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)
Green Party
Ellie Chowns (Green - North Herefordshire)Green Spokesperson (Treasury)
Conservative
Andrew Griffith (Con - Arundel and South Downs)Shadow Chancellor of the Exchequer
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Richard Fuller (Con - North Bedfordshire)Shadow Chief Secretary to the Treasury
Baroness Neville-Rolfe (Con - Life peer)
Shadow Minister (Treasury)
Lord Altrincham (Con - Life peer)
Shadow Minister (Treasury)
Gareth Davies (Con - Grantham and Bourne)
Shadow Financial Secretary (Treasury)
Peter Bedford (Con - Mid Leicestershire)
Shadow Minister (Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Mark Garnier (Con - Wyre Forest)Shadow Economic Secretary (Treasury)
John Cooper (Con - Dumfries and Galloway)
Shadow Exchequer Secretary (Treasury)
Ministers of State
Emma Reynolds (Lab - Wycombe)Chief Secretary to the Treasury
James Murray (LAB - Ealing North)
Financial Secretary to the Treasury and Paymaster General
Parliamentary Under-Secretaries of State
Torsten Bell (Lab - Swansea West)Parliamentary Secretary (HM Treasury)
Lucy Rigby (Lab - Northampton North)
Economic Secretary (HM Treasury)
Lord Pitt-Watson (Lab - Life peer)
Parliamentary Secretary (HM Treasury)
05:19
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, pursuant to the answer of 19 October 2026 to question 30587 on Defence: …
These Regulations set out the Treasury’s equivalence determinations in respect of the regulatory framework that applies to certain central counterparties …
14:21
A new Finance Bill is usually presented to Parliament each year; it enacts the proposals for taxation made by the …
00:01
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 authorise the use of resources for the year ending with 31 March 2027; 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 2026.
This Bill received Royal Assent on 15th July 2026 and was enacted into law.
A Bill to Increase the rate of electricity generator levy and mileage amounts relating to income tax and to provide for temporary rates of vehicle excise duty for goods vehicles.
This Bill received Royal Assent on 15th July 2026 and was enacted into law.
A Bill to Make provision to amend section 4 of the Social Security Contributions and Benefits Act 1992, and section 4 of the Social Security Contributions and Benefits (Northern Ireland) Act 1992, so that amounts of salary sacrificed for employer pensions contributions pursuant to optional remuneration arrangements are liable to national insurance contributions.
This Bill received Royal Assent on 29th April 2026 and was enacted into law.
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).
(346 in the last 7 days)
(286 in the last 7 days)
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(43 in the last 7 days)
(346 in the last 7 days)
(18 in the last 7 days)
(49 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 1 year, 4 months 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 year, 5 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
Introduce new tax code for state pensioners with double the personal allowance
Gov Responded - 9 Dec 2025closed 6 months, 4 weeks ago
We want the government to introduce a new tax code for state pensioners, set at double the basic threshold. If this was implemented, pensioners would receive a higher tax-exempt limit, but wealthier pensioners would still pay tax.
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 28th October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 27th October 2025
Treasury Committee Member since 27th October 2025
Treasury Committee Member since 22nd June 2026
Treasury Committee Member since 26th October 2026
Treasury Committee Member since 26th October 2026
Treasury Committee: Upcoming Events
Budget 2026
3 Nov 2026, 9:30 a.m.
View calendar - Save to Calendar
Treasury Committee - Oral evidence
Budget 2026
4 Nov 2026, 2 p.m.
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Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)The UK’s creative sector tax reliefs are internationally competitive.
Under the Audio-Visual Expenditure Credit, children’s television programmes benefit from an enhanced credit rate of 39 per cent, compared with the standard 34 per cent rate for film and high-end television. In 2024-25, £29 million of tax relief was provided to children’s television productions.
Financial Secretary to the Treasury and Paymaster General
While the UK has no fossil fuel subsidies, the UK is a longstanding supporter of fossil fuel subsidy reform efforts at both multilateral and bilateral levels and will continue to support the global effort to phase out inefficient fossil fuel subsidies.
