HM Treasury

HM Treasury is the government’s economic and finance ministry, maintaining control over public spending, setting the direction of the UK’s economic policy and working to achieve strong and sustainable economic growth.



Secretary of State

 Portrait

Jeremy Hunt
Chancellor of the Exchequer

Shadow Ministers / Spokeperson
Democratic Unionist Party
Sammy Wilson (DUP - East Antrim)
Shadow DUP Spokesperson (Treasury)

Liberal Democrat
Baroness Kramer (LD - Life peer)
Liberal Democrat Lords Spokesperson (Treasury and Economy)

Plaid Cymru
Ben Lake (PC - Ceredigion)
Shadow PC Spokesperson (Treasury)

Labour
Rachel Reeves (Lab - Leeds West)
Shadow Chancellor of the Exchequer

Liberal Democrat
Sarah Olney (LD - Richmond Park)
Liberal Democrat Spokesperson (Treasury)

Labour
Baroness Chapman of Darlington (Lab - Life peer)
Shadow Spokesperson (Treasury)
Lord Livermore (Lab - Life peer)
Shadow Spokesperson (Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Labour
James Murray (Lab - Ealing North)
Shadow Financial Secretary (Treasury)
Tulip Siddiq (Lab - Hampstead and Kilburn)
Shadow Minister (Treasury)
Darren Jones (Lab - Bristol North West)
Shadow Chief Secretary to the Treasury
Ministers of State
Nigel Huddleston (Con - Mid Worcestershire)
Financial Secretary (HM Treasury)
Laura Trott (Con - Sevenoaks)
Chief Secretary to the Treasury
Parliamentary Under-Secretaries of State
Gareth Davies (Con - Grantham and Stamford)
Exchequer Secretary (HM Treasury)
Bim Afolami (Con - Hitchin and Harpenden)
Economic Secretary (HM Treasury)
Baroness Vere of Norbiton (Con - Life peer)
Parliamentary Secretary (HM Treasury)
Scheduled Event
Monday 15th April 2024
18:00
HM Treasury
Second Delegated Legislation Committee - Debate - General Committee
15 Apr 2024, 6 p.m.
The draft Financial Services and Markets Act 2000 (Disapplication or Modification of Financial Regulator Rules in Individual Cases) Regulations 2024
Save to Calendar
View calendar
Scheduled Event
Monday 15th April 2024
18:00
HM Treasury
Second Delegated Legislation Committee - Debate - Select & Joint Committees
15 Apr 2024, 6 p.m.
The draft Financial Services and Markets Act 2000 (Disapplication or Modification of Financial Regulator Rules in Individual Cases) Regulations 2024
Save to Calendar
View calendar
Scheduled Event
Tuesday 16th April 2024
16:30
HM Treasury
Fifth Delegated Legislation Committee - Debate - General Committee
16 Apr 2024, 4:30 p.m.
The draft Major Sporting Events (Income Tax Exemption) (2024 UEFA Champions League Final) Regulations 2024
Save to Calendar
View calendar
Scheduled Event
Tuesday 16th April 2024
16:30
HM Treasury
Fifth Delegated Legislation Committee - Debate - Select & Joint Committees
16 Apr 2024, 4:30 p.m.
The draft Major Sporting Events (Income Tax Exemption) (2024 UEFA Champions League Final) Regulations 2024
Save to Calendar
View calendar
Scheduled Event
Tuesday 7th May 2024
11:30
HM Treasury
Oral questions - Main Chamber
7 May 2024, 11:30 a.m.
HM Treasury (including Topical Questions)
Save to Calendar
View calendar
Debates
Tuesday 26th March 2024
Credit Card Invoices
Lords Chamber
Select Committee Inquiry
Tuesday 31st January 2023
Quantitative tightening

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

Written Answers
Friday 12th April 2024
EU Budget: Contributions
To ask His Majesty's Government, further to the Written Answer by Baroness Vere of Norbiton on 27 March (HL3259), whether …
Secondary Legislation
Tuesday 26th March 2024
Bills
Thursday 14th March 2024
Supply and Appropriation (Anticipation and Adjustments) Act 2024
A Bill to authorise the use of resources for the years ending with 31 March 2023, 31 March 2024 and …
Dept. Publications
Friday 12th April 2024
10:37

HM Treasury Commons Appearances

Oral Answers to Questions is a regularly scheduled appearance where the Secretary of State and junior minister will answer at the Dispatch Box questions from backbench MPs

Other Commons Chamber appearances can be:
  • Urgent Questions where the Speaker has selected a question to which a Minister must reply that day
  • Adjornment Debates a 30 minute debate attended by a Minister that concludes the day in Parliament.
  • Oral Statements informing the Commons of a significant development, where backbench MP's can then question the Minister making the statement.

Westminster Hall debates are performed in response to backbench MPs or e-petitions asking for a Minister to address a detailed issue

Written Statements are made when a current event is not sufficiently significant to require an Oral Statement, but the House is required to be informed.

Most Recent Commons Appearances by Category
Mar. 19
Oral Questions
Mar. 20
Urgent Questions
Mar. 05
Westminster Hall
Jan. 15
Adjournment Debate
View All HM Treasury Commons Contibutions

Bills currently before Parliament

Introduced: 13th March 2024

A Bill to make provision in connection with finance.

Commons - 20%

Last Event - 1st Reading
Wednesday 13th March 2024
Next Event - 2nd Reading
Wednesday 17th April 2024

Acts of Parliament created in the 2019 Parliament

Introduced: 14th March 2024

A Bill to authorise the use of resources for the years ending with 31 March 2023, 31 March 2024 and 31 March 2025; 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 2023 and 31 March 2024.

This Bill received Royal Assent on 20th March 2024 and was enacted into law.

Introduced: 7th March 2024

A Bill to make provision for and in connection with reducing the main rates of primary Class 1 national insurance contributions and Class 4 national insurance contributions.

This Bill received Royal Assent on 20th March 2024 and was enacted into law.

Introduced: 27th November 2023

A Bill to make provision in connection with finance.

This Bill received Royal Assent on 22nd February 2024 and was enacted into law.

Introduced: 23rd November 2023

A Bill to make provision for and in connection with reducing the main rates of primary Class 1 national insurance contributions and Class 4 national insurance contributions, and removing the requirement to pay Class 2 national insurance contributions.

This Bill received Royal Assent on 13th December 2023 and was enacted into law.

Introduced: 5th July 2023

A Bill to Authorise the use of resources for the year ending with 31 March 2024; 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 2023.

This Bill received Royal Assent on 11th July 2023 and was enacted into law.

Introduced: 21st March 2023

A Bill to make provision in connection with finance.

This Bill received Royal Assent on 11th July 2023 and was enacted into law.

Introduced: 20th July 2022

A Bill To make provision about the regulation of financial services and markets; and for connected purposes.

This Bill received Royal Assent on 29th June 2023 and was enacted into law.

Introduced: 11th May 2022

A Bill to make provision about the UK Infrastructure Bank

This Bill received Royal Assent on 23rd March 2023 and was enacted into law.

Introduced: 8th March 2023

A Bill to Authorise the use of resources for the years ending with 31 March 2022, 31 March 2023 and 31 March 2024; 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 2022 and 31 March 2023.

This Bill received Royal Assent on 23rd March 2023 and was enacted into law.

Introduced: 24th October 2022

A Bill to reduce for a temporary period the amount of stamp duty land tax chargeable on the acquisition of residential property.

This Bill received Royal Assent on 8th February 2023 and was enacted into law.

Introduced: 22nd November 2022

A Bill to grant certain duties, to alter other duties, and to amend the law relating to the national debt and the public revenue, and to make further provision in connection with finance.

This Bill received Royal Assent on 10th January 2023 and was enacted into law.

Introduced: 24th October 2022

A Bill to authorise the use of resources for the year ending with 31 March 2023; to authorise the issue of sums out of the Consolidated Fund for that year; and to appropriate the supply authorised by this Act for that year.

This Bill received Royal Assent on 25th October 2022 and was enacted into law.

Introduced: 22nd September 2022

A Bill to make provision for and in connection with the repeal of the Health and Social Care Levy Act 2021.

This Bill received Royal Assent on 25th October 2022 and was enacted into law.

Introduced: 6th July 2022

A Bill to authorise the use of resources for the year ending with 31 March 2023; 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 2022

This Bill received Royal Assent on 14th July 2022 and was enacted into law.

