HM Treasury

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



Secretary of State

Rishi Sunak
Chancellor of the Exchequer

Shadow Ministers / Spokeperson
Labour
Rachel Reeves (LAB - Leeds West)
Shadow Chancellor of the Exchequer

Liberal Democrat
Baroness Kramer (LDEM - Life peer)
Liberal Democrat Lords Spokesperson (Treasury and Economy)
Christine Jardine (LDEM - Edinburgh West)
Liberal Democrat Spokesperson (Treasury)

Scottish National Party
Alison Thewliss (SNP - Glasgow Central)
Shadow SNP Spokesperson (Treasury)

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

Labour
Lord Tunnicliffe (LAB - Life peer)
Shadow Spokesperson (Treasury)

Plaid Cymru
Ben Lake (PC - Ceredigion)
Shadow PC Spokesperson (Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Scottish National Party
Peter Grant (SNP - Glenrothes)
Shadow SNP Deputy Spokesperson (Treasury - Chief Secretary)

Labour
Bridget Phillipson (LAB - Houghton and Sunderland South)
Shadow Chief Secretary to the Treasury
James Murray (LAB - Ealing North)
Shadow Financial Secretary (Treasury)

Scottish National Party
Richard Thomson (SNP - Gordon)
Shadow SNP Deputy Spokesperson (Treasury - Financial Secretary)
Junior Shadow Ministers / Deputy Spokesperson
Labour
Pat McFadden (LAB - Wolverhampton South East)
Shadow Economic Secretary (Treasury)
Abena Oppong-Asare (LAB - Erith and Thamesmead)
Shadow Exchequer Secretary (Treasury)
Ministers of State
Steve Barclay (CON - North East Cambridgeshire)
Chief Secretary to the Treasury
Penny Mordaunt (CON - Portsmouth North)
Paymaster General
Jesse Norman (CON - Hereford and South Herefordshire)
Financial Secretary (HM Treasury)
John Glen (CON - Salisbury)
Minister of State (Treasury) (City)
Lord Agnew of Oulton (CON - Life peer)
Minister of State (HM Treasury)
Parliamentary Under-Secretaries of State
Kemi Badenoch (CON - Saffron Walden)
Exchequer Secretary (HM Treasury)
John Glen (CON - Salisbury)
Economic Secretary (HM Treasury)
Scheduled Event
Tuesday 7th September 2021
11:30
HM Treasury
Oral questions - Main Chamber
7 Sep 2021, 11:30 a.m.
Treasury (including Topical Questions)
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Debates
Thursday 22nd July 2021
Select Committee Docs
Friday 23rd July 2021
00:00
Select Committee Inquiry
Monday 9th November 2020
Work of the Financial Ombudsman Service

As part of its ongoing scrutiny of the Financial Ombudsman Service (FOS), the Treasury Committee holds hearings with the Chief …

Written Answers
Friday 23rd July 2021
Wales Trade Union Congress
To ask the Chancellor of the Exchequer, when he last met with representatives of the Wales Trades Union Congress.
Secondary Legislation
Monday 12th July 2021
Capital Requirements Regulation (Amendment) Regulations 2021
These Regulations revoke provisions of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June …
Bills
Monday 19th July 2021
Public Service Pensions and Judicial Offices Bill [HL] 2021-22
A Bill to make provision about public service pension schemes, including retrospective provision to rectify unlawful discrimination in the way …
Dept. Publications
Friday 23rd July 2021
16:00

HM Treasury Commons Appearances

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

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

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

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

Most Recent Commons Appearances by Category
Jun. 22
Oral Questions
Jul. 22
Written Statements
Jul. 20
Westminster Hall
View All HM Treasury Commons Contibutions

Bills currently before Parliament

HM Treasury does not have Bills currently before Parliament


Acts of Parliament created in the 2019 Parliament

Introduced: 30th June 2021

A Bill to authorise the use of resources for the year ending with 31 March 2022; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2021.

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

Introduced: 9th March 2021

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

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

Introduced: 21st October 2020

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

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

Introduced: 9th March 2021

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

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

Introduced: 10th March 2021

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

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

Introduced: 4th February 2021

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

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

Introduced: 8th December 2020

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

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

Introduced: 9th July 2020

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

Introduced: 13th July 2020

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

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

Introduced: 17th March 2020

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

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

Introduced: 24th March 2020

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

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

Introduced: 2nd March 2020

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

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

HM Treasury - Secondary Legislation

These Regulations amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692) (“the MLRs”) by substituting the list of high-risk third countries in Schedule 3ZA for a new list. Schedule 3ZA had originally been inserted into the MLRs by the Money Laundering and Terrorist Financing (Amendment) (High-Risk Countries) Regulations 2021 (S.I. 2021/392).
These Regulations revoke provisions of Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms, as it forms part of domestic law (the “CRR”). The majority of the provisions are to be replaced by rules to be made by the Prudential Regulation Authority (“PRA”).
View All HM Treasury Secondary Legislation

Petitions

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

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

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

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Petitions with most signatures
Petition Debates Contributed

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

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

The cash grants proposed by Government are only for businesses in receipt of the Small Business Rates Relief or Rural Relief, or for particular sectors. Many small businesses fall outside these reliefs desperately need cash grants and support now.

