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.
A Bill to make provision in connection with finance.
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.
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.
A Bill to make provision in connection with finance.
This Bill received Royal Assent on 22nd February 2024 and was enacted into law.
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.
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.
A Bill to make provision in connection with finance.
This Bill received Royal Assent on 11th July 2023 and was enacted into law.
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.
A Bill to make provision about the UK Infrastructure Bank
This Bill received Royal Assent on 23rd March 2023 and was enacted into law.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
This Bill received Royal Assent on 22nd July 2020 and was enacted into law.
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.
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.
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.
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.
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).
Extend the Stamp Duty Holiday for an additional 6 months after 31st March 2021
Gov Responded - 10 Dec 2020Extending 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
Give all key workers a 100% tax and Nat. Ins. holiday through COVID-19 crisis
Gov Responded - 27 Apr 2020 Debated on - 14 Dec 2020The 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.
Introduce charges on carbon emissions to tackle climate crisis and air pollution
Gov Responded - 30 Mar 2021 Debated on - 1 Nov 2021Air 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.
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.
These are matters for the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR), which are operationally independent from Government. The FCA and the PSR will respond to the Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.
These are matters for the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR), which are operationally independent from Government. The FCA and the PSR will respond to the Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.
These are matters for the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR), which are operationally independent from Government. The FCA and the PSR will respond to the Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.
These are matters for the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR), which are operationally independent from Government. The FCA and the PSR will respond to the Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.
The Financial Services Compensation Scheme (FSCS) carries out its deposit protection function within rules set by the Prudential Regulation Authority (PRA). Under PRA rules, customer deposits held by authorised banks, building societies and credit unions in UK establishments are protected by the FSCS up to £85,000 per person, per banking licence. Under PRA rules, if there is a merger, the relevant firm must normally inform depositors at least one month before it takes effect. They must then give depositors three months to withdraw or transfer any deposit balances above the FSCS compensation limit without incurring penalties.
The PRA is required to review the deposit protection limit every five years, with the next review due to occur by 2025.
During a wide-ranging meeting with industry in July 2017 to discuss pre-paid funeral plans, some concerns about Safe Hands funeral plans were raised with HM Treasury.
In response, officials advised that such concerns should be reported to the FCA, reflecting the fact that HM Treasury has no investigatory or enforcement powers of its own.
VAT is the UK’s third largest tax forecast to raise £176 billion in 2024/25, helping to fund key spending priorities, such as the NHS, education and defence.
The Government recognises that VAT can disproportionately impact particular sectors, including the hair and beauty sector. However, VAT is a broad-based tax on consumption and the 20 per cent standard rate applies to most goods and services. Any request for a new VAT relief, such as in the form of a reduced rate, should be viewed in the context of over £50 billion of requests the Government has received since the EU referendum.
The government works closely with the FCA to continually review the regulatory perimeter to ensure that the right balance is struck between proportionately protecting consumers, minimising costs on business, and ensuring consumers have access to useful and affordable financial products and services.
Once made aware of consumer detriment in the pre-paid funeral plans sector, the government investigated and confirmed these reports through its 2018 call for evidence. The government then consulted widely with industry and passed legislation in January 2021 to bring all pre-paid funeral plan providers and intermediaries within the FCA regulatory perimeter.
This has ensured that 1.6 million funeral plan customers are, for the first time, protected by compulsory and robust regulation.
This is a matter for the Financial Conduct Authority (FCA), which is independent from Government.
The FCA will respond to the Honourable Member by letter, and a copy of the letter will be placed in the Library of the House of Commons.
In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA) from 29 July 2022. This has ensured that, for the first time,1.6 million funeral plan customers are protected by compulsory and robust regulation.
The government consulted widely on the regulation of pre-paid funeral plans. It published a consultation, draft statutory instrument, and impact assessment in June 2019. The FCA also published a consultation and detailed cost-benefit analysis on their proposed regulatory rules for the pre-paid funeral plan sector in March 2021.
