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.
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
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: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.
HM Treasury does not have Bills currently before Parliament
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.
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.
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.
A Bill to make provision in connection with finance.
This Bill received Royal Assent on 18th March 2026 and was enacted into law.
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.
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.
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.
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).
Raise the income tax personal allowance from £12,570 to £20,000
Gov Responded - 20 Feb 2025 Debated on - 12 May 2025Raise 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.
Don't change inheritance tax relief for working farms
Gov Responded - 5 Dec 2024 Debated on - 10 Feb 2025We 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.
Introduce new tax code for state pensioners with double the personal allowance
Gov Responded - 9 Dec 2025We 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.
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.
The Government recognises that increasingly capable artificial intelligence systems present both opportunities and risks for the financial sector. As noted in July’s Financial Stability Report, rapid progress in frontier AI capabilities presents a significant increase in the risks to financial stability from cyber and operational vulnerabilities.
HM Treasury works closely with the financial regulators, the National Cyber Security Centre and industry to strengthen the resilience of the UK financial system in the face of evolving cyber threats, including those enabled by AI. The authorities continue to work with firms through established resilience frameworks and industry bodies, including the Cross Market Operational Resilience Group (CMORG), which issued guidance for firms in June to help them assess their current capabilities and accelerate their response.
Frontier AI also has the potential to strengthen the financial sector’s cyber defences. To help firms share best practices on this front, the Bank of England has established a forum for systemically important UK financial institutions and Financial Market Infrastructure to share their experiences on the use of frontier AI for cyber defence.
The Government wants consumers to be able to access high-quality support to make informed decisions about their finances and is committed to the safe adoption of AI in financial services, including financial guidance and advice. We support a principles-based, outcomes-focused approach to AI regulation enabling firms to innovate while maintaining high standards of consumer protection.
We recognise that general-purpose AI technology has already changed the nature of financial advice and guidance.
On 6 July, the Financial Conduct Authority published the Mills Review, which recommended a rapid FCA review on this issue.
On 14 July, the Government published the Financial Services AI Champions’ Adoption Plan, which included a high-priority recommendation that the FCA should consider the impacts of financial guidance and advice-like outputs through general purpose large language models (LLMs).
The Government are engaging with the FCA to determine next steps. This is an important piece of work that complements the Government’s broader ambition to make the UK a global leader in AI, leveraging our dual strengths in financial services and AI to drive growth, productivity and better, safe outcomes for consumers.
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.
War bonds are not being considered by the government. The Defence Investment Plan, which places defence on a stronger, more sustainable footing, is being funded by reprioritising public spending, with £10.3 billion already identified and a further £4.7 billion to be confirmed at Budget 2026 in a fair and balanced way.
The Government is clear that our core gilt programme is the most stable and cost-effective way of raising finance to fund the day-to-day activities of the government, owing to the depth and liquidity of the market. Finance raised via gilts or National Savings and Investments products is generally not tied to specific areas of government spending, in order to offer the best value-for-money for taxpayers. Issuing bonds aimed at specific areas of spending risks fragmenting the gilt market, which would not be consistent with the government’s debt management objective of minimising the cost of long-term financing.
The Government remains open to the introduction of new debt instruments; however, HM Treasury and the UK Debt Management Office apply certain criteria when considering the launch of a new type of debt instrument. These include consistency with the Government’s debt management objective (to minimise the long-term cost of financing, taking into account risk); the impact on the general functioning of the gilt market; the expected size, sustainability, and nature of investor demand for the instrument; and an assessment of the cost and resource commitment required for its introduction into the market.
The Government would also need to be satisfied that any new instrument would meet value-for-money criteria, enjoy strong and sustained demand in the long term, and be consistent with wider fiscal objectives. We keep the introduction of new debt financing instruments under regular review.
The Government's ambition is to support good growth across all parts of the United Kingdom. As set out in the Prime Minister's recent Machinery of Government Statement, No10 North will be responsible for driving good growth through devolution and working in close partnership with local leaders, businesses, and communities to strengthen place-based growth.
