HM Treasury
HM Treasury is the government’s economic and finance ministry, maintaining control over public spending, setting the direction of the UK’s economic policy and working to achieve strong and sustainable economic growth.
Shadow Ministers / Spokeperson
Liberal Democrat
Baroness Kramer (LD - Life peer)Liberal Democrat Lords Spokesperson (Treasury and Economy)
Daisy Cooper (LD - St Albans)
Liberal Democrat Spokesperson (Treasury)
Conservative
Mel Stride (Con - Central Devon)Shadow Chancellor of the Exchequer
Green Party
Adrian Ramsay (Green - Waveney Valley)Green Spokesperson (Treasury)
Liberal Democrat
Charlie Maynard (LD - Witney)Liberal Democrat Spokesperson (Chief Secretary to the Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Lord Altrincham (Con - Excepted Hereditary)Shadow Minister (Treasury)
Richard Fuller (Con - North Bedfordshire)
Shadow Chief Secretary to the Treasury
Gareth Davies (Con - Grantham and Bourne)
Shadow Financial Secretary (Treasury)
Baroness Neville-Rolfe (Con - Life peer)
Shadow Minister (Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
James Wild (Con - North West Norfolk)Shadow Exchequer Secretary (Treasury)
Mark Garnier (Con - Wyre Forest)
Shadow Economic Secretary (Treasury)
Ministers of State
Lord Livermore (Lab - Life peer)Financial Secretary (HM Treasury)
James Murray (LAB - Ealing North)
Chief Secretary to the Treasury
Lord Stockwood (Lab - Life peer)
Minister of State (HM Treasury)
Parliamentary Under-Secretaries of State
Torsten Bell (Lab - Swansea West)Parliamentary Secretary (HM Treasury)
Dan Tomlinson (Lab - Chipping Barnet)
Exchequer Secretary (HM Treasury)
Lucy Rigby (Lab - Northampton North)
Economic Secretary (HM Treasury)
10:00
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
To ask the Chancellor of the Exchequer, what plans she has to bring forward supply-side reforms aimed at improving productivity …
In relation to England, a ratepayer’s liability to a non-domestic rate as regards a hereditament is determined in accordance with …
A Bill to Make provision to amend section 4 of the Social Security Contributions and Benefits Act 1992, and section …
HM Treasury Commons Appearances
Oral Answers to Questions is a regularly scheduled appearance where the Secretary of State and junior minister will answer at the Dispatch Box questions from backbench MPs
Other Commons Chamber appearances can be:- Urgent Questions where the Speaker has selected a question to which a Minister must reply that day
- Adjornment Debates a 30 minute debate attended by a Minister that concludes the day in Parliament.
- Oral Statements informing the Commons of a significant development, where backbench MP's can then question the Minister making the statement.
Westminster Hall debates are performed in response to backbench MPs or e-petitions asking for a Minister to address a detailed issue
Written Statements are made when a current event is not sufficiently significant to require an Oral Statement, but the House is required to be informed.
Bills currently before Parliament
HM Treasury does not have Bills currently before Parliament
Acts of Parliament created in the 2024 Parliament
A Bill to Authorise the use of resources for the year ending with 31 March 2026; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2025.
This Bill received Royal Assent on 21st July 2025 and was enacted into law.
A Bill to make provision about secondary Class 1 contributions.
This Bill received Royal Assent on 3rd April 2025 and was enacted into law.
A Bill to make provision about finance.
This Bill received Royal Assent on 20th March 2025 and was enacted into law.
A Bill to amend the Crown Estate Act 1961.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to Authorise the use of resources for the years ending with 31 March 2024, 31 March 2025 and 31 March 2026; to authorise the issue of sums out of the Consolidated Fund for those years; and to appropriate the supply authorised by this Act for the years ending with 31 March 2024 and 31 March 2025.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to make provision for loans or other financial assistance to be provided to, or for the benefit of, the government of Ukraine.
This Bill received Royal Assent on 16th January 2025 and was enacted into law.
A Bill to impose duties on the Treasury and the Office for Budget Responsibility in respect of the announcement of fiscally significant measures.
