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.



Secretary of State

 Portrait

John Healey
Chancellor of the Exchequer

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)
Charlie Maynard (LD - Witney)
Liberal Democrat Spokesperson (Chief Secretary to the Treasury)

Green Party
Ellie Chowns (Green - North Herefordshire)
Green Spokesperson (Treasury)

Conservative
Andrew Griffith (Con - Arundel and South Downs)
Shadow Chancellor of the Exchequer
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Richard Fuller (Con - North Bedfordshire)
Shadow Chief Secretary to the Treasury
Baroness Neville-Rolfe (Con - Life peer)
Shadow Minister (Treasury)
Lord Altrincham (Con - Life peer)
Shadow Minister (Treasury)
Gareth Davies (Con - Grantham and Bourne)
Shadow Financial Secretary (Treasury)
Peter Bedford (Con - Mid Leicestershire)
Shadow Minister (Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Mark Garnier (Con - Wyre Forest)
Shadow Economic Secretary (Treasury)
John Cooper (Con - Dumfries and Galloway)
Shadow Exchequer Secretary (Treasury)
Ministers of State
Emma Reynolds (Lab - Wycombe)
Chief Secretary to the Treasury
James Murray (LAB - Ealing North)
Financial Secretary to the Treasury and Paymaster General
Parliamentary Under-Secretaries of State
Torsten Bell (Lab - Swansea West)
Parliamentary Secretary (HM Treasury)
Lucy Rigby (Lab - Northampton North)
Economic Secretary (HM Treasury)
Lord Pitt-Watson (Lab - Life peer)
Parliamentary Secretary (HM Treasury)
There are no upcoming events identified
Debates
Wednesday 9th September 2026
Select Committee Docs
Tuesday 8th September 2026
14:09
Select Committee Inquiry
Tuesday 31st January 2023
Quantitative tightening

This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …

Written Answers
Thursday 10th September 2026
Gold and Foreign Exchange Reserves
To ask the Chancellor of the Exchequer, what comparative assessment his Department has made of the proportion of official reserves …
Secondary Legislation
Tuesday 8th September 2026
Customs (Tariff and Miscellaneous Amendments) (No. 6) Regulations 2026
Regulations 2 and 3 make amendments relating to the rate of import duty applicable to goods originating from Bhutan. Regulation …
Bills
Tuesday 1st September 2026
Sovereign Grant Bill 2026-27
A Bill to Specify the amount of the Sovereign Grant for the financial year 2027-28 and the percentage of the …
Dept. Publications
Thursday 10th September 2026
16:02

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.

Most Recent Commons Appearances by Category
Sep. 08
Oral Questions
May. 21
Urgent Questions
Sep. 07
Written Statements
View All HM Treasury Commons Contibutions

Bills currently before Parliament

HM Treasury does not have Bills currently before Parliament


Acts of Parliament created in the 2024 Parliament

Introduced: 30th June 2026

A Bill to authorise the use of resources for the year ending with 31 March 2027; 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 2026.

This Bill received Royal Assent on 15th July 2026 and was enacted into law.

Introduced: 24th June 2026

A Bill to Increase the rate of electricity generator levy and mileage amounts relating to income tax and to provide for temporary rates of vehicle excise duty for goods vehicles.

This Bill received Royal Assent on 15th July 2026 and was enacted into law.

Introduced: 4th December 2025

A Bill to Make provision to amend section 4 of the Social Security Contributions and Benefits Act 1992, and section 4 of the Social Security Contributions and Benefits (Northern Ireland) Act 1992, so that amounts of salary sacrificed for employer pensions contributions pursuant to optional remuneration arrangements are liable to national insurance contributions.

This Bill received Royal Assent on 29th April 2026 and was enacted into law.

Introduced: 2nd December 2025

A Bill to make provision in connection with finance.

This Bill received Royal Assent on 18th March 2026 and was enacted into law.

Introduced: 4th March 2026

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.

Introduced: 25th June 2025

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.

Introduced: 13th November 2024

A Bill to make provision about secondary Class 1 contributions.

This Bill received Royal Assent on 3rd April 2025 and was enacted into law.

Introduced: 6th November 2024

A Bill to make provision about finance.

This Bill received Royal Assent on 20th March 2025 and was enacted into law.

Introduced: 25th July 2024

A Bill to amend the Crown Estate Act 1961.

This Bill received Royal Assent on 11th March 2025 and was enacted into law.

Introduced: 5th March 2025

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.

Introduced: 6th November 2024

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.

Introduced: 18th July 2024

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.

Introduced: 24th July 2024

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

Regulations 2 and 3 make amendments relating to the rate of import duty applicable to goods originating from Bhutan. Regulation 2 removes Bhutan from the list of least developed countries in Part 2 of Schedule 3 to the Taxation (Cross-border Trade) Act 2018 (c. 22) (“the Act”) and adds it to the list of other eligible developing countries in Part 3 of Schedule 3 to the Act.
This Order introduces a temporary zero rate of VAT on supplies of domestic electricity in England and Wales and Scotland. The zero rate applies to supplies made in the period beginning with 1st October 2026 and ending with 31st March 2027 by modifying Schedule 8 (zero-rating) to the Value Added Tax Act 1994 (“VATA”) so it has effect as if it contained a new Group 24 which specifies the descriptions of supplies to which the zero rate applies (see article 3).
View All 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).

Trending Petitions
Petition Open
3,149 Signatures
(2,306 in the last 7 days)
Petition Open
69,611 Signatures
(2,063 in the last 7 days)
Petition Open
1,838 Signatures
(144 in the last 7 days)
Petition Open
22,222 Signatures
(128 in the last 7 days)
Petitions with most signatures
Petition Open
69,611 Signatures
(2,063 in the last 7 days)
Petition Open
22,222 Signatures
(128 in the last 7 days)
Petition Debates Contributed

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.

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.

We want the government to introduce a new tax code for state pensioners, set at double the basic threshold. If this was implemented, pensioners would receive a higher tax-exempt limit, but wealthier pensioners would still pay tax.

