
The NWF has invested £9 million in transportation and hubs across Scotland, including expected rollout locations of Gridserve, Osprey and Roam EV charging at the point of financial close.
The NWF has invested £287 million in digital and technologies in Scotland, including expected fibre rollouts and two DataVita data centres in Scotland’s AI Growth Zone.
The NWF has invested nearly £2.5 billion in clean energy in Scotland, across ports, power grids, battery storage, and wind investments. This includes a significant financial guarantee to support four major SSEN grid upgrade projects.
The NWF has invested £44 million in advanced manufacturing in Scotland, including a co-investment with the Scottish National Investment Bank into Pulpex sustainable packaging.
The National Wealth Fund (NWF) proactively identifies investment opportunities across the UK to ensure the benefits of investment are felt nationwide. It has dedicated directors based in all devolved nations to support the NWF’s view of markets across the country, and works collaboratively with the Scottish National Investment Bank (SNIB) across a range of investments.
The NWF has invested £9 million in transportation and hubs across Scotland, including expected rollout locations of Gridserve, Osprey and Roam EV charging at the point of financial close.
The NWF has invested £287 million in digital and technologies in Scotland, including expected fibre rollouts and two DataVita data centres in Scotland’s AI Growth Zone.
The NWF has invested nearly £2.5 billion in clean energy in Scotland, across ports, power grids, battery storage, and wind investments. This includes a significant financial guarantee to support four major SSEN grid upgrade projects.
The NWF has invested £44 million in advanced manufacturing in Scotland, including a co-investment with the Scottish National Investment Bank into Pulpex sustainable packaging.
The government does not comment on market movements. Assets in the Exchange Equalisation Account (EEA) are held to meet the EEA’s core policy objectives as defined in the EEA Act 1979. All EEA investment decisions, including the currency and asset composition of the Account, are made using the following investment principles:
Investment Principle 1 (readiness) – The EEA must be ready to meet its policy objectives at all times, at an acceptable cost and high degree of certainty.
Investment Principle 2 (risk tolerance) – The EEA must not take on risk that compromises the ability to meet Principle 1 or that could unduly influence fiscal metrics.
Investment Principle 3 (return) – Subject to meeting Principles 1 and 2, the EEA should seek to optimise risk-adjusted return
Foreign exchange risk is one of the primary market risks faced by the EEA and so is considered by HMT and the Bank of England when making decisions assessing the EEA’s risk tolerance under Investment Principle 2. A portion of EEA assets are also hedged against foreign exchange and interest rate changes.
To manage credit risk, the Bank maintains a framework of issuer credit limits. A similar framework applies to counterparty risk.
The EEA has held 9.98 million ounces of gold on a permanent basis since March 2002 and it remains an important component of the diversified portfolio.
The Bank of England publishes a monthly statistical release setting out the EEA’s holdings split by broad asset class on the third working day at: UK International Reserves - August 2026. In addition, each quarter, one month in arrears, data on the currency breakdown of the UK’s reserves is published by the Bank of England at: Bank of England | Database.
The government does not comment on market movements. Assets in the Exchange Equalisation Account (EEA) are held to meet the EEA’s core policy objectives as defined in the EEA Act 1979. All EEA investment decisions, including the currency and asset composition of the Account, are made using the following investment principles:
Investment Principle 1 (readiness) – The EEA must be ready to meet its policy objectives at all times, at an acceptable cost and high degree of certainty.
Investment Principle 2 (risk tolerance) – The EEA must not take on risk that compromises the ability to meet Principle 1 or that could unduly influence fiscal metrics.
Investment Principle 3 (return) – Subject to meeting Principles 1 and 2, the EEA should seek to optimise risk-adjusted return
Foreign exchange risk is one of the primary market risks faced by the EEA and so is considered by HMT and the Bank of England when making decisions assessing the EEA’s risk tolerance under Investment Principle 2. A portion of EEA assets are also hedged against foreign exchange and interest rate changes.
To manage credit risk, the Bank maintains a framework of issuer credit limits. A similar framework applies to counterparty risk.
The EEA has held 9.98 million ounces of gold on a permanent basis since March 2002 and it remains an important component of the diversified portfolio.
