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 Specify the amount of the Sovereign Grant for the financial year 2027-28 and the percentage of the income account net surplus of the Crown Estate to be used by the Royal Trustees to determine the amount of the Sovereign Grant in subsequent financial years; to confer a duty and a power on the Treasury to specify the amount of the Sovereign Grant in subsequent financial years in certain circumstances; and for connected purposes.
This Bill received Royal Assent on 2nd November 2026 and was enacted into law.
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.
No. The changes announced at Autumn Budget 2026 to remove the ‘two-year rule’ for pension and lump sum death benefits are not driven by any specific scheme.
The government is removing the two-year deadline for pension and lump sum death benefits to be paid tax free to beneficiaries where an individual dies before age 75. This change will apply to any payment made on or after 28 October 2026 and will ensure that these benefits do not become subject to tax because of delays beyond a beneficiary’s control.
Trustees and scheme administrators will continue to have a duty to act prudently and will still need to identify beneficiaries and settle pension benefits promptly.
HMRC provides guidance to Valuation Office caseworkers undertaking property inspections that internal and external photographs are an important part of a property survey
Where photographs are taken from within the property boundary, the occupier’s permission must be obtained. Permission is not required for photographs taken from the public highway
Where photographs form part of Council Tax casework, they are retained in accordance with the Valuation Office’s information retention schedules.
The basis of valuation for business rates is broadly the annual rental value of a property at a fixed valuation date. Any impact of these factors is reflected in the annual rental value, along with all other characteristics which may impact upon value.
At Budget 2025, the Office for Budget Responsibility assessed that there would be a small impact on rental prices as a result of a 2ppt increase to property rates from April 2027. The Government expects changes at Budget 2026 to have a similar effect and therefore that it will not have a significant impact on rents.
At Budget 2026, we introduced new support for First Time Buyers through the Your First Home Scheme. The Your First Home scheme will support around 70,000 first time buyers and we estimate it will deliver around 20,000 new homes.
Private renters will also continue to benefit from the stronger protections brought in through the Renters Rights Act, including limiting rent increases to no more than open market rent and only once per year.
At Budget 2025, the Office for Budget Responsibility assessed that there would be a small impact on rental prices as a result of a 2ppt increase to property rates from April 2027. The Government expects changes at Budget 2026 to have a similar effect and therefore that it will not have a significant impact on rents.
At Budget 2026, we introduced new support for First Time Buyers through the Your First Home Scheme. The Your First Home scheme will support around 70,000 first time buyers and we estimate it will deliver around 20,000 new homes.
Private renters will also continue to benefit from the stronger protections brought in through the Renters Rights Act, including limiting rent increases to no more than open market rent and only once per year.
The Government recognises the risks that climate change may pose to the insurance market. HM Treasury continues to work with the insurance industry, regulators and across government to understand and monitor the potential impacts of increasing climate-related risks.
Insurers make commercial decisions about pricing and the terms of cover they offer based on their assessment of the relevant risks. However, the government is determined that insurers should treat customers fairly and firms are required to do so under the Financial Conduct Authority’s (FCA) rules. The FCA is the independent body responsible for regulating and supervising the financial services industry and has powers to take action against firms that do not meet its requirements.
Different insurers may take different views of risk when determining whether to offer insurance and at what price. Consumers may wish to contact the British Insurance Brokers’ Association, which can provide guidance on accessing the insurance market and help consumers find specialist brokers where appropriate.
The Government does not comment on the taxation of individual projects for reasons of taxpayer confidentiality.
Arrangements are already in place to enable individuals and organisations to make voluntary payments or donations to government in support of general public expenditure.
GOV.UK provides guidance and steps for how the public and private businesses can make these contributions. Such donations cannot be ring-fenced for a specific purpose or area of public spending.
The Government recognises the important role that tax reliefs can play in supporting charitable giving. Companies can receive Corporation Tax relief on qualifying donations to charity, including monetary donations and certain gifts of assets such as land and shares.
Companies donate around £4 billion per year to charity, supported by around £1 billion a year in Corporation Tax relief on qualifying donations.