View All HM Treasury Petitions

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
Meg Hillier Portrait
Meg Hillier (Labour (Co-op) - Hackney South and Shoreditch)
Treasury Committee Member since 9th September 2024
Yuan Yang Portrait
Yuan Yang (Labour - Earley and Woodley)
Treasury Committee Member since 21st October 2024
Siobhain McDonagh Portrait
Siobhain McDonagh (Labour - Mitcham and Morden)
Treasury Committee Member since 21st October 2024
John Glen Portrait
John Glen (Conservative - Salisbury)
Treasury Committee Member since 21st October 2024
Harriett Baldwin Portrait
Harriett Baldwin (Conservative - West Worcestershire)
Treasury Committee Member since 21st October 2024
Bobby Dean Portrait
Bobby Dean (Liberal Democrat - Carshalton and Wallington)
Treasury Committee Member since 28th October 2024
Chris Coghlan Portrait
Chris Coghlan (Liberal Democrat - Dorking and Horley)
Treasury Committee Member since 28th October 2024
John Grady Portrait
John Grady (Labour - Glasgow East)
Treasury Committee Member since 9th December 2024
Catherine West Portrait
Catherine West (Labour - Hornsey and Friern Barnet)
Treasury Committee Member since 27th October 2025
Jim Dickson Portrait
Jim Dickson (Labour - Dartford)
Treasury Committee Member since 27th October 2025
Julie Minns Portrait
Julie Minns (Labour - Carlisle)
Treasury Committee Member since 22nd June 2026
Treasury Committee: Previous Inquiries
The Financial Conduct Authority’s Regulation of London Capital & Finance plc Budget 2021 Work of National Savings and Investments Lessons from Greensill Capital Appointment of Carolyn Wilkins to the Financial Policy Committee Appointment of Tanya Castell to the Prudential Regulatory Committee The work of the Prudential Regulation Authority Reappointment of Jill May and Julia Black to the Prudential Regulation Committee Committee on COP26: climate change and finance Spring Budget 2020 Appointment of Sarah Breeden to the Financial Policy Committee Appointment of Catherine Mann to the Monetary Policy Committee Reappointment of Jonathan Haskel to the Monetary Policy Committee Bank of England July Financial Stability Report and August Monetary Policy Report Economic Crime Regional Imbalances in the UK economy The Work of the Debt Management Office Appointment of Richard Hughes as Chair of the Office for Budget Responsibility Reappointment of Professor Silvana Tenreyro to the Monetary Policy Committee Reappointment of Andy Haldane to the Monetary Policy Committee Appointment of Jonathan Hall to the Financial Policy Committee Appointment of Nikhil Rathi as Chief Executive of the Financial Conduct Authority Maxwellisation inquiry The work of National Savings and Investments inquiry Retail Banking Market Review inquiry HMRC Executive Chair and Chief Executive Financial stability one-off hearing Appointment of the CEO of Financial Conduct Authority Bank of England Financial Stability Report Hearings 2016-17 UK's future economic relationship with the EU inquiry Appointment of Deputy Governor for Prudential Regulation EU Insurance Regulation inquiry HM Treasury: Report and Accounts 2015 – 2016 Appointment of Michael Saunders to the Monetary Policy Committee Appointment of Anil Kashyap to the Financial Policy Committee Tax credits, fraud and error inquiry The work of the Chancellor of the Exchequer inquiry Bank of England Inflation Report Hearing August 2016 Prudential Regulation Authority inquiry Sir Charles Bean appointment to Budget Responsibility Committee UK tax policy and the tax base inquiry Government Internal Audit Agency inquiry HM Treasury Annual Report and Accounts 2014-15 inquiry Valuation Office Agency inquiry Independent review of report into failure of HBOS inquiry Review of the Office for National Statistics inquiry Appointment of Angela Knight as Chair of the Office for Tax Simplification Appointment of Tim Parkes as Chair of Regulatory Decisions Committee Budget 2016 inquiry Financial Policy Committee re-appointment hearings Bank of England Inflation Report Hearing May 2016 Work of the Court of the Bank of England inquiry Bank of England Inflation Report Hearing February 2017 Appointment of the Deputy Governor for Markets and Banking Budget 2017 inquiry Restoration and Renewal of the Palace of Westminster inquiry Capital inquiry Work of the Payment Systems Regulator inquiry Effectiveness and impact of post-2008 UK monetary policy Access to basic retail financial services inquiry Financial Conduct Authority inquiry Bank of England Inflation Report Hearing November 2016 UK Financial Investments annual reports and accounts 2015-16 Housing Policy inquiry Autumn Statement 2016 Household finances: income, saving and debt inquiry Bank of England Inflation Reports inquiry Budget Autumn 2017 inquiry Student Loans inquiry The UK's economic relationship with the European Union inquiry The work of the Bank of England inquiry The work of the Financial Conduct Authority The work of the National Infrastructure Commission inquiry Women in finance inquiry Appointment of Professor Silvana Tenreyro to the Monetary Policy Committee Appointment of Sir Dave Ramsden as Deputy Governor for Markets and Banking, Bank of England The work of the Chancellor of the Exchequer EU Insurance Regulation inquiry HMRC Annual Report and Accounts inquiry Re-appointment of Professor Anil Kashyap to the Financial Policy Committee inquiry Re-appointment of Ben Broadbent as Deputy Governor for Monetary Policy, Bank of England inquiry The effectiveness of gender pay gap reporting inquiry Decarbonisation of the UK Economy and Green Finance inquiry Regional Imbalances in the UK Economy inquiry Work of the Financial Services Compensation Scheme inquiry Spending Round 2019 inquiry Access to Cash Review inquiry Appointment of Kathryn Cearns as Chair of the Office of Tax Simplification inquiry The future of the UK’s financial services inquiry The impact of Business Rates on business inquiry Spring Statement 2019 inquiry The work of the Adjudicator’s Office inquiry The work of the Debt Management Office inquiry Independent Review of the Co-Operative Bank inquiry Work of the Court of the Bank of England inquiry Tax enquiries and resolution of tax disputes inquiry IT failures in the financial services sector inquiry Work of the Banking Standards Board inquiry Independent Review of the Financial Ombudsman Service Appointment of Bradley Fried as Chair of Court, Bank of England Appointment of Professor Jonathan Haskel to the Monetary Policy Committee Andy King, Nominated Member of the Budget Responsibility Committee Re-appointment of Dr Gertjan Vlieghe to the Monetary Policy Committee Maxwellisation inquiry Work of the Valuation Office Agency inquiry Appointment of Julia Black as external member of the Prudential Regulation Committee Appointment of Jill May as an external member of the Prudential Regulation Committee Consumers’ Access to Financial Services inquiry The re-appointment of Sir Jon Cunliffe as Deputy Governor for Financial Stability at the Bank of England inquiry Budget 2018 inquiry The Work of the Treasury inquiry Service Disruption at TSB inquiry Economic Crime inquiry Re-appointment of Alex Brazier to the Financial Policy Committee Re-appointment of Donald Kohn to the Financial Policy Committee Re-appointment of Martin Taylor to the Financial Policy Committee VAT inquiry Spring Statement 2018 Digital Currencies inquiry Appointment of Charles Randell as Chair of the Financial Conduct Authority SME Finance inquiry Appointment of Elisabeth Stheeman to the Bank of England Financial Policy Committee The work of the Prudential Regulation Authority inquiry Bank of England Financial Stability Reports RBS's Global Restructuring Group and its treatment of SMEs inquiry Childcare inquiry The work of the Payment Systems Regulator inquiry HM Treasury Annual Report and Accounts inquiry Women in the City Crown Estate Cheques, the end of? Mortgage Arrears and Access to Mortgage Finance: Follow up Financial Institutions - Too Important To Fail? Budget 2010 Credit Searches European Macro and Micro Prudential Financial Regulation Presbyterian Mutual Society Pre-Budget Report 2009 Budget 2009 Pre-Budget Report 2008 Budget 2008 Pre-Budget Report 2007 Mortgage Arrears and Access to Mortgage Finance Evaluating the Efficiency Programme Administration and expenditure of the Chancellor’s Departments, 2008-09 Banking Crisis Banking Crisis: International Dimensions Banking Reform Run on the Rock Budget June 2010 Competition and choice in the banking sector Office for Budget Responsibility Financial Regulation Spending Review 2010 Administration and effectiveness of HMRC The principles of tax policy Retail Distribution Review European financial regulation Autumn forecast 2010 Accountability of the Bank of England Private Finance Initiative Budget 2011 Future of Cheques Independent Commission on Banking: Interim Report Closing the tax gap: HMRC's record at ensuring tax compliance Budget Measures and Low-income Households Financial Conduct Authority Inherited Estates Counting the population Administration and expenditure of the Chancellor's Departments, 2006-07 Comprehensive Spending Review 2007 Administration and expenditure of the Chancellor's Departments, 2007-08 Independent Commission on Banking: Final Report Global Imbalances Autumn Statement 2011 Budget 2012 Corporate governance and remuneration Money Advice Service LIBOR FSA's report into HBOS Spending Round 2013 Project Verde Macroprudential tools Disposal of Government Stakes in RBS and Lloyds Credit Rating Agencies Autumn Statement 2012 Appointment of Dr Mark Carney as Governor of the Bank of England Budget 2013 Quantitative easing Private Finance 2 Autumn Statement 2013 Bank of England Financial Stability Report hearings: Session 2014-15 Appointment hearings, Session 2013-14 Bank of England Inflation Report Hearings: Session 2013-14 EU Financial Regulation Monetary Policy: Forward Guidance UK Financial Investments Ltd 2013 The economics of HS2 SME Lending Financial Conduct Authority hearings The costing of pre-election policy proposals Performance of the Royal Mint Budget 2014 The economics of currency unions OBR: July 2013 Fiscal Sustainability Report Banks' Lending Practices: Treatment of Businesses in Distress RBS Independent Lending Review Prudential Regulation Authority Hearings: Session 2014-15 HM Treasury Annual Report and Accounts 2013-14 Treatment of Financial Services Consumers Bank of England Inflation Report Hearings: Session 2014-15 HMRC Business Plan 2014-16 Manipulation of Benchmarks Appointment hearings, Session 2014-15 Co-op Governance Review Cost effectiveness of economic and financial sanctions Bank of England Financial Stability Report Hearings 2015-16 Bank of England Inflation Report Hearings 2015-16 Summer Budget 2015 inquiry UK Financial Investments Ltd Annual Report and Accounts 14-15 Review of scope and performance of Office for Budget Responsibility Bank of England Bill inquiry Chair of Office for Budget Responsibility reappointment hearing HMRC Annual Report and Accounts 2014-15 inquiry Prudential Regulation Authority inquiry Comprehensive Spending Review and Autumn Statement 2015 inquiry Review of CMA work on Retail Banking Market one-off session Financial Conduct Authority Practitioner Panels one-off session Appointment of Gertjan Vlieghe to the Monetary Policy Committee hearing Reappointment of Ian McCafferty to the Monetary Policy Committee hearing Financial Conduct Authority Economic and financial costs and benefits of UK's EU membership Crown Estate Annual Report and Accounts 2013/14 Bank of England Foreign Exchange Market Investigation HM Revenue and Customs and HSBC Budget 2015 The UK's EU Budget Contributions Press briefing of information in the Financial Conduct Authority’s 2014/15 Business Plan Fair and Effective Markets Review The Payment Systems Regulator Implementing the recommendations on the Parliamentary Commission on Banking Standards Autumn Statement 2014 Work of the Tax Assurance Commissioner UK Financial Investments Ltd Proposals for further Fiscal and Economic Devolution to Scotland Debt Management Office Annual Report and Accounts 2013-14 UK Customs Policy Infrastructure The cost of living The venture capital market The crypto-asset industry Tax Reliefs September 2022 Fiscal Event The Financial Services and Markets Bill The mortgage market The Edinburgh Reforms Quantitative tightening Retail Banks Appointment of Andrew Bailey as Governor of the Bank of England Work of Government Actuary’s Department Work of the Financial Ombudsman Service Work of HM Treasury Future of Financial Services Spending Review 2020 HMRC Annual Report and Accounts Bank of England Financial Stability Reports The appointment of John Taylor to the Prudential Regulation Committee UK’s economic and trading relationship with the EU The appointment of Antony Jenkins to the Prudential Regulation Committee Access to Cash Review Bank of England Financial Stability Reports Bank of England Inflation Reports Consumers’ Access to Financial Services Decarbonisation of the UK Economy and Green Finance Economic Crime The effectiveness of gender pay gap reporting HMRC Annual Report and Accounts inquiry Tax enquiries and resolution of tax disputes IT failures in the financial services sector Appointment of Dame Colette Bowe to the Financial Policy Committee Re-appointment of Professor Anil Kashyap to the Financial Policy Committee Work of the Financial Services Compensation Scheme Spending Round 2019 The impact of Business Rates on business Work of the Court of the Bank of England Independent Review of the Co-Operative Bank Regional Imbalances in the UK Economy Re-appointment of Michael Saunders to the Monetary Policy Committee Re-appointment of Ben Broadbent as Deputy Governor for Monetary Policy, Bank of England Maxwellisation RBS's Global Restructuring Group and its treatment of SMEs SME Finance Spring Statement 2019 The future of the UK’s financial services HM Treasury Annual Report and Accounts Service Disruption at TSB The UK's economic relationship with the European Union VAT The work of the Bank of England The work of the Chancellor of the Exchequer The work of the Financial Conduct Authority The Work of the Treasury The work of the Prudential Regulation Authority