The Bank of England publishes a monthly statistical release setting out the EEA’s holdings split by broad asset class on the third working day at: UK International Reserves - August 2026. In addition, each quarter, one month in arrears, data on the currency breakdown of the UK’s reserves is published by the Bank of England at: Bank of England | Database.
The government does not comment on market movements. Assets in the Exchange Equalisation Account (EEA) are held to meet the EEA’s core policy objectives as defined in the EEA Act 1979. All EEA investment decisions, including the currency and asset composition of the Account, are made using the following investment principles:
Investment Principle 1 (readiness) – The EEA must be ready to meet its policy objectives at all times, at an acceptable cost and high degree of certainty.
Investment Principle 2 (risk tolerance) – The EEA must not take on risk that compromises the ability to meet Principle 1 or that could unduly influence fiscal metrics.
Investment Principle 3 (return) – Subject to meeting Principles 1 and 2, the EEA should seek to optimise risk-adjusted return
Foreign exchange risk is one of the primary market risks faced by the EEA and so is considered by HMT and the Bank of England when making decisions assessing the EEA’s risk tolerance under Investment Principle 2. A portion of EEA assets are also hedged against foreign exchange and interest rate changes.
To manage credit risk, the Bank maintains a framework of issuer credit limits. A similar framework applies to counterparty risk.
The EEA has held 9.98 million ounces of gold on a permanent basis since March 2002 and it remains an important component of the diversified portfolio.
The Bank of England publishes a monthly statistical release setting out the EEA’s holdings split by broad asset class on the third working day at: UK International Reserves - August 2026. In addition, each quarter, one month in arrears, data on the currency breakdown of the UK’s reserves is published by the Bank of England at: Bank of England | Database.
The government does not comment on market movements. Assets in the Exchange Equalisation Account (EEA) are held to meet the EEA’s core policy objectives as defined in the EEA Act 1979. All EEA investment decisions, including the currency and asset composition of the Account, are made using the following investment principles:
Investment Principle 1 (readiness) – The EEA must be ready to meet its policy objectives at all times, at an acceptable cost and high degree of certainty.
Investment Principle 2 (risk tolerance) – The EEA must not take on risk that compromises the ability to meet Principle 1 or that could unduly influence fiscal metrics.
Investment Principle 3 (return) – Subject to meeting Principles 1 and 2, the EEA should seek to optimise risk-adjusted return
Foreign exchange risk is one of the primary market risks faced by the EEA and so is considered by HMT and the Bank of England when making decisions assessing the EEA’s risk tolerance under Investment Principle 2. A portion of EEA assets are also hedged against foreign exchange and interest rate changes.
To manage credit risk, the Bank maintains a framework of issuer credit limits. A similar framework applies to counterparty risk.
The EEA has held 9.98 million ounces of gold on a permanent basis since March 2002 and it remains an important component of the diversified portfolio.
The Bank of England publishes a monthly statistical release setting out the EEA’s holdings split by broad asset class on the third working day at: UK International Reserves - August 2026. In addition, each quarter, one month in arrears, data on the currency breakdown of the UK’s reserves is published by the Bank of England at: Bank of England | Database.
The government does not comment on market movements. Assets in the Exchange Equalisation Account (EEA) are held to meet the EEA’s core policy objectives as defined in the EEA Act 1979. All EEA investment decisions, including the currency and asset composition of the Account, are made using the following investment principles:
Investment Principle 1 (readiness) – The EEA must be ready to meet its policy objectives at all times, at an acceptable cost and high degree of certainty.
Investment Principle 2 (risk tolerance) – The EEA must not take on risk that compromises the ability to meet Principle 1 or that could unduly influence fiscal metrics.
Investment Principle 3 (return) – Subject to meeting Principles 1 and 2, the EEA should seek to optimise risk-adjusted return
Foreign exchange risk is one of the primary market risks faced by the EEA and so is considered by HMT and the Bank of England when making decisions assessing the EEA’s risk tolerance under Investment Principle 2. A portion of EEA assets are also hedged against foreign exchange and interest rate changes.
To manage credit risk, the Bank maintains a framework of issuer credit limits. A similar framework applies to counterparty risk.
The EEA has held 9.98 million ounces of gold on a permanent basis since March 2002 and it remains an important component of the diversified portfolio.