We are also committed to fundamentally rewiring the way our country works, transferring greater powers, funding and accountability to the local leaders who know what it takes to drive growth and productivity in their areas.
The government has invested £10m into Team Derby – a city wide partnership between business and regional government designed to turn major national investments into local jobs, skills and regeneration opportunities. The wider East Midlands is receiving £2bn via the Transport for City Regions fund which will enable design of a new mass transit system to connect Derby and Nottingham and drive growth and productivity by better integrating transport networks.
The Chancellor has announced that the Green Book discount rate will be reduced from 3.5% to 3.0%, in line with recommendations from independent academics. This will place greater value on the long-term benefits of investment and strengthen the case for transformational projects that drive growth – wherever they take place.
At Budget, the government will publish a fiscal devolution roadmap which will set out a path to replacing grants from central government with a share of local income tax for every mayor beginning in 2028, such that where a region grows its tax base, it benefits from the increased receipts. This will sit alongside greater retention of the revenue from business rates for local councils and strategic authorities. The long-term certainty of funding via taxation will provide more flexibility and enable greater investment to fund interventions that will deliver a return.
As set out in the 2026-27 Debt Management Report, when determining the annual financing remit the Government issues an appropriate balance of conventional and index-linked gilts, with the latter linked to the Retail Prices Index. In determining this mix, the Government considers the level of structural demand, the diversity of the investor base and its preferences for inflation exposure.
The report shows that the stock of index-linked gilts stood at around £668 billion at the end of 2025 in nominal uplifted terms, equivalent to around 25.2% of the Government's debt portfolio. The proportion of index linked debt in the Government's wholesale debt portfolio is higher than other G7 countries, largely due to the historical high level of structural demand for such instruments, from pension funds in particular.
The Government does not comment on financial market movements. Last year borrowing fell 1 percentage point (over £20 billion) to its lowest level in six years. The IMF have forecast that, between 2025-2030, the UK will be reducing the deficit by more than any other G7 or G20 country.
The Government does not comment on financial market movements. Last year borrowing fell 1 percentage point (over £20 billion) to its lowest level in six years. The IMF have forecast that, between 2025-2030, the UK will be reducing the deficit by more than any other G7 or G20 country.
Details of all our special advisers are published by the Cabinet Office via its Annual Report on Special Advisers (the latest report from July 2026 avaialble via https://assets.publishing.service.gov.uk/media/6a6b4cbf862aaf18d9c62a50/Annual_Report_on_Special_Advisers_2026__1_.pdf , details of all Direct Ministerial Appointments are available via the gov.uk DMA announcement portal via https://apply-for-public-appointment.service.gov.uk/direct-ministerial-appointments-announcements
The Government continues to provide generous support to the theatre sector through Theatre Tax Relief (TTR). TTR is designed to support expenditure incurred in the production of a theatrical performance. Since 1 April 2025, qualifying touring productions have been eligible for relief at a rate of 45 per cent, compared with 40 per cent for non-touring productions.
Changes to existing tax reliefs must be assessed against their effectiveness, targeting, complexity and value for money, and considered in the context of the wider public finances. Tax policy decisions are taken by the Chancellor at fiscal events.
The Government continues to provide generous support to the theatre sector through Theatre Tax Relief (TTR). TTR is designed to support expenditure incurred in the production of a theatrical performance. Since 1 April 2025, qualifying touring productions have been eligible for relief at a rate of 45 per cent, compared with 40 per cent for non-touring productions.
Changes to existing tax reliefs must be assessed against their effectiveness, targeting, complexity and value for money, and considered in the context of the wider public finances. Tax policy decisions are taken by the Chancellor at fiscal events.
HMRC publishes information on the total amount of tax debt owed. Information on what proportion of a tax debt balance at a particular date is subsequently paid could only be provided at disproportionate cost. In 25-26, HMRC collected around £83 billion in tax debt.