50 most recent Written Questions

(View all written questions)
Written Questions can be tabled by MPs and Lords to request specific information information on the work, policy and activities of a Government Department

7th Sep 2026
To ask the Chancellor of the Exchequer, how much of the National Wealth Fund’s core capitalisation of £27.8bn has been invested in Scottish advanced manufacturing.

The National Wealth Fund (NWF) proactively identifies investment opportunities across the UK to ensure the benefits of investment are felt nationwide. It has dedicated directors based in all devolved nations to support the NWF’s view of markets across the country, and works collaboratively with the Scottish National Investment Bank (SNIB) across a range of investments.

The NWF has invested £9 million in transportation and hubs across Scotland, including expected rollout locations of Gridserve, Osprey and Roam EV charging at the point of financial close.

The NWF has invested £287 million in digital and technologies in Scotland, including expected fibre rollouts and two DataVita data centres in Scotland’s AI Growth Zone.

The NWF has invested nearly £2.5 billion in clean energy in Scotland, across ports, power grids, battery storage, and wind investments. This includes a significant financial guarantee to support four major SSEN grid upgrade projects.

The NWF has invested £44 million in advanced manufacturing in Scotland, including a co-investment with the Scottish National Investment Bank into Pulpex sustainable packaging.

Dan Tomlinson
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
7th Sep 2026
To ask the Chancellor of the Exchequer, how much of the National Wealth Fund’s core capitalisation of £27.8bn has been invested in Scottish clean energy.

The National Wealth Fund (NWF) proactively identifies investment opportunities across the UK to ensure the benefits of investment are felt nationwide. It has dedicated directors based in all devolved nations to support the NWF’s view of markets across the country, and works collaboratively with the Scottish National Investment Bank (SNIB) across a range of investments.

The NWF has invested £9 million in transportation and hubs across Scotland, including expected rollout locations of Gridserve, Osprey and Roam EV charging at the point of financial close.

The NWF has invested £287 million in digital and technologies in Scotland, including expected fibre rollouts and two DataVita data centres in Scotland’s AI Growth Zone.

The NWF has invested nearly £2.5 billion in clean energy in Scotland, across ports, power grids, battery storage, and wind investments. This includes a significant financial guarantee to support four major SSEN grid upgrade projects.

The NWF has invested £44 million in advanced manufacturing in Scotland, including a co-investment with the Scottish National Investment Bank into Pulpex sustainable packaging.

Dan Tomlinson
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
7th Sep 2026
To ask the Chancellor of the Exchequer, how much of the National Wealth Fund’s core capitalisation of £27.8bn has been invested in Scottish digital and technologies.

The National Wealth Fund (NWF) proactively identifies investment opportunities across the UK to ensure the benefits of investment are felt nationwide. It has dedicated directors based in all devolved nations to support the NWF’s view of markets across the country, and works collaboratively with the Scottish National Investment Bank (SNIB) across a range of investments.

The NWF has invested £9 million in transportation and hubs across Scotland, including expected rollout locations of Gridserve, Osprey and Roam EV charging at the point of financial close.

The NWF has invested £287 million in digital and technologies in Scotland, including expected fibre rollouts and two DataVita data centres in Scotland’s AI Growth Zone.

The NWF has invested nearly £2.5 billion in clean energy in Scotland, across ports, power grids, battery storage, and wind investments. This includes a significant financial guarantee to support four major SSEN grid upgrade projects.

The NWF has invested £44 million in advanced manufacturing in Scotland, including a co-investment with the Scottish National Investment Bank into Pulpex sustainable packaging.

Dan Tomlinson
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
7th Sep 2026
To ask the Chancellor of the Exchequer, how much of the National Wealth Fund’s core capitalisation of £27.8bn has been invested in Scottish transportation and hubs.

The National Wealth Fund (NWF) proactively identifies investment opportunities across the UK to ensure the benefits of investment are felt nationwide. It has dedicated directors based in all devolved nations to support the NWF’s view of markets across the country, and works collaboratively with the Scottish National Investment Bank (SNIB) across a range of investments.

The NWF has invested £9 million in transportation and hubs across Scotland, including expected rollout locations of Gridserve, Osprey and Roam EV charging at the point of financial close.

The NWF has invested £287 million in digital and technologies in Scotland, including expected fibre rollouts and two DataVita data centres in Scotland’s AI Growth Zone.

The NWF has invested nearly £2.5 billion in clean energy in Scotland, across ports, power grids, battery storage, and wind investments. This includes a significant financial guarantee to support four major SSEN grid upgrade projects.

The NWF has invested £44 million in advanced manufacturing in Scotland, including a co-investment with the Scottish National Investment Bank into Pulpex sustainable packaging.

Dan Tomlinson
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
2nd Sep 2026
To ask the Chancellor of the Exchequer, what limits his department places on the maximum proportion of the UK’s official reserves that may be exposed to any single foreign currency.

The government does not comment on market movements. Assets in the Exchange Equalisation Account (EEA) are held to meet the EEA’s core policy objectives as defined in the EEA Act 1979. All EEA investment decisions, including the currency and asset composition of the Account, are made using the following investment principles:

Investment Principle 1 (readiness) – The EEA must be ready to meet its policy objectives at all times, at an acceptable cost and high degree of certainty.

Investment Principle 2 (risk tolerance) – The EEA must not take on risk that compromises the ability to meet Principle 1 or that could unduly influence fiscal metrics.

Investment Principle 3 (return) – Subject to meeting Principles 1 and 2, the EEA should seek to optimise risk-adjusted return

Foreign exchange risk is one of the primary market risks faced by the EEA and so is considered by HMT and the Bank of England when making decisions assessing the EEA’s risk tolerance under Investment Principle 2. A portion of EEA assets are also hedged against foreign exchange and interest rate changes.

To manage credit risk, the Bank maintains a framework of issuer credit limits. A similar framework applies to counterparty risk.

The EEA has held 9.98 million ounces of gold on a permanent basis since March 2002 and it remains an important component of the diversified portfolio.

The Bank of England publishes a monthly statistical release setting out the EEA’s holdings split by broad asset class on the third working day at: UK International Reserves - August 2026. In addition, each quarter, one month in arrears, data on the currency breakdown of the UK’s reserves is published by the Bank of England at: Bank of England | Database.