The UK’s membership of the Coalition on Phasing Out Fossil Fuel Incentives Including Subsidies (COFFIS) demonstrates the UK’s continued engagement subsidy reform and its commitment to enhanced transparency.
The Government keeps all taxes under review.
Financial Secretary to the Treasury and Paymaster General
VAT is due on any amount equal to a visitor levy that is included in the price charged to the guest for taxable accommodation. A fundamental principle of VAT is that it applies to the total amount paid by a customer for goods or services, including taxes, levies and other charges that form part of that price.
The VAT registration threshold is based on the value of a business's taxable supplies under the UK VAT framework. These principles apply consistently across different sectors and types of charge and help ensure that the VAT system remains coherent and administratively workable.
Financial Secretary to the Treasury and Paymaster General
Where a customer has filed an inaccurate return because of a careless error, including where this relates to the Off-Payroll Working rules, a penalty may be chargeable.
For careless penalties HMRC applies the same criteria to all customers, whether in the public or private sector.
HMRC will always consider whether a careless penalty can be suspended.
To suspend a penalty, HMRC must set at least one suspension condition. The condition(s) must meet the criteria set out in HMRC’s guidance at CH83153.
Further information on how HMRC decides whether to suspend a penalty can be found in its publicly available guidance at CH83120.
Financial Secretary to the Treasury and Paymaster General
HMRC do not hold the relevant information that would enable it to identify whether a Time to Pay arrangement was set up as a result of the Amazon payment policy change. However, where a business is experiencing payment difficulties because of supplier or customer payment terms, HMRC will take those circumstances into account when considering a Time to Pay arrangement.
Financial Secretary to the Treasury and Paymaster General
The tax system already provides support for employer-funded healthcare. Employers can generally deduct the costs of providing healthcare for employees when calculating their taxable profits. There are also exemptions from Income Tax and National Insurance contributions for certain employer-funded health benefits. These include annual health screenings, certain welfare counselling services and, subject to conditions, up to £500 of recommended medical treatment to help an employee return to work following sickness absence.
The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.
Financial Secretary to the Treasury and Paymaster General
The tax system already provides support for employer-funded healthcare. Employers can generally deduct the costs of providing healthcare for employees when calculating their taxable profits. There are also exemptions from Income Tax and National Insurance contributions for certain employer-funded health benefits. These include annual health screenings, certain welfare counselling services and, subject to conditions, up to £500 of recommended medical treatment to help an employee return to work following sickness absence.
The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.
Financial Secretary to the Treasury and Paymaster General
The Government has considered the fiscal and economic impacts of proposals to reduce VAT, employer National Insurance contributions and business rates. Analysis indicates that reducing VAT for the hospitality sector to 10 per cent would cost around £11bn in 2026-27.
The Government has already started the work of reforming our business rates system by introducing new permanently lower multipliers for eligible RHL properties. These new multipliers provide nearly £1 billion per year of support and benefit over 750,000 properties.
The Employment Allowance has also been increased to £10,500, meaning around 900,000 employers will have no employer National Insurance liability, while businesses can benefit from targeted reliefs that support the employment of young people
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.
Financial Secretary to the Treasury and Paymaster General
Rural areas continue to benefit from Rural Rate Relief, which aims to ensure that key amenities are available and community assets protected in rural areas. It provides 100 per cent rate relief for properties that are based in eligible rural areas with populations below 3,000.
Financial Secretary to the Treasury and Paymaster General
Improving day-to-day performance is one of the Government’s key priorities for HMRC.
In 2025-26, HMRC met its headline telephony performance target with 85.1% of customers who wanted to speak to an adviser having their call answered.
HMRC continue to invest in new technology to improve their telephony service.
HMRC are also expanding their digital services so taxpayers can self-serve online, for example through the HMRC app. As more people self-serve online, HMRC’s advisers are able to focus on helping those who are digitally excluded, have complex queries or need extra support.
