HM Treasury
HM Treasury is the government’s economic and finance ministry, maintaining control over public spending, setting the direction of the UK’s economic policy and working to achieve strong and sustainable economic growth.
Shadow Ministers / Spokeperson
Liberal Democrat
Baroness Kramer (LD - Life peer)Liberal Democrat Lords Spokesperson (Treasury and Economy)
Daisy Cooper (LD - St Albans)
Liberal Democrat Spokesperson (Treasury)
Conservative
Mel Stride (Con - Central Devon)Shadow Chancellor of the Exchequer
Green Party
Adrian Ramsay (Green - Waveney Valley)Green Spokesperson (Treasury)
Liberal Democrat
Charlie Maynard (LD - Witney)Liberal Democrat Spokesperson (Chief Secretary to the Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Lord Altrincham (Con - Excepted Hereditary)Shadow Minister (Treasury)
Richard Fuller (Con - North Bedfordshire)
Shadow Chief Secretary to the Treasury
Baroness Neville-Rolfe (Con - Life peer)
Shadow Minister (Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
James Wild (Con - North West Norfolk)Shadow Exchequer Secretary (Treasury)
Mark Garnier (Con - Wyre Forest)
Shadow Economic Secretary (Treasury)
Ministers of State
Lord Livermore (Lab - Life peer)Financial Secretary (HM Treasury)
James Murray (LAB - Ealing North)
Chief Secretary to the Treasury
Lord Stockwood (Lab - Life peer)
Minister of State (HM Treasury)
Parliamentary Under-Secretaries of State
Torsten Bell (Lab - Swansea West)Parliamentary Secretary (HM Treasury)
Dan Tomlinson (Lab - Chipping Barnet)
Exchequer Secretary (HM Treasury)
Lucy Rigby (Lab - Northampton North)
Economic Secretary (HM Treasury)
09:00
Attendance Statistics
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
To ask His Majesty's Government what assessment they have made of the use of financial data by departments to support …
This Order, which comes into force on 8th April 2026, provides that a company designated by the Secretary of State …
A Bill to Authorise the use of resources for the years ending with 31 March 2025, 31 March 2026 and …
17:15
News and Communications
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 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.
HM Treasury - Secondary Legislation
Petitions
e-Petitions are administered by Parliament and allow members of the public to express support for a particular issue.
If an e-petition reaches 10,000 signatures the Government will issue a written response.
If an e-petition reaches 100,000 signatures the petition becomes eligible for a Parliamentary debate (usually Monday 4.30pm in Westminster Hall).
(1,153 in the last 7 days)
(502 in the last 7 days)
(481 in the last 7 days)
(287 in the last 7 days)
(217 in the last 7 days)
(217 in the last 7 days)
(28 in the last 7 days)
(140 in the last 7 days)
(1,153 in the last 7 days)
(287 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 9 months ago
Raise the income tax personal allowance from £12570 to £20000. We think this would help low earners to get off benefits and allow pensioners a decent income.
Petition Closed
Don't change inheritance tax relief for working farms
Gov Responded - 5 Dec 2024 Debated on - 10 Feb 2025closed 10 months, 1 week ago
We think that changing inheritance tax relief for agricultural land will devastate farms nationwide, forcing families to sell land and assets just to stay on their property. We urge the government to keep the current exemptions for working farms.
Petition Closed
Don't apply VAT to independent school fees, or remove business rates relief.
Gov Responded - 20 Dec 2024 Debated on - 3 Mar 2025closed 9 months, 3 weeks 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
Financial Inclusion Strategy
25 Mar 2026, 2 p.m.
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Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)Exchequer Secretary (HM Treasury)
The Government routinely assesses how departments use financial information to support strategic decision-making and value for money. This includes scrutiny during Spending Reviews, regular engagement between HM Treasury and departments on budgets and forecasts, an End-of-Year assessment measuring financial performance, through departmental Annual Reports and Accounts, and through National Audit Office examinations, which provide independent assurance on the quality, transparency and use of financial data.
Departments routinely provide finance data to the HM Treasury OSCAR system, setting out their forecasts, budgets and spend to date. Departments report their forecast and actual efficiencies to HM Treasury. Accounting Officers of departments are responsible for value for money in the use of public funds, and in this they are supported by the guidance, budgeting and accounting framework provided by HM Treasury.
The Government is taking steps to strengthen financial management capability across the public sector through the Government Finance Function’s learning and development offer, which aims to build financial capability and develop a skilled and talented workforce. The Finance Function’s Government Finance Academy provides core learning offers which strengthen financial literacy across Government in key areas such as value for money, budgeting & forecasting, and provides professional training and development for finance professionals.
The Function also supports the development of talent pipelines and leadership capability across departments by building career frameworks and pathways that support progression. The Function connects some 9,000 finance professionals across government through its communities, networks and events, which further builds financial capability by providing opportunities for shared learning and fostering professional excellence.
The Government is modernising finance operations to support better decision‑making, including enhancing digital skills, promoting modern finance practices and encouraging the adoption of shared services and improved systems. Through common finance standards and data approaches the function enables departments to access high‑quality, reliable financial information, underpinning stronger financial management and improved value for money across government.
