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 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
HM Revenue & Customs (HMRC) does not hold estimates of the amount of tax revenue raised from Community Amateur Sports Clubs.
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.
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.
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.
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.
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.
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.
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.
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.
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.
UIN 26825 was transferred to the Cabinet Office for answer.
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.
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.
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.
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.
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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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% |