HM Treasury
HM Treasury is the government’s economic and finance ministry, maintaining control over public spending, setting the direction of the UK’s economic policy and working to achieve strong and sustainable economic growth.
Shadow Ministers / Spokeperson
Liberal Democrat
Baroness Kramer (LD - Life peer)Liberal Democrat Lords Spokesperson (Treasury and Economy)
Daisy Cooper (LD - St Albans)
Liberal Democrat Spokesperson (Treasury)
Conservative
Mel Stride (Con - Central Devon)Shadow Chancellor of the Exchequer
Green Party
Adrian Ramsay (Green - Waveney Valley)Green Spokesperson (Treasury)
Liberal Democrat
Charlie Maynard (LD - Witney)Liberal Democrat Spokesperson (Chief Secretary to the Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Lord Altrincham (Con - Excepted Hereditary)Shadow Minister (Treasury)
Richard Fuller (Con - North Bedfordshire)
Shadow Chief Secretary to the Treasury
Baroness Neville-Rolfe (Con - Life peer)
Shadow Minister (Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
James Wild (Con - North West Norfolk)Shadow Exchequer Secretary (Treasury)
Mark Garnier (Con - Wyre Forest)
Shadow Economic Secretary (Treasury)
Ministers of State
Lord Livermore (Lab - Life peer)Financial Secretary (HM Treasury)
James Murray (LAB - Ealing North)
Chief Secretary to the Treasury
Lord Stockwood (Lab - Life peer)
Minister of State (HM Treasury)
Parliamentary Under-Secretaries of State
Torsten Bell (Lab - Swansea West)Parliamentary Secretary (HM Treasury)
Dan Tomlinson (Lab - Chipping Barnet)
Exchequer Secretary (HM Treasury)
Lucy Rigby (Lab - Northampton North)
Economic Secretary (HM Treasury)
09:15
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
To ask the Chancellor of the Exchequer, what criteria will be used to determine if a worker has met the …
This Order, which comes into force on 8th April 2026, provides that a company designated by the Secretary of State …
A Bill to Authorise the use of resources for the years ending with 31 March 2025, 31 March 2026 and …
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News and Communications
HM Treasury Commons Appearances
Oral Answers to Questions is a regularly scheduled appearance where the Secretary of State and junior minister will answer at the Dispatch Box questions from backbench MPs
Other Commons Chamber appearances can be:- Urgent Questions where the Speaker has selected a question to which a Minister must reply that day
- Adjornment Debates a 30 minute debate attended by a Minister that concludes the day in Parliament.
- Oral Statements informing the Commons of a significant development, where backbench MP's can then question the Minister making the statement.
Westminster Hall debates are performed in response to backbench MPs or e-petitions asking for a Minister to address a detailed issue
Written Statements are made when a current event is not sufficiently significant to require an Oral Statement, but the House is required to be informed.
Bills currently before Parliament
HM Treasury does not have Bills currently before Parliament
Acts of Parliament created in the 2024 Parliament
A Bill to make provision in connection with finance.
This Bill received Royal Assent on 18th March 2026 and was enacted into law.
A Bill to Authorise the use of resources for the years ending with 31 March 2025, 31 March 2026 and 31 March 2027; to authorise the issue of sums out of the Consolidated Fund for those years; and to appropriate the supply authorised by this Act for the years ending with 31 March 2025 and 31 March 2026.
This Bill received Royal Assent on 18th March 2026 and was enacted into law.
A Bill to Authorise the use of resources for the year ending with 31 March 2026; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2025.
This Bill received Royal Assent on 21st July 2025 and was enacted into law.
A Bill to make provision about secondary Class 1 contributions.
This Bill received Royal Assent on 3rd April 2025 and was enacted into law.
A Bill to make provision about finance.
This Bill received Royal Assent on 20th March 2025 and was enacted into law.
A Bill to amend the Crown Estate Act 1961.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to Authorise the use of resources for the years ending with 31 March 2024, 31 March 2025 and 31 March 2026; to authorise the issue of sums out of the Consolidated Fund for those years; and to appropriate the supply authorised by this Act for the years ending with 31 March 2024 and 31 March 2025.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to make provision for loans or other financial assistance to be provided to, or for the benefit of, the government of Ukraine.
This Bill received Royal Assent on 16th January 2025 and was enacted into law.