Introduced: 5th July 2022

A Bill to make provision for, and in connection with, imposing a charge on ring fence profits of companies.

This Bill received Royal Assent on 14th July 2022 and was enacted into law.

Introduced: 24th March 2022

A Bill to make provision for and in connection with increasing the thresholds at which primary Class 1 contributions, Class 2 contributions and Class 4 contributions become payable.

This Bill received Royal Assent on 31st March 2022 and was enacted into law.

Introduced: 12th May 2021

A Bill to make provision in relation to national insurance contributions.

This Bill received Royal Assent on 14th March 2022 and was enacted into law.

Introduced: 9th March 2022

A Bill To Authorise the use of resources for the years ending with 31 March 2021, 31 March 2022 and 31 March 2023; 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 2021 and 31 March 2022.

This Bill received Royal Assent on 14th March 2022 and was enacted into law.

Introduced: 19th July 2021

A Bill to make provision about public service pension schemes, including retrospective provision to rectify unlawful discrimination in the way in which existing schemes were restricted under the Public Service Pensions Act 2013 and corresponding Northern Ireland legislation; to make provision for the establishment of new public pension schemes for members of occupational pension schemes of bodies that were brought into public ownership under the Banking (Special Provisions) Act 2008; to make provision about the remuneration and the date of retirement of holders of certain judicial offices; to make provision about judicial service after retirement; and for connected purposes

This Bill received Royal Assent on 10th March 2022 and was enacted into law.

Introduced: 2nd November 2021

A Bill to grant certain duties, to alter other duties, and to amend the law relating to the national debt and the public revenue, and to make further provision in connection with finance.

This Bill received Royal Assent on 24th February 2022 and was enacted into law.

Introduced: 8th September 2021

A Bill to make provision about the meaning of references to Article 23A benchmarks in contracts and other arrangements; and to make provision about the liability of administrators of Article 23A benchmarks

This Bill received Royal Assent on 15th December 2021 and was enacted into law.

Introduced: 8th September 2021

A Bill to make provision imposing a tax (to be known as the health and social care levy), the proceeds of which are payable to the Secretary of State towards the cost of health care and social care, on amounts in respect of which national insurance contributions are, or would be if no restriction by reference to pensionable age were applicable, payable; and for connected purposes.

This Bill received Royal Assent on 20th October 2021 and was enacted into law.

Introduced: 12th May 2021

A Bill to provide for the payment out of money provided by Parliament of expenditure incurred by the Treasury for, or in connection with, the payment of compensation to customers of London Capital & Finance plc; provide for the making of loans to the Board of the Pension Protection Fund for the purposes of its fraud compensation functions; and for connected purposes.

This Bill received Royal Assent on 20th October 2021 and was enacted into law.

Introduced: 30th June 2021

A Bill to authorise the use of resources for the year ending with 31 March 2022; 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 2021.

This Bill received Royal Assent on 19th July 2021 and was enacted into law.

Introduced: 9th March 2021

A Bill to grant certain duties, to alter other duties, and to amend the law relating to the national debt and the public revenue, and to make further provision in connection with finance.

This Bill received Royal Assent on 10th June 2021 and was enacted into law.

Introduced: 21st October 2020

A Bill to make provision about financial services and markets; to make provision about debt respite schemes; to make provision about Help-to-Save accounts; and for connected purposes.

This Bill received Royal Assent on 29th April 2021 and was enacted into law.

Introduced: 10th March 2021

A Bill to authorise the use of resources for the years ending with 31 March 2019, 31 March 2020, 31 March 2021 and 31 March 2022; to authorise the issue of sums out of the Consolidated Fund for the years ending 31 March 2020, 31 March 2021 and 31 March 2022; and to appropriate the supply authorised by this Act for the years ending with 31 March 2019, 31 March 2020 and 31 March 2021.

This Bill received Royal Assent on 15th March 2021 and was enacted into law.

Introduced: 9th March 2021

A Bill to make provision increasing the maximum capital of the Contingencies Fund for a temporary period.

This Bill received Royal Assent on 15th March 2021 and was enacted into law.

Introduced: 4th February 2021

A Bill to make provision for payments to or in respect of Ministers and holders of Opposition offices on maternity leave.

This Bill received Royal Assent on 1st March 2021 and was enacted into law.

Introduced: 8th December 2020

A Bill to make provision (including the imposition and regulation of new duties of customs) in connection with goods in Northern Ireland and their movement into or out of Northern Ireland; to make provision amending certain enactments relating to value added tax, excise duty or insurance premium tax; to make provision in connection with the recovery of unlawful state aid in relation to controlled foreign companies; and for connected purposes.

This Bill received Royal Assent on 17th December 2020 and was enacted into law.

Introduced: 9th July 2020

This Bill received Royal Assent on 22nd July 2020 and was enacted into law.

Introduced: 13th July 2020

A Bill to make provision to reduce for a temporary period the amount of stamp duty land tax chargeable on the acquisition of residential property.

This Bill received Royal Assent on 22nd July 2020 and was enacted into law.

Introduced: 17th March 2020

A Bill to grant certain duties, to alter other duties, and to amend the law relating to the national debt and the public revenue, and to make further provision in connection with finance.

This Bill received Royal Assent on 22nd July 2020 and was enacted into law.

Introduced: 24th March 2020

A Bill to make provision increasing the maximum capital of the Contingencies Fund for a temporary period.

This Bill received Royal Assent on 25th March 2020 and was enacted into law.

Introduced: 2nd March 2020

A Bill to authorise the use of resources for the years ending with 31 March 2020 and 31 March 2021; 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 year ending with 31 March 2020.

This Bill received Royal Assent on 16th March 2020 and was enacted into law.

HM Treasury - Secondary Legislation

These Regulations are made under the Taxation (Cross-border Trade) Act 2018 (c. 22).
These Regulations amend the Customs Tariff (Suspension of Import Duty Rates) (EU Exit) Regulations 2020 (S.I. 2020/1435) (“the Suspensions Regulations”) and the Customs (Additional Duty) (Russia and Belarus) Regulations 2022 (S.I. 2022/376) (“the Additional Duty Regulations”).
View All HM Treasury Secondary Legislation

Petitions

e-Petitions are administered by Parliament and allow members of the public to express support for a particular issue.

If an e-petition reaches 10,000 signatures the Government will issue a written response.

If an e-petition reaches 100,000 signatures the petition becomes eligible for a Parliamentary debate (usually Monday 4.30pm in Westminster Hall).

Trending Petitions
Petition Open
18,119 Signatures
(8,442 in the last 7 days)
Petition Open
15,353 Signatures
(5,437 in the last 7 days)
Petition Open
3,624 Signatures
(483 in the last 7 days)
Petition Open
12,673 Signatures
(384 in the last 7 days)
Petition Open
2,259 Signatures
(73 in the last 7 days)
Petitions with most signatures
Petition Open
18,119 Signatures
(8,442 in the last 7 days)
Petition Open
15,353 Signatures
(5,437 in the last 7 days)
Petition Open
12,673 Signatures
(384 in the last 7 days)
Petition Open
3,624 Signatures
(483 in the last 7 days)
Petition Open
2,259 Signatures
(73 in the last 7 days)
Petition Debates Contributed

Extending the Stamp Duty Holiday for an additional 6 months will assist many buyers who are looking to move to a property that they will not be able to afford otherwise.
This will help to stabilise the housing market

The government is helping private firms to protect jobs by paying up to 80% of staff wages through this crisis. If it can do this why can it not help key workers who will be putting themselves/their families at risk and working extra hard under extremely challenging and unprecedented circumstances.

Air pollution kills 64,000 people in the UK every year, yet the Government provides annual fossil fuel subsidies of £10.5 billion, according to the European Commission. To meet UK climate targets, the Government must end this practice and introduce charges on producers of greenhouse gas emissions.

View All HM Treasury Petitions

Departmental Select Committee

Treasury Committee

Commons Select Committees are a formally established cross-party group of backbench MPs tasked with holding a Government department to account.

At any time there will be number of ongoing investigations into the work of the Department, or issues which fall within the oversight of the Department. Witnesses can be summoned from within the Government and outside to assist in these inquiries.

Select Committee findings are reported to the Commons, printed, and published on the Parliament website. The government then usually has 60 days to reply to the committee's recommendations.