Torsten Bell
Parliamentary Secretary (HM Treasury)
2nd Sep 2026
To ask the Chancellor of the Exchequer, what comparative assessment his Department has made of the proportion of official reserves held in gold by (a) the United Kingdom, (b) France, (c) Germany, (d) Italy, (e) Poland, (f) the United States and (g) other G7 countries.

The government does not comment on market movements. Assets in the Exchange Equalisation Account (EEA) are held to meet the EEA’s core policy objectives as defined in the EEA Act 1979. All EEA investment decisions, including the currency and asset composition of the Account, are made using the following investment principles:

Investment Principle 1 (readiness) – The EEA must be ready to meet its policy objectives at all times, at an acceptable cost and high degree of certainty.

Investment Principle 2 (risk tolerance) – The EEA must not take on risk that compromises the ability to meet Principle 1 or that could unduly influence fiscal metrics.

Investment Principle 3 (return) – Subject to meeting Principles 1 and 2, the EEA should seek to optimise risk-adjusted return

Foreign exchange risk is one of the primary market risks faced by the EEA and so is considered by HMT and the Bank of England when making decisions assessing the EEA’s risk tolerance under Investment Principle 2. A portion of EEA assets are also hedged against foreign exchange and interest rate changes.

To manage credit risk, the Bank maintains a framework of issuer credit limits. A similar framework applies to counterparty risk.

The EEA has held 9.98 million ounces of gold on a permanent basis since March 2002 and it remains an important component of the diversified portfolio.

The Bank of England publishes a monthly statistical release setting out the EEA’s holdings split by broad asset class on the third working day at: UK International Reserves - August 2026. In addition, each quarter, one month in arrears, data on the currency breakdown of the UK’s reserves is published by the Bank of England at: Bank of England | Database.

Torsten Bell
Parliamentary Secretary (HM Treasury)
2nd Sep 2026
To ask the Chancellor of the Exchequer, what assessment his department has made of the effect on the Exchange Equalisation Account of a (a) 10 per cent, (b) 20 per cent and (c) 30 per cent depreciation of the US dollar against sterling.

The government does not comment on market movements. Assets in the Exchange Equalisation Account (EEA) are held to meet the EEA’s core policy objectives as defined in the EEA Act 1979. All EEA investment decisions, including the currency and asset composition of the Account, are made using the following investment principles:

Investment Principle 1 (readiness) – The EEA must be ready to meet its policy objectives at all times, at an acceptable cost and high degree of certainty.

Investment Principle 2 (risk tolerance) – The EEA must not take on risk that compromises the ability to meet Principle 1 or that could unduly influence fiscal metrics.

Investment Principle 3 (return) – Subject to meeting Principles 1 and 2, the EEA should seek to optimise risk-adjusted return

Foreign exchange risk is one of the primary market risks faced by the EEA and so is considered by HMT and the Bank of England when making decisions assessing the EEA’s risk tolerance under Investment Principle 2. A portion of EEA assets are also hedged against foreign exchange and interest rate changes.

To manage credit risk, the Bank maintains a framework of issuer credit limits. A similar framework applies to counterparty risk.

The EEA has held 9.98 million ounces of gold on a permanent basis since March 2002 and it remains an important component of the diversified portfolio.

The Bank of England publishes a monthly statistical release setting out the EEA’s holdings split by broad asset class on the third working day at: UK International Reserves - August 2026. In addition, each quarter, one month in arrears, data on the currency breakdown of the UK’s reserves is published by the Bank of England at: Bank of England | Database.

Torsten Bell
Parliamentary Secretary (HM Treasury)
2nd Sep 2026
To ask the Chancellor of the Exchequer, what assessment his department has made of changes in the share of global foreign-exchange reserves accounted for by the US dollar when determining the asset allocation of the Exchange Equalisation Account.

The government does not comment on market movements. Assets in the Exchange Equalisation Account (EEA) are held to meet the EEA’s core policy objectives as defined in the EEA Act 1979. All EEA investment decisions, including the currency and asset composition of the Account, are made using the following investment principles:

Investment Principle 1 (readiness) – The EEA must be ready to meet its policy objectives at all times, at an acceptable cost and high degree of certainty.

Investment Principle 2 (risk tolerance) – The EEA must not take on risk that compromises the ability to meet Principle 1 or that could unduly influence fiscal metrics.

Investment Principle 3 (return) – Subject to meeting Principles 1 and 2, the EEA should seek to optimise risk-adjusted return

Foreign exchange risk is one of the primary market risks faced by the EEA and so is considered by HMT and the Bank of England when making decisions assessing the EEA’s risk tolerance under Investment Principle 2. A portion of EEA assets are also hedged against foreign exchange and interest rate changes.

To manage credit risk, the Bank maintains a framework of issuer credit limits. A similar framework applies to counterparty risk.

The EEA has held 9.98 million ounces of gold on a permanent basis since March 2002 and it remains an important component of the diversified portfolio.

The Bank of England publishes a monthly statistical release setting out the EEA’s holdings split by broad asset class on the third working day at: UK International Reserves - August 2026. In addition, each quarter, one month in arrears, data on the currency breakdown of the UK’s reserves is published by the Bank of England at: Bank of England | Database.

Torsten Bell
Parliamentary Secretary (HM Treasury)
2nd Sep 2026
To ask the Chancellor of the Exchequer, whether his department has established a target range for the proportion of official reserves held in assets without counterparty credit risk.

The government does not comment on market movements. Assets in the Exchange Equalisation Account (EEA) are held to meet the EEA’s core policy objectives as defined in the EEA Act 1979. All EEA investment decisions, including the currency and asset composition of the Account, are made using the following investment principles:

Investment Principle 1 (readiness) – The EEA must be ready to meet its policy objectives at all times, at an acceptable cost and high degree of certainty.

Investment Principle 2 (risk tolerance) – The EEA must not take on risk that compromises the ability to meet Principle 1 or that could unduly influence fiscal metrics.

Investment Principle 3 (return) – Subject to meeting Principles 1 and 2, the EEA should seek to optimise risk-adjusted return

Foreign exchange risk is one of the primary market risks faced by the EEA and so is considered by HMT and the Bank of England when making decisions assessing the EEA’s risk tolerance under Investment Principle 2. A portion of EEA assets are also hedged against foreign exchange and interest rate changes.

To manage credit risk, the Bank maintains a framework of issuer credit limits. A similar framework applies to counterparty risk.

The EEA has held 9.98 million ounces of gold on a permanent basis since March 2002 and it remains an important component of the diversified portfolio.

The Bank of England publishes a monthly statistical release setting out the EEA’s holdings split by broad asset class on the third working day at: UK International Reserves - August 2026. In addition, each quarter, one month in arrears, data on the currency breakdown of the UK’s reserves is published by the Bank of England at: Bank of England | Database.

Torsten Bell
Parliamentary Secretary (HM Treasury)
2nd Sep 2026
To ask the Chancellor of the Exchequer, what proportion of the UK’s official reserve assets carries (a) sovereign, (b) financial institution and (c) other counterparty credit exposure.

The government does not comment on market movements. Assets in the Exchange Equalisation Account (EEA) are held to meet the EEA’s core policy objectives as defined in the EEA Act 1979. All EEA investment decisions, including the currency and asset composition of the Account, are made using the following investment principles:

Investment Principle 1 (readiness) – The EEA must be ready to meet its policy objectives at all times, at an acceptable cost and high degree of certainty.

Investment Principle 2 (risk tolerance) – The EEA must not take on risk that compromises the ability to meet Principle 1 or that could unduly influence fiscal metrics.

Investment Principle 3 (return) – Subject to meeting Principles 1 and 2, the EEA should seek to optimise risk-adjusted return

Foreign exchange risk is one of the primary market risks faced by the EEA and so is considered by HMT and the Bank of England when making decisions assessing the EEA’s risk tolerance under Investment Principle 2. A portion of EEA assets are also hedged against foreign exchange and interest rate changes.

To manage credit risk, the Bank maintains a framework of issuer credit limits. A similar framework applies to counterparty risk.

The EEA has held 9.98 million ounces of gold on a permanent basis since March 2002 and it remains an important component of the diversified portfolio.

The Bank of England publishes a monthly statistical release setting out the EEA’s holdings split by broad asset class on the third working day at: UK International Reserves - August 2026. In addition, each quarter, one month in arrears, data on the currency breakdown of the UK’s reserves is published by the Bank of England at: Bank of England | Database.

Torsten Bell
Parliamentary Secretary (HM Treasury)
2nd Sep 2026
To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential role of gold in reducing currency concentration risk within the UK’s official reserves.