A Bill to impose duties on the Treasury and the Office for Budget Responsibility in respect of the announcement of fiscally significant measures.
This Bill received Royal Assent on 10th September 2024 and was enacted into law.
A Bill to authorise the use of resources for the year ending with 31 March 2025; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2024.
This Bill received Royal Assent on 30th July 2024 and was enacted into law.
HM Treasury - Secondary Legislation
Petitions
e-Petitions are administered by Parliament and allow members of the public to express support for a particular issue.
If an e-petition reaches 10,000 signatures the Government will issue a written response.
If an e-petition reaches 100,000 signatures the petition becomes eligible for a Parliamentary debate (usually Monday 4.30pm in Westminster Hall).
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Petition Closed
Raise the income tax personal allowance from £12,570 to £20,000
Gov Responded - 20 Feb 2025 Debated on - 12 May 2025closed 8 months, 3 weeks ago
Raise the income tax personal allowance from £12570 to £20000. We think this would help low earners to get off benefits and allow pensioners a decent income.
Petition Closed
Don't change inheritance tax relief for working farms
Gov Responded - 5 Dec 2024 Debated on - 10 Feb 2025closed 10 months ago
We think that changing inheritance tax relief for agricultural land will devastate farms nationwide, forcing families to sell land and assets just to stay on their property. We urge the government to keep the current exemptions for working farms.
Petition Closed
Don't apply VAT to independent school fees, or remove business rates relief.
Gov Responded - 20 Dec 2024 Debated on - 3 Mar 2025closed 9 months, 2 weeks ago
Prevent independent schools from having to pay VAT on fees and incurring business rates as a result of new legislation.
Departmental Select Committee
Treasury Committee
Commons Select Committees are a formally established cross-party group of backbench MPs tasked with holding a Government department to account.
At any time there will be number of ongoing investigations into the work of the Department, or issues which fall within the oversight of the Department. Witnesses can be summoned from within the Government and outside to assist in these inquiries.
Select Committee findings are reported to the Commons, printed, and published on the Parliament website. The government then usually has 60 days to reply to the committee's recommendations.
11 Members of the Treasury Committee
Treasury Committee Member since 9th September 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 9th December 2024
Treasury Committee Member since 27th October 2025
Treasury Committee Member since 27th October 2025
Treasury Committee Member since 27th October 2025
Treasury Committee: Upcoming Events
Work of the Financial Conduct Authority
24 Mar 2026, 9:30 a.m.
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Treasury Committee - Oral evidence
Financial Inclusion Strategy
25 Mar 2026, 2 p.m.
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Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)Details on business rates receipts for FY25/26, FY26/27and FY27/28 are set out in the OBR’s economic and fiscal outlook. Forecast receipts are £33.7bn, £37.1bn and £37.9bn respectively.
The further support for pubs and live music venues was scored at the Spring Statement. The impacts on total receipts in FY26/27, FY27/28 and FY28/29 are £94m, £138m and £204m respectively.
Financial Secretary (HM Treasury)
The Government recognises inflation can place particular pressure on low-income households. Analysis from the Office for National Statistics shows that lower-income households spend a larger share of their income on essentials such as food, energy and housing.
The Government is committed to bearing down on inflationary pressures and cutting the cost of living.
Alongside this, the Government is going further to support those who need it most by removing the two-child limit in Universal Credit, increasing the National Living Wage, and committing to the pensions Triple Lock for the duration of this Parliament. The Government has also expanded the £150 Warm Home Discount to a total of 6 million lower-income households, and is expanding free school meals to children in households receiving Universal Credit in England.
Parliamentary Secretary (HM Treasury)
The number of apprentices has fallen for a number of reasons:
- The Government has made several reforms to apprenticeships including the closing of the Civil Service Apprenticeship Unit and setting up Skills England, which has a renewed focus on skills gaps across the country.
- In May 2025 the Government also announced Level 7 apprenticeships will continue to be Government-funded for young people aged 16-21, and under 25 for care leavers and those with an Education, Health and Care Plan (EHCP) at the start of their apprenticeship in England.
- External recruitment campaigns have reduced significantly in 2025 as the department works to reduce staff numbers to meet Spending Review commitments. HM Treasury maintains dedication to apprenticeship as a key route into the department.
HM Treasury remains committed to apprenticeships as one pathway to break down barriers to opportunity. External recruitment campaigns for AO & EO grades are considered for a level 3 apprenticeship where appropriate.