11 Members of the Treasury Committee
Harriett Baldwin Portrait
Harriett Baldwin (Conservative - West Worcestershire)
Treasury Committee Chair since 9th November 2022
Angela Eagle Portrait
Angela Eagle (Labour - Wallasey)
Treasury Committee Member since 2nd March 2020
Siobhain McDonagh Portrait
Siobhain McDonagh (Labour - Mitcham and Morden)
Treasury Committee Member since 11th May 2020
Anne Marie Morris Portrait
Anne Marie Morris (Conservative - Newton Abbot)
Treasury Committee Member since 21st November 2022
Danny Kruger Portrait
Danny Kruger (Conservative - Devizes)
Treasury Committee Member since 21st November 2022
John Baron Portrait
John Baron (Conservative - Basildon and Billericay)
Treasury Committee Member since 21st November 2022
Drew Hendry Portrait
Drew Hendry (Scottish National Party - Inverness, Nairn, Badenoch and Strathspey)
Treasury Committee Member since 12th September 2023
Keir Mather Portrait
Keir Mather (Labour - Selby and Ainsty)
Treasury Committee Member since 20th November 2023
Stephen Hammond Portrait
Stephen Hammond (Conservative - Wimbledon)
Treasury Committee Member since 11th December 2023
Thérèse Coffey Portrait
Thérèse Coffey (Conservative - Suffolk Coastal)
Treasury Committee Member since 11th December 2023
Samantha Dixon Portrait
Samantha Dixon (Labour - City of Chester)
Treasury Committee Member since 11th March 2024
Treasury Committee: Previous Inquiries
The Financial Conduct Authority’s Regulation of London Capital & Finance plc Budget 2021 Work of National Savings and Investments Lessons from Greensill Capital Appointment of Carolyn Wilkins to the Financial Policy Committee Appointment of Tanya Castell to the Prudential Regulatory Committee The work of the Prudential Regulation Authority Reappointment of Jill May and Julia Black to the Prudential Regulation Committee Committee on COP26: climate change and finance Spring Budget 2020 Appointment of Sarah Breeden to the Financial Policy Committee Appointment of Catherine Mann to the Monetary Policy Committee Reappointment of Jonathan Haskel to the Monetary Policy Committee Bank of England July Financial Stability Report and August Monetary Policy Report Economic Crime Regional Imbalances in the UK economy The Work of the Debt Management Office Appointment of Richard Hughes as Chair of the Office for Budget Responsibility Reappointment of Professor Silvana Tenreyro to the Monetary Policy Committee Reappointment of Andy Haldane to the Monetary Policy Committee Appointment of Jonathan Hall to the Financial Policy Committee Appointment of Nikhil Rathi as Chief Executive of the Financial Conduct Authority Maxwellisation inquiry The work of National Savings and Investments inquiry Retail Banking Market Review inquiry HMRC Executive Chair and Chief Executive Financial stability one-off hearing Appointment of the CEO of Financial Conduct Authority Bank of England Financial Stability Report Hearings 2016-17 UK's future economic relationship with the EU inquiry Appointment of Deputy Governor for Prudential Regulation EU Insurance Regulation inquiry HM Treasury: Report and Accounts 2015 – 2016 Appointment of Michael Saunders to the Monetary Policy Committee Appointment of Anil Kashyap to the Financial Policy Committee Tax credits, fraud and error inquiry The work of the Chancellor of the Exchequer inquiry Bank of England Inflation Report Hearing August 2016 Prudential Regulation Authority inquiry Sir Charles Bean appointment to Budget Responsibility Committee UK tax policy and the tax base inquiry Government Internal Audit Agency inquiry HM Treasury Annual Report and Accounts 2014-15 inquiry Valuation Office Agency inquiry Independent review of report into failure of HBOS inquiry Review of the Office for National Statistics inquiry Appointment of Angela Knight as Chair of the Office for Tax Simplification Appointment of Tim Parkes as Chair of Regulatory Decisions Committee Budget 2016 inquiry Financial Policy Committee re-appointment hearings Bank of England Inflation Report Hearing May 2016 Work of the Court of the Bank of England inquiry Bank of England Inflation Report Hearing February 2017 Appointment of the Deputy Governor for Markets and Banking Budget 2017 inquiry Restoration and Renewal of the Palace of Westminster inquiry Capital inquiry Work of the Payment Systems Regulator inquiry Effectiveness and impact of post-2008 UK monetary policy Access to basic retail financial services inquiry Financial Conduct Authority inquiry Bank of England Inflation Report Hearing November 2016 UK Financial Investments annual reports and accounts 2015-16 Housing Policy inquiry Autumn Statement 2016 Household finances: income, saving and debt inquiry Bank of England Inflation Reports inquiry Budget Autumn 2017 inquiry Student Loans inquiry The UK's economic relationship with the European Union inquiry The work of the Bank of England inquiry The work of the Financial Conduct Authority The work of the National Infrastructure Commission inquiry Women in finance inquiry Appointment of Professor Silvana Tenreyro to the Monetary Policy Committee Appointment of Sir Dave Ramsden as Deputy Governor for Markets and Banking, Bank of England The work of the Chancellor of the Exchequer EU Insurance Regulation inquiry HMRC Annual Report and Accounts inquiry Re-appointment of Professor Anil Kashyap to the Financial Policy Committee inquiry Re-appointment of Ben Broadbent as Deputy Governor for Monetary Policy, Bank of England inquiry The effectiveness of gender pay gap reporting inquiry Decarbonisation of the UK Economy and Green Finance inquiry Regional Imbalances in the UK Economy inquiry Work of the Financial Services Compensation Scheme inquiry Spending Round 2019 inquiry Access to Cash Review inquiry Appointment of Kathryn Cearns as Chair of the Office of Tax Simplification inquiry The future of the UK’s financial services inquiry The impact of Business Rates on business inquiry Spring Statement 2019 inquiry The work of the Adjudicator’s Office inquiry The work of the Debt Management Office inquiry Independent Review of the Co-Operative Bank inquiry Work of the Court of the Bank of England inquiry Tax enquiries and resolution of tax disputes inquiry IT failures in the financial services sector inquiry Work of the Banking Standards Board inquiry Independent Review of the Financial Ombudsman Service Appointment of Bradley Fried as Chair of Court, Bank of England Appointment of Professor Jonathan Haskel to the Monetary Policy Committee Andy King, Nominated Member of the Budget Responsibility Committee Re-appointment of Dr Gertjan Vlieghe to the Monetary Policy Committee Maxwellisation inquiry Work of the Valuation Office Agency inquiry Appointment of Julia Black as external member of the Prudential Regulation Committee Appointment of Jill May as an external member of the Prudential Regulation Committee Consumers’ Access to Financial Services inquiry The re-appointment of Sir Jon Cunliffe as Deputy Governor for Financial Stability at the Bank of England inquiry Budget 2018 inquiry The Work of the Treasury inquiry Service Disruption at TSB inquiry Economic Crime inquiry Re-appointment of Alex Brazier to the Financial Policy Committee Re-appointment of Donald Kohn to the Financial Policy Committee Re-appointment of Martin Taylor to the Financial Policy Committee VAT inquiry Spring Statement 2018 Digital Currencies inquiry Appointment of Charles Randell as Chair of the Financial Conduct Authority SME Finance inquiry Appointment of Elisabeth Stheeman to the Bank of England Financial Policy Committee The work of the Prudential Regulation Authority inquiry Bank of England Financial Stability Reports RBS's Global Restructuring Group and its treatment of SMEs inquiry Childcare inquiry The work of the Payment Systems Regulator inquiry HM Treasury Annual Report and Accounts inquiry Women in the City Crown Estate Cheques, the end of? Mortgage Arrears and Access to Mortgage Finance: Follow up Financial Institutions - Too Important To Fail? Budget 2010 Credit Searches European Macro and Micro Prudential Financial Regulation Presbyterian Mutual Society Pre-Budget Report 2009 Budget 2009 Pre-Budget Report 2008 Budget 2008 Pre-Budget Report 2007 Mortgage Arrears and Access to Mortgage Finance Evaluating the Efficiency Programme Administration and expenditure of the Chancellor’s Departments, 2008-09 Banking Crisis Banking Crisis: International Dimensions Banking Reform Run on the Rock Budget June 2010 Competition and choice in the banking sector Office for Budget Responsibility Financial Regulation Spending Review 2010 Administration and effectiveness of HMRC The principles of tax policy Retail Distribution Review European financial regulation Autumn forecast 2010 Accountability of the Bank of England Private Finance Initiative Budget 2011 Future of Cheques Independent Commission on Banking: Interim Report Closing the tax gap: HMRC's record at ensuring tax compliance Budget Measures and Low-income Households Financial Conduct Authority Inherited Estates Counting the population Administration and expenditure of the Chancellor's Departments, 2006-07 Comprehensive Spending Review 2007 Administration and expenditure of the Chancellor's Departments, 2007-08 Independent Commission on Banking: Final Report Global Imbalances Autumn Statement 2011 Budget 2012 Corporate governance and remuneration Money Advice Service LIBOR FSA's report into HBOS Spending Round 2013 Project Verde Macroprudential tools Disposal of Government Stakes in RBS and Lloyds Credit Rating Agencies Autumn Statement 2012 Appointment of Dr Mark Carney as Governor of the Bank of England Budget 2013 Quantitative easing Private Finance 2 Autumn Statement 2013 Bank of England Financial Stability Report hearings: Session 2014-15 Appointment hearings, Session 2013-14 Bank of England Inflation Report Hearings: Session 2013-14 EU Financial Regulation Monetary Policy: Forward Guidance UK Financial Investments Ltd 2013 The economics of HS2 SME Lending Financial Conduct Authority hearings The costing of pre-election policy proposals Performance of the Royal Mint Budget 2014 The economics of currency unions OBR: July 2013 Fiscal Sustainability Report Banks' Lending Practices: Treatment of Businesses in Distress RBS Independent Lending Review Prudential Regulation Authority Hearings: Session 2014-15 HM Treasury Annual Report and Accounts 2013-14 Treatment of Financial Services Consumers Bank of England Inflation Report Hearings: Session 2014-15 HMRC Business Plan 2014-16 Manipulation of Benchmarks Appointment hearings, Session 2014-15 Co-op Governance Review Cost effectiveness of economic and financial sanctions Bank of England Financial Stability Report Hearings 2015-16 Bank of England Inflation Report Hearings 2015-16 Summer Budget 2015 inquiry UK Financial Investments Ltd Annual Report and Accounts 14-15 Review of scope and performance of Office for Budget Responsibility Bank of England Bill inquiry Chair of Office for Budget Responsibility reappointment hearing HMRC Annual Report and Accounts 2014-15 inquiry Prudential Regulation Authority inquiry Comprehensive Spending Review and Autumn Statement 2015 inquiry Review of CMA work on Retail Banking Market one-off session Financial Conduct Authority Practitioner Panels one-off session Appointment of Gertjan Vlieghe to the Monetary Policy Committee hearing Reappointment of Ian McCafferty to the Monetary Policy Committee hearing Financial Conduct Authority Economic and financial costs and benefits of UK's EU membership Crown Estate Annual Report and Accounts 2013/14 Bank of England Foreign Exchange Market Investigation HM Revenue and Customs and HSBC Budget 2015 The UK's EU Budget Contributions Press briefing of information in the Financial Conduct Authority’s 2014/15 Business Plan Fair and Effective Markets Review The Payment Systems Regulator Implementing the recommendations on the Parliamentary Commission on Banking Standards Autumn Statement 2014 Work of the Tax Assurance Commissioner UK Financial Investments Ltd Proposals for further Fiscal and Economic Devolution to Scotland Debt Management Office Annual Report and Accounts 2013-14 UK Customs Policy Infrastructure The cost of living The venture capital market The crypto-asset industry Tax Reliefs September 2022 Fiscal Event The Financial Services and Markets Bill The mortgage market The Edinburgh Reforms Quantitative tightening Retail Banks Appointment of Andrew Bailey as Governor of the Bank of England Work of Government Actuary’s Department Work of the Financial Ombudsman Service Work of HM Treasury Future of Financial Services Spending Review 2020 HMRC Annual Report and Accounts Bank of England Financial Stability Reports The appointment of John Taylor to the Prudential Regulation Committee UK’s economic and trading relationship with the EU The appointment of Antony Jenkins to the Prudential Regulation Committee Access to Cash Review Bank of England Financial Stability Reports Bank of England Inflation Reports Consumers’ Access to Financial Services Decarbonisation of the UK Economy and Green Finance Economic Crime The effectiveness of gender pay gap reporting HMRC Annual Report and Accounts inquiry Tax enquiries and resolution of tax disputes IT failures in the financial services sector Appointment of Dame Colette Bowe to the Financial Policy Committee Re-appointment of Professor Anil Kashyap to the Financial Policy Committee Work of the Financial Services Compensation Scheme Spending Round 2019 The impact of Business Rates on business Work of the Court of the Bank of England Independent Review of the Co-Operative Bank Regional Imbalances in the UK Economy Re-appointment of Michael Saunders to the Monetary Policy Committee Re-appointment of Ben Broadbent as Deputy Governor for Monetary Policy, Bank of England Maxwellisation RBS's Global Restructuring Group and its treatment of SMEs SME Finance Spring Statement 2019 The future of the UK’s financial services HM Treasury Annual Report and Accounts Service Disruption at TSB The UK's economic relationship with the European Union VAT The work of the Bank of England The work of the Chancellor of the Exchequer The work of the Financial Conduct Authority The Work of the Treasury The work of the Prudential Regulation Authority