Financial Secretary (HM Treasury)
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. Taxation is a vital source of revenue that helps to fund vital public services including schools and hospitals.
Charities already benefit from a reduced (5%) or zero rate of tax when purchasing some goods and services. More information about VAT relief for charities can be found here: VAT for charities: What qualifies for VAT relief - GOV.UK. The Government has no plans to broaden this list of goods and services to include social media advertising, but takes steps elsewhere in the tax system to ensure that charities receive treatment that takes account of their unique status and invaluable contribution.
Our tax regime for charities, including gift aid and an exemption from paying business rates, is among the most generous of anywhere in the world, with tax reliefs for charities and their donors worth just over £6 billion for the tax year to April 2024.
Exchequer Secretary (HM Treasury)
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. Taxation is a vital source of revenue that helps to fund vital public services including schools and hospitals.
Charities already benefit from a reduced (5%) or zero rate of tax when purchasing some goods and services. More information about VAT relief for charities can be found here: VAT for charities: What qualifies for VAT relief - GOV.UK. The Government has no plans to broaden this list of goods and services to include social media advertising, but takes steps elsewhere in the tax system to ensure that charities receive treatment that takes account of their unique status and invaluable contribution.
Our tax regime for charities, including gift aid and an exemption from paying business rates, is among the most generous of anywhere in the world, with tax reliefs for charities and their donors worth just over £6 billion for the tax year to April 2024.
Exchequer Secretary (HM Treasury)
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. Taxation is a vital source of revenue that helps to fund vital public services including schools and hospitals.
Charities already benefit from a reduced (5%) or zero rate of tax when purchasing some goods and services. More information about VAT relief for charities can be found here: VAT for charities: What qualifies for VAT relief - GOV.UK. The Government has no plans to broaden this list of goods and services to include social media advertising, but takes steps elsewhere in the tax system to ensure that charities receive treatment that takes account of their unique status and invaluable contribution.
Our tax regime for charities, including gift aid and an exemption from paying business rates, is among the most generous of anywhere in the world, with tax reliefs for charities and their donors worth just over £6 billion for the tax year to April 2024.
Exchequer Secretary (HM Treasury)
HMRC has not made an estimate of the administrative burden to the Treasury for processing VAT receipts for businesses with a turnover below £250,000. HMRC measures its overall operational costs across all taxes and does not hold this information at the level of granularity required to isolate costs attributable to businesses with a turnover under £250,000.
Exchequer Secretary (HM Treasury)
HMRC does not estimate the administrative cost to businesses with a turnover below £250,000 for processing and submitting VAT returns, as the cost can vary between businesses, regardless of their turnover. Administrative costs are largely dependent on their individual business processes and the nature and complexity of their record keeping.
Exchequer Secretary (HM Treasury)
We maintain a longstanding principle that reliefs should be targeted to balance support with fiscal sustainability. Modern consumer technologies, while helpful to disabled users, are also intended for use by those without impairments hence do not meet the statutory test of being designed solely for disabled people.
We recognise the vital role that assistive technologies can play in improving independence and quality of life. The government keeps all taxes under review as part of the policy making process and decisions on tax policy are taken by the Chancellor at a fiscal event.
Exchequer Secretary (HM Treasury)
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 some 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
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 £78.2 billion in 2023-24. It is therefore crucial to ensure that tax reliefs on pensions are being used for their intended purpose – to encourage saving for retirement and later life – rather than for passing on wealth free of inheritance tax
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.
Exchequer Secretary (HM Treasury)
The Government recognises that access to in‑person banking services can be particularly important for some customers, including blind and partially sighted people, individuals with learning disabilities, and those with mental health conditions.
The Government is committed to maintaining high standards of financial inclusion across the financial services sector, including in the Yeovil constituency, Somerset and the United Kingdom as a whole.
Where banks make commercial decisions to reduce their branch network, they are required by the Financial Conduct Authority (FCA) to carefully consider the impact on customers’ everyday banking and cash access needs, including the needs of vulnerable customers, and to put appropriate alternative arrangements in place.
The Government understands the importance of banking services to communities and is committed to supporting the financial services industry’s roll-out of 350 banking hubs by the end of this Parliament. Over 270 hubs have been announced so far, and more than 225 are already open. Banking hubs offer everyday counter services provided by Post Office staff, enabling people and businesses to withdraw and deposit cash, deposit cheques, pay bills and make balance enquiries. They also contain dedicated rooms where customers can see community bankers from their own bank to carry out wider banking services.
In addition, customers can access everyday banking services through the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check balances and pay bills at over 10,000 Post Office branches across the UK.
Some firms also provide additional in‑person access through services such as mobile banking vans or pop‑up locations in community venues, particularly in rural and remote areas.
Financial services provided by banks and building societies must comply with the FCA’s rules, which require firms to provide a prompt, efficient and fair service to all customers. The FCA’s Consumer Duty further requires firms to act in good faith, avoid foreseeable harm and support customers to pursue their financial objectives, including by ensuring that information and services are accessible. The FCA’s Handbook requires firms to identify particularly vulnerable customers, and to consider the needs of these customers appropriately. This includes blind and partially sighted people, individuals with learning disabilities, and those experiencing mental health difficulties.
