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)
14:15
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, whether she plans to require HMRC to review 2010 mileage rates to reflect …
This Order amends sections 150(1), 155(1B)(b), and 161(b) of the Income Tax (Earnings and Pensions) Act 2003 (c. 1) (“the …
A Bill to Make provision to amend section 4 of the Social Security Contributions and Benefits Act 1992, and section …
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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).
(6,591 in the last 7 days)
(1,213 in the last 7 days)
(667 in the last 7 days)
(229 in the last 7 days)
(211 in the last 7 days)
(6,591 in the last 7 days)
(1,213 in the last 7 days)
(132 in the last 7 days)
(667 in the last 7 days)
(103 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 5 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 6 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 6 months 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
Budget 2025
8 Dec 2025, 1:30 p.m.
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Treasury Committee - Oral evidence
Bank of England Monetary Policy Reports
9 Dec 2025, 2 p.m.
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Treasury Committee - Oral evidence
Budget 2025
10 Dec 2025, 9:45 a.m.
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Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)The Approved Mileage Allowance Payment rates are used by employers to reimburse an employee's expenses, tax free, for business mileage in their private vehicle. These rates are also used by self-employed drivers to claim tax relief on business mileage (when using simplified motoring expenses), and can be used by organisations to reimburse volunteers who use their own vehicle for voluntary purposes.
Employees can claim up to 45p/mile for the first 10,000 miles annually, followed by up to 25p/mile thereafter. An additional 5p/mile can be claimed for each passenger transported.
The AMAP rates are not mandatory, and employers can choose to pay more or less than the AMAP rate. It is therefore ultimately up to employers to determine the rate at which they reimburse their employees.
The Government keeps the Approved Mileage Allowance Payments (AMAPs) rate under review and HMRC use a variety of information in estimating typical motoring costs per business mile. This includes information from the AA, the National Travel Survey, the Association of British Insurers, and the Department for Energy Security and Net Zero.
Exchequer Secretary (HM Treasury)
Various factors affect the sale price of residential properties. In its recent Economic and Fiscal outlook, the independent Office for Budget Responsibility forecast that house prices will rise every year, growing by ‘just under 3 per cent in 2025 and average 2 ½ percent annual growth from 2026’.
The policy costing for the surcharge assumes an average price impact on affected properties of 2.5% with greater effects around the band thresholds.
Exchequer Secretary (HM Treasury)
Statistics by sector type and special category code (Scat) as a result of the 2026 Revaluation and publication of the draft 2026 Rating List are published here: Change in rateable value of rating lists, 2026 Revaluation (CSV)
The government has also, on Budget Day, published information on the effects of the business rates retail, hospitality and leisure multipliers, and the high value multiplier.
A rise in rateable value (RV) may not result in a similar rise in bills. Local councils calculate business rates bills by taking the rateable value and multiplying this by a value known as a multiplier and then applying any reliefs. Confirmation of the Budget package and the Non-Domestic Rating Multipliers for 2026/2027 is also published on gov.uk.
Exchequer Secretary (HM Treasury)
Statistics on changes in the rateable value of non-domestic properties as a result of the 2026 Revaluation and publication of the draft 2026 Rating List are published here: Change in rateable value of rating lists, 2026 Revaluation
Exchequer Secretary (HM Treasury)
Telephone bookmakers will be subject to the new General Betting Duty rate of 25% for remote bets from 1 April 2027. This rate will not include telephone bets placed on UK horseracing, pool bets or spread bets.
Exchequer Secretary (HM Treasury)
The £14.5 million of investment to support industrial projects in Grangemouth announced at Autumn Budget 2025 is in addition to the National Wealth Fund commitment.
Chief Secretary to the Treasury
The Chancellor will set out her plans for the Spring forecast in due course.
Chief Secretary to the Treasury
The Government made a major intervention to ensure the long-term future of the Grangemouth site. As part of that, £200 million has been made available from the National Wealth Fund’s existing capitalisation for investible projects at Grangemouth.
The National Wealth Fund will be responsible for approval of specific investments, in line with its regular governance and investment processes, including Board approval where appropriate.