The Bank of England publishes a monthly statistical release setting out the EEA’s holdings split by broad asset class on the third working day at: UK International Reserves - August 2026. In addition, each quarter, one month in arrears, data on the currency breakdown of the UK’s reserves is published by the Bank of England at: Bank of England | Database.
The government does not comment on market movements. Assets in the Exchange Equalisation Account (EEA) are held to meet the EEA’s core policy objectives as defined in the EEA Act 1979. All EEA investment decisions, including the currency and asset composition of the Account, are made using the following investment principles:
Investment Principle 1 (readiness) – The EEA must be ready to meet its policy objectives at all times, at an acceptable cost and high degree of certainty.
Investment Principle 2 (risk tolerance) – The EEA must not take on risk that compromises the ability to meet Principle 1 or that could unduly influence fiscal metrics.
Investment Principle 3 (return) – Subject to meeting Principles 1 and 2, the EEA should seek to optimise risk-adjusted return
Foreign exchange risk is one of the primary market risks faced by the EEA and so is considered by HMT and the Bank of England when making decisions assessing the EEA’s risk tolerance under Investment Principle 2. A portion of EEA assets are also hedged against foreign exchange and interest rate changes.
To manage credit risk, the Bank maintains a framework of issuer credit limits. A similar framework applies to counterparty risk.
The EEA has held 9.98 million ounces of gold on a permanent basis since March 2002 and it remains an important component of the diversified portfolio.
The Bank of England publishes a monthly statistical release setting out the EEA’s holdings split by broad asset class on the third working day at: UK International Reserves - August 2026. In addition, each quarter, one month in arrears, data on the currency breakdown of the UK’s reserves is published by the Bank of England at: Bank of England | Database.
The government does not comment on market movements. Assets in the Exchange Equalisation Account (EEA) are held to meet the EEA’s core policy objectives as defined in the EEA Act 1979. All EEA investment decisions, including the currency and asset composition of the Account, are made using the following investment principles:
Investment Principle 1 (readiness) – The EEA must be ready to meet its policy objectives at all times, at an acceptable cost and high degree of certainty.
Investment Principle 2 (risk tolerance) – The EEA must not take on risk that compromises the ability to meet Principle 1 or that could unduly influence fiscal metrics.
Investment Principle 3 (return) – Subject to meeting Principles 1 and 2, the EEA should seek to optimise risk-adjusted return
Foreign exchange risk is one of the primary market risks faced by the EEA and so is considered by HMT and the Bank of England when making decisions assessing the EEA’s risk tolerance under Investment Principle 2. A portion of EEA assets are also hedged against foreign exchange and interest rate changes.
To manage credit risk, the Bank maintains a framework of issuer credit limits. A similar framework applies to counterparty risk.
The EEA has held 9.98 million ounces of gold on a permanent basis since March 2002 and it remains an important component of the diversified portfolio.
The Bank of England publishes a monthly statistical release setting out the EEA’s holdings split by broad asset class on the third working day at: UK International Reserves - August 2026. In addition, each quarter, one month in arrears, data on the currency breakdown of the UK’s reserves is published by the Bank of England at: Bank of England | Database.
The government does not comment on market movements. Assets in the Exchange Equalisation Account (EEA) are held to meet the EEA’s core policy objectives as defined in the EEA Act 1979. All EEA investment decisions, including the currency and asset composition of the Account, are made using the following investment principles:
Investment Principle 1 (readiness) – The EEA must be ready to meet its policy objectives at all times, at an acceptable cost and high degree of certainty.
Investment Principle 2 (risk tolerance) – The EEA must not take on risk that compromises the ability to meet Principle 1 or that could unduly influence fiscal metrics.
Investment Principle 3 (return) – Subject to meeting Principles 1 and 2, the EEA should seek to optimise risk-adjusted return
Foreign exchange risk is one of the primary market risks faced by the EEA and so is considered by HMT and the Bank of England when making decisions assessing the EEA’s risk tolerance under Investment Principle 2. A portion of EEA assets are also hedged against foreign exchange and interest rate changes.
To manage credit risk, the Bank maintains a framework of issuer credit limits. A similar framework applies to counterparty risk.
The EEA has held 9.98 million ounces of gold on a permanent basis since March 2002 and it remains an important component of the diversified portfolio.
The Bank of England publishes a monthly statistical release setting out the EEA’s holdings split by broad asset class on the third working day at: UK International Reserves - August 2026. In addition, each quarter, one month in arrears, data on the currency breakdown of the UK’s reserves is published by the Bank of England at: Bank of England | Database.