View All HM Treasury Petitions

Departmental Select Committee

Treasury Committee

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

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

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


11 Members of the Treasury Committee
Mel Stride Portrait
Mel Stride (Conservative - Central Devon)
Treasury Committee Chair since 27th January 2020
Alison Thewliss Portrait
Alison Thewliss (Scottish National Party - Glasgow Central)
Treasury Committee Member since 2nd March 2020
Julie Marson Portrait
Julie Marson (Conservative - Hertford and Stortford)
Treasury Committee Member since 2nd March 2020
Angela Eagle Portrait
Angela Eagle (Labour - Wallasey)
Treasury Committee Member since 2nd March 2020
Felicity Buchan Portrait
Felicity Buchan (Conservative - Kensington)
Treasury Committee Member since 2nd March 2020
Anthony Browne Portrait
Anthony Browne (Conservative - South Cambridgeshire)
Treasury Committee Member since 2nd March 2020
Harriett Baldwin Portrait
Harriett Baldwin (Conservative - West Worcestershire)
Treasury Committee Member since 2nd March 2020
Steve Baker Portrait
Steve Baker (Conservative - Wycombe)
Treasury Committee Member since 2nd March 2020
Rushanara Ali Portrait
Rushanara Ali (Labour - Bethnal Green and Bow)
Treasury Committee Member since 2nd March 2020
Siobhain McDonagh Portrait
Siobhain McDonagh (Labour - Mitcham and Morden)
Treasury Committee Member since 11th May 2020
Emma Hardy Portrait
Emma Hardy (Labour - Kingston upon Hull West and Hessle)
Treasury Committee Member since 20th April 2021
Treasury Committee: Previous Inquiries
Spring Budget 2020 Economic Crime Regional Imbalances in the UK economy The Work of the Debt Management Office Appointment of Richard Hughes as Chair of the Office for Budget Responsibility Reappointment of Professor Silvana Tenreyro to the Monetary Policy Committee Reappointment of Andy Haldane to the Monetary Policy Committee Appointment of Jonathan Hall to the Financial Policy Committee Appointment of Nikhil Rathi as Chief Executive of the Financial Conduct Authority UK Customs Policy Infrastructure Appointment of Andrew Bailey as Governor of the Bank of England Work of Government Actuary’s Department Work of the Financial Ombudsman Service Access to Cash Review Bank of England Financial Stability Reports Bank of England Inflation Reports Consumers’ Access to Financial Services Decarbonisation of the UK Economy and Green Finance Economic Crime The effectiveness of gender pay gap reporting HMRC Annual Report and Accounts inquiry Tax enquiries and resolution of tax disputes IT failures in the financial services sector Appointment of Dame Colette Bowe to the Financial Policy Committee Re-appointment of Professor Anil Kashyap to the Financial Policy Committee Work of the Financial Services Compensation Scheme Spending Round 2019 The impact of Business Rates on business Work of the Court of the Bank of England Independent Review of the Co-Operative Bank Regional Imbalances in the UK Economy Re-appointment of Michael Saunders to the Monetary Policy Committee Re-appointment of Ben Broadbent as Deputy Governor for Monetary Policy, Bank of England Maxwellisation RBS's Global Restructuring Group and its treatment of SMEs SME Finance Spring Statement 2019 The future of the UK’s financial services HM Treasury Annual Report and Accounts Service Disruption at TSB The UK's economic relationship with the European Union VAT The work of the Bank of England The work of the Chancellor of the Exchequer The work of the Financial Conduct Authority The Work of the Treasury The work of the Prudential Regulation Authority

50 most recent Written Questions

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

15th Jul 2021
To ask the Chancellor of the Exchequer, when he last met with representatives of the Wales Trades Union Congress.

Treasury Ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery.

Details of ministerial and permanent secretary meetings with external organisations on departmental business are published on a quarterly basis and are available at: https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel

Steve Barclay
Chief Secretary to the Treasury
14th Jul 2021
To ask the Chancellor of the Exchequer, pursuant to the Answer of 13 July 2021 to Question 28292, whether his Department made an assessment of changes to average house prices when reviewing the Help to Buy ISA price cap for eligible properties.

The Help to Buy: ISA scheme aims to help those struggling to save enough to get onto the housing ladder and includes a property price cap of £250,000 anywhere in the UK and a higher property value cap of £450,000 for properties in London.

The Government believes that this price cap is appropriate to focus our support on those that need it most, with the aim of providing support to the majority of first-time buyers across the UK.

The Government’s ambition is to provide the opportunity for first-time buyers to enter the market and has a number of policies in place to support this. In designing the Help to Buy: ISA scheme the Government had to balance the need to control public expenditure with helping those most in need of assistance, and keeps all aspects of savings policy under review.

John Glen
Economic Secretary (HM Treasury)
14th Jul 2021
To ask the Chancellor of the Exchequer, pursuant to the Answer of 13 July 2021 to Question 28292, what assessment he has made of the effect of the change to house prices on the adequacy of the Help to Buy ISA price cap of £250,000 for properties outside London.

The Help to Buy: ISA scheme aims to help those struggling to save enough to get onto the housing ladder and includes a property price cap of £250,000 anywhere in the UK and a higher property value cap of £450,000 for properties in London.

The Government believes that this price cap is appropriate to focus our support on those that need it most, with the aim of providing support to the majority of first-time buyers across the UK.

The Government’s ambition is to provide the opportunity for first-time buyers to enter the market and has a number of policies in place to support this. In designing the Help to Buy: ISA scheme the Government had to balance the need to control public expenditure with helping those most in need of assistance, and keeps all aspects of savings policy under review.

John Glen
Economic Secretary (HM Treasury)
19th Jul 2021
To ask the Chancellor of the Exchequer, pursuant to the Answer of 13 July 2021 to Question 29788 on Coronavirus Job Retention Scheme and with reference to the Coronavirus Job Retention Scheme (CJRS) statistics: 1 July 2021, Table 12 - CJRS extension: employments on furlough by country, region, local authority and gender and Table 14 - CJRS extension: employments on furlough by age and gender, whether his Department plans to publish that data by country, region, local authority, gender and age as one dataset; and for what reason that cumulated data is not currently available.

HM Revenue and Customs will publish additional information on the number of employments on furlough in due course in a future release of the Coronavirus Job Retention Scheme (CJRS) statistics.

Previously published statistics on the CJRS include the cumulative number of employments put on furlough at any time since the start of the scheme. Figures by local authority are in table 1a of the 1 July release.

HMRC keeps the contents of the statistics under review and have developed them informed by user feedback.

Jesse Norman
Financial Secretary (HM Treasury)
19th Jul 2021
To ask the Chancellor of the Exchequer, with reference to the Annual Report on Major Projects 2020-21, published on 15 July 2021, what assessment he has made of the capability of his Department to manage the (a) scope, (b) time, (c) quality and (d) cost of its 36 category A projects.

The IPA has released a Deliverability Confidence Assessment (DCA) of GMPP projects in the Transparency document which accompanies the Annual Report. [1] (see deliverability assessment on column F). These represent the IPA’s evaluation of a project’s likelihood of achieving its aims and objectives, and doing so on time and on budget. Each DCA is followed by a departmental commentary that provides further explanation behind the GMPP projects’ rating.

[1] https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1002103/GMPP_Government_Major_Projects_Portofolio_AR_Data_March_2021.xls

Jesse Norman
Financial Secretary (HM Treasury)
19th Jul 2021
To ask the Chancellor of the Exchequer, if he will publish the (a) total number of applications made by businesses to the SME Brexit Support Fund, (b) number of grants that have been approved, and (c) total amount of funding in grants provided to date for each region of the UK.

