HM Treasury

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



Secretary of State

 Portrait

Rachel Reeves
Chancellor of the Exchequer

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)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Lord Altrincham (Con - Excepted Hereditary)
Shadow Minister (Treasury)
Richard Fuller (Con - North Bedfordshire)
Shadow Chief Secretary to the Treasury
Gareth Davies (Con - Grantham and Bourne)
Shadow Financial Secretary (Treasury)
Baroness Neville-Rolfe (Con - Life peer)
Shadow Minister (Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
James Wild (Con - North West Norfolk)
Shadow Exchequer Secretary (Treasury)
Mark Garnier (Con - Wyre Forest)
Shadow Economic Secretary (Treasury)
Ministers of State
Darren Jones (Lab - Bristol North West)
Chief Secretary to the Treasury
Lord Livermore (Lab - Life peer)
Financial Secretary (HM Treasury)
Baroness Gustafsson (Lab - Life peer)
Minister of State (HM Treasury)
Parliamentary Under-Secretaries of State
James Murray (LAB - Ealing North)
Exchequer Secretary (HM Treasury)
Emma Reynolds (Lab - Wycombe)
Economic Secretary (HM Treasury)
Torsten Bell (Lab - Swansea West)
Parliamentary Secretary (HM Treasury)
There are no upcoming events identified
Debates
Thursday 17th July 2025
Select Committee Inquiry
Tuesday 31st January 2023
Quantitative tightening

This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …

Written Answers
Friday 18th July 2025
Money Laundering: Regulation
To ask the Chancellor of the Exchequer, what assessment she has made of the consistency of enforcement by the Office …
Secondary Legislation
Wednesday 16th July 2025
Horizon Convictions Redress Scheme (Amendment) and Grenfell Support (Restorative Justice) Programme (Income Tax Exemption) Regulations 2025
These Regulations amend the Horizon Convictions Redress Scheme and Horizon Shortfall Scheme Fixed Sum Award (Tax Exemptions and Relief) Regulations …
Bills
Wednesday 25th June 2025
Supply and Appropriation (Main Estimates) (No. 2) Bill 2024-26
A Bill to Authorise the use of resources for the year ending with 31 March 2026; to authorise both the …
Dept. Publications
Thursday 17th July 2025
16:00

Guidance

HM Treasury Commons Appearances

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

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

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

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

Most Recent Commons Appearances by Category
Jul. 01
Oral Questions
Jul. 17
Written Statements
Jun. 25
Westminster Hall
Jun. 19
Adjournment Debate
View All HM Treasury Commons Contibutions

Bills currently before Parliament

HM Treasury does not have Bills currently before Parliament


Acts of Parliament created in the 2024 Parliament

Introduced: 13th November 2024

A Bill to make provision about secondary Class 1 contributions.

This Bill received Royal Assent on 3rd April 2025 and was enacted into law.

Introduced: 6th November 2024

A Bill to make provision about finance.

This Bill received Royal Assent on 20th March 2025 and was enacted into law.

Introduced: 25th July 2024

A Bill to amend the Crown Estate Act 1961.

This Bill received Royal Assent on 11th March 2025 and was enacted into law.

Introduced: 5th March 2025

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.

Introduced: 6th November 2024

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.

Introduced: 18th July 2024

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.

Introduced: 24th July 2024

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

These Regulations amend the Social Security (Contributions) Regulations 2001 (S.I. 2001/1004) to clarify that payments of compensation made under the Horizon Convictions Redress Scheme will be disregarded in the calculation of earnings for the purpose of establishing liability to Class 1 National Insurance Contributions for an expanded group of people eligible under the Scheme. Payments will be made under the Scheme by the Department for Business and Trade to persons who have had a conviction involving the Horizon system quashed, whether by legislation or by the courts, received a caution of any kind, received an alternative to prosecution or a purported alternative to prosecution in Scotland and to persons who were the subject of a criminal prosecution involving the Horizon system but were not convicted.
These Regulations amend the Horizon Convictions Redress Scheme and Horizon Shortfall Scheme Fixed Sum Award (Tax Exemptions and Relief) Regulations 2024 (S.I. 2024/818) to expand the definition of the Horizon Convictions Redress Scheme to include payments made by the Department of Business and Trade to eligible people who had a conviction involving the Horizon system quashed by a court; received a caution for an offence involving the Horizon system; in Scotland received an alternative to prosecution; or were the subject of a criminal prosecution, but not convicted for an offence involving the Horizon system. These payments are exempt from capital gains tax and income tax and relieved from inheritance tax with retrospective effect from 3rd June 2025.
View All HM Treasury Secondary Legislation

Petitions

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

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

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

Trending Petitions
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Petitions with most signatures
Petition Open
10,970 Signatures
(3,057 in the last 7 days)
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10,678 Signatures
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7,169 Signatures
(10 in the last 7 days)
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5,822 Signatures
(142 in the last 7 days)
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4,283 Signatures
(2 in the last 7 days)
Petition Debates Contributed

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.

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.

Prevent independent schools from having to pay VAT on fees and incurring business rates as a result of new legislation.

View All HM Treasury Petitions

Departmental Select Committee

Treasury Committee

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

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

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


11 Members of the Treasury Committee
Meg Hillier Portrait
Meg Hillier (Labour (Co-op) - Hackney South and Shoreditch)
Treasury Committee Member since 9th September 2024
Yuan Yang Portrait
Yuan Yang (Labour - Earley and Woodley)
Treasury Committee Member since 21st October 2024
Jeevun Sandher Portrait
Jeevun Sandher (Labour - Loughborough)
Treasury Committee Member since 21st October 2024
Lola McEvoy Portrait
Lola McEvoy (Labour - Darlington)
Treasury Committee Member since 21st October 2024
Siobhain McDonagh Portrait
Siobhain McDonagh (Labour - Mitcham and Morden)
Treasury Committee Member since 21st October 2024
John Glen Portrait
John Glen (Conservative - Salisbury)
Treasury Committee Member since 21st October 2024
Rachel Blake Portrait
Rachel Blake (Labour (Co-op) - Cities of London and Westminster)
Treasury Committee Member since 21st October 2024
Harriett Baldwin Portrait
Harriett Baldwin (Conservative - West Worcestershire)
Treasury Committee Member since 21st October 2024
Bobby Dean Portrait
Bobby Dean (Liberal Democrat - Carshalton and Wallington)
Treasury Committee Member since 28th October 2024
Chris Coghlan Portrait
Chris Coghlan (Liberal Democrat - Dorking and Horley)
Treasury Committee Member since 28th October 2024
John Grady Portrait
John Grady (Labour - Glasgow East)
Treasury Committee Member since 9th December 2024
Treasury Committee: Upcoming Events
Treasury Committee - Oral evidence
Bank of England Financial Stability Reports
22 Jul 2025, 9:45 a.m.
At 10:15am: Oral evidence
Andrew Bailey - Governor at Bank of England
Professor Randall Kroszner - External Member at Financial Policy Committee, Bank of England
Carolyn Wilkins - External Member at Financial Policy Committee, Bank of England

