HM Treasury
HM Treasury is the government’s economic and finance ministry, maintaining control over public spending, setting the direction of the UK’s economic policy and working to achieve strong and sustainable economic growth.
Shadow Ministers / Spokeperson
Liberal Democrat
Baroness Kramer (LD - Life peer)Liberal Democrat Lords Spokesperson (Treasury and Economy)
Daisy Cooper (LD - St Albans)
Liberal Democrat Spokesperson (Treasury)
Conservative
Mel Stride (Con - Central Devon)Shadow Chancellor of the Exchequer
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Lord Altrincham (Con - Excepted Hereditary)Shadow Minister (Treasury)
Richard Fuller (Con - North Bedfordshire)
Shadow Chief Secretary to the Treasury
Gareth Davies (Con - Grantham and Bourne)
Shadow Financial Secretary (Treasury)
Baroness Neville-Rolfe (Con - Life peer)
Shadow Minister (Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
James Wild (Con - North West Norfolk)Shadow Exchequer Secretary (Treasury)
Mark Garnier (Con - Wyre Forest)
Shadow Economic Secretary (Treasury)
Ministers of State
Darren Jones (Lab - Bristol North West)Chief Secretary to the Treasury
Lord Livermore (Lab - Life peer)
Financial Secretary (HM Treasury)
Baroness Gustafsson (Lab - Life peer)
Minister of State (HM Treasury)
Parliamentary Under-Secretaries of State
James Murray (LAB - Ealing North)Exchequer Secretary (HM Treasury)
Emma Reynolds (Lab - Wycombe)
Economic Secretary (HM Treasury)
Torsten Bell (Lab - Swansea West)
Parliamentary Secretary (HM Treasury)
12:43
Written Evidence
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
To ask the Chancellor of the Exchequer, what steps she is taking to ensure cash remains protected in (a) South …
These Regulations amend regulation 51 of the Payment Services Regulations 2017 (“PSRs”) to impose new requirements on payment service providers …
A Bill to Authorise the use of resources for the years ending with 31 March 2024, 31 March 2025 and …
13:30
News and Communications
HM Treasury Commons Appearances
Oral Answers to Questions is a regularly scheduled appearance where the Secretary of State and junior minister will answer at the Dispatch Box questions from backbench MPs
Other Commons Chamber appearances can be:- Urgent Questions where the Speaker has selected a question to which a Minister must reply that day
- Adjornment Debates a 30 minute debate attended by a Minister that concludes the day in Parliament.
- Oral Statements informing the Commons of a significant development, where backbench MP's can then question the Minister making the statement.
Westminster Hall debates are performed in response to backbench MPs or e-petitions asking for a Minister to address a detailed issue
Written Statements are made when a current event is not sufficiently significant to require an Oral Statement, but the House is required to be informed.
Bills currently before Parliament
HM Treasury does not have Bills currently before Parliament
Acts of Parliament created in the 2024 Parliament
A Bill to make provision about secondary Class 1 contributions.
This Bill received Royal Assent on 3rd April 2025 and was enacted into law.
A Bill to make provision about finance.
This Bill received Royal Assent on 20th March 2025 and was enacted into law.
A Bill to amend the Crown Estate Act 1961.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to Authorise the use of resources for the years ending with 31 March 2024, 31 March 2025 and 31 March 2026; to authorise the issue of sums out of the Consolidated Fund for those years; and to appropriate the supply authorised by this Act for the years ending with 31 March 2024 and 31 March 2025.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to make provision for loans or other financial assistance to be provided to, or for the benefit of, the government of Ukraine.
This Bill received Royal Assent on 16th January 2025 and was enacted into law.
A Bill to impose duties on the Treasury and the Office for Budget Responsibility in respect of the announcement of fiscally significant measures.
This Bill received Royal Assent on 10th September 2024 and was enacted into law.
A Bill to authorise the use of resources for the year ending with 31 March 2025; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2024.
This Bill received Royal Assent on 30th July 2024 and was enacted into law.
HM Treasury - Secondary Legislation
Petitions
e-Petitions are administered by Parliament and allow members of the public to express support for a particular issue.
If an e-petition reaches 10,000 signatures the Government will issue a written response.
If an e-petition reaches 100,000 signatures the petition becomes eligible for a Parliamentary debate (usually Monday 4.30pm in Westminster Hall).
(3,720 in the last 7 days)
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c. 791 added daily
154,005
(Estimated)
Don't change inheritance tax relief for working farms
Sign this petition Gov Responded - 5 Dec 2024 Debated on - 10 Feb 2025closes in 0 minutes
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.
c. 622 added daily
115,466
(Estimated)
Don't apply VAT to independent school fees, or remove business rates relief.