This Bill received Royal Assent on 10th September 2024 and was enacted into law.
A Bill to authorise the use of resources for the year ending with 31 March 2025; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2024.
This Bill received Royal Assent on 30th July 2024 and was enacted into law.
HM Treasury - Secondary Legislation
Petitions
e-Petitions are administered by Parliament and allow members of the public to express support for a particular issue.
If an e-petition reaches 10,000 signatures the Government will issue a written response.
If an e-petition reaches 100,000 signatures the petition becomes eligible for a Parliamentary debate (usually Monday 4.30pm in Westminster Hall).
(12,023 in the last 7 days)
(8,306 in the last 7 days)
(2,948 in the last 7 days)
(328 in the last 7 days)
(243 in the last 7 days)
(12,023 in the last 7 days)
(8,306 in the last 7 days)
(2,948 in the last 7 days)
(243 in the last 7 days)
(234 in the last 7 days)
Petition Closed
Raise the income tax personal allowance from £12,570 to £20,000
Gov Responded - 20 Feb 2025 Debated on - 12 May 2025closed 6 months, 2 weeks ago
Raise the income tax personal allowance from £12570 to £20000. We think this would help low earners to get off benefits and allow pensioners a decent income.
Petition Closed
Don't change inheritance tax relief for working farms
Gov Responded - 5 Dec 2024 Debated on - 10 Feb 2025closed 7 months, 3 weeks ago
We think that changing inheritance tax relief for agricultural land will devastate farms nationwide, forcing families to sell land and assets just to stay on their property. We urge the government to keep the current exemptions for working farms.
Petition Closed
Don't apply VAT to independent school fees, or remove business rates relief.
Gov Responded - 20 Dec 2024 Debated on - 3 Mar 2025closed 7 months, 1 week ago
Prevent independent schools from having to pay VAT on fees and incurring business rates as a result of new legislation.
Departmental Select Committee
Treasury Committee
Commons Select Committees are a formally established cross-party group of backbench MPs tasked with holding a Government department to account.
At any time there will be number of ongoing investigations into the work of the Department, or issues which fall within the oversight of the Department. Witnesses can be summoned from within the Government and outside to assist in these inquiries.
Select Committee findings are reported to the Commons, printed, and published on the Parliament website. The government then usually has 60 days to reply to the committee's recommendations.
11 Members of the Treasury Committee
Treasury Committee Member since 9th September 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 9th December 2024
Treasury Committee Member since 27th October 2025
Treasury Committee Member since 27th October 2025
Treasury Committee Member since 27th October 2025
Treasury Committee: Upcoming Events
12 Jan 2026, 1:30 p.m.
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Treasury Committee - Oral evidence
Work of HM Revenue and Customs
13 Jan 2026, 9:30 a.m.
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Treasury Committee - Private Meeting
AI in financial services
14 Jan 2026, 2 p.m.
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Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)This government is relentlessly targeting waste and driving efficiencies to make sure we are getting the best possible value for taxpayer money.
Chief Secretary to the Treasury
The Office for Budget Responsibility (OBR) assesses the fiscal implications of migration as part of its Economic and Fiscal Outlook and long-term fiscal projections.
Chief Secretary to the Treasury
Rolling stock leasing companies (ROSCOs) play an important role in the transport industry, bringing benefits to both taxpayers and passengers.
Great British Railways will work with ROSCOs and manufacturers in an effective and streamlined way. The government will also develop a long-term strategy for rolling stock, which will support manufacturing and ensure a stable pipeline of work.
Chief Secretary to the Treasury
The requirements for reviewing the Sovereign Grant have been set by Parliament in the Sovereign Grant Act 2011, sections 6 and 7.
The Government has also committed to bring forward legislation to reset the Grant to a lower level from 2027-28 once Buckingham Palace Reservicing works are completed.
Chief Secretary to the Treasury
The United Kingdom Government regularly considers how fiscal devolution arrangements are working in practice, taking into account the views of a range of stakeholders.
Chief Secretary to the Treasury
As usual, any changes to Departmental Expenditure Limits will be included in a future OBR fiscal forecast.