The latest available estimate of the value of Corporation Tax relief on charitable donations by companies is £880 million for the 2021-22 tax year. Annual estimates of this relief are not produced and therefore the Government is unable to provide figures for each of the last five years.
As with all taxes and reliefs, the Government keeps charitable tax reliefs under review and considers the available evidence on their effectiveness, use and impact, including any barriers within the tax system to charitable giving.
The Government recognises the important role that tax reliefs can play in supporting charitable giving. Companies can receive Corporation Tax relief on qualifying donations to charity, including monetary donations and certain gifts of assets such as land and shares.
Companies donate around £4 billion per year to charity, supported by around £1 billion a year in Corporation Tax relief on qualifying donations.
The latest available estimate of the value of Corporation Tax relief on charitable donations by companies is £880 million for the 2021-22 tax year. Annual estimates of this relief are not produced and therefore the Government is unable to provide figures for each of the last five years.
As with all taxes and reliefs, the Government keeps charitable tax reliefs under review and considers the available evidence on their effectiveness, use and impact, including any barriers within the tax system to charitable giving.
The Government recognises the important role that tax reliefs can play in supporting charitable giving. Companies can receive Corporation Tax relief on qualifying donations to charity, including monetary donations and certain gifts of assets such as land and shares.
Companies donate around £4 billion per year to charity, supported by around £1 billion a year in Corporation Tax relief on qualifying donations.
The latest available estimate of the value of Corporation Tax relief on charitable donations by companies is £880 million for the 2021-22 tax year. Annual estimates of this relief are not produced and therefore the Government is unable to provide figures for each of the last five years.
As with all taxes and reliefs, the Government keeps charitable tax reliefs under review and considers the available evidence on their effectiveness, use and impact, including any barriers within the tax system to charitable giving.
For their non-business activity, FE colleges are unable to reclaim VAT incurred. This applies to both capital and non-capital expenditure. The Government operate VAT refund schemes for schools and academies which are designed to ensure that VAT is not a burden on local taxation, and that academies are not disincentivised to leave Local Authority control. FE colleges do not meet the criteria for either scheme.
Whilst the Government does continue to look into the VAT position of FE colleges, we do not generally publish internal evidence relating to, or assessments of, tax changes where a decision has not been taken. Any decisions on tax policy are announced with accompanying costings at fiscal events, in the context of the overall public finances
In relation to business activity, FE colleges enjoy an exemption from VAT which means that they do not have to charge VAT to students but cannot recover it either.
The Government is committed to reuniting young people with their Child Trust Funds (CTFs).
HMRC is going to write to all 21 year olds who have not yet accessed their CTFs. HMRC is currently implementing systems changes to ensure account holders’ details are up to date and to automate this exercise. HMRC will start sending the letters at scale next year, and the project will continue until all CTFs have matured. In the meantime, in order to test the letters and maximise their positive impact, HMRC has been manually issuing letters on a small scale. Of the first batch of customers contacted, 32% have, so far, claimed their CTF.
The Government is aware of proposals for the automatic release of funds in unclaimed matured CTF accounts, where the account was opened by HMRC and the account holder has turned 21
The Government does not have the authority to access or transfer these funds. These savings belong to the account holders and are held by private sector providers.
I have established a dedicated Taskforce to reduce the number of unclaimed matured CTF accounts and improve outcomes for account holders. This brings together Government and industry to strengthen tracing activity, increase engagement, and support access to funds.
The FCA will respond to the Hon. Member for Henley and Thame Oxfordshire, and a copy of the letter will be placed in the Library of the House of Commons.
The Government is committed to ensuring that people who need in-person banking can continue to access essential services.
That is why the Government commissioned an independent Review into Access to Banking Services, to assess whether changes to in-person banking services are causing consumer detriment, the scale of any detriment, and who and where it affects. The Review is considering these questions across the whole of the UK, including in rural communities.
The Government will publish the Review’s report in due course.
Recent research commissioned by the Department for Science, Innovation and Technology, as was, models the cost of significant cyber attacks to UK businesses at approximately £14.7 billion in 2024, equivalent to around 0.5% of UK GDP. This is an indicative estimate, using predominantly US data covering a range of private and public-sector organisations to estimate the cost of a significant cyber attack, combined with UK data on the number of businesses estimated to experience such attacks.