Sign this petition Gov Responded - 20 Dec 2024 Debated on - 3 Mar 2025closes in 2 weeks, 4 days
Prevent independent schools from having to pay VAT on fees and incurring business rates as a result of new legislation.
Departmental Select Committee
Treasury Committee
Commons Select Committees are a formally established cross-party group of backbench MPs tasked with holding a Government department to account.
At any time there will be number of ongoing investigations into the work of the Department, or issues which fall within the oversight of the Department. Witnesses can be summoned from within the Government and outside to assist in these inquiries.
Select Committee findings are reported to the Commons, printed, and published on the Parliament website. The government then usually has 60 days to reply to the committee's recommendations.
11 Members of the Treasury Committee
Treasury Committee Member since 9th September 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 9th December 2024
Treasury Committee: Upcoming Events
National Wealth Fund
14 May 2025, 2 p.m.
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Treasury Committee - Oral evidence
National Wealth Fund
14 May 2025, 2 p.m.
At 2:15pm: Oral evidence
Chris Cummings - Chief Executive at Investment Association
Joe Dharampal-Hornby - Head of Public Affairs and Communications at UK Sustainable Investment and Finance Association (UKSIF)
Signe Norberg - Head of External Affairs at Aldersgate Group
Richard Threfall - Policy Fellow at Institution of Civil Engineers, and Global Head of Infrastructure, Government and Healthcare at KPMG International
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Treasury Committee - Oral evidence
Banks and building societies
20 May 2025, 9:30 a.m.
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Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)Goods valued at £135 or less imported into the UK are not subject to customs duty and are predominantly imported through a simplified customs declaration.
As part of this simplified declaration multiple goods can be bulk declared without providing the total number of consignments or country of origin - in other words, the importer is not asked the specific country where the goods were manufactured or wholly obtained. HMRC therefore does not routinely collect customs data on the proportion of imports from China that are worth less than £135.
On April 23rd the Government announced a review of the customs treatment of Low Value Imports valued below £135. We intend to engage a broad range of stakeholders over the Spring to further understand their views and gather evidence, including on the volume and nature of low value imports, to support our analysis.
Exchequer Secretary (HM Treasury)
The OBR will certify the impact of the trade deal including the Double Contributions Convention in the usual way at a fiscal event, once the deal is finalised and ratified. The agreement to negotiate a Double Contributions Convention was made in the context of the wider deal, which will bring billions into the economy.
Exchequer Secretary (HM Treasury)
The government takes the issue of fraud very seriously and is dedicated to protecting the public from this devastating crime. Tackling fraud requires a unified and coordinated response from government, regulators, law enforcement and the private sector to better protect the public and businesses from fraud.
The legislation surrounding the sale of timeshares and credit agreements relating to timeshares provide routes of redress where consumers have been misled.
Firstly, it is an offence under the Digital Markets, Competition and Consumers Act 2024 for traders to engage in unfair commercial practices which mislead consumers, and it is punishable by a fine or imprisonment for up to two years. The Act will also afford rights of redress for consumers.
Regarding the timeshare market specifically, the Timeshare, Holiday Products, Resale and Exchange Regulations 2010 provide protections for consumers buying and selling timeshares and other long-term “holiday club” memberships, including provision for consumers to withdraw from their contract.
Consumers are protected from fraud in consumer law. Consumers that believe they have been fraudulently sold timeshare products should raise their concerns with the relevant enforcement authorities.
In cases where a consumer took out a regulated financial product to purchase a timeshare, they may have recourse to the Financial Ombudsman Service (FOS) if that product was mis-sold.
When complaints are made to the FOS, these should be dealt with in a timely manner. The Financial Conduct Authority (FCA) Handbook, which sets out the rules on how the FOS should handle complaints, states that ‘the ombudsman will attempt to resolve complaints at the earliest possible stage’. Ensuring timely outcomes is one of the FOS’s main priorities for 2025-26 and it has set itself a target to resolve 85 per cent of cases received in the year within 6 months.
Economic Secretary (HM Treasury)
The government takes the issue of fraud very seriously and is dedicated to protecting the public from this devastating crime. Tackling fraud requires a unified and coordinated response from government, regulators, law enforcement and the private sector to better protect the public and businesses from fraud.
The legislation surrounding the sale of timeshares and credit agreements relating to timeshares provide routes of redress where consumers have been misled.