Chief Secretary to the Treasury
Economic growth is the first mission of this government, driving up prosperity and living standards across the UK. We are prioritising long-term productivity growth.
For example, the Government is committed to reducing the administrative costs of regulation on firms by 25% by the end of the Parliament and has set out reforms to achieve this.
Chief Secretary to the Treasury
The government has not made a specific assessment regarding insurance for individuals with sickle cell disease. However, the government recognises the important role of insurance products in building the financial resilience of consumers and protecting them when things go wrong. The government’s Financial Inclusion Strategy seeks to close gaps in protection and ensure that the insurance sector is well-placed to support the financial wellbeing of households and vulnerable customers.
The Equality Act 2010 generally prohibits discrimination based on certain personal characteristics. However, the law accepts that some exceptions, relating to age and disability, apply for insurance. The Act stipulates an insurance provider cannot refuse to cover potential consumers or charge more for insurance as a result of these characteristics, unless they base their risk assessment on relevant information from a reliable source and (in the case of the disability exception) it is reasonable for the insurer to refuse cover or charge more.
However, the Financial Conduct Authority, as the independent regulator, requires firms to ensure their products offer fair value. The FCA has been clear that it will be monitoring firms, and, where necessary, it will take action.
Since 2021, the FCA has required firms providing travel insurance to signpost consumers with pre-existing medical conditions to a directory of specialist providers if they are declined cover, offered cover with an exclusion, or charged a significantly higher premium based on a pre-existing medical condition.
Economic Secretary (HM Treasury)
As announced at Budget 2025, the Government is introducing Electric Vehicle Excise Duty (eVED) from April 2028, a new mileage charge for electric and plug-in hybrid cars, recognising that electric vehicles (EVs) contribute to congestion and wear and tear on the roads but pay no equivalent to fuel duty. The taxation of motoring is a critical source of funding for public services and investment in infrastructure
PHEVs have the capacity to drive in either electric or petrol mode and will continue to pay fuel duty on miles driven in petrol mode. In recognition of this, they will be subject to a reduced eVED rate of 1.5 pence per mile upon its introduction in April 2028 – half the rate that will apply to fully electric cars
Alongside the introduction of eVED, the Government is also providing generous additional support to incentivise the use of electric vehicles, including £1.3 billion of additional funding for the Electric Car Grant (ECG), £200 million for chargepoint rollout, and increasing the Expensive Car Supplement (ECS) threshold to £50,000 for EVs
New electric car sales are still forecast to more than triple from nearly 0.5 million sales in 2025/26 to around 1.6 million by 2030/31.
Exchequer Secretary (HM Treasury)
As announced at Budget 2025, the Government is introducing Electric Vehicle Excise Duty (eVED) from April 2028, a new mileage charge for electric and plug-in hybrid cars, recognising that electric vehicles (EVs) contribute to congestion and wear and tear on the roads but pay no equivalent to fuel duty. The taxation of motoring is a critical source of funding for public services and investment in infrastructure
PHEVs have the capacity to drive in either electric or petrol mode and will continue to pay fuel duty on miles driven in petrol mode. In recognition of this, they will be subject to a reduced eVED rate of 1.5 pence per mile upon its introduction in April 2028 – half the rate that will apply to fully electric cars
Alongside the introduction of eVED, the Government is also providing generous additional support to incentivise the use of electric vehicles, including £1.3 billion of additional funding for the Electric Car Grant (ECG), £200 million for chargepoint rollout, and increasing the Expensive Car Supplement (ECS) threshold to £50,000 for EVs
New electric car sales are still forecast to more than triple from nearly 0.5 million sales in 2025/26 to around 1.6 million by 2030/31.
Exchequer Secretary (HM Treasury)
The High Value Council Tax Surcharge (HVCTS) will be paid by property owners, and official residences operate through a range of different ownership structures, including leases and trusts. The details of the HVCTS are to be consulted upon shortly.
Exchequer Secretary (HM Treasury)
I have regular discussions with the Valuation Office Agency (VOA), who are responsible for independently valuing properties.
Exchequer Secretary (HM Treasury)
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.
