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.
Shadow Ministers / Spokeperson
Liberal Democrat
Baroness Kramer (LD - Life peer)Liberal Democrat Lords Spokesperson (Treasury and Economy)
Daisy Cooper (LD - St Albans)
Liberal Democrat Spokesperson (Treasury)
Conservative
Mel Stride (Con - Central Devon)Shadow Chancellor of the Exchequer
Green Party
Adrian Ramsay (Green - Waveney Valley)Green Spokesperson (Treasury)
Liberal Democrat
Charlie Maynard (LD - Witney)Liberal Democrat Spokesperson (Chief Secretary to the Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Lord Altrincham (Con - Excepted Hereditary)Shadow Minister (Treasury)
Richard Fuller (Con - North Bedfordshire)
Shadow Chief Secretary to the Treasury
Baroness Neville-Rolfe (Con - Life peer)
Shadow Minister (Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
James Wild (Con - North West Norfolk)Shadow Exchequer Secretary (Treasury)
Mark Garnier (Con - Wyre Forest)
Shadow Economic Secretary (Treasury)
Ministers of State
Lord Livermore (Lab - Life peer)Financial Secretary (HM Treasury)
James Murray (LAB - Ealing North)
Chief Secretary to the Treasury
Lord Stockwood (Lab - Life peer)
Minister of State (HM Treasury)
Parliamentary Under-Secretaries of State
Torsten Bell (Lab - Swansea West)Parliamentary Secretary (HM Treasury)
Dan Tomlinson (Lab - Chipping Barnet)
Exchequer Secretary (HM Treasury)
Lucy Rigby (Lab - Northampton North)
Economic Secretary (HM Treasury)
09:15
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of increases in Benefit-in-Kind …
These Regulations have effect in relation to contributions under Part 1 of the Social Security Contributions and Benefits Act 1992 …
A Bill to Authorise the use of resources for the years ending with 31 March 2025, 31 March 2026 and …
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.
Bills currently before Parliament
HM Treasury does not have Bills currently before Parliament
Acts of Parliament created in the 2024 Parliament
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.
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).
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(314 in the last 7 days)
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(370 in the last 7 days)
Petition Closed
Raise the income tax personal allowance from £12,570 to £20,000
Gov Responded - 20 Feb 2025 Debated on - 12 May 2025closed 8 months, 3 weeks ago
Raise 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.
Petition Closed
Don't change inheritance tax relief for working farms
Gov Responded - 5 Dec 2024 Debated on - 10 Feb 2025closed 10 months ago
We 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.
Petition Closed
Don't apply VAT to independent school fees, or remove business rates relief.
Gov Responded - 20 Dec 2024 Debated on - 3 Mar 2025closed 9 months, 2 weeks ago
Prevent independent schools from having to pay VAT on fees and incurring business rates as a result of new legislation.
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
Treasury Committee Member since 9th September 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 9th December 2024
Treasury Committee Member since 27th October 2025
Treasury Committee Member since 27th October 2025
Treasury Committee Member since 27th October 2025
Treasury Committee: Upcoming Events
Work of the Financial Ombudsman Service
18 Mar 2026, 2 p.m.
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Treasury Committee - Private Meeting
23 Mar 2026, 1:30 p.m.
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Treasury Committee - Oral evidence
Work of the Financial Conduct Authority
24 Mar 2026, 9:30 a.m.
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Treasury Committee - Oral evidence
Financial Inclusion Strategy
25 Mar 2026, 2 p.m.
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Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)The Government recognises the important role that Public Financial Institutions play in improving businesses’ access to growth capital.
The British Business Bank (BBB), as the UK’s economic development bank, has supported over 100,000 smaller businesses through its programmes and has a strong track record of crowding in private capital into early‑stage equity and later‑stage growth finance.