As of 19 July 2021, 5,414 businesses completed applications for grants of up to £2,000. Of this number, 4,736 have been offered a grant.

A regional breakdown of the figures shows that businesses in England have been offered £5,862,213, in Scotland £387,387, in Wales £196,546 and in Northern Ireland £360,174.

Jesse Norman
Financial Secretary (HM Treasury)
19th Jul 2021
To ask the Chancellor of the Exchequer, which of his Department's non-executive directors were appointed through open competition.

All HM Treasury Non-Executive Directors were recruited according to the guidance set out in the Corporate governance code for central government departments.

HM Treasury announces the appointments (including reappointment dates) of Non-Executive Directors, as well as their experience, in the Annual Report and Accounts. Our current Non-Executives are covered in the following Annual Report and Accounts.

Annual Report and Accounts 2014-15 (Page 24, 41)

Annual Report and Accounts 2015-16 (Page 41)

Annual Report and Accounts 2018-19 (Page 45)

Kemi Badenoch
Exchequer Secretary (HM Treasury)
19th Jul 2021
To ask the Chancellor of the Exchequer, for what reason nuclear energy projects are excluded from the new green savings bonds; and how his Department plans to attract private investment to support point 3 of the 10 point plan for a Green Industrial Revolution.

The government recognises that reaching net zero emissions by 2050 will require power to be generated from low carbon sources. As set out in the Government’s Energy White Paper last autumn, nuclear power will play an important role in achieving net zero.

Some energy sources have been excluded from the UK Government Green Financing Framework, including nuclear energy. This is in line with current international market standards for sovereign green bonds, it does not represent an assessment of what the Government considers ‘green’ or affect an expenditure’s eligibility for traditional financing instruments. We will review the framework on a regular basis with the aim of adhering to best practices in the market.

In December, the Government published responses to the consultation on the proposed regulated asset base (RAB) funding model for nuclear projects, which involves an economic regulator granting a licence to a company to charge a regulated price to users of the infrastructure. The funding model could help secure private investment and cost consumers less in the long run. The Government is continuing to explore a range of financing options, including the RAB model and the potential role of government finance during construction, provided there is clear value for money for consumers and taxpayers.

John Glen
Economic Secretary (HM Treasury)
19th Jul 2021
To ask the Chancellor of the Exchequer, when he plans to publish further detail on the UK sustainable fund disclosure framework, announced in his Mansion House Speech on 1 July 2021.

The Chancellor used his 2021 Mansion House speech to announce economy-wide Sustainability Disclosure Requirements for businesses and investment products to report on their impact on climate and the environment – and the risks and opportunities these pose to their business.

Cross-jurisdictional consistency and adopting international standards will form a key component of these requirements, which will streamline and build on existing sustainability reporting requirements such as our commitment to mandatory economy-wide disclosures aligned with the recommendations of the Task Force on Climate-related Financial Disclosures, where the UK is already a world-leader. The regime will also incorporate considerations around adopting the global corporate reporting standard for sustainability being developed by the International Financial Reporting Standards (IFRS) Foundation.

The Government intends to legislate to deliver this and will publish a Roadmap setting out its approach to green finance regulation ahead of COP26.

John Glen
Economic Secretary (HM Treasury)
19th Jul 2021
To ask the Chancellor of the Exchequer, what assessment he has made of cross-jurisdictional consistency when the Government implements the UK’s sustainability disclosure requirements.

The Chancellor used his 2021 Mansion House speech to announce economy-wide Sustainability Disclosure Requirements for businesses and investment products to report on their impact on climate and the environment – and the risks and opportunities these pose to their business.

Cross-jurisdictional consistency and adopting international standards will form a key component of these requirements, which will streamline and build on existing sustainability reporting requirements such as our commitment to mandatory economy-wide disclosures aligned with the recommendations of the Task Force on Climate-related Financial Disclosures, where the UK is already a world-leader. The regime will also incorporate considerations around adopting the global corporate reporting standard for sustainability being developed by the International Financial Reporting Standards (IFRS) Foundation.

The Government intends to legislate to deliver this and will publish a Roadmap setting out its approach to green finance regulation ahead of COP26.

John Glen
Economic Secretary (HM Treasury)
15th Jul 2021
To ask the Chancellor of the Exchequer, if he will delay bounce back loan repayments by 12 months to help support businesses while they are in the initial phases of reopening.

The Government has already taken action to give businesses the flexibility and space they need to repay their loans. Under the Bounce Back loan scheme no repayments are due from the borrower for the first 12 months of the loan, and the Government covers the first 12 months of interest payments charged to the business by the lender.

In order to give businesses further support in making their repayments, the Government announced “Pay as You Grow” (PAYG) options. PAYG will give businesses the option to repay their Bounce Back loan over ten years. This will reduce their average monthly repayments on the loan by almost half. Businesses will also have the option to move temporarily to interest-only payments for periods of up to six months (an option which they can use up to three times). They can also pause their repayments entirely for up to six months – and given the continued challenges businesses are facing, the Government opted to enable borrowers to make use of this option from the first repayment, which means that businesses can choose to make no payments on their loans until 18 months after they originally took them out. If borrowers want to take advantage of this option, they should notify their lender when they are contacted about their repayments.

John Glen
Economic Secretary (HM Treasury)
16th Jul 2021
To ask the Chancellor of the Exchequer, if he will publish the advice he received on the exclusion of nuclear energy from the Green Financing Framework.

The government recognises that reaching net zero emissions by 2050 will require power to be generated from low carbon sources. The UK Government Green Financing Framework explicitly states that nuclear power is, and will continue to be, a key part of the UK’s low-carbon energy mix.

Nuclear energy is excluded from the UK Government Green Financing Framework, which is in line with current international market standards for sovereign green bonds. The Green Bond Principles published by the International Capital Market Association do not address the question of nuclear energy. All other major sovereigns have explicitly excluded nuclear energy in their green bond frameworks.

Only two sovereigns (The Netherlands and Nigeria) have so far certified their green bonds with the Climate Bonds Initiative Taxonomy – neither of whom included nuclear energy in their frameworks.

The Barclays report on nuclear energy aligns with what is stated in the UK Government Green Financing Framework: that nuclear power will play an important role in achieving net zero. The framework however does not stipulate what the Government considers to be green and what is not – this will be the role of the UK Taxonomy. Recognising however that many sustainable investors currently have exclusionary criteria in place around nuclear energy, the UK Government will not finance any nuclear energy-related expenditures under the Green Financing framework.