Exchequer Secretary (HM Treasury)
There are no current plans to extend the 40% film studio relief to grassroots music venues.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties as they recover from the pandemic.
To support with bill increases, the Government has introduced a generous support package worth £4.3 billion over the next 3 years, including support to help ratepayers to transition to their new bill.
As a result, over half of all ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
Grassroot music venues with rateable values below £500,000 will also benefit from the permanently lower business rates tax rates for eligible retail, hospitality and leisure (RHL) properties that are being introduce in April 2026. These new tax rates are worth nearly £900 million per year, and will benefit over 750,000 properties in England.
The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
Exchequer Secretary (HM Treasury)
There are no current plans to extend the 40% film studio relief to grassroots music venues.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties as they recover from the pandemic.
To support with bill increases, the Government has introduced a generous support package worth £4.3 billion over the next 3 years, including support to help ratepayers to transition to their new bill.
As a result, over half of all ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
Grassroot music venues with rateable values below £500,000 will also benefit from the permanently lower business rates tax rates for eligible retail, hospitality and leisure (RHL) properties that are being introduce in April 2026. These new tax rates are worth nearly £900 million per year, and will benefit over 750,000 properties in England.
The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
Exchequer Secretary (HM Treasury)
There are no current plans to extend the 40% film studio relief to grassroots music venues.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties as they recover from the pandemic.
To support with bill increases, the Government has introduced a generous support package worth £4.3 billion over the next 3 years, including support to help ratepayers to transition to their new bill.
As a result, over half of all ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
Grassroot music venues with rateable values below £500,000 will also benefit from the permanently lower business rates tax rates for eligible retail, hospitality and leisure (RHL) properties that are being introduce in April 2026. These new tax rates are worth nearly £900 million per year, and will benefit over 750,000 properties in England.
The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
Exchequer Secretary (HM Treasury)
The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties. To support with bill increases, at the Budget, the Government introduced a support package worth £4.3 billion over the next three years to protect ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. Government support also means that most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto. The Government is doing this by introducing permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties, including grassroots music venues, while ensuring that warehouses used by online giants will pay more. The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid.
Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
Without this support, pubs would have faced a 45% increase in the total bills they pay next year. However, because of the support the Government has put in place, this has fallen to just 4%.
Exchequer Secretary (HM Treasury)
The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties. To support with bill increases, at the Budget, the Government introduced a support package worth £4.3 billion over the next three years to protect ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. Government support also means that most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto. The Government is doing this by introducing permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties, including grassroots music venues, while ensuring that warehouses used by online giants will pay more. The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid.
Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
Without this support, pubs would have faced a 45% increase in the total bills they pay next year. However, because of the support the Government has put in place, this has fallen to just 4%.
Exchequer Secretary (HM Treasury)
The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties. To support with bill increases, at the Budget, the Government introduced a support package worth £4.3 billion over the next three years to protect ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. Government support also means that most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto. The Government is doing this by introducing permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties, including grassroots music venues, while ensuring that warehouses used by online giants will pay more. The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid.
Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
Without this support, pubs would have faced a 45% increase in the total bills they pay next year. However, because of the support the Government has put in place, this has fallen to just 4%.
Exchequer Secretary (HM Treasury)
The hospitality sector is the heartbeat of our communities, and the Government recognises the contribution it makes to our culture and the UK exchequer.
We are determined to support hospitality businesses and help them succeed. At Budget, the Chancellor announced the first National Licensing Policy Framework which sets a new strategic direction for licensing authorities to have more regard for growth when reviewing licensing applications and decisions in England and Wales. We are exploring planning reforms to help pubs and hospitality expand and will appoint a Retail and Hospitality Envoy shortly.
The new Community Right to Buy will help communities safeguard valued community assets – such as pubs – and the English Devolution Bill will ban upward only rent reviews.
Exchequer Secretary (HM Treasury)
The statistics for the number of estates subject to paying inheritance tax (IHT) are available at https://www.gov.uk/government/statistics/inheritance-tax-liabilities-statistics.