In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA) from 29 July 2022. This has ensured that, for the first time,1.6 million funeral plan customers are protected by compulsory and robust regulation.
The government consulted widely on the regulation of pre-paid funeral plans. It published a consultation, draft statutory instrument, and impact assessment in June 2019. The FCA also published a consultation and detailed cost-benefit analysis on their proposed regulatory rules for the pre-paid funeral plan sector in March 2021.
In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA) from 29 July 2022. This has ensured that, for the first time,1.6 million funeral plan customers are protected by compulsory and robust regulation.
The government consulted widely on the regulation of pre-paid funeral plans. It published a consultation, draft statutory instrument, and impact assessment in June 2019. The FCA also published a consultation and detailed cost-benefit analysis on their proposed regulatory rules for the pre-paid funeral plan sector in March 2021.
In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA) from 29 July 2022. This has ensured that, for the first time,1.6 million funeral plan customers are protected by compulsory and robust regulation.
The government consulted widely on the regulation of pre-paid funeral plans. It published a consultation, draft statutory instrument, and impact assessment in June 2019. The FCA also published a consultation and detailed cost-benefit analysis on their proposed regulatory rules for the pre-paid funeral plan sector in March 2021.
The indirect supply prohibition, concerning Russian Origin imports of Oil and Oil products came into force on 05 December 2022.
HMRC publishes UK trade data on the www.uktradeinfo.com website.
HM Revenue and Customs does not comment on operational enforcement matters pertaining to specific import or export scenarios.
The government launched the Breathing Space scheme on 4 May 2021, and as of February 2024, over 216,000 people in problem debt have benefited from Breathing Space protections.
In developing the scheme, the government took the decision that sixty days is an appropriate period for breathing space to last to give individuals the time to engage with debt advice, whilst maintaining fairness and certainty for creditors.
The contingent liability approval framework sets out government’s policy framework for new contingent liabilities and a delegation approach.
The government is committed to transparency on its contingent liability portfolio. For that reason, at the 2023 Autumn Statement UKGI published a comprehensive assessment of government exposure to contingent liabilities, the “Annual Report on the UK Government’s Contingent Liabilities, November 2023”.
Government also reports individual liabilities to parliament, as set out in Managing Public Money.
The contingent liability approval framework sets out government’s policy framework for new contingent liabilities and a delegation approach.
The government is committed to transparency on its contingent liability portfolio. For that reason, at the 2023 Autumn Statement UKGI published a comprehensive assessment of government exposure to contingent liabilities, the “Annual Report on the UK Government’s Contingent Liabilities, November 2023”.
Government also reports individual liabilities to parliament, as set out in Managing Public Money.
The contingent liability approval framework sets out government’s policy framework for new contingent liabilities and a delegation approach.
The government is committed to transparency on its contingent liability portfolio. For that reason, at the 2023 Autumn Statement UKGI published a comprehensive assessment of government exposure to contingent liabilities, the “Annual Report on the UK Government’s Contingent Liabilities, November 2023”.
Government also reports individual liabilities to parliament, as set out in Managing Public Money.
As part of the new alcohol duty system, the Government introduced the temporary wine easement. During this period, all wine between 11.5-14.5% alcohol by volume (ABV) will pay duty as if it were 12.5% ABV. The temporary wine easement will last until 1 February 2025, giving the wine industry over two years to adapt to the new system.
The Government is closely monitoring the impact of the recent reforms and will evaluate the impact of the new rates and structures three years after the changes took effect on 1 August 2023. This will allow time to understand the impacts on the alcohol market, and for HMRC to gather useful and accurate data with which to evaluate the effects of the reform.
As with all taxes, the Government keeps the alcohol duty system under review during its yearly Budget process.
Accommodation can be exempted from tax, providing it meets certain conditions which are set out in HMRC guidance. These rules apply to the whole of the UK and are consistent across different employers. This ensures the UK tax system is simple, easy to understand, and limits the risk of abuse.