Banks and building societies are also subject to the Equality Act 2010, which requires service providers to make reasonable adjustments so that disabled people can access services on an equal basis.
More broadly, the Government’s Financial Inclusion Strategy, published in November, sets out an ambitious programme of work to improve access to financial services for underserved groups across the UK. This includes a key focus on access to banking and digital inclusion, with interventions to make financial products and services more accessible, support in-person banking services, and make it easier for individuals to access a bank account.
The Government keeps the effectiveness of current arrangements under review through regular engagement with stakeholders to ensure they meet the needs of local communities.
Economic Secretary (HM Treasury)
The Government recognises that access to in‑person banking services can be particularly important for some customers, including blind and partially sighted people, individuals with learning disabilities, and those with mental health conditions.
The Government is committed to maintaining high standards of financial inclusion across the financial services sector, including in the Yeovil constituency, Somerset and the United Kingdom as a whole.
Where banks make commercial decisions to reduce their branch network, they are required by the Financial Conduct Authority (FCA) to carefully consider the impact on customers’ everyday banking and cash access needs, including the needs of vulnerable customers, and to put appropriate alternative arrangements in place.
The Government understands the importance of banking services to communities and is committed to supporting the financial services industry’s roll-out of 350 banking hubs by the end of this Parliament. Over 270 hubs have been announced so far, and more than 225 are already open. Banking hubs offer everyday counter services provided by Post Office staff, enabling people and businesses to withdraw and deposit cash, deposit cheques, pay bills and make balance enquiries. They also contain dedicated rooms where customers can see community bankers from their own bank to carry out wider banking services.
In addition, customers can access everyday banking services through the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check balances and pay bills at over 10,000 Post Office branches across the UK.
Some firms also provide additional in‑person access through services such as mobile banking vans or pop‑up locations in community venues, particularly in rural and remote areas.
Financial services provided by banks and building societies must comply with the FCA’s rules, which require firms to provide a prompt, efficient and fair service to all customers. The FCA’s Consumer Duty further requires firms to act in good faith, avoid foreseeable harm and support customers to pursue their financial objectives, including by ensuring that information and services are accessible. The FCA’s Handbook requires firms to identify particularly vulnerable customers, and to consider the needs of these customers appropriately. This includes blind and partially sighted people, individuals with learning disabilities, and those experiencing mental health difficulties.
Banks and building societies are also subject to the Equality Act 2010, which requires service providers to make reasonable adjustments so that disabled people can access services on an equal basis.
More broadly, the Government’s Financial Inclusion Strategy, published in November, sets out an ambitious programme of work to improve access to financial services for underserved groups across the UK. This includes a key focus on access to banking and digital inclusion, with interventions to make financial products and services more accessible, support in-person banking services, and make it easier for individuals to access a bank account.
The Government keeps the effectiveness of current arrangements under review through regular engagement with stakeholders to ensure they meet the needs of local communities.
Economic Secretary (HM Treasury)
The Government recognises that access to in‑person banking services can be particularly important for some customers, including blind and partially sighted people, individuals with learning disabilities, and those with mental health conditions.
The Government is committed to maintaining high standards of financial inclusion across the financial services sector, including in the Yeovil constituency, Somerset and the United Kingdom as a whole.
Where banks make commercial decisions to reduce their branch network, they are required by the Financial Conduct Authority (FCA) to carefully consider the impact on customers’ everyday banking and cash access needs, including the needs of vulnerable customers, and to put appropriate alternative arrangements in place.
The Government understands the importance of banking services to communities and is committed to supporting the financial services industry’s roll-out of 350 banking hubs by the end of this Parliament. Over 270 hubs have been announced so far, and more than 225 are already open. Banking hubs offer everyday counter services provided by Post Office staff, enabling people and businesses to withdraw and deposit cash, deposit cheques, pay bills and make balance enquiries. They also contain dedicated rooms where customers can see community bankers from their own bank to carry out wider banking services.
In addition, customers can access everyday banking services through the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check balances and pay bills at over 10,000 Post Office branches across the UK.
Some firms also provide additional in‑person access through services such as mobile banking vans or pop‑up locations in community venues, particularly in rural and remote areas.
Financial services provided by banks and building societies must comply with the FCA’s rules, which require firms to provide a prompt, efficient and fair service to all customers. The FCA’s Consumer Duty further requires firms to act in good faith, avoid foreseeable harm and support customers to pursue their financial objectives, including by ensuring that information and services are accessible. The FCA’s Handbook requires firms to identify particularly vulnerable customers, and to consider the needs of these customers appropriately. This includes blind and partially sighted people, individuals with learning disabilities, and those experiencing mental health difficulties.
Banks and building societies are also subject to the Equality Act 2010, which requires service providers to make reasonable adjustments so that disabled people can access services on an equal basis.
More broadly, the Government’s Financial Inclusion Strategy, published in November, sets out an ambitious programme of work to improve access to financial services for underserved groups across the UK. This includes a key focus on access to banking and digital inclusion, with interventions to make financial products and services more accessible, support in-person banking services, and make it easier for individuals to access a bank account.
