Asked by: Chi Onwurah (Labour - Newcastle upon Tyne Central and West)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she is taking to ensure that national economic policy does not disproportionately impact the Oxford‑Cambridge growth corridor over regions with industrial, technology and energy capacity such as the North East.
Answered by James Murray - Chief Secretary to the Treasury
The Government’s economic strategy aims to spread growth across Britain, supporting all regions by investing in transport, housing, skills, and key industrial sectors. The Chancellor has repeatedly emphasised that regional growth, including in the North and North East, is central to her plans, highlighted by ongoing work on the Northern Growth Strategy. These measures are part of a place-based approach to boost the UK’s productive capacity and living standards, ensuring national policy promotes growth in every region rather than focusing on a single area.
Asked by: Jon Trickett (Labour - Normanton and Hemsworth)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the war in the Middle East on projected living standards in each of the next 5 years.
Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)
The Government keeps the economic outlook, including living standards, under close review. The economic impact of the situation in the Middle East will depend on its severity, duration and the extent of disruption to energy supplies. Official forecasts, including for living standards, are published by the independent Office for Budget Responsibility.
Living standards are rising, with real household disposable income per capita having risen by £700 in the last 12 months compared to the final year of the last Parliament.
The Government is acting to improve living standards by growing the economy, tackling inflation and supporting households, including measures at the Budget to cut energy bills, expand targeted support for lower‑income households, and freeze rail fares and NHS prescription charges.
Asked by: David Smith (Labour - North Northumberland)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of voluntary industry commitments to deliver banking hubs on adequate assurance of long term access to in person banking services.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Banking is changing, with many customers benefitting from the convenience and flexibility of managing their finances remotely. However, the Government understands the importance of access to in‑person banking services for communities and high streets and is committed to supporting the financial services industry’s roll-out of 350 banking hubs by the end of this Parliament. Importantly, this number is a floor, not a ceiling, and Cash Access UK will deliver a banking hub wherever LINK has recommended one. Over 275 hubs have been announced so far, and more than 230 are already open.
Banking hubs are a voluntary industry initiative from the largest UK high street banks which provide ‘assisted cash services’ in shared premises. They were developed in preparation for the FCA’s access to cash regime.
Banking hubs offer everyday counter services provided by Post Office staff, allowing people and businesses to withdraw and deposit cash, 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.
Banking hub locations are independently recommended by LINK, the operator of UK’s largest ATM network. When a bank branch closes, or there is a material change to a cash service, or a community request is received, LINK conducts an access to cash assessment under the access to cash regime set out in the Financial Services and Markets Act 2023. In its assessments, LINK takes into consideration a wide range of criteria, including those unique to each location, such as population demographics, public transport links, existing and remaining cash access facilities and the number of shops.
Customers can also 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 10,500 Post Office branches across the UK.
Some banks also provide points of access through initiatives such as pop-up services in libraries and community centres, or mobile banking vans serving rural and remote areas. The Government supports initiatives which give customers access to in-person banking, as well as digital access.
The Government keeps the effectiveness of current arrangements under review through regular engagement with stakeholders to ensure they meet the needs of local communities.
Asked by: Alex Burghart (Conservative - Brentwood and Ongar)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, Pursuant to the answer of 24 March 2026, to Question 119974, on Bank Notes: Design, if she will make it her policy to have discussions with the Court of the Bank of England to lobby for the retention of historic British figures from the new series of British banknotes.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
As set out in the Memorandum of Understanding between HM Treasury and the Bank of England, the Bank of England is entirely responsible for the design, production, issue and distribution of banknotes. There are no current plans to change these responsibilities.
The Bank of England will launch another consultation in summer 2026 to seek the views of the public on images for the next series of banknotes. Further detail can be found on the Bank of England’s website.
The final decision about what imagery will appear on the next series of banknotes will be made by the Governor of the Bank of England.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of discussions at the UK–US Financial Regulatory Working Group on (a) financial stability and (b) cross-border regulatory co-operation.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Financial Regulatory Working Group (FRWG) was established in 2018 with a view to deepen bilateral financial regulatory cooperation between the UK and the US, including on issues relating to financial stability and to take stock of economic trends and market conditions. Further details on what was discussed at the most recent FRWG on 25 February 2026 can be found here: U.S. – UK Financial Regulatory Working Group Winter 2026: Joint Statement - GOV.UK.
The UK and US are also working closely together on the Transatlantic Taskforce for Markets of the Future, which was established jointly by HM Treasury and US Treasury on 22 September.