The government does not comment on market movements. Assets in the Exchange Equalisation Account (EEA) are held to meet the EEA’s core policy objectives as defined in the EEA Act 1979. All EEA investment decisions, including the currency and asset composition of the Account, are made using the following investment principles:
Investment Principle 1 (readiness) – The EEA must be ready to meet its policy objectives at all times, at an acceptable cost and high degree of certainty.
Investment Principle 2 (risk tolerance) – The EEA must not take on risk that compromises the ability to meet Principle 1 or that could unduly influence fiscal metrics.
Investment Principle 3 (return) – Subject to meeting Principles 1 and 2, the EEA should seek to optimise risk-adjusted return
Foreign exchange risk is one of the primary market risks faced by the EEA and so is considered by HMT and the Bank of England when making decisions assessing the EEA’s risk tolerance under Investment Principle 2. A portion of EEA assets are also hedged against foreign exchange and interest rate changes.
To manage credit risk, the Bank maintains a framework of issuer credit limits. A similar framework applies to counterparty risk.
The EEA has held 9.98 million ounces of gold on a permanent basis since March 2002 and it remains an important component of the diversified portfolio.
The Bank of England publishes a monthly statistical release setting out the EEA’s holdings split by broad asset class on the third working day at: UK International Reserves - August 2026. In addition, each quarter, one month in arrears, data on the currency breakdown of the UK’s reserves is published by the Bank of England at: Bank of England | Database.
The government does not comment on market movements. Assets in the Exchange Equalisation Account (EEA) are held to meet the EEA’s core policy objectives as defined in the EEA Act 1979. All EEA investment decisions, including the currency and asset composition of the Account, are made using the following investment principles:
Investment Principle 1 (readiness) – The EEA must be ready to meet its policy objectives at all times, at an acceptable cost and high degree of certainty.
Investment Principle 2 (risk tolerance) – The EEA must not take on risk that compromises the ability to meet Principle 1 or that could unduly influence fiscal metrics.
Investment Principle 3 (return) – Subject to meeting Principles 1 and 2, the EEA should seek to optimise risk-adjusted return
Foreign exchange risk is one of the primary market risks faced by the EEA and so is considered by HMT and the Bank of England when making decisions assessing the EEA’s risk tolerance under Investment Principle 2. A portion of EEA assets are also hedged against foreign exchange and interest rate changes.
To manage credit risk, the Bank maintains a framework of issuer credit limits. A similar framework applies to counterparty risk.
The EEA has held 9.98 million ounces of gold on a permanent basis since March 2002 and it remains an important component of the diversified portfolio.
The Bank of England publishes a monthly statistical release setting out the EEA’s holdings split by broad asset class on the third working day at: UK International Reserves - August 2026. In addition, each quarter, one month in arrears, data on the currency breakdown of the UK’s reserves is published by the Bank of England at: Bank of England | Database.
The Government recognises the significant contribution made by hospitality businesses to economic growth and social life in the UK. The potential impacts of changes on this sector are carefully considered as part of policy development.
Where changes are made, relevant impact notes and assessments are published at fiscal events and otherwise as necessary, in line with the Government’s usual practice. The Treasury also engages regularly with the hospitality sector to understand the challenges they face.
VAT is a broad-based tax on consumption, and the 20 per cent standard rate applies to most goods and services. VAT is the UK’s third largest tax, forecast to raise £180 billion in 2025/26. Exceptions to the standard rate have always been limited and balanced against affordability considerations.
HMRC estimates that the cost of changing the 20 per cent Standard Rate of VAT on all accommodation and food and beverage services to the Reduced Rate of 5 per cent would be around £17 billion in 2026-27, rising to £19.5 billion in 2030-31.
The Government recognises the significant contribution made by hospitality businesses to economic growth and social life in the UK. The potential impacts of changes on this sector are carefully considered as part of policy development.
Where changes are made, relevant impact notes and assessments are published at fiscal events and otherwise as necessary, in line with the Government’s usual practice. The Treasury also engages regularly with the hospitality sector to understand the challenges they face.