The Government keeps the effectiveness of current arrangements under review through regular engagement with stakeholders to ensure they meet the needs of local communities.
Economic Secretary (HM Treasury)
The Government is committed to protecting the UK’s financial system and maintaining a robust anti-money laundering and counter-terrorist financing system. This involves identifying risks to the system, monitoring global developments, and working with international partners.
The Government does not comment on assessments relating to specific firms. Where appropriate, the Government will act in response to individual cases and risks identified.
Economic Secretary (HM Treasury)
Charities and community groups make a valuable contribution across the country, and it is important that they can access suitable banking services in person and online.
Decisions about the provision of banking services, and associated fees, are primarily commercial matters for banks who must meet strict financial crime and customer due diligence obligations. Charities and community groups often have more complex account structures (for example, multiple trustees), making their banking needs more expensive and operationally demanding, which may explain the fees applied.
It is important for charities to shop around to ensure they pick the most appropriate banking product for their needs. UK Finance worked closely with the charity sector and Government to produce an ‘Account Finder’ tool designed exclusively for charities and voluntary organisations so they can browse providers and accounts easily, including their charges.
The Government understands the importance of banking services to communities and is committed to supporting the financial services industry’s roll-out of 350 banking hubs by the end of this Parliament. Over 270 hubs have been announced so far, and more than 225 are already open.
Banking hubs provide personal and business customers with access to everyday counter services, including cash withdrawals and deposits, balance enquiries and bill payments. They also contain dedicated rooms where all customers can see community bankers from their own bank to carry out other banking services as they would in a traditional bank branch.
The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance, and pay bills at over 10,000 of Post Office branches across the UK. Fees for these services remain a commercial decision for the bank providing the account.
Economic Secretary (HM Treasury)
The Government is committed to protecting the UK’s financial system and maintaining a robust anti-money laundering and counter-terrorist financing system. This involves identifying risks to the system, monitoring global developments, and working with international partners.
The Government does not comment on assessments relating to specific firms. Where appropriate, the Government will act in response to individual cases and risks identified.
Economic Secretary (HM Treasury)
The Government recognises that cash continues to be used by millions of people across the UK, including those in vulnerable groups, and is committed to protecting access to cash for individuals and businesses.
Under the Financial Services and Markets Act (2023) the Financial Conduct Authority (FCA) has responsibility and powers to protect access to cash withdrawal and deposit facilities, including free facilities for personal current account holders. The FCA’s most recent data shows that 99.2% of the urban population live within 1 miles of a free to use cash access point offering withdrawals. In rural areas, 98.5% of people live within 3 miles of a free to use cash access point offering withdrawals
LINK, the UK’s not-for-profit, independently governed ATM operator, publish data on the number of ATMs nationally and across each parliamentary constituency. This includes a breakdown of the number of pay-to-use ATMs operated by the LINK network. LINK data estimates that in 2025, there were 42,403 ATMs in the UK, including 8,693 pay-to-use ATMs. This data can be found at https://www.link.co.uk/data-research/the-atm-network
Customers can also access everyday cash and banking services at Post Office branches. The Post Office Banking Framework allows personal and business customers of participating banks to withdraw and deposit cash; for personal customers this service is free. Customers are also able to check their balance, pay bills and cash cheques at over 10,000 Post Office branches across the UK.
Economic Secretary (HM Treasury)
The government is a strong supporter of the mutual sector, including credit unions, and is working to support its growth in line with the manifesto commitment to double the size of the co-operative and mutual sector.
On 18 March, the government announced plans to reform the credit union common bond by:
- Increasing the potential membership cap on the locality bond from 3 million to 10 million, which will significantly expand the potential size of locality-based credit unions, which make up 79% of the sector, and reduce uncertainty around merger activity.
- Allowing credit unions to admit students to locality-based credit unions, if not otherwise eligible through residence or work.
- Expanding eligibility for members' relatives to allow credit unions to admit relatives of qualifying members regardless of whether they share a household.
- Allowing credit unions to retain retired members as fully qualifying members.
The reforms will apply across Great Britain, including in Milton Keynes and Buckinghamshire. Full details of the government’s plans have been published in a call for evidence response available on GOV.UK.
The government will legislate to give effect to these reforms as soon as parliamentary time allows. A full impact assessment will be published alongside the legislative reforms.
The reforms to the credit union common bond form part of a broader package of measures to support improved access to financial products and services under the Financial Inclusion Strategy. The Strategy itself will be reviewed two years after publication to assess its overall progress.
Economic Secretary (HM Treasury)
The government is a strong supporter of the mutual sector, including credit unions, and is working to support its growth in line with the manifesto commitment to double the size of the co-operative and mutual sector.
On 18 March, the government announced plans to reform the credit union common bond by:
- Increasing the potential membership cap on the locality bond from 3 million to 10 million, which will significantly expand the potential size of locality-based credit unions, which make up 79% of the sector, and reduce uncertainty around merger activity.
- Allowing credit unions to admit students to locality-based credit unions, if not otherwise eligible through residence or work.