At the Spending Review the Government expanded the BBB’s total financial capacity to £25.6 billion, enabling it to support a greater volume and range of investments. As part of this uplift, the BBB’s new Industrial Strategy Growth Capital initiative will provide £4 billion of capital to the eight priority Industrial Strategy Sectors, leveraging £12 billion of further private investment.
To help the next generation of UK unicorns at the critical stage when access to scale-up capital is most challenging, the BBB will support 10 new-to-market growth-stage fundraisings over the next 10 years, increasing the number of such funds in the market by 100 per cent.
The BBB will also deploy £2.6 billion to ensure entrepreneurs across the UK — regardless of location or background—can access the finance required to grow. This support will boost smaller business growth across all nations and regions.
The UK’s export credit agency, UK Export Finance (UKEF), also supports SMEs and regional growth by ensuring no viable UK export fails through lack of finance and insurance. UKEF offers finance for SME exporters through commercial lenders. Last year, the Government increased UKEF’s capacity by £20 billion, bringing the total to £80 billion, and is legislating to increase statutory limits of UKEF support so lack of capacity does not limit support for exporters.
We continue to strengthen coordination between PuFins. The BBB’s new Strategic Plan commits to working more closely with other Public Financial Institutions to provide clearer, more joined up routes for businesses to access the right form of finance at the right stage of their growth.
The Government will continue to monitor the effectiveness of development finance interventions and ensure they complement private‑sector activity while supporting enterprise, innovation and economic growth across every region.
Financial Secretary (HM Treasury)
As explained in paragraphs 5.1 to 5.5 of the Budget Information Security Review, the Macpherson Principles apply to: the economic and fiscal projections, the fiscal judgement and individual tax rates, reliefs and allowances.
Chief Secretary to the Treasury
Charlie Dewhirst
(Conservative - Bridlington and The Wolds)
HM Revenue and Customs and HM Treasury operate hybrid working arrangements in line with the Civil Service expectation on office attendance. Employees are expected to spend at least 60 per cent of their time in the office. Line managers are responsible for monitoring attendance and for addressing non‑compliance using appropriate informal and formal management processes. Office attendance is monitored using available building access data or network log‑on information.
Exchequer Secretary (HM Treasury)
The Government has already started the work of reforming our business rates system by introducing new permanently lower multipliers for eligible retail, hospitality and leisure (RHL) properties. These new multipliers are worth nearly £1 billion per year and will benefit over 750,000 properties.
The Government is also supporting small businesses to grow. At Budget, the Government announced the extension of Small Business Rates Relief (SBRR) so that businesses opening second premises can retain their SBRR for three years, tripling the current allowance.
The Call for Evidence, published at Budget, built on the findings of the Transforming Business Rates: Discussion Paper and asked stakeholders for more detailed evidence on how the business rates system influences investment decisions. We are carefully considering representations we’ve received, and a Government response to the Call for Evidence will be published in due course.
Any reforms taken forward will be phased over the course of the Parliament.
Exchequer Secretary (HM Treasury)
At Autumn Budget 2024, the Government announced new Company Car Tax rates for the years 2028-29 and 2029-30, which increase for both electric vehicles (EVs) and petrol/diesel vehicles, while still maintaining generous incentives to support EV take-up.
The Tax Information and Impact Note (TIIN) published alongside Budget set out the expected economic, equalities and other impacts, and highlighted that overall the measure was expected to encourage the take-up of zero emission vehicles.
The Government recognises that the Company Car Tax regime and the salary sacrifice exemption for ultra-low and zero emission vehicles continues to play an important role in the EV transition. The Government needs to balance these incentives against responsible management of public finances to ensure we have sufficient revenue to fund essential public services. A company car is a valuable benefit and therefore needs to be taxed appropriately.
Exchequer Secretary (HM Treasury)
Business rates receipts are forecast independently by the Office for Budget Responsibility (OBR). Information on changes to the Business Rates receipts can be found in the OBR’s Economic and Fiscal Outlook report (paragraphs 4.38 to 4.40).