John Glen
Economic Secretary (HM Treasury)
16th Jul 2021
To ask the Chancellor of the Exchequer, what assessment he has made of the implications of the Barclays report, Nuclear for a decarbonized future, published on 2 June 2021 for the Green Financing Framework.

The government recognises that reaching net zero emissions by 2050 will require power to be generated from low carbon sources. The UK Government Green Financing Framework explicitly states that nuclear power is, and will continue to be, a key part of the UK’s low-carbon energy mix.

Nuclear energy is excluded from the UK Government Green Financing Framework, which is in line with current international market standards for sovereign green bonds. The Green Bond Principles published by the International Capital Market Association do not address the question of nuclear energy. All other major sovereigns have explicitly excluded nuclear energy in their green bond frameworks.

Only two sovereigns (The Netherlands and Nigeria) have so far certified their green bonds with the Climate Bonds Initiative Taxonomy – neither of whom included nuclear energy in their frameworks.

The Barclays report on nuclear energy aligns with what is stated in the UK Government Green Financing Framework: that nuclear power will play an important role in achieving net zero. The framework however does not stipulate what the Government considers to be green and what is not – this will be the role of the UK Taxonomy. Recognising however that many sustainable investors currently have exclusionary criteria in place around nuclear energy, the UK Government will not finance any nuclear energy-related expenditures under the Green Financing framework.

John Glen
Economic Secretary (HM Treasury)
16th Jul 2021
To ask the Chancellor of the Exchequer, with reference to the Green Financing Framework, what assessment he has made of the implications for his policies of the conclusion in the report by Barclays, entitled Nuclear for a decarbonized future, that nuclear is net zero.

The government recognises that reaching net zero emissions by 2050 will require power to be generated from low carbon sources. The UK Government Green Financing Framework explicitly states that nuclear power is, and will continue to be, a key part of the UK’s low-carbon energy mix.

Nuclear energy is excluded from the UK Government Green Financing Framework, which is in line with current international market standards for sovereign green bonds. The Green Bond Principles published by the International Capital Market Association do not address the question of nuclear energy. All other major sovereigns have explicitly excluded nuclear energy in their green bond frameworks.

Only two sovereigns (The Netherlands and Nigeria) have so far certified their green bonds with the Climate Bonds Initiative Taxonomy – neither of whom included nuclear energy in their frameworks.

The Barclays report on nuclear energy aligns with what is stated in the UK Government Green Financing Framework: that nuclear power will play an important role in achieving net zero. The framework however does not stipulate what the Government considers to be green and what is not – this will be the role of the UK Taxonomy. Recognising however that many sustainable investors currently have exclusionary criteria in place around nuclear energy, the UK Government will not finance any nuclear energy-related expenditures under the Green Financing framework.

John Glen
Economic Secretary (HM Treasury)
16th Jul 2021
To ask the Chancellor of the Exchequer, with respect to the Green Financing Framework, what assessment he has made of the potential implications for his policy of the Climate Bonds Initiative’s inclusion of nuclear energy in its Climate Bonds Taxonomy.

The government recognises that reaching net zero emissions by 2050 will require power to be generated from low carbon sources. The UK Government Green Financing Framework explicitly states that nuclear power is, and will continue to be, a key part of the UK’s low-carbon energy mix.

Nuclear energy is excluded from the UK Government Green Financing Framework, which is in line with current international market standards for sovereign green bonds. The Green Bond Principles published by the International Capital Market Association do not address the question of nuclear energy. All other major sovereigns have explicitly excluded nuclear energy in their green bond frameworks.

Only two sovereigns (The Netherlands and Nigeria) have so far certified their green bonds with the Climate Bonds Initiative Taxonomy – neither of whom included nuclear energy in their frameworks.

The Barclays report on nuclear energy aligns with what is stated in the UK Government Green Financing Framework: that nuclear power will play an important role in achieving net zero. The framework however does not stipulate what the Government considers to be green and what is not – this will be the role of the UK Taxonomy. Recognising however that many sustainable investors currently have exclusionary criteria in place around nuclear energy, the UK Government will not finance any nuclear energy-related expenditures under the Green Financing framework.

John Glen
Economic Secretary (HM Treasury)
16th Jul 2021
To ask the Chancellor of the Exchequer, if he will take steps to reconsider the exclusion of nuclear energy from the Green Financing Framework in respect of the International Capital Markets Association Green Bonds Principles which include nuclear energy.

The government recognises that reaching net zero emissions by 2050 will require power to be generated from low carbon sources. The UK Government Green Financing Framework explicitly states that nuclear power is, and will continue to be, a key part of the UK’s low-carbon energy mix.

Nuclear energy is excluded from the UK Government Green Financing Framework, which is in line with current international market standards for sovereign green bonds. The Green Bond Principles published by the International Capital Market Association do not address the question of nuclear energy. All other major sovereigns have explicitly excluded nuclear energy in their green bond frameworks.

Only two sovereigns (The Netherlands and Nigeria) have so far certified their green bonds with the Climate Bonds Initiative Taxonomy – neither of whom included nuclear energy in their frameworks.

The Barclays report on nuclear energy aligns with what is stated in the UK Government Green Financing Framework: that nuclear power will play an important role in achieving net zero. The framework however does not stipulate what the Government considers to be green and what is not – this will be the role of the UK Taxonomy. Recognising however that many sustainable investors currently have exclusionary criteria in place around nuclear energy, the UK Government will not finance any nuclear energy-related expenditures under the Green Financing framework.

John Glen
Economic Secretary (HM Treasury)
16th Jul 2021
To ask the Chancellor of the Exchequer, what regulations Klarna is subject to.

Buy-Now-Pay-Later firms which offer regulated consumer credit agreements must be authorised and regulated by the Financial Conduct Authority (FCA) and comply with FCA rules and the relevant parts of the Consumer Credit Act 1974 for any regulated lending they undertake.

Interest-free Buy-Now-Pay-Later agreements repayable in under twelve months and in twelve or fewer instalments are currently unregulated. Firms offering these agreements do not currently need to comply with the Consumer Credit Act 1974. Firms which solely offer these agreements do not need to be authorised by the FCA.