The government is clear that decisive action is required to tackle the increasing cyber threat. That is why at the Budget this month, the Chancellor announced an investment of £150 million into cyber defence, including a National Exposure and Real-Time Vulnerability Centre, expansion of public sector AI cyber defence and a national Cyber Shield.
The Government keeps all potential threats to the UK’s national and economic security under close review and will not hesitate to act where concerns are identified. The Government does not comment on specific cases. More broadly, our approach is evidence-based and risk-based, and we use a range of regulatory and economic security measures to protect the UK’s interests. This includes powers available under the National Security Act and other relevant legislation to address threats where they arise.
All UK persons, including UK based subsidiaries of foreign state-owned banks, are required to comply with relevant UK sanctions, anti-money laundering and counter terrorist financing laws. The Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, assesses every instance of reported non-compliance with UK financial sanctions and takes action in all cases where it concludes that a breach has occurred. OFSI works closely with the Financial Conduct Authority (FCA) in respect of the enforcement of UK financial sanctions where cases concern FCA-regulated firms.
Under the Money Laundering Regulations (MLRs), banks and other regulated firms must have appropriate policies, controls and procedures to mitigate money laundering, terrorist financing and proliferation financing risks. This includes customer due diligence, sometimes referred to as “Know Your Customer” requirements, to verify customers’ identities and understand the purpose of transactions. The FCA is responsible for supervising banks’ compliance with these regulations and is empowered to take enforcement action where necessary.
The Government keeps all potential threats to the UK’s national and economic security under close review and will not hesitate to act where concerns are identified. The Government does not comment on specific cases. More broadly, our approach is evidence-based and risk-based, and we use a range of regulatory and economic security measures to protect the UK’s interests. This includes powers available under the National Security Act and other relevant legislation to address threats where they arise.
All UK persons, including UK based subsidiaries of foreign state-owned banks, are required to comply with relevant UK sanctions, anti-money laundering and counter terrorist financing laws. The Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, assesses every instance of reported non-compliance with UK financial sanctions and takes action in all cases where it concludes that a breach has occurred. OFSI works closely with the Financial Conduct Authority (FCA) in respect of the enforcement of UK financial sanctions where cases concern FCA-regulated firms.
Under the Money Laundering Regulations (MLRs), banks and other regulated firms must have appropriate policies, controls and procedures to mitigate money laundering, terrorist financing and proliferation financing risks. This includes customer due diligence, sometimes referred to as “Know Your Customer” requirements, to verify customers’ identities and understand the purpose of transactions. The FCA is responsible for supervising banks’ compliance with these regulations and is empowered to take enforcement action where necessary.
HM Treasury is regularly in contact with mortgage lenders and the Financial Conduct Authority to discuss lending conditions.
The pricing and availability of mortgages is a commercial decision for mortgage lenders in which the Government does not intervene. Lenders are responsible for setting their own lending criteria, including decisions about the properties on which they are willing to lend. These criteria may consider a range of factors, including property valuations and the risks associated with certain property types, such as former commercial buildings that have been converted for residential use.
The UK benefits from a competitive mortgage market, with a wide variety of products available, and mortgage brokers can help prospective borrowers identify products that are suitable for their individual circumstances, whether from a mainstream or a more specialist lender.
The Government is committed to making the aspiration of home ownership a reality for as many households as possible. At the Budget, the Government announced a range of measures to support more people to purchase their first home, including the Your First Home scheme and the First Time Buyer ISA.
HM Treasury is regularly in contact with mortgage lenders and the Financial Conduct Authority to discuss lending conditions.
The pricing and availability of mortgages is a commercial decision for mortgage lenders in which the Government does not intervene. Lenders are responsible for setting their own lending criteria, including decisions about the properties on which they are willing to lend. These criteria may consider a range of factors, including property valuations and the risks associated with certain property types, such as former commercial buildings that have been converted for residential use.