50 most recent Written Questions

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

27th Mar 2024
To ask His Majesty's Government why no Minister attended the meeting on 21 March of the Interparliamentary Finance Committee Forum with members of the Scottish Parliament and Senedd Cymru.

The Government recognises the importance of the devolved legislature finance committees’ roles in providing rigorous scrutiny to devolved administration budgets and holding devolved administration ministers to account for their policy and budgetary decisions. As the previous Chief Secretary to the Treasury set out in his letters to the Senedd Finance Committee and the Finance and Public Administration Committee last year, we are mindful of parliamentary accountabilities where UK Government is accountable to the UK Parliament for its tax and spending decisions.

Lord Roborough
Lord in Waiting (HM Household) (Whip)
27th Mar 2024
To ask His Majesty's Government, further to the Written Answer by Baroness Vere of Norbiton on 27 March (HL3259), whether they will now answer the question put; namely, how much money the United Kingdom pays to the European Union annually; on what that money is spent; and what plans they have, and to what timescale, for its reduction.

At the Spring Budget 2020 following withdrawal from the EU the OBR estimated that there was £42.3bn more to spend on public services between 2020-21 and 2024-25 than would have been the case had we stayed in the EU. This additional spending has been included in the overall spending plans set out at Spending Reviews since we left the EU.

The financial settlement as set out in the Withdrawal Agreement ensures the UK only pays its past obligations as a departing Member State and does not relate to any continuing or future arrangements. As set out in the European Union Finances Statement 2023 (available in the library of the House and on Gov.uk), the UK is estimated to have paid £6.1bn in net liabilities in 2023 as part of this settlement.

Where the UK has decided it is in its interests to cooperate with the EU further, for instance on Horizon Europe, details of payments are set out in the relevant departments’ annual account.

Lord Roborough
Lord in Waiting (HM Household) (Whip)
27th Mar 2024
To ask His Majesty's Government how many companies are registered on the UK Internal Market Scheme which are based in Northern Ireland.

As of April 2024, over 7,800 businesses are authorised under the UK Internal Market Scheme, including over 4,100 which are established in Northern Ireland.

Lord Roborough
Lord in Waiting (HM Household) (Whip)
27th Mar 2024
To ask His Majesty's Government how many companies were registered on the UK Trader Scheme at the highest point of its operation.

As of 30 September 2023, when the UK Trader Scheme was replaced by the UK Internal Market Scheme, 5,700 businesses were authorised on the UK Trader Scheme. Around 3,800 businesses were actively using their authorisation in 2023.

Lord Roborough
Lord in Waiting (HM Household) (Whip)
25th Mar 2024
To ask His Majesty's Government, further to the remarks of Baroness Vere of Norbiton on 18 March (HL Deb col 82), what is their assessment of the implications for calculating entitlement to contributory working age benefits and pensions of abolishing national insurance contributions.

Cutting NICs does not affect anyone’s entitlement to the State Pension or contributory benefits.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
25th Mar 2024
To ask His Majesty's Government what assessment they have made of the factors contributing to the recent decline in consumer prices inflation.

The Monetary Policy Committee (MPC) has raised interest rates, which is helping to bring inflation down and return to the 2% target sustainably. The Government's responsible approach to borrowing has helped support the MPC as it brings inflation down.

