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
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
Gareth Davies (Con - Grantham and Bourne)
Shadow Financial Secretary (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
Darren Jones (Lab - Bristol North West)Chief Secretary to the Treasury
Lord Livermore (Lab - Life peer)
Financial Secretary (HM Treasury)
Baroness Gustafsson (Lab - Life peer)
Minister of State (HM Treasury)
Parliamentary Under-Secretaries of State
James Murray (LAB - Ealing North)Exchequer Secretary (HM Treasury)
Emma Reynolds (Lab - Wycombe)
Economic Secretary (HM Treasury)
Torsten Bell (Lab - Swansea West)
Parliamentary Secretary (HM Treasury)
12:24
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 steps she is taking to reduce the burden of (a) food costs, …
These Regulations amend regulations 1 and 3 of the Child Benefit (General) Regulations 2006 (“the CB(G)Rs”).
A Bill to Authorise the use of resources for the year ending with 31 March 2026; to authorise both the …
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 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).
(419 in the last 7 days)
(72 in the last 7 days)
(53 in the last 7 days)
(19 in the last 7 days)
(419 in the last 7 days)
(26 in the last 7 days)
(7 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 3 weeks, 1 day 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 1 month, 4 weeks 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 1 month, 1 week 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 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: Upcoming Events
Office for Budget Responsibility Fiscal Risks and Sustainability Report
15 Jul 2025, 9:45 a.m.
At 10:15am: Oral evidence
Richard Hughes - Chair at Office for Budget Responsibility
Professor David Miles CBE - Member at Budget Responsibility Committee
Tom Josephs - Member at Budget Responsibility Committee
At 11:30am: Oral evidence
Richard Hughes - Chair at Office for Budget Responsibility
View calendar - Save to Calendar
Treasury Committee - Private Meeting
16 Jul 2025, 2 p.m.
View calendar - Save to Calendar
Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)We know increased costs in essential areas are worrying and cause hardship for many families with children. That is why the Government is taking a comprehensive approach—supporting those in immediate need while addressing the structural changes necessary to fix the country's foundations.
Food, energy and credit costs are a function of a variety of factors including international agricultural commodity prices, the exchange rate, wholesale energy prices, and interest rates. The best way to help with the cost of living is by reducing overall inflation. The Bank of England has the responsibility of controlling inflation, and the Government fully supports them as they take action to sustainably return inflation to 2%. The independent Monetary Policy Committee (MPC) has cut Bank Rate four times since August. The effective interest rate – the actual interest paid by a borrower - on new a 2-year fixed rate mortgage has fallen 46 basis points since the election (May 2025 vs June 2024).
The government is committed to helping those in need due to the rising cost of living. An uplift to the Universal Credit Standard Allowance will see it rise to 5% above inflation by 2029-30. The government is also investing £1 billion a year (including Barnett impact) in a multi-year settlement for crisis support, which includes funding for councils to support some of the poorest households so that their children do not go hungry outside of term time. From the start of the 2026 school year, the government will expand Free School Meals to all pupils with a parent receiving Universal Credit. This will put £500 back into parents’ pockets every year.
The most recent Ofgem energy price cap, in place until September is 7% lower than the previous cap, reducing annual energy bills for a typical home by £129. Additionally, the Warm Home Discount is being expanded to every billpayer on means-tested benefits, meaning 2.7 million extra households will receive £150 off their energy bills next winter, helping reduce energy costs for around 6 million households.
From this winter (2025-26), pensioners with incomes up to and including £35,000 will benefit a Winter Fuel Payment. This will mean that the vast majority — over three quarters, or 9 million pensioners in England and Wakes — will benefit. This change ensures that the means-testing of winter fuel payments has no effect on pensioner poverty.
The government’s top priority is to deliver strong, sustainable growth that raises living standards across the UK. A growing economy plays a key role in providing greater financial security for households and helping to make food, energy and credit more affordable.
Chief Secretary to the Treasury
We know increased costs in essential areas are worrying and cause hardship for many families with children. That is why the Government is taking a comprehensive approach—supporting those in immediate need while addressing the structural changes necessary to fix the country's foundations.