The government does not comment on market movements. Assets in the Exchange Equalisation Account (EEA) are held to meet the EEA’s core policy objectives as defined in the EEA Act 1979. All EEA investment decisions, including the currency and asset composition of the Account, are made using the following investment principles:

Investment Principle 1 (readiness) – The EEA must be ready to meet its policy objectives at all times, at an acceptable cost and high degree of certainty.

Investment Principle 2 (risk tolerance) – The EEA must not take on risk that compromises the ability to meet Principle 1 or that could unduly influence fiscal metrics.

Investment Principle 3 (return) – Subject to meeting Principles 1 and 2, the EEA should seek to optimise risk-adjusted return

Foreign exchange risk is one of the primary market risks faced by the EEA and so is considered by HMT and the Bank of England when making decisions assessing the EEA’s risk tolerance under Investment Principle 2. A portion of EEA assets are also hedged against foreign exchange and interest rate changes.

To manage credit risk, the Bank maintains a framework of issuer credit limits. A similar framework applies to counterparty risk.

The EEA has held 9.98 million ounces of gold on a permanent basis since March 2002 and it remains an important component of the diversified portfolio.

The Bank of England publishes a monthly statistical release setting out the EEA’s holdings split by broad asset class on the third working day at: UK International Reserves - August 2026. In addition, each quarter, one month in arrears, data on the currency breakdown of the UK’s reserves is published by the Bank of England at: Bank of England | Database.

Torsten Bell
Parliamentary Secretary (HM Treasury)
2nd Sep 2026
To ask the Chancellor of the Exchequer, what proportion of the UK’s foreign-currency reserve assets is invested in securities issued or guaranteed by foreign governments.

The government does not comment on market movements. Assets in the Exchange Equalisation Account (EEA) are held to meet the EEA’s core policy objectives as defined in the EEA Act 1979. All EEA investment decisions, including the currency and asset composition of the Account, are made using the following investment principles:

Investment Principle 1 (readiness) – The EEA must be ready to meet its policy objectives at all times, at an acceptable cost and high degree of certainty.

Investment Principle 2 (risk tolerance) – The EEA must not take on risk that compromises the ability to meet Principle 1 or that could unduly influence fiscal metrics.

Investment Principle 3 (return) – Subject to meeting Principles 1 and 2, the EEA should seek to optimise risk-adjusted return

Foreign exchange risk is one of the primary market risks faced by the EEA and so is considered by HMT and the Bank of England when making decisions assessing the EEA’s risk tolerance under Investment Principle 2. A portion of EEA assets are also hedged against foreign exchange and interest rate changes.

To manage credit risk, the Bank maintains a framework of issuer credit limits. A similar framework applies to counterparty risk.

The EEA has held 9.98 million ounces of gold on a permanent basis since March 2002 and it remains an important component of the diversified portfolio.

The Bank of England publishes a monthly statistical release setting out the EEA’s holdings split by broad asset class on the third working day at: UK International Reserves - August 2026. In addition, each quarter, one month in arrears, data on the currency breakdown of the UK’s reserves is published by the Bank of England at: Bank of England | Database.

Torsten Bell
Parliamentary Secretary (HM Treasury)
2nd Sep 2026
To ask the Chancellor of the Exchequer, what assessment her Department has made of the UK’s exposure to US-dollar-denominated assets within the official reserves.

The government does not comment on market movements. Assets in the Exchange Equalisation Account (EEA) are held to meet the EEA’s core policy objectives as defined in the EEA Act 1979. All EEA investment decisions, including the currency and asset composition of the Account, are made using the following investment principles:

Investment Principle 1 (readiness) – The EEA must be ready to meet its policy objectives at all times, at an acceptable cost and high degree of certainty.

Investment Principle 2 (risk tolerance) – The EEA must not take on risk that compromises the ability to meet Principle 1 or that could unduly influence fiscal metrics.

Investment Principle 3 (return) – Subject to meeting Principles 1 and 2, the EEA should seek to optimise risk-adjusted return

Foreign exchange risk is one of the primary market risks faced by the EEA and so is considered by HMT and the Bank of England when making decisions assessing the EEA’s risk tolerance under Investment Principle 2. A portion of EEA assets are also hedged against foreign exchange and interest rate changes.

To manage credit risk, the Bank maintains a framework of issuer credit limits. A similar framework applies to counterparty risk.

The EEA has held 9.98 million ounces of gold on a permanent basis since March 2002 and it remains an important component of the diversified portfolio.

The Bank of England publishes a monthly statistical release setting out the EEA’s holdings split by broad asset class on the third working day at: UK International Reserves - August 2026. In addition, each quarter, one month in arrears, data on the currency breakdown of the UK’s reserves is published by the Bank of England at: Bank of England | Database.

Torsten Bell
Parliamentary Secretary (HM Treasury)
2nd Sep 2026
To ask the Chancellor of the Exchequer, what estimate his Department has made of the cumulative tax burden on the hospitality sector, including VAT.

The Government recognises the significant contribution made by hospitality businesses to economic growth and social life in the UK. The potential impacts of changes on this sector are carefully considered as part of policy development.

Where changes are made, relevant impact notes and assessments are published at fiscal events and otherwise as necessary, in line with the Government’s usual practice. The Treasury also engages regularly with the hospitality sector to understand the challenges they face.

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.   Exceptions to the standard rate have always been limited and balanced against affordability considerations.  

HMRC estimates that the cost of changing the 20 per cent Standard Rate of VAT on all accommodation and food and beverage services to the Reduced Rate of 5 per cent would be around £17 billion in 2026-27, rising to £19.5 billion in 2030-31.

James Murray
Financial Secretary to the Treasury and Paymaster General
2nd Sep 2026
To ask the Chancellor of the Exchequer, what research his Department has commissioned on the impact a lower rate of VAT for hospitality would have on (a) visitor numbers, (b) visitor spend and (c) length of stay of visitors.

The Government recognises the significant contribution made by hospitality businesses to economic growth and social life in the UK. The potential impacts of changes on this sector are carefully considered as part of policy development.

Where changes are made, relevant impact notes and assessments are published at fiscal events and otherwise as necessary, in line with the Government’s usual practice. The Treasury also engages regularly with the hospitality sector to understand the challenges they face.

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.   Exceptions to the standard rate have always been limited and balanced against affordability considerations.  

HMRC estimates that the cost of changing the 20 per cent Standard Rate of VAT on all accommodation and food and beverage services to the Reduced Rate of 5 per cent would be around £17 billion in 2026-27, rising to £19.5 billion in 2030-31.

James Murray
Financial Secretary to the Treasury and Paymaster General
2nd Sep 2026
To ask the Chancellor of the Exchequer, if he will undertake a review of the Community Amateur Sports Club threshold.

The Government recognises the important role that Community Amateur Sports Clubs (CASCs) play in supporting grassroots sport and promoting participation across the UK.

The eligibility criteria, including the monetary thresholds for the scheme, are designed to achieve the objective of making sport accessible and affordable for people across all communities in the UK.HMRC regularly engage with representatives of the CASC sector to better understand how the scheme operates in practice and stakeholders' experience of the current rules including the monetary thresholds.

James Murray
Financial Secretary to the Treasury and Paymaster General
2nd Sep 2026
To ask the Chancellor of the Exchequer, how much revenue HM Treasury raised from Community Amateur Sports Clubs in the last financial year.

HM Revenue & Customs (HMRC) does not hold estimates of the amount of tax revenue raised from Community Amateur Sports Clubs.

James Murray
Financial Secretary to the Treasury and Paymaster General
2nd Sep 2026
To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential impact on investment in retail properties of reducing the standard business rates multiplier for retail, hospitality and leisure properties by a further 5p to 38p from April 2027.

The Government is continuing to review the wider business rates system to ensure it better supports high streets, local economies and small businesses.

Further decisions on wider business rates reforms will be set out in the normal way at the Budget.

James Murray
Financial Secretary to the Treasury and Paymaster General
7th Sep 2026
To ask the Chancellor of the Exchequer, what assessment his Department made of the potential impact of the proposed changes to the Inheritance Tax treatment of pension savings on household saving and investment before announcing the policy.

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.

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.

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 £83.9 billion in 2024-25.

The Government recognises the importance of promoting confidence in pension saving and is committed to ensuring future generations of pensioners have security in retirement. An independent Pensions Commission has been established to guide the long-term future of our pensions system including through the lens of adequacy, fairness, and sustainability.

James Murray
Financial Secretary to the Treasury and Paymaster General
2nd Sep 2026
To ask the Chancellor of the Exchequer, whether his Department has undertaken research on the potential impact of a 20p discount on business rates for hospitality businesses on the entire high street.