- Expanding eligibility for members' relatives to allow credit unions to admit relatives of qualifying members regardless of whether they share a household.
- Allowing credit unions to retain retired members as fully qualifying members.
The reforms will apply across Great Britain, including in Milton Keynes and Buckinghamshire. Full details of the government’s plans have been published in a call for evidence response available on GOV.UK.
The government will legislate to give effect to these reforms as soon as parliamentary time allows. A full impact assessment will be published alongside the legislative reforms.
The reforms to the credit union common bond form part of a broader package of measures to support improved access to financial products and services under the Financial Inclusion Strategy. The Strategy itself will be reviewed two years after publication to assess its overall progress.
Economic Secretary (HM Treasury)
The government is a strong supporter of the mutual sector, including credit unions, and is working to support its growth in line with the manifesto commitment to double the size of the co-operative and mutual sector.
On 18 March, the government announced plans to reform the credit union common bond by:
- Increasing the potential membership cap on the locality bond from 3 million to 10 million, which will significantly expand the potential size of locality-based credit unions, which make up 79% of the sector, and reduce uncertainty around merger activity.
- Allowing credit unions to admit students to locality-based credit unions, if not otherwise eligible through residence or work.
- Expanding eligibility for members' relatives to allow credit unions to admit relatives of qualifying members regardless of whether they share a household.
- Allowing credit unions to retain retired members as fully qualifying members.
The reforms will apply across Great Britain, including in Milton Keynes and Buckinghamshire. Full details of the government’s plans have been published in a call for evidence response available on GOV.UK.
The government will legislate to give effect to these reforms as soon as parliamentary time allows. A full impact assessment will be published alongside the legislative reforms.
The reforms to the credit union common bond form part of a broader package of measures to support improved access to financial products and services under the Financial Inclusion Strategy. The Strategy itself will be reviewed two years after publication to assess its overall progress.
Economic Secretary (HM Treasury)
The government is a strong supporter of the mutual sector, including credit unions, and is working to support its growth in line with the manifesto commitment to double the size of the co-operative and mutual sector.
On 18 March, the government announced plans to reform the credit union common bond by:
- Increasing the potential membership cap on the locality bond from 3 million to 10 million, which will significantly expand the potential size of locality-based credit unions, which make up 79% of the sector, and reduce uncertainty around merger activity.
- Allowing credit unions to admit students to locality-based credit unions, if not otherwise eligible through residence or work.
- Expanding eligibility for members' relatives to allow credit unions to admit relatives of qualifying members regardless of whether they share a household.
- Allowing credit unions to retain retired members as fully qualifying members.
The reforms will apply across Great Britain, including in Milton Keynes and Buckinghamshire. Full details of the government’s plans have been published in a call for evidence response available on GOV.UK.
The government will legislate to give effect to these reforms as soon as parliamentary time allows. A full impact assessment will be published alongside the legislative reforms.
The reforms to the credit union common bond form part of a broader package of measures to support improved access to financial products and services under the Financial Inclusion Strategy. The Strategy itself will be reviewed two years after publication to assess its overall progress.
Economic Secretary (HM Treasury)
The government is a strong supporter of the mutual sector, including credit unions, and is working to support its growth in line with the manifesto commitment to double the size of the co-operative and mutual sector.
On 18 March, the government announced plans to reform the credit union common bond by:
- Increasing the potential membership cap on the locality bond from 3 million to 10 million, which will significantly expand the potential size of locality-based credit unions, which make up 79% of the sector, and reduce uncertainty around merger activity.
- Allowing credit unions to admit students to locality-based credit unions, if not otherwise eligible through residence or work.
- Expanding eligibility for members' relatives to allow credit unions to admit relatives of qualifying members regardless of whether they share a household.
- Allowing credit unions to retain retired members as fully qualifying members.
The reforms will apply across Great Britain, including in Milton Keynes and Buckinghamshire. Full details of the government’s plans have been published in a call for evidence response available on GOV.UK.
The government will legislate to give effect to these reforms as soon as parliamentary time allows. A full impact assessment will be published alongside the legislative reforms.
The reforms to the credit union common bond form part of a broader package of measures to support improved access to financial products and services under the Financial Inclusion Strategy. The Strategy itself will be reviewed two years after publication to assess its overall progress.
Economic Secretary (HM Treasury)
The Financial Conduct Authority is a non-governmental body which is independent from the Treasury.
The Financial Conduct Authority announced its intention to consult on some aspects of the UK Listings Rules for investment entities and to complete the work by the end of the year. Further detail is available at:
https://www.fca.org.uk/news/statements/uk-listing-rules-investment-entities-review.
Economic Secretary (HM Treasury)
The Financial Conduct Authority's (FCA’s) Consumer Duty requires firms to act in good faith, prevent foreseeable harm, and act in the best interests of consumers.
All FCA-authorised firms are required to comply with the Consumer Duty.
The FCA has extensive powers to enforce regulations and to impose penalties for breaches of regulation. This includes powers to investigate potential breaches, issue fines and ultimately to withdraw authorisation in the case of serious breaches.