The UK benefits from a competitive mortgage market, with a wide variety of products available, and mortgage brokers can help prospective borrowers identify products that are suitable for their individual circumstances, whether from a mainstream or a more specialist lender.
The Government is committed to making the aspiration of home ownership a reality for as many households as possible. At the Budget, the Government announced a range of measures to support more people to purchase their first home, including the Your First Home scheme and the First Time Buyer ISA.
HM Treasury is regularly in contact with mortgage lenders and the Financial Conduct Authority to discuss lending conditions.
The pricing and availability of mortgages is a commercial decision for mortgage lenders in which the Government does not intervene. Lenders are responsible for setting their own lending criteria, including decisions about the properties on which they are willing to lend. These criteria may consider a range of factors, including property valuations and the risks associated with certain property types, such as former commercial buildings that have been converted for residential use.
The UK benefits from a competitive mortgage market, with a wide variety of products available, and mortgage brokers can help prospective borrowers identify products that are suitable for their individual circumstances, whether from a mainstream or a more specialist lender.
The Government is committed to making the aspiration of home ownership a reality for as many households as possible. At the Budget, the Government announced a range of measures to support more people to purchase their first home, including the Your First Home scheme and the First Time Buyer ISA.
The Government has worked closely with the Financial Conduct Authority (FCA) to deliver a comprehensive and internationally competitive UK regulatory regime for cryptoassets. The Government’s objective is to ensure the regime appropriately balances the protection of consumers with a regulatory environment that supports innovation and growth.
The regime will come into force in October 2027 and includes transitional and savings provisions to support an orderly transition to the new regulatory framework. The FCA’s authorisation gateway opened on 30 September 2026, and the FCA is providing various forms of support for firms through the authorisation process. This includes offering a free, optional pre-application meeting to discuss a firm’s business model, the authorisation process, and the FCA’s expectations.
The Government has worked closely with the Financial Conduct Authority (FCA) to deliver a comprehensive and internationally competitive UK regulatory regime for cryptoassets. The Government’s objective is to ensure the regime appropriately balances the protection of consumers with a regulatory environment that supports innovation and growth.
The regime will come into force in October 2027 and includes transitional and savings provisions to support an orderly transition to the new regulatory framework. The FCA’s authorisation gateway opened on 30 September 2026, and the FCA is providing various forms of support for firms through the authorisation process. This includes offering a free, optional pre-application meeting to discuss a firm’s business model, the authorisation process, and the FCA’s expectations.
The Government is backing high streets including those in South Holland and The Deepings through a significant package of support. All retail, hospitality and leisure properties in England, including hotels, will see their business rates either frozen in real terms, reduced, or cut to zero.
The package includes, from 1 April 2027:
Alongside this tax support, the Government has published our plan for ‘Hope on the High Street’, which will help put high streets back under local control, where local leaders can drive the change their communities want to see. We backed this commitment with £210m to transform derelict buildings into the new anchors of our high streets and create resilient community-owned businesses and institutions. This includes £65 million to help communities protect valued local assets and £10 million to expand High Street Rental Auctions, which is available to eligible local authorities across England to help bring persistently empty commercial properties back into productive use.
Established within the National Wealth Fund (NWF), the Energy Wealth Fund (EWF) will invest in renewable and low carbon energy infrastructure across the UK, helping unlock growth and supporting projects that will drive the country’s transition to a low-carbon economy. To support this, £2bn for the EWF will be provided to the NWF. Further details will be set out in due course.
Established within the National Wealth Fund (NWF), the Energy Wealth Fund (EWF) will invest in renewable and low carbon energy infrastructure across the UK, helping unlock growth and supporting projects that will drive the country’s transition to a low-carbon economy. To support this, £2bn for the EWF will be provided to the NWF. Further details will be set out in due course.
Established within the National Wealth Fund (NWF), the Energy Wealth Fund (EWF) will invest in renewable and low carbon energy infrastructure across the UK, helping unlock growth and supporting projects that will drive the country’s transition to a low-carbon economy. To support this, £2bn for the EWF will be provided to the NWF. Further details will be set out in due course.
The Government is committed to empowering local communities, and recently released £52 million from the Local Growth Fund to support local leaders throughout Scotland to revive local high streets, start-up businesses and create skilled jobs.