The statistics for the number of estates forecast to pay inheritance tax are available at https://obr.uk/download/november-2025-economic-and-fiscal-outlook-detailed-forecast-tables-receipts/?tmstv=1766066728.
Exchequer Secretary (HM Treasury)
The UK has an internationally competitive, territorial corporate tax regime, which is an essential component of growth and industrial policy in the UK.
The Government published its Corporate Tax Roadmap at Autumn Budget 2024, which included a commitment to ensuring a competitive and sustainable main rate of corporation tax by capping it at 25 per cent for the duration of this parliament. The current rate of corporation tax is the lowest in the G7, and this is supplemented by generous business investment tax reliefs which directly support investment, including Capital Allowances, R&D tax reliefs, and the Patent Box regime.
The Corporate Tax Roadmap provides businesses with the stability and certainty they need to make long-term investment decisions in the UK.
Exchequer Secretary (HM Treasury)
Group relief allows the transfer of allowable losses from one company to another in the same group. Consortium relief is a type of group relief which allows companies that jointly own another company (a consortium company) to obtain relief for their share of that company’s tax losses, so that they are taxed on a measure of profits that reflects losses they may make from their participation in a joint venture.
For these reliefs to apply, groups and consortia must meet certain eligibility criteria. For example, both types of relief are available to companies that have specific shareholding ownership relationships and are subject to UK Corporation tax. Joint ventures must meet the eligibility criteria to claim relief which is limited by reference to the proportion of member’s economic interest in the consortium company.
Existing legislation already contains targeted anti‑avoidance provisions designed to prevent the exploitation of losses, and the Government keeps these rules under review.
Exchequer Secretary (HM Treasury)
A Tax Information and Impact Note (TIIN)(opens in a new tab) was published alongside the introduction of the Bill containing the changes to pensions salary sacrifice. As set out in the TIIN, the average additional NICs liability for affected individuals is estimated to be £84 in 2029/30.
Individuals earning below £30,000 making pension contributions through salary sacrifice are overwhelmingly protected by a £2,000 cap, with few (c. 5%) making salary sacrifice contributions above this threshold.
Parliamentary Secretary (HM Treasury)
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to pensions salary sacrifice.
The Office for Budget Responsibility (OBR) set out in their November 2025 Economic and Fiscal Outlook that they do not expect a material impact on savings behaviour as a result of Budget 2025 tax changes.
The government supports all individuals to save into pensions through a generous system of income tax and NICs reliefs worth over £70 billion a year. Employers must also meet their automatic enrolment obligations.
Parliamentary Secretary (HM Treasury)
The organising bodies of the Accord have committed to working with government and regulators to ensure that data demonstrating progress against the Accord will be tracked.
Parliamentary Secretary (HM Treasury)
In 24/25 HMT spent £16,831 on external videography services. In 25/26, HMT have spent £11,160 as at 30 November 2025 on external videography services. These figures are inclusive of the use of external videography services to make training videos for the organisation.
Exchequer Secretary (HM Treasury)
Mike Wood
(Conservative - Kingswinford and South Staffordshire)
The Government Actuary’s Department released information on 4 August 2025 in relation to a Freedom of Information request. The content of that response is provided alongside this PQ response.
Economic Secretary (HM Treasury)
The Energy Company Obligation is a regulated obligation on suppliers and is not a tax measure. However, as VAT is placed on the total cost of energy, lowering energy bills through ending this scheme will reduce the tax base for VAT on domestic energy. This measure, alongside the Government funding 75% of the legacy Renewables Obligation, will save households an average of £150 off their energy bills.
Exchequer Secretary (HM Treasury)
The UK already restricts UK firms from insuring Russian oil. The UK implements the G7+ Oil Price Cap (OPC) which prohibits G7+ companies from shipping, insuring or otherwise servicing Russian oil sold above a set price to put downward pressure on Russian revenues. The UK lowered the OPC for Russian seaborne crude in July: https://www.gov.uk/government/news/uk-tightens-oil-price-cap-in-blow-to-putins-war-machine
Additionally, the UK has sanctioned 520 vessels so far for carrying Russian oil. These sanctions include the prohibition of insurance provision to these vessels.