The FCA is operationally independent and the Treasury has no role in ensuring firms meet their responsibilities under the Consumer Duty. The Treasury continues to work closely with the FCA to hold it to account for delivering against its statutory objectives, including its objective to secure an appropriate degree of consumer protection in relation to the activities it regulates.
Economic Secretary (HM Treasury)
The final report of the cross-government Motor Insurance Taskforce sets out the actions being taken by government, regulators and industry to help reduce premium costs. Departments, regulators and industry are now taking forward the relevant actions.
Economic Secretary (HM Treasury)
The VOA attends a small number of overseas conferences which are an important part of sharing expertise, innovation and best practice.
The cost of Valuation Office Agency attendance at the five international conferences is set out in the table below. This includes the cost of tickets, flights, accommodation and other travel expenses.
Event | Number of attendees | Total |
Aug 2024 IAAO Conference, Denver | 3 | £7,655 |
Oct 2024 COVA Conference, Dublin | 25 | £25,329 |
Dec 2024, International Research Symposium, IAAO, Amsterdam | 2 | £1,402 |
Mar 2025, IAAO GIS Valuation Technologies Conference, Columbus, Ohio | 1 | £425 |
Sep 2025 IPTI Halifax, Nova Scotia | 10 | £11,743 |
Exchequer Secretary (HM Treasury)
The National Housing Bank is the public financial institution focused on homebuilding.
The National Housing Bank will work with other Public Financial Institutions, including the National Wealth Fund, to support its objectives.
The government has published a guide to the Public Financial Institutions here: https://www.gov.uk/government/publications/an-introduction-to-the-uk-public-investment-landscape
Chief Secretary to the Treasury
Transport is one of the National Wealth Fund’s priority sectors.
Chief Secretary to the Treasury
As per HM Treasury’s Annual Report and Accounts (ARA), the department spent £41,770 on special severance payments in 2023/24 and £206,772 in 2024/25. The figures for 2025/26 are not yet finalised and will be published in the next ARA.
Economic Secretary (HM Treasury)
The British Business Bank’s Five Year Strategic Plan, published in November 2025, sets a clear focus on improving access to finance for smaller and high-growth businesses, helping crowd in private capital and ensuring more UK companies can reach scale and ultimately access public markets. A strong early‑stage and scale‑up ecosystem is essential to the long‑term depth and competitiveness of the UK’s public equity markets.
In 2025, the Government increased the British Business Bank’s financial capacity to £25.6 billion, marking a major step change in its ability to support UK businesses to start and scale.
The Government have also delivered an ambitious set of reforms to boost the UK’s capital markets and make it easier to IPO in the UK through an ambitious modernisation of the UK’s listings rules. Taken together, these reforms make it easier to start, scale and list in the UK.
Economic Secretary (HM Treasury)
On Monday 16 March, the government published a response to its consultation on reforming the Financial Ombudsman Service (FOS), confirming that the government will legislate to stop the FOS acting as a quasi-regulator and provide greater coherence with the Financial Conduct Authority (FCA).
The reforms will return the FOS to its original role as a simple, impartial dispute resolution service which will enable it to focus on its core purpose of dealing with individual complaints against financial services firms quickly and effectively. The introduction of an absolute time limit and changes to the handling of mass redress events will reduce the number of cases the FOS considers and ensure that complex cross-cutting or historic issues are dealt with appropriately. Together, these reforms should improve complaint resolution times for cases handled by the FOS.
The reforms will benefit both consumers and firms by improving the consistency and predictability of FOS determinations and providing greater certainty for consumers and financial services firms.
This is expected to particularly support small financial services firms who have complaints against them referred to the FOS. The new thematic reports being introduced will make it easier for firms to draw relevant lessons from FOS determinations, which should support improved complaint handling and result in fewer complaints being referred to the FOS. And the new absolute time limit from bringing complaints to the FOS will benefit by being better able to assess potential historic liabilities. Some smaller financial services firms may also be eligible to bring complaints to the FOS themselves, and would also benefit as a complainant.
Economic Secretary (HM Treasury)
On Monday 16 March, the government published a response to its consultation on reforming the Financial Ombudsman Service (FOS), confirming that the government will legislate to stop the FOS acting as a quasi-regulator and provide greater coherence with the Financial Conduct Authority (FCA).
The reforms will return the FOS to its original role as a simple, impartial dispute resolution service which will enable it to focus on its core purpose of dealing with individual complaints against financial services firms quickly and effectively. The introduction of an absolute time limit and changes to the handling of mass redress events will reduce the number of cases the FOS considers and ensure that complex cross-cutting or historic issues are dealt with appropriately. Together, these reforms should improve complaint resolution times for cases handled by the FOS.
The reforms will benefit both consumers and firms by improving the consistency and predictability of FOS determinations and providing greater certainty for consumers and financial services firms.
This is expected to particularly support small financial services firms who have complaints against them referred to the FOS. The new thematic reports being introduced will make it easier for firms to draw relevant lessons from FOS determinations, which should support improved complaint handling and result in fewer complaints being referred to the FOS. And the new absolute time limit from bringing complaints to the FOS will benefit by being better able to assess potential historic liabilities. Some smaller financial services firms may also be eligible to bring complaints to the FOS themselves, and would also benefit as a complainant.