In July 2026, HMRC set out further information on its wider programme of service improvement in its Transformation Roadmap Update 2026, which can be found here:
www.gov.uk/government/publications/hmrc-transformation-roadmap-progress-update-2026
Financial Secretary to the Treasury and Paymaster General
The Government recognises the pressures faced by drivers and other fuel users from price increases from the conflict in the Middle East. At Budget the Chancellor announced the Government is extending the 5 pence per litre (ppl) fuel duty cut by a further six months to July 2027 and delaying uprating until the same date, providing breathing space to motorists whilst prices are high. Therefore, fuel duty will remain at 52.95ppl for both petrol and diesel to July 2027.
The government’s decisions on fuel duty across this Parliament will save the average car driver £230, the average van driver saves £472 and the average heavy goods driver nearly £4000 compared to plans under the previous government, and means petrol and diesel will be 15p per litre cheaper from April 2027.
Recognising the importance of the haulage sector, the Government also announced a 12-month vehicle excise duty (VED) holiday for the majority of heavy goods vehicles, with hauliers and operators of fuel based refrigerated road transport also benefiting from the extension of the 5p fuel duty cut.
Rail freight is eligible for red diesel entitlement to avoid perverse environmental outcomes, namely transferring rail freight or passengers to more polluting lorries, coaches and cars if costs rose. Red diesel is taxed at 6.48ppl following the introduction of a 3.7ppl cut, which at Budget the government announced will be extended to 1 July 2027.
As with all taxes, the Government keeps fuel duty under review; and any changes are announced at fiscal events.
Financial Secretary to the Treasury and Paymaster General
The Government recognises the pressures faced by drivers and other fuel users from price increases from the conflict in the Middle East. At Budget the Chancellor announced the Government is extending the 5 pence per litre (ppl) fuel duty cut by a further six months to July 2027 and delaying uprating until the same date, providing breathing space to motorists whilst prices are high. Therefore, fuel duty will remain at 52.95ppl for both petrol and diesel to July 2027.
The government’s decisions on fuel duty across this Parliament will save the average car driver £230, the average van driver saves £472 and the average heavy goods driver nearly £4000 compared to plans under the previous government, and means petrol and diesel will be 15p per litre cheaper from April 2027.
Recognising the importance of the haulage sector, the Government also announced a 12-month vehicle excise duty (VED) holiday for the majority of heavy goods vehicles, with hauliers and operators of fuel based refrigerated road transport also benefiting from the extension of the 5p fuel duty cut.
Rail freight is eligible for red diesel entitlement to avoid perverse environmental outcomes, namely transferring rail freight or passengers to more polluting lorries, coaches and cars if costs rose. Red diesel is taxed at 6.48ppl following the introduction of a 3.7ppl cut, which at Budget the government announced will be extended to 1 July 2027.
As with all taxes, the Government keeps fuel duty under review; and any changes are announced at fiscal events.
Financial Secretary to the Treasury and Paymaster General
The Government recognises the pressures faced by drivers and other fuel users from price increases from the conflict in the Middle East. At Budget the Chancellor announced the Government is extending the 5 pence per litre (ppl) fuel duty cut by a further six months to July 2027 and delaying uprating until the same date, providing breathing space to motorists whilst prices are high. Therefore, fuel duty will remain at 52.95ppl for both petrol and diesel to July 2027.
The government’s decisions on fuel duty across this Parliament will save the average car driver £230, the average van driver saves £472 and the average heavy goods driver nearly £4000 compared to plans under the previous government, and means petrol and diesel will be 15p per litre cheaper from April 2027.
Recognising the importance of the haulage sector, the Government also announced a 12-month vehicle excise duty (VED) holiday for the majority of heavy goods vehicles, with hauliers and operators of fuel based refrigerated road transport also benefiting from the extension of the 5p fuel duty cut.
Rail freight is eligible for red diesel entitlement to avoid perverse environmental outcomes, namely transferring rail freight or passengers to more polluting lorries, coaches and cars if costs rose. Red diesel is taxed at 6.48ppl following the introduction of a 3.7ppl cut, which at Budget the government announced will be extended to 1 July 2027.
As with all taxes, the Government keeps fuel duty under review; and any changes are announced at fiscal events.