Chief Secretary to the Treasury
James McMurdock
(Independent - South Basildon and East Thurrock)
95% loan-to-value mortgage products can be beneficial for first-time buyers who may struggle to raise larger deposits, and the Mortgage Guarantee Scheme aims to support this segment of the UK mortgage market.
The new Mortgage Guarantee Scheme recently launched in July 2025 and remains permanently available to lenders who wish to participate in the scheme. The Treasury will be collecting data about the scheme over its lifespan, including data on first-time buyers taking out mortgages under the scheme.
Economic Secretary (HM Treasury)
James McMurdock
(Independent - South Basildon and East Thurrock)
95% loan-to-value mortgage products can be beneficial for first-time buyers who may struggle to raise larger deposits, and the Mortgage Guarantee Scheme aims to support this segment of the UK mortgage market.
The new Mortgage Guarantee Scheme recently launched in July 2025 and remains permanently available to lenders who wish to participate in the scheme. The Treasury will be collecting data about the scheme over its lifespan, including data on first-time buyers taking out mortgages under the scheme.
Economic Secretary (HM Treasury)
The Help to Save scheme supports financial resilience for working people on low incomes by encouraging consistent, long-term saving and helping them build a financial buffer to plan and prepare for the future. The scheme is currently available to working individuals in receipt of Universal Credit, ensuring it remains targeted at its intended population.
As announced at Autumn Budget 2025, the government will make the Help to Save scheme permanent and, from April 2028, will expand eligibility to include all Universal Credit claimants who receive the child element, the caring element or both.
The government has recently consulted on reforms to the future delivery of Help to Save and has engaged with a range of third-party financial institutions, including credit unions, as part of this process. While a decision on the future delivery model has not yet been made, the government will continue working with credit unions and other interested financial institutions as these proposals are developed further.
Economic Secretary (HM Treasury)
Jim McMahon
(Labour (Co-op) - Oldham West, Chadderton and Royton)
This government’s number one priority is growth, putting more money in people’s pockets and creating an economy that both works for and rewards working people.
A key part of this is people’s savings, which are not working hard enough for them or the economy because hundreds of millions of pounds are sitting in low-interest earning accounts.
We want to get more people investing so they can also benefit from the growth of the FTSE which has grown by 50% in the last 5 years.
Investing generates better returns over the long term, and this is about getting the balance right cash savings and investment. If you invested £1,000 a year in an average stocks and shares ISA every year from 1999, you would be £50,000 better off compared to having saved the same amount in a cash ISA
This policy will affect those aged under 65 from April 2027, but the overall ISA limit will remain at £20,000 for all savers when the annual Cash ISA limit is set at £12,000. It will not affect existing cash ISA savings.
The government regularly engages with the building societies sector to understand how best to support its growth.
Economic Secretary (HM Treasury)
The Government recognises the value that credit unions bring to their members and their key role in supporting financial inclusion, particularly through the provision of savings products and affordable credit.
I published the Government’s Financial Inclusion Strategy last month which sets out a range of ambitious measures to improve financial inclusion and resilience across the UK. This includes interventions to support the credit union sector scale and serve its members more effectively, through the launch of a new £30 million transformation fund for credit unions in England and growth-focused reforms to the common bond to support the growth of credit unions in Great Britain.
We have engaged closely with a range of stakeholders, including credit union sector representatives, to develop the Strategy, and will continue to do so to ensure it has a meaningful impact. The Strategy’s implementation will be reviewed in two years’ time to provide an update on progress and relevant outcomes-based metrics.
Economic Secretary (HM Treasury)
The Government is taking concrete steps to increase investment into community finance organisations. In November 2024, the British Business Bank launched the Community ENABLE Funding (CEF) Programme. This will channel £150 million over the next two years to not-for-profit lenders, including Community Development Finance Institutions (CDFIs), to widen access to affordable credit for underserved consumers and businesses.
The Government also recognises the important role of credit unions in providing savings and affordable loans to their members and in supporting local communities throughout the country. It is therefore taking action to support credit unions to grow and scale into the future, including a package of growth‑focussed reforms to the credit union common bond.