The Taskforce is exploring options to strengthen linkages between UK and US capital markets, supporting growth and competitiveness in both jurisdictions by reducing burdens for UK and US firms raising capital-cross border. It is also exploring opportunities for collaboration on digital assets and other innovative financial activities.
HM Treasury and the US Treasury have conducted joint senior-level industry engagement in both London and Washington DC to ensure the Taskforce’s work is informed by what matters most to industry on both sides of the Atlantic. The Taskforce aims to report back to both finance ministries on its recommendations via the FRWG in summer 2026.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of enhanced UK-US regulatory co-operation on the competitiveness of UK capital markets.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Financial Regulatory Working Group (FRWG) was established in 2018 with a view to deepen bilateral financial regulatory cooperation between the UK and the US, including on issues relating to financial stability and to take stock of economic trends and market conditions. Further details on what was discussed at the most recent FRWG on 25 February 2026 can be found here: U.S. – UK Financial Regulatory Working Group Winter 2026: Joint Statement - GOV.UK.
The UK and US are also working closely together on the Transatlantic Taskforce for Markets of the Future, which was established jointly by HM Treasury and US Treasury on 22 September.
The Taskforce is exploring options to strengthen linkages between UK and US capital markets, supporting growth and competitiveness in both jurisdictions by reducing burdens for UK and US firms raising capital-cross border. It is also exploring opportunities for collaboration on digital assets and other innovative financial activities.
HM Treasury and the US Treasury have conducted joint senior-level industry engagement in both London and Washington DC to ensure the Taskforce’s work is informed by what matters most to industry on both sides of the Atlantic. The Taskforce aims to report back to both finance ministries on its recommendations via the FRWG in summer 2026.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps her Department is taking to strengthen UK–US co-operation on digital finance and innovation.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Financial Regulatory Working Group (FRWG) was established in 2018 with a view to deepen bilateral financial regulatory cooperation between the UK and the US, including on issues relating to financial stability and to take stock of economic trends and market conditions. Further details on what was discussed at the most recent FRWG on 25 February 2026 can be found here: U.S. – UK Financial Regulatory Working Group Winter 2026: Joint Statement - GOV.UK.
The UK and US are also working closely together on the Transatlantic Taskforce for Markets of the Future, which was established jointly by HM Treasury and US Treasury on 22 September.
The Taskforce is exploring options to strengthen linkages between UK and US capital markets, supporting growth and competitiveness in both jurisdictions by reducing burdens for UK and US firms raising capital-cross border. It is also exploring opportunities for collaboration on digital assets and other innovative financial activities.
HM Treasury and the US Treasury have conducted joint senior-level industry engagement in both London and Washington DC to ensure the Taskforce’s work is informed by what matters most to industry on both sides of the Atlantic. The Taskforce aims to report back to both finance ministries on its recommendations via the FRWG in summer 2026.
Asked by: Sam Carling (Labour - North West Cambridgeshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps her Department is taking to examine how AI could speed up the issuance of Remedial Service Statements to people in receipt of public sector pensions affected by the McCloud judgement.
Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)
Scheme managers of the individual public service pension schemes are responsible for ensuring the effective delivery of the McCloud remedy to affected members. I have written to scheme managers to remind them of their responsibilities to implement the remedy as quickly as possible and I would expect them to work with administrators the most appropiate available tools to do this.
Asked by: Ben Lake (Plaid Cymru - Ceredigion Preseli)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will introduce a time-limited rebate on fuel duty for public transport providers and essential users in the road haulage sector.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
The Government is taking action on fuel affordability at the pump.
At Budget 2025, the Government extended the 5p-per-litre cut for a further five months, until the end of August this year. The Government has also cancelled the increase in line with inflation for 2026/27; instead, rates will only gradually return to early 2022 levels by March 2027.
The Government's action on fuel duty will save an average heavy goods vehicle more than £800 in 2026/27 compared to previous plans, and follows an extended period where freezes to fuel duty have resulted in substantial savings for the haulage industry.
As with all taxes, the Government keeps fuel duty under review.
Asked by: Jon Trickett (Labour - Normanton and Hemsworth)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate she has made of the proportion of UK income going to workers in each of the next five years.
Answered by Torsten Bell - Parliamentary Secretary (HM Treasury)
HM Treasury does not prepare forecasts for the UK economy. These forecasts are the responsibility of the independent Office for Budget Responsibility (OBR).
The OBR publishes its forecasts in their Economic and Fiscal Outlook (EFO). The OBR’s latest EFO can be found here: Economic and fiscal outlook – March 2026 - Office for Budget Responsibility. This includes the OBR’s forecast for the labour share of income at March 2026 which can be found in tab 1.6 of this link: Detailed Forecast Economy Tables.