The Government has introduced permanently lower multipliers for eligible retail, hospitality and leisure (RHL) properties. These provide nearly £1 billion per year of support to the RHL sector and benefit over 750,000 properties. High street businesses also continue to benefit from the Government's £4.3 billion support package announced at Budget 2025 to protect ratepayers seeing large overnight increases in bills due to the 2026 revaluation.

The Government is continuing to review the wider business rates system to ensure it better supports high streets, local economies and small businesses, and further decisions on business rates reform will be set out in the normal way at the Budget.

James Murray
Financial Secretary to the Treasury and Paymaster General
2nd Sep 2026
To ask the Chancellor of the Exchequer, with reference to the FCDO Services Annual Report and Accounts 2025 to 2026, HC 458, 3 July 2026, which central government bodies did the HMRC investigation into unpaid taxes in relation to IR35 compliance cover, and how many central government bodies other than FCDO Services had irregularities identified by HMRC.

HMRC cannot comment on specific organisations. However, Government Departments publish information on their compliance with the Off-Payroll Working (IR35) rules in their Annual Report and Accounts.

James Murray
Financial Secretary to the Treasury and Paymaster General
7th Sep 2026
To ask the Chancellor of the Exchequer, if he will take steps to expand the eligibility criteria for Museum and Gallery Exhibition Tax Relief to include local authority-operated museums.

The Government supports museums and galleries through both public spending and the tax system. In 2025/26, the Department for Culture, Media and Sport provided over £500 million in grants to museums and galleries across England.

Museums and Galleries Exhibition Tax Relief (MGETR) is a Corporation Tax relief available to qualifying exhibition production companies, including companies wholly owned by local authorities. A local authority-operated museum without a separate trading company cannot claim the relief.

James Murray
Financial Secretary to the Treasury and Paymaster General
2nd Sep 2026
To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of extending business rates improvement relief to property owners as well as occupiers.

The responsibility for paying business rates falls on the occupier of the property. Property owners could be eligible for Improvement Relief if they meet the eligibility criteria, such as completing qualifying works, and occupying the property during and after the improvement works have taken place.

The Call for Evidence published at Budget sought further evidence on the role business rates and reliefs play in investment, including Improvement Relief and Empty Property Relief. Transforming the business rates system is a multi-year process, and any reforms taken forward will be phased over the course of the Parliament.

James Murray
Financial Secretary to the Treasury and Paymaster General
2nd Sep 2026
To ask the Chancellor of the Exchequer, whether his Department has assessed the case for removing commercially let self‑catering accommodation from non‑domestic rating.

The Government recognises the value of positive investment that supports local economies and genuine small businesses. Concerns have been raised about Small Business Rates Relief being used by second homeowners whose main aim is not to operate a local business but to manage tax liabilities.

The Call for Evidence, published at Budget, sought stakeholder input on the tax treatment of short-term lets, such as self-catering accommodation. The Government is carefully considering representations received, and a Government response to the Call for Evidence will be published in due course.

James Murray
Financial Secretary to the Treasury and Paymaster General
2nd Sep 2026
To ask the Chancellor of the Exchequer, whether his Department has made an assessment of the potential impact of cancelling Housing Revenue Account debt held by local authorities on the economy.

As a government, we recognise the pressures facing councils. That is why we have taken action including a ten-year social housing rent settlement, reinstating rent convergence, reforming Right to Buy, and investing £39 billion through the Social and Affordable Homes Programme. Through the programme, we will make sure that councils are able to access more of the funding available.

We will continue to work with councils and the wider sector to understand barriers to council housebuilding.

Emma Reynolds
Chief Secretary to the Treasury
2nd Sep 2026
To ask the Chancellor of the Exchequer, what assessment he has made of the time taken by HMRC to resolve cases, and what steps he is taking to reduce delays.

HMRC is increasing capacity in key teams, improving workforce flexibility, strengthening case progression and delivering wider transformation activity to improve the efficiency of its services.

Since April 2025, HMRC has reduced the number of aged investigation cases (those over three years old) by 38% and introduced measures to strengthen oversight and ensure cases continue to progress in a timely manner. HMRC is also establishing a dedicated team so that it can resolve older repayment claims more quickly.

HMRC monitors performance across its services, including correspondence handling and case progression. HMRC's service standard is to respond to 80% of priority correspondence within 15 working days, and it regularly publishes performance information at: HMRC performance updates. Customers can use HMRC's online 'Where's my reply?' tool to check current response times and when they can expect a response.

HMRC’s Transformation Roadmap sets out how it will modernise by 2030 to improve customer service, close the tax gap and reform HMRC. To enhance its compliance work, HMRC is investing in new systems such as: the Secure Digital Exchange Communications (SDEC) programme, enabling secure digital communication and file exchange; and a Digital Disclosure Service to allow customers and intermediaries to correct mistakes and pay liabilities and penalties for all taxes and duties with the aim to go live in 2027-28. Further information on the transformation roadmap is available at: HMRC Transformation Roadmap: update 2026.

James Murray
Financial Secretary to the Treasury and Paymaster General
8th Sep 2026
To ask the Chancellor of the Exchequer, when he plans to answer Question 26825 tabled by the hon. Member for Bicester and Woodstock on 2 September 2026.

UIN 26825 was transferred to the Cabinet Office for answer.

Dan Tomlinson
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
28th Aug 2026
To ask the Chancellor of the Exchequer, how many departmental Senior Civil Service away days have taken place in calendar year 2026 to date; in what specific venues; at what cost; and if there was any associated social or team-building activity at public expense.

Two departmental Senior Civil Service away days took place in this period:

Executive Management Team awayday – 20 January 2026 – British Museum, Great Russell Street. An external facilitator was commissioned to facilitate the day at a cost of £8,282.91 excluding VAT.

The external facilitator was commissioned to design and deliver the away day. Drawing on specialist expertise in working with senior executive teams, the facilitators supported leadership alignment, collective consideration of organisational priorities and the effective delivery of the event.

Senior Civil Service awayday – 24 March 2026 – 1 Saint Giles High Street, London, WC2H 8AG. An external facilitator was commissioned to facilitate the day at a cost of £16,932 excluding VAT.

The external facilitator was commissioned to design and deliver away day, attended by 150 civil servants from across all Senior Civil Service grades. Drawing on specialist expertise in leadership development and organisational change, the facilitator supported leadership alignment, organisational priorities and the effective delivery of the event. Using an external facilitator provided independent challenge and enabled senior participants to focus fully on the discussion and agreed outcomes.

No taxpayer funded social or team building activities took place at either away day.

Dan Tomlinson
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
2nd Sep 2026
To ask the Chancellor of the Exchequer, with reference to HM Treasury annual report and accounts 2025 to 2026, HC 424, July 2026, page 171, for what reasons Ministers took the decision for the Plc company not to issue further certificates of HM Treasury Sovereign Sukuk, and consequentially cease trading as of July 2026.

The UK is the leading Western centre for Islamic finance. The UK's two sovereign sukuk issuances successfully supported the development of the UK Islamic finance market and reinforced the UK's position as a leading Western hub for Islamic finance. The second sovereign sukuk matured in July 2026, and the Government did not issue a further sovereign sukuk.

The Government keeps the case for further issuances under review. The Government continues to engage with industry and international partners to promote the UK’s expertise in Islamic finance and to explore opportunities for the sector, including links between Islamic finance and sustainable finance.

Lucy Rigby
Economic Secretary (HM Treasury)
2nd Sep 2026
To ask the Chancellor of the Exchequer, what steps he is taking to ensure that individuals impacted by the Hartley Pensions Limited case will receive access to appropriate levels of advice and support while the FCA investigates allegations of criminal activity.

The Government recognises the impact of delays and uncertainty for those affected by the failure of Hartley Pensions. Hartley Pensions is regulated by the Financial Conduct Authority (FCA), and HM Treasury continues to work with the FCA to monitor the administration. The administrators are responsible for updating customers directly and recent updates on timetables are available on their website.

The FCA’s enforcement investigation is a matter for the FCA as the independent regulator.

Lucy Rigby
Economic Secretary (HM Treasury)
3rd Sep 2026
To ask the Chancellor of the Exchequer, whether his Department (1) uses and (2) is taking steps to install rooftop solar panels on its premises.

HM Treasury occupies office accommodation alongside other government departments which is provided and managed by the Government Property Agency (GPA). Responsibility for building operations, estate management and sustainability measures rests with the GPA, an executive agency, sponsored by the Cabinet Office.

Dan Tomlinson
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
28th Aug 2026
To ask the Chancellor of the Exchequer, pursuant to the answer of 22 June 2026 to Question 9340 on Cabinet Office: Electronic Purchasing Card Solution, if he will provide a hyperlink to that invoice and receipt.