Food, energy and credit costs are a function of a variety of factors including international agricultural commodity prices, the exchange rate, wholesale energy prices, and interest rates. The best way to help with the cost of living is by reducing overall inflation. The Bank of England has the responsibility of controlling inflation, and the Government fully supports them as they take action to sustainably return inflation to 2%. The independent Monetary Policy Committee (MPC) has cut Bank Rate four times since August. The effective interest rate – the actual interest paid by a borrower - on new a 2-year fixed rate mortgage has fallen 46 basis points since the election (May 2025 vs June 2024).
The government is committed to helping those in need due to the rising cost of living. An uplift to the Universal Credit Standard Allowance will see it rise to 5% above inflation by 2029-30. The government is also investing £1 billion a year (including Barnett impact) in a multi-year settlement for crisis support, which includes funding for councils to support some of the poorest households so that their children do not go hungry outside of term time. From the start of the 2026 school year, the government will expand Free School Meals to all pupils with a parent receiving Universal Credit. This will put £500 back into parents’ pockets every year.
The most recent Ofgem energy price cap, in place until September is 7% lower than the previous cap, reducing annual energy bills for a typical home by £129. Additionally, the Warm Home Discount is being expanded to every billpayer on means-tested benefits, meaning 2.7 million extra households will receive £150 off their energy bills next winter, helping reduce energy costs for around 6 million households.
From this winter (2025-26), pensioners with incomes up to and including £35,000 will benefit a Winter Fuel Payment. This will mean that the vast majority — over three quarters, or 9 million pensioners in England and Wakes — will benefit. This change ensures that the means-testing of winter fuel payments has no effect on pensioner poverty.
The government’s top priority is to deliver strong, sustainable growth that raises living standards across the UK. A growing economy plays a key role in providing greater financial security for households and helping to make food, energy and credit more affordable.
Chief Secretary to the Treasury
The Government is committed to incentivising saving and investment, helping people to save for their future goals and build greater financial resilience. Individual Savings Accounts (ISAs) support people of all incomes and at all stages of life to save. The Help to Save scheme also supports low-income working households to start a long-term savings habit.
As part of its forthcoming Financial Inclusion Strategy, the Government is considering how households, including those on low incomes, can increase their financial resilience; and how people of all ages across the UK can build emergency savings buffers. In addition to savings, the Financial Inclusion Committee has discussed digital inclusion and access to banking services; access to credit; access to insurance; problem debt; and financial education and capability.
The development of the Financial Inclusion Strategy is being informed by a committee of industry and consumer representatives which I chair. Summaries of the Committee meetings are available on GOV.UK. The Strategy will be published later this year.
No assessment has been made of the adequacy of average savings.
The Government keeps all aspects of the tax system under review.
Economic Secretary (HM Treasury)
NATO has a common definition of defence expenditure that is agreed by all NATO allies.
The definition of NATO defence expenditure, and the recently announced defence and security related spending, can be found on the NATO website.
Chief Secretary to the Treasury
At Autumn Budget 2024, the Government announced an intention to introduce a higher business rates multiplier on the most valuable properties – those with Rateable Values (RVs) of £500,000 and above – from April 2026 to fund permanently lower multipliers for retail, hospitality and leisure (RHL) properties.
This permanent tax cut will ensure that RHL businesses benefit from much-needed certainty. The Government intends to fund this by introducing a higher multiplier on all properties with an RV of £500,000 and above – these represent less than one per cent of properties. The final details of the new higher multiplier will be set at Budget 2025.
Eligible film studios in England benefit from 40 per cent business rates relief. Business rates bills are calculated by applying the relevant multiplier first, meaning film studios receive 40 per cent relief on their total liability.
Exchequer Secretary (HM Treasury)
The Government remains committed to successful implementation of the Deposit Return Scheme, which is a critical step in moving towards a circular economy that delivers sustainable growth and produces less waste, rubbish, and litter.
The Government is keen to ensure that VAT is not a barrier to effective operation of the Deposit Return Scheme. The Government is considering how best to achieve this while maintaining the integrity of the tax, and this work is being supported by engagement with industry representatives, including the British Soft Drinks Association.
Exchequer Secretary (HM Treasury)
On 23rd April, the Government announced a review of the customs treatment for low value imports. Under our current low value import arrangements, consignments valued below £135 from any overseas retailer can be imported into the UK without incurring customs duty. VAT is due on all imports into the UK.
Since the announcement, Ministers and officials have engaged with a wide range of stakeholders on the impact and operation of these arrangements to support our review. The outcomes of the engagement will help inform our next steps.