As a result, the department has recruited the following number of apprentices:
2022 - 12
2023 - 4
2024 - 4
2025 – 0
Economic Secretary (HM Treasury)
Vehicle Excise Duty (VED) is a tax on vehicles used or kept on public roads. Different rates apply to cars, vans and motorcycles, and the rate for each vehicle is calculated according to a range of factors, such as date of first registration, engine size, and CO2 emissions. VED for motorcycles is based on engine size.
Zero emission motorcycles now pay the lowest VED rate which applies to the smallest engine size of 150cc or less (currently £26, and increasing to £27 from 1 April 2026 in line with the Retail Price Index).
The government does not currently have any plans to reform the VED system for motorcycles.
The Government annually reviews the rates and thresholds of taxes and reliefs to ensure that they are appropriate and reflect the current state of the economy. The Chancellor makes decisions on tax policy at fiscal events in the context of the public finances.
Exchequer Secretary (HM Treasury)
At £90,000, the UK has a higher VAT registration threshold than any EU country and the joint highest in the OECD. This means the majority of UK businesses are not in the VAT system at all, reducing administrative burdens and supporting their growth.
The Government’s approach to the VAT registration threshold aims to balance the impacts on small businesses, including their growth and financial sustainability, with the needs of the wider economy and the public finances. Increasing the VAT registration threshold would come at a significant fiscal cost and reduce the revenue available for vital public services.
More than £1.5 billion is being made available over the Spending Review period for investment in employment and skills support. This includes £725 million for the Growth and Skills Levy, to help support apprenticeships for young people and fully fund SME apprenticeships for under-25s.
Exchequer Secretary (HM Treasury)
A new certificate of coverage can only be issued under Article 8(4) of the Convention if six months has elapsed from the end date of a worker’s previous detachment, as shown on the worker’s previous certificate. Where the period of validity of the previous certificate is less than six months, a new certificate may be issued once an equivalent period of time has elapsed. For example, if a worker's previous certificate was issued for a period of four months, they will need to wait for four months from the end date of that certificate until they may be issued with another certificate.
Exchequer Secretary (HM Treasury)
The government is a strong supporter of the mutual sector, including credit unions, and is working to support its growth in line with the manifesto commitment to double the size of the sector.
On 18 March, the government announced plans to reform the credit union common bond in Great Britain by:
- Increasing the potential membership cap on the locality bond from 3 million to 10 million, which will significantly expand the potential size of locality-based credit unions, which make up 79% of the sector, and reduce uncertainty around merger activity.
- Allowing credit unions to admit students to locality-based credit unions, if not otherwise eligible through residence or work.
- Expanding eligibility for members' relatives to allow credit unions to admit relatives of qualifying members regardless of whether they share a household.
- Allowing credit unions to retain retired members as fully qualifying members.
These reforms will help more people get access to fair loans and a safe place to save, so families have a real alternative to high-cost credit.
Full details of the government’s plans have been published in a call for evidence response available on GOV.UK.
The government will legislate to give effect to these reforms as soon as parliamentary time allows.
Economic Secretary (HM Treasury)
The Convention will prevent the double payment of social security contributions and will not make it cheaper to hire Indian workers over British workers. While working in the UK, Article 8(7) requires Indian detached workers to pay contributions into India’s social security scheme (the Employees’ Provident Fund Scheme). The rates applying are broadly the same as those applied in the UK National Insurance system, meaning contributions will be similar. Indian detached workers would additionally be subject to visa application fees and may also be subject to the Immigration Health Surcharge.
Exchequer Secretary (HM Treasury)
Double Contributions Conventions are designed to prevent double payment of social security contributions. The agreement does not include self-employed workers as they are not covered by India’s Employees' Provident Fund Scheme.
Exchequer Secretary (HM Treasury)
The Office for Budget Responsibility will certify the impact of the Comprehensive Economic and Trade Agreement (CETA), including the Double Contributions Convention (DCC), in the usual way at a fiscal event, once the deal is finalised and ratified. The cost of the DCC agreement is likely to be a small fraction of the overall deal’s economic benefit.
Exchequer Secretary (HM Treasury)
Rates will only gradually return to early 2022 levels by March 2025.