Exchequer Secretary (HM Treasury)
Under Section 41 of the VAT Act 1994 Government departments, NHS Trusts and some wider public bodies can claim VAT refunds on certain outsourced services. Their remaining irrecoverable VAT is funded through Departmental Expenditure Limits. The Government is exploring reforming this system into a ‘Full Refund Model’ which would enable Section 41 bodies to recover VAT on all goods and services incurred during the course of non-business activities.
To ensure the reform is fiscally neutral, the departmental budgets of Section 41 bodies must be adjusted by an amount corresponding to the additional VAT they will be refunded for. HM Treasury is currently analysing data provided by Section 41 bodies on their irrecoverable VAT and will set out the next steps to the reforms in due course.
Financial Secretary (HM Treasury)
This Government recognised that concerns were raised about the Loan Charge under the previous government and that some felt strongly that it had not been handled appropriately.
The Government therefore commissioned an independent review of the loan charge to bring the matter to a close for those who had not settled and paid their loan charge liabilities. The Government accepted the review’s conclusion that the loan charge was an extraordinary piece of Government policy which necessitated an exceptional response, and is now legislating to give HMRC the power to administer a new settlement opportunity.
To encourage more people to settle, the Government will write off the first £5,000 of liabilities in addition to the proposals put forward by Ray McCann. As a result, most individuals could see reductions of at least 50% in their outstanding loan charge liabilities, and an estimated 30% of individuals could have these liabilities written off entirely.
HMRC began contacting taxpayers to notify them of their eligibility for the new settlement opportunity from January 2026. HMRC will begin contacting them again, from Spring, to explain the settlement opportunity in more detail. HMRC will contact taxpayers in stages and all taxpayers in scope will be invited to settle by the end of the 2027-28 tax year.
HMRC will encourage taxpayers who want to settle to contact their named HMRC caseworker proactively, and not to wait for a letter. Taxpayers that contact HMRC will be prioritised for settlement.
Exchequer Secretary (HM Treasury)
In November, I published the Government’s Financial Inclusion Strategy which sets out a range of ambitious measures for government and industry to improve financial inclusion for underserved groups across the UK.
As part of its focus on inclusive design, the Strategy recognises the work taken forward by The Royal National Institute of Blind People and UK Finance to introduce accessibility features for cards, so that those who are blind or partially sighted are better able to distinguish between card types and orientate them when using card readers. UK Finance is developing a Code of Practice for Accessible Cards which will ensure these features are consistent across participating firms.
The Strategy also includes a commitment for industry to work with the third sector to make it easier for individuals without standard identification documents to open a bank account, and the launch of an industry-led inclusive design working group to consider how to make products more accessible. UK Finance is currently open to submissions from consumer representative organisations about the accessibility challenges which this group should seek to address.
The Strategy was developed alongside a Committee of consumer and industry representatives, including engagement with frontline organisations and those with lived experience. The Government is committed to continuing to work collaboratively to ensure the delivery of interventions remains informed by a wide range of expertise and perspectives.
Economic Secretary (HM Treasury)
In November, I published the Government’s Financial Inclusion Strategy which sets out a range of ambitious measures for government and industry to improve financial inclusion for underserved groups across the UK.
As part of its focus on inclusive design, the Strategy recognises the work taken forward by The Royal National Institute of Blind People and UK Finance to introduce accessibility features for cards, so that those who are blind or partially sighted are better able to distinguish between card types and orientate them when using card readers. UK Finance is developing a Code of Practice for Accessible Cards which will ensure these features are consistent across participating firms.
The Strategy also includes a commitment for industry to work with the third sector to make it easier for individuals without standard identification documents to open a bank account, and the launch of an industry-led inclusive design working group to consider how to make products more accessible. UK Finance is currently open to submissions from consumer representative organisations about the accessibility challenges which this group should seek to address.