The Government is committed to creating a fairer business rates system over the course of this Parliament that protects the high street, supports investment, and is fit for the 21st century.
The Call for Evidence on business rates and investment, published at Budget 2025, built on the findings of the Transforming Business Rates Discussion Paper and asked stakeholders for more detailed evidence on how the business rates system influences investment decisions. The Government are carefully considering representations received, and a Government response to the Call for Evidence will be published in due course.
The Government keeps all tax policy under review and any changes are set out at fiscal events.
Council Tax is a vital source of income for Local Authorities, which the OBR forecasts to raise c. £50.9 billion across England in 2025-26. It ensures households contribute to the cost of local services, including those who rent.
Introducing VAT on private schools will raise £1.7 billion per year by 2029/30. Since the VAT measure on private school fees has come into effect, the Office for Budget Responsibility has continued to re-cost the revenue raised each year. At Autumn Budget 2025 the re-costing of the measure showed it will raise around £40 million per year more than originally forecast, reaffirming the detailed analysis conducted when this policy was introduced.
The overall fall in private school pupil numbers since the policy came into effect is in line with expectations and reflects demographic change across the whole school system, not the VAT policy alone. We have seen pupil numbers fall across primary, secondary, and independent schools alike. This is primarily driven by falling birth rates, following a peak in 2012, as cohorts move through secondary school age and smaller year groups enter primary.
Protecting the integrity of our democratic and electoral processes is a priority for this Government.
The Financial Conduct Authority (FCA) does not intend to undertake such a review. The FCA has taken steps to address the risks associated with football club sponsorship arrangements involving unauthorised cryptoasset firms. Oversight of sponsorship arrangements involving political parties or politicians falls under electoral law and is a matter for the Government and the independent Electoral Commission.
The Government is bringing forward a number of policy reforms on political finance as part of the Representation of the People Bill. These include reforms to rules around political donations, as well as new rules relating to political donations in the form of cryptoassets, donations from companies and LLPs, and a cap on donations from overseas electors.
In March 2026, alongside the publication of the independent Rycroft Review into countering foreign financial interference and influence in UK politics, the Government announced a moratorium on political donations made via cryptoassets. This includes political donations which take the form of sponsorships.
We have already delivered an ambitious set of ongoing reforms to boost the UK’s capital markets to ensure the UK is the best place for firms to start, scale, list and stay.
Our stock markets are showing signs of renewed momentum, with over £26.8 billion raised since the start of 2025 through IPOs and follow-on issuances.
The government has also established the Listings Taskforce to ensure the UK attracts the best and brightest businesses from the UK and around the world, to list on UK markets.
The UK faces rising threats, and the government is responding by boosting defence spending. The £10.3 billion of funding for the Defence Investment Plan has primarily been secured by reallocating capital budgets from across government to the MOD.
This includes a 1% top-slice of departmental capital budgets, additional reductions to Department for Transport and Department for Energy Security and Net Zero spending, proceeds from asset sales, and the transfer of certain risks from the Ministry of Defence to HM Treasury.
A detailed breakdown of these measures is set out in the Defence Investment Plan Funding explainer.
The image was selected from HM Government's approved image library because it was relevant to the subject matter discussed in the Annual Report and Accounts. In particular, it related to quantitative easing and the Bank of England Asset Purchase Facility Fund Limited (BEAPFF), which is associated with the most material elements of HM Treasury's accounts. The Government agrees that increasing the money supply cannot by itself increase the economy's productive capacity or sustainably raise living standards. The Government's monetary policy framework is based on the objective of maintaining low and stable inflation through an operationally independent Bank of England.
There are occasions where the Government will trail and/or announce policy ahead of a Budget to provide context and help the public understand major fiscal events.
Consistent with the Macpherson Principles, the Civil Service Code, The Ministerial Code and the Special Advisers’ Code, any such communications are tightly controlled, respect Parliament, and protect market-sensitive information.