However, firms offering these products must comply with the rules set out in the UK Advertising Codes, and are also subject to the Consumer Rights Act 2015, concerning the fairness of their contract terms, and the Consumer Protections from Unfair Trading Regulations 2008 in relation to unfair commercial practices. Offending firms can be referred to Trading Standards and OFCOM for further action where necessary. The Advertising Standards Authority also published formal guidance about Buy-Now-Pay-Later on 1 December 2020 setting out its expectations on both providers and retailers when offering these services. It banned harmful Buy-Now-Pay-Later adverts in December 2020 stating that future advertising must not irresponsibly encourage the use of the product, particularly by linking its use with lifting or boosting mood.

On 2 February 2021, the Government announced its intention to bring currently unregulated Buy-Now-Pay-Later agreements into the scope of FCA regulation. The Government intends to publish a consultation on its proposed approach to regulation soon.

John Glen
Economic Secretary (HM Treasury)
16th Jul 2021
To ask the Chancellor of the Exchequer, what engagement he has had with the Payment Systems Regulator on the powers they require to introduce mandatory protections for victims of authorised push payment scams.

The Government is committed to tackling fraud and ensuring that victims of Authorised Push Payment (APP) scams are protected.

The Government welcomed the publication of the Payment Systems Regulator’s (PSR) call for views on APP scams in February 2021, which set out various potential measures for reducing APP scams and improving customer outcomes, including new requirements on payment service providers to reimburse APP scam victims. The Government is of the view that the introduction of Faster Payments Service rules setting reimbursement requirements on all scheme participants is the best possible solution to the issue of APP scams.

The PSR’s call for views has now closed and the Government is engaging with the PSR and industry on next steps, including considering what further actions may be necessary to make progress on this issue.

John Glen
Economic Secretary (HM Treasury)
13th Jul 2021
To ask the Chancellor of the Exchequer, what assessment he has made of the effect of the (a) decline in GDP and (b) reduction of the aid target to 0.5 per cent of GDP on the total amount of Official Development Assistance.

In the context of unprecedented economic and fiscal circumstances, the Government decided at the 2020 Spending Review to temporarily reduce the Official Development Assistance (ODA) budget to spend the equivalent of 0.5 per cent of gross national income (GNI) on overseas aid in 2021.

As usual, the FCDO National Statistics publication, 'Statistics on International Development’, provides a breakdown of UK ODA expenditure for each calendar year. Final 2020 spend will be published in Statistics on International Development in the autumn this year. Final ODA spend for subsequent years will be published in a similar manner.

The Government remains committed to the International Development (Official Development Assistance Target) Act 2015 and to spending 0.7 per cent of GNI as ODA once the fiscal situation allows. The Chancellor’s Written Ministerial Statement of 12th July 2021 sets out the responsible fiscal circumstances under which the Government will return to 0.7 per cent.

Steve Barclay
Chief Secretary to the Treasury
16th Jul 2021
To ask the Chancellor of the Exchequer, with reference to the International Capital Markets Association Green Bonds Principles including nuclear energy, and the Government’s Green Financing Framework excluding nuclear energy, if he will reconsider the exclusion of nuclear energy from the Green Financing Framework.

The government recognises that reaching net zero emissions by 2050 will require power to be generated from low carbon sources. As set out in the Government’s Energy White Paper last autumn, nuclear power will play an important role in achieving net zero. The UK Government Green Financing Framework explicitly states that nuclear power is, and will continue to be, a key part of the UK’s low-carbon energy mix.

Some energy sources have been excluded from the UK Government Green Financing Framework, including nuclear energy. This is in line with current international market standards for sovereign green bonds. The Green Bond Principles published by the International Capital Market Association do not address the question of nuclear energy. All other major sovereigns have explicitly excluded nuclear energy in their green bond frameworks.

The UK Government Green Financing Framework does not represent an assessment of what the government considers ‘green’ or affect an expenditure’s eligibility for traditional financing instruments. We will review the framework on a regular basis with the aim of adhering to best practices in the market.

The Government is developing a UK green taxonomy, which will create a shared understanding of which economic activities count as environmentally sustainable and will establish an Energy Working Group to provide expert advice on the treatment of energy in the taxonomy, including nuclear power.

John Glen
Economic Secretary (HM Treasury)
13th Jul 2021
To ask the Chancellor of the Exchequer, what assessment he has made of the cost for providers of delivering the Government's tax-free childcare scheme during the covid-19 outbreak.

Tax Free Childcare (TFC) is delivered by the Childcare Service via GOV.UK. Parents and childcare providers manage their accounts via the Service.

There is not a cost to parents or providers in managing their accounts. A small number of providers may incur set up costs to ensure their processes are compatible with the online system. HM Revenue & Customs, who administer TFC, do not hold this information.

Steve Barclay
Chief Secretary to the Treasury
14th Jul 2021
To ask the Chancellor of the Exchequer, whether there is any stipulation within the appointments procedures of his Department that would prevent a person who was previously a member of a tax avoidance vehicle from becoming an official within his Department.

HM Treasury’s appointment procedures set out that all Civil Servants working in the Department must follow the Civil Service Code, which includes a commitment to the Civil Service and its values.

Furthermore, any external interests are required to be declared to HM Treasury upon joining the organisation, plus ongoing as they arise thereafter.

Kemi Badenoch
Exchequer Secretary (HM Treasury)
7th Jul 2021
To ask Her Majesty's Government what plans they have to introduce a Smart Fund tax on technological devices to support the creative arts sector.

There are no plans to introduce a Smart Fund tax on technological devices but the Government continues to monitor the way that creative sector tax reliefs are working to ensure they are effective.

The Government recognises the significant disruption the necessary actions to combat Covid-19 are having on sectors such as the creative arts.

During this difficult time the Treasury has worked intensively with employers, delivery partners, industry groups, and other government departments to understand the long-term impact of Covid-19 on all key areas of the economy and continues to do so.

The sector continues to benefit from the significant cross-economy support made available throughout this pandemic, including the generous employment schemes, grants, loans, a reduction in VAT to 5%, business rates relief, and the extension of the moratorium on commercial evictions for business tenants.

In March 2021, the Chancellor announced a further £300m to build on the existing £1.57 billion Culture Recovery Fund to protect the cultural sectors. To date, more than £1.2 billion in grants, repayable finance and capital has been awarded to over 5000 organisations and sites in England.