The Strategy was developed alongside a Committee of consumer and industry representatives, including engagement with frontline organisations and those with lived experience. The Government is committed to continuing to work collaboratively to ensure the delivery of interventions remains informed by a wide range of expertise and perspectives.
Economic Secretary (HM Treasury)
The Government is committed to ensuring high standards of financial inclusion across the financial services sector, including the accessibility of services for blind and partially sighted customers.
Financial services provided through banking hubs and the Post Office must comply with the Financial Conduct Authority’s (FCA) rules, which require firms to provide a prompt, efficient and fair service to all customers, including those with disabilities. These services are also subject to the Equality Act 2010, which requires service providers to make reasonable adjustments to ensure disabled people can access services on an equal basis.
The FCA’s Consumer Duty further requires firms to act in good faith, avoid foreseeable harm and support customers to pursue their financial objectives, including by ensuring that information and services are accessible.
Industry, including LINK and UK Finance, is working with accessibility charities such as the Royal National Institute of Blind People (RNIB) to ensure that emerging shared banking services reflect the needs of blind and partially sighted people. This includes considering accessible design and tailored support within banking hubs.
The Government continues to monitor progress closely as part of its wider commitment to inclusive access to financial services.
Economic Secretary (HM Treasury)
No additional resources have been identified as required by HM Treasury.
Chief Secretary to the Treasury
The government recognises the pressures facing households who rely on heating oil. This is why we are providing an additional £53 million of targeted support for vulnerable households, largely in rural communities.
This funding has been allocated based on census data, and the Welsh Government will receive £3.8 million.
Chief Secretary to the Treasury
This Government recognised that concerns continued to be raised about the loan charge and that some felt strongly that this had not been handled appropriately. The Government therefore commissioned an independent review of the loan charge to bring the matter to a close for those affected, ensure fairness for all taxpayers and ensure that appropriate support is in place for those subject to the loan charge.
The settlement opportunity will only include disguised remuneration scheme use between December 2010 and April 2019 because this is the period during which the loan charge applies.
The settlement opportunity will not apply to other tax avoidance schemes that are not within scope of the loan charge. In those cases, HMRC will continue to work with taxpayers to resolve their cases in line with existing legislation and case law. HMRC is committed to working sensitively and pragmatically with taxpayers to reach settlement. This includes by offering flexible payment terms where people need more time to pay their liabilities.
Exchequer Secretary (HM Treasury)
Chief Secretary to the Treasury
To support the re-use of existing buildings for new homes, conversions of buildings from a commercial to residential use, the renovation of properties that have been empty for two or more years, and conversions from one residential use to another all benefit from a reduced 5% rate of VAT.
General refurbishment works are subject to the standard 20% VAT rate, which applies to most goods services. Exceptions to the standard rate have always been limited and balanced against affordability considerations.
The Government is supporting the delivery of new social housing through the VAT system by preparing to consult on a zero rate of VAT for the sale of land intended for new social housing. This is specifically intended to simplify and accelerate the construction of social housing.
Exchequer Secretary (HM Treasury)
Charlie Dewhirst
(Conservative - Bridlington and The Wolds)
Chief Secretary to the Treasury
HM Treasury published the March 2026 Economic and Fiscal Forecast on behalf of the Office for Budget Responsibility and at its request.
Paragraph 3.12 of the Budget Information Security Review notes: “The publication of the OBR’s EFO on GOV.UK by HMT should not diminish the OBR’s independence and will not give HMT access to any information ahead of time of which it is not already aware.”
Chief Secretary to the Treasury
The Government and the CMA are closely monitoring petrol and diesel prices in light of instability in the Middle East, while the CMA are considering what options they have available if there is evidence of unfair practices.
The government are also engaging regularly with refiners, importers and distributors to ensure any emerging risks are identified and managed promptly. Households should be reassured the UK benefits from strong and diverse security of energy supplies, and there are no issues with fuel supply.