View calendar - Save to Calendar
Treasury Committee: Previous Inquiries
The Financial Conduct Authority’s Regulation of London Capital & Finance plc Budget 2021 Work of National Savings and Investments Lessons from Greensill Capital Appointment of Carolyn Wilkins to the Financial Policy Committee Appointment of Tanya Castell to the Prudential Regulatory Committee The work of the Prudential Regulation Authority Reappointment of Jill May and Julia Black to the Prudential Regulation Committee Committee on COP26: climate change and finance Spring Budget 2020 Appointment of Sarah Breeden to the Financial Policy Committee Appointment of Catherine Mann to the Monetary Policy Committee Reappointment of Jonathan Haskel to the Monetary Policy Committee Bank of England July Financial Stability Report and August Monetary Policy Report Economic Crime Regional Imbalances in the UK economy The Work of the Debt Management Office Appointment of Richard Hughes as Chair of the Office for Budget Responsibility Reappointment of Professor Silvana Tenreyro to the Monetary Policy Committee Reappointment of Andy Haldane to the Monetary Policy Committee Appointment of Jonathan Hall to the Financial Policy Committee Appointment of Nikhil Rathi as Chief Executive of the Financial Conduct Authority Maxwellisation inquiry The work of National Savings and Investments inquiry Retail Banking Market Review inquiry HMRC Executive Chair and Chief Executive Financial stability one-off hearing Appointment of the CEO of Financial Conduct Authority Bank of England Financial Stability Report Hearings 2016-17 UK's future economic relationship with the EU inquiry Appointment of Deputy Governor for Prudential Regulation EU Insurance Regulation inquiry HM Treasury: Report and Accounts 2015 – 2016 Appointment of Michael Saunders to the Monetary Policy Committee Appointment of Anil Kashyap to the Financial Policy Committee Tax credits, fraud and error inquiry The work of the Chancellor of the Exchequer inquiry Bank of England Inflation Report Hearing August 2016 Prudential Regulation Authority inquiry Sir Charles Bean appointment to Budget Responsibility Committee UK tax policy and the tax base inquiry Government Internal Audit Agency inquiry HM Treasury Annual Report and Accounts 2014-15 inquiry Valuation Office Agency inquiry Independent review of report into failure of HBOS inquiry Review of the Office for National Statistics inquiry Appointment of Angela Knight as Chair of the Office for Tax Simplification Appointment of Tim Parkes as Chair of Regulatory Decisions Committee Budget 2016 inquiry Financial Policy Committee re-appointment hearings Bank of England Inflation Report Hearing May 2016 Work of the Court of the Bank of England inquiry Bank of England Inflation Report Hearing February 2017 Appointment of the Deputy Governor for Markets and Banking Budget 2017 inquiry Restoration and Renewal of the Palace of Westminster inquiry Capital inquiry Work of the Payment Systems Regulator inquiry Effectiveness and impact of post-2008 UK monetary policy Access to basic retail financial services inquiry Financial Conduct Authority inquiry Bank of England Inflation Report Hearing November 2016 UK Financial Investments annual reports and accounts 2015-16 Housing Policy inquiry Autumn Statement 2016 Household finances: income, saving and debt inquiry Bank of England Inflation Reports inquiry Budget Autumn 2017 inquiry Student Loans inquiry The UK's economic relationship with the European Union inquiry The work of the Bank of England inquiry The work of the Financial Conduct Authority The work of the National Infrastructure Commission inquiry Women in finance inquiry Appointment of Professor Silvana Tenreyro to the Monetary Policy Committee Appointment of Sir Dave Ramsden as Deputy Governor for Markets and Banking, Bank of England The work of the Chancellor of the Exchequer EU Insurance Regulation inquiry HMRC Annual Report and Accounts inquiry Re-appointment of Professor Anil Kashyap to the Financial Policy Committee inquiry Re-appointment of Ben Broadbent as Deputy Governor for Monetary Policy, Bank of England inquiry The effectiveness of gender pay gap reporting inquiry Decarbonisation of the UK Economy and Green Finance inquiry Regional Imbalances in the UK Economy inquiry Work of the Financial Services Compensation Scheme inquiry Spending Round 2019 inquiry Access to Cash Review inquiry Appointment of Kathryn Cearns as Chair of the Office of Tax Simplification inquiry The future of the UK’s financial services inquiry The impact of Business Rates on business inquiry Spring Statement 2019 inquiry The work of the Adjudicator’s Office inquiry The work of the Debt Management Office inquiry Independent Review of the Co-Operative Bank inquiry Work of the Court of the Bank of England inquiry Tax enquiries and resolution of tax disputes inquiry IT failures in the financial services sector inquiry Work of the Banking Standards Board inquiry Independent Review of the Financial Ombudsman Service Appointment of Bradley Fried as Chair of Court, Bank of England Appointment of Professor Jonathan Haskel to the Monetary Policy Committee Andy King, Nominated Member of the Budget Responsibility Committee Re-appointment of Dr Gertjan Vlieghe to the Monetary Policy Committee Maxwellisation inquiry Work of the Valuation Office Agency inquiry Appointment of Julia Black as external member of the Prudential Regulation Committee Appointment of Jill May as an external member of the Prudential Regulation Committee Consumers’ Access to Financial Services inquiry The re-appointment of Sir Jon Cunliffe as Deputy Governor for Financial Stability at the Bank of England inquiry Budget 2018 inquiry The Work of the Treasury inquiry Service Disruption at TSB inquiry Economic Crime inquiry Re-appointment of Alex Brazier to the Financial Policy Committee Re-appointment of Donald Kohn to the Financial Policy Committee Re-appointment of Martin Taylor to the Financial Policy Committee VAT inquiry Spring Statement 2018 Digital Currencies inquiry Appointment of Charles Randell as Chair of the Financial Conduct Authority SME Finance inquiry Appointment of Elisabeth Stheeman to the Bank of England Financial Policy Committee The work of the Prudential Regulation Authority inquiry Bank of England Financial Stability Reports RBS's Global Restructuring Group and its treatment of SMEs inquiry Childcare inquiry The work of the Payment Systems Regulator inquiry HM Treasury Annual Report and Accounts inquiry Women in the City Crown Estate Cheques, the end of? Mortgage Arrears and Access to Mortgage Finance: Follow up Financial Institutions - Too Important To Fail? Budget 2010 Credit Searches European Macro and Micro Prudential Financial Regulation Presbyterian Mutual Society Pre-Budget Report 2009 Budget 2009 Pre-Budget Report 2008 Budget 2008 Pre-Budget Report 2007 Mortgage Arrears and Access to Mortgage Finance Evaluating the Efficiency Programme Administration and expenditure of the Chancellor’s Departments, 2008-09 Banking Crisis Banking Crisis: International Dimensions Banking Reform Run on the Rock Budget June 2010 Competition and choice in the banking sector Office for Budget Responsibility Financial Regulation Spending Review 2010 Administration and effectiveness of HMRC The principles of tax policy Retail Distribution Review European financial regulation Autumn forecast 2010 Accountability of the Bank of England Private Finance Initiative Budget 2011 Future of Cheques Independent Commission on Banking: Interim Report Closing the tax gap: HMRC's record at ensuring tax compliance Budget Measures and Low-income Households Financial Conduct Authority Inherited Estates Counting the population Administration and expenditure of the Chancellor's Departments, 2006-07 Comprehensive Spending Review 2007 Administration and expenditure of the Chancellor's Departments, 2007-08 Independent Commission on Banking: Final Report Global Imbalances Autumn Statement 2011 Budget 2012 Corporate governance and remuneration Money Advice Service LIBOR FSA's report into HBOS Spending Round 2013 Project Verde Macroprudential tools Disposal of Government Stakes in RBS and Lloyds Credit Rating Agencies Autumn Statement 2012 Appointment of Dr Mark Carney as Governor of the Bank of England Budget 2013 Quantitative easing Private Finance 2 Autumn Statement 2013 Bank of England Financial Stability Report hearings: Session 2014-15 Appointment hearings, Session 2013-14 Bank of England Inflation Report Hearings: Session 2013-14 EU Financial Regulation Monetary Policy: Forward Guidance UK Financial Investments Ltd 2013 The economics of HS2 SME Lending Financial Conduct Authority hearings The costing of pre-election policy proposals Performance of the Royal Mint Budget 2014 The economics of currency unions OBR: July 2013 Fiscal Sustainability Report Banks' Lending Practices: Treatment of Businesses in Distress RBS Independent Lending Review Prudential Regulation Authority Hearings: Session 2014-15 HM Treasury Annual Report and Accounts 2013-14 Treatment of Financial Services Consumers Bank of England Inflation Report Hearings: Session 2014-15 HMRC Business Plan 2014-16 Manipulation of Benchmarks Appointment hearings, Session 2014-15 Co-op Governance Review Cost effectiveness of economic and financial sanctions Bank of England Financial Stability Report Hearings 2015-16 Bank of England Inflation Report Hearings 2015-16 Summer Budget 2015 inquiry UK Financial Investments Ltd Annual Report and Accounts 14-15 Review of scope and performance of Office for Budget Responsibility Bank of England Bill inquiry Chair of Office for Budget Responsibility reappointment hearing HMRC Annual Report and Accounts 2014-15 inquiry Prudential Regulation Authority inquiry Comprehensive Spending Review and Autumn Statement 2015 inquiry Review of CMA work on Retail Banking Market one-off session Financial Conduct Authority Practitioner Panels one-off session Appointment of Gertjan Vlieghe to the Monetary Policy Committee hearing Reappointment of Ian McCafferty to the Monetary Policy Committee hearing Financial Conduct Authority Economic and financial costs and benefits of UK's EU membership Crown Estate Annual Report and Accounts 2013/14 Bank of England Foreign Exchange Market Investigation HM Revenue and Customs and HSBC Budget 2015 The UK's EU Budget Contributions Press briefing of information in the Financial Conduct Authority’s 2014/15 Business Plan Fair and Effective Markets Review The Payment Systems Regulator Implementing the recommendations on the Parliamentary Commission on Banking Standards Autumn Statement 2014 Work of the Tax Assurance Commissioner UK Financial Investments Ltd Proposals for further Fiscal and Economic Devolution to Scotland Debt Management Office Annual Report and Accounts 2013-14 UK Customs Policy Infrastructure The cost of living The venture capital market The crypto-asset industry Tax Reliefs September 2022 Fiscal Event The Financial Services and Markets Bill The mortgage market The Edinburgh Reforms Quantitative tightening Retail Banks Appointment of Andrew Bailey as Governor of the Bank of England Work of Government Actuary’s Department Work of the Financial Ombudsman Service Work of HM Treasury Future of Financial Services Spending Review 2020 HMRC Annual Report and Accounts Bank of England Financial Stability Reports The appointment of John Taylor to the Prudential Regulation Committee UK’s economic and trading relationship with the EU The appointment of Antony Jenkins to the Prudential Regulation Committee Access to Cash Review Bank of England Financial Stability Reports Bank of England Inflation Reports Consumers’ Access to Financial Services Decarbonisation of the UK Economy and Green Finance Economic Crime The effectiveness of gender pay gap reporting HMRC Annual Report and Accounts inquiry Tax enquiries and resolution of tax disputes IT failures in the financial services sector Appointment of Dame Colette Bowe to the Financial Policy Committee Re-appointment of Professor Anil Kashyap to the Financial Policy Committee Work of the Financial Services Compensation Scheme Spending Round 2019 The impact of Business Rates on business Work of the Court of the Bank of England Independent Review of the Co-Operative Bank Regional Imbalances in the UK Economy Re-appointment of Michael Saunders to the Monetary Policy Committee Re-appointment of Ben Broadbent as Deputy Governor for Monetary Policy, Bank of England Maxwellisation RBS's Global Restructuring Group and its treatment of SMEs SME Finance Spring Statement 2019 The future of the UK’s financial services HM Treasury Annual Report and Accounts Service Disruption at TSB The UK's economic relationship with the European Union VAT The work of the Bank of England The work of the Chancellor of the Exchequer The work of the Financial Conduct Authority The Work of the Treasury The work of the Prudential Regulation Authority