Financial Secretary to the Treasury and Paymaster General
The Government recognises the pressures faced by drivers and other fuel users from price increases from the conflict in the Middle East. At Budget the Chancellor announced the Government is extending the 5 pence per litre (ppl) fuel duty cut by a further six months to July 2027 and delaying uprating until the same date, providing breathing space to motorists whilst prices are high. Therefore, fuel duty will remain at 52.95ppl for both petrol and diesel to July 2027.
The government’s decisions on fuel duty across this Parliament will save the average car driver £230, the average van driver saves £472 and the average heavy goods driver nearly £4000 compared to plans under the previous government, and means petrol and diesel will be 15p per litre cheaper from April 2027.
Recognising the importance of the haulage sector, the Government also announced a 12-month vehicle excise duty (VED) holiday for the majority of heavy goods vehicles, with hauliers and operators of fuel based refrigerated road transport also benefiting from the extension of the 5p fuel duty cut.
Rail freight is eligible for red diesel entitlement to avoid perverse environmental outcomes, namely transferring rail freight or passengers to more polluting lorries, coaches and cars if costs rose. Red diesel is taxed at 6.48ppl following the introduction of a 3.7ppl cut, which at Budget the government announced will be extended to 1 July 2027.
As with all taxes, the Government keeps fuel duty under review; and any changes are announced at fiscal events.
Financial Secretary to the Treasury and Paymaster General
The Government recognises the pressures faced by drivers and other fuel users from price increases from the conflict in the Middle East. At Budget the Chancellor announced the Government is extending the 5 pence per litre (ppl) fuel duty cut by a further six months to July 2027 and delaying uprating until the same date, providing breathing space to motorists whilst prices are high. Therefore, fuel duty will remain at 52.95ppl for both petrol and diesel to July 2027.
The government’s decisions on fuel duty across this Parliament will save the average car driver £230, the average van driver saves £472 and the average heavy goods driver nearly £4000 compared to plans under the previous government, and means petrol and diesel will be 15p per litre cheaper from April 2027.
Recognising the importance of the haulage sector, the Government also announced a 12-month vehicle excise duty (VED) holiday for the majority of heavy goods vehicles, with hauliers and operators of fuel based refrigerated road transport also benefiting from the extension of the 5p fuel duty cut.
Rail freight is eligible for red diesel entitlement to avoid perverse environmental outcomes, namely transferring rail freight or passengers to more polluting lorries, coaches and cars if costs rose. Red diesel is taxed at 6.48ppl following the introduction of a 3.7ppl cut, which at Budget the government announced will be extended to 1 July 2027.
As with all taxes, the Government keeps fuel duty under review; and any changes are announced at fiscal events.
Financial Secretary to the Treasury and Paymaster General
The Government recognises the pressures faced by drivers and other fuel users from price increases from the conflict in the Middle East. At Budget the Chancellor announced the Government is extending the 5 pence per litre (ppl) fuel duty cut by a further six months to July 2027 and delaying uprating until the same date, providing breathing space to motorists whilst prices are high. Therefore, fuel duty will remain at 52.95ppl for both petrol and diesel to July 2027.
The government’s decisions on fuel duty across this Parliament will save the average car driver £230, the average van driver saves £472 and the average heavy goods driver nearly £4000 compared to plans under the previous government, and means petrol and diesel will be 15p per litre cheaper from April 2027.
Recognising the importance of the haulage sector, the Government also announced a 12-month vehicle excise duty (VED) holiday for the majority of heavy goods vehicles, with hauliers and operators of fuel based refrigerated road transport also benefiting from the extension of the 5p fuel duty cut.
Rail freight is eligible for red diesel entitlement to avoid perverse environmental outcomes, namely transferring rail freight or passengers to more polluting lorries, coaches and cars if costs rose. Red diesel is taxed at 6.48ppl following the introduction of a 3.7ppl cut, which at Budget the government announced will be extended to 1 July 2027.
As with all taxes, the Government keeps fuel duty under review; and any changes are announced at fiscal events.