Firstly, it is an offence under the Digital Markets, Competition and Consumers Act 2024 for traders to engage in unfair commercial practices which mislead consumers, and it is punishable by a fine or imprisonment for up to two years. The Act will also afford rights of redress for consumers.
Regarding the timeshare market specifically, the Timeshare, Holiday Products, Resale and Exchange Regulations 2010 provide protections for consumers buying and selling timeshares and other long-term “holiday club” memberships, including provision for consumers to withdraw from their contract.
Consumers are protected from fraud in consumer law. Consumers that believe they have been fraudulently sold timeshare products should raise their concerns with the relevant enforcement authorities.
In cases where a consumer took out a regulated financial product to purchase a timeshare, they may have recourse to the Financial Ombudsman Service (FOS) if that product was mis-sold.
When complaints are made to the FOS, these should be dealt with in a timely manner. The Financial Conduct Authority (FCA) Handbook, which sets out the rules on how the FOS should handle complaints, states that ‘the ombudsman will attempt to resolve complaints at the earliest possible stage’. Ensuring timely outcomes is one of the FOS’s main priorities for 2025-26 and it has set itself a target to resolve 85 per cent of cases received in the year within 6 months.
Economic Secretary (HM Treasury)
Goods valued at £135 or less imported into the UK are not subject to customs duty and are predominantly imported through a simplified customs declaration.
HMRC can only provide the overall value of shipments containing goods under £135, as data on country of origin is not collected as part of the simplified customs declaration - in other words, the importer is not asked the specific country where the goods were manufactured or wholly obtained.
It was not mandatory to provide the total aggregate value as part of the simplified customs declaration until 2023. In 2024, £5.8bn worth of goods under £135 were declared through the Customs Declarations System (CDS).
On April 23rd the Government announced a review of the customs treatment of Low Value Imports valued below £135. We intend to engage a broad range of stakeholders over the Spring to further understand their views and gather evidence, including on the volume and nature of low value imports, to support our analysis.
Exchequer Secretary (HM Treasury)
The Chancellor regularly meets with the Governor of the Bank of England to discuss matters relating to economy and the Bank’s progress towards meeting its price stability targets.
The government continues to support the Bank’s independence to carry out its statutory responsibilities for monetary policy and financial stability, and there are no plans to change the way reserves are remunerated at the Bank of England. The government is providing the stability required for the MPC to bring interest rates down, by managing the public finances responsibly.
Economic Secretary (HM Treasury)
HM Treasury currently has no plans to establish a bitcoin reserve fund.
The UK’s official reserves comprise foreign currency assets (cash, bonds and notes), gold assets and International Monetary Fund (IMF) Special Drawing Rights (SDR), which are held in the Exchange Equalisation Account (EEA).
Bitcoin and other cryptoassets have been historically volatile relative to stable fiat currencies like the US dollar and commodities, such as gold. This volatility makes Bitcoin less suitable as a reserve asset for the UK.
Economic Secretary (HM Treasury)
The UK has been a world leader in Open Banking since 2018. Open Banking providers offer innovative services using customer data, and can help with improving financial inclusion, such as by allowing customers to gain better oversight of their finances, or by improving access to credit.
The Government is committed to maintaining the UK’s leadership in this area. This is why the government set out in the National Payments Vision, published in November, that Open Banking must transition to a sustainable long-term regulatory framework. The government is committed to delivering this framework and intends to use incoming smart data powers in the Data (Use and Access) Bill, currently progressing through Parliament, to do so.
The Government is working to ensure that individuals have access to the appropriate financial products and services they need. This is why I have committed to publish a Financial Inclusion Strategy later this year, which will examine the barriers consumers face and solutions to address them.
On the 90-day Open Banking consumer consent period - this is a matter for the Financial Conduct Authority (FCA), which is independent from Government. The FCA will respond to the Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.
Economic Secretary (HM Treasury)
The UK has been a world leader in Open Banking since 2018. Open Banking providers offer innovative services using customer data, and can help with improving financial inclusion, such as by allowing customers to gain better oversight of their finances, or by improving access to credit.
The Government is committed to maintaining the UK’s leadership in this area. This is why the government set out in the National Payments Vision, published in November, that Open Banking must transition to a sustainable long-term regulatory framework. The government is committed to delivering this framework and intends to use incoming smart data powers in the Data (Use and Access) Bill, currently progressing through Parliament, to do so.
The Government is working to ensure that individuals have access to the appropriate financial products and services they need. This is why I have committed to publish a Financial Inclusion Strategy later this year, which will examine the barriers consumers face and solutions to address them.