50 most recent Written Questions

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

11th Jul 2025
To ask the Chancellor of the Exchequer, what assessment she has made of the consistency of enforcement by the Office for Professional Body Anti-Money Laundering Supervision across legal sector regulators.

OPBAS oversees 22 Professional Body Supervisors (PBSs) in the legal and accountancy sectors, to improve their Anti-Money Laundering/Counter-Terrorist Financing (AML/CTF) supervision. Its powers include obtaining information from PBSs, appointing skilled persons to improve supervisory work, and recommending that HM Treasury remove a PBS as an AML/CTF supervisor. OPBAS produces annual reports on PBS performance against the expectations set out in its Sourcebook. These show that OPBAS has delivered substantial improvements since 2018; however some weaknesses remain and HM Treasury has consulted on further options for reform.

Emma Reynolds
Economic Secretary (HM Treasury)
14th Jul 2025
To ask the Chancellor of the Exchequer, how much of the the Equitable Life Payment Scheme has been paid out to eligible With-Profit-Annuitants.

The Government allocated £1.5 billion to the Equitable Life Payment Scheme. Before it ceased operations in 2016, the Scheme had issued £1.12 billion in tax-free payments to nearly 933,000 policyholders. The remainder of the £1.5 billion has been set aside for future payments to the With-Profits Annuitants. Further information is available in the Final Report on the Scheme. (https://www.gov.uk/government/publications/equitable-life-payment-scheme-final-report).

The total value of payments made by the Scheme stood at £1.35 billion as of 30 May 2025, and the Scheme is on track to pay out the remainder. Annual annuity payments to the over 17,000 eligible WPAs amounted to £20.25 million in 2025.

Torsten Bell
Parliamentary Secretary (HM Treasury)
14th Jul 2025
To ask the Chancellor of the Exchequer, how many eligible With Profit annuities are currently covered by the Equitable Life Payment Scheme.

The Government allocated £1.5 billion to the Equitable Life Payment Scheme. Before it ceased operations in 2016, the Scheme had issued £1.12 billion in tax-free payments to nearly 933,000 policyholders. The remainder of the £1.5 billion has been set aside for future payments to the With-Profits Annuitants. Further information is available in the Final Report on the Scheme. (https://www.gov.uk/government/publications/equitable-life-payment-scheme-final-report).

The total value of payments made by the Scheme stood at £1.35 billion as of 30 May 2025, and the Scheme is on track to pay out the remainder. Annual annuity payments to the over 17,000 eligible WPAs amounted to £20.25 million in 2025.

Torsten Bell
Parliamentary Secretary (HM Treasury)
14th Jul 2025
To ask the Chancellor of the Exchequer, how much is the average payment to those eligible With-Profit-Annuitants within the Equitable Life Payment Scheme.

The Government allocated £1.5 billion to the Equitable Life Payment Scheme. Before it ceased operations in 2016, the Scheme had issued £1.12 billion in tax-free payments to nearly 933,000 policyholders. The remainder of the £1.5 billion has been set aside for future payments to the With-Profits Annuitants. Further information is available in the Final Report on the Scheme. (https://www.gov.uk/government/publications/equitable-life-payment-scheme-final-report).

The total value of payments made by the Scheme stood at £1.35 billion as of 30 May 2025, and the Scheme is on track to pay out the remainder. Annual annuity payments to the over 17,000 eligible WPAs amounted to £20.25 million in 2025.

Torsten Bell
Parliamentary Secretary (HM Treasury)
14th Jul 2025
To ask the Chancellor of the Exchequer, if she will introduce a three month extension to the transition period for capital allowance rules for Double Cab Pick Ups.

Following recent case law from 2020, Double Cab Pick Ups with a payload of one tonne or more must be treated as cars for capital allowances purposes, in line with the Court of Appeal's judgement on the primary suitability of such vehicles.

The government recognised that this change will affect businesses, who need certainty and predictability. Which is why HMRC has put in place substantial transitional arrangements. These ensure that current owners, and those who purchased Double Cab Pick Ups before 1 April 2025 (for Corporation Tax) and 6 April 2025 for (Income Tax), and incur expenditure before 1 October 2025, are not impacted.

The purpose of the transition period was to provide certainty and allows businesses time to adapt. The government gave just under a year’s notice of the October 2025 deadline.

