HM Treasury is the government’s economic and finance ministry, maintaining control over public spending, setting the direction of the UK’s economic policy and working to achieve strong and sustainable economic growth.
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
Oral Answers to Questions is a regularly scheduled appearance where the Secretary of State and junior minister will answer at the Dispatch Box questions from backbench MPs
Other Commons Chamber appearances can be:Westminster Hall debates are performed in response to backbench MPs or e-petitions asking for a Minister to address a detailed issue
Written Statements are made when a current event is not sufficiently significant to require an Oral Statement, but the House is required to be informed.
HM Treasury does not have Bills currently before Parliament
HM Treasury has not passed any Acts during the 2024 Parliament
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).
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.
This Government is committed to restoring ODA spending at the level of 0.7 per cent of GNI as soon as fiscal circumstances allow. The Government will set out its approach to the House in due course.
The process for access talks is set out in the Cabinet Manual. Access talks are initiated with permission from the Prime Minister of the day and are confidential.
It is a long-established precedent that information about the discussions that have taken place between Cabinet ministers and officials is not shared publicly.
The process for access talks is set out in the Cabinet Manual. Access talks are initiated with permission from the Prime Minister of the day and are confidential.
It is a long-established precedent that information about the discussions that have taken place between Cabinet ministers and officials is not shared publicly.
The 2013 regulations were introduced to ensure the Director of Public Prosecutions’ pension scheme is uprated in line with other public service pension schemes. There are no plans to repeal the regulations.
The Office for Budget Responsibility (OBR) is required by primary legislation to publish an annual assessment of the accuracy of its forecasts. All previous Forecast Evaluation Reports are available on the OBR’s website.
In addition, last year, the OBR published a working paper assessing its forecasting record since it was established in 2010. It found that the OBR’s forecasting accuracy is comparable to that of external forecasters, and its GDP and borrowing forecasts have typically been more accurate than the previous forecasts made by the Treasury.
Earlier this year, the Office for Budget Responsibility conducted a review of the previous government’s 2020 costing of removing tax-free shopping for tourists.
The Chancellor has commissioned HM Treasury officials to provide an assessment of the state of the government’s spending inheritance, to be presented to Parliament before the summer recess. Any required support for small to medium enterprises will be assessed as part of wider fiscal considerations.
The Government is committed to breaking down barriers to opportunity, ensuring every child has access to high-quality education, which is why we have made the tough decision to end tax breaks for private schools. This will raise revenue for essential public services, including investing in the state education system.
Further details on this policy will be set out in due course. The Government engaged with a wide range of stakeholders with an interest in Government policy as a matter of course, and this will include engagement with stakeholders with an interest in VAT being applied to private school fees.
The government is committed to a fairer business rates system. In our manifesto, we pledged to level the playing field between the high street and online giants, better incentivise investment, tackle empty properties and support entrepreneurship.
HMRC publishes the estimated cost to the Exchequer and number of claimants of various tax reliefs.
The estimated value of Income Tax and Class 1A National Insurance Contributions relief for “Employer Supported Childcare including workplace nurseries” can be found in the “Multiple_tax_types” worksheet of Estimated cost of non-structural tax reliefs (December 2023).
The figures include three forms of employer-supported childcare (ESC): workplace nurseries, childcare vouchers and directly contracted childcare. Use of these reliefs is not reportable to HMRC and so administrative data on their use is not available, nor is a detailed breakdown between the three forms of ESC. The introduction of Tax-Free Childcare and closure of childcare vouchers and directly contracted childcare to new entrants leads to the continuing reduction in the cost of ESC.
HMRC publishes the estimated cost to the Exchequer and number of claimants of various tax reliefs.
The estimated value of Income Tax and Class 1A National Insurance Contributions relief for “Employer Supported Childcare including workplace nurseries” can be found in the “Multiple_tax_types” worksheet of Estimated cost of non-structural tax reliefs (December 2023).
The figures include three forms of employer-supported childcare (ESC): workplace nurseries, childcare vouchers and directly contracted childcare. Use of these reliefs is not reportable to HMRC and so administrative data on their use is not available, nor is a detailed breakdown between the three forms of ESC. The introduction of Tax-Free Childcare and closure of childcare vouchers and directly contracted childcare to new entrants leads to the continuing reduction in the cost of ESC.