VAT is a broad-based tax on consumption, and the 20 per cent standard rate applies to most goods and services.
Outside of a limited number of reliefs aimed at supporting the supply of new homes, the standard rate applies to most construction works. Exceptions to the standard rate are limited and must be balanced against their impact on the public finances.
New emission standards are being introduced in the UK, which reflect the higher real-world emissions of Plug in Hybrid Vehicles (PHEVs).These new standards will be reflected within Vehicle Excise Duty (VED) and Benefit in Kind systems.
In addition, from 1 April 2025 the VED first year rates have changed to support the take-up of electric vehicles, with higher rates for higher emitting hybrid and petrol/diesel vehicles, and the lowest rate for zero emission cars being frozen until 2029/30.
The emissions level of hybrids varies and while they are generally cleaner than petrol/diesel cars, their emission levels are higher than electric vehicles (EVs). It is therefore right to focus the most generous VED incentives towards zero emission vehicles (ZEV) as the ZEV transition continues.
At Budget 2026, the government announced the rate of Machines Games Duty will increase from 20% to 25% on higher stake machines from 1 April 2027. The increase is targeted at higher risk machine games which are more associated with gambling harm.
An assessment of the impacts is published within the Tax Impact and Information Note, which can be found at the following link: Machine Games Duty: increasing the rate on higher stake and prize machines - GOV.UK
The Energy Wealth Fund (EWF) will be linked to the Government's future revenues from North Sea projects, ensuring investment in the energy transition. To support this, an additional £2 billion downpayment for the EWF will be provided to the National Wealth Fund. The government will keep new revenues from the North Sea under review and determine at future Budgets what level of top-ups can be made to the EWF as a result.
The Energy Wealth Fund (EWF) will be linked to the Government's future revenues from North Sea projects, ensuring investment in the energy transition. To support this, an additional £2 billion downpayment for the EWF will be provided to the National Wealth Fund. The government will keep new revenues from the North Sea under review and determine at future Budgets what level of top-ups can be made to the EWF as a result.
HMRC does not hold any estimates on the amount of Apprenticeship Levy receipts paid by employers in South Lanarkshire.
The Creative Industry Tax Reliefs Evaluation commissioned by HMRC in 2022 (available at https://www.gov.uk/government/publications/creative-industry-tax-reliefs-evaluation) found that there was strong evidence that the main four creative tax reliefs have made the UK a more attractive filming and production location, and led to more productions taking place in the UK. There was a widespread perception that the reliefs have had a significant impact on employment.
I refer the Honourable Member to the answer given to the question in PQ UIN 36187.
https://questions-statements.parliament.uk/written-questions/detail/2026-10-19/36187
At Budget 2026, the Chancellor announced that Alcohol Duty rates will be kept constant in real terms by uprating in line with the Retail Prices Index (RPI) on 1 February 2027. Alcohol Duty was also previously uprated by RPI on 1 February 2026 and 1 February 2025. Uprating is a prudent decision for the public finances that balances the important contribution of alcohol producers, pubs and the wider hospitality sector with the tax’s role in supporting public health.
This Government is also proud to have been able to significantly expand the generosity of Draught Relief this parliament, in recognition of the economic and cultural importance of pubs, and the wider “on trade”.
Further information on the impacts of these Alcohol Duty measures can be found in the relevant Tax Information and Impact Notes.
VAT is a broad-based tax on consumption, and the 20 per cent standard rate applies to most goods and services. Exceptions to the standard rate are limited and must be balanced against their impact on the public finances.
At Budget 2026, the Chancellor announced that Alcohol Duty rates will be kept constant in real terms by uprating in line with the Retail Prices Index (RPI) on 1 February 2027. Alcohol Duty was also previously uprated by RPI on 1 February 2026 and 1 February 2025. Uprating is a prudent decision for the public finances that balances the important contribution of alcohol producers, pubs and the wider hospitality sector with the tax’s role in supporting public health.
This Government is also proud to have been able to significantly expand the generosity of Draught Relief this parliament, in recognition of the economic and cultural importance of pubs, and the wider “on trade”.