At Budget 2025, the Government extended the 5 pence–per litre cut for a further five months, until the end of August this year. The Government has also cancelled the increase in line with inflation for 2026/27; instead, rates will only gradually return to early 2022 levels by March 2027. The 5p cut was introduced at following Russia’s invasion of Ukraine in 2022, when prices reached a peak of over £1.90 per litre.
Since Budget 2024, the Government's decisions to freeze fuel duty will save the average motorist over £90 – or 8-11 pence per litre – compared to the plans inherited from the previous government.
Exchequer Secretary (HM Treasury)
Interactions between the Temporary Repatriation Facility and the Transfer of Assets Abroad legislation were taken into consideration throughout policy development of the Temporary Repatriation Facility and the drafting of the legislation. The Government amended the Finance Bill to include an amendment to the Transfer of Assets Abroad legislation, ensuring that the interactions work as intended.
Exchequer Secretary (HM Treasury)
Visitor information for 11 Downing Street is not retained for the time periods specified. Archived diary records, which are only available for the period from June 2016-March 2020, found no record of a visit by Lord Mandelson to 11 Downing Street.
Economic Secretary (HM Treasury)
Business rates are a broad-based tax on the value of non-domestic properties, including early years education settings. At the Budget, the Government announced a £4.3 billion support package to support ratepayers across all sectors seeing bill increases. As a result of the Budget package, over half of ratepayers will see no bill increases. This also means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
More broadly, in 2026-27, DfE expect to provide over £9.5 billion for childcare entitlements for children aged from 9 months to 4 years. This is over £1 billion more compared to 2025-26, as it delivers a full year of the expanded 30 hours entitlements for working parents and an above inflation increase to funding rates.
Exchequer Secretary (HM Treasury)
Business rates are a broad-based tax on the value of non-domestic properties, including early years education settings. At the Budget, the Government announced a £4.3 billion support package to support ratepayers across all sectors seeing bill increases. As a result of the Budget package, over half of ratepayers will see no bill increases. This also means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
More broadly, in 2026-27, DfE expect to provide over £9.5 billion for childcare entitlements for children aged from 9 months to 4 years. This is over £1 billion more compared to 2025-26, as it delivers a full year of the expanded 30 hours entitlements for working parents and an above inflation increase to funding rates.
Exchequer Secretary (HM Treasury)
Claire Hanna
(Social Democratic & Labour Party - Belfast South and Mid Down)
Eligible population data is not broken down at constituency level so it is not possible to calculate the proportion that are using the scheme.
Exchequer Secretary (HM Treasury)
The Government recognises the importance of the film and high‑end television sector, including the highly skilled craft workforce that underpins its success.
The Government supports film and high‑end television productions through the Audio‑Visual Expenditure Credit (AVEC), which provides a generous tax credit worth 34 per cent of UK production costs, or 39 per cent for animation and children’s television. Independent films (those with a UK lead writer or director and budgets under £23.5 million) are also eligible for an enhanced AVEC rate of 53 per cent on up to £15 million of core expenditure. These reliefs help attract inward investment, sustain employment, and support skills development across the sector. Whilst there is no specific exclusion of training costs, all qualifying production costs have to be incurred on pre-production, principle photography and post-production. Training costs would usually fall outside of this.
In addition to tax reliefs, skills and training in the screen sector are supported through targeted funding programmes led by the Department for Culture, Media and Sport (DCMS) and its arm’s‑length bodies. Film and high‑end television are priority sub‑sectors within the Government’s Industrial Strategy, and DCMS has committed to a £75 million Screen Growth Package to support skills, talent development, and long‑term growth across the UK.
There are a wide range of factors to consider when introducing new tax reliefs or expanding existing ones, including their effectiveness in meeting policy objectives, how well targeted the support would be, the impact on complexity in the tax system, and the cost to the Exchequer.
Exchequer Secretary (HM Treasury)
The Government recognises the importance of the creative industries, including orchestras, and supports them through funding and through the tax system. Orchestra Tax Relief (OTR) provides tax relief on production costs and provided around £50 million of support in 2023‑24. There is currently no other country in the world which offers such a tax relief for orchestras.
In considering any changes to existing tax reliefs or introducing new ones, Government has to consider a wide range of factors, including the specific aims of the relief, the costs and complexity of designing and administering new provisions, and fairness.
Decisions on tax are taken by the Chancellor at fiscal events, in the context of overall public finances.