The Chancellor and I know that the loan charge is a very important matter for many members and their constituents. We have been considering this matter since taking office and will provide an update in due course.
The volume of trade between Fishguard and the Republic of Ireland from May 2021 and May 2024 is as follows:
Table 1: Republic of Ireland trade with Fishguard port, imports and exports trade value and net mass (1)
| Exports to Ireland |
|
| Imports from Ireland (2) | |
| Statistical Value (£) | Net Mass (kg) |
| Statistical Value (£) | Net Mass (kg) |
Fishguard |
|
|
|
|
|
May 2021 | 14,187,755 | 3,870,278 |
| - | - |
May 2024 | 19,796,270 | 8,577,563 |
| 15,984,165 | 13,047,190 |
|
| Data Source: Overseas Trade in Goods Statistics HMRC | |||
(1) The data is based on customs declarations which have listed “Fishguard” as the port of departure/arrival. Where it has been left blank the movement is not assigned to a port. (2) HMRC trade data does not contain port data for 2021 imports as Staged Customs Controls (SCC) allowed an extended period for businesses to complete their declarations. During this period HMRC sourced intra-EU data from Intrastat declarations which do not collect port/location information. |
The Government is committed to protecting access to cash for individuals and businesses. The most recent analysis undertaken by the FCA on cash access coverage across the UK found that in Q2 2023, over 99% of people in urban areas are within 1 mile of a cash access point offering withdrawals, and over 98% of people in rural areas are within 3 miles of a cash access point offering withdrawals. Further details of this analysis, including a breakdown of cash access coverage by Local Authority District is available on the FCA website: https://www.fca.org.uk/publications/data/access-cash-coverage-uk-2023-q2
The Financial Conduct Authority is the regulator responsible for access to cash further to the Financial Services and Markets Act 2023, with powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities for individuals and businesses, including free withdrawal services for individuals. The FCA has recently published its final rules setting out its regulatory approach to protecting access to cash. These can be found on the FCA's website: https://www.fca.org.uk/publication/policy/ps24-8.pdf
The Government also recognises the importance of banking to communities and high streets. The Government has therefore committed to work closely with banks to roll out at least 350 banking hubs, which provide individuals and businesses up and down the country with critical cash and banking services.
The Government is committed to protecting access to cash for individuals and businesses. The most recent analysis undertaken by the FCA on cash access coverage across the UK found that in Q2 2023, over 99% of people in urban areas are within 1 mile of a cash access point offering withdrawals, and over 98% of people in rural areas are within 3 miles of a cash access point offering withdrawals. Further details of this analysis, including a breakdown of cash access coverage by Local Authority District is available on the FCA website: https://www.fca.org.uk/publications/data/access-cash-coverage-uk-2023-q2
The Financial Conduct Authority is the regulator responsible for access to cash further to the Financial Services and Markets Act 2023, with powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities for individuals and businesses, including free withdrawal services for individuals. The FCA has recently published its final rules setting out its regulatory approach to protecting access to cash. These can be found on the FCA's website: https://www.fca.org.uk/publication/policy/ps24-8.pdf
The Government also recognises the importance of banking to communities and high streets. The Government has therefore committed to work closely with banks to roll out at least 350 banking hubs, which provide individuals and businesses up and down the country with critical cash and banking services.
The Government is committed to protecting access to cash for individuals and businesses. The Financial Conduct Authority is the regulator responsible for access to cash further to the Financial Services and Markets Act 2023, with powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities for individuals and businesses, including free withdrawal services for individuals. The FCA has recently published its final rules setting out its regulatory approach to protecting access to cash. These can be found here: https://www.fca.org.uk/publication/policy/ps24-8.pdf
Under the new alcohol duty system, Draught Relief provides a 9.2% duty reduction on draught beer and cider products below 8.5% alcohol by volume.
The Government is closely monitoring the impact of the recent reforms, including Draught Relief, that took effect on 1 August 2023. It is essential for this evaluation process to allow sufficient time to understand the impacts on the alcohol market, and for HMRC to gather useful and accurate data with which to assess the effects of the reform.