James Murray
Exchequer Secretary (HM Treasury)
14th Jul 2025
To ask the Chancellor of the Exchequer, pursuant to the Answer of 10 July 2024 to Question 65661 on Wealth: Taxation, whether this will include an exit tax payable upon persons ending their UK tax residency.

HMRC publishes estimates of the direct impacts of illustrative tax changes in its Direct effects of illustrative tax changes publication. The Government does not routinely publish costings for hypothetical tax changes outside of this.

The Government is committed to ensuring that the wealthiest in society pay their fair share of tax. The reforms announced at Autumn Budget 2024 were designed to help repair the public finances in a fair and balanced way.

James Murray
Exchequer Secretary (HM Treasury)
14th Jul 2025
To ask the Chancellor of the Exchequer, pursuant to the Answer of 10 July 2024 to Question 65664 on Taxation: Overseas Residence, whether the Government has conducted such hypothetical tax change costings for an exit tax payable upon person ending their residency in the United Kingdom.

HMRC publishes estimates of the direct impacts of illustrative tax changes in its Direct effects of illustrative tax changes publication. The Government does not routinely publish costings for hypothetical tax changes outside of this.

The Government is committed to ensuring that the wealthiest in society pay their fair share of tax. The reforms announced at Autumn Budget 2024 were designed to help repair the public finances in a fair and balanced way.

James Murray
Exchequer Secretary (HM Treasury)
14th Jul 2025
To ask the Chancellor of the Exchequer, how much money HMRC has taken in (a) duties and (b) tariffs for the EU on goods moving from Great Britain to the EU at (i) Belfast, (ii) Larne, (iii) Warrenpoint and (iv) Foyle in 2025; and what is the value of any (A) duties and (B) tariffs outstanding.

HMRC is responsible for collecting customs duties on behalf of the UK Government, not the European Union.

Under the Windsor Framework, where goods are moving from Great Britain to the EU via Northern Ireland, HMRC will charge the EU rate of duty. This duty is paid to HMRC and not remitted to the EU.

HMRC publishes data on customs duties collected on an annual and monthly basis. However, this is provided on a national level and is not broken down into movements via specific ports. The information can be found here https://www.gov.uk/government/statistics/hmrc-tax-and-nics-receipts-for-the-uk.

HMRC does not disclose the value of outstanding customs duties as this data may be commercially sensitive. HMRC has well established processes to collect duties that are due, such as duty deferment accounts.

James Murray
Exchequer Secretary (HM Treasury)
9th Jul 2025
To ask the Chancellor of the Exchequer, what fiscal steps her Department is taking to help support (a) rural and (b) independent businesses.

The Government provided support for small businesses at Autumn Budget by:

  • protecting the smallest businesses from the impact of the increase to Employer National Insurance by more than doubling the Employment Allowance to £10,500,
  • freezing the small businesses multiplier (used for properties with a rateable value below £51,000) for 2025-26, and extending the retail, hospitality and leisure (RHL) business rates relief for one year at 40% (up to a cash cap of £110,000 per business),
  • committing in the Corporate Tax Roadmap to maintain the Small Profits Rate and marginal relief at their current rates and thresholds, as well as maintaining the £1 million Annual Investment Allowance.

At the Spending Review, we have increased the financial capacity of the British Business Bank to £25.6bn, which will enable a two-thirds increase in support for SMEs across the UK.

This Government is supporting rural businesses with substantial investment in farming, nature, transport and digital connectivity. The Government will invest more than £2.7 billion a year in sustainable farming and nature recovery from 2026-27 until 2028-29. The Government has confirmed investment of £1.9 billion over four years into digital connectivity, and £2.3 billion of Local Transport Grant funding for smaller cities, towns and rural areas.

The Government has protected smaller family businesses from BPR changes, providing a very significant level of relief with the first £1 million of business assets continuing to receive 100% relief and then 50% thereafter.

James Murray
Exchequer Secretary (HM Treasury)
9th Jul 2025
To ask the Chancellor for the Exchequer, what assessment her Department has made of the potential impact of the discussions on transition credits at the 10th UK-Singapore Financial Dialogue with Strengthened Collaboration in Digital Finance & Innovation and Sustainable Finance, which took place on 2 July 2025, on the UK’s regulatory approach to voluntary carbon markets.

The UK-Singapore Financial Dialogue took place on 2 July 2025. Both the UK and Singapore recognised the importance of collaborating to promote high-integrity carbon markets. The use of transition credits to support emissions reductions in hard-to-abate sectors was discussed between both countries.

As co-chair of the Powering Past Coal Alliance, the UK supports the work of the France-Indonesia co-led Coal Transition Commission that recognises the potential of transition credits to accelerate coal plant closures as part of a possible solution set. If designed and executed properly, transition credit methodologies could help bridge the financial gap that often hinders early retirement of coal plants in emerging markets and developing economies, while supporting a just transition for affected communities.

A consultation on steps Government could take to raise integrity and scale in voluntary carbon markets closed on July 10. It sought views on how the UK’s Principles for Carbon and Nature Market Integrity, announced by the Chancellor last year, could be put into practice.

Emma Reynolds
Economic Secretary (HM Treasury)
9th Jul 2025
To ask the Chancellor of the Exchequer, pursuant to the Answer of 25 June 2025 to Question 60486 on Chinese Embassy, whether her discussions with the Chinese during her visit included that of the proposed Chinese Embassy in London.

As stated in my Answer of 25 June, the Chancellor discussed a range of economic and financial issues during her visit to China for the 2025 UK-China Economic and Financial Dialogue. The Chancellor published a written ministerial statement about her visit on the morning of Monday 13 January (found here) and delivered an oral statement to the House of Commons on Tuesday 14 January (found here).

Emma Reynolds
Economic Secretary (HM Treasury)
14th Jul 2025
To ask the Chancellor of the Exchequer, what recent assessment her Department has made of the effectiveness of the Financial Conduct Authority's powers to seek redress for the victims of financial fraud.

The Government takes the issue of fraud very seriously and is dedicated to protecting the public from this devastating crime.

In October 2024, the Payment Systems Regulator (PSR) introduced a mandatory reimbursement regime for authorised push payment (APP) scams which take place over the Faster Payments system, as required by the Financial Services and Markets Act (FSMA) 2023. The PSR’s regime requires payment service providers to reimburse victims for losses up to £85,000 for scams which took place after 7 October 2024.

In cases where consumers have been impacted by financial fraud and are not covered by these rules, they should contact their bank in the first instance. Victims may have access to recourse through the Financial Ombudsman Service (FOS), which can consider individual complaints between consumers and financial firms. This includes on fraud providing the activity is within the FOS’s jurisdiction, which is set by the Financial Conduct Authority (FCA). The FOS can consider whether or not the firm has acted fairly, however, any criminal investigation would be a matter for the police.

HM Treasury is working with colleagues in the Home Office as they develop a new, expanded Fraud Strategy. This will be published in due course as part of the Government’s Plan for Change and in line with our manifesto commitments.

Emma Reynolds
Economic Secretary (HM Treasury)
14th Jul 2025
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of increases in employer National Insurance contributions on levels of youth employment in the North East.

A detailed assessment of the policy has been published by HMRC in their Tax Information and Impact Note (TIIN). 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.

The Office for Budget Responsibility (OBR) also publishes Economic and Fiscal Outlooks (EFOs), which set out a detailed forecast of the economy and public finances. With all policies considered, the OBR's March 2025 EFO forecasts the employment level to increase from 33.6 million in 2024 to 34.8 million in 2029.

This Government is committed to providing young people with the best start to their working lives. We have committed to deliver a Youth Guarantee so that all 18 to 21-year-olds in England have access to education, training or help to find a job or an apprenticeship. The Government is also expanding Sector-based Work Academy Programmes to provide 100,000 places in 2025/26, providing a work placement, training and a guaranteed interview that can kickstart a new career and support young people into work.