On the 90-day Open Banking consumer consent period - this is a matter for the Financial Conduct Authority (FCA), which is independent from Government. The FCA will respond to the Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.
Economic Secretary (HM Treasury)
The UK has been a world leader in Open Banking since 2018. Open Banking providers offer innovative services using customer data, and can help with improving financial inclusion, such as by allowing customers to gain better oversight of their finances, or by improving access to credit.
The Government is committed to maintaining the UK’s leadership in this area. This is why the government set out in the National Payments Vision, published in November, that Open Banking must transition to a sustainable long-term regulatory framework. The government is committed to delivering this framework and intends to use incoming smart data powers in the Data (Use and Access) Bill, currently progressing through Parliament, to do so.
The Government is working to ensure that individuals have access to the appropriate financial products and services they need. This is why I have committed to publish a Financial Inclusion Strategy later this year, which will examine the barriers consumers face and solutions to address them.
On the 90-day Open Banking consumer consent period - this is a matter for the Financial Conduct Authority (FCA), which is independent from Government. The FCA will respond to the Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.
Economic Secretary (HM Treasury)
The Government recognises that cash continues to be used by millions of people across the UK, including those in vulnerable groups, and is committed to protecting access to cash for individuals and businesses.
The Financial Conduct Authority (FCA) assumed regulatory responsibility for access to cash in September 2024. Its rules require the UK’s largest banks and building societies to assess the impact of a closure or material alteration of a relevant cash withdrawal or deposit facility and put in place a new service if necessary. Assessments are undertaken by LINK, the industry designated coordinating body responsible for conducting cash access assessments. LINK take into account a number of factors including those unique to each location, such as the size and vulnerability of the population and whether to is reasonable for people to travel to nearby facilities, factoring in geographic barriers such as hills, rivers and major roads.
The Government is also committed to ensuring appropriate banking services are in place to support communities across the country. This is why the Government is working closely with industry to roll out 350 banking hubs across the UK by the end of this Parliament. These hubs will provide small businesses and individuals with critical cash and in-person banking services. Over 200 banking hubs have been recommended to date and over 150 are already open.
Economic Secretary (HM Treasury)
The Government recognises that cash continues to be used by millions of people across the UK, including those in vulnerable groups, and is committed to protecting access to cash for individuals and businesses.
The Financial Conduct Authority (FCA) assumed regulatory responsibility for access to cash in September 2024. Its rules require the UK’s largest banks and building societies to assess the impact of a closure or material alteration of a relevant cash withdrawal or deposit facility and put in place a new service if necessary. Assessments are undertaken by LINK, the industry designated coordinating body responsible for conducting cash access assessments. LINK take into account a number of factors including those unique to each location, such as the size and vulnerability of the population and whether to is reasonable for people to travel to nearby facilities, factoring in geographic barriers such as hills, rivers and major roads.
The Government is also committed to ensuring appropriate banking services are in place to support communities across the country. This is why the Government is working closely with industry to roll out 350 banking hubs across the UK by the end of this Parliament. These hubs will provide small businesses and individuals with critical cash and in-person banking services. Over 200 banking hubs have been recommended to date and over 150 are already open.
Economic Secretary (HM Treasury)
The Government published Tax Impact and Information Notes (TIINs) assessing the impacts of the 2025/26 and 2026/27 APD rates, which can be found at GOV.UK:
These measures are not expected to have any significant macroeconomic impact.
Exchequer Secretary (HM Treasury)
The cost of the tax relief element of the Lifetime ISA is included within tax relief cost of all ISAs, which can be found in the Non-structural tax relief statistics publication, specifically table 5.16.
A forecast of estimated bonus paid is published within the OBR’s Economic and fiscal outlook, in the ‘detailed forecast tables: expenditure’ table. Specifically, this can be found within the detailed table breakdown in tab 4.11, row 7.
Links:
https://obr.uk/efo/economic-and-fiscal-outlook-march-2025/
Economic Secretary (HM Treasury)
Eligible deposits held by UK banks, building societies and credit unions that are authorised by the Prudential Regulation Authority (PRA) are protected by the Financial Services Compensation Scheme up to £85,000. This limit is set by the PRA and applies to eligible retail accounts as well as accounts of eligible registered businesses. The PRA is required to independently review the limit every five years.
On 31 March, the PRA launched a consultation on the outcome of its most recent review and proposed an inflation-based increase in this limit to £110,000. Any changes to the limit must be approved by the Treasury and the Government would carefully consider any changes proposed by the PRA following the conclusion of this consultation.