VAT is a broad-based tax on consumption, and the 20 per cent standard rate applies to most goods and services. VAT is the UK’s third largest tax, forecast to raise £180 billion in 2025/26. Exceptions to the standard rate have always been limited and balanced against affordability considerations.
HMRC estimates that the cost of changing the 20 per cent Standard Rate of VAT on all accommodation and food and beverage services to the Reduced Rate of 5 per cent would be around £17 billion in 2026-27, rising to £19.5 billion in 2030-31.
The Government recognises the important role that Community Amateur Sports Clubs (CASCs) play in supporting grassroots sport and promoting participation across the UK.
The eligibility criteria, including the monetary thresholds for the scheme, are designed to achieve the objective of making sport accessible and affordable for people across all communities in the UK.HMRC regularly engage with representatives of the CASC sector to better understand how the scheme operates in practice and stakeholders' experience of the current rules including the monetary thresholds.
HM Revenue & Customs (HMRC) does not hold estimates of the amount of tax revenue raised from Community Amateur Sports Clubs.
The Government is continuing to review the wider business rates system to ensure it better supports high streets, local economies and small businesses.
Further decisions on wider business rates reforms will be set out in the normal way at the Budget.
Most unused pension funds and death benefits payable from a pension will form part of a person’s estate for inheritance tax purposes from 6 April 2027. This removes distortions resulting from changes that have been made to pensions tax policy over the last decade, which have led to pensions being openly used and marketed as a tax planning vehicle to transfer wealth, rather than as a way to fund retirement. These reforms also remove inconsistencies in the inheritance tax treatment of different types of pensions.
Estates will continue to benefit from the normal nil-rate bands, reliefs, and exemptions available. For example, the nil-rate bands mean an estate can pass on up to £1 million with no inheritance tax liability and the general rules mean any transfers, including the payment of death benefits, to a spouse or civil partner are fully exempt from inheritance tax. More than 90 per cent of UK estates will continue to have no inheritance tax liability in 2030-31 following these changes and the reforms will only affect a minority of those with inheritable pension wealth.
The Government will continue to incentivise pension savings for their intended purpose of funding retirement, with ongoing tax reliefs on both contributions into pensions and on the growth of funds held within a pension scheme. Pensions continue to benefit from very significant tax benefits, with gross income tax and National Insurance contributions relief costing £83.9 billion in 2024-25.
The Government recognises the importance of promoting confidence in pension saving and is committed to ensuring future generations of pensioners have security in retirement. An independent Pensions Commission has been established to guide the long-term future of our pensions system including through the lens of adequacy, fairness, and sustainability.
The Government has introduced permanently lower multipliers for eligible retail, hospitality and leisure (RHL) properties. These provide nearly £1 billion per year of support to the RHL sector and benefit over 750,000 properties. High street businesses also continue to benefit from the Government's £4.3 billion support package announced at Budget 2025 to protect ratepayers seeing large overnight increases in bills due to the 2026 revaluation.
The Government is continuing to review the wider business rates system to ensure it better supports high streets, local economies and small businesses, and further decisions on business rates reform will be set out in the normal way at the Budget.
HMRC cannot comment on specific organisations. However, Government Departments publish information on their compliance with the Off-Payroll Working (IR35) rules in their Annual Report and Accounts.
The Government supports museums and galleries through both public spending and the tax system. In 2025/26, the Department for Culture, Media and Sport provided over £500 million in grants to museums and galleries across England.
Museums and Galleries Exhibition Tax Relief (MGETR) is a Corporation Tax relief available to qualifying exhibition production companies, including companies wholly owned by local authorities. A local authority-operated museum without a separate trading company cannot claim the relief.
The responsibility for paying business rates falls on the occupier of the property. Property owners could be eligible for Improvement Relief if they meet the eligibility criteria, such as completing qualifying works, and occupying the property during and after the improvement works have taken place.
The Call for Evidence published at Budget sought further evidence on the role business rates and reliefs play in investment, including Improvement Relief and Empty Property Relief. Transforming the business rates system is a multi-year process, and any reforms taken forward will be phased over the course of the Parliament.
The Government recognises the value of positive investment that supports local economies and genuine small businesses. Concerns have been raised about Small Business Rates Relief being used by second homeowners whose main aim is not to operate a local business but to manage tax liabilities.