James Murray
Exchequer Secretary (HM Treasury)
10th Jul 2025
To ask the Chancellor of the Exchequer, what assessment she has made of the potential merits of extending the VAT relief for medical supplies afforded by VAT Notice 701/57 to include automated external defibrillators supplied for community use.

VAT is a broad-based tax on consumption, and the 20 per cent standard rate applies to most goods and services. Exceptions to the standard rate have always been limited and balanced against affordability considerations.

The Government currently provides VAT reliefs to aid the purchase of defibrillators. For example, when an Automated External Defibrillator is purchased with funds provided by a charity and then donated to an eligible body, no VAT is charged. Furthermore, all state schools in England have been fitted with AEDs.

James Murray
Exchequer Secretary (HM Treasury)
14th Jul 2025
To ask the Chancellor of the Exchequer, if she will make an assessment of whether the National Wealth Fund is operating on an equitable basis throughout the UK.

The National Wealth Fund (NWF) identifies investment opportunities across the UK and has dedicated directors in each of the four nations to support its view of markets across the country. 80% of the NWF's portfolio is outside of London and the South-East.

The NWF's success is assessed across a range of measures, including that it should have a good geographical spread of its activity across the nations and regions of the UK

James Murray
Exchequer Secretary (HM Treasury)
10th Jul 2025
To ask the Chancellor of the Exchequer, pursuant to the Answer of 12 June 2025 to Question 57938 on Investment: Fraud, what assessment her Department has made of the adequacy of the £85,000 reimbursement cap for victims of investment fraud where losses significantly exceed this threshold.

In October 2024, the Payment Systems Regulator (PSR) introduced a mandatory reimbursement regime for authorised push payment (APP) scams which take place over the Faster Payments system, as required by the Financial Services and Markets Act (FSMA) 2023. The PSR’s regime requires payment service providers to reimburse victims for losses up to £85,000. FSMA 2023 also gave the PSR powers to take action to require reimbursement for other payment systems which have been designated by HMT.

The details of the reimbursement regime and its enforcement are a matter for the independent PSR, but it has committed to carry out an independent evaluation of the reimbursement requirement after the rules have been in place for 12 months, including considering the maximum level of reimbursement.

Emma Reynolds
Economic Secretary (HM Treasury)
10th Jul 2025
To ask the Chancellor of the Exchequer, pursuant to the Answer of 12 June 2025 to Question 57938 on Investment: Fraud, what steps her Department is taking to ensure consistency and transparency in how Payment Service Providers determine eligibility for reimbursement under the APP scam regime.

In October 2024, the Payment Systems Regulator (PSR) introduced a mandatory reimbursement regime for authorised push payment (APP) scams which take place over the Faster Payments system, as required by the Financial Services and Markets Act (FSMA) 2023. The PSR’s regime requires payment service providers to reimburse victims for losses up to £85,000. FSMA 2023 also gave the PSR powers to take action to require reimbursement for other payment systems which have been designated by HMT.

The details of the reimbursement regime and its enforcement are a matter for the independent PSR, but it has committed to carry out an independent evaluation of the reimbursement requirement after the rules have been in place for 12 months, including considering the maximum level of reimbursement.

Emma Reynolds
Economic Secretary (HM Treasury)
10th Jul 2025
To ask the Chancellor of the Exchequer, pursuant to the Answer of 12 June 2025 to Question 57938 on Investment: Fraud, whether her Department has considered establishing a centralised redress mechanism for victims of investment fraud that fall outside the scope of the Faster Payments System or the PSR reimbursement regime.

In October 2024, the Payment Systems Regulator (PSR) introduced a mandatory reimbursement regime for authorised push payment (APP) scams which take place over the Faster Payments system, as required by the Financial Services and Markets Act (FSMA) 2023. The PSR’s regime requires payment service providers to reimburse victims for losses up to £85,000. FSMA 2023 also gave the PSR powers to take action to require reimbursement for other payment systems which have been designated by HMT.

The details of the reimbursement regime and its enforcement are a matter for the independent PSR, but it has committed to carry out an independent evaluation of the reimbursement requirement after the rules have been in place for 12 months, including considering the maximum level of reimbursement.

Emma Reynolds
Economic Secretary (HM Treasury)
9th Jul 2025
To ask the Chancellor of the Exchequer, pursuant to the Answer of 23 June 2025 to Question 60137 on Council tax and Police: Finance, what her Department's assumption is of the amount that will be raised in council tax from police precepts in England only in each year of the Spending Review period.

As set out in the Spending Review (SR) 2025 document, published 11 June 2025, the Phase 2 settlement provides an average 1.7% real terms increase per year in police spending power. Over the SR period, police spending power is projected to increase by an average 2.3% per year in real terms.

Police spending power includes projected spending from additional income, including estimated funding from the police council tax precept.

However, this remains subject to final decision on precept levels and individual police and crime commissioner decisions. The final police precept level and core government funding will be set out in the annual police funding settlement in the usual way.

Darren Jones
Chief Secretary to the Treasury
9th Jul 2025
To ask the Chancellor of the Exchequer, what discussions she had with the hospice sector ahead of publishing the Spending Review 2025.

The Government recognises the vital role hospices play in supporting people at the end of life alongside their families. We are determined to shift more healthcare out of hospitals and into the community, and hospices will have a big role to play in that shift.

We are investing £100 million to improve hospices facilities, and a further £26 million for children’s hospices this year, the biggest investment in hospices in a generation. Further information on funding for future years will be provided by the Department for Health and Social Care in due course.

The Spending Review published last month set multi-year departmental budgets, providing departments with greater budget certainty. NHS day-to-day spending will increase by £29 billion in real terms by 2028-29 compared to 2023-24. This is equivalent to a 3% average annual real terms growth rate over the SR period.

Ministers have regular discussions with a range of stakeholders, including key palliative and end of life care and hospice stakeholders.

Darren Jones
Chief Secretary to the Treasury
9th Jul 2025
To ask the Chancellor of the Exchequer, whether she plans to consult with the hospice sector prior to the Autumn Budget 2025.

The Government recognises the vital role hospices play in supporting people at the end of life alongside their families. We are determined to shift more healthcare out of hospitals and into the community, and hospices will have a big role to play in that shift.

We are investing £100 million to improve hospices facilities, and a further £26 million for children’s hospices this year, the biggest investment in hospices in a generation. Further information on funding for future years will be provided by the Department for Health and Social Care in due course.

The Spending Review published last month set multi-year departmental budgets, providing departments with greater budget certainty. NHS day-to-day spending will increase by £29 billion in real terms by 2028-29 compared to 2023-24. This is equivalent to a 3% average annual real terms growth rate over the SR period.

Ministers have regular discussions with a range of stakeholders, including key palliative and end of life care and hospice stakeholders.

Darren Jones
Chief Secretary to the Treasury
9th Jul 2025
To ask the Chancellor of the Exchequer, what assessment she has made of the potential merits of a longer term settlement for children’s hospices beyond 2025-26.

The Government recognises the vital role hospices play in supporting people at the end of life alongside their families. We are determined to shift more healthcare out of hospitals and into the community, and hospices will have a big role to play in that shift.

We are investing £100 million to improve hospices facilities, and a further £26 million for children’s hospices this year, the biggest investment in hospices in a generation. Further information on funding for future years will be provided by the Department for Health and Social Care in due course.

The Spending Review published last month set multi-year departmental budgets, providing departments with greater budget certainty. NHS day-to-day spending will increase by £29 billion in real terms by 2028-29 compared to 2023-24. This is equivalent to a 3% average annual real terms growth rate over the SR period.

Ministers have regular discussions with a range of stakeholders, including key palliative and end of life care and hospice stakeholders.

Darren Jones
Chief Secretary to the Treasury
10th Jul 2025
To ask the Chancellor of the Exchequer, what assessment she has made of the potential implications for her Department’s policies of cases of fraud involving the Seventy Ninth Group.