A hyperlink to the information mentioned in the answer of 22 June 2026 to Question 9340 on Cabinet Office: Electronic Purchasing Card Solution can be found here: https://assets.publishing.service.gov.uk/media/68383bca9c65cc8cdbae650a/GPC_Spend_Data_-_April_2025___Spending_by_Business_Units_no_longer_part_of_Cabinet_Office_.csv

Emma Reynolds
Chief Secretary to the Treasury
28th Aug 2026
To ask the Chancellor of the Exchequer, what recent discussions he has had with the Secretary of State for Education on the index used to calculate interest rates on Plan 2 student loans.

Plan 2 student loans were designed and implemented by the Conservative and Liberal Democrat Coalition Government, and the costs were based on the RPI measure.

In April, interest rates on Plan 2 and Plan 3 loans were capped at 6% for this academic year, to protect graduates from high interest rates.

The Office for National Statistics has confirmed that it will bring the methods and data sources used to calculate CPIH into RPI from February 2030.

This Government will continue to look for ways to make the system fairer, but any changes must be fiscally responsible.

Emma Reynolds
Chief Secretary to the Treasury
28th Aug 2026
To ask the Chancellor of the Exchequer, with reference to the HM Treasury collection, Business case publications: collection, updated 13 August 2026, what plans he has to add Government Major Projects Portfolio business cases from other government departments.

Transparency of government business cases is vital for ensuring the public can hold government to account and have confidence that every pound of taxpayers’ money is being spent on projects that deliver the best possible value.

Since 11 June 2025, all projects and programmes on the Government Major Projects Portfolio (GMPP) have been required to publish a Summary Business Case, Full Business Case or Programme Business Case within 4 months of HM Treasury approval.

It is the responsibility of the relevant government departments to publish eligible business cases on gov.uk within the 4-month timeframe. As of 2nd September a total of 20 business cases have been published spanning 7 government departments.

Emma Reynolds
Chief Secretary to the Treasury
28th Aug 2026
To ask the Chancellor of the Exchequer, if he will make an assessment of the potential impact of introducing (a) vouchers and (b) tax rebates to parents who send children to independent schools of a value less than the cost to the public purse per year of putting a pupil through a state school on (i) the cost to the public purse, (ii) class sizes in state schools, (iii) the wellbeing of state school pupils subject to bullying and (d) pupils with SEND.

This Government is committed to fair treatment for all pupils, whether they attend state or independent schools.

At Budget 2024 the Government made changes to policy on tax exemption for parents who wish to send their children to independent schools. The removal of VAT exemption for independent schools raises revenue to ensure high-quality education for every child.

The Government has increased school funding by £2.3 billion in 2026-27.

This investment will help to support our commitment to recruit 6,500 new teachers, to support our national attendance and behaviour programme, and to build a genuinely inclusive mainstream education system that will deliver positive outcomes for all pupils and parents.

Emma Reynolds
Chief Secretary to the Treasury
28th Aug 2026
To ask the Chancellor of the Exchequer, what assessment the Treasury has made of the annual economic cost of alcohol harm in England identified by the Institute of Alcohol Studies in 2024, and what measures are being considered to tackle this.

The Government remains committed to supporting people to lead healthier lives and looks at a wide range of evidence on the impacts of alcohol-related harm


Alcohol-related harm places pressure on individuals, families, communities and public services, including the NHS, and we are taking action to address this.

As outlined in the 10 Year Health Plan for England, the Department of Health and Social Care is working towards launching a consultation in late 2026 on options to make it a legal requirement for alcohol labels to display health warnings and consistent nutritional information, which will support people to make healthier choices about alcohol.

Emma Reynolds
Chief Secretary to the Treasury
28th Aug 2026
To ask the Chancellor of the Exchequer, pursuant to the answer of 16 July 2026, to Question 17649, on National Security: Finance, if he will list the specific items of expenditure, broken down by departmental contribution, that were counted towards the UK meeting the 1.5% NATO spending target in the most recent year for which figures are available; and whether the Estimates process will publicly report whether specific spending is classified as (a) defence or (b) security spend under the NATO definition and targets.

The UK has met NATO’s 1.5% defence and security-related spending target, as defined by NATO. NATO’s definition sets out that spend should be to protect our critical infrastructure, defend our networks, ensure our civil preparedness and resilience, unleash innovation and strengthen our defence industrial base.

Public spending is determined through the Spending Review process, which last took place in 2025 and set departmental resource budgets through to 2029-30 and capital budgets to 2030-31. All spending captured as part of the 1.5% is determined through the Spending Review and set out to Parliament via the Estimates process in the usual way.

Emma Reynolds
Chief Secretary to the Treasury
28th Aug 2026
To ask the Chancellor of the Exchequer, by when he plans to lay out his path to spending a) 3.0% of GDP on defence and b) 3.5% by 2035.

The £15 billion Defence Investment Plan uplift will take NATO-qualifying defence spending to 2.7% of GDP in 2027-28. This is primarily funded by reallocating £10.3 billion across government, with £4.7 billion to be confirmed at Budget 2026.

At the next Spending Review the Government will set out a clear path to meet its 3.5 per cent NATO target in 2035 and will set a target date to hit 3 per cent on that path.

Emma Reynolds
Chief Secretary to the Treasury
28th Aug 2026
To ask the Chancellor of the Exchequer, what assessment he has made of the feasibility of plugging the £4.7 billion gap in the Defence Investment Plan, to be funded in the next budget.

The £15 billion Defence Investment Plan uplift will take NATO-qualifying defence spending to 2.7% of GDP in 2027-28. This is primarily funded by reallocating £10.3 billion across government, with £4.7 billion to be confirmed at Budget 2026.

At the next Spending Review the Government will set out a clear path to meet its 3.5 per cent NATO target in 2035 and will set a target date to hit 3 per cent on that path.

Emma Reynolds
Chief Secretary to the Treasury
28th Aug 2026
To ask the Chancellor of the Exchequer, if he will make assessment of the affordability of spending 3.0% of GDP on defence by 2030.

The £15 billion Defence Investment Plan uplift will take NATO-qualifying defence spending to 2.7% of GDP in 2027-28. This is primarily funded by reallocating £10.3 billion across government, with £4.7 billion to be confirmed at Budget 2026.

At the next Spending Review the Government will set out a clear path to meet its 3.5 per cent NATO target in 2035 and will set a target date to hit 3 per cent on that path.

Emma Reynolds
Chief Secretary to the Treasury
28th Aug 2026
To ask the Chancellor of the Exchequer, what recent steps he is taking with the National Infrastructure and Service Transformation to ensure the efficiency of spending to support the delivery of large infrastructure projects.

The National Infrastructure and Service Transformation Authority engages with projects and programmes throughout their project lifecycle, and throughout the delivery system in government, in order to enhance government’s capability and capacity to improve delivery of priority outcomes.

NISTA undertakes regular independent and rigorous assurance of large infrastructure projects on the Government Major Projects Portfolio, in line with the Teal Book and Treasury Approvals Process. This assurance provides confidence to senior leaders and stakeholders, including those involved in spending decisions, that work is well-governed and supports successful delivery of policy, strategy and objectives.

NISTA has also developed a comprehensive capability and capacity building offer for departments, ALBs and will be looking to expand this further to support regionally-led delivery.

Emma Reynolds
Chief Secretary to the Treasury
28th Aug 2026
To ask the Chancellor of the Exchequer, what his Department's policy is on the level of growth major infrastructure projects should deliver.

The government is committed to increasing the UK's long-term growth potential.

The 10 Year Infrastructure Strategy set out the government's long-term plan for economic, housing and social infrastructure to drive growth and boost living standards in every part of the UK. Backed by at least £725bn in public investment, the Strategy aims to restore confidence and drive economic growth by providing stability on funding, creating the right conditions for private sector investment and improving how infrastructure projects are planned and delivered.

The National Infrastructure & Service Transformation Authority (NISTA’s Infrastructure Pipeline (currently covering 700+ projects and around £718bn of public and private investment) provides a 10-year view of UK infrastructure investment, translating commitments into deliverable programmes and supporting planning for skills, capacity and private investment across the infrastructure system. planning for skills, capacity and private investment across the infrastructure system.

Emma Reynolds
Chief Secretary to the Treasury
28th Aug 2026
To ask the Chancellor of the Exchequer, with reference to the press release entitled PM call with Prime Minister Carney of of Canada: 22 July 2026, published in 22 July 2026, what steps the Prime Minister plans to take to step up work between the Defence, Security and Resilience Bank and Multilateral Defence Mechanism in order to improve defence investment throughout the supply chain for all involved.