Financial Secretary to the Treasury and Paymaster General
The Government recognises the pressures faced by drivers and other fuel users from price increases from the conflict in the Middle East. At Budget the Chancellor announced the Government is extending the 5 pence per litre (ppl) fuel duty cut by a further six months to July 2027 and delaying uprating until the same date, providing breathing space to motorists whilst prices are high. Therefore, fuel duty will remain at 52.95ppl for both petrol and diesel to July 2027.
The government’s decisions on fuel duty across this Parliament will save the average car driver £230, the average van driver saves £472 and the average heavy goods driver nearly £4000 compared to plans under the previous government, and means petrol and diesel will be 15p per litre cheaper from April 2027.
Recognising the importance of the haulage sector, the Government also announced a 12-month vehicle excise duty (VED) holiday for the majority of heavy goods vehicles, with hauliers and operators of fuel based refrigerated road transport also benefiting from the extension of the 5p fuel duty cut.
Rail freight is eligible for red diesel entitlement to avoid perverse environmental outcomes, namely transferring rail freight or passengers to more polluting lorries, coaches and cars if costs rose. Red diesel is taxed at 6.48ppl following the introduction of a 3.7ppl cut, which at Budget the government announced will be extended to 1 July 2027.
As with all taxes, the Government keeps fuel duty under review; and any changes are announced at fiscal events.
Financial Secretary to the Treasury and Paymaster General
The Government has taken significant steps to reform Capital Gains Tax (CGT), including increasing the main rates of CGT from 10% for basic rate taxpayers and 20% for higher rate taxpayers to 18% and 24% respectively.
CGT receipts are forecast to almost triple from around £14 billion at the start of this Parliament to £41 billion by 2031-32.
Financial Secretary to the Treasury and Paymaster General
The latest report (2025) and departmental breakdown of the UK’s official development assistance (ODA) spend can be found here: https://www.gov.uk/government/statistics/statistics-on-international-development-final-uk-oda-spend-2025 and https://assets.publishing.service.gov.uk/media/6aa93f5c086ce7c57b8184a6/Tables_Statistics_on_International_Development_final_ODA_spend_2025.ods.
As these reports go by calendar year, data for 2026 are not yet available; however, these will be uploaded to the same webpage in spring 2027.
Chief Secretary to the Treasury
HM Treasury works closely with the Ministry of Defence to ensure that increased defence investment delivers both military capability and value for taxpayers. The Defence Investment Plan is backed by around £300 billion of investment over the next four years and sets out the major investment choices the Government has made for Defence
Alongside increased investment, the Government is maximising the value of every pound spent by accelerating defence reform and cutting procurement costs, including reforming procurement under the National Armaments Director.
Chief Secretary to the Treasury
The Chancellor and the Prime Minister are united in meeting the fiscal rules, balancing the books with a buffer against uncertainty, controlling borrowing to bear down on inflation and debt interest costs, and reducing long term pressures on our public finances
The investment rule, one of the two key fiscal rules, targets Public Sector Net Financial Liabilities. This captures all financial assets including illiquid ones, recognising the value of assets such as loans and equity that are expected to yield a financial return that pays their debt interest costs
As set out in the Charter for Budget Responsibility, in setting fiscal policy, the Treasury considers a wide range of metrics to inform a full assessment of the sustainability of the public finances. Furthermore, at every medium-term forecast the Office for Budget Responsibility independently analyses and comments on fiscal sustainability, with reference to a set of metrics that includes Public Sector Net Worth.
Chief Secretary to the Treasury
The maritime sector is subject to a range of tax rules.
Qualifying shipping companies may elect into Tonnage Tax, an alternative corporation tax regime under which taxable profits are calculated by reference to the tonnage of ships operated rather than actual commercial profits. Tonnage Tax is designed to support the competitiveness of the UK maritime sector and encourage shipping activity and strategic management functions to be based in the UK.
The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.
Financial Secretary to the Treasury and Paymaster General
The maritime sector is subject to a range of tax rules.
Qualifying shipping companies may elect into Tonnage Tax, an alternative corporation tax regime under which taxable profits are calculated by reference to the tonnage of ships operated rather than actual commercial profits. Tonnage Tax is designed to support the competitiveness of the UK maritime sector and encourage shipping activity and strategic management functions to be based in the UK.