On 28 February 2025, the City of London Police announced that it was investigating allegations of fraud in relation to the 79th Group. It is understood that the 79th Group offered investment opportunities involving loan notes that were marketed as being secured against properties. The investigation remains in progress.

A number of entities in the 79th Group have been placed into administration. On 14 July 2025 the joint administrators published an update on the administration, which can be viewed on the Companies House website.

Emma Reynolds
Economic Secretary (HM Treasury)
9th Jul 2025
To ask the Chancellor of the Exchequer, whether she has had recent discussions with the Secretary of State for Education on the potential fiscal implications of ending Strategic Priorities Grant funding for journalism courses.

My department regularly discusses Strategic Priorities Grant funding and its fiscal implications with the Department for Education. As a result of the challenging fiscal context that we inherited, we are prioritising support for high-cost subjects that are essential to delivery of our industrial strategy – such as science, engineering and medicine – and core funding to support access to higher education for disadvantaged groups. It is important that the targeted funding allocated through the Strategic Priorities Grant supports provision of subjects that have higher costs of delivery and the key sectors set out in the Industrial Strategy.

Darren Jones
Chief Secretary to the Treasury
14th Jul 2025
To ask the Chancellor of the Exchequer, what assessment her Department has made of the adequacy of the levels of resilience in the UK tax system of a shift from labour-intensive to capital-intensive economic models.

It is vital the tax system supports our growth mission. The Government is focused on unleashing the potential of people across all nations and regions of the UK, with an ambition of an 80 per cent employment rate.

The Government continues to keep all elements of the tax system under review.

Emma Reynolds
Economic Secretary (HM Treasury)
14th Jul 2025
To ask the Chancellor of the Exchequer, whether her Department has issued guidance to the Office for Budget Responsibility on the potential inclusion of (a) technological disruption and (b) artificial intelligence in its long-term economic modelling.

The Office for Budget Responsibility (OBR) is the Government's official independent forecaster responsible for assessing the UK economic and fiscal outlook. All judgements underpinning these forecasts, including estimates of the impacts of Artificial Intelligence (AI), are for the OBR and the OBR has discretion over the contents of its publications.
Emma Reynolds
Economic Secretary (HM Treasury)
14th Jul 2025
To ask the Chancellor of the Exchequer, whether her Department has requested that the Office for Budget Responsibility assess the potential fiscal impacts of artificial intelligence.

The Office for Budget Responsibility (OBR) is the Government's official independent forecaster responsible for assessing the UK economic and fiscal outlook. All judgements underpinning these forecasts, including estimates of the impacts of Artificial Intelligence (AI), are for the OBR and the OBR has discretion over the contents of its publications.
Emma Reynolds
Economic Secretary (HM Treasury)
14th Jul 2025
To ask the Chancellor of the Exchequer, if she will request that the Office for Budget Responsibility model an AI-accelerated productivity scenario alongside potential fiscal risks for (a) climate change, (b) demographic and (c) other trends.

The Office for Budget Responsibility (OBR) is the Government's official independent forecaster responsible for assessing the UK economic and fiscal outlook. All judgements underpinning these forecasts, including estimates of the impacts of Artificial Intelligence (AI), are for the OBR and the OBR has discretion over the contents of its publications.
Emma Reynolds
Economic Secretary (HM Treasury)
14th Jul 2025
To ask the Chancellor of the Exchequer, what recent discussions she has had with the Financial Conduct Authority' on it's ability to act evidence of (a) malpractice and (b) criminality.

The government meets regularly with the FCA to discuss a range of topics. The government is content that the legislative framework, set by parliament, which gives the Financial Conduct Authority (FCA) powers to supervise the financial services sector and enforce rules, is appropriate, and that the FCA has the correct tools available to enable it to investigate and act on evidence of malpractice and criminality.

The FCA is required by legislation to have regard to the principle that regulators should exercise their functions as transparently as possible. The FCA is also required not to disclose confidential information it receives in the course of carrying out its functions, with limited exceptions including where required to carry out its functions or otherwise required by law.

The government expects the FCA to act in accordance with high standards of transparency and operational efficiency, and will continue to hold the FCA to account for how it exercises its functions.

Emma Reynolds
Economic Secretary (HM Treasury)
14th Jul 2025
To ask the Chancellor of the Exchequer, what assessment she has made of the adequacy of the performance of the Financial Conduct Authority in balancing its confidentiality obligations with the need to provide transparency and effective communication to individuals who report potential financial misconduct.

The government meets regularly with the FCA to discuss a range of topics. The government is content that the legislative framework, set by parliament, which gives the Financial Conduct Authority (FCA) powers to supervise the financial services sector and enforce rules, is appropriate, and that the FCA has the correct tools available to enable it to investigate and act on evidence of malpractice and criminality.

The FCA is required by legislation to have regard to the principle that regulators should exercise their functions as transparently as possible. The FCA is also required not to disclose confidential information it receives in the course of carrying out its functions, with limited exceptions including where required to carry out its functions or otherwise required by law.

The government expects the FCA to act in accordance with high standards of transparency and operational efficiency, and will continue to hold the FCA to account for how it exercises its functions.

Emma Reynolds
Economic Secretary (HM Treasury)
9th Jul 2025
To ask the Chancellor of the Exchequer, what estimate the Valuation Office Agency has made of the (a) percentage and (b) cash terms monetary change in average private sector rents for dwellings in (i) London and (ii) England since July 2024.

The Office of National Statistics (ONS) publishes this information monthly, based on information collected by the Valuation Office Agency (VOA). The latest publication was released on 18 June 2025 at: Private rent and house prices, UK - Office for National Statistics and includes the 12 months leading up to May 2025.

As of May 2025:

  • Average rents increased to £1,394 or by 7.1% in England
  • Average rents in London increased to £2,249 or by 7.7%
James Murray
Exchequer Secretary (HM Treasury)
9th Jul 2025
To ask the Chancellor of the Exchequer, with reference to the Valuation Office Agency: May 2025 transparency data, published on 30 June 2025, what the spending on consultancy by (a) Eunoia Consulting Ltd and (b) Posterity Milestone Consortium was for.
9th Jul 2025
To ask the Chancellor of the Exchequer, whether HMRC has issued guidance that the (a) Customer Compliance Group and (b) Risk and Intelligence Service (Compliance, Operational Insight and Risking) Group should only investigate cases of alleged tax evasion where the estimated loss to the public purse has been more than £35,000 for five years or more.

HMRC Customer Compliance Group’s guidance specifically states that there is no de-minimis limit for suspected fraud referrals and does not contain any instructions that would limit investigation in relation to timespan of the tax at risk.

HMRC’s Risk and Intelligence Service deliver a wide range of cases, including where there is suspected evasion behaviour. CCG use a variety of indicators to identify the highest risk cases to address different compliance risks, but do not use an estimated loss of £35,000 for five years or more as a standard selection criteria.

James Murray
Exchequer Secretary (HM Treasury)
9th Jul 2025
To ask the Chancellor of the Exchequer, what steps her Department is taking to ensure that the UK's implementation of Pillar Two (a) remains compatible with the future side‑by‑side system agreed by G7 partners and (b) avoids creating additional compliance burdens for UK businesses.

The Chancellor, alongside her G7 counterparts, has reached an understanding on a proposed path forward for the global minimum tax, Pillar 2 of the G20/OECD Inclusive Framework project on Base Erosion and Profit Shifting (BEPS).

The G7 published a statement on 28 June that set out our commitment to the core objectives of Pillar 2: tackling multinational tax avoidance and promoting a stable global tax environment that supports fair competition

This understanding also included the removal of the retaliatory tax provision (Section 899) in the US’s legislative proposals, which would have imposed a significant additional tax burden on British firms and which was causing significant concern and uncertainty.