As with all taxes, the Government keeps the alcohol duty system under review during its yearly Budget process.
Paragraph 1(b) of Schedule 29 to the Finance Act 2004 provides for a pension commencement lump sum where all or part of a member’s lump sum allowance, and all or part of their lump sum and death benefit allowance, is available.
Those with enhanced protection against pension tax charges are entitled to the same amount of pension commencement lump sum they would have expected to receive prior to 6 April 2023. This enables them to receive up to £375,000 if they have sufficient available lump sum allowance.
The government has no plans to enable those with enhanced protection, or any other protection, to access additional tax-free lump sums where they have already taken the maximum amount. This maintains members’ expectations in respect of their tax-free lump sums.
The alignment of the methods and data sources of the Consumer Prices Index including owner occupiers’ housing costs into the Retail Price Index (RPI) reflects the flaws in RPI which can either overstate or understates price changes. The Bank of England will assess if these changes significantly impact certain index-linked gilt holders.
The Government recognises the widespread use of RPI and that there are potential impacts from the reform. Whilst there is legislation around the minimum indexation requirements for defined benefit schemes, scheme rules will determine how any pensioners' benefits are increased each year.
The independent Office for Budget Responsibility will publish a revised 5-year wage-growth forecast in their next Economic and Fiscal Outlook, considering all relevant factors.
There are no current plans for a regional development bank in Northern Ireland, however we look forward to working closely with the Northern Ireland Executive on our mission to deliver growth across the United Kingdom.
The Chancellor last week announced new plans to align key institutions under the National Wealth Fund that will boost growth and unlock investment. The National Wealth Fund will operate across the United Kingdom and Northern Ireland, and create a step change in our ability to mobilise private capital in the UK’s most important sectors and assets, supporting thousands of jobs across the country, and playing a central role in the government’s industrial strategy.
To ensure investments can start immediately, the National Wealth Fund will deploy funding through the UK Infrastructure Bank and draw on the capability of the British Business Bank, expanding its remit and providing an additional £7.3 billion to catalyse private investment at an even greater scale. Since inception, UKIB has successfully delivered many projects, for example, providing investment to support thousands of rural homes to access ultrafast broadband. The National Wealth Fund will continue to build on this excellent work.
The Treasury’s Office of Financial Sanctions Implementation (OFSI) is responsible for civil enforcement of the UK’s financial sanctions regimes.
OFSI is committed to ensuring that the UK has the strongest possible capability to implement and enforce the UK’s financial sanctions. OFSI has scaled up its enforcement capabilities through legislative changes and expanded its team, allowing it to progress a higher number of complex investigations. For example, in the financial year 2022 – 2023 OFSI increased resource in its enforcement team by 175%.
OFSI expects to see the first monetary penalties resulting from breaches related to the 2022 Russia designations in 2024.
The Government’s tax commitments are set out in the manifesto. HM Treasury are working to deliver them and will set out further details in due course.
The Government’s tax commitments are set out in the manifesto. HM Treasury are working to deliver them and will set out further details in due course.
The annual deficit in 2009-2010 was 10.3% of GDP and 4.5% of GDP in 2023-24.
The Office of National Statistics (ONS) does not publish the annual deficit in real terms. In order to remove the effects of inflation and provide an indication of a country’s ability to service borrowing and debt, it is typical to compare fiscal aggregates as a percentage of GDP, which represents the scale of the aggregate in comparison to the size of the economy at the relevant time.
In nominal terms, the annual deficit was £160.9bn in 2009-2010 and £122.1bn in 2023-24.
As a proportion of government spending, the annual deficit was 22.2% in 2009-2010 and 10.0% in 2023-24.
More information is available on the ONS’ website under “Public sector finances, UK Statistical bulletins”.
The Government recognises the importance of banking to communities and high streets and has committed to work closely with banks to roll out at least 350 banking hubs over the next five years.
147 banking hubs have already been recommended and Cash Access UK, the industry body responsible for banking hub deployment, expects 100 banking hubs to be open before the end of the year. These will provide individuals and businesses up and down the country with critical cash and banking services.