The UK and our partners continue to consider strengthening sanctions on Russian energy exports, should Russia refuse to engage meaningfully in peace negotiations, building on the existing OPC and sanctions on all Russian oil majors.
Economic Secretary (HM Treasury)
Mike Wood
(Conservative - Kingswinford and South Staffordshire)
The Government Social Research Profession is a professional membership body for social researchers working across government. It supports professional social researchers employed directly by departments through providing opportunities for learning, development, career support and technical development.
The Government Social Research Profession is part of the Government Analysis Function, which sets expectations for analysis, as set out in the Government Functional Standard. In using the terms ‘sex’ and ‘gender’, government analysts should have regard to relevant data harmonisation standards published by the Office for National Statistics and the Government Statistical Service.
The Office for National Statistics and the Government Statistical Service are currently partway through a review of their harmonised standards. That review is focused on developing updated and new harmonised standards for Sex, Gender Identity, Disability and Ethnicity
Economic Secretary (HM Treasury)
An increasingly hostile cyber threat poses a risk to the UK economy and public finances. According to the Office for National Statistics, the decline in the manufacture of motor vehicles, observed in the wake of the cyber attack on Jaguar Land Rover, reduced September’s GDP by 0.17%. In the 2022 Fiscal Risks and Sustainability report, the Office for Budget Responsibility estimated that a cyber-attack on critical national infrastructure could temporarily increase borrowing by around £30 billion – equivalent to 1.1% of GDP.
Cyber-attacks have significant costs for UK businesses. Recent KPMG modelling for the Department for Science, Innovation and Technology suggests the average cost of a significant cyber-attack for an individual business in the UK is around £194,729. KPMG estimate this could represent a total yearly cost to businesses in the UK of £14.7 billion, representing 0.5% of the UK’s annual GDP.
The government is committed to strengthening cyber security across the UK. The National Cyber Security Centre (NCSC) provides a range of tools, guidance and support to businesses to improve their cyber security. At last year's Spending Review, the government increased the Single Intelligence Account's budget by £1 billion over the SR period, which funds the critical cybersecurity work conducted by NCSC.
The UK’s cyber resilience relies on all businesses playing their part. The Chancellor of the Exchequer; Secretary of State for Science, Innovation and Technology; Secretary of State for Business and Trade; Minister for Security; CEO of the National Cyber Security Centre and Director General of the National Crime Agency wrote to chief executives and chairs of FTSE 350 companies in October 2025 year asking them to make cyber security a top priority.
Economic Secretary (HM Treasury)
An increasingly hostile cyber threat poses a risk to the UK economy and public finances. According to the Office for National Statistics, the decline in the manufacture of motor vehicles, observed in the wake of the cyber attack on Jaguar Land Rover, reduced September’s GDP by 0.17%. In the 2022 Fiscal Risks and Sustainability report, the Office for Budget Responsibility estimated that a cyber-attack on critical national infrastructure could temporarily increase borrowing by around £30 billion – equivalent to 1.1% of GDP.
Cyber-attacks have significant costs for UK businesses. Recent KPMG modelling for the Department for Science, Innovation and Technology suggests the average cost of a significant cyber-attack for an individual business in the UK is around £194,729. KPMG estimate this could represent a total yearly cost to businesses in the UK of £14.7 billion, representing 0.5% of the UK’s annual GDP.
The government is committed to strengthening cyber security across the UK. The National Cyber Security Centre (NCSC) provides a range of tools, guidance and support to businesses to improve their cyber security. At last year's Spending Review, the government increased the Single Intelligence Account's budget by £1 billion over the SR period, which funds the critical cybersecurity work conducted by NCSC.
The UK’s cyber resilience relies on all businesses playing their part. The Chancellor of the Exchequer; Secretary of State for Science, Innovation and Technology; Secretary of State for Business and Trade; Minister for Security; CEO of the National Cyber Security Centre and Director General of the National Crime Agency wrote to chief executives and chairs of FTSE 350 companies in October 2025 year asking them to make cyber security a top priority.