The Call for Evidence, published at Budget, sought stakeholder input on the tax treatment of short-term lets, such as self-catering accommodation. The Government is carefully considering representations received, and a Government response to the Call for Evidence will be published in due course.
As a government, we recognise the pressures facing councils. That is why we have taken action including a ten-year social housing rent settlement, reinstating rent convergence, reforming Right to Buy, and investing £39 billion through the Social and Affordable Homes Programme. Through the programme, we will make sure that councils are able to access more of the funding available.
We will continue to work with councils and the wider sector to understand barriers to council housebuilding.
HMRC is increasing capacity in key teams, improving workforce flexibility, strengthening case progression and delivering wider transformation activity to improve the efficiency of its services.
Since April 2025, HMRC has reduced the number of aged investigation cases (those over three years old) by 38% and introduced measures to strengthen oversight and ensure cases continue to progress in a timely manner. HMRC is also establishing a dedicated team so that it can resolve older repayment claims more quickly.
HMRC monitors performance across its services, including correspondence handling and case progression. HMRC's service standard is to respond to 80% of priority correspondence within 15 working days, and it regularly publishes performance information at: HMRC performance updates. Customers can use HMRC's online 'Where's my reply?' tool to check current response times and when they can expect a response.
HMRC’s Transformation Roadmap sets out how it will modernise by 2030 to improve customer service, close the tax gap and reform HMRC. To enhance its compliance work, HMRC is investing in new systems such as: the Secure Digital Exchange Communications (SDEC) programme, enabling secure digital communication and file exchange; and a Digital Disclosure Service to allow customers and intermediaries to correct mistakes and pay liabilities and penalties for all taxes and duties with the aim to go live in 2027-28. Further information on the transformation roadmap is available at: HMRC Transformation Roadmap: update 2026.
UIN 26825 was transferred to the Cabinet Office for answer.
Two departmental Senior Civil Service away days took place in this period:
Executive Management Team awayday – 20 January 2026 – British Museum, Great Russell Street. An external facilitator was commissioned to facilitate the day at a cost of £8,282.91 excluding VAT.
The external facilitator was commissioned to design and deliver the away day. Drawing on specialist expertise in working with senior executive teams, the facilitators supported leadership alignment, collective consideration of organisational priorities and the effective delivery of the event.
Senior Civil Service awayday – 24 March 2026 – 1 Saint Giles High Street, London, WC2H 8AG. An external facilitator was commissioned to facilitate the day at a cost of £16,932 excluding VAT.
The external facilitator was commissioned to design and deliver away day, attended by 150 civil servants from across all Senior Civil Service grades. Drawing on specialist expertise in leadership development and organisational change, the facilitator supported leadership alignment, organisational priorities and the effective delivery of the event. Using an external facilitator provided independent challenge and enabled senior participants to focus fully on the discussion and agreed outcomes.
No taxpayer funded social or team building activities took place at either away day.
The UK is the leading Western centre for Islamic finance. The UK's two sovereign sukuk issuances successfully supported the development of the UK Islamic finance market and reinforced the UK's position as a leading Western hub for Islamic finance. The second sovereign sukuk matured in July 2026, and the Government did not issue a further sovereign sukuk.
The Government keeps the case for further issuances under review. The Government continues to engage with industry and international partners to promote the UK’s expertise in Islamic finance and to explore opportunities for the sector, including links between Islamic finance and sustainable finance.
The Government recognises the impact of delays and uncertainty for those affected by the failure of Hartley Pensions. Hartley Pensions is regulated by the Financial Conduct Authority (FCA), and HM Treasury continues to work with the FCA to monitor the administration. The administrators are responsible for updating customers directly and recent updates on timetables are available on their website.
The FCA’s enforcement investigation is a matter for the FCA as the independent regulator.
HM Treasury occupies office accommodation alongside other government departments which is provided and managed by the Government Property Agency (GPA). Responsibility for building operations, estate management and sustainability measures rests with the GPA, an executive agency, sponsored by the Cabinet Office.
A hyperlink to the information mentioned in the answer of 22 June 2026 to Question 9340 on Cabinet Office: Electronic Purchasing Card Solution can be found here: https://assets.publishing.service.gov.uk/media/68383bca9c65cc8cdbae650a/GPC_Spend_Data_-_April_2025___Spending_by_Business_Units_no_longer_part_of_Cabinet_Office_.csv
Plan 2 student loans were designed and implemented by the Conservative and Liberal Democrat Coalition Government, and the costs were based on the RPI measure.