Exchequer Secretary (HM Treasury)
The Government is creating a fairer business rates system that protects the high street, supports investment, and is fit for the 21st century.
At Autumn Budget 2024, we took the first step with the announcement of permanently lower tax rates for the Retail, Hospitality and Leisure properties with rateable values below £500,000, from 2026-27.
Ahead of these changes being made, the Government recognises that businesses will need support in 2025-26. As such, we have prevented the current RHL relief from ending in April 2025, extending it for one year at 40 per cent up to a cash cap of £110,000 per business, and we have frozen the small business multiplier.
The Budget announcements reflect the Government’s first steps to support the high street. We want to go further to modernise the system, and so, we have published a Discussion Paper setting out priority areas for reform.
In summer, the Government will publish an interim report that sets out a clear direction of travel for the business rates system, with further policy detail to follow at Autumn Budget 2025.
Exchequer Secretary (HM Treasury)
The Government is creating a fairer business rates system that protects the high street, supports investment, and is fit for the 21st century.
At Autumn Budget 2024, we took the first step with the announcement of permanently lower tax rates for the Retail, Hospitality and Leisure properties with rateable values below £500,000, from 2026-27.
Ahead of these changes being made, the Government recognises that businesses will need support in 2025-26. As such, we have prevented the current RHL relief from ending in April 2025, extending it for one year at 40 per cent up to a cash cap of £110,000 per business, and we have frozen the small business multiplier.
The Budget announcements reflect the Government’s first steps to support the high street. We want to go further to modernise the system, and so, we have published a Discussion Paper setting out priority areas for reform.
In summer, the Government will publish an interim report that sets out a clear direction of travel for the business rates system, with further policy detail to follow at Autumn Budget 2025.
Exchequer Secretary (HM Treasury)
The Trader Support Service (TSS) is available to businesses of all sizes to support them with moving goods between Great Britain and Northern Ireland. It is not possible to specify the numbers of Small and Medium-sized Enterprises (SMEs) that use the TSS, and therefore not possible to disaggregate the costs of provision of support to those SMEs from the overall support the TSS provides to business.
Exchequer Secretary (HM Treasury)
The Government recognises the important role pubs play on our high streets and in community spaces and we want to see them thrive.
That is why we have funded a wide range of community assets, including pubs, through the Community Ownership Fund. On 23 December 2024, this Government announced the outcome of Round 4 of the Community Ownership Fund, the largest ever round to date which approved funds for 6 community pub projects.
Through The Hospitality Support Scheme, we are working with Pub is the Hub and providing funds to help community pubs adapt to changing local needs, ensuring these vital social hubs continue delivering for their communities.
As part of the English Devolution Bill, the Government will legislate to introduce a strong new ‘right to buy’ for valued community assets, such as empty shops, pubs and community spaces. This will empower local people to bring community spaces back into community ownership and end the blight of empty premises on our high streets. More details will be announced in due course.
In addition, we will soon be publishing our Small Business Strategy, which will announce further measures to support small businesses in the pub and hospitality sector which will help revitalise high streets.
Exchequer Secretary (HM Treasury)
It is not possible to disaggregate the costs of administrative and operational overheads for the Trader Support Service.
Exchequer Secretary (HM Treasury)
HMRC publishes regular estimates of the direct impacts of illustrative tax changes in its Direct effects of illustrative tax changes publication. However, the Government does not routinely publish costings for hypothetical tax changes outside of this.
Exchequer Secretary (HM Treasury)
Any financial obligations arising from the UK-Mauritius agreement on the Chagos Archipelago, including departmental budgetary responsibilities, will be managed responsibly within the government’s fiscal framework and reported in annual accounts in the usual way. Obligations within MOD and FCDO budgets have been agreed through the recently published Spending Review. No payments will be made until the treaty is legally binding.
Chief Secretary to the Treasury
The Government is committed to making sure the wealthiest in our society pay their fair share of tax. That is why the Chancellor announced a series of reforms at Autumn Budget 2024 to help fix the public finances in as fair a way as possible. These and other decisions announced at the Budget will help repair the public finances and fund public services such as the NHS and education.
Exchequer Secretary (HM Treasury)
Insurers make commercial decisions about the price and terms of cover they offer based on their assessment of the relevant risks.