Additionally, in March 2021, the Chancellor extended the £500 million Film & TV Production Restart Scheme to enable the screen sector to operate throughout the year. The registration deadline for this scheme is 31 October 2021, and claims will be able to be submitted up to 31 March 2022 for losses incurred up until 31 December 2021. The scheme has directly supported more than 45,000 jobs.

The £7 million UK Global Screen Fund pilot has also been established to support the export of UK independent screen content, in particular UK independent film.

Lord Agnew of Oulton
Minister of State (HM Treasury)
13th Jul 2021
To ask Her Majesty's Government what steps they are taking to ensure that businesses are aware if they have overpaid corporation tax.

The UK corporation tax regime is a self-assessment regime. This means that the taxpayer is responsible for calculating their own taxable profits or allowable losses. Companies will submit their returns to HMRC confirming this and will, therefore, make payments of corporation tax or request repayments (where applicable) on this basis.

HMRC do not know that an amount is overpaid until the self-assessment for the period is filed. Repayments are issued automatically at this point, provided there are no other liabilities, open enquiries etc. In all other cases, repayments are treated as a priority and issued as soon as possible.

Similarly, if a company is due a refund for earlier years due to a loss in a later year, HMRC cannot know about this loss until a valid claim is made. To support businesses adversely affected by the COVID-19 pandemic, the Chancellor announced a temporary extension to the loss relief rules enabling companies to make claims to carry back up to £2 million of losses by two further years than pre-exisiting rules permit. HMRC have introduced a form on Gov.UK specifically to make it easier for companies to make such claims and has recruited additional staff to prioritise these and other repayment claims.

Lord Agnew of Oulton
Minister of State (HM Treasury)
7th Jul 2021
To ask Her Majesty's Government what discussions they have had, if any, with the UK insurance sector regarding the impact of timing differences arising from Pillar 2 of the Organisation for Economic Co-operation and Development BEPS Framework.

OECD discussions on addressing the tax challenges of digitalisation have been ongoing for a number of years, with the detailed frameworks for Pillars One and Two having been under development since 2019.

Over the course of that time the OECD has conducted multiple public consultations on the proposals and had extensive engagement with businesses across sectors to take their views on board.

UK government officials are also engaged with many sectors regarding the potential impact of both pillars, including with the insurance sector on the specific issue of timing differences under Pillar 2.

Lord Agnew of Oulton
Minister of State (HM Treasury)
13th Jul 2021
To ask the Chancellor of the Exchequer, if he will require directors of UK Government Investments to publish details of their commercial clients.

The details of external appointments and interests held by UKGI Board members, including non-executive and executive directors, are published in UKGI’s annual report. UKGI staff are required to declare the details of any external appointments internally in line with UKGI’s policy. These interests are not published. There are currently no plans to change this policy.

Kemi Badenoch
Exchequer Secretary (HM Treasury)
13th Jul 2021
To ask the Chancellor of the Exchequer, what steps UK Government Investments took to ensure there were no conflicts of interest in the appointment of Tom Cooper as a Director in 2017; and whether other directorships were required to be declared as part of the appointment process for that post.

UK Government Investments (UKGI) requires all staff, including directors, to declare any external appointments on joining the organisation and on an ongoing basis where new appointments arise during the course of their appointment at UKGI. This is to ensure there are no conflicts of interest arising from its staff holding external posts and so any potential conflicts of interest can be managed appropriately.

Kemi Badenoch
Exchequer Secretary (HM Treasury)
13th Jul 2021
To ask the Chancellor of the Exchequer, whether declarations of interest were received by UK Government Investments from Tom Cooper on his appointment as a Director in 2017 in respect of (a) Inside Track 1 LLP, (b) Inside Track 2 LLP, and (c) Ingenious Film Partners 2 LLP, when he was appointed as a Director in 2017.

As with all external interests of its staff, UKGI discussed the disclosure of Tom Cooper’s membership and passive investment interest in film partnerships managed by Ingenious Media at the time of his appointment. Tom Cooper is not and has not been a director of these entities.

Kemi Badenoch
Exchequer Secretary (HM Treasury)
15th Jul 2021
To ask the Chancellor of the Exchequer, pursuant to the Answer of 15 July 2021 to Question 902805 on carbon tax in the transition to net zero, what other potential measures the Government is assessing to mitigate the risk of carbon leakage.

As discussed in the Net Zero Review Interim Report and the Industrial Decarbonisation Strategy, a range of approaches could be used to help address the risk of carbon leakage.

Currently, the UK addresses carbon leakage risk primarily through the provision of free UK Emissions Trading Scheme (UK ETS) allowances. Our approach to the provision of free allowances is being reviewed and we aim to consult later this year to ensure the system continues to be fair, equitable and to incentivise decarbonisation. In addition, there are further relief schemes to reduce the cumulative impact of some energy and climate change policies on industrial electricity prices for eligible energy intensive industries (EIIs), on which a separate consultation is currently open.

Kemi Badenoch
Exchequer Secretary (HM Treasury)
15th Jul 2021
To ask the Chancellor of the Exchequer, with reference to the oral contribution of the Parliamentary Under-Secretary of State for Business, Energy and Industrial Strategy of 27 April 2021, Official Report, column 86WH, on the Government's policy on the inappropriate use by some employers of fire and rehire as a negotiation tactic, what steps their Department has taken to (a) investigate and (b) discourage the use of fire and rehire negotiation tactics by their Department's executive non-departmental public bodies; and what steps they have taken to communicate the Government's policy on those practices to those bodies.

The Government has been very clear that threatening fire and rehire as a negotiating tactic is completely unacceptable. We always expect employers to treat employees fairly and in the spirit of partnership working with trade unions, where relevant, constructively. We are confident that all non-departmental public bodies are aware of the Government’s position on this matter.

We work constructively with each non-departmental public body which the Department has, including on workforce management matters, however each non-departmental public body is ultimately responsible for the management of their staff.

Kemi Badenoch
Exchequer Secretary (HM Treasury)
15th Jul 2021
To ask the Chancellor of the Exchequer, when he plans to inform port operators in Northern Ireland which locations are to be considered for free port status.

Freeports will be national hubs for international trade, innovation and commerce, regenerating communities across the UK by attracting new businesses, spreading jobs, investment and opportunity to towns and cities throughout the country.

We want to ensure that the whole of the UK can benefit. We continue to work with the Northern Ireland Executive to establish at least one Freeport in Northern Ireland as soon as possible.