In April, interest rates on Plan 2 and Plan 3 loans were capped at 6% for this academic year, to protect graduates from high interest rates.
The Office for National Statistics has confirmed that it will bring the methods and data sources used to calculate CPIH into RPI from February 2030.
This Government will continue to look for ways to make the system fairer, but any changes must be fiscally responsible.
Transparency of government business cases is vital for ensuring the public can hold government to account and have confidence that every pound of taxpayers’ money is being spent on projects that deliver the best possible value.
Since 11 June 2025, all projects and programmes on the Government Major Projects Portfolio (GMPP) have been required to publish a Summary Business Case, Full Business Case or Programme Business Case within 4 months of HM Treasury approval.
It is the responsibility of the relevant government departments to publish eligible business cases on gov.uk within the 4-month timeframe. As of 2nd September a total of 20 business cases have been published spanning 7 government departments.
This Government is committed to fair treatment for all pupils, whether they attend state or independent schools.
At Budget 2024 the Government made changes to policy on tax exemption for parents who wish to send their children to independent schools. The removal of VAT exemption for independent schools raises revenue to ensure high-quality education for every child.
The Government has increased school funding by £2.3 billion in 2026-27.
This investment will help to support our commitment to recruit 6,500 new teachers, to support our national attendance and behaviour programme, and to build a genuinely inclusive mainstream education system that will deliver positive outcomes for all pupils and parents.
The Government remains committed to supporting people to lead healthier lives and looks at a wide range of evidence on the impacts of alcohol-related harm
Alcohol-related harm places pressure on individuals, families, communities and public services, including the NHS, and we are taking action to address this.
As outlined in the 10 Year Health Plan for England, the Department of Health and Social Care is working towards launching a consultation in late 2026 on options to make it a legal requirement for alcohol labels to display health warnings and consistent nutritional information, which will support people to make healthier choices about alcohol.
The UK has met NATO’s 1.5% defence and security-related spending target, as defined by NATO. NATO’s definition sets out that spend should be to protect our critical infrastructure, defend our networks, ensure our civil preparedness and resilience, unleash innovation and strengthen our defence industrial base.
Public spending is determined through the Spending Review process, which last took place in 2025 and set departmental resource budgets through to 2029-30 and capital budgets to 2030-31. All spending captured as part of the 1.5% is determined through the Spending Review and set out to Parliament via the Estimates process in the usual way.
The £15 billion Defence Investment Plan uplift will take NATO-qualifying defence spending to 2.7% of GDP in 2027-28. This is primarily funded by reallocating £10.3 billion across government, with £4.7 billion to be confirmed at Budget 2026.
At the next Spending Review the Government will set out a clear path to meet its 3.5 per cent NATO target in 2035 and will set a target date to hit 3 per cent on that path.
The £15 billion Defence Investment Plan uplift will take NATO-qualifying defence spending to 2.7% of GDP in 2027-28. This is primarily funded by reallocating £10.3 billion across government, with £4.7 billion to be confirmed at Budget 2026.
At the next Spending Review the Government will set out a clear path to meet its 3.5 per cent NATO target in 2035 and will set a target date to hit 3 per cent on that path.
The £15 billion Defence Investment Plan uplift will take NATO-qualifying defence spending to 2.7% of GDP in 2027-28. This is primarily funded by reallocating £10.3 billion across government, with £4.7 billion to be confirmed at Budget 2026.
At the next Spending Review the Government will set out a clear path to meet its 3.5 per cent NATO target in 2035 and will set a target date to hit 3 per cent on that path.
The National Infrastructure and Service Transformation Authority engages with projects and programmes throughout their project lifecycle, and throughout the delivery system in government, in order to enhance government’s capability and capacity to improve delivery of priority outcomes.
NISTA undertakes regular independent and rigorous assurance of large infrastructure projects on the Government Major Projects Portfolio, in line with the Teal Book and Treasury Approvals Process. This assurance provides confidence to senior leaders and stakeholders, including those involved in spending decisions, that work is well-governed and supports successful delivery of policy, strategy and objectives.
NISTA has also developed a comprehensive capability and capacity building offer for departments, ALBs and will be looking to expand this further to support regionally-led delivery.