While not the same as a bank branch, alternative options to access everyday banking services can also include telephone banking, through digital means such as mobile or online banking, and via one of the UK’s 11,500 Post Office branches.
Regulating Buy Now Pay Later products is crucial to protect people and deliver certainty for the sector.
The government will be looking to work closely with all interested stakeholders and will set out its plans shortly.
The Government recognises the important contribution that co-operatives make to the economy, serving local communities around the UK and ensuring the UK has a diverse business sector with their model of shared ownership. Co-operatives, alongside other mutuals in the UK, had combined annual revenues of £87.9 billion in 2022, equating to 3.5% of UK GDP.
The Government is committed to supporting the UK’s co-operative and mutuals sector and will be working closely with the sector to address any barriers that it currently faces.
The Government recognises the importance of banking to communities and high streets. The Government has therefore committed to work closely with banks to roll out at least 350 banking hubs, which provide individuals and businesses up and down the country with critical cash and banking services.
Currently, when a branch closes or a community makes a request, LINK (the operator of the UK’s largest ATM network) is responsible for assessing whether a banking hub would be a suitable recommendation for a community. The criteria that LINK uses to assess the needs of a local community can be found on LINK’s website.
In December last year, the Financial Conduct Authority consulted on its regulatory approach to access to cash, including the criteria it proposes designated entities should use when assessing the needs of local communities. This can be found here. The FCA intends to publish its final rules in the third quarter of this year.
The Chancellor and I know the loan charge is a very important one for many members and their constituents. We have been considering this matter since taking office and will provide an update in due course.
The Financial Services and Markets Act 2023 repeals assimilated law (formerly known as retained EU law), replacing it with rules set by financial services regulators, operating within a framework set by government and Parliament. This repeal is subject to commencement by the Treasury.
As of July 2024, 350 instruments relating to financial services have been replaced – 45% of the total number of instruments. HM Treasury has made or laid instruments to replace assimilated law in areas including Solvency II, the Prospectus Regime, Data Reporting Service Providers, and Securitisation.
This Government is committed to restoring ODA spending at the level of 0.7 per cent of GNI as soon as fiscal circumstances allow. The Government will set out its approach to the House in due course.
As set out in the Statement of Funding Policy, the UK Government has committed to fund the direct costs associated with reaching the required level of compliance to implement its obligations under the Windsor Framework.
The provision under this commitment is set out in the Northern Ireland Office’s Main Estimates 2024-25 Memoranda.
The judiciary have a compulsory retirement age of 75, which was increased from age 70 by the Public Service Pensions and Judicial Offices Act 2022.
For the Armed Forces, each service has responsibility for setting retirement ages but in all cases, there is discretion to extend service beyond this age.
There are no compulsory retirement ages in the NHS, Teachers, Police, Fire, Local Government or Civil Service public service workforces.
The Police previously had a compulsory retirement age of 60 for constables, sergeants and inspectors, and a compulsory retirement age of 65 for higher ranks, although officers could serve beyond these ages with agreement. The Police Pension Scheme Regulations 2015 (SI 2015, No.445) introduced new pension arrangements from 1 April 2015 that no longer provide compulsory retirement ages.
The government has no plans to introduce or change mandatory retirement ages for the public service workforces.
The Government recognises the importance of a bank account for day-to-day life and understands the frustration of UK citizens living in the EU who have had their accounts closed.
The Government does not hold statistics on account closures for UK citizens living abroad. UK banks take these decisions on closures according to a variety of factors including the local law and regulation in individual countries, an assessment of profitability, or other commercial drivers.
Some UK banks offer specific accounts aimed at citizens living abroad, which may provide an alternative option. People who have had their accounts closed may also wish to refer to MoneyHelper - which offers free, impartial guidance on financial decisions - for further advice on their options.
The Government recognises the importance of a bank account for day-to-day life and understands the frustration of UK citizens living in the EU who have had their accounts closed.
The Government does not hold statistics on account closures for UK citizens living abroad. UK banks take these decisions on closures according to a variety of factors including the local law and regulation in individual countries, an assessment of profitability, or other commercial drivers.