The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.
Financial Secretary to the Treasury and Paymaster General
The maritime sector is subject to a range of tax rules.
Qualifying shipping companies may elect into Tonnage Tax, an alternative corporation tax regime under which taxable profits are calculated by reference to the tonnage of ships operated rather than actual commercial profits. Tonnage Tax is designed to support the competitiveness of the UK maritime sector and encourage shipping activity and strategic management functions to be based in the UK.
The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.
Financial Secretary to the Treasury and Paymaster General
The government does not in general publish internal evidence relating to, or assessments of, tax changes which are not currently intended to be made.
The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.
Financial Secretary to the Treasury and Paymaster General
As I set out in my answer to HL3749, the main rates of Capital Gains Tax (CGT) in the UK are 18% for basic rate taxpayers and 24% for higher rate taxpayers.
The Government is not responsible for the provision of information to Parliament in respect of CGT rates in other countries. When seeking to draw comparisons it is important to recognise that headline tax rates sit alongside other aspects of the relevant countries’ regimes.
Parliamentary Secretary (HM Treasury)
The Government has provided targeted support to the hospitality sector, including a £4.3 billion business rates support package and the introduction of permanently lower multipliers for eligible retail, hospitality and leisure properties. These measures provide almost £1 billion of support each year and benefit more than 750,000 properties.
The Employment Allowance has also been increased to £10,500, meaning around 900,000 employers will have no employer National Insurance liability, while businesses can benefit from targeted reliefs that support the employment of young people.
Financial Secretary to the Treasury and Paymaster General
The UK’s Carbon Border Adjustment Mechanism (CBAM) will come into force on 1 January 2027 as planned.
Parliamentary Secretary (HM Treasury)
The Government has conducted an evaluation of the 2023 Alcohol Duty reforms, in line with the commitment to do so three years on from their implementation. At Budget 2026, following the collection and review of evidence, HMRC and HM Treasury published a report on its findings. This report is available on the gov.uk website.
The Alcohol Duty evaluation report shows that the reforms have encouraged producers to innovate, reformulate, and meet the demand for lower-strength products.
Alongside the introduction of the 2023 reforms, a temporary easement was put in place for wine importers and producers to help manage the transition to the new method of calculating the duty on their products. The impact of the wine easement was not reviewed as part of the Alcohol Duty evaluation as it was a temporary measure.
The 8.5% ABV limit ensures that Small Producers Relief is targeted at lower-strength products. This is line with the principle underpinning the 2023 Alcohol Duty reforms that stronger alcoholic products should pay more duty.
Financial Secretary to the Treasury and Paymaster General
The Government has conducted an evaluation of the 2023 Alcohol Duty reforms, in line with the commitment to do so three years on from their implementation. At Budget 2026, following the collection and review of evidence, HMRC and HM Treasury published a report on its findings. This report is available on the gov.uk website.
The Alcohol Duty evaluation report shows that the reforms have encouraged producers to innovate, reformulate, and meet the demand for lower-strength products.
Alongside the introduction of the 2023 reforms, a temporary easement was put in place for wine importers and producers to help manage the transition to the new method of calculating the duty on their products. The impact of the wine easement was not reviewed as part of the Alcohol Duty evaluation as it was a temporary measure.
The 8.5% ABV limit ensures that Small Producers Relief is targeted at lower-strength products. This is line with the principle underpinning the 2023 Alcohol Duty reforms that stronger alcoholic products should pay more duty.
Financial Secretary to the Treasury and Paymaster General
The Government has conducted an evaluation of the 2023 Alcohol Duty reforms, in line with the commitment to do so three years on from their implementation. At Budget 2026, following the collection and review of evidence, HMRC and HM Treasury published a report on its findings. This report is available on the gov.uk website.
The Alcohol Duty evaluation report shows that the reforms have encouraged producers to innovate, reformulate, and meet the demand for lower-strength products.
Alongside the introduction of the 2023 reforms, a temporary easement was put in place for wine importers and producers to help manage the transition to the new method of calculating the duty on their products. The impact of the wine easement was not reviewed as part of the Alcohol Duty evaluation as it was a temporary measure.