However, the Government is determined that insurers should treat customers fairly and firms are required to do so under Financial Conduct Authority (FCA) rules. The FCA requires firms to ensure their products offer fair value (i.e. if the price a consumer pays for a product or service is reasonable compared to the overall benefits they can expect to receive).
The FCA monitors firms to ensure they provide products that offer fair value and has robust powers to act against firms that fail to comply with its rules.
Economic Secretary (HM Treasury)
The government recognises that access to banking services is vital for people and businesses across the UK. It is this government's firm position that no firm should be denied access to banking services solely on the grounds they work in defence. The upcoming Defence Industrial Strategy will have SMEs at its heart, and will lay out the steps we are taking as government to support defence SMEs.
The government has already legislated to strengthen protections for customers. From April 2026, banks and other providers will be required to give customers a longer notice period of at least 90 days and to provide customers with a sufficiently detailed and specific explanation before they terminate services. This will give people and businesses the time and information they need to challenge decisions or find an alternative provider.
We continue to monitor wider access to bank account provision but recognise this is largely a commercial matter. Firms have strict obligations to ensure the legitimacy of a business and protect against financial crime.
Economic Secretary (HM Treasury)
The Government recognises that cash continues to be used by millions of people across the UK, including those in vulnerable groups, and is committed to protecting access to cash for individuals and businesses.
The Financial Services and Markets Act 2023 granted the FCA the responsibility and powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities. In September 2024, the FCA introduced regulatory rules for access to cash. Its rules require the reasonable provision of cash withdrawal and deposit facilities, including free services for personal current accounts.
In the UK, LINK, the operator of the UK’s largest ATM network, has committed to protect the broad geographic spread of ATMs. Data on UK ATM coverage can be found on its website.
Where a resident, community organisation or other interested party feels access to cash in their community is insufficient, they can submit a request for a cash access assessment to LINK. In circumstances where LINK considers that a community requires additional cash services, the financial services sector will provide a suitable shared solution, such as an ATM, cash deposit service, or shared Banking Hub, for cash users in that community. Further information about submitting a cash access request can be found on LINK’s website.
Economic Secretary (HM Treasury)
The Government recognises that cash continues to be used by millions of people across the UK, including those in vulnerable groups, and is committed to protecting access to cash for individuals and businesses.
The Financial Services and Markets Act 2023 granted the FCA the responsibility and powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities. In September 2024, the FCA introduced regulatory rules for access to cash. Its rules require the reasonable provision of cash withdrawal and deposit facilities, including free services for personal current accounts.
In the UK, LINK, the operator of the UK’s largest ATM network, has committed to protect the broad geographic spread of ATMs. Data on UK ATM coverage can be found on its website.
Where a resident, community organisation or other interested party feels access to cash in their community is insufficient, they can submit a request for a cash access assessment to LINK. In circumstances where LINK considers that a community requires additional cash services, the financial services sector will provide a suitable shared solution, such as an ATM, cash deposit service, or shared Banking Hub, for cash users in that community. Further information about submitting a cash access request can be found on LINK’s website.
Economic Secretary (HM Treasury)
An assessment of impacts – including health impacts for consumers – is enclosed within the ‘Strengthening the Soft Drinks Industry Levy’ consultation document. This is available at https://www.gov.uk/government/consultations/strengthening-the-soft-drinks-industry-levy.
The government welcomes feedback on the proposed changes as part of the consultation, which is open until 21 July 2025 and will inform decisions at a future Budget. If the government decides to make changes to the levy, it will publish a tax information and impact note (TIIN) to give account of the confirmed policy’s impacts.
Exchequer Secretary (HM Treasury)
The Single Intelligence Account plays a vital role in our national defence, hence it has received an increase of funding in the Spending Review, and it will make a greater contribution to the UK’s total NATO qualifying defence spending from 2027.
This does not mean that the intelligence and security services will be added to the MOD budget; they remain distinct budgets reflecting spend on different departments.
NATO qualifying defence spending has always included elements beyond the MOD TDEL budget.
Chief Secretary to the Treasury
The costs of the Trader Support Service by financial year are set out below.