Economic Secretary (HM Treasury)
On Monday 16 March, the government published a response to its consultation on reforming the Financial Ombudsman Service (FOS), confirming that the government will legislate to stop the FOS acting as a quasi-regulator and provide greater coherence with the Financial Conduct Authority (FCA).
The reforms will return the FOS to its original role as a simple, impartial dispute resolution service which will enable it to focus on its core purpose of dealing with individual complaints against financial services firms quickly and effectively. The introduction of an absolute time limit and changes to the handling of mass redress events will reduce the number of cases the FOS considers and ensure that complex cross-cutting or historic issues are dealt with appropriately. Together, these reforms should improve complaint resolution times for cases handled by the FOS.
The reforms will benefit both consumers and firms by improving the consistency and predictability of FOS determinations and providing greater certainty for consumers and financial services firms.
This is expected to particularly support small financial services firms who have complaints against them referred to the FOS. The new thematic reports being introduced will make it easier for firms to draw relevant lessons from FOS determinations, which should support improved complaint handling and result in fewer complaints being referred to the FOS. And the new absolute time limit from bringing complaints to the FOS will benefit by being better able to assess potential historic liabilities. Some smaller financial services firms may also be eligible to bring complaints to the FOS themselves, and would also benefit as a complainant.
Economic Secretary (HM Treasury)
At Autumn Budget 2025, the Government announced that it will consult in early 2026 on introducing a new, simpler ISA product for first time buyers. The new ISA product will be offered in place of the Lifetime ISA.
The consultation will consider how existing Lifetime ISA holders should be treated, including any potential transitional arrangements or transfer options.
It will remain possible to open a Lifetime ISA until the new product becomes available and for account holders to continue to save into their Lifetime ISA in line with the existing rules indefinitely.
Economic Secretary (HM Treasury)
The UK Green Financing Framework, published in June 2021 and updated in November 2025, governs the UK Green Financing Programme. The Programme raises funds through the issuance of green gilts and NS&I’s retail Green Savings Bonds to finance public expenditure that can demonstrate a direct and positive climate or environmental impact.
The Framework defines the categories of expenditure that are eligible for green financing. Eligible expenditures are drawn from departments’ confirmed settlements through the Spending Review process and are assessed on the basis of their contribution to the government’s climate and wider environmental objectives.
The Framework governs the raising of financing for green public spending where biodiversity and credit certificates are not in scope.
Economic Secretary (HM Treasury)
The Russia regulations prohibit the making available of funds or economic resources to a designated person without a licence. They also prohibit the provision of certain services to designated persons and persons connected with Russia.
UK financial sanctions apply to all persons within the territory and territorial sea of the UK and to all UK persons, wherever they are in the world.
OFSI assesses every instance of reported non-compliance and takes action in all cases where we conclude a breach has occurred.
For serious breaches, OFSI may impose a civil monetary penalty. OFSI may also refer suspected criminal activities to law enforcement partners for investigation.
Economic Secretary (HM Treasury)
The Government recognises the importance of the creative industries, including the contribution made by the UK’s video games sector to growth and innovation. We support the sector through the tax system and through funding, and this is a very competitive offer internationally.
Video games companies benefit from the Video Games Expenditure Credit (VGEC), which provides a generous tax credit of 34 per cent on UK video games development costs. Some countries offering higher refundable rates but with tighter caps or narrower qualifying expenditure, while the UK’s approach provides a predictable and scalable form of support across a broad base of development costs.
Tax support sits alongside the Department for Culture, Media and Sport’s new £30 million Games Growth package, designed to back the next generation of start‑up studios and talent and attract further inward investment.
The Government keeps the whole tax system under review to ensure it remains effective, targeted and delivers value for money.
Exchequer Secretary (HM Treasury)
Information relating to identifiable taxpayers is protected by taxpayer confidentiality under the Commissioners for Revenue and Customs Act 2005, and HMRC is therefore unable to disclose it. HMRC does not provide specific details regarding checks as to do so could undermine compliance activity.
HMRC takes a risk-based and intelligence-led approach to customs enforcement. HMRC understands the importance of consumers receiving their consignments on time and has robust procedures alongside Border Force to help maintain the flow, whilst ensuring risks are managed.
Exchequer Secretary (HM Treasury)
Information relating to identifiable taxpayers is protected by taxpayer confidentiality under the Commissioners for Revenue and Customs Act 2005, and HMRC is therefore unable to disclose it. HMRC does not provide specific details regarding checks as to do so could undermine compliance activity.
HMRC takes a risk-based and intelligence-led approach to customs enforcement. HMRC understands the importance of consumers receiving their consignments on time and has robust procedures alongside Border Force to help maintain the flow, whilst ensuring risks are managed.
Exchequer Secretary (HM Treasury)
The UK has a diverse and competitive retail payments ecosystem, with a significant number of entrants into the sector in recent years.
The UK nonetheless remains a heavily card-based market. The Government recognises that greater choice in how to make and receive payments is likely to increase innovation and downward competitive pressure on the cost of payments.