The 8.5% ABV limit ensures that Small Producers Relief is targeted at lower-strength products. This is line with the principle underpinning the 2023 Alcohol Duty reforms that stronger alcoholic products should pay more duty.
Financial Secretary to the Treasury and Paymaster General
The Government has conducted an evaluation of the 2023 Alcohol Duty reforms, in line with the commitment to do so three years on from their implementation. At Budget 2026, following the collection and review of evidence, HMRC and HM Treasury published a report on its findings. This report is available on the gov.uk website.
The Alcohol Duty evaluation report shows that the reforms have encouraged producers to innovate, reformulate, and meet the demand for lower-strength products.
Alongside the introduction of the 2023 reforms, a temporary easement was put in place for wine importers and producers to help manage the transition to the new method of calculating the duty on their products. The impact of the wine easement was not reviewed as part of the Alcohol Duty evaluation as it was a temporary measure.
The 8.5% ABV limit ensures that Small Producers Relief is targeted at lower-strength products. This is line with the principle underpinning the 2023 Alcohol Duty reforms that stronger alcoholic products should pay more duty.
Financial Secretary to the Treasury and Paymaster General
The Government understands concerns about the impact of airport drop-off charges and will therefore be taking forward a review into drop off charges. This will be completed within 12 months of Royal Assent of the Civil Aviation Bill. This will allow sufficient time to consider the range of issues raised by passengers and Parliamentarians, including transparency, charging practices, affordability and available alternatives.
The Government keeps all taxes under review and the Chancellor makes decisions on tax policy at fiscal events in the context of the public finances.
Financial Secretary to the Treasury and Paymaster General
The Government understands concerns about the impact of airport drop-off charges and will therefore be taking forward a review into drop off charges. This will be completed within 12 months of Royal Assent of the Civil Aviation Bill. This will allow sufficient time to consider the range of issues raised by passengers and Parliamentarians, including transparency, charging practices, affordability and available alternatives.
The Government keeps all taxes under review and the Chancellor makes decisions on tax policy at fiscal events in the context of the public finances.
Financial Secretary to the Treasury and Paymaster General
The Government understands concerns about the impact of airport drop-off charges and will therefore be taking forward a review into drop off charges. This will be completed within 12 months of Royal Assent of the Civil Aviation Bill. This will allow sufficient time to consider the range of issues raised by passengers and Parliamentarians, including transparency, charging practices, affordability and available alternatives.
The Government keeps all taxes under review and the Chancellor makes decisions on tax policy at fiscal events in the context of the public finances.
Financial Secretary to the Treasury and Paymaster General
The Money Laundering Regulations require regulated firms to apply enhanced due diligence (EDD) where a customer or beneficial owner is a politically exposed person (PEP), a family member, or a known close associate of a PEP.
These measures are designed to help mitigate the increased risk of bribery and corruption and ensure that attempts to exploit a PEP’s position are detected and referred to law enforcement.
The Government recognises the impact these measures can have and has been clear that PEPs, and their family members and close associates, must be treated fairly and proportionately by banks and other regulated firms. Changes to the MLRs in force since January 2024 are clear that the starting point for regulated businesses must be to treat domestic PEPs as inherently lower risk than non-domestic PEPs.
Last year, the FCA published updated guidance on PEPs to encourage a risk-based approach, following its review of the treatment of PEPs. The government will continue to work closely with the FCA to ensure firms improve their practices where necessary.
Economic Secretary (HM Treasury)
At the 2026 Autumn Budget, the Chancellor announced that the National Wealth Fund and British Business Bank will deploy up to £5 billion over the next four years into defence, dual use and other sectors that support our national security, sovereign capability and resilience.
At the Spending Review next year, the Government will set out the details of how we will meet our NATO commitment of spending 3.5% of GDP on defence by 2035, with a target date for 3% in 2030.
Economic Secretary (HM Treasury)
The Government is committed to tackling money laundering and terrorist financing, while ensuring that the UK’s anti-money laundering regime remains effective and proportionate.