These reforms were announced in the Financial Inclusion Strategy, published last month, which also outlines a number of measures aimed at improving access to affordable credit — including a Credit Union Transformation Fund to support the sector in England to scale. The Government will work closely with stakeholders to deliver on these interventions.
Economic Secretary (HM Treasury)
Salary sacrifice arrangement can cover multiple non-cash benefits, including cars, pensions, bicycles and workplace nurseries.
HMRC does not hold administrative data on the number of employers offering and employees using salary sacrifice schemes. However, estimates based on other information are held.
Pension contributions
HMRC analysis of the Annual Survey of Hours and Earnings (ASHE) suggests that around 7.7 million employees made salary sacrifice pension contributions in 2024.
Cycle to Work scheme
HMRC’s non-structural tax relief statistics publication sets out the estimated number of participants in the cycle to work scheme (link below).
Non-structural tax reliefs - GOV.UK
It is assumed that most would use the scheme via salary sacrifice given the tax savings.
Parliamentary Secretary (HM Treasury)
As the Chancellor has said, over this Parliament those whose only income is the basic or new State Pension without any increments will not have to pay income tax.
As announced at the Budget, the government will ease the administrative burden for pensioners whose sole income is the basic or new State Pension without any increments so that they do not have to pay small amounts of tax via Simple Assessment from 2027-28.
The government will set out more detail next year.
Parliamentary Secretary (HM Treasury)
As the Chancellor has said, over this Parliament those whose only income is the basic or new State Pension without any increments will not have to pay income tax.
As announced at the Budget, the government will ease the administrative burden for pensioners whose sole income is the basic or new State Pension without any increments so that they do not have to pay small amounts of tax via Simple Assessment from 2027-28.
The government will set out more detail next year.
Parliamentary Secretary (HM Treasury)
As the Chancellor has said, over this Parliament those whose only income is the basic or new State Pension without any increments will not have to pay income tax.
As announced at the Budget, the government will ease the administrative burden for pensioners whose sole income is the basic or new State Pension without any increments so that they do not have to pay small amounts of tax via Simple Assessment from 2027-28.
The government will set out more detail next year.
Parliamentary Secretary (HM Treasury)
As the Chancellor has said, over this Parliament those whose only income is the basic or new State Pension without any increments will not have to pay income tax.
As announced at the Budget, the government will ease the administrative burden for pensioners whose sole income is the basic or new State Pension without any increments so that they do not have to pay small amounts of tax via Simple Assessment from 2027-28.
The government will set out more detail next year.
Parliamentary 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 EVs contribute to congestion and wear and tear on the roads but pay no equivalent to fuel duty.
The Government has set out the expected impacts, including Exchequer impacts and behavioural changes, from eVED and other Budget measures in the Budget 2025 Policy Costings document at GOV.UK, which can be found here: https://www.gov.uk/government/publications/supporting-documents-for-budget-2025
The rate of eVED paid by electric vehicle drivers will be half the fuel duty rate paid by the average petrol/diesel driver, ensuring that it will still be cheaper to own and run an EV for the majority of EV drivers. The Government is also providing generous additional support to incentivise the use of EVs.
The Government will continue to engage with impacted sectors and welcomes views on the design and implementation of eVED through the associated consultation.
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 EVs contribute to congestion and wear and tear on the roads but pay no equivalent to fuel duty.
The Government has set out the expected impacts, including Exchequer impacts and behavioural changes, from eVED and other Budget measures in the Budget 2025 Policy Costings document at GOV.UK, which can be found here: https://www.gov.uk/government/publications/supporting-documents-for-budget-2025
The rate of eVED paid by electric vehicle drivers will be half the fuel duty rate paid by the average petrol/diesel driver, ensuring that it will still be cheaper to own and run an EV for the majority of EV drivers. The Government is also providing generous additional support to incentivise the use of EVs.
The Government will continue to engage with impacted sectors and welcomes views on the design and implementation of eVED through the associated consultation.
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 EVs contribute to congestion and wear and tear on the roads but pay no equivalent to fuel duty.