Economic Secretary (HM Treasury)
The Financial Conduct Authority (FCA), as the independent regulator for financial services, sets the conduct standards required of insurance firms. This includes rules requiring insurers to handle claims fairly and promptly.
With respect to business interruption claims linked to Covid-19, the Supreme Court published its final judgment in the FCA test case in January 2021. At the time of the judgment, the FCA set out its expectation that insurers should communicate to all impacted policyholders what the judgment meant for their claim and that insurers should move quickly to resolve claims as determined by the judgment, making interim payments wherever possible. It is important to note that the FCA court case did not cover all potential issues with business interruption policies but aimed to provide certainty to as many policyholders as possible.
The FCA, as the independent regulator, has robust powers to take action where firms do not appear to be meeting their expectations and treating their customers fairly.
Economic Secretary (HM Treasury)
The Financial Conduct Authority (FCA), as the independent regulator for financial services, sets the conduct standards required of insurance firms. This includes rules requiring insurers to handle claims fairly and promptly.
With respect to business interruption claims linked to Covid-19, the Supreme Court published its final judgment in the FCA test case in January 2021. At the time of the judgment, the FCA set out its expectation that insurers should communicate to all impacted policyholders what the judgment meant for their claim and that insurers should move quickly to resolve claims as determined by the judgment, making interim payments wherever possible. It is important to note that the FCA court case did not cover all potential issues with business interruption policies but aimed to provide certainty to as many policyholders as possible.
The FCA, as the independent regulator, has robust powers to take action where firms do not appear to be meeting their expectations and treating their customers fairly.
Economic Secretary (HM Treasury)
The Financial Conduct Authority (FCA), as the independent regulator for financial services, sets the conduct standards required of insurance firms. This includes rules requiring insurers to handle claims fairly and promptly.
With respect to business interruption claims linked to Covid-19, the Supreme Court published its final judgment in the FCA test case in January 2021. At the time of the judgment, the FCA set out its expectation that insurers should communicate to all impacted policyholders what the judgment meant for their claim and that insurers should move quickly to resolve claims as determined by the judgment, making interim payments wherever possible. It is important to note that the FCA court case did not cover all potential issues with business interruption policies but aimed to provide certainty to as many policyholders as possible.
The FCA, as the independent regulator, has robust powers to take action where firms do not appear to be meeting their expectations and treating their customers fairly.
Economic Secretary (HM Treasury)
The Chancellor of the Exchequer pays full council tax on the flat above 10 Downing Street as her primary residence.
Economic Secretary (HM Treasury)
The Chancellor of the Exchequer pays full council tax on the flat above 10 Downing Street as her primary residence.
Economic Secretary (HM Treasury)
A wide range of business activities, not limited to financial services, are regulated under the Money Laundering Regulations. Relevant businesses must identify and carry out enhanced due diligence on Politically Exposed Persons and their close relatives or business associates. Guidance for different sectors makes clear that these checks should be proportionate to the risks posed on a case-by-case basis.
Individual businesses will be subject to various regulatory and accountability arrangements depending on the nature of the services they provide. Consumers are normally encouraged to direct any complaints first to a business’s own complaints department before escalating if necessary to the relevant ombudsman or equivalent organisation which is empowered to consider complaints.
Economic Secretary (HM Treasury)
Following an estimated tripling of low value import volumes between 2021 and 2024, with the rapid rise in cross-border e-commerce, the Chancellor has reviewed the existing customs arrangements for low value imports to determine whether they are fit for purpose. The rapid growth in low value imports is hurting our high streets and retailers. The government is taking action to address the difference in treatment between low value imports and goods shipped by high street retailers, and ensure these goods are adequately controlled.
At Budget 2025, the government announced that it is removing the customs duty relief on goods imported into the UK worth up to £135, making them subject to customs duty, and consulting on a new set of customs arrangements for these goods. The consultation covers the design and implementation of the new low value import customs arrangements, including what data could be collected, how customs duty should be applied, and whether to apply an additional fee to fund administration activity.
The government recognises that these proposals will require changes and is inviting stakeholders, including the logistics industry, to provide input on how the new arrangements can be implemented to ensure changes are delivered as smoothly as possible, ensure goods are appropriately controlled, and address the tariff treatment between online retailers who ship directly to the UK and high street retailers who import goods in bulk.
