Asked by: James Wild (Conservative - North West Norfolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of how the level of usability of the Gift Aid system affects donor behaviour, including for younger donors or other donors who may be digitally excluded.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
HMRC has worked collaboratively with a broad range of charity sector stakeholders and other government departments including DCMS to explore the potential of the Future of Gift Aid project and wider Gift Aid modernisation.
Asked by: James Cartlidge (Conservative - South Suffolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to the oral statement made by the Chancellor of the Exchequer of 9 March 2026 on Middle East: Economic Update, Official Report, columns 43-45, for how long will her Department be permitted to spend money allocated from the special reserve.
Answered by James Murray - Chief Secretary to the Treasury
Iran’s indiscriminate attacks are a threat to Britain, our allies and our partners in the region.
As she set out in the House on 9 March, the Chancellor has approved access for the Ministry of Defence to the special reserve to deploy additional capabilities in the Middle East. The net additional costs of operations will be funded by the Treasury.
We do not yet know how long the conflict will last or what further action will be required, but the Chancellor is being responsive in an uncertain world, and is protecting the public finances in the national interest.
Asked by: Peter Bedford (Conservative - Mid Leicestershire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of proposed changes to Inheritance Tax on private pension provision.
Answered by Dan Tomlinson - 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.
Asked by: Helen Morgan (Liberal Democrat - North Shropshire)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps she is taking to ensure adherence to the FCA’s Consumer Duty requirement for firms to avoid causing foreseeable harm.
Answered by Lucy Rigby - 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.
Asked by: Mike Martin (Liberal Democrat - Tunbridge Wells)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent discussions she has had with the FCA regarding the timeline for reviewing listing rules on related party transactions in investment trusts; and if she will ask the FCA to bring forward that review, in the context of the potential implications for retail investors.
Answered by Lucy Rigby - 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.
Asked by: Sorcha Eastwood (Alliance - Lagan Valley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what progress her Department has made on the agreed actions in the Motor Insurance Taskforce: Final Report and Actions, published in December 2025.
Answered by Lucy Rigby - 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.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential effect of proposed common bond reforms on levels of access to credit union services in (i) Milton Keynes and (ii) Buckinghamshire.
Answered by Lucy Rigby - 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:
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.
Asked by: Shivani Raja (Conservative - Leicester East)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps her Department is taking to protect consumers from being charged additional fees for withdrawing cash from ATMs.
Answered by Lucy Rigby - 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.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate she has made of the potential impact of increasing the locality common bond membership cap on the number of credit union mergers.
Answered by Lucy Rigby - 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:
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.
Asked by: Calum Miller (Liberal Democrat - Bicester and Woodstock)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment her Department has made of the implications for its policies of the notice issued on 2 March 2026 by the US Treasury's Financial Crimes Enforcement Network proposing that MBaer Merchant Bank be designated as an institution of primary money laundering concern.
Answered by Lucy Rigby - 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.