The government has no plans to make changes to the tax rules or guidance in this area, but does keep all taxes under review.
The government recognises the critical role police officers play in our communities. However, policing and housing are devolved to the Scottish Parliament and the provision of broader support in these areas, beyond tax relief, is therefore a matter for the Scottish Government.
a) An evaluation of the creative industry tax reliefs covering Film Tax Relief, High-end Television Tax Relief, Animation Tax Relief and Children’s Television Tax Relief was published in 2022: https://www.gov.uk/government/publications/creative-industry-tax-reliefs-evaluation
An evaluation of the video games tax relief was published in 2017: https://www.gov.uk/government/publications/video-game-tax-relief-evaluation
A qualitative evaluation capturing the wider impacts of the Museums and Galleries relief was conducted in 2020: https://www.gov.uk/government/publications/tax-relief-for-museums-and-galleries-qualitative-research
The government keeps the tax system under review.
b) The number of recipients of the creative industry tax reliefs is published in HMRC’s Creative Industries Statistics: https://www.gov.uk/government/statistics/creative-industries-statistics-august-2023
HM Revenue & Customs do not hold the information on the amount of stamp duty paid on the purchase of shares solely based in the UK.
International students make a significant positive contribution to the British economy. According to a study by HEPI and Kaplan, the lifetime net economic benefit of the 21/22 cohort of international students was £37bn with each student making a net contribution of nearly £100,000 on average.
The independent Office for Budget Responsibility (OBR) make a net migration forecast to underpin their economic and fiscal forecasts, which reflects the latest data and migration policy. At Spring Budget, the OBR assessed migration to fall more sharply than the ONS net migration projections in the short-term before it reaches 315,000 at the end of the forecast period. Rising emigration and effect of policy explain their adjustment.
At Spring Budget 2023, the government announced the biggest ever investment in childcare in England, meaning eligible working parents in England will be able to access 30 hours of free childcare per week for 38 weeks per year from when their child is 9 months old, to when they start school.
To support this expansion, the Government will spend over £4.1 billion by 2027-28, has provided over £400 million to substantially uplift the hourly rate paid to providers to deliver the existing childcare entitlements in 24-25, and is allocating £100 million capital funding to support childcare settings to increase their physical space. At Spring Budget 2024, the government also announced a commitment to increasing the national average hourly rate providers are paid to deliver the offers in line with the metric used at Spring Budget 2023 in 2025-26 and 2026-27, representing £500m of additional investment.
Parents who are not eligible for the 30 free childcare hours may still be able to access other offers. Parents can find more details on the support available and check if they are eligible at the following link: https://www.childcarechoices.gov.uk/.
These measures are part of the Public Sector Productivity Review, which will deliver up to £1.8 billion worth of benefits by 2029.
We have committed £75 million to expand the Violence Reduction Unit model across England and Wales, supporting a prevention-first approach to serious violence. Violence Reduction Units enable local public services such as health boards, schools and police leaders to coordinate their joint strategy to tackle serious violence among young people, preventing violent crime and reducing burdens on healthcare, schools and criminal justice.
As part of the Anti-Social Behaviour Action Plan, we committed £66.3 million to scale up hotspot enforcement. From April 2024, hotspot response will be rolled out across every police force area in England and Wales, which will see thousands of additional high visibility patrols in the places most affected by Serious Violence and Anti-Social Behaviour.
An independent evaluation found that in 2022/23, VRUs and hotspot policing prevented 3,220 hospital admissions from violent injury – a statistically significant drop. Please find a link to the evaluation here: https://www.gov.uk/government/publications/violence-reduction-units-year-ending-march-2023-evaluation-report/violence-reduction-units-2022-to-2023#:~:text=In%202022%2C%20a%20further%202,data%20sharing%20and%20analysis.
On increasing the capacity of children’s homes, the Government announced £165 million of funding over the next 4 years to reduce the reliance of local authorities on costly emergency provision.