Economic Secretary (HM Treasury)
Eligible deposits held by UK banks, building societies and credit unions that are authorised by the Prudential Regulation Authority (PRA) are protected by the Financial Services Compensation Scheme up to £85,000. The PRA sets this limit and is required to independently review the limit every five years.
On 31 March, the PRA launched a consultation on the outcome of its most recent review and proposed an inflation-based increase in this limit to £110,000. Any changes to the limit must be approved by the Treasury and the Government would carefully consider any changes proposed by the PRA following the conclusion of this consultation.
Economic Secretary (HM Treasury)
The Personal Allowance - the amount an individual can earn before paying tax - will continue to exceed the basic and full new State Pension this tax year. This means pensioners whose sole income is the full new State Pension or basic State Pension without any increments will not pay any income tax.
The previous Government made the decision to freeze the income tax Personal Allowance at its current level of £12,570 until April 2028. This Government is committed to keeping people’s taxes as low as possible while ensuring fiscal responsibility and so, at our first Budget, we decided not to extend the freeze on personal tax thresholds.
Exchequer Secretary (HM Treasury)
The OBR will certify the impact of the trade deal including the Double Contributions Convention in the usual way at a fiscal event, once the deal is finalised and ratified. The agreement to negotiate a Double Contributions Convention was made in the context of the wider deal, which will bring billions into the economy.
Exchequer Secretary (HM Treasury)
The UK-India Free Trade Agreement will make it easier for British businesses to trade with the fastest growing economy in the G20. The government estimates that it will increase bilateral trade by £25.5 billion, add £4.8billion a year to our economy and boost wages by £2.2 billion every year in the long run.
The Barnett formula is applied when UK Government departmental budgets change. Any future changes to UK Government department funding as a result of the UK-India Free Trade Agreement will have the Barnett formula applied in the normal way.
Chief Secretary to the Treasury
On 19 April 2023, the FCA published a statement on their investigation into the circumstances leading up to the suspension of the Woodford Equity Income Fund, and the role of Link Fund Solutions. The statement set out a proposed settlement scheme for this investigation, where Link Fund Solutions and Link Group would provide a redress payment of up to approximately £230 million. This scheme would mean investors recovering up to 77p in the pound for the losses attributable to Link Fund Solutions.
The FCA considered that the scheme was the quickest way for investors to obtain a better outcome than might otherwise be achieved. In December 2023, investors voted by an overwhelming margin to endorse the scheme.
On 9 February 2024, the High Court issued a judgment approving the scheme, and the first redress payments of over £185 million were distributed by April 2024.
Economic Secretary (HM Treasury)
The Equitable Life Payment Scheme has been fully wound down and closed since 2016 and there are no plans to reopen any decisions relating to the Payment Scheme or review the £1.5 billion funding allocation previously made to it. Further guidance on the status of the Payment Scheme after closure is available at: https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme.
Economic Secretary (HM Treasury)
The Government recognises that preparing for the future means adapting to the effects of climate change. Without action, flooding, coastal erosion and other climate hazards will pose greater risks to lives, livelihoods and people’s wellbeing.
As set out in the Autumn Budget, the Government is investing in climate adaptation to protect the economy from the impacts of climate change, confirming investment of £2.4 billion over two years to support flood resilience and over £400 million for tree planting and peatland restoration, which will contribute to resilience.
The allocation of funding beyond 2025-26 will be confirmed through Phase 2 of the Spending Review in June.
Chief Secretary to the Treasury
Making Tax Digital (MTD) modernises the tax system, helps businesses to keep on top of their tax affairs and supports wider productivity.
Research measuring levels of understanding and readiness is underway and will be published once it is finalised. The Government is actively undertaking a range of activities to ensure that those needing to use MTD for Income Tax are ready and able to do so successfully from April 2026. A communications campaign is underway, raising customer awareness of MTD for Income Tax and encouraging agents and customers to sign up for testing.
HMRC are supporting customers and agents with a suite of guidance products, direct communications, webinars, live events and social media activity to help them to prepare.
Financial Secretary (HM Treasury)
Private schools in England no longer benefit from business rates charitable rate relief. The definition of a private school is set out in the Non-Domestic Rating (Multipliers and Private Schools) Act. This definition includes private schools with nursery classes, which, despite the presence of some nursery provision are, by their nature, private schools.
Standalone nursery schools with their own business rates assessments remain eligible for charitable rate relief if they are eligible charities. This approach best ensures consistency with the underlying policy intent to remove eligibility from private schools.
