Asked by: Monica Harding (Liberal Democrat - Esher and Walton)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the adequacy of industry-led standards, including those of the London Bullion Market Association, to prevent conflict-linked gold from Sudan entering the United Kingdom market; and whether she plans to introduce statutory oversight of gold-supply-chain due diligence.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The trade of illicit gold funds undermines the rule of law and perpetuates human rights abuses. Gold extraction and smuggling operations represent a significant loss to Sudan and undermine effective resource governance. The UK has imposed sanctions on a number of individuals and businesses who are allegedly involved in the exploitation of gold resources in Sudan. Companies must conduct appropriate due diligence to ensure full compliance with these sanctions.
The UK Government engages with the gold industry, in particular the London Bullion Market Association (LBMA) and the World Gold Council, as well as the Organisation for Economic Co-operation and Development (OECD) to support responsible sourcing and rigorous due diligence standards to enhance resilience to illicit gold and identify malign actors in the supply chain. As the UK is an OECD member, businesses in the UK apply the OECD's Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk areas, including the LBMA. The UK is a global leader in tackling illicit gold flows, recently hosting a joint FCDO-HMRC Gold Conference and launching a public-private partnership with industry to clamp down on illicit flows.
The Government recognises the importance of high regulatory standards in financial markets. For over-the-counter wholesale markets for precious metals like the London Bullion Market, the Financial Conduct Authority recognises the Global Precious Metals Code, which sets out the standards and best practice expected from market participants in these markets.
Asked by: Liz Saville Roberts (Plaid Cymru - Dwyfor Meirionnydd)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential impact of current aviation fuel taxation arrangements on the environment.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
Air Passenger Duty (APD) applies to airlines and is the principal tax on the aviation sector. It is expected to raise £4.7 billion in 2025-26 and it aims to ensure that airlines make a fair contribution to the public finances, particularly given that tickets are VAT free and aviation fuel incurs no duty.
Due to the international nature of air travel, the UK Government, alongside over 100 other countries, has entered into wide-ranging bilateral agreements to enable more seamless air connectivity between countries. These are longstanding agreements that include restrictions on taxing jet fuel on international flights. Air Passenger Duty is therefore the principal tax on the aviation sector, charged on a per passenger basis, to ensure that airlines continue to make a fair contribution to the public finances.
Reforms to APD took effect in April 2023, including the introduction of a new ultra long-haul band covering flights that are greater than 5,500 miles from London. This ensures that those who fly furthest, and have the greatest impact on emissions, pay the most tax.
Asked by: Robin Swann (Ulster Unionist Party - South Antrim)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what value of goods have been identified as a threat to the European Union's economy and held at a check point between Great Britain and Northern Ireland since the introduction of the Windsor Framework by year.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
HMRC does not hold data on the value of goods identified as a threat to the EU economy.
The UK Internal Market Scheme enables businesses to move goods from Great Britain to Northern Ireland without being subject to customs duties and unnecessary checks and paperwork. Over 15,000 businesses have been authorised for UKIMS.
The Independent Monitoring Panel's recent assessment of the UK Internal Market System showed that 96% of the value of goods moving via freight from Great Britain to Northern Ireland did so under the UK internal market system for the period 1 January 2025 – 30 June 2025.
Asked by: Gill Furniss (Labour - Sheffield Brightside and Hillsborough)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether the Government plans to increase the purchase limit for properties outside of London when using a Help to Buy ISA.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
This Government is committed to helping first time buyers own their own home and will do this by building 1.5 million more homes.
The Government keeps savings policy under review, any changes of this kind would be made at a relevant fiscal event.
Asked by: Margaret Mullane (Labour - Dagenham and Rainham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of increases to the Economic Crime Levy on not-for-profit housing associations.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
The Government published its summary of the impacts of the increases to the Economic Crime (Anti-Money Laundering) Levy in the policy paper titled "Economic Crime Levy – changes to bands and charges” (Economic Crime Levy — changes to bands and charges - GOV.UK).
The Levy was designed with simplicity and proportionality at its core, to limit the administrative burden on regulated entities. Accordingly, it applies to any entity that carries out activity regulated by the Money Laundering Regulations and no entity pays more than 0.1% of its revenue in charges.
A full review of the Levy will be undertaken in 2027.
Asked by: Brian Mathew (Liberal Democrat - Melksham and Devizes)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she has considered the efficacy of using FCA fines to fund hospices.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Revenue from Financial Conduct Authority (FCA) fines is used to benefit the taxpaying public. First, the FCA deducts the costs of enforcement from its fine income. Any money left over is passed to the Treasury in accordance with the Financial Services and Markets Act 2000. The Treasury must surrender it to the Consolidated Fund and it is then part of the Government’s total revenues, used to pay for all Government spending on public services like hospitals, hospices, and other crucial services. The Government has no plans to change this approach.
Asked by: Mel Stride (Conservative - Central Devon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how much funding is allocated to the National Wealth Fund for each financial year from 2024-25 onward, broken down by capital spending allocations and financial transactions.
Answered by James Murray - Chief Secretary to the Treasury
The National Wealth Fund (NWF) is capitalised with £27.8bn to make investments in support of the growth and clean energy missions. £10 billion of its capital is allocated for guarantees, £4 billion for local authority lending, and the rest is split between debt and equity.
HM Treasury has not made specific allocations of this capital to each financial year. The NWF has the target of committing all its capital by 2029/30.
Asked by: Mark Garnier (Conservative - Wyre Forest)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what steps the Department is taking to ensure that the recruitment process for the Digital Markets Champion includes interviewing candidates from a broad range of professional backgrounds, including those with experience in emerging technologies and digital assets.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Last July the government published the Wholesale Financial Markets Digital Strategy. The strategy announced that the government will appoint an industry expert as Wholesale Digital Markets Champion, who will provide leadership from, and for, the sector on wholesale market digitalisation.
The government is working at pace to appoint a suitable candidate for the role, taking into account their backgrounds and previous experience, and will provide an update in due course.
Asked by: Mark Garnier (Conservative - Wyre Forest)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the importance of appointing a Digital Markets Champion with experience and understanding of digital assets and distributed ledger technologies, to help position the UK as a global hub for digital finance and innovation.
Answered by Lucy Rigby - Economic Secretary (HM Treasury)
Last July the government published the Wholesale Financial Markets Digital Strategy. The strategy announced that the government will appoint an industry expert as Wholesale Digital Markets Champion, who will provide leadership from, and for, the sector on wholesale market digitalisation.
The government is working at pace to appoint a suitable candidate for the role, taking into account their backgrounds and previous experience, and will provide an update in due course.
Asked by: Mel Stride (Conservative - Central Devon)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what the difference is between the 250,000 retail, hospitality and leisure businesses benefitting from business rates relief, as cited in answer to question UIN 904249, and the 750,000 businesses benefitting from the lower multiplier, as cited in answer to question UIN 111573.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
More properties will benefit from the new retail, hospitality and leisure (RHL) multipliers because there is no cash cap, meaning all qualifying properties in an RHL chain will benefit.