Further information on the impacts of these Alcohol Duty measures can be found in the relevant Tax Information and Impact Notes.
VAT is a broad-based tax on consumption, and the 20 per cent standard rate applies to most goods and services. Exceptions to the standard rate are limited and must be balanced against their impact on the public finances.
Barnett consequentials associated with the Household Energy Payment announced at Budget 2026 will be included in the next iteration of the Block Grant Transparency which will be published in due course.
I refer the Member to the answer given to Question 92805 on 27 November 2025, which sets out HMRC’s approach to tackling illicit tobacco.
Sentencing in individual cases is a matter for the independent courts.
I refer the Member to the answer given to Question 92805 on 27 November 2025, which sets out HMRC’s approach to tackling illicit tobacco.
Sentencing in individual cases is a matter for the independent courts.
At the Budget, the Chancellor announced an additional £20.4bn of capitalisation for the National Wealth Fund and British Business Bank. The Chancellor also announced a commitment that National Wealth Fund and British Business Bank will deploy up to £5 billion of investment and lending over the next four years into defence, dual use and other sectors supporting UK national security, sovereign capability, and resilience. This could include areas such as AI, critical minerals, cyber, quantum and advanced manufacturing
Investment across these sectors will depend on the viable opportunities that come forward, with individual investments assessed on a case-by-case basis in line with each institutions’ respective investment framework.
At the Budget, the Chancellor announced an additional £20.4bn of capitalisation for the National Wealth Fund and British Business Bank. The Chancellor also announced a commitment that National Wealth Fund and British Business Bank will deploy up to £5 billion of investment and lending over the next four years into defence, dual use and other sectors supporting UK national security, sovereign capability, and resilience. This could include areas such as AI, critical minerals, cyber, quantum and advanced manufacturing
Investment across these sectors will depend on the viable opportunities that come forward, with individual investments assessed on a case-by-case basis in line with each institutions’ respective investment framework.
At the Budget, the Chancellor announced an additional £20.4bn of capitalisation for the National Wealth Fund and British Business Bank. The Chancellor also announced a commitment that National Wealth Fund and British Business Bank will deploy up to £5 billion of investment and lending over the next four years into defence, dual use and other sectors supporting UK national security, sovereign capability, and resilience. This could include areas such as AI, critical minerals, cyber, quantum and advanced manufacturing
Investment across these sectors will depend on the viable opportunities that come forward, with individual investments assessed on a case-by-case basis in line with each institutions’ respective investment framework.
The Resilience Action Plan, published 8 July 2025, sets out the UK government’s strategic vision for a stronger and more resilient UK and the steps being taken to deliver this. The Government ran a coordinated approach to resilience spending at the 2025 Spending Review. This spending is tracked against the baseline established with a view to future spending reviews. Any future capital expenditure will be considered in the round at the next Spending Review.
For 2026–27, the government committed to delivering £4,758 million in technical efficiencies, supported by bespoke departmental delivery plans agreed with the Office for Value for Money as part of Spending Review 2025. The published Departmental Efficiency Plans set out a departmental breakdown of technical efficiency targets across the Spending Review 2025 period.
The independent review's focus was on taking action to help people who do not yet have certainty about their liabilities, or who still owe money, to move on from this matter.
To help bring the matter to a close, the Government is taking the extraordinary step of relieving people of some of their liabilities. The Government has no plans to apply the review's recommendations beyond those with outstanding liabilities who were the focus of the review.
The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.
Gold accepted into the Bank of England's vaults must meet London Good Delivery standards and comply with applicable sanctions - it is not classified by its markings. The Bank of England does not share information on which foreign governments and central banks it holds gold reserves on behalf of as this would contradict their customer confidentiality obligations.
Benefits in kind form part of an employee's overall remuneration and are generally subject to tax in the same way as cash earnings. This supports fairness between employees receiving remuneration in different forms.
The tax system does, however, provide targeted exemptions for certain employer-funded health and occupational health support, including annual health screenings, certain welfare counselling services and, subject to conditions, recommended medical treatment to help an employee return to work.
The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.