Exchequer Secretary (HM Treasury)
The Enterprise Investment Scheme provides tax relief where the statutory conditions of that scheme are met. HM Revenue and Customs applies the legislation to the facts of each case, including after an investment has been made.
It is for investors to consider the risks associated with their investment, including a company’s ongoing compliance with the requirements of the scheme.
HMRC publishes guidance and offers an advance assurance service to help companies and investors understand the rules before investing.
Exchequer Secretary (HM Treasury)
VAT is a broad-based tax on consumption, and the 20 per cent standard rate applies to most goods and services. Tax breaks reduce the revenue available for public services, and must represent value for money for the taxpayer.
Exceptions to the standard rate have always been limited and balanced against affordability considerations.
One of the key considerations for any potential new VAT relief is whether the cost saving is likely to be passed on to consumers. Evidence suggests that businesses only partially pass on any savings from lower VAT rates, meaning that cutting VAT may not be an effective way to reduce prices for consumers.
The Chancellor makes decisions on tax policy at fiscal events in the context of the overall public finances. Since taking office the Government has taken a number of decisions on tax, welfare, and spending to fix the public finances, fund public services, and restore economic stability. This stability is critical to boosting investment and growth, and to making people across the UK better off.
Exchequer Secretary (HM Treasury)
The current system places Child Benefit in the hands of one parent or guardian and gives that person responsibility for allocating it between capital and day to day costs. This ensures that the family with priority of entitlement for a child is provided with a suitable level of support for any particular child at any one time.
It is vital especially for parents and families on lower incomes that enough support is directed to them to lift the child out of poverty or to keep the child out of poverty.
We recognise that where families share responsibility for a child there may be issues around the availability of support. However, payment of support to the person with priority of entitlement for a child is seen as the most appropriate way to deal with the majority of families with children.
Exchequer Secretary (HM Treasury)
Scheme managers of the individual public service pension schemes are responsible for ensuring the effective delivery of the McCloud remedy to affected members. This is a complex and wide-ranging exercise and I acknowledge that some schemes have not made as much progress as we’d wish. I have written to scheme managers to remind them of their responsibilities to implement the remedy as quickly as possible and ensure that scheme members and the Pensions Regulator are kept informed of progress and plans. I can confirm that schemes pay interest to members on amounts owed as a result of the remedy.
Parliamentary Secretary (HM Treasury)
Scheme managers of the individual public service pension schemes are responsible for ensuring the effective delivery of the McCloud remedy to affected members. This is a complex and wide-ranging exercise and I acknowledge that some schemes have not made as much progress as we’d wish. I have written to scheme managers to remind them of their responsibilities to implement the remedy as quickly as possible and ensure that scheme members and the Pensions Regulator are kept informed of progress and plans. I can confirm that schemes pay interest to members on amounts owed as a result of the remedy.
Parliamentary Secretary (HM Treasury)
Civil Service recruitment is governed by the Constitutional Reform and Governance Act (CRaGA) 2010, which requires that all appointments to the Civil Service are made on merit on the basis of fair and open competition.
HM Treasury does not recruit candidates on the basis of protected characteristics. All appointments are made on merit, in line with the Civil Service Commission’s Recruitment Principles. Compliance with these principles is overseen by the independent Civil Service Commission.
Economic Secretary (HM Treasury)
The Chancellor did not have any discussions with the Foreign Secretary on this issue.
Chief Secretary to the Treasury
The Government recognises the important role that Public Financial Institutions play in improving businesses’ access to growth capital.
The British Business Bank (BBB), as the UK’s economic development bank, has supported over 100,000 smaller businesses through its programmes and has a strong track record of crowding in private capital into early‑stage equity and later‑stage growth finance.
At the Spending Review the Government expanded the BBB’s total financial capacity to £25.6 billion, enabling it to support a greater volume and range of investments. As part of this uplift, the BBB’s new Industrial Strategy Growth Capital initiative will provide £4 billion of capital to the eight priority Industrial Strategy Sectors, leveraging £12 billion of further private investment.
To help the next generation of UK unicorns at the critical stage when access to scale-up capital is most challenging, the BBB will support 10 new-to-market growth-stage fundraisings over the next 10 years, increasing the number of such funds in the market by 100 per cent.
The BBB will also deploy £2.6 billion to ensure entrepreneurs across the UK — regardless of location or background—can access the finance required to grow. This support will boost smaller business growth across all nations and regions.