Financial Year | Costs |
2020/21 | £100.62m |
2021/22 | £148.80m |
2022/23 | £114.68m |
2023/24 | £105.19m |
2024/25 | £88.15m |
Exchequer Secretary (HM Treasury)
HM Treasury's international remote working policy permits certain staff to work remotely overseas in order to accompany a partner posted abroad on HMG business. There are two members of staff who each have permission to work remotely from a European country. For UK GDPR purposes we are not able to share the countries where staff are located since they are there for personal circumstances.
Exchequer Secretary (HM Treasury)
The Government is committed to ongoing support to businesses moving goods between Great Britain and Northern Ireland, and published details of the procurement opportunity for the next phase of the Trader Support Service from January 2026 onwards on 17 February 2025.
Exchequer Secretary (HM Treasury)
The Government considers the Trader Support Service a vital element of support to help traders moving goods between Great Britain and Northern Ireland access the benefits of the Windsor Framework.
Exchequer Secretary (HM Treasury)
The Government shares the IFS’s assessment that Sure Start made a positive impact on children’s outcomes. To this end, the government recently announced over £500 million investment by the end of 2028 to roll out Family Hubs to every local authority in England over the Spending Review period. The programme aims to reach children in the most disadvantaged areas and draws on the legacy of Sure Start to ensure all children have the best start in life.
Chief Secretary to the Treasury
Gregory Stafford
(Conservative - Farnham and Bordon)
From 2026-27, we intend to introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties with rateable values below £500,000. This permanent tax cut will ensure that eligible RHL businesses benefit from much-needed certainty and support.
Eligibility for the new RHL multipliers is intended to broadly reflect the scope of the existing RHL relief scheme, and will be set out in legislation later this year.
Until these new tax rates are introduced, in 2025-26, RHL businesses will receive a 40 per cent relief on their eligible properties up to a cash cap of £110,000 per business. Under the previous Government, RHL relief was due to end entirely in April 2025. By extending the relief, the Government has saved the average pub, with a ratable value of £16,800, over £3,300.
Tax policy and legislation is not subject to the Better Regulation Framework Guidance, which requires an Impact Assessment to accompany policy decisions. Nevertheless, when the new multipliers are set at Budget 2025, HM Treasury intends to publish analysis of the effects of the new multiplier arrangements.
Regarding National Insurance contributions, a Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer NICs. The TIIN sets 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.
Exchequer Secretary (HM Treasury)
HM Treasury has not undertaken an assessment of the impact of local government reorganisation on local authority borrowing nor the impact on public sector net borrowing. The OBR will continue to update its forecast for overall local government borrowing at each fiscal event, in line with standard practice.
The government announced its plans for local government reorganisation in the English Devolution White Paper on 16 December 2024. The ambition is to replace two-tier authorities with suitably sized unitary councils to create simpler structures, strengthen disjointed services and help councils pursue efficiencies. The Ministry of Housing, Communities and Local Government received interim plan responses from all areas in March. Surrey councils submitted their final proposals on 9 May 2025, and all other areas invited will be submitting their final proposals later this year. The government will set out next steps in due course.
Chief Secretary to the Treasury
The payments to Mauritius will be split between the Foreign, Commonwealth and Development Office and Ministry of Defence. They will be published in the normal manner alongside other departmental spend in the annual accounts.
Chief Secretary to the Treasury
The Chancellor and I have regular discussions with the Secretary of State for Environment, Food and Rural Affairs on a range of matters.
Defra’s settlement will invest more than £2.7 billion a year in sustainable farming and nature recovery from 2026-27 until 2028-29. This will protect the natural ecosystems underpinning food production, boosting food security and delivery of our environmental targets. We are increasing value for money, and accelerating progress towards our environmental targets, by rapidly winding down subsidy payments that do not provide a return on investment to increase funding for Environmental Land Management schemes from £800 million in 2023-24 to £2 billion by 2028-29.
Chief Secretary to the Treasury
The Government has set out the impacts of the policy changes from Autumn Budget 2024 in the usual way.
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer NICs. The TIIN sets 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.
With all policies considered, this forecasts the employment level to increase from 33.6 million in 2024 to 34.8 million in 2029.
The Office for Budget Responsibility published its most recent Economic and Fiscal Outlook (EFO) in March 2025, which sets out a detailed forecast of the economy and public finances.
The Government decided to protect the smallest businesses from the changes to employer NICs by increasing the Employment Allowance from £5,000 to £10,500. This means that this year, 865,000 employers will pay no NICs at all, and more than half of all employers will either gain or will see no change.