Financial Secretary (HM Treasury)
The Government recognises the importance of the UK’s video games sector and the key role it plays in driving economic growth. As part of our modern Industrial Strategy, we are developing a creative industries sector plan with business, local leaders, and sector experts.
The Government supports the video games sector through the tax system and through funding. Video games companies already benefit from the Video Games Expenditure Credit (VGEC), which provides a generous tax credit of 34 per cent on UK video games development costs.
In addition, companies may benefit from the £5.5 million UK Games Fund for 2025/26, which helps high-potential start-ups scale-up.
When considering new tax reliefs, the Government has to balance a wide range of factors, including the fiscal position and complexity of the tax system. The Government keeps the tax system under review.
Financial Secretary (HM Treasury)
To produce an estimate for the tax revenues raised from the abolition of the Annual Exempt Amount (AEA) on Capital Gains Tax (CGT) would require a disproportionate cost.
Estimates for the tax relief afforded by the AEA can be found in HMRC’s structural tax relief publication [1] . Please note that these estimates do not represent the gain to the Exchequer should the relief be abolished as they do not explicitly model additional behavioural responses or wider economic impacts that could result from changes to the relief. The latest published estimates also reflect the AEA being £12,300 for individuals in 2022/23, compared to the current AEA of £3,000.
You may also be interested in HMRC’s direct effects of illustrative tax changes publication [2] which includes estimates for an illustrative change to the AEA. Please note that these estimates are non-linear and asymmetrical. For example, doubling or halving the AEA estimates will not accurately predict the change in revenue for a proportionate change in the AEA.
[1] https://www.gov.uk/government/statistics/minor-tax-expenditures-and-structural-reliefs/structural-tax-relief-statistics-december-2024
[2] https://www.gov.uk/government/statistics/direct-effects-of-illustrative-tax-changes/direct-effects-of-illustrative-tax-changes-bulletin-january-2025
Financial Secretary (HM Treasury)
The government is committed to ensuring that all key sectors play their part to better protect the public and businesses from fraud.
In November, building on existing pledges to prevent fraud, the Home Secretary, the Secretary of State for Science, Innovation and Technology and the Chancellor wrote to signatories of the Online Fraud Charter and Telecommunications Fraud Sector Charter calling for technology platforms and telecoms providers to go further and faster in their efforts to tackle the fraud that exploits their services.
The government will publish a fraud prevention strategy in due course, which will ensure a unified and coordinated response from government, law enforcement and industry.
Economic Secretary (HM Treasury)
The Lifetime ISA supports younger people saving for their first home or later life by offering a generous government bonus on up to £4,000 of savings each year. These funds, including the government bonus, can be used to purchase a first home up to the value of £450,000, in the case of terminal illness or from age 60.
Any other withdrawals are subject to a 25% charge on the amount withdrawn. This recoups the government bonus, any interest or growth arising, and a proportion of the individual’s subscriptions to discourage such withdrawals and protect the long-term nature of the account.
While the Government’s website ‘gov.uk’ already explains the rules behind the Lifetime ISA, and includes a worked example of the withdrawal charge, we will consider whether any improvements can be made to that guidance.
Lifetime ISA managers also have a responsibility for ensuring that communications with their customers are clear and concise as part of consumer duty requirements. As part of that communication the manager will normally provide details of the scheme, including the rules around withdrawing funds, whether any charge applies and how that charge is calculated.
Economic Secretary (HM Treasury)
HMT does not hold information on the level of dormant assets across UK bank accounts as this would be client information held by the banks themselves.
However, the Government does have information on the level of funds pertaining to the UK’s official Dormant Assets Scheme. The Dormant Assets scheme – legislated for in 2008, and updated in 2022 – creates a voluntary mechanism for taking dormant funds transferred from the financial sector to spend on charitable causes. The scheme was designed as a public/private partnership. The transferred funds come largely from the UK’s banking and building society sectors and are administered by a body called Reclaim Fund Limited (RFL).
Total transfers into the scheme since inception, from across the financial services sector, was £1.98bn as of March 2024. Of this total, £241m was transferred to the scheme in the financial year 2023/2024 alone, of which £219m came from the banking and building societies sectors, demonstrating the large amount of Dormant Assets held by these institutions.
There are currently 36 banks and building societies participating in the Dormant Assets Scheme, including many large banks.