The Government has set out the expected impacts, including Exchequer impacts and behavioural changes, from eVED and other Budget measures in the Budget 2025 Policy Costings document at GOV.UK, which can be found here: https://www.gov.uk/government/publications/supporting-documents-for-budget-2025
The rate of eVED paid by electric vehicle drivers will be half the fuel duty rate paid by the average petrol/diesel driver, ensuring that it will still be cheaper to own and run an EV for the majority of EV drivers. The Government is also providing generous additional support to incentivise the use of EVs.
The Government will continue to engage with impacted sectors and welcomes views on the design and implementation of eVED through the associated consultation.
Exchequer Secretary (HM Treasury)
Jim McMahon
(Labour (Co-op) - Oldham West, Chadderton and Royton)
The Debt management Self Assessment (SA) payment helpline, 0300 200 3822, was retired at the end of July 2025.
From March to July 2025, an announcement was played to all customers phoning the Debt management SA payment helpline advising them that the number had closed and providing the relevant HMRC helpline number to call.
Customers with SA debt or payment enquiries are still able to speak to an adviser by calling the phone number stated on the letter which they have received from HMRC.
Customers can also find further support and guidance on GOV.UK – including how to manage payments.
Exchequer Secretary (HM Treasury)
HM Treasury makes information on its direct ministerial appointments available in line with Cabinet Office guidance on transparency. This information is available on GOV.UK and kept under review to ensure it is up to date.
The arrangements for each appointment are outlined in their terms of reference published on GOV.UK.
NAME | JOB TITLE | PRESS RELEASE |
John Van Reenen | Adviser on Economic Growth | |
Alex Depledge | Entrepreneurship Adviser | First ever Entrepreneurship Advisor appointed to the Treasury - GOV.UK |
Anna Valero | Industrial Strategy Adviser | |
Catherine Howard | Infrastructure and Planning Adviser | Chancellor appoints infrastructure and planning adviser to clear path for new investments - GOV.UK |
Mark Austin | Chair, Dematerialisation Market Action Taskforce (DEMAT) | |
Geoffrey Spence | External expertise on project finance to HMT | |
David Sturrock | Member of the Council of Economic Advisers | The Chancellor has appointed David Sturrock to the Council of Economic Advisors - GOV.UK |
Exchequer Secretary (HM Treasury)
The Government recognises the importance of access to cash and banking services for businesses and individuals, including those who may be in vulnerable groups or require assistance and is supportive of industry initiatives that improve access to these vital services.
The Post Office plays a key role in supporting access to banking services. Under the Banking Framework, a commercial agreement between the Post Office and 30 banking firms, personal and business customers can withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK. The specific services provided under the Framework are subject to commercial negotiations between individual banks and the Post Office, and the Government has no role in deciding what these arrangements are.
The Government would welcome continued collaboration between Post Office and the banking sector, on a commercial basis and will look to host joint discussions with Post Office and the banking sector in the coming months.
Economic Secretary (HM Treasury)
The Government, and specifically the Treasury, is responsible for the legislative framework for financial services, and does not collect significant volumes of market data. External bodies including the British Business Bank, Bank of England, UK Finance, and other such parties, produce certain information on the SME lending market, some of which may offer insights of this nature.
However, HM Treasury publishes statistics on the use of the Government’s Bank Referral Scheme on an annual basis, which is a Scheme designed to help match loan applicants rejected for finance with potential alternatives. The latest release covers statistics up until Q3 2024 and can be found on the Government’s website. This data represents businesses that have been rejected by designated banks under the Scheme and can be used to understand some of the rejection rate trends in the market.
Economic Secretary (HM Treasury)
The Government receives representations from a range of stakeholders about matters across financial services and the economy. Disputes are a matter for the Financial Ombudsman Service rather than the Government.
I would refer my honourable friend to the answers I provided on the topic of SME lending on 24 November, 26 November and 27 November, including in relation to the rates for short-term lending to small and medium sized businesses in the UK.
As set out in my previous response, interest rates, including those offered by individual providers, are a commercial matter decided by the lender concerned, reflecting the base rate, the risk of the applicant, and a margin to make the loan commercially viable given the cost of underwriting and broader funding costs. The Government does not intervene in commercial offerings, and SMEs should shop around to find the product that best suits their needs when choosing finance, which in turn helps drive competition, improves choice, and may support pricing.