In the National Payments Vision the government set out its ambition for account-to-account payments to be developed as a ubiquitous payment method – enabling consumers to pay digitally for goods and services in shops and online, without using a card. A new Retail Payments Infrastructure Board, chaired by the Bank of England and with representation from across the payments ecosystem, is currently working to design the UK’s future retail payments infrastructure in line with the government’s vision.
Financial Secretary (HM Treasury)
The Income Tax, National Insurance Contributions and PAYE rules for non-money earnings apply to stablecoins and other cryptoassets in the same way as other assets. HMRC has set out guidance explaining how tax rules apply to employment earnings in the form of cryptoassets.
As the market for cryptoassets evolves, the Government will continue to keep the tax framework under review.
The Government has also introduced a new financial services regulatory regime for cryptoassets which will raise standards, strengthen consumer protection, and address market abuse.
Financial Secretary (HM Treasury)
The UK is a world leader in Fintech, and attracted $3.6 billion of investment in 2025, second only to the US. The Government is committed to making the UK the world’s most technologically advanced global financial centre, and remaining a leading jurisdiction for fintech firms to start-up, scale and list.
Fintechs and specialist banks are an essential part of the UK's credit landscape, including access to working capital. The share of total nominal gross bank lending to SMEs by challenger and specialist banks in 2024 was 60 per cent.
Business models and financial technology have also evolved substantially, with more competition both for business banking and credit provision, increasing the options available to small and medium-sized enterprises to invest in and grow their businesses.
Financial Secretary (HM Treasury)
Chief Secretary to the Treasury
HMRC does not estimate the administrative cost to businesses with a turnover below £250,000 for processing and submitting VAT returns, as the cost can vary between businesses, regardless of their turnover. Administrative costs are largely dependent on their individual business processes and the nature and complexity of their record keeping.
Exchequer Secretary (HM Treasury)
Many services provided directly or supervised by registered health professionals are exempt from VAT, meaning no VAT is charged to the final consumer. This does not apply to professionals who do not have statutory registers, such as counsellors and psychotherapists.
The UK’s approach of linking VAT exemption to statutory registration provides a clear and objective criterion for defining ‘health professionals’ for VAT purposes, ensuring that VAT reliefs are tightly targeted. While the Government keeps all taxes under review, there are no current plans to introduce VAT exemptions for counsellors and psychotherapists without statutory registration.
Exchequer Secretary (HM Treasury)
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.
The Government has published a tax information and impact note, which is available at www.gov.uk/government/publications/inheritance-tax-unused-pension-funds-and-death-benefits/inheritance-tax-unused-pension-funds-and-death-benefits.
The legislation for this reform is included in Finance Act 2026. A cap on the level of inheritance tax related to unused pension funds and death benefits payable from a pension would be inconsistent with the policy objective and reduce the revenue to help fund public services. 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.
Exchequer Secretary (HM Treasury)
The Bank of England is entirely responsible for the design, production, issue and distribution of banknotes. HM Treasury has not discussed the change of design with the Bank of England.
Economic Secretary (HM Treasury)
The government recognises the role that refineries play in energy security and the UK’s industrial base. The Government published a call for evidence (https://www.gov.uk/government/calls-for-evidence/future-of-the-uk-downstream-oil-sector/future-of-the-uk-downstream-oil-sector-call-for-evidence) on the future of the fuel sector on 23rd February 2026 in order to help understand the current state of the refining sector.
Following a strategic and technical assessment by HMG, it has been decided not to expand the Carbon Border Adjustment Mechanism (CBAM) to refined oil products in January 2028. Assessing the case for and feasibility of including refined oil products within the Carbon Border Adjustment Mechanism at a later date is a priority. We are continuing to work with the sector to assess the options.
Exchequer Secretary (HM Treasury)
The government recognises the role that refineries play in energy security and the UK’s industrial base. The Government published a call for evidence (https://www.gov.uk/government/calls-for-evidence/future-of-the-uk-downstream-oil-sector/future-of-the-uk-downstream-oil-sector-call-for-evidence) on the future of the fuel sector on 23rd February 2026 in order to help understand the current state of the refining sector.
Following a strategic and technical assessment by HMG, it has been decided not to expand the Carbon Border Adjustment Mechanism (CBAM) to refined oil products in January 2028. Assessing the case for and feasibility of including refined oil products within the Carbon Border Adjustment Mechanism at a later date is a priority. We are continuing to work with the sector to assess the options.
Exchequer Secretary (HM Treasury)
The Chancellor announced on 17th March that she will set out a roadmap at Budget for giving English regional leaders a share of some national taxes. This will include looking at income tax, alongside other taxes. It is not about new taxes or higher tax rates.
The Welsh Senedd already has significant income tax powers. This was the product of a lengthy process of debate and development, including the Silk Commission’s first report, the Wales Act 2014, and the Wales Act 2017. Consideration of any further income tax devolution would be a matter for discussion between the Welsh and UK Governments and be subject to consensus in Wales and the agreement of both the UK Parliament and the Senedd.
Exchequer Secretary (HM Treasury)