The UK and Canada share a common objective of strengthening Allied defence industrial capacity through closer international cooperation. The Multilateral Defence Mechanism (MDM) and Canada's proposed Defence, Security and Resilience Bank (DSRB) are intended to address related challenges within the defence industrial ecosystem.

Following the joint-PM statement at the NATO Ankara summit in July, we committed to working closely with our Canadian allies on how the MDM and DSRB can work together, and we continue to do this.

Emma Reynolds
Chief Secretary to the Treasury
28th Aug 2026
To ask the Chancellor of the Exchequer, pursuant to the Answer of 4 June 2026 to Question 4161, on Government departments: marketing, how much has been spent on branded goods and merchandise by HMRC since the Government Chief Commercial Officer letter was sent; on what items, and at what cost.

Since 1 April 2024 HMRC has spent £67,329.94 on branded goods, promotional merchandise and related items. The majority of expenditure relates to recruitment and outreach activity.

James Murray
Financial Secretary to the Treasury and Paymaster General
28th Aug 2026
To ask the Chancellor of the Exchequer, what assessment he has made of the impact on people in a) Newcastle-under-Lyme and b) Staffordshire of the changes made to the Green Book since July 2024.

The Government is taking a collaborative and ambitious approach to reforming the Green Book, to ensure investment decisions best support growth and opportunity in every part of the country, including Newcastle-under-Lyme and Staffordshire.

In February, we published a new version of the Green Book to ensure decisions are no longer based solely on single metrics such as benefit-cost ratios, but take into account the full range of economic and social impacts. We are also working closely with regional leaders to progress place-based business cases – putting local priorities and local expertise at the centre of appraisal.

These changes will complement wider interventions which will benefit Newcastle-under-Lyme and Staffordshire, such as the Midlands Rail Hub and the delivery of HS2 Phase One.
Emma Reynolds
Chief Secretary to the Treasury
28th Aug 2026
To ask the Chancellor of the Exchequer, what his Department's policy is on providing support for infrastructure projects that have a negative net present value in their appraisals.

The Government published a new version of the Green Book in February. This ensures that government decisions are no longer based solely on single metrics, such as benefit-cost ratios or net present social values. They must instead take into account the full range of economic and social impacts that arise from the project.

The new Green Book makes clear that a proposal with a benefit-cost ratio of less than one (i.e. a negative net present social value) may still represent value for money. This may be the case, for instance, if the project has significant benefits that cannot be expressed in monetary terms and which therefore cannot be included in a benefit-cost ratio.

Emma Reynolds
Chief Secretary to the Treasury
28th Aug 2026
To ask the Chancellor of the Exchequer, what assessment he has made of the readiness of HMRC-recognised bridging software and agent software for Making Tax Digital for Income Tax ahead of the April 2026 mandation date for taxpayers with qualifying income over £50,000; and what recourse is available to taxpayers who are unable to source compliant software in time through no fault of their own.

HMRC has worked extensively with software developers, agents and representative bodies to support the development and testing of compatible software products.

There is a range of products available, including solutions designed for agents and customers with different budgets and needs, and including free products supporting those with simpler affairs. Information on compatible software is available at: https://www.gov.uk/guidance/find-software-thats-compatible-with-making-tax-digital-for-income-tax

Customers who experience difficulties meeting their obligations should contact HMRC. HMRC provides a range of support to help customers comply with MTD Tax Digital for Income Tax requirements and considers individual circumstances where appropriate.

James Murray
Financial Secretary to the Treasury and Paymaster General
28th Aug 2026
To ask the Chancellor of the Exchequer, with reference to the Government press release entitled 436,000 sole traders and landlords make their tax digital, published on 12 August 2026, what proportion of taxpayers required to comply with Making Tax Digital for Income Tax have completed the necessary registration and reporting requirements thus far.

HMRC has worked extensively with software developers, agents and representative bodies to support the development and testing of compatible software products.

There is a range of products available, including solutions designed for agents and customers with different budgets and needs, and including free products supporting those with simpler affairs. Information on compatible software is available at: https://www.gov.uk/guidance/find-software-thats-compatible-with-making-tax-digital-for-income-tax

Customers who experience difficulties meeting their obligations should contact HMRC. HMRC provides a range of support to help customers comply with MTD Tax Digital for Income Tax requirements and considers individual circumstances where appropriate.

James Murray
Financial Secretary to the Treasury and Paymaster General
28th Aug 2026
To ask the Chancellor of the Exchequer, what the percentage of desks provided for staff is as a proportion of the total number of assigned staff in each office of HMRC.

HMRC offices have different types of workspaces which allow people to match the task to the most suitable space. We therefore use workspaces rather than the number of desks as our capacity currency.

Please find below a table showing each HMRC office location, the workspaces (capacity) available for HMRC use, the number of HMRC staff we expect to be assigned to that location in March 2027, and the former expressed as a percentage of the latter.

Workspace planning is undertaken based on a wide range of factors including office attendance requirements, part-time and flexible working arrangements, and annual leave and other periods of absence. This means the number of workspaces provided will not normally match the total number of staff assigned to the location.

Locations occupied by the Valuation Office are included in the table below following VO’s integration into HMRC on 1 April 2026. These locations have not yet been formally assessed using HMRC’s planning and utilisation assumptions. Now that these locations are part of HMRC’s estate portfolio, they will be considered under the same planning and utilisation approach going forward. VO staff in post data is also not yet fully integrated into HMRC datasets, hence our provision of planned headcount numbers as at March 2027.

Location

Building Capacity (number of workspaces – Sept 2026)

Planned headcount in location at March 2027

Building Capacity at Sept 2026 as a percentage of planned headcount in location at March 2027

Belfast Region

1,030

2,486

41%

BIRMINGHAM, 3 Arena Central

1,692

4,002

42%

BRISTOL, 3 Glass Wharf

861

1,612

53%

CARDIFF, Ty William Morgan House

2,194

4,709

47%

CROYDON, 1 Ruskin Square

1,552

2,829

55%

EDINBURGH, Queen Elizabeth House

1,377

2,334

59%

GLASGOW, Atlantic Square

1,463

3,295

44%

Leeds Region

2,836

5,724

50%

LIVERPOOL, India Building

2,736

6,227

44%

MANCHESTER CAMPUS,

3,289

7,028

47%

NEWCASTLE UPON TYNE, Benton Park View

4,540

8,212

55%

NOTTINGHAM, Unity Square

1,914

4,564

42%

STRATFORD, 14 Westfield Avenue

2,717

6,007

45%

LONDON, 100 Parliament Street

391

890

44%

DOVER, Priory Court

172

207

83%

GARTCOSH, Scottish Crime Campus

286

311

92%

IPSWICH, Brooke Lawrance House

413

466

89%

TELFORD, Plaza Campus

465

1,029

45%

WORTHING, Teville Gate House

499

537

93%

EAST KILBRIDE, Queensway House

1,095

2,082

53%

PORTSMOUTH, Lynx House

922

1,229

75%

PRESTON, St Marks & St Marys Campus

841

1,607

52%

READING, Sapphire Plaza

78

89

88%

WASHINGTON, Waterview Park

1,514

1,926

79%

BOOTLE, Redgrave Court (VO)

70

162

43%

CAMBRIDGE, Eastbrook (VO)

30

42

71%

CARMARTHEN, Building 16 (VO)

14

27

52%

COLCHESTER, The Octagon (VO)

48

54

89%

DURHAM, Wycliffe House (VO)

360

479

75%

EASTBOURNE, St Annes House (VO)

42

38

110%

EXETER, The Senate (VO)

36

43

84%

FOLKESTONE, Palting House (VO)

32

58

55%

HULL, Earle House (VO)

36

56

65%

INVERNESS, River House (VO)

5

5

100%

LANCASTER, Mitre House (VO)

18

19

95%

LONDON, 10 South Colonnade (VO)

212

379

56%

NORWICH, Rosebery Court (VO)

46

52

88%

OXFORD, 2 Avalon House (VO)

24

28

85%

PLYMOUTH, Crownhill Court (VO)

322

520

62%

SHEFFIELD, Greenfield House (VO)

42

78

54%

SOUTHAMPTON, Mountbatten House (VO)

60

100

60%

ST AUSTELL, Penhaligon House (VO)

24

20

120%

STOKE-ON-TRENT, Bennett House (VO)

52

68

77%

SWANSEA, Civic Centre (VO)

28

67

42%

WEMBLEY, Brent Civic Centre (VO)

67

125

53%

WREXHAM, Yale Business Village (VO)

24

49

49%

James Murray
Financial Secretary to the Treasury and Paymaster General