Some UK banks offer specific accounts aimed at citizens living abroad, which may provide an alternative option. People who have had their accounts closed may also wish to refer to MoneyHelper - which offers free, impartial guidance on financial decisions - for further advice on their options.
According to consumer website Which?, UK banks and building societies closed over 6000 branches across the UK from January 2015 to May 2024.
The Government recognises the importance of banking to communities and high streets. The Government has therefore committed to work closely with banks to roll out at least 350 banking hubs, which provide individuals and businesses up and down the country with critical cash and banking services.
The Government is committed to breaking down barriers to opportunity, ensuring every child has access to high-quality education, which is why we have made the tough decision to end tax breaks for private schools. This will raise revenue for essential public services, including investing in the state education system.
The Prime Minister has been clear that if a child has an Education, Health and Care Plan that requires them to attend a private school because their needs cannot be met in the state sector, they will not feel an impact from VAT being charged on fees. The Chancellor has also been clear that changes will not come into force until 2025.
Further details on this policy will be set out in due course. The Government engages with a wide range of stakeholders with an interest in Government policy, including VAT, as part of the policy development and implementation process as a matter of course.
The Government is committed to breaking down barriers to opportunity, ensuring every child has access to high-quality education, which is why we have made the tough decision to end tax breaks for private schools. This will raise revenue for essential public services, including investing in the state education system.
The Prime Minister has been clear that if a child has an Education, Health and Care Plan that requires them to attend a private school because their needs cannot be met in the state sector, they will not feel an impact from VAT being charged on fees. The Chancellor has also been clear that changes will not come into force until 2025.
Further details on this policy will be set out in due course. The Government engages with a wide range of stakeholders with an interest in Government policy, including VAT, as part of the policy development and implementation process as a matter of course.
The Government is committed to breaking down barriers to opportunity, ensuring every child has access to high-quality education, which is why we have made the tough decision to end tax breaks for private schools. This will raise revenue for essential public services, including investing in the state education system.
The Prime Minister has been clear that if a child has an Education, Health and Care Plan that requires them to attend a private school because their needs cannot be met in the state sector, they will not feel an impact from VAT being charged on fees. The Chancellor has also been clear that changes will not come into force until 2025.
Further details on this policy will be set out in due course. The Government engages with a wide range of stakeholders with an interest in Government policy, including VAT, as part of the policy development and implementation process as a matter of course.
The Government is committed to breaking down barriers to opportunity, ensuring every child has access to high-quality education, which is why we have made the tough decision to end tax breaks for private schools. This will raise revenue for essential public services, including investing in the state education system.
The Prime Minister has been clear that if a child has an Education, Health and Care Plan that requires them to attend a private school because their needs cannot be met in the state sector, they will not feel an impact from VAT being charged on fees. The Chancellor has also been clear that changes will not come into force until 2025.
Further details on this policy will be set out in due course. The Government engages with a wide range of stakeholders with an interest in Government policy, including VAT, as part of the policy development and implementation process as a matter of course.
Under the terms of the Windsor Framework, goods being brought into Northern Ireland from non-EU countries attract customs duty at the relevant EU rate if they are deemed ‘at risk’ of entering the EU. In some circumstances those duties can be waived or the difference between the EU and UK rate reimbursed. If the goods are not regarded as ‘at risk’ of entering the EU they will attract customs duty at UK rates.
Data on goods moved into Northern Ireland from Great Britain can be obtained from the official statistics produced on the GOV.UK website.
HM Revenue & Customs (HMRC) has published a Summary of movements of goods into Northern Ireland from Great Britain covering 2023. Details for 2022 and 2021 are also available.
HMRC do not have details prior to 2021 as this information was not collected before EU-Exit .
The National Insurance contributions (NICs) relief for veterans means that businesses pay no employer NICs on salaries of up to £50,270 for one year of a veteran's first civilian employment. Businesses can claim the relief until April 2025.