As set out in the answer of 15 April, the UK is not currently contributing to EU Cohesion Funds as a consequence of the UK/EU reset. Whilst the EU is seeking to establish a mechanism for a UK financial contribution towards reducing economic and social disparities between the regions of the Union as part of participation in the Internal Electricity Market, any UK financial contribution would be subject to negotiations with the EU, and no contributions have yet been made or agreed upon.
HMRC's Valuation Office does not publish guidance on property inspections for Council Tax purposes. However, staff undertaking property inspections are provided with guidance on professional conduct, which states that inspections should be carried out in a tactful, courteous and respectful manner and that occupiers should be treated with consideration and respect.
The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.
The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.
The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.
The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.
Making Tax Digital (MTD) for Income Tax is being introduced gradually, with taxpayers joining in phases according to their level of qualifying income.
The phased approach enables HMRC to build on experience from each stage of implementation before additional groups are brought into the regime.
HMRC is actively supporting this transition through a marketing campaign targeted at unrepresented customers, supported by intensive multi-channel engagement and communications with taxpayers, agents, representative bodies and software developers and targeted guidance to help those affected prepare.
We are working across Government to agree the detailed design of this service, which will provide faster and simpler resolutions of rent disputes.
I refer the Hon. Member to the answer given on 10 September 2026 to Question UIN 27117.
As announced on 17 December 2025, the UK has agreed to join the Erasmus+ programme in 2027 at a 30% discount compared to the default terms of the Trade and Cooperation Agreement (TCA). This will require a payment of c. £570m. The UK’s existing financial obligations to the EU under the Withdrawal Agreement and the TCA are unchanged. The Government will continue to assess the financial implications of any further commitments as the relevant arrangements are negotiated and implemented.
Financial information explicitly recording Communications and Advertising expenditure is not held centrally within OSCAR. OSCAR records Marketing expenditure against the Chart of Accounts code "EXP - PURCHASE OF GOODS/SERVICES - MARKETING & MEDIA".
There are no separate expenditure codes specifically attributed to Communications or Advertising activity; however, departments may include these items of spend within this aggregate account on OSCAR.
Individual departments may hold more detailed information on expenditure recorded against this code, or the specific items of expenditure being enquired about, within their own finance systems.
The most recent OSCAR data are published as part of the OSCAR annual release: November 2025 - GOV.UK, which can be accessed online.
362 active staff, as of March 2026, are assigned to work at the Darlington Economic Campus. The campus operates a shared workspace model and HM Treasury's apportioned allocation is 105 desks and 133 workspaces.
HM Treasury's office attendance policy applies across all office locations. Employees are expected to spend a minimum of 60% of their working time in their contractual workplace, unless alternative arrangements have been agreed through workplace adjustments
362 active staff, as of March 2026, are assigned to work at the Darlington Economic Campus.
HM Treasury's office attendance policy applies across all office locations. Employees are expected to spend a minimum of 60% of their working time in their contractual workplace, unless alternative arrangements have been agreed through workplace adjustments.
The UK has led the way on international tax reforms to ensure that large multinational enterprises pay their fair share of tax on profits arising from their UK activities. This includes fully implementing the actions agreed through the OECD/G20 Base Erosion and Profit Shifting project, and being at the forefront of development and implementation of the Global Minimum Corporate Tax. These reforms have strengthened the international tax framework and reduced opportunities for multinational groups to shift profits artificially. The UK already requires multinational groups to provide country-by-country reports to HMRC, publishes aggregated country-level data, has public reporting requirements in certain sectors and robust wider reporting requirements. The Government believes that any action on public country-by-country reporting should be coordinated internationally to ensure a consistent and comprehensive approach and to minimise the risk of competitive distortions.
HM Treasury's office attendance policy applies across all of its office locations. Employees are expected to spend a minimum of 60% of their working time in their contractual workplace, unless alternative arrangements have been agreed through workplace adjustments.
Line managers are responsible for supporting and monitoring compliance with the department's office attendance expectations. Attendance data is not collated for individual offices as anonymised, aggregated building access data is used to understand overall occupancy levels and does not identify individual members of staff.