Under the Money Laundering Regulations (MLRs), banks and other regulated firms must have appropriate policies, controls and procedures to mitigate money laundering and terrorist financing risks. This includes customer due diligence, sometimes referred to as “Know Your Customer” requirements, to verify customers’ identities and understand the purpose of transactions.
The Government keeps the MLRs under review and engages closely with industry, supervisors and other stakeholders to ensure that requirements remain effective, proportionate and responsive to evolving money laundering and terrorist financing risks, making changes where appropriate.
For example, in July 2025 HM Treasury published its response to a consultation on improving the effectiveness of the MLRs, setting out reforms to close loopholes, clarify requirements and ensure customer due diligence is targeted at higher-risk activity.
Firms continue to be required to take a risk-based approach, ensuring that the extent of checks is proportionate to the money laundering and terrorist financing risks presented.
Economic Secretary (HM Treasury)
The Government has provided public advice on preparing for emergencies through the Be Ready Campaign website. This includes advice that people may wish to consider keeping cash for essential purchases in case electronic payments or cash machines are disrupted. The amount held should reflect each household’s circumstances and needs.
Further information is available at: Be ready for emergencies - Be Ready
Economic Secretary (HM Treasury)
I refer the honourable member to the answer given to question 27309 on 9 September 2026.
Chief Secretary to the Treasury
Private markets, including private credit, play a vital role in providing financing to the real economy. They support innovation and diversify funding sources.
As the Bank of England have said, the growth of private markets also brings new vulnerabilities, including from the sectors’ increasing complexity, use of leverage, opacity, and interconnectedness with the wider financial system.
HM Treasury continues to work closely with the regulators to understand these risks. In the 2025 remit letter to the Bank of England’s Financial Policy Committee, the Committee were asked to continue to consider risks in private markets. The Bank of England has since launched its private markets System‑Wide Exploratory Scenario – a world-leading exercise to deepen understanding of vulnerabilities in private markets.
Parliamentary Secretary (HM Treasury)
The total cost of the Chancellor’s visit to China in January 2025 was £60,858.81.
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
This is a devolved matter, and it is the responsibility of the Welsh government for administrating the funds. However, I can confirm that last payments for the European Regional Development Fund (ERDF) Programmes were received by the Welsh Government in 2025/26 and in total for the ERDF 2014-20 Programme, €1.4bn was received. For European Social Fund (ESF), the last payments received by the Welsh Government was in 2024/25 and the total received for the ESF 2014-20 Programmes was €1bn.
Parliamentary Secretary (HM Treasury)
The Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, published in its 2024-2025 Annual Review that over £12.9 billion of assets relating to the Libya sanctions regime have been reported as frozen as of September 2024. This is an aggregated total of all entities and individuals listed on the Consolidated List of Financial Sanctions Targets.
Economic Secretary (HM Treasury)
I refer the Hon. Member to the announcement made by the Prime Minister on the 26 October, committing to a new equity loan scheme: Your First Home. We will announce further details including costs and implementation timelines at Autumn Budget.
New first-time buyer scheme to be confirmed at Budget - GOV.UK
Economic Secretary (HM Treasury)
The Treasury does not comment on speculation concerning tax policy. Decisions on tax are a matter for the Chancellor and are set out at fiscal events
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.
Financial Secretary to the Treasury and Paymaster General
At Budget 2026, the Chancellor announced that from April 2027, the new Capital Gains Tax (CGT) Founders' Relief will give founders and early investors a reduced 10% rate of CGT, on gains up to a £10 million lifetime limit.
The Enterprise Investment Scheme (EIS) also allows investors to defer up to 100% of a capital gain where it is reinvested in eligible EIS shares.
Financial Secretary to the Treasury and Paymaster General
The government is committed to providing mayors and local leaders with greater flexibility and control over local funding. As set out in the Fiscal Devolution Roadmap, we will continue to work with mayors and local leaders to develop a reformed funding model for regional and local government.
As set out in the Fiscal Devolution Roadmap, the government will also consider the case for applying controls to balance the mix of capital and resource spending, in a proportionate way, to support adherence to the fiscal rule on day-to-day spending.
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)