Finally, the building of 15 new special free schools through £105 million of investment over the next 4 years will deliver over 2,000 additional special places for children with special education needs and disabilities.
Tax-Free Childcare provides financial support for working parents with their childcare costs. For every £8 parents pay into their childcare account, the Government adds £2 up to a maximum of £2,000 in top up per year for each child up to age 11 and up to £4,000 per disabled child until they’re 17.
The Government recognizes the importance of supporting parents with the costs of childcare and continues to support families with a range of other childcare offers, including the free hours offer, and support through Universal Credit childcare.
The government published its next steps, in relation to tax-free shopping in the Spring Budget 2024 which is available here: https://www.gov.uk/government/publications/spring-budget-2024/spring-budget-2024-html.
The government published its next steps, in relation to tax-free shopping in the Spring Budget 2024 which is available here: https://www.gov.uk/government/publications/spring-budget-2024/spring-budget-2024-html.
Officials and Ministers regularly meet the Financial Conduct Authority in its capacity as the supervisor of financial institutions for anti-money laundering and counter-terrorist financing purposes.
On 11 March 2024 HM Treasury launched a consultation on improving the effectiveness of the Money Laundering Regulations (https://www.gov.uk/government/consultations/improving-the-effectiveness-of-the-money-laundering-regulations).
HM Treasury officials will be engaging with key stakeholders, including among others the FCA, throughout the consultation process.
The Government is committed to supporting people in problem debt. This is why at Spring Budget 2024 the Chancellor announced changes to make it easier to access a Debt Relief Order (DRO) in England and Wales.
In May 2021, the Government launched the Breathing Space scheme, providing a period of protections from creditor enforcement action for individuals in problem debt. The Government Debt Management Function (GDMF) have also recently developed and published a toolkit to help public sector creditors identity and support vulnerable individuals.
The Government provides a range of debt advice services through the Money and Pensions Service to meet the needs of individuals in problem debt, including national and community-based services.
The government’s aspiration is to invest 2.5% of GDP on defence, when the fiscal and economic circumstances allow. The Prime Minister has been clear that the target and path towards 2.5% will be set out at the next Spending Review.
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 published its next steps on tax-free shopping in the Spring Budget 2024 which is available here: https://www.gov.uk/government/publications/spring-budget-2024/spring-budget-2024-html.
The OBR published a review of the original 2020 costing of the withdrawal of tax-free shopping in the Economic and Fiscal Outlook on 6 March, with a follow up supplementary document published on 11 March, which is available here: https://obr.uk/docs/dlm_uploads/VAT-RES-costing-review.pdf
The government published its next steps on tax-free shopping in the Spring Budget 2024 which is available here: https://www.gov.uk/government/publications/spring-budget-2024/spring-budget-2024-html.
The OBR published a review of the original 2020 costing of the withdrawal of tax-free shopping in the Economic and Fiscal Outlook on 6 March, with a follow up supplementary document published on 11 March, which is available here: https://obr.uk/docs/dlm_uploads/VAT-RES-costing-review.pdf.
The government welcomes further submissions in response to the OBR’s findings.
The Treasury and FCA have worked closely throughout the process of bringing the funeral plans sector into regulation, as well as during the implementation and onset of the new regulatory framework.
However, the FCA is one of the independent regulators responsible for supervising the financial services industry. Although the Treasury sets the legal framework for the regulation of financial services, it has strictly limited powers in relation to the FCA.
In particular, the Treasury has no general power of direction over the FCA and cannot intervene in individual cases.
Details on UK funding committed to the Asian Infrastructure Investment Bank (AIIB) can be found in the AIIB Capital Order 2015 and in the published guidance relating to the AIIB Project Preparation Special Fund.
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 since the referendum (change on 2016 Q2) through to 2023 Q2 of 8.2% was greater than that of Germany (5.7%) and Italy (4.7%) and slightly lower than France (8.6%).