Chief Secretary to the Treasury
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer NICs. The TIIN set out the impact of the policy on the exchequer, the economic impacts of the policy, and the impacts on individuals, businesses, and civil society organisations, as well as an overview of the equality impacts.
More widely, the UK tax regime for charities, including the exemption from paying business rates, is among the most generous of anywhere in the world. Tax reliefs for charities and their donors were worth over £6 billion for the tax year to April 2025, of which gift aid made up just over £2.5 billion and business rates relief over £2.7 billion.
Exchequer Secretary (HM Treasury)
The government recognises the pressures facing households who rely on heating oil. This is why we are providing an additional £53 million of targeted support for vulnerable households, largely in rural communities.
This funding has been allocated based on census data, and the Welsh Government will receive £3.8 million.
Chief Secretary to the Treasury
The government recognises the pressures facing households who rely on heating oil. This is why we are providing an additional £53 million of targeted support for vulnerable households, largely in rural communities.
HMT officials and Ministers meet regularly with their counterparts in the Welsh Government.
Chief Secretary to the Treasury
HM Treasury officials regularly attend meetings to discuss the implementation of the Resilience Action Plan as well as matters of national security and defence.
Chief Secretary to the Treasury
It is for the answering Minister to determine how to reply to a written parliamentary question, based on advice from officials.
Treasury Ministers take their responsibilities to Parliament seriously and are committed to providing accurate and timely answers to Parliamentary questions.
Exchequer Secretary (HM Treasury)
The government recognises the pressures facing households who rely on heating oil. This is why we are providing an additional £53 million of targeted support for vulnerable households, largely in rural communities.
Chief Secretary to the Treasury
The Chancellor continues to reiterate the UK’s commitment to placing economic pressure on Russia to end its illegal war on Ukraine. She regularly engages her US counterpart, including through joining a G7 Finance Ministers call on 9 March which discussed the current conflict in the Middle East.
Economic Secretary (HM Treasury)
The government does not comment on specific market movements. It is normal for sterling markets to vary in response to global developments. Mortgage rates, which are influenced by a range of factors, are a commercial matter for lenders in which the Government does not intervene.
There are significant measures in place to protect vulnerable mortgage borrowers. Financial Conduct Authority (FCA) rules require lenders to engage individually with their customers who are struggling or who are worried about their payments. The Mortgage Charter also remains in place, providing additional flexibilities to help customers manage their mortgage payments over a short period.
Economic Secretary (HM Treasury)
The Government recognises that cheques remain an important payment method for some people. Decisions on whether cheque deposits are accepted and processed through Post Office counters in banking hubs are commercial matters for individual banks, based on their arrangements with the Post Office and Cash Access UK, which operates banking hubs. A significant number of retail banks continue to accept cheque depositing services through these counters.
Where cheque depositing is not available at a banking hub counter, customers continue to have alternative options to pay in cheques, including at bank branches, by post, or digitally via mobile banking apps using cheque imaging technology. Where banks have taken commercial decisions to change how they accept cheque deposits, they are expected to consider the needs of customers in vulnerable circumstances and to ensure alternative routes remain available.
The Government continues to engage with the banking industry to improve the consistency and functionality of services provided through banking hubs, including through recent discussions with banks, Cash Access UK and UK Finance.
Economic Secretary (HM Treasury)
The Bank of England and HM Treasury are considering the case for a retail central bank digital currency in the UK, known as the digital pound. No decision has yet been made on whether to introduce the digital pound.
As set out in the Payments Forward Plan published by the Payments Vision Delivery Committee in February, the current design phase for the digital pound will run through 2026. Later this year, HM Treasury and the Bank of England expect to publish a blueprint setting out the proposition for a digital pound, as well as a decision on next steps, informed by a joint assessment exercise.
Economic Secretary (HM Treasury)
The Council Tax second homes premium provides local leaders with the flexibility to increase Council Tax bills by 100% to address the local impact of second homes. The Government has published guidance setting out when a premium can apply and the statutory exceptions. The premium is not mandatory and there are no plans to introduce exceptions specifically for heritage homes. Councils have powers to introduce local exceptions or provide discounts where they consider this appropriate.