The UK’s export credit agency, UK Export Finance (UKEF), also supports SMEs and regional growth by ensuring no viable UK export fails through lack of finance and insurance. UKEF offers finance for SME exporters through commercial lenders. Last year, the Government increased UKEF’s capacity by £20 billion, bringing the total to £80 billion, and is legislating to increase statutory limits of UKEF support so lack of capacity does not limit support for exporters.
We continue to strengthen coordination between PuFins. The BBB’s new Strategic Plan commits to working more closely with other Public Financial Institutions to provide clearer, more joined up routes for businesses to access the right form of finance at the right stage of their growth.
The Government will continue to monitor the effectiveness of development finance interventions and ensure they complement private‑sector activity while supporting enterprise, innovation and economic growth across every region.
Financial Secretary (HM Treasury)
As explained in paragraphs 5.1 to 5.5 of the Budget Information Security Review, the Macpherson Principles apply to: the economic and fiscal projections, the fiscal judgement and individual tax rates, reliefs and allowances.
Chief Secretary to the Treasury
Charlie Dewhirst
(Conservative - Bridlington and The Wolds)
HM Revenue and Customs and HM Treasury operate hybrid working arrangements in line with the Civil Service expectation on office attendance. Employees are expected to spend at least 60 per cent of their time in the office. Line managers are responsible for monitoring attendance and for addressing non‑compliance using appropriate informal and formal management processes. Office attendance is monitored using available building access data or network log‑on information.
Exchequer Secretary (HM Treasury)
The Government has already started the work of reforming our business rates system by introducing new permanently lower multipliers for eligible retail, hospitality and leisure (RHL) properties. These new multipliers are worth nearly £1 billion per year and will benefit over 750,000 properties.
The Government is also supporting small businesses to grow. At Budget, the Government announced the extension of Small Business Rates Relief (SBRR) so that businesses opening second premises can retain their SBRR for three years, tripling the current allowance.
The Call for Evidence, published at Budget, built on the findings of the Transforming Business Rates: Discussion Paper and asked stakeholders for more detailed evidence on how the business rates system influences investment decisions. We are carefully considering representations we’ve received, and a Government response to the Call for Evidence will be published in due course.
Any reforms taken forward will be phased over the course of the Parliament.
Exchequer Secretary (HM Treasury)
At Autumn Budget 2024, the Government announced new Company Car Tax rates for the years 2028-29 and 2029-30, which increase for both electric vehicles (EVs) and petrol/diesel vehicles, while still maintaining generous incentives to support EV take-up.
The Tax Information and Impact Note (TIIN) published alongside Budget set out the expected economic, equalities and other impacts, and highlighted that overall the measure was expected to encourage the take-up of zero emission vehicles.
The Government recognises that the Company Car Tax regime and the salary sacrifice exemption for ultra-low and zero emission vehicles continues to play an important role in the EV transition. The Government needs to balance these incentives against responsible management of public finances to ensure we have sufficient revenue to fund essential public services. A company car is a valuable benefit and therefore needs to be taxed appropriately.
Exchequer Secretary (HM Treasury)
At Autumn Budget 2024, the Government announced new Company Car Tax rates for the years 2028-29 and 2029-30, which increase for both electric vehicles (EVs) and petrol/diesel vehicles, while still maintaining generous incentives to support EV take-up.
The Tax Information and Impact Note (TIIN) published alongside Budget set out the expected economic, equalities and other impacts, and highlighted that overall the measure was expected to encourage the take-up of zero emission vehicles.
The Government recognises that the Company Car Tax regime and the salary sacrifice exemption for ultra-low and zero emission vehicles continues to play an important role in the EV transition. The Government needs to balance these incentives against responsible management of public finances to ensure we have sufficient revenue to fund essential public services. A company car is a valuable benefit and therefore needs to be taxed appropriately.
Exchequer Secretary (HM Treasury)
Business rates receipts are forecast independently by the Office for Budget Responsibility (OBR). Information on changes to the Business Rates receipts can be found in the OBR’s Economic and Fiscal Outlook report (paragraphs 4.38 to 4.40).
Exchequer Secretary (HM Treasury)
Under Section 41 of the VAT Act 1994 Government departments, NHS Trusts and some wider public bodies can claim VAT refunds on certain outsourced services. Their remaining irrecoverable VAT is funded through Departmental Expenditure Limits. The Government is exploring reforming this system into a ‘Full Refund Model’ which would enable Section 41 bodies to recover VAT on all goods and services incurred during the course of non-business activities.