The Office for Budget Responsibility expects CPI inflation to fall to the 2% target in the second quarter of 2024, a year earlier than they expected in November.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
26th Mar 2024
To ask His Majesty's Government, following the revision to the UK's sovereign credit outlook by global ratings agency Fitch from negative to stable, what assessment they have made of the impact of this on the UK's standing in (1) global trade, and (2) investment markets.

On the 22nd of March 2024 Fitch returned the UK’s rating to AA- with a stable outlook, meaning all three major credit ratings agencies now indicate that the UK has a stable outlook.

This is further evidence that the economy is turning a corner. Inflation has fallen from over 11% to 3.4% and is forecast to fall back to target in a few months’ time. The economy has grown so far this year, with growth forecast to pick up both this year and next. Debt is falling in the final year of the forecast, meeting our fiscal rules.

Underlying demand for the UK’s sovereign debt remains strong and is supported by a generally well-diversified investor base. This reflects the UK’s central position in global trade and investment markets.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
27th Mar 2024
To ask His Majesty's Government, following the commencement of section 45B of the UK Internal Market Act 2020, what export procedures will apply to goods moving from Northern Ireland to Great Britain that are subject to provisions of Union law falling within the second sentence of Article 6(1) of the Windsor Framework, which prohibit or restrict the exportation of goods; what is a practical example of what a business moving a good in this context will encounter in terms of paperwork and checks; when the export procedure will be commenced; and how they plan to apply the procedure if there is no Border Control Post at Cairnryan.

The Windsor Framework removes the requirement for export procedures that existed under the original Protocol and the subsequent 2020 agreement on the need for "equivalent information", with such controls only applying to a niche set of goods. Consistent with this, we have now laid domestic legislation under the Safeguarding the Union package that expressly prohibits export procedures applying to goods moving Northern Ireland to Great Britain, restoring our unfettered access safeguards. Detailed guidance on the treatment of relevant goods where exceptions apply is available on gov.uk.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
27th Mar 2024
To ask His Majesty's Government, following the commencement of section 45B of the UK Internal Market Act 2020, what export procedures will apply to goods moving from Northern Ireland to Great Britain that are placed under the export procedure within the Union in accordance with Title V and Title VIII of Regulation (EU) 952/2013, what is a practical example of what a business moving a good in this context will encounter in terms of paperwork and checks; when the export procedure will be commenced; and how they plan to apply the procedure if there is no Border Control Post at Cairnryan.

The Windsor Framework removes the requirement for export procedures that existed under the original Protocol and the subsequent 2020 agreement on the need for "equivalent information", with such controls only applying to a niche set of goods. Consistent with this, we have now laid domestic legislation under the Safeguarding the Union package that expressly prohibits export procedures applying to goods moving Northern Ireland to Great Britain, restoring our unfettered access safeguards. Detailed guidance on the treatment of relevant goods where exceptions apply is available on gov.uk.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
27th Mar 2024
To ask His Majesty's Government, following the commencement of section 45B of the UK Internal Market Act 2020, what export procedures will apply to goods moving from Northern Ireland to Great Britain that do not exceed 3,000 euros in value and are packed or loaded for export shipment within the Union, in accordance with Article 221 of Regulation (EU) 2015/2447, what is a practical example of what a business moving a good in this context will encounter in terms of paperwork and checks; when the export procedure will be commenced; and how they plan to apply the procedure if there is no Border Control Post at Cairnryan.

The Windsor Framework removes the requirement for export procedures that existed under the original Protocol and the subsequent 2020 agreement on the need for "equivalent information", with such controls only applying to a niche set of goods. Consistent with this, we have now laid domestic legislation under the Safeguarding the Union package that expressly prohibits export procedures applying to goods moving Northern Ireland to Great Britain, restoring our unfettered access safeguards. Detailed guidance on the treatment of relevant goods where exceptions apply is available on gov.uk.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
27th Mar 2024
To ask His Majesty's Government, following the commencement of section 45B of the UK Internal Market Act 2020, what export procedures will apply to goods moving from Northern Ireland to Great Britain when placed under a procedure listed in Article 210 of Regulation (EU) No 952/2013; what is a practical example of what a business moving a good in this context will encounter in terms of paperwork and checks; when the export procedure will be commenced; and how they plan to apply the procedure if there is no Border Control Post at Cairnryan.

The Windsor Framework removes the requirement for export procedures that existed under the original Protocol and the subsequent 2020 agreement on the need for "equivalent information", with such controls only applying to a niche set of goods. Consistent with this, we have now laid domestic legislation under the Safeguarding the Union package that expressly prohibits export procedures applying to goods moving Northern Ireland to Great Britain, restoring our unfettered access safeguards. Detailed guidance on the treatment of relevant goods where exceptions apply is available on gov.uk.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
27th Mar 2024
To ask His Majesty's Government, following the commencement of section 45B of the UK Internal Market Act 2020, what export procedures will apply to goods moving from Northern Ireland to Great Britain to goods that are in temporary storage in accordance with Article 144 of Regulations (EU) No 952/2013; what is a practical example of what a business moving a good in this context will encounter in terms of paperwork and checks; when the export procedure will be commenced; and how they plan to apply the procedure if there is no Border Control Post at Cairnryan.

The Windsor Framework removes the requirement for export procedures that existed under the original Protocol and the subsequent 2020 agreement on the need for "equivalent information", with such controls only applying to a niche set of goods. Consistent with this, we have now laid domestic legislation under the Safeguarding the Union package that expressly prohibits export procedures applying to goods moving Northern Ireland to Great Britain, restoring our unfettered access safeguards. Detailed guidance on the treatment of relevant goods where exceptions apply is available on gov.uk.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
27th Mar 2024
To ask His Majesty's Government whether any work is underway to prepare for a fiscal event outside of the usual Treasury timetable.

The Treasury develops policy throughout the year, in line with the Chancellor’s priorities and regardless of whether a date for a fiscal event has been announced.

The government is required by law to commission the Office for Budget Responsibility (OBR) to produce two forecasts per year and to hold a Budget each fiscal year.

The Chancellor has not announced the date of the next fiscal event.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
27th Mar 2024
To ask His Majesty's Government what consideration they gave to the Report from the Communications and Digital Committee Digital exclusion (3rd Report, Session 2022–23, HL Paper 219) when removing the postal address for HMRC from tax code notices.

HMRC could not have considered the 2022-23 Communications and Digital Committee Report on Digital Exclusion when removing the postal address from tax code notices, as this change occurred over 5 years ago. In keeping with the HMRC Charter principles, the Department aims to balance digital initiatives with accessibility for those facing digital exclusion.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
27th Mar 2024
To ask His Majesty's Government what steps they are taking to (1) ensure that stabilising mortgage rates contribute to sustained growth in the housing market, and (2) address challenges faced by homebuyers concerning the increased cost of living.

The path to lower interest rates is through low inflation, and the Government is fully committed to supporting the Bank of England get inflation back down to the 2% target, including by keeping borrowing under control.

While the pricing of mortgages is ultimately a commercial decision for lenders in which the Government does not intervene, our plan is working, and the average offered mortgage rates on 2-year and 5-year fixed rates are now lower compared to their peak in Summer 2023.

The Government is committed to making the aspiration of homeownership a reality for as many households as possible and consequently operates a range of schemes that aim to increase the supply of low-deposit mortgages for credit-worthy households, including first-time buyers, increase the availability of new housing, and stimulate economic growth. These include the Mortgage Guarantee Scheme, which is open until the end of June 2025. We also help first-time buyers to save for a deposit through the Lifetime ISA and Help to Buy: ISA.

Over 876,000 households have been helped to purchase a home since spring 2010 through government-backed schemes.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
27th Mar 2024
To ask His Majesty's Government what assessment they have made of the impact of the easing grocery price inflation on (1) consumer spending habits, and (2) household budgets.

Inflation reduces real incomes, creates uncertainty, and threatens our growth outlook so it’s essential that the government continues with its efforts to keep inflation down. The government remains steadfast in our support for the Monetary Policy Committee of the Bank of England.

Food inflation has fallen from a peak of 19.6% in March 2023 to 5.0% in February 2024.

The latest data suggests real household disposable income per capita was 1.4% higher in Q4 2023 than in Q4 2022.