Exchequer Secretary (HM Treasury)
At Budget 2025, the Government extended the temporary 5p fuel duty cut alongside extending the proportionate percentage cut for rebated fuels, which includes red diesel. This maintains the red diesel rate at the levels set in March 2022 at 10.18 ppl until the end of August 2026, with rates then gradually returning to March 2022 levels by March 2027, an increase of less than 1 ppl. The planned inflation increase for 2026-27 has also been cancelled. As the Chancellor has set out, the Government will keep fuel duty under review.
Exchequer Secretary (HM Treasury)
The Government recognises that taxpayers earning between £100,000 and £125,140 face a higher marginal tax rate due to the tapering of the tax-free Personal Allowance, introduced in 2010-11.
Exchequer Secretary (HM Treasury)
Information on the number of individuals subject to the Loan Charge is not held at constituency, borough or regional level.
HMRC’s estimate of the number of individuals that are affected by the Loan Charge policy is around 45,000. Some of these individuals have already settled with HMRC.
The Government commissioned an independent review of the Loan Charge to bring the matter to a close for those affected, ensure fairness for all taxpayers and ensure that appropriate support is in place for those subject to the loan charge.
The Government accepted the review’s conclusion that the Loan Charge was an extraordinary piece of Government policy which necessitated an exceptional response, and is now legislating a new settlement opportunity that will assist those who have not yet settled to do so.
The Government’s response to the review represents a fair and proportionate attempt to provide a route to resolution for those who have not yet been able to settle with HMRC. In turn, this requires those individuals to now come forward and engage with HMRC.
Exchequer Secretary (HM Treasury)
The Valuation Office Agency assessed changes to the economic circumstances of airports as part of the 2026 Revaluation exercise, where average Rateable Values for civil airports have increased at the valuation date of 1 April 2024.
The VOA announced updated property values for the 2026 revaluation at the Budget. This revaluation is the first since the pandemic, which has led to significant increases in rateable values for some properties as they recover from the pandemic.
To respond to those who are seeing large increases, Government has already acted to limit increases in bills, announcing a support package worth £4.3 billion package at the Budget.
Exchequer Secretary (HM Treasury)
Economic forecasts, including assessments of the impact of policy decisions, are the responsibility of the independent Office for Budget Responsibility (OBR).
The OBR is required to produce a Forecast Evaluation Report (FER) each year under the Budget Responsibility and National Audit Act (2011). The OBR is required to explain the reasons for divergence between its forecasts and subsequent outturns, to support future forecast improvements.
The latest Forecast Evaluation Report was published in July 2025 and can be found on their website.
Financial Secretary (HM Treasury)
All UK-registered electric and plug-in hybrid cars will pay Electric Vehicle Excise Duty (eVED). Other vehicle types such as vans, buses, coaches, motorcycles and heavy goods vehicles will be out of scope of the tax upon its introduction. This is because the transition to electric for these vehicle types is less advanced than for cars at this stage.
With regards to existing VED, the government has no current plans to exempt motorcycles on the basis of their impact on road surfaces. The taxation of motoring is a critical source of funding for our vital public services and investment in infrastructure, including upkeep of the roads.
Exchequer Secretary (HM Treasury)
Last year, the Government published a Financial Inclusion Strategy which includes economic abuse as a key theme across its areas of focus, in recognition of the particular challenges victim-survivors can face in accessing financial products and services.
The Strategy seeks to support victim-survivors to regain financial independence. This includes an intervention to improve the impact of economic abuse on victim-survivors’ credit scores and, through this, their ability to access products going forward. This work will develop appropriate options lenders should take when reporting data to Credit Reference Agencies (CRAs), depending on the victim-survivor’s circumstances, to minimise the negative impact on their credit files. The Government is continuing to work closely with CRAs, lenders, and consumer organisations as this work develops.