HM Treasury occupies accommodation at the Government Offices Great George Street, which is managed by the Government Property Agency (GPA). Decisions relating to the procurement of furniture for shared areas are a matter for the GPA.
The UK Emissions Trading Scheme (UK ETS) is our key lever to ensure those companies who are responsible for carbon emissions pay for them.
Introduced in January 2021, the UK ETS covers 25% of UK emissions across the power sector, energy-intensive industry, domestic and UK–EEA flights, and domestic maritime.
Revenues from the scheme accrue to the consolidated fund and support spending on government priorities, which includes net zero objectives.
The Valuation Office is working towards its target of clearing 90% of Council Tax Maintenance cases within 90 working days by March 2027.
A new case management system has been implemented to help improve the timelines of domestic property cases.
The ‘rent-a-chair’ model is a legitimate business model used in the hair and beauty sector. Where it is applied correctly, individuals will be self-employed for tax purposes. Whether an individual is employed or self-employed is not a matter of choice but is determined by the actual terms and conditions under which they work. HMRC has published GOV.UK guidance and YouTube videos on tax obligations specific to this sector to enhance understanding and enable businesses to comply with their tax obligations. The latest guidance was published in May 2025; this included the Check Employment Status for Tax tool (CEST).
The Valuation Office (VO) carries out property inspections to establish and record facts relating to property on a case by case basis. The same categories of property attribute information are collected for Council Tax purposes in England and Wales. Further information about the property attribute information held for Council Tax purposes is available in the published guidance: Property attribute data (PAD). Additional information may be sought from the taxpayer in line with section 27 of the Local Government Finance Act 1992.
I refer the Honourable Member to UIN 28908.
I refer the Honourable Member to UIN 28908.
The Government has introduced permanently lower multipliers for eligible retail, hospitality and leisure (RHL) properties. Local Authorities determine whether a hereditament meets the legislative definition of Retail, Hospitality or Leisure (RHL) and therefore qualifies for the RHL multiplier.
Full details of eligibility for the new multipliers are set out in the relevant statutory instrument (SI), which can be found online here: https://www.legislation.gov.uk/uksi/2025/1093/contents/ made with guidance to support in interpreting the SI found here: https://www.gov.uk/guidance/business-rates-multipliers-qualifying-retail-hospitality-or-leisure.
The Government recognises that pubs, social clubs and live music venues have faced significant pressures in recent years. Earlier this year, the Government cut every pub, social club and live music venues bill by 15 per cent and ensured bills will be frozen in real terms for a further two years.
The Government is now going further by introducing an additional 20 per cent cut for pubs, social clubs, and all but the very largest live music venues, building on the support already in place.
Further decisions on wider business rates reforms will be set out in the normal way at the Budget.
Under UK VAT law, VAT is charged on the full amount paid by a customer for the goods or services they are purchasing. Therefore, where an overnight visitor levy forms part of the consideration paid for accommodation, VAT is charged on the total amount paid, including the levy.
The Prime Minister established No10 North on the first day of the new administration, including the transfer of local economic growth and devolution strategy from the Ministry of Housing, Communities and Local Government and local economic growth policy from HM Treasury, with these arrangements confirmed in a statement published on 22 July.
Vehicle Excise Duty for motorcycles is currently based on engine size. There are four engine size ranges, with the lowest rate applying to zero emission motorcycles and the smallest engines sized 150cc or less (currently £27 per year), and the highest rate applying to engines sized 600cc and above (currently £125 per year).
Historically, engine capacity-based rates have offered the most practical and easy-to-understand way to reflect the respective emissions levels of motorcycles. The Government annually reviews the rates and thresholds of taxes and reliefs to ensure that they are appropriate and reflect the current state of the economy. The Chancellor makes decisions on tax policy at fiscal events.
This evaluation examines tax reliefs relevant to housebuilding. It aims to:
Following a competitive tendering exercise, the contract to conduct this research project was awarded to Verian. A report on the findings will be published in due course.