To ensure the reform is fiscally neutral, the departmental budgets of Section 41 bodies must be adjusted by an amount corresponding to the additional VAT they will be refunded for. HM Treasury is currently analysing data provided by Section 41 bodies on their irrecoverable VAT and will set out the next steps to the reforms in due course.
Financial Secretary (HM Treasury)
This Government recognised that concerns were raised about the Loan Charge under the previous government and that some felt strongly that it had not been handled appropriately.
The Government therefore commissioned an independent review of the loan charge to bring the matter to a close for those who had not settled and paid their loan charge liabilities. The Government accepted the review’s conclusion that the loan charge was an extraordinary piece of Government policy which necessitated an exceptional response, and is now legislating to give HMRC the power to administer a new settlement opportunity.
To encourage more people to settle, the Government will write off the first £5,000 of liabilities in addition to the proposals put forward by Ray McCann. As a result, most individuals could see reductions of at least 50% in their outstanding loan charge liabilities, and an estimated 30% of individuals could have these liabilities written off entirely.
HMRC began contacting taxpayers to notify them of their eligibility for the new settlement opportunity from January 2026. HMRC will begin contacting them again, from Spring, to explain the settlement opportunity in more detail. HMRC will contact taxpayers in stages and all taxpayers in scope will be invited to settle by the end of the 2027-28 tax year.
HMRC will encourage taxpayers who want to settle to contact their named HMRC caseworker proactively, and not to wait for a letter. Taxpayers that contact HMRC will be prioritised for settlement.
Exchequer Secretary (HM Treasury)
In November, I published the Government’s Financial Inclusion Strategy which sets out a range of ambitious measures for government and industry to improve financial inclusion for underserved groups across the UK.
As part of its focus on inclusive design, the Strategy recognises the work taken forward by The Royal National Institute of Blind People and UK Finance to introduce accessibility features for cards, so that those who are blind or partially sighted are better able to distinguish between card types and orientate them when using card readers. UK Finance is developing a Code of Practice for Accessible Cards which will ensure these features are consistent across participating firms.
The Strategy also includes a commitment for industry to work with the third sector to make it easier for individuals without standard identification documents to open a bank account, and the launch of an industry-led inclusive design working group to consider how to make products more accessible. UK Finance is currently open to submissions from consumer representative organisations about the accessibility challenges which this group should seek to address.
The Strategy was developed alongside a Committee of consumer and industry representatives, including engagement with frontline organisations and those with lived experience. The Government is committed to continuing to work collaboratively to ensure the delivery of interventions remains informed by a wide range of expertise and perspectives.
Economic Secretary (HM Treasury)
In November, I published the Government’s Financial Inclusion Strategy which sets out a range of ambitious measures for government and industry to improve financial inclusion for underserved groups across the UK.
As part of its focus on inclusive design, the Strategy recognises the work taken forward by The Royal National Institute of Blind People and UK Finance to introduce accessibility features for cards, so that those who are blind or partially sighted are better able to distinguish between card types and orientate them when using card readers. UK Finance is developing a Code of Practice for Accessible Cards which will ensure these features are consistent across participating firms.
The Strategy also includes a commitment for industry to work with the third sector to make it easier for individuals without standard identification documents to open a bank account, and the launch of an industry-led inclusive design working group to consider how to make products more accessible. UK Finance is currently open to submissions from consumer representative organisations about the accessibility challenges which this group should seek to address.
The Strategy was developed alongside a Committee of consumer and industry representatives, including engagement with frontline organisations and those with lived experience. The Government is committed to continuing to work collaboratively to ensure the delivery of interventions remains informed by a wide range of expertise and perspectives.
Economic Secretary (HM Treasury)
The Government is committed to ensuring high standards of financial inclusion across the financial services sector, including the accessibility of services for blind and partially sighted customers.
Financial services provided through banking hubs and the Post Office must comply with the Financial Conduct Authority’s (FCA) rules, which require firms to provide a prompt, efficient and fair service to all customers, including those with disabilities. These services are also subject to the Equality Act 2010, which requires service providers to make reasonable adjustments to ensure disabled people can access services on an equal basis.