The Economic Secretary was also pleased to recently welcome Sam Smethers, CEO of Surviving Economic Abuse, a leading economic abuse charity, to the Financial Inclusion Committee. This Committee helped develop the Strategy and will support its delivery moving forward.
Financial Secretary (HM Treasury)
Last year, the Government published a Financial Inclusion Strategy which includes economic abuse as a key theme across its areas of focus, in recognition of the particular challenges victim-survivors can face in accessing financial products and services.
The Strategy seeks to support victim-survivors to regain financial independence. This includes an intervention to improve the impact of economic abuse on victim-survivors’ credit scores and, through this, their ability to access products going forward. This work will develop appropriate options lenders should take when reporting data to Credit Reference Agencies (CRAs), depending on the victim-survivor’s circumstances, to minimise the negative impact on their credit files. The Government is continuing to work closely with CRAs, lenders, and consumer organisations as this work develops.
The Economic Secretary was also pleased to recently welcome Sam Smethers, CEO of Surviving Economic Abuse, a leading economic abuse charity, to the Financial Inclusion Committee. This Committee helped develop the Strategy and will support its delivery moving forward.
Financial Secretary (HM Treasury)
There is no current engagement scheduled to take place between the Georgian business community in London and HM Treasury in relation to UK financial sanctions.
It is the responsibility of all UK persons, including companies, to comply fully with UK financial sanctions. OFSI undertakes regular industry engagement and publishes comprehensive guidance to ensure financial sanctions are understood and complied with effectively across a range of sectors. OFSI will take proportionate enforcement action where it identifies breaches of UK financial sanctions.
Financial Secretary (HM Treasury)
The Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, is the UK’s competent authority for the implementation of UK financial sanctions.
It is the responsibility of all UK persons, including companies, to comply fully with UK financial sanctions. OFSI does not routinely advise institutions on an individual basis of the consequences of non-compliance with UK financial sanctions.
OFSI does undertake regular industry engagement and publishes comprehensive guidance to ensure financial sanctions are understood and complied with effectively across a range of sectors, including the banking and financial sectors. OFSI will take proportionate enforcement action where it identifies breaches of UK financial sanctions.
Financial Secretary (HM Treasury)
Insurance Premium Tax (IPT) receipts are not broken down by type of insurance; therefore it is not possible to assess the IPT paid by owners of listed and non-listed properties. Insurance pricing is affected by a wide range of factors, and the taxes that insurers pay are just one part of this.
IPT is a broad-based tax which raises important revenue to fund essential public services. The rate of IPT has been unchanged since 2017. The Government keeps all taxes under review and the Chancellor makes decisions at Budgets in the context of the overall public finances.
Financial Secretary (HM Treasury)
This Government recognised that concerns were raised about the Loan Charge under the previous government and that some felt strongly that it had not been handled appropriately.
The Government therefore commissioned an independent review of the Loan Charge to bring the matter to a close for those affected, ensure fairness for all taxpayers and ensure that appropriate support is in place for those subject to the Loan Charge.
Page 19 of the Independent Loan Charge Review report provides estimates of the distribution of outstanding liabilities.
https://www.gov.uk/government/publications/independent-review-of-the-loan-charge
The Government accepted all but one of the independent review’s recommendations and in some cases is going further, including writing off the first £5,000 from everyone’s liability. Around a third will have their liabilities written off entirely. Most people will see reductions in their liabilities of at least 50%.
The new settlement opportunity is open to anyone with outstanding Loan Charge liabilities, including employers.
The Government’s response to the review represents a fair and proportionate attempt to provide a route to resolution for those who have not yet been able to settle with HMRC. In turn, this requires those individuals to now come forward and engage with HMRC in good faith.
Exchequer Secretary (HM Treasury)
At Budget 2024, the Government announced a new independent review of the loan charge. The purpose of the review was to bring the matter to a close for people who have not settled and paid their loan charge liabilities.