Economic Secretary (HM Treasury)
The Government receives representations from a range of stakeholders about matters across financial services and the economy. Disputes are a matter for the Financial Ombudsman Service rather than the Government.
I would refer my honourable friend to the answers I provided on the topic of SME lending on 24 November, 26 November and 27 November, including in relation to the rates for short-term lending to small and medium sized businesses in the UK.
As set out in my previous response, interest rates, including those offered by individual providers, are a commercial matter decided by the lender concerned, reflecting the base rate, the risk of the applicant, and a margin to make the loan commercially viable given the cost of underwriting and broader funding costs. The Government does not intervene in commercial offerings, and SMEs should shop around to find the product that best suits their needs when choosing finance, which in turn helps drive competition, improves choice, and may support pricing.
Economic Secretary (HM Treasury)
Insurers make commercial decisions about pricing and the terms of cover they offer based on their assessment on the likelihood of a claim being made and the cost of those claims. The government does not generally intervene in these pricing decisions by insurance companies.
However, the government is determined that insurers should treat customers fairly and firms are required to do under Financial Conduct Authority (FCA) rules. The FCA requires firms to ensure their products offer fair value, meaning the price paid by consumers should be reasonable compared to the overall benefits received.
The Government launched a cross-government Motor Insurance Taskforce in October 2024 to address the rising costs of motor insurance, identifying short and long-term actions aimed at stabilising or reducing premiums, while maintaining appropriate levels of cover. The government plans to publish the final report of the Taskforce shortly. As part of the taskforce’s work to understand how the cost of motor insurance impacts on particular groups of customers, the FCA is conducting statistical analysis to evaluate the impacts on different age groups and consumers living in areas with a higher proportion of minority ethnic residents. The FCA will publish its findings later this year.
Economic Secretary (HM Treasury)
Restoring sustainable, long-term economic growth remains the number one priority of this government. This is the foundation for the prosperity that families throughout the UK expect, and it is essential to creating the conditions that attract investment across sectors such advanced manufacturing, clean energy, and digital technologies.
The UK continues to champion free trade and global investment. We are supported by over 70 international trade agreements and have more than doubled the government’s budget headroom, strengthening our resilience and capacity to respond to future challenges. Our stable fiscal framework and pro‑investment tax system give international firms the confidence to invest. Consistent with the commitments set out in the 2024 Corporate Tax Roadmap, the government is maintaining the elements of the UK’s corporate tax offer that matter most for new investment:
- a main rate of Corporation Tax at 25% – the lowest in the G7;
- a flexible and competitive regime for intangible assets;
- the Patent Box; and
- one of the most generous and competitive capital allowances regimes in the world.
The UK is also an attractive location for groups to locate their headquarters or holding companies, offering broad exemptions for gains on disposals of substantial shareholdings and a broad exemption for dividends paid to UK companies. There are also limited withholding taxes on outbound payments such as dividends, interest and royalties.
These measures are delivering results. We are set to be the second fastest growing economy in the G7 this year; PWC last year named the UK as the second most attractive country for investment in the world among CEOs, behind only the US and since coming into government we have seen companies from across the globe commit over £325bn worth of private investment into the UK.
Economic Secretary (HM Treasury)
The Government has announced a Food Inflation Gateway to assess and monitor regulation that could add to food prices. This will improve coordination and give food businesses a clear line of sight on upcoming regulatory changes, helping to keep costs down
The Government is also negotiating an agri-food agreement with the EU to reduce trade frictions, which is expected to save businesses up to £200 per fresh food shipment, helping to limit cost pressures across supply chains.
In addition, supermarkets will see a reduction in their total business rates bills in 2026/27 compared with 2025/26, and this will be kept under review at the next revaluation. The Office for Budget Responsibility (OBR) does not expect changes in business rates to have a material impact on food inflation.
Overall, the OBR’s forecast shows government policy will reduce CPI inflation by 0.4 percentage points in 2026/27. This is the biggest near-term reduction in inflation due to government policy ever forecast by the OBR at a single fiscal event, outside of a crisis.