Recent discussions informing this understanding have taken into account concerns raised by the US Treasury regarding the interaction of the Pillar 2 rules with the US minimum tax system, and have focused on developing a potential approach for the US and Pillar 2 system to sit ‘side-by-side’

The more than 140 members of the Inclusive Framework will now take forward the discussions on this potential side-by-side system, which will include ensuring that multinationals in scope of Pillar 2 and the US minimum tax systems are operating on a level playing field.

Work to develop a side-by-side system will be undertaken alongside material simplifications being delivered to the overall Pillar 2 administration and compliance framework. The government is committed to driving forward progress, for example on a permanent safe harbour to help deliver this simplification.

Where agreements are reached in the Inclusive Framework, the government will incorporate any updates into UK legislation. This is in line with the government’s commitment in the October 2024 Corporate Tax Roadmap to ensure that the UK reflects internationally agreed rules.

James Murray
Exchequer Secretary (HM Treasury)
9th Jul 2025
To ask the Chancellor of the Exchequer, what assessment her Department has made of the impact of the G7 side‑by‑side approach on the (a) effective tax rate and (b) competitiveness of UK‑headed multinationals.

The Chancellor, alongside her G7 counterparts, has reached an understanding on a proposed path forward for the global minimum tax, Pillar 2 of the G20/OECD Inclusive Framework project on Base Erosion and Profit Shifting (BEPS).

The G7 published a statement on 28 June that set out our commitment to the core objectives of Pillar 2: tackling multinational tax avoidance and promoting a stable global tax environment that supports fair competition.

This understanding also included the removal of the retaliatory tax provision (Section 899) in the US’s legislative proposals, which would have imposed a significant additional tax burden on British firms, and which was causing significant concern and uncertainty.

Recent discussions informing this understanding have taken into account concerns raised by the US Treasury regarding the interaction of the Pillar 2 rules with the US minimum tax system, and have focused on developing a potential approach for the US and Pillar 2 system to sit ‘side-by-side’

The more than 140 members of the Inclusive Framework will now take forward the discussions on this potential side-by-side system, which will include ensuring that multinationals in scope of Pillar 2 and the US minimum tax systems are operating on a level playing field.

The UK has already implemented the Pillar 2 rules, including a domestic minimum tax that will ensure all in-scope groups are subject to a minimum 15% effective tax rate in the UK.

James Murray
Exchequer Secretary (HM Treasury)
9th Jul 2025
To ask the Chancellor of the Exchequer, with reference to her Department's press release entitled Nine million pensioners to receive Winter Fuel Payments this winter, published on 9 June 2025, what assessment she has made of the resources HMRC will require to (a) undertake the recovery of payments and (b) respond to (i) queries and (ii) complaints relating to the recovery of winter fuel payments; and whether additional funding will be made available for this work.

The Government announced in June 2025 that the Winter Fuel Payment will be made universal in England and Wales from winter 2025. Subsequently, the Scottish Government and Northern Ireland Executive have confirmed that they will mirror the approach for England and Wales.

Winter Fuel Payments of £200 will be made for a household with someone of State Pension age and £300 for a household with someone aged 80 or over. They will be paid automatically to anyone who has not opted out of getting a payment.

Individuals who are of State Pension age and have total income over £35,000 will have their Winter Fuel Payment recovered through the tax system. The amount recovered will be equal to the full value of the Winter Fuel Payment.

If a pensioner’s total income is above the income threshold, it will be automatically recovered through PAYE, or through their Self-Assessment return if they pay tax that way.

The Government will publish further details of the operational impacts on HM Revenue and Customs of making these changes in a Tax Information and Impact Note at Budget 2025, alongside draft Finance Bill legislation on the tax recovery of the Winter Fuel Payment.

James Murray
Exchequer Secretary (HM Treasury)
14th Jul 2025
To ask the Chancellor of the Exchequer, what procedures HMRC (a) has and (b) plans to put in place for validating goods from Great Britain presented on the red lane at (i) Belfast, (ii) Larne, (iii) Warrenpoint and (iv) Foyle for release into the EU Single Market; how many (A) HMRC members of staff and (B) other government employees will be employed at the four ports to discharge these procedures from August 2025; what port infrastructure (1) has been (2) is being built at (a) Belfast, (b) Larne, (c) Warrenpoint and (d) Foyle to facilitate the discharging of these procedures; what the cost to the public purse has been of the construction of that infrastructure; and whether that infrastructure is (A) completed, (B) operational and (C) under construction.

Goods moving from Great Britain to the EU via Northern Ireland will complete a full customs declaration and pay the applicable rate of duty, subject to any waivers or reliefs, as an international goods movement. These customs declarations are validated electronically by HMRC’s Customs Declaration Service (CDS).

There are no HMRC employed staff at ports in Northern Ireland, and HMRC does not have, and is not building, any port infrastructure at ports in Northern Ireland.

James Murray
Exchequer Secretary (HM Treasury)
9th Jul 2025
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of establishing an independent watchdog to monitor the effectiveness of HMRC Customer Compliance Group.

HMRC and its Customer Compliance Group (CCG), is subject to a wide range of independent oversight and actively engages with a range of independent assurance, both internal and external.

Internally, HMRC maintains robust governance structures, including oversight by its Executive Committee and HMRC Board, alongside newly established subcommittees of the Board such as the Closing the Tax Gap Committee chaired by non-executive director Bill Dodwell – with a significant focus on the work of Customer Compliance Group.

Externally, HMRC is held to account by Parliamentary authorities, including the Committee of Public Accounts (PAC), the Treasury Select Committee (TSC), and the National Audit Office (NAO) who regularly undertake both financial and value for money scrutiny of HMRC and its Customer Compliance Group. Recent reports include those into tax evasion in the retail sector, managing compliance work since the pandemic and collecting the right tax from wealthy individuals – all of which primarily focused upon the work of HMRC’s Customer Compliance Group.

HMRC Customer Compliance Group welcomes Parliamentary scrutiny and has accepted 93.5% of recommendations of these bodies in the last 24 months aimed at strengthening the effectiveness of the Department. HMRC is working to implement the recommendations by the deadlines agreed with the respective bodies.

Customers can also ask the independent Adjudicator’s Office to review complaints after they have been investigated, if they are dissatisfied with how they have been handled by the Department.

James Murray
Exchequer Secretary (HM Treasury)
9th Jul 2025
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of changes to employer National Insurance contributions on employment levels in the hospitality sector in (a) Fylde constituency and (b) Lancashire.

A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer National Insurance contributions (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.

The Office for Budget Responsibility also publishes Economic and Fiscal Outlooks (EFOs), which set out a detailed forecast of the economy and public finances.

With all policies considered, the OBR's March 2025 EFO forecasts the employment level to increase from 33.6 million in 2024 to 34.8 million in 2029

The Government decided to protect the smallest businesses from the changes to employer NICs by increasing the Employment Allowance from £5,000 to £10,500. This means that this year, 865,000 employers will pay no NICs at all, and more than half of all employers will either gain or will see no change.

James Murray
Exchequer Secretary (HM Treasury)
10th Jul 2025
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of introducing specific (a) Sikh and (b) Jewish options for a person’s ethnic group in data collection conducted by her Department.

HM Treasury follows guidance from the Office for National Statistics (ONS) and Government Statistical Service (GSS) on data collection using harmonised standards to ensure comparability across government. The current ethnicity standard is based on 2011 Census questions, which were reviewed and updated for the 2021 Census. The GSS has been conducting a comprehensive review of the ethnicity standard since March 2022, considering a range of user needs.

HM Treasury also collects staff data on ethnic group, national identity and religion, which helps capture fuller cultural identity beyond ethnicity alone. The ONS recognises that ethnic group membership is self-defined and subjectively meaningful to individuals, and there is no universal consensus on what constitutes an ethnic group.