Monthly receipts data for the Apprenticeship Levy is published by HM Revenue and Customs in their Tax and NIC Receipts publication which can be found online[1] at: https://www.gov.uk/government/statistics/hmrc-tax-and-nics-receipts-for-the-uk
While the Apprenticeship Levy is UK wide, apprenticeship policy and spending is devolved. From FY2017-18 to FY2019-20, the devolved administrations received a population share of the Office for Budget Responsibility’s apprenticeship Levy forecast. Beyond 2019-20, the devolved administrations received funding through the Barnett formula in relation to English apprenticeship spending. The Block Grant Transparency publication which is available on GOV.UK sets out all Barnett consequentials generated at both departmental and programme level. It is for the devolved administrations to allocate their funding in devolved areas as they see fit, including investing in their skills programmes.
[1] HM Revenue & Customs (2024), HMRC tax receipts and National Insurance contributions for the UK
As set out at Spring Budget 2024, the government is considering the findings of the Office for Budget Responsibility’s review of the original costing of the withdrawal of tax-free shopping, published in the Economic and Fiscal Outlook on 6 March, alongside industry representations and broader data.
A Carbon Border Adjustment Mechanism (CBAM) is a novel mechanism yet to be fully implemented anywhere in the world.
Implementation of the UK CBAM by 2027 will allow government to consult fully with those affected throughout the design and implementation phases. It will also give those affected in the UK and overseas more time to prepare for the changes and put appropriate processes in place with their supply chains to enable them to comply.
The effective EU CBAM charge will be introduced gradually from 2026 to 2034 to match their phase out of free allowances for sectors covered by the CBAM, including iron & steel. In 2026, only a relatively small amount of the emissions embodied in CBAM goods will face the EU CBAM charge when they are imported to the EU.
The volume of trade between Holyhead and the Republic of Ireland from 2021 to 2024 is as follows:
Table1: Republic of Ireland trade with Holyhead port, imports and exports trade value and net mass (2021-2024)
Exports to Ireland | Imports from Ireland | ||||
Statistical Value (£) | Net Mass (kg) | Statistical Value (£) | Net Mass (kg) | ||
Holyhead | |||||
2021(1) | 5,914,018,273 | 742,755,135 | - | - | |
2022 | 8,710,696,860 | 836,776,181 | 6,219,013,646 | 675,794,695 | |
2023 | 9,197,743,475 | 943,345,494 | 7,685,784,587 | 811,262,695 | |
2024(2) | 1,983,688,480 | 247,346,818 | 2,094,184,476 | 262,110,514 | |
25,806,147,088 | 2,770,223,628 | 15,998,982,709 | 1,749,167,904 | ||
Data Source: HMRC, Overseas Trade in Goods Statistics | |||||
(1) HMRC does not have data for 2021 imports as Staged Customs Controls (SCC) allowed an extended period for traders to complete their declarations. During this period HMRC continued to source intra-EU data from Intrastat declarations. (2) 2024 only contains data relating to January, February, and March. |
HM Revenue & Customs (HMRC) does not have port data prior to 2021 as the UK was part of the European Union and customs declarations were not required for these movements. Trade data for intra-EU movements was collected via monthly Intrastat declarations which did not collect information on ports.
Also, HMRC does not have data for 2021 imports as Staged Customs Controls (SCC) allowed an extended period for traders to complete their declarations. During this period HMRC continued to source intra-EU data from Intrastat declarations.
The Prime Minister recently set out our pledge: to increase defence spending to 2.5% of GDP by 2030. That increase starts immediately, rising each year, and will see defence spending rise to £87 billion a year by 2030/31. This is the biggest strengthening of our defence since the Cold War.
The commitment will be fully funded, with no increases in borrowing or debt.
The Government recognises the potential value that NHS data sets can generate and is committed to ensuring that the NHS realises a fair share of any value arising from data partnerships. To this end, the NHS's Value Sharing Framework outlines guiding principles to support this objective.
However, the Government has no plans to create a sovereign wealth fund predicated on the sale of access to NHS data. Rather, we continue to carefully explore the most effective ways to derive value from the use of health data for research purposes. This exploration is conducted with a focus on ensuring fair value for the NHS and upholding public trust.
Those looking to take out a mortgage or remortgage are encouraged to shop around and speak to a broker to find the best possible product for them. Homeowners and prospective homeowners may also find it helpful to contact MoneyHelper, which has been set up by the Government to support consumers with comprehensive guidance for every stage of their financial lives.