ONS retail sales remained unchanged on the month in February. This followed an increase in retail sales volumes of 3.6% on the month in January, fully offsetting the decline in December. Food store sales were 2.8% higher in February than in December.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
21st Mar 2024
To ask His Majesty's Government, following reports that the economy returned to growth in January after entering a recession in the second half of 2023, what steps they are taking to (1) support, and (2) sustain positive momentum in, sectors of the economy which have shown signs of growth in 2024.

The government is pursuing an ambitious policy agenda to increase growth and productivity across the economy. This includes making full expensing permanent, a tax cut to companies of over £10 billion a year, to ensure the UK has one of the most generous capital allowances regimes in the world and backing the UK’s priority growth sectors. At Spring Budget 2024, the government set out the next steps in delivering a £4.5 billion funding package for strategic manufacturing sectors over the five years to 2030 and announced over £1 billion of new tax reliefs for creative industries.

The IMF forecasts that the UK will have the third fastest cumulative growth in the G7 over the 2024-2028 period and the OBR expects that policies announced in the previous three fiscal events will increase the size of the economy by 0.7% by 2028-29.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
21st Mar 2024
To ask His Majesty's Government whether the UK can apply any duty rate on alcoholic beverages in Northern Ireland which are below the EU minimum rate.

The same alcohol duty rates apply across the whole UK. The new alcohol duty system was implemented on 1 August 2023 and moves all alcohol to taxation by strength for the first time. The rates were set at the right level to support businesses and meet public health objectives.

We have implemented these broad reforms across the whole of the UK: taxation by strength, Draught Relief, and Small Producer Relief. This was impossible in Northern Ireland under the original Protocol. The Windsor Framework secured substantive, legally binding changes to ensure that Northern Ireland benefits from the same VAT and alcohol taxes as apply in the rest of the United Kingdom.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
19th Mar 2024
To ask His Majesty's Government, further to the announcement by the Chancellor of the Exchequer on 2 March concerning the requirement by 2027 for pension funds to disclose how much they invest in British businesses, what steps they are taking to assess the potential consequences on overall competitiveness and attractiveness of the UK as an investment destination.

The Chancellor announced at Spring Budget that the government will introduce new requirements for Defined Contribution pension funds to disclose publicly their level of UK equity investments, working closely with the Financial Conduct Authority (the FCA) who share responsibility for setting requirements for the market. The FCA will consult in the Spring. The government will introduce equivalent requirements for Local Government Pension Scheme funds in England & Wales. The government will review what further action should be taken if the data does not demonstrate that UK equity allocations are increasing.

This complements the wider reforms that the Government and regulators are already undertaking to boost UK markets.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
20th Mar 2024
To ask His Majesty's Government what steps they are considering to mitigate the potential inflationary effects of the increase in the National Living Wage and the National Minimum Wage.

In March 2020 the Office for Budget Responsibility estimated that meeting the National Living Wage target of 2/3rds of median earnings by 2024 would increase the level of consumer price inflation by less than 0.1 per cent across that period. Evidence shows employers respond to minimum wage increases in a variety of ways, most commonly by absorbing the additional cost and accepting lower profits.

Inflation reduces real incomes, creates uncertainty, and slows economic growth. It’s essential that the government continues with its efforts to keep inflation down. Inflation has more than halved, falling from its peak of 11.1% in October 2022 to 3.4% in February. The OBR forecasts that inflation will return to the 2% target in the second quarter of this year, a year earlier than forecast in November.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
22nd Mar 2024
To ask the Chancellor of the Exchequer, if he will make an assessment of the potential impact of charging VAT on (a) academic and (b) other educational audiobooks on access to education for people with (i) dyslexia, (ii) sight loss and (iii) impairment who cannot hold books.

The Government is committed to supporting those with disabilities who may struggle to access physical books and therefore rely more heavily on audiobooks. In line with its statutory obligations under the Equality Act, the Government carefully considers the impact of VAT policy on those with disabilities.

However, there is never any guarantee that any VAT cut is passed onto consumers. It is therefore not clear that cutting the VAT on audiobooks would actually benefit consumers, including those with disabilities.

Given this, the government does not currently have any plans to change the VAT treatment of audiobooks.

Nigel Huddleston
Financial Secretary (HM Treasury)
22nd Mar 2024
To ask the Chancellor of the Exchequer, whether he has made representations to the Minister for Women and Equalities in support of a 0% VAT rate on audiobooks to prevent discrimination against people with (a) dyslexia, (b) sight (i) loss and (ii) impairment and (c) disabilities preventing them from holding a physical book.

The Government is committed to supporting those with disabilities who may struggle to access physical books and therefore rely more heavily on audiobooks. In line with its statutory obligations under the Equality Act, the Government carefully considers the impact of VAT policy on those with disabilities.

However, there is never any guarantee that any VAT cut is passed onto consumers. It is therefore not clear that cutting the VAT on audiobooks would actually benefit consumers, including those with disabilities.

Given this, the government does not currently have any plans to change the VAT treatment of audiobooks.

Nigel Huddleston
Financial Secretary (HM Treasury)
22nd Mar 2024
To ask the Chancellor of the Exchequer, pursuant to the Answer of 21 March 2024 to Question 19192 on Tax Avoidance, whether it is his Department's policy to cease recovery of any liabilities incurred before December 2010 in cases where a taxpayer has not received an update for a period of 12 months or more from the initial date of an open enquiry or assessment.

In the 2019 Independent Loan Charge Review, Lord Morse recommended that the Loan Charge should only apply to loans made on or after 9 December 2010. The Government accepted this recommendation.

Lord Morse was also clear that, for years before this date, where there is an open enquiry or assessment under appeal, HM Revenue and Customs (HMRC) should still have the ability to pursue the tax due under the existing rules. HMRC has proceeded on this basis and it is its policy to collect tax where it has the ability to do so.

As part of its overall compliance processes and its commitment to update taxpayers at least annually, all of these taxpayers should have received correspondence from HMRC in the last 12 months.

When HMRC opens an enquiry, the information sheet provided includes information about a taxpayer’s right to apply to the First Tier Tribunal for the enquiry to be closed. One of the grounds for making such an application is where there has been an excessive delay during which a taxpayer has not received any communication from HMRC.

Nigel Huddleston
Financial Secretary (HM Treasury)
22nd Mar 2024
To ask the Chancellor of the Exchequer, with reference to his Department's publication entitled HMT ministers’ overseas travel, published on 21 March 2024, how much of the £15,991 spent on his visit to the USA from 20 to 22 October 2023 was spent on air travel.

The Government publishes details of Ministerial travel on GOV.UK. As has been the case under successive administrations, the Government does not publish granular detail on Ministers' travel either at home or abroad.

Gareth Davies
Exchequer Secretary (HM Treasury)
21st Mar 2024
To ask His Majesty's Government whether they will allow British National (Overseas) visa holders to voluntarily pay up to 15 years' worth of Class 3 national insurance contributions towards a state pension, in cases where such visa holders have been denied access to their Mandatory Provident Fund pension savings by HSBC.

British National Overseas individuals who live or work abroad (or have previously) are usually able to make backdated voluntary National Insurance contributions payments for the previous six tax years where they have either previously lived in the UK for three years in a row or paid at least three years of contributions.

For the tax years 2016 to 2017 and 2017 to 2018 the government has extended the deadline for paying voluntary contributions to 5 April 2025.

The deadline has also been extended to 5 April 2025 for eligible customers to pay voluntary contributions for the tax years 6 April 2006 to 5 April 2016. Further guidance on the eligibility and deadlines for making voluntary contributions, including for those living or working abroad is published online at https://www.gov.uk/voluntary-national-insurance-contributions(opens in a new tab).

The Government keeps all taxes under review.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
18th Mar 2024
To ask His Majesty's Government what assessment they have made of the systemic impact from the Financial Conduct Authority’s crackdown on wealth management services under the Consumer Duty; what estimate they have made of the likely total compensation that will need to be paid by wealth management firms; and what other areas of the financial sector they expect to be impacted by the Consumer Duty.

Requirements regarding financial adviser ongoing services started in 2013 following the Retail Distribution Review, with additional requirements resulting from the Markets in Financial Instruments Directive in 2018.

In February, the FCA wrote to a number of financial adviser firms requesting information about their delivery of ongoing services, for which their clients continue to be charged. The FCA is collecting this information to assess what, if any, further regulatory work it may undertake in this area.