Exchequer Secretary (HM Treasury)
The Government has set out the impacts of the policy changes from Autumn Budget 2024 in the usual way.
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer NICs. The TIIN sets 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.
With all policies considered, this forecasts the employment level to increase from 33.6 million in 2024 to 34.8 million in 2029.
The Office for Budget Responsibility published its most recent Economic and Fiscal Outlook (EFO) in March 2025, which sets out a detailed forecast of the economy and public finances.
The Government decided to protect the smallest businesses from the changes to employer NICs by increasing the Employment Allowance from £5,000 to £10,500. This means that this year, 865,000 employers will pay no NICs at all, and more than half of all employers will either gain or will see no change.
Exchequer Secretary (HM Treasury)
No government funding has been allocated to the London Coalition on Sustainable Sovereign Debt. As set out in my written ministerial statement of 23rd June, the Coalition is convened by the Sustainable Sovereign Debt Hub and funded by CIFF (The Children’s Investment Fund Foundation).
Economic Secretary (HM Treasury)
The launch event for the London Coalition on Sustainable Sovereign Debt took place on 23rd June. Dates for future meetings are still being finalised.
Economic Secretary (HM Treasury)
Individuals can save up to £20,000 into an Individual Savings Account each year, and any savings income received is tax free. Along with the Personal Savings Allowance of up to £1,000, and the Starting Rate for Savings of up to £5,000 for those with earned income below £17,570, around 85 per cent of people with savings income pay no tax.
The Help to Save scheme also supports low-income working households to start a long-term savings habit.
Economic Secretary (HM Treasury)
The Government is committed to incentivising greater saving and investment. Individual Savings Accounts (ISAs) help people save for their future goals and build greater financial resilience.
The Government recognises the important role that cash savings play in helping households build a financial buffer for a rainy day. The Government also wants to see more consumers participate in capital markets and benefit from the long-term financial security and returns that investing can provide.
The impact of any changes to ISAs would be set out in a tax information impact note. The Government continues to keep all aspects of savings policy under review.
Economic Secretary (HM Treasury)
Chief Secretary to the Treasury
The higher rental income received from public authorities in Northern Ireland in 2020, compared to the years listed in the response to Question 62537, was due to a one-off backdated rent payment. Specifically, in 2020, a backdated rent invoice was issued covering the period from 1 January 2000 to 5 April 2020. This resulted in a significant uplift in reported income for that year.
Chief Secretary to the Treasury
Since 4th July 2024, two Permanent Secretary roles have been approved to exceed the Permanent Secretary pay band.
Chief Secretary to the Treasury
The UK Government has provided £50m of Capital Financial Transactions funding to redevelop Casement Park. While the UK Government will continue to work with the Northern Ireland Executive, it is up to the Executive to design and implement the Financial Transaction. The Financial Transaction will be provided to the Executive on a net basis, it does not need to be repaid to the UK Government and the Executive can recycle any repayments indefinitely.
Financial Secretary (HM Treasury)
This Government is committed to improving the quality and sustainability of the country’s housing stock, through improvements such as low carbon heating, insulation, solar panels, and batteries. This will be vital to making the UK more energy resilient and meeting our 2050 Net Zero commitment.
Installations of qualifying energy-saving materials (ESMs) in residential accommodation and buildings used solely for a charitable purpose benefit from a temporary VAT zero rate until March 2027, after which they will revert to the reduced rate of VAT at five per cent.
The Government assesses whether to add ESMs to this relief by evaluating them against the following principles: the primary purpose of the technology must be to improve energy efficiency and reduce carbon emissions; and relieving the technology of VAT must be cost effective and align with broader VAT principles.
Exchequer Secretary (HM Treasury)
The Department’s SR settlement of a 10% real terms reduction to admin budgets by 2028-29 means HM Treasury will need to get smaller, necessitating a reduction in resource in some areas. Headcount reductions will be subject to future business planning where the department will take decisions on how the savings will be delivered.
Exchequer Secretary (HM Treasury)
The Financial Conduct Authority (FCA) is responsible for regulating the consumer credit sector. The FCA requires firms to carry out an assessment of the creditworthiness of a prospective borrower before entering into a regulated credit agreement with them. Under FCA rules, when undertaking creditworthiness assessments, firms must assess each customer’s creditworthiness by considering not just whether a customer will repay, but also the customer’s ability to repay affordably and without significantly affecting their wider financial situation.