Economic Secretary (HM Treasury)
Overall, fire and rescue authorities have received around £2.87 billion in 2024/25. The Local Government Funding Settlement was published on 3 February and sets out funding allocations for all Local Authorities including Fire and Rescue. In 2025/26, standalone Fire and Rescue Authorities will see an increase in core spending power of £65.5m in 2025/26. These allocations, which include the National Insurance Contribution Grant, represent a 3.6% increase in core spending power.
The government has committed to performing a Zero-Based Review of all expenditure, conducting line-by-line scrutiny of spending. This is the first time in over a decade and a half that government departments have been asked to take such an approach, with what’s called a “zero-based review” last undertaken 17 years ago.
The Spending Review will draw on this to ensure funding is aligned with the government’s priorities and the Plan for Change.
Chief Secretary to the Treasury
The Office for Value for Money is a small, time-limited organisation based in HM Treasury. In addition to its independent Chair, the OVfM comprises a team of c.15 officials, including secondees from the National Audit Office (NAO), the Government Commercial Function, and the Evaluation Task Force. Its budget will be published and outturn data will be made available with HM Treasury’s Annual Report and Accounts.
Chief Secretary to the Treasury
Revenue generated from fines for motoring offences is retained by Departments or directed into the Consolidated Fund. The consolidated fund is administered by HM Treasury and is used to support general expenditure on public services such as policing, healthcare, local government grants and transport. Government departments that receive income for onward surrender to the Consolidated Fund are responsible for the detailed record keeping related to it. They are not required to provide HM Treasury with this detail.
Chief Secretary to the Treasury
The information is only available at disproportionate cost.
Chief Secretary to the Treasury
The information is only available at disproportionate cost.
Chief Secretary to the Treasury
The information is only available at disproportionate cost.
Chief Secretary to the Treasury
John Hayes
(Conservative - South Holland and The Deepings)
The information is only available at disproportionate cost.
Chief Secretary to the Treasury
The Home Office funds a range of organisations providing vital frontline support to victims of violence against women and girls (VAWG), including domestic abuse. The Home Office is providing a small increase in funding for VAWG victims’ services in this financial year (25/26).
In 2024/25, the Home Office in 2024/25 provided £2.69m to support victims fleeing domestic abuse via the Flexible Fund. The fund, delivered by Women’s Aid Federation England and a consortium of over 470 services, was accessible to all adult victims of domestic abuse in England and Wales, including victims with no recourse to public funds.
The Home Office also provided £3.6m in 2024/25 to fund a range of specialist national VAWG helplines which provide guidance and support to all victims.
Chief Secretary to the Treasury
The Spending Review is underway, and details will be announced on 11 June.
As part of the Spring Statement, Government announced a £3.25bn Transformation Fund to drive efficiencies across government and save money later in the Parliament, and set out how this would be allocated over the Spending Review process.
Government is determined to make sure that everyone has access to high-quality end of life care. In December 2024 we announced a £100 million boost for adult and children’s hospices to ensure they have the best physical environment for care, and £26 million revenue to support children and young people’s hospices.
Chief Secretary to the Treasury
The OBR will certify the impact of the trade deal including the Double Contributions Convention in the usual way at a fiscal event, once the deal is finalised and ratified. The agreement to negotiate a Double Contributions Convention was made in the context of the wider deal, which will bring billions into the economy.
Exchequer Secretary (HM Treasury)
The OBR will certify the impact of the trade deal including the Double Contributions Convention in the usual way at a fiscal event, once the deal is finalised and ratified. The agreement to negotiate a Double Contributions Convention was made in the context of the wider deal, which will bring billions into the economy.
Exchequer Secretary (HM Treasury)
The Government seeks to ensure that individuals have access to the appropriate financial products and services they need. This is why I am working with a committee of consumer and industry representatives to develop a Financial Inclusion Strategy which will be published later this year.
The strategy will seek to tackle a range of barriers to consumers’ ability to access products, including a focus on: (i) digital inclusion and access to banking; (ii) savings; (iii) insurance; (iv) affordable credit; (v) problem debt; and (vi) financial education and capability.
As part of this work, the committee is considering the cross-cutting theme of accessibility to ensure appropriate consideration of how physical and learning disabilities and cognitive impairments can affect people’s ability to use financial services products and engage with their providers.
More widely, the Government works closely with the Financial Conduct Authority (FCA), the independent regulator of the UK’s financial services sector, to ensure that all customers get the right support with their financial products and services. FCA guidance outlines that firms should identify vulnerable customers and consider their needs appropriately.
Additionally, under the Equality Act 2010, banks must make reasonable adjustments to ensure their services are accessible to all.