Steve Barclay
Chief Secretary to the Treasury
15th Jul 2021
To ask the Chancellor of the Exchequer, what estimate he has made, applying the Laffer curve, of the potential effect on tax revenues of a reduction in corporation tax.

The fiscal and economic impact of changes in the rate of Corporation Tax (CT) have been set out in the Office for Budget Responsibility’s (OBR’s) Economic and Fiscal Outlooks which are published alongside fiscal events.

The most recent forecast, published in March 2021, includes the revenue raised from the announcement made at Budget 2021: that the main rate will increase to 25% from April 2023, which is forecast to raise over £45 billion across the next 5 years.

This forecast incorporates adjustments to reflect behavioural responses from businesses to changes in the rate of CT.

Jesse Norman
Financial Secretary (HM Treasury)
15th Jul 2021
To ask the Chancellor of the Exchequer, whether his Department plans to conduct a retrospective review of claims under the Coronavirus Job Retention Scheme; and whether he plans to take steps to prevent companies that claimed under that scheme in good faith being retrospectively penalised.

HMRC will subject CJRS claims to scrutiny and use their usual compliance tools to carry out proportionate risk-based compliance checks before and after payment to test the veracity of CJRS claims. In doing so, HMRC will protect essential public services and the livelihoods at risk during these challenging times.

It is vital the Government supports businesses to recover by ensuring a level playing field so the compliant majority cannot be undercut by a minority who are trying to cheat the system.

HMRC know that some people will have made honest mistakes and are taking a proportionate approach to recovering overclaimed grants. HMRC also know that many businesses claimed while under considerable pressure and may not have fully appreciated what work was, and was not, allowed.

No-one who has tried to do the right thing but made an honest mistake has any need to be concerned, as long as they work with HMRC to put it right. HMRC can correct a mistake without a penalty within 90 days of receiving the grant or their circumstances changing.

The Government is also taking tough action to tackle fraudulent behaviour. Anyone who keeps furlough money despite knowing they were not entitled to it faces having repay up to double the amount they received, plus interest and potentially criminal prosecution.

Jesse Norman
Financial Secretary (HM Treasury)
15th Jul 2021
To ask the Chancellor of the Exchequer, for what reason the value of the fifth Self Employment Scheme grant is set as a percentage of three months' profits; and what the evidential basis is for that policy.

The Government announced at Budget 2021 that the Self-Employment Income Support Scheme (SEISS) will continue until September, with a fourth and a final fifth grant.

The fifth and final SEISS grant, covering May to September, will include a turnover test, known as a ‘Financial Impact Declaration‘(FID) in order to ensure that the most generous support is targeted at those who need it the most. This will determine whether claimants receive a grant worth 80% of three months’ average trading profits, and capped at £7,500 or a grant worth 30% and capped at £2,850.

Previous SEISS grants provided support for a period that was subject to restrictive measures across the UK to tackle the virus. As restrictions continue to be lifted, it is right that the government begins to tailor the level of support provided.

Jesse Norman
Financial Secretary (HM Treasury)
13th Jul 2021
To ask the Chancellor of the Exchequer, what recent steps he has taken to tackle tax evasion.

Since 2010, the Government has introduced over 150 new measures to tackle tax avoidance, evasion and other forms of non-compliance, and has secured and protected over £250 billion in tax revenues that would have otherwise gone unpaid. These efforts have helped to reduce the tax gap to a record low of 4.7% for the year 2018-19.

At Spring Budget 2021, the Government announced a further 14 measures to tackle tax non-compliance, forecast to raise £2.2 billion over the next five years. The Government remains committed to reducing the tax gap and will bring forward further measures in the autumn.

Jesse Norman
Financial Secretary (HM Treasury)
13th Jul 2021
To ask the Chancellor of the Exchequer, under what circumstances low carbon investments pay (a) 20 per cent and (b) five per cent VAT.

VAT is a broad-based tax on consumption and the 20 per cent standard rate applies to most goods and services. While there are exceptions to the standard rate, these have always been limited by both legal and fiscal considerations.

One such exception is the reduced rate of VAT of 5 per cent for the installation in residential accommodation of certain energy-saving materials such as ground source heat pumps, air source heat pumps and solar panels that help to reduce carbon emissions. Detail about the circumstances in which such reliefs apply can be found in Energy-saving materials (VAT Notice 708/6).

Jesse Norman
Financial Secretary (HM Treasury)
12th Jul 2021
To ask the Chancellor of the Exchequer, what recent discussions his Department has had with officials at HMRC on processing self-assessment repayment requests.

HMT officials are in regular contact with HMRC on a range of important issues, including matters relating to Self Assessment. The Government is committed to processing Self Assessment repayment requests promptly, while ensuring that the necessary checks are completed to guard against fraud.

Jesse Norman
Financial Secretary (HM Treasury)
13th Jul 2021
To ask the Chancellor of the Exchequer, how much VAT revenue has been raised through the sale of heat pumps in the last 12 months.

HMRC do not hold information on VAT revenue from specific products or services. This is because businesses are not required to provide figures at a product level on their VAT returns, as this would impose an excessive administrative burden.
Jesse Norman
Financial Secretary (HM Treasury)
14th Jul 2021
To ask the Chancellor of the Exchequer, what meetings have taken place between his Department and representatives of British Overseas Territories and Crown Dependencies on the ongoing international tax negotiations discussed between G7 Finance Ministers on 4 to 5 June 2021.

I refer the hon Member to the answer that I gave on 10 June to PQ UIN 11636.

Jesse Norman
Financial Secretary (HM Treasury)
14th Jul 2021
To ask the Chancellor of the Exchequer, what estimate he has made of the potential additional revenue that will accrue to the public purse as a result of the tax measures within the communique agreed between G7 Finance Ministers on 5 June 2021.

I refer the hon Member to the answer that I gave on 12 July to PQ UIN 28089 .

Jesse Norman
Financial Secretary (HM Treasury)
14th Jul 2021
To ask the Chancellor of the Exchequer, what estimate he has made of the number of UK domiciled enterprises that would be affected by a global minimum corporate rate of taxation of at least 15 per cent, as agreed between G7 Finance Ministers on 5 June 2021.

I refer the hon Member to the answer that I gave on 12 July to PQ UIN 28089 .

Jesse Norman
Financial Secretary (HM Treasury)
14th Jul 2021
To ask the Chancellor of the Exchequer, what estimate he has made of the number of UK domiciled financial firms that would be affected by the agreement between G7 Finance Ministers on 5 June 2021 to reallocate taxing rights to at least 20 per cent of profit exceeding a 10 per cent margin for the largest and most profitable multinational enterprises.