Economic Secretary (HM Treasury)
The Office for Budget Responsibility (OBR) is the UK’s independent forecaster and the Government is fully committed to the OBR’s independence and its vital role as a core part of our fiscal framework. That is why one of the first Acts of this Parliament introduced the fiscal lock so that the OBR could never be sidelined.
On 26 November 2025, the OBR’s Economic and Fiscal Outlook was accessed prematurely ahead of the Budget. The OBR’s investigation into this incident was published on 1 December. HM Treasury will work closely with the OBR to ensure robust security arrangements are in place for all future forecasts.
Economic Secretary (HM Treasury)
The government recognises the challenges many households face during the winter months and is committed to ensuring that people experiencing financial difficulty are aware of and able to access the support available.
At Budget 2025, we announced a comprehensive package of measures to ease cost of living pressures. This includes taking an average of £150 off household energy bills from April 2026, expanding the £150 Warm Home Discount to 6 million lower income households, and freezing rail fares and NHS prescription fees for one-year. We are lifting around 550,000 children out of poverty by removing the two child limit, alongside other measures announced this year such as expanding free school meals. The Household Support Fund in England will also continue to help households facing the greatest hardship with the cost of essentials such as food, energy and water.
To ensure people can access support with their finances whenever they need it, the Government also funds the Money and Pensions Service (MaPS) which supports consumers with free, impartial guidance for every stage of their financial lives. Its MoneyHelper services – available online, via webchat and over the phone – operate year-round and offer information on a wide range of financial topics, along with easy-to-use tools and calculators to support people in managing their finances. In addition to this, MaPS delivers a range of national and community-based debt advice services across England to provide specialist support to those in problem debt. The UK Government also provides funding for debt advice in Scotland, Wales, and Northern Ireland, with responsibility for debt advice services resting with respective devolved governments.
Economic Secretary (HM Treasury)
The creative industries play a key role in driving economic growth, contributing £124.6 billion to the economy in 2022, and supporting over 2 million jobs.
At Budget 2025, the Government announced that it is maintaining the 40 per cent relief for eligible film studios in England on their gross business rates bills until March 2034. This is backdated to 1 April 2024, providing stability and support for the creative industries.
Business rates bills are calculated by applying the relevant multiplier first and so film studios will receive 40 per cent relief on their gross bill.
Exchequer Secretary (HM Treasury)
The number of people forecast to pay tax by marginal rate can be found in Table 3.19 in the OBR’s November 2025 Economic and fiscal outlook – detailed forecast tables: receipts, linked below:
Exchequer Secretary (HM Treasury)
HMRC estimates the size of the tax gap, which is the difference between the amount of tax that should, in theory, be paid to HMRC, and what is actually paid. The tax gap statistics are published annually and are available at: Measuring tax gaps - GOV.UK (www.gov.uk).
Within the tax gap, HMRC publishes an illustrative breakdown by behaviour. For the 2023 to 2024 tax year, the estimated value of the hidden economy was £2.6 billion.
Exchequer Secretary (HM Treasury)
Dave Doogan
(Scottish National Party - Angus and Perthshire Glens)
Where an error has been identified, employers can submit revised information to HMRC through standard reporting processes.
HMRC transmits payroll data to the Department for Work and Pensions on a daily basis.
Exchequer Secretary (HM Treasury)
HM Treasury did not receive written submissions via the stakeholder representation portal from those Members of Parliament. Ministers politically engage with their parliamentary colleagues on an ongoing basis without the need of an online portal.
Exchequer Secretary (HM Treasury)
HMRC’s Fraud Reporting Gateway receives Human Intelligence reports on a variety of topics, including COVID-19 error and fraud, that are of interest to HMRC. This Fraud Reporting Gateway has resulted in 23,000 intelligence reports relating to the COVID schemes to assess, and a further 900 reports received from the Public Sector Fraud Authority.
Due to firewalls in place to protect human sources of information, the recipients of the intelligence do not know its origin. Therefore, once the intelligence is circulated, we are unable to directly identify and attribute yield generated from the Fraud Reporting Gateway contacts, or why an investigation was or was not started.