The Government recognises that credit, when provided responsibly and affordably, can be crucial for people facing unexpected expenses or managing their cash flow. That is why, as part of its Financial Inclusion Strategy, the Government is committed to expanding access to affordable credit. The development of the Financial Inclusion Strategy is being informed by a committee of industry and consumer representatives I chair, ahead of its publication later this year. The access to credit workstream has been considered by a dedicated sub-committee which included financial services firms, credit unions and consumer representative organisations. The Committee has also been considering how to support individuals and households to build their financial resilience by increasing the level of emergency saving buffers in the UK.
In addition, the Government provides a range of debt advice services in England through the Money and Pensions Service (MaPS) to meet the needs of individuals in problem debt, including national and community-based services offering free-to-client debt advice.
Economic Secretary (HM Treasury)
The Pathways to Work Green Paper made clear that the additional funding for employment support is aimed at all disabled people and people with health conditions claiming out of work benefits, who want help to get into or return to work.
Exchequer Secretary (HM Treasury)
The Green Financing Framework, published in 2021, explains how proceeds from green gilts and NS&I’s retail Green Savings Bonds will finance public expenditures that demonstrate a direct and positive environmental impact.
The Framework includes guidelines on the types of expenditures that can be included in the Programme. Eligible expenditures are drawn from departments’ confirmed Spending Review settlements and assessed on the basis of their contribution to the government’s climate and environmental objectives.
The Framework excludes financing of the direct manufacture of alcoholic beverages, alongside other named exclusions, in line with international convention and investor expectations for green bond frameworks. This approach enables the UK’s green gilts to be accessible to the greatest possible pool of investors, improving value-for-money.
Economic Secretary (HM Treasury)
The Government is committed to supporting the hospitality sector. That is why we have launched a licensing taskforce to make recommendations to cut red tape and remove barriers to business growth that exist within the UK’s licensing framework. The industry-led Taskforce has shared its findings with the Government, and we aim to update publicly by the summer.
The Government is also creating a fairer business rates system that protects the high street, supports investment, and is fit for the 21st century. From April 2026, the Government intends to introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties with rateable values below £500,000. This permanent tax cut will ensure that the hospitality sector benefit from much-needed certainty and support.
The rates for these new business rate multipliers will be set at Budget 2025 so that the Government can take into account the upcoming revaluation outcomes as well as the economic and fiscal context.
We also recognise that RHL businesses will need support during the interim period for 2025/26, and so we are providing 40 per cent relief to RHL properties up to a cash cap of £110,000 per business. Without any government intervention, RHL relief would have ended entirely in April 2025, creating a cliff-edge for businesses.
Exchequer Secretary (HM Treasury)
We are creating a fairer business rates system that protects the high street, supports investment, and is fit for the 21st century.
From 2026-27, we intend to introduce permanently lower tax rates for retail, hospitality, and leisure properties with rateable values below £500,000, which will benefit almost all pubs in England. We will confirm the rates for these new multipliers at Budget 2025, taking account of the outcomes of the 2026 revaluation as well as the broader economic and fiscal context.
Until these new tax rates are introduced, in 2025-26, RHL businesses will receive a 40 per cent relief on their eligible properties up to a cash cap of £110,000 per business. Under the previous Government, RHL relief was due to end entirely in April 2025. By extending the relief, the Government has saved the average pub, with a ratable value of £16,800, over £3,300.
Exchequer Secretary (HM Treasury)
The Government recognises the significant contribution made by hospitality and tourism businesses to economic growth and social life in the UK.
VAT is a broad-based tax on consumption, and the 20 per cent standard rate applies to most goods and services. The UK’s VAT rate of 20 per cent is close to the OECD average of 19.3 per cent. The UK has a higher VAT registration threshold than any EU country and the joint highest in the OECD, at £90,000. This keeps the majority of businesses out of the VAT regime altogether.
Exchequer Secretary (HM Treasury)
Between 1 July 2024 and 30 June 2025, the VOA received the following number of complaints about delays:
Tier 1 – 677
Tier 2 - 103
Adjudicator’s Office (Council Tax complaints)– 9
For context, on average the VOA deals with around 60,000 cases each year in England and Wales where customers wish to challenge their council tax band.
Exchequer Secretary (HM Treasury)