Economic Secretary (HM Treasury)
The Government seeks to ensure that individuals have access to the appropriate financial products and services they need. This is why I am working with a committee of consumer and industry representatives to develop a Financial Inclusion Strategy which will be published later this year.
The strategy will seek to tackle a range of barriers to consumers’ ability to access products, including a focus on: (i) digital inclusion and access to banking; (ii) savings; (iii) insurance; (iv) affordable credit; (v) problem debt; and (vi) financial education and capability.
As part of this work, the committee is considering the cross-cutting theme of accessibility to ensure appropriate consideration of how physical and learning disabilities and cognitive impairments can affect people’s ability to use financial services products and engage with their providers.
More widely, the Government works closely with the Financial Conduct Authority (FCA), the independent regulator of the UK’s financial services sector, to ensure that all customers get the right support with their financial products and services. FCA guidance outlines that firms should identify vulnerable customers and consider their needs appropriately.
Additionally, under the Equality Act 2010, banks must make reasonable adjustments to ensure their services are accessible to all.
Economic Secretary (HM Treasury)
The Office for Budget Responsibility reports on the impact of the government’s policy announcements, including behavioural impacts where relevant. The impact of policies announced at Autumn Budget 2024 can be found in its published document Economic and Fiscal Outlook, October 2024.
Additionally, Tax Information and Impact Notes, published on gov.uk, describe the 'economic impact' and 'impact on individuals, households and families'.
Economic Secretary (HM Treasury)
Our Regulation Action Plan included a whole of Government target to cut the administrative costs of regulation for business, including costs posed by reporting requirements, by a quarter by the end of the Parliament.
As first steps to contribute to the delivery of this target:
· The Prudential Regulation Authority has committed to working with industry to deliver a more streamlined approach to banking regulatory reporting;
· The Financial Conduct Authority published a consultation on removing certain reporting and notification requirements on 16 April; and,
· We are considering changes to the Money Laundering Regulations, to ensure requirements are proportionate and targeted at high-risk activity.
We are completing a baselining exercise in parallel to understand how much regulation is costing and where reforms can be targeted to streamline processes and remove unnecessary burdens.
Economic Secretary (HM Treasury)
I refer my honourable friend to the answer that I gave to PQ UIN 46809 on 30 April 2025. https://questions-statements.parliament.uk/written-questions/detail/2025-04-22/46809
Exchequer Secretary (HM Treasury)
The Government has commissioned an independent review of the Loan Charge. Ray McCann, a highly respected figure in the tax world, is leading the review. His name was suggested by one of the Loan Charge campaigners.
To ensure transparency, the terms of reference make it clear that Mr McCann will be supported by a team of officials who have not previously worked on this policy area and will be based outside of HM Treasury and HMRC. Information provided by HMT and HMRC to the review team and factual comments provided on draft reports will be published after the review has concluded.
The Government does not think it is right for people affected by the Loan Charge to have to wait years to bring this matter to a close and has therefore ensured that the review has a focused remit, allowing it to report by this summer. The Government will respond by Autumn Budget 2025.
Alongside the review, the Government is consulting in 2025 on measures to tackle promoters of marketed tax avoidance and has already announced measures to tackle the significant tax avoidance and fraud in the umbrella company market.
Exchequer Secretary (HM Treasury)
HMRC does not hold unitary authority-level estimates of taxpayers who could be removed from Self-Assessment following the criteria review.
Exchequer Secretary (HM Treasury)
At Autumn Budget 2024 the Chancellor announced her intention to review the Soft Drinks Industry levy (SDIL) – which has incentivised producers to remove almost half (46%) the sugar in relevant drinks – to further drive product reformulation.
The ‘Strengthening the Soft Drinks Industry Levy’ consultation follows this commitment. Specifically, it sets out proposals to reduce the minimum sugar threshold at which the levy applies from 5g to 4g sugar per 100ml, and to remove the current exemptions for milk-based and milk substitute drinks with added sugar.
The government welcomes feedback on the proposed changes as part of the consultation, which is open until 21 July 2025 and will inform decisions at a future Budget.
The exchequer impact of any changes to SDIL will be confirmed following the consultation and certified by the Office of Budget Responsibility as part of a Budget.
Exchequer Secretary (HM Treasury)
Carbon emission details, including vehicles rented, will be published later this year within in the Sustainability Report section of HM Treasury 2024-25 Annual Report and Accounts. This will be published at the following link.
HMT annual report and accounts - GOV.UK
Exchequer Secretary (HM Treasury)