Exchequer Secretary (HM Treasury)
HMRC has a “Publishing Details of Deliberate Tax Defaulters” programme which publishes details of deliberate tax defaulters on Gov.uk for a period of 12 months. Since HMRC began compliance on the COVID-19 support schemes, details of 195 people have been published for deliberately overclaiming CJRS and/or Eat Out to Help Out.
The latest publication was in November 2025: Details of deliberate tax defaulters - GOV.UK
Exchequer Secretary (HM Treasury)
The Office for Budget Responsibility (OBR) is the government's official forecaster and is responsible for assessing the UK’s economic and fiscal outlook.
The OBR assesses the fiscal implications of migration as part of its Economic and Fiscal Outlook and long-term fiscal projections.
Exchequer Secretary (HM Treasury)
If a business only occupies one property, and the property’s rateable value (RV) is lower than £12,000 from 2026, it will be eligible for 100% Small Business Rate Relief (SBRR) and will pay nothing in business rates. SBRR is also available if RV is between £12,001 and £15,000, and the rate of relief tapers from 100% to 0%.
The 2026 revaluation began under the previous government to update values since the pandemic. If the property loses some or all of its SBRR or Rural Rate Relief (RRR) as a result, then its bill increase will be capped at £800 for the year or the relevant transitional relief caps (5% or 15%), whichever is higher. That is part of this government’s support to pubs to insulate them from the effects of the revaluation.
To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for 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.
You can find more detail on these changes at: https://www.gov.uk/government/publications/budget-2025-retail-hospitality-and-leisure-factsheet/budget-2025-retail-hospitality-and-leisure-factsheet
Exchequer Secretary (HM Treasury)
The High Value Council Tax Surcharge (HVCTS) will apply to owners of properties worth £2 million or above, ensuring those with the most valuable properties pay their fair share. The HVCTS will affect fewer than 1% of all properties across England.
Exchequer Secretary (HM Treasury)
The number of people forecast to pay tax by marginal rate can be found in Table 3.19 in the OBR’s November 2025 Economic and fiscal outlook – detailed forecast tables: receipts, linked below:
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 previous levels. The planned increase in line with inflation for 2026-27 will not take place, with the government increasing fuel duty rates in line with RPI from April 2027. This will save the average van driver £100 next year compared to previous plans, and the average HGV driver more than £800
The Government also announced that VED rates for cars, vans and motorcycles will be uprated by RPI in 2026-27 as in previous years.
Exchequer Secretary (HM Treasury)
Businesses are able to claim employer NICs reliefs including those for under-21s and under-25 apprentices. This means employers pay no employer NICs for apprentices under 25 or employees under 21 on earnings up to £50,270.
The OBR expect that employment levels will rise in every year of the forecast, and that they will be higher in every year compared to March, reaching 35.5m in 2030-31.
Exchequer Secretary (HM Treasury)
Mims Davies
(Conservative - East Grinstead and Uckfield)
Businesses are able to claim employer NICs reliefs including those for under-21s and under-25 apprentices. This means employers pay no employer NICs for apprentices under 25 or employees under 21 on earnings up to £50,270.
The OBR expect that employment levels will rise in every year of the forecast, and that they will be higher in every year compared to March, reaching 35.5m in 2030-31.
Exchequer Secretary (HM Treasury)
Businesses are able to claim employer NICs reliefs including those for under-21s and under-25 apprentices. This means employers pay no employer NICs for apprentices under 25 or employees under 21 on earnings up to £50,270.
The OBR expect that employment levels will rise in every year of the forecast, and that they will be higher in every year compared to March, reaching 35.5m in 2030-31.
Exchequer Secretary (HM Treasury)
Mims Davies
(Conservative - East Grinstead and Uckfield)
Businesses are able to claim employer NICs reliefs including those for under-21s and under-25 apprentices. This means employers pay no employer NICs for apprentices under 25 or employees under 21 on earnings up to £50,270.
The OBR expect that employment levels will rise in every year of the forecast, and that they will be higher in every year compared to March, reaching 35.5m in 2030-31.
Exchequer Secretary (HM Treasury)