The FCA’s Consumer Duty further requires firms to act in good faith, avoid foreseeable harm and support customers to pursue their financial objectives, including by ensuring that information and services are accessible.
Industry, including LINK and UK Finance, is working with accessibility charities such as the Royal National Institute of Blind People (RNIB) to ensure that emerging shared banking services reflect the needs of blind and partially sighted people. This includes considering accessible design and tailored support within banking hubs.
The Government continues to monitor progress closely as part of its wider commitment to inclusive access to financial services.
Economic Secretary (HM Treasury)
No additional resources have been identified as required by HM Treasury.
Chief Secretary to the Treasury
The government recognises the pressures facing households who rely on heating oil. This is why we are providing an additional £53 million of targeted support for vulnerable households, largely in rural communities.
This funding has been allocated based on census data, and the Welsh Government will receive £3.8 million.
Chief Secretary to the Treasury
This Government recognised that concerns continued to be raised about the loan charge and that some felt strongly that this had not been handled appropriately. The Government therefore commissioned an independent review of the loan charge to bring the matter to a close for those affected, ensure fairness for all taxpayers and ensure that appropriate support is in place for those subject to the loan charge.
The settlement opportunity will only include disguised remuneration scheme use between December 2010 and April 2019 because this is the period during which the loan charge applies.
The settlement opportunity will not apply to other tax avoidance schemes that are not within scope of the loan charge. In those cases, HMRC will continue to work with taxpayers to resolve their cases in line with existing legislation and case law. HMRC is committed to working sensitively and pragmatically with taxpayers to reach settlement. This includes by offering flexible payment terms where people need more time to pay their liabilities.
Exchequer Secretary (HM Treasury)
Chief Secretary to the Treasury
To support the re-use of existing buildings for new homes, conversions of buildings from a commercial to residential use, the renovation of properties that have been empty for two or more years, and conversions from one residential use to another all benefit from a reduced 5% rate of VAT.
General refurbishment works are subject to the standard 20% VAT rate, which applies to most goods services. Exceptions to the standard rate have always been limited and balanced against affordability considerations.
The Government is supporting the delivery of new social housing through the VAT system by preparing to consult on a zero rate of VAT for the sale of land intended for new social housing. This is specifically intended to simplify and accelerate the construction of social housing.
Exchequer Secretary (HM Treasury)
Charlie Dewhirst
(Conservative - Bridlington and The Wolds)
Chief Secretary to the Treasury
HM Treasury published the March 2026 Economic and Fiscal Forecast on behalf of the Office for Budget Responsibility and at its request.
Paragraph 3.12 of the Budget Information Security Review notes: “The publication of the OBR’s EFO on GOV.UK by HMT should not diminish the OBR’s independence and will not give HMT access to any information ahead of time of which it is not already aware.”
Chief Secretary to the Treasury
The Government and the CMA are closely monitoring petrol and diesel prices in light of instability in the Middle East, while the CMA are considering what options they have available if there is evidence of unfair practices.
The government are also engaging regularly with refiners, importers and distributors to ensure any emerging risks are identified and managed promptly. Households should be reassured the UK benefits from strong and diverse security of energy supplies, and there are no issues with fuel supply.
Chief Secretary to the Treasury
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer NICs. The TIIN set out the impact of the policy on the exchequer, the economic impacts of the policy, and the impacts on individuals, businesses, and civil society organisations, as well as an overview of the equality impacts.
More widely, the UK tax regime for charities, including the exemption from paying business rates, is among the most generous of anywhere in the world. Tax reliefs for charities and their donors were worth over £6 billion for the tax year to April 2025, of which gift aid made up just over £2.5 billion and business rates relief over £2.7 billion.
Exchequer Secretary (HM Treasury)
The government recognises the pressures facing households who rely on heating oil. This is why we are providing an additional £53 million of targeted support for vulnerable households, largely in rural communities.
This funding has been allocated based on census data, and the Welsh Government will receive £3.8 million.
Chief Secretary to the Treasury
The government recognises the pressures facing households who rely on heating oil. This is why we are providing an additional £53 million of targeted support for vulnerable households, largely in rural communities.
HMT officials and Ministers meet regularly with their counterparts in the Welsh Government.
Chief Secretary to the Treasury
HM Treasury officials regularly attend meetings to discuss the implementation of the Resilience Action Plan as well as matters of national security and defence.
Chief Secretary to the Treasury