The FCA’s new Consumer Duty seeks to set a higher and clearer standard of care that firms owe their customers. The FCA is an independent non-governmental body and is responsible for determining the application of the relevant rules. The Government will continue to monitor the effectiveness of Consumer Duty rules, as they bed in and as industry becomes more familiar with them.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
18th Mar 2024
To ask His Majesty's Government, following reports that public expectations for inflation have fallen to the lowest level in over two years, what assessment they have made of the impact of falling expectations on (1) wage growth trends, and (2) employment dynamics; and what steps they are taking to address any potential challenges in sustaining wage growth while maintaining price stability.

Inflation has more than halved, falling from its peak of 11.1% in October 2022 to 3.4% in February 2024 and nominal whole economy total pay has fallen from a peak of 8.9% in the three months to June to 5.6% in the three months to January 2024.

In the three months to January 2024 the unemployment rate was 3.9%, up by 0.1ppt on the year but low by historical standards. The OBR forecast that there will be a moderate rise in unemployment to a peak of 4.5% in Q4 2024 before declining to 4.1% by 2028.

Whilst inflation has fallen it still remains above the 2% target. The Monetary Policy Committee (MPC) continues to have the government’s full support as it takes action to sustainably return it to target.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
20th Mar 2024
To ask His Majesty's Government what is the timetable for the launch of the British ISA announced by the Chancellor of the Exchequer in the Budget Statement on 6 March.

At Spring Budget 2024, the Chancellor announced the creation of a UK ISA. Alongside this, the Government published a consultation seeking responses on the policy design and implementation. The consultation closes on 6th June 2024, after which we will consider responses and next steps.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
22nd Mar 2024
To ask the Chancellor of the Exchequer, what information his Department holds on the number of (a) mortgage term extensions, (b) interest-only payment switches and (c) repossessions in relation to a mortgaged property since the publication of the Mortgage Charter on 26 June 2023.

The Government’s Mortgage Charter - in addition to the significant safeguards already in place - is providing support to vulnerable households, and mortgage arrears and repossessions remain low.

On 22 March the Financial Conduct Authority published data on the uptake of the Mortgage Charter since July 2023. (https://www.fca.org.uk/data/mortgage-charter-uptake).

More broadly, there is a wide variety of data and statistics about the mortgage market in the UK available from the Bank of England (https://www.bankofengland.co.uk/statistics), the Financial Conduct Authority (https://www.fca.org.uk/data) and UK Finance (https://www.ukfinance.org.uk/data-and-research/data).

Bim Afolami
Economic Secretary (HM Treasury)
22nd Mar 2024
To ask the Chancellor of the Exchequer, whether his Department has made a recent assessment of the potential impact of the Mortgage Charter on levels of (a) forbearance, (b) arrears and (c) repossessions.

The Government’s Mortgage Charter - in addition to the significant safeguards already in place - is providing support to vulnerable households, and mortgage arrears and repossessions remain low.

On 22 March the Financial Conduct Authority published data on the uptake of the Mortgage Charter since July 2023. (https://www.fca.org.uk/data/mortgage-charter-uptake).

More broadly, there is a wide variety of data and statistics about the mortgage market in the UK available from the Bank of England (https://www.bankofengland.co.uk/statistics), the Financial Conduct Authority (https://www.fca.org.uk/data) and UK Finance (https://www.ukfinance.org.uk/data-and-research/data).

Bim Afolami
Economic Secretary (HM Treasury)
21st Mar 2024
To ask the Chancellor of the Exchequer, when he plans to publish the National Payments Vision.

Payments are essential to the UK’s economy, both for individuals and for businesses, and are a cornerstone of growth and competitiveness. The government is committed to maintaining the UK’s reputation for a world-leading payments ecosystem and will publish the National Payments Vision as soon as possible later this year.

Bim Afolami
Economic Secretary (HM Treasury)
21st Mar 2024
To ask the Chancellor of the Exchequer, which stakeholders he is consulting on the National Payments Vision.

Payments are essential to the UK’s economy, both for individuals and for businesses, and are a cornerstone of growth and competitiveness. The government is committed to maintaining the UK’s reputation for a world-leading payments ecosystem and will publish the National Payments Vision as soon as possible later this year.

Bim Afolami
Economic Secretary (HM Treasury)
21st Mar 2024
To ask the Chancellor of the Exchequer, what steps he is taking to ensure the National Payments Vision results in meaningful competition in retail payments.

Payments are essential to the UK’s economy, both for individuals and for businesses, and are a cornerstone of growth and competitiveness. The government is committed to maintaining the UK’s reputation for a world-leading payments ecosystem and will publish the National Payments Vision as soon as possible later this year.

Bim Afolami
Economic Secretary (HM Treasury)
22nd Mar 2024
To ask the Chancellor of the Exchequer, what the evidential basis is for his Department's tweet of 29 September 2023 that the UK was the fastest growing European G7 country since 2010.

The calculations underlying this statistic were based on public information available on the 29 September 2023, including quarterly GDP data published by the Office for National Statistics for the UK and OECD data for the remaining G7 European economies.

The data showed that cumulative GDP growth in the UK from the beginning of 2010 (change on 2009 Q4) through to 2023 Q2 of 24.2% was greater than that of France (16.4%), Italy (3.5%) and Germany (21.2%).

Bim Afolami
Economic Secretary (HM Treasury)
21st Mar 2024
To ask the Chancellor of the Exchequer, what recent discussions has he had with businesses on tax-free shopping for international visitors.

As the UK’s economic and finance ministry, HM Treasury has regular discussions with representatives from a wide range of industries including travel and retail as well as business representative organisations covering many sectors.

Nigel Huddleston
Financial Secretary (HM Treasury)
22nd Mar 2024
To ask the Chancellor of the Exchequer, what the evidential basis is for his Department's tweet of 6 January 2024 that the UK had the lowest effective average personal tax rate in the G7; and what the effective average personal tax rate is in each G7 country.

The Government is committed to rewarding hard work through a fair and simple tax system that is also competitive internationally. The Government is taking a responsible approach by delivering tax cuts within the fiscal rules.

The tweet of 6 January 2024 was based on the most recently published data from the OECD’s Taxing Wages 2023 publication. This shows the total personal tax liability divided by salary for a single employed individual with no children on average earnings for Germany (37.4%), Italy (28.8%), France (27.7%), Canada (25.6%), the US (24.8%) and Japan (22.3%). Following the 2p NICs cut made at Autumn Statement, the effective personal tax rate for an employee on £44,300 (the OECD’s figure for UK average earnings) reduced from 23.6% to 21.5%, which would be the lowest rate in the G7, according to the latest available OECD data. This has fallen to 20.1% following the further 2p NICs cut made at Spring Budget.

Nigel Huddleston
Financial Secretary (HM Treasury)
19th Mar 2024
To ask the Chancellor of the Exchequer, what estimate he has made of when defence spending will reach 2.5% of GDP; whether he has made an assessment of the potential merits of raising defence spending to 3% of GDP; and if he will have discussions with the Leader of the House on finding time to debate the Early Day Motion in the name of the hon. Member for Clacton, number 455, on Future defence spending.

The government has consistently prioritised defence spending. The Ministry of Defence was the first department to get certainty on its budgets in this Parliament. This settlement was the largest sustained spending increase in defence since the end of the Cold War, with a £24 billion uplift in cash terms over the four-year period. In March 2023, we also provided an extra £11 billion for defence and national security priorities over the next five years, with £4.95 billion over the next two years.

The government’s aspiration over the longer-term is to invest 2.5% of GDP on defence, when the fiscal and economic circumstances allow.

Laura Trott
Chief Secretary to the Treasury
19th Mar 2024
To ask His Majesty's Government what steps they are taking to ensure that customs controls do not disproportionately affect small and medium-sized businesses trading between Great Britain and Northern Ireland.

The Government is committed to ensuring smooth trade flows within the UK internal market.

The UK Internal Market Scheme (UKIMS) replaced the previous UK Trader Scheme on 30 September 2023. UKIMS allows a much wider range of businesses to move goods into Northern Ireland under the existing ‘not at risk’ arrangements than the previous scheme, with over 3,000 new businesses now authorised.

Under UKIMS, the turnover threshold below which companies involved in processing can move eligible goods under the scheme quadrupled from the old £500,000 limit up to £2m, benefiting SMEs. From 30 September 2024, UKIMS traders will also be able to benefit from the new simplified processes for UK internal market movements which will scrap burdensome supplementary declarations and allow for the use of a simpler dataset based on standard commercial information as opposed to full customs declarations as is required currently.