The settlement opportunity will only include disguised remuneration scheme use between December 2010 and April 2019 because this is the period during which the loan charge applies.
The Government has no plans to apply the review’s recommendations beyond those individuals and employers with outstanding liabilities that were the focus of the review.
Exchequer Secretary (HM Treasury)
Farmers retained the entitlement to use red diesel for agricultural machinery after it was withdrawn from most sectors in 2022. Red diesel used in agriculture is subject to fuel duty at just 10.18p per litre compared to 52.95p for diesel used on roads, representing savings of almost £300m p.a. for the agricultural sector.
At Budget 2025, the Government extended the temporary 5p fuel duty cut alongside extending the proportionate percentage cut for rebated fuels, which includes red diesel. This maintains the red diesel rate at the levels set in March 2022 at 10.18p per litre until the end of August 2026, with rates then gradually returning to March 2022 levels by March 2027, an increase of less than 1p a litre. The planned inflation increase for 2026-27 has also been cancelled.
Exchequer Secretary (HM Treasury)
The Government is taking action to ensure that fuel at the pump remains affordable. At Budget 2025, the Government extended the 5p-per-litre cut for a further five months, until the end of August this year. The Government has also cancelled the increase in line with inflation for 2026/27; instead, rates will only gradually return to early 2022 levels by March 2027. The 5p cut was introduced at following Russia’s invasion of Ukraine in 2022, when prices reached a peak of over £1.90 per litre.
The Government's action on fuel duty will save the average heavy goods vehicle more than £800 in 2026/27 compared to the plans inherited from the previous government. This follows an extended period where freezes to fuel duty have resulted in substantial savings for the haulage industry.
Exchequer Secretary (HM Treasury)
The Valuation Office Agency (VOA) is developing its approach to the High Value Council Tax Surcharge and will set out more details in due course, alongside the government's consultation in 2026.
For the Council Tax revaluation in Wales, the VOA has not collected additional codes over and above those already used within England and Wales.
Exchequer Secretary (HM Treasury)
As part of the debate on the “Middle East: Economic Update”, the Chancellor referred to votes relating to two Budgets, which included the policy decisions to extend the 5 pence per litre cut to fuel duty.
The 5p cut extensions have been legislated via Statutory Instrument. The primary legislative vehicle for Budget policy decisions is the Finance Bill. At second readings of the Finance Bills, the House debates the whole principle of each bill. For divisions on the second readings of the Finance Bills in 2024 and 2025, a number of opposition parties voted against, including the Conservatives.
Exchequer Secretary (HM Treasury)
This Government recognised that concerns continued to be raised about the loan charge and that some felt strongly that it had not been handled appropriately.
The Government therefore commissioned an independent review of the loan charge to bring the matter to a close for those affected, ensure fairness for all taxpayers and ensure that appropriate support is in place for those subject to the loan charge.
The Government accepted the review’s conclusion that the loan charge was an extraordinary piece of Government policy which necessitated an exceptional response, and is now legislating to give HMRC the power to administer a new settlement opportunity.
To encourage more people to settle, the Government will write off the first £5,000 of liabilities in addition to the proposals put forward by Ray McCann. As a result, most individuals could see reductions of at least 50% in their outstanding loan charge liabilities, and an estimated 30% of individuals could have these liabilities written off entirely.
The Government’s response to the review represents a fair and proportionate attempt to provide a route to resolution for those who have not yet been able to settle with HMRC. In turn, this requires those individuals to now come forward and engage with HMRC in good faith.
HMRC is committed to working sensitively and pragmatically with taxpayers to reach settlement. This includes offering flexible payment terms where people need more time to pay their liabilities.
The Government takes the wellbeing of all taxpayers very seriously. Vulnerable customers can make use of HMRC’s well-established Extra Support Service.
Exchequer Secretary (HM Treasury)