Monetary policy is the responsibility of the independent Monetary Policy Committee (MPC) of the Bank of England, so the government rightly does not comment on the conduct of monetary policy. The MPC publishes its forecasts on a quarterly basis to inform its monetary policy decisions.
The Office for Budget Responsibility (OBR) is the UK government’s independent official forecaster and publishes economic and fiscal forecasts at least twice per year alongside fiscal events. The OBR provides independence, transparency and credibility via its assessment of the economic and fiscal position and as the official forecaster it is right that it is the basis for government fiscal policy decisions.
The MPC and the OBR have different responsibilities, so it is right that they produce their own forecasts. The MPC’s forecasts reflect policy announced by the government and fiscal assumptions from the OBR and HM Treasury.
HMRC has a dedicated team of trained staff members available to support and assist customers with queries related to Child Benefit. The staffing numbers are regularly reviewed and adjusted based on demand throughout the year. The Department has the capability to train existing colleagues from outside the Child Benefit team as needed to address priority areas.
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 benefit consumers, including those with disabilities.
The government does not currently have any plans to change the VAT treatment of audiobooks.
The Asian Infrastructure Investment Bank (AIIB) is an established multilateral development bank (MDB) with a membership of 109 countries worldwide.
The benefits of the UK's membership of the AIIB were set out when the government announced its intention for the UK to join the AIIB and in presenting the Draft AIIB (Initial Capital Contribution) Order 2015 for agreement by the House of Commons.
We are actively monitoring threats to UK data and will not hesitate to take further action if necessary to protect our national security.
Data can be exploited by those seeking to counter UK interests and we are taking action to secure our data. As set out in the Integrated Review Refresh 2023, this includes considering new levers to prevent hostile actors accessing our data.
HM Treasury pursues secondments with a wide range of partners to represent the Treasury, deepen our exchange with other institutions whilst also honing the skills and experience of our staff beyond the Civil Service environment.
HM Treasury pursues secondments with a wide range of partners to represent the Treasury, deepen our exchange with other institutions whilst also honing the skills and experience of our staff beyond the Civil Service environment.
The Government is committed to ensuring that older people are able to live with the dignity and respect they deserve. The Personal Allowance is currently set at a level high enough to ensure that those pensioners whose sole income is the full rate of the new State Pension or basic State Pension do not pay any income tax.
As with all aspects of the tax system, the Government keeps the Personal Allowance under review and any decisions on future changes will be taken by the Chancellor in the context of the wider public finances.
The Treasury and FCA have worked closely throughout the process of bringing the pre-paid funeral plan sector into regulation, as well as during the implementation of the new regulatory framework.
On 11 October 2023 the Serious Fraud Office (SFO) announced that it was conducting a criminal investigation into Safe Hands Plans Limited. As I am sure you will understand, I am unable to comment on this ongoing investigation.
The Treasury and FCA have worked closely throughout the process of bringing the pre-paid funeral plan sector into regulation, as well as during the implementation of the new regulatory framework.
On 11 October 2023 the Serious Fraud Office (SFO) announced that it was conducting a criminal investigation into Safe Hands Plans Limited. As I am sure you will understand, I am unable to comment on this ongoing investigation.
The government funded No Interest Loan Scheme (NILS) is being run by Fair4AllFinance, in conjunction with their partners. The pilot is designed to test the impact that NILS could have on addressing the needs of vulnerable consumers across the UK.
Fair4AllFinance have now rolled out the pilot in England, Scotland and Wales. Fair4AllFinance will continue to engage closely with stakeholders, including the Northern Ireland Executive, in an effort to deliver our shared ambition to launch a pilot site in Northern Ireland.
This was an appalling tragedy, and my thoughts remain with all those affected. The Government has accepted the moral case for compensation and justice must be delivered for the victims.
As such, the Government intends to respond in full to Sir Brian Langstaff’s recommendations for wider compensation following the publication of the Inquiry’s final report in May 2024.