I refer the hon Member to the answer that I gave on 12 July to PQ UIN 28089 .

Jesse Norman
Financial Secretary (HM Treasury)
14th Jul 2021
To ask the Chancellor of the Exchequer, with reference to the agreement between G7 Finance Ministers made on 5 June 2021, what estimate he has made of the potential additional UK tax liability for firms currently subject to the Digital Services Tax (DST), in the event that the DST is replaced by a system of reallocating taxing rights to at least 20 per cent of profit exceeding a 10 per cent margin for the largest and most profitable multinational enterprises.

I refer the hon Member to the answer that I gave on 12 July to PQ UIN 28089 .

Jesse Norman
Financial Secretary (HM Treasury)
13th Jul 2021
To ask the Chancellor of the Exchequer, how much HMRC has been paid through the Gulf Strategy Fund to support economic reform in Oman since April 2020.

The Foreign, Commonwealth and Development Office’s (FCDO) International Programme (IP), and within it the Gulf Strategy Fund (GSF), is a vital tool in promoting positive change and reforms across the world, including in the Gulf. The Government’s programmes help its partners to continue their human rights reform, address key climate change and green growth opportunities and challenges, tackle illicit finance, improve marine conservation, promote economic diversification, promote diversity and inclusion including on LGBTQ+ rights, and develop their institutions.

All cooperation through the IP, including the GSF, is subject to rigorous risk assessments to ensure all work meets the Government’s human rights obligations and values. The Government does not shy away from raising legitimate human rights concerns, and encourages other states to respect international law.

The Government now publish an annual summary of the GSF’s work on gov.uk. The Government will not publish further information where doing so presents risks to its staff, programme suppliers and beneficiaries, or which may impact its relationships with international partners, and therefore its ability to influence their reform efforts.

The Government will provide updates on an annual basis.

Jesse Norman
Financial Secretary (HM Treasury)
13th Jul 2021
To ask the Chancellor of the Exchequer, whether HMRC has advised the Government of Oman to reduce military expenditure as part of the support for economic reform it is providing that country through the Gulf Strategy Fund.

The Foreign, Commonwealth and Development Office’s (FCDO) International Programme (IP), and within it the Gulf Strategy Fund (GSF), is a vital tool in promoting positive change and reforms across the world, including in the Gulf. The Government’s programmes help its partners to continue their human rights reform, address key climate change and green growth opportunities and challenges, tackle illicit finance, improve marine conservation, promote economic diversification, promote diversity and inclusion including on LGBTQ+ rights, and develop their institutions.

All cooperation through the IP, including the GSF, is subject to rigorous risk assessments to ensure all work meets the Government’s human rights obligations and values. The Government does not shy away from raising legitimate human rights concerns, and encourages other states to respect international law.

The Government now publish an annual summary of the GSF’s work on gov.uk. The Government will not publish further information where doing so presents risks to its staff, programme suppliers and beneficiaries, or which may impact its relationships with international partners, and therefore its ability to influence their reform efforts.

The Government will provide updates on an annual basis.

Jesse Norman
Financial Secretary (HM Treasury)
14th Jul 2021
To ask the Chancellor of the Exchequer, how much investment support had been allocated via the Future Fund to businesses in (a) London and the South East, (b) Scotland, (c) Wales and (d) Northern Ireland by 30 June 2021.

The British Business Bank have published final Future Fund data, including the breakdown of funding by region and is available on their website here: https://www.british-business-bank.co.uk/final-future-fund-final-data-shows-scheme-completed-1-14bn-of-convertible-loan-agreements/

The Future Fund used a set of standard terms with published eligibility criteria, independent of ministers. This was a clear, efficient way to make funding available as widely and as possible, irrespective of location. This means that the proportions allocated to different regions and nations of the UK have followed wider-VC funding trends that exist in the market.

As of the 30th June the final amount of investment support allocated to the following areas are:

a) London and the South east: £798.7m

b) Scotland: £8.3m

c) Wales: £18.7m

d) Northern Ireland: £11.6m

Kemi Badenoch
Exchequer Secretary (HM Treasury)
14th Jul 2021
To ask the Chancellor of the Exchequer, when he plans to announce his decision on the use of red diesel by private pleasure craft users in Northern Ireland, particularly those who travel to and from Great Britain.

The government announced details regarding the use of red diesel in Northern Ireland at Budget 2021 and Excise Notice 554 was updated on 21 May 2021. This includes guidance on private pleasure craft (PPC) that travel to and from Northern Ireland and Great Britain. Specifically, PPC can refuel with red diesel in Great Britain after 1 October 2021, then travel to Northern Ireland with the red diesel already in the fuel tank. PPC users are advised to keep receipts or other documents (such as logbooks) to show HMRC officers if required.

The Excise Notice can be found here:

https://www.gov.uk/government/publications/excise-notice-554-fuel-used-in-private-pleasure-craft-and-for-private-pleasure-flying/excise-notice-554-fuel-used-in-private-pleasure-craft-and-for-private-pleasure-flying

Kemi Badenoch
Exchequer Secretary (HM Treasury)
13th Jul 2021
To ask the Chancellor of the Exchequer, if he will make it his policy to (a) reduce beer duty, (b) lower business rates for pubs and (c) introduce a permanent lower level of VAT for (i) all food and beverages sold in pubs and (ii) the tourism sector; and if he will make a statement.

The Treasury keeps all taxes under review and any changes made will be announced at the next fiscal event.

The Fundamental Review of Business Rates will consider ideas for reform on all elements of the business rates system and will conclude in the autumn.

Kemi Badenoch
Exchequer Secretary (HM Treasury)
13th Jul 2021
To ask the Chancellor of the Exchequer, what steps UK Government Investments has taken to ensure that there is no conflict of interest in UKGI director Mr Tom Cooper’s ownership and management of a private consulting firm TKGC Consulting.

As with all external interests of its staff, UKGI discussed the disclosure of Tom Cooper’s ownership and management of private consulting firm TKGC Consulting following its incorporation.

In considering the external interests of its staff, UKGI ensures it has asked for appropriate detail in determining whether a conflict of interest exists and so that it can satisfy itself that the external position or interest held by a staff or board member is appropriate and in line with its existing priorities.

Kemi Badenoch
Exchequer Secretary (HM Treasury)