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

Rishi Sunak
Chancellor of the Exchequer