The religion harmonised standard includes Sikh and Jewish response options, and any changes to data collection categories, including ethnicity, would follow the updated GSS harmonised standard once their review concludes. We continue to monitor this review closely and will implement any revised standards that emerge from the GSS process.

The timing for any changes will depend on when the GSS completes its review and issues updated guidance to departments.

James Murray
Exchequer Secretary (HM Treasury)
14th Jul 2025
To ask the Chancellor of the Exchequer, pursuant to the Answer of 10 September 2024 to Question 4409 on Taxation: International Cooperation, what recent steps she has taken to support the implementation of UN General Assembly resolution A /RES/78/230 on the Promotion of inclusive and effective international tax cooperation at the United Nations adopted on 22 December 2023.

The UK is committed to working with all stakeholders to ensure inclusive and effective international tax cooperation, and has been engaging in discussions at the UN over a future Framework Convention, including the recent informal sessions for the technical workstreams.

The UK believes that a UN Tax Framework Convention has the potential to further advance international tax cooperation, but to be successful, it needs to be clear in its aims, avoid duplicating initiatives, and seek to secure the broad support and participation of members.

James Murray
Exchequer Secretary (HM Treasury)
7th Jul 2025
To ask His Majesty's Government what assessment they have made of the impact of their economic strategy on (1) productivity, and (2) international confidence in the UK market.

Increasing productivity is vital in driving economic growth, in turn improving the living standards of working people and putting money into people’s pockets. That is why growth is the priority mission of this government and why we continue to take steps to boost productivity.

This includes increasing the capital envelope by £120 billion over the SR period. Additional capacity announced at Spending Review 2025 and the 10 Year Infrastructure Strategy has allowed the government to increase the capacity of Public Financial Institutions by around 60% this Parliament, to £153 billion. We are also removing barriers to investment through ambitious planning reforms, and championing growth-enhancing sectors through our modern Industrial Strategy.

The Office for Budget Responsibility (OBR), in its role as an independent economic forecaster, has assessed the impact of the increase in capital departmental expenditure limits (CDEL) announced at Autumn Budget 2024 and the planning reforms set out at Spring Statement 2025. The OBR estimated that the CDEL increase would raise real GDP by approximately 0.26% after ten years, while the planning reforms were assessed to increase real GDP by around 0.42% over the same period.

Lord Livermore
Financial Secretary (HM Treasury)
7th Jul 2025
To ask His Majesty's Government which Fujitsu contracts have been extended by HM Revenue and Customs in the past 12 months; and whether ministerial approval was sought.

Seven Fujitsu contracts have been extended by HMRC in the past 12 months to ensure continuity of essential services. These are: the Call-Off Contract for COTS Software (Oracle), Crown Hosting Run, Data Services, Data Project Services, Endpoint Detection & Response (EDR) and Vulnerability Managed Service, Pre-Production Environment (PPE) Web Solutions, and the Trader Support Service. As a public contracting authority, HMRC adheres to the procurement rules and spend controls set by the Cabinet Office and HM Treasury, obtaining appropriate ministerial approval where required. Of the seven contracts, six had extension values below the Cabinet Office Spend Control threshold of £20 million and were approved internally by HMRC in line with established processes and governance controls. Only one contract—the Trader Support Service—exceeded the threshold (£66.8 million) and therefore required both Cabinet Office Spend Control and Ministerial Approval.

Lord Livermore
Financial Secretary (HM Treasury)
8th Jul 2025
To ask His Majesty's Government what is their estimate of the potential increase in annual revenue of online marketplaces collecting VAT on all sales to UK residents, regardless of the identity of the seller; and what, if any, are their objections to so doing.

Since 1 January 2021, online marketplaces are required to register and account for VAT for supplies of low value imports of £135 or less facilitated by their platforms. Where an overseas seller sells goods located in the UK at the point of sale via an online marketplace, the online marketplace is liable for the VAT for goods of any value.

The Government is aware that some compliance challenges still persist and therefore recently announced it will explore the merits of reform to online marketplace liability. If any policy decisions are taken, their impact will be considered in the normal way.

Lord Livermore
Financial Secretary (HM Treasury)
9th Jul 2025
To ask His Majesty's Government, further to the Written Answers by Lord Livermore on 8 July (HL8787 and HL8788), what calculations support the statement that Making Tax Digital for Income Tax will generate an expected £1.95 billion of additional tax revenue by 2029–30.

Making Tax Digital (MTD) for Income Tax is expected to generate £1.95 billion in additional tax revenue by 2029–30 by reducing taxpayer errors through digital record-keeping and quarterly updates using MTD-compatible software.

The estimate is the expected reduction in the tax gap due to error and failure to take reasonable care among Self Assessment taxpayers based on the number of taxpayers expected to participate in MTD, and on evidence from evaluation of MTD for VAT.

Additional revenue is also expected from digital prompts to encourage more accurate reporting, with effects estimated using controlled trials.

These calculations have been certified by the Office for Budget Responsibility (OBR).

Lord Livermore
Financial Secretary (HM Treasury)
3rd Jul 2025
To ask His Majesty's Government, further to the Written Answer by Baroness Smith of Malvern on 26 June (HL8470),  when they intend to announce the revised formula for allocating the growth and skills levy (formerly the apprenticeship levy), including (1) the total for each year of the spending review period, and (2) the amount to be held back by the Treasury.

At Spending Review 2025, the Government allocated an additional £1.2 billion per year for skills by 2028-29. Final allocations for all skills programmes, including the growth and skills offer, will be confirmed in due course.

Lord Livermore
Financial Secretary (HM Treasury)
11th Jul 2025
To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the adequacy of the (a) insurance and (b) reinsurance market for businesses affected by cyber-attacks.

The government recognises that cyber insurance is an important tool for businesses' economic resilience. HM Treasury works closely with industry, regulators, other government departments and relevant stakeholders to monitor insurance markets, including cyber. Cyber insurance is widely offered in the UK insurance market and the government would encourage businesses to shop around, or employ the services of a broker, to find the most appropriate cover, at the best price.

Emma Reynolds
Economic Secretary (HM Treasury)
9th Jul 2025
To ask the Chancellor of the Exchequer, whether existing (a) insurance and (b) reinsurance mechanisms cover (i) subsea cabled and (ii) other off-shore assets in the event of a terrorist attack.

The owners or operators of subsea cables and other off-shore assets are responsible for the insurance of their assets.

There is a wide variety of insurance products available in the UK market, including from speciality insurers. The government would always recommend the companies shop around, or engage the services of a specialist broker, to ensure they can access the cover they need at the best price.

Emma Reynolds
Economic Secretary (HM Treasury)
8th Jul 2025
To ask the Chancellor of the Exchequer, what recent assessment her Department has made of the adequacy of the use of Defence Bonds for financing military expenditure; and whether her Department has had recent discussions with financial investors on their issuance.

As the Prime Minister announced in February, we are fully funding the path to 2.5% by reducing ODA spending. That is why we can announce a £10.9bn real-terms increase to the MOD budget over the Spending Review period. On top of this, we are recognising the contribution provided by our intelligence agencies on defence, in line with practice among our Allies. This means that in 2027-28 we expect to reach 2.6% of GDP


The increase in defence spending will be funded by reducing ODA from 0.5% to 0.3% of Gross National Income (GNI) by 2027, and reinvesting it into defence.

The government’s core gilt programme is the most stable and cost-effective way of raising finance to fund the day-to-day activities of the government, owing to the depth and liquidity of the market. This is, in part, down to the fungibility of the instruments issued to the market. Issuing bonds aimed at financing specific areas of spending risks fragmenting the gilt market, which would not be consistent with the government’s debt management objective of minimising the long-term cost of financing, taking into account risk.

The government keeps under regular review the introduction of new debt instruments. The government would however need to be satisfied that any new instrument would meet value-for-money criteria, enjoy strong and sustained demand in the long term, and be consistent with wider fiscal objectives.

Darren Jones
Chief Secretary to the Treasury