There is tailored support available for all sizes of businesses trading between Great Britain and Northern Ireland, including small and medium-sized businesses, via the free-to-use Trader Support Service (TSS).

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
19th Mar 2024
To ask His Majesty's Government what progress they have made in March in simplifying trade procedures between Great Britain and Northern Ireland, to minimise disruption for businesses.

The Government is committed to ensuring smooth trade flows within the UK internal market.

The UK Internal Market Scheme (UKIMS) replaced the previous UK Trader Scheme on 30 September 2023, allowing a much wider range of businesses to move goods into Northern Ireland under the existing ‘not at risk’ arrangements, with over 3,000 new businesses now authorised.

From 30 September 2024, UKIMS traders will also be able to benefit from the new simplified processes for UK internal market movements which will scrap burdensome supplementary declarations and allow for the use of a simpler dataset based on standard commercial information as opposed to full customs declarations as is required currently.

There is also tailored support available for businesses trading between Great Britain and Northern Ireland via the free-to-use Trader Support Service (TSS).

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
19th Mar 2024
To ask His Majesty's Government what steps they are taking to ensure a consistent and friction-free supply of goods to Northern Ireland from Great Britain.

The Government is committed to ensuring smooth trade flows within the UK internal market.

The UK Internal Market Scheme (UKIMS) replaced the previous UK Trader Scheme on 30 September 2023, allowing a much wider range of businesses to move goods into Northern Ireland under the existing ‘not at risk’ arrangements, with over 3,000 new businesses now authorised.

From 30 September 2024, UKIMS traders will also be able to benefit from the new simplified processes for UK internal market movements which will scrap burdensome supplementary declarations and allow for the use of a simpler dataset based on standard commercial information as opposed to full customs declarations as is required currently.

There is also tailored support available for businesses trading between Great Britain and Northern Ireland via the free-to-use Trader Support Service (TSS).

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
19th Mar 2024
To ask His Majesty's Government what assessment they have made of the potential (1) costs, and (2) benefits, of reintroducing tax-free shopping for international visitors, including the impact on (a) retail sales, (b) employment levels, and (c) economic recovery.

As set out at Spring Budget 2024, the government is considering the findings of the OBR’s review of the original costing of the withdrawal of tax-free shopping, published in the Economic and Fiscal Outlook on 6 March, alongside industry representations and broader data. The government welcomes further submissions in response to the OBR’s findings.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
20th Mar 2024
To ask His Majesty's Government what assessment they have made of the quality of customer services provided by His Majesty's Revenue and Customers to taxpayers; and whether they will undertake a review or ask an independent third party to do so.

The quality of HMRC's customer service is regularly assessed by various bodies, including the Treasury Select Committee, National Audit Office, independent Adjudicator's Office, and Public Accounts Committee. HMRC also has internal customer surveys and key performance metrics to monitor its customer service objectives as outlined in the HMRC Charter.

HMRC Performance is published on a monthly and quarterly basis on GOV.UK:

https://www.gov.uk/government/collections/hmrc-monthly-performance-reports

https://www.gov.uk/government/collections/hmrc-quarterly-performance-updates

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
19th Mar 2024
To ask the Chancellor of the Exchequer, with reference to section 8.2 of the UK strategic export controls annual report 2022, published on 19 July 2023, HC1681, what the (a) value and (b) destination country of each compound settlement issued by HMRC was.

Information on Compound Settlements issued by HMRC are available here:

UK strategic export controls annual report 2022 - GOV.UK (www.gov.uk)

Nigel Huddleston
Financial Secretary (HM Treasury)
19th Mar 2024
To ask the Chancellor of the Exchequer, with reference to table 8.4 of the UK strategic export controls annual report 2022, published on 19 July 2023, HC1681, of the voluntary disclosures received, how many and what proportion related to (a) export controls and (b) sanctions violations; and what the destination country for each case was.

Information on voluntary disclosures relating to trade sanctions and strategic export controls is available here:

UK strategic export controls annual report 2022 - GOV.UK (www.gov.uk)

Nigel Huddleston
Financial Secretary (HM Treasury)
19th Mar 2024
To ask the Chancellor of the Exchequer, with reference to table 8.5 in the UK strategic export controls annual report 2022, published on 19 July 2023, HC1681, of the strategic exports and sanctions seizures in each year, how many and what proportion related to (a) strategic exports controls seizures and (b) goods subject to trade sanctions; what the destination countries were for each seizure; and in each case, (i) what and (ii) how many items were seized.

Information on seizures of goods subject to sanctions and strategic export controls is available here:
UK strategic export controls annual report 2022 - GOV.UK (www.gov.uk)

Nigel Huddleston
Financial Secretary (HM Treasury)
14th Mar 2024
To ask His Majesty's Government whether recurring financial provision will be made to implement the Windsor Framework; and, if so, what quantum they are expecting.

As set out in the Statement of Funding Policy, the UK Government will fund the direct costs associated with reaching the required level of compliance to implement the UK Government’s obligations under the Windsor Framework. Funding will continue to be provided to the Northern Ireland Executive for this purpose through the Estimates process.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
13th Mar 2024
To ask His Majesty's Government, further to the answer by Lord Cameron of Chipping Norton on 12 March (HL Deb col 1905), how much money the United Kingdom pays to the European Union annually; on what that money is spent; and what plans they have, and to what timescale, for its reduction.

Details of how much money the UK has paid the EU under the Withdrawal Agreement, its purposes, forecasts of future payments and timings are set out in the annual European Union Finances Statement. The most recent version covers payments made in 2023 and is available in the library of the House and on Gov.uk.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
14th Mar 2024
To ask His Majesty's Government, following the publication of the draft Payment Services (Amendment) Regulations 2024, what steps they are taking to introduce legal safeguards to protect consumer rights and ensure transparency in the process of delaying payments for further investigation.

The government takes the issue of fraud very seriously and is dedicated to protecting the public from this devastating crime.

The government has published draft legislation that allows the sending of payments to be delayed where there are reasonable grounds to suspect fraud or dishonesty, and more time is needed to contact the customer or relevant third parties.

Subject to some exceptions to ensure Payment Service Providers (PSPs) meet other legal obligations, for example around tackling financial crime, PSPs will be obliged to inform the customer, set out the reasoning behind a delay, and what information or actions are needed to enable the PSP to decide whether to execute the payment.

The government intends to introduce this legislation in summer 2024 and, subject to Parliamentary approval, for it to come into force on 7 October 2024.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
13th Mar 2024
To ask His Majesty's Government what, if any, statutory powers they have to issue binding directions to the Bank of England; and on how many occasions in each year since 2007 they have been exercised.

The Treasury has statutory powers to issue directions to the Bank of England, which can only be used under specific conditions or circumstances. None of the powers outlined below have ever been used.

  • Under section 4 of the Bank of England Act 1946, the Treasury may direct the Bank, after consultation with the Governor, to action that is deemed to be necessary in the public interest. This power of direction applies to all of the Bank’s activities, with the exception of monetary policy and the exercise of the Bank’s functions as the Prudential Regulation Authority (PRA).

  • Under section 19 of the Bank of England Act 1998, the Treasury may by order, after consultation with the Governor, direct the Bank with respect to monetary policy if it is deemed to be in the public interest and required by extreme economic circumstances.

  • Under section 410 of the Financial Services and Markets Act 2000, the Treasury may direct the PRA and the Bank to not take an action that would be incompatible with the UK’s international obligations.

  • Under Section 61 of the Financial Services Act 2012, the Treasury may direct the Bank on specific measures relating to the assistance to or stabilisation of financial institutions.

The Bank of England also has powers to direct the Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR).

  • Under section 9H of the Bank of England Act 1998, the Bank of England’s Financial Policy Committee (FPC) has powers of direction over the PRA and FCA (limited to the use of specific macroprudential tools). To date, the FPC has only ever used this power to implement the Leverage Ratio.

  • Under sections 9Y and 9Z of the Bank of England Act 1998, the Bank may direct the FCA to provide documents or information that the Bank reasonably requires for its financial stability functions. This power has never been used.

  • Under section 100 of the Financial Services (Banking Reform) Act 2013, the Bank has the power to direct the PSR not to exercise its powers, under specific circumstances. This power has never been used.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)