Exchequer Secretary (HM Treasury)
Improving day-to-day performance is a key priority for HMRC.
HMRC are investing in new technology to improve their telephony services. Last year, they launched procurement for a new Contact Centre as a Service (CCaaS) platform which will significantly enhance the customer experience.
They are also expanding their digital services. HMRC online services and the HMRC app are convenient to access and receive high customer satisfaction ratings.
As more people use HMRC digital services, HMRC’s customer service advisers are freed up to support those who are digitally excluded, have complex tax affairs, or find themselves in vulnerable circumstances.
HMRC’s Transformation Roadmap sets out further steps to improve the customer experience for taxpayers, agents, and businesses. The Roadmap can be found here: https://www.gov.uk/government/publications/hmrc-transformation-roadmap
Exchequer Secretary (HM Treasury)
The Valuation Office Agency has published official statistics around the change in the rateable value of non-domestic properties in England and Wales for the 2026 revaluation on GOV.UK.
These statistics include the number of properties with a Rateable Value of £500,000 and over (Table RVL_3.1, Row 13), and the number of properties within the education sub-sector in this category (Table RVL_SCAT_1_1 Row 1471).
Exchequer Secretary (HM Treasury)
Further Pensions (Abolition of Lifetime Allowance Charge etc) Regulations will be made in Spring 2026 and will include updates to the treatment of scheme-specific lump sums for individuals with Enhanced Protection.
The majority of the regulations will have retrospective effect from 6 April 2024 when the Lifetime Allowance was abolished.
Parliamentary Secretary (HM Treasury)
In May 2025, 17 of the largest workplace pension providers signed the Mansion House Accord and voluntarily committed to invest at least 10 per cent of their defined contribution default funds in private markets by 2030, with at least half of that invested in the UK. This is expected to unlock £25 billion of pension fund investment in the UK, including into high growth companies.
The British Business Bank has a key role in helping smaller businesses get the finance they need to start, scale and stay in the UK. The government has given the British Business Bank a new objective to mobilise institutional capital, including domestic pension capital. The BBB has already created one entry point through the British Growth Partnership. This is an investment vehicle designed specifically to encourage more UK pension fund and other institutional investment into the UK’s fastest growing, most innovative companies.
Parliamentary Secretary (HM Treasury)
At Budget 2025, the Government announced continued support for people and businesses by extending the temporary 5p fuel duty cut until the end of August 2026. Rates will then gradually return to early 2022 levels. The planned increase in line with inflation for 2026-27 will not take place, with the government uprating fuel duty rates by RPI from April 2027. This will save the average car driver £49 next year compared to previous plans.
The Government received and considered a wide variety of representations in the approach to Budget 2025.
Exchequer Secretary (HM Treasury)
At Budget 2025, the Government announced continued support for people and businesses by extending the temporary 5p fuel duty cut until the end of August 2026. Rates will then gradually return to early 2022 levels. The planned increase in line with inflation for 2026-27 will not take place, with the government uprating fuel duty rates by RPI from April 2027. This will save the average car driver £49 next year compared to previous plans.
The Government received and considered a wide variety of representations in the approach to Budget 2025.
Exchequer Secretary (HM Treasury)
HMT has engaged the Independent Commission on Neighbourhoods and the Department continues to work with the Commission, including engaging with their recent report. I would welcome a discussion with the Chair on access to finance, should she think it helpful.
Economic Secretary (HM Treasury)
Our data represents all closed inspections (‘investigations’). There were 220 closed inspections in Scotland in 2024/25. This data was published in the Supplementary data for the 2024/2025 National Minimum Wage Enforcement and Compliance Report (Table 6).
Of the 220 closed inspections, 6 were social care cases.
Exchequer Secretary (HM Treasury)
As has been the case under successive administrations, the Government does not publish granular detail on Ministers’ domestic travel. As a police protected minister, we do not comment on the specific arrangements in place for the Chancellor for security reasons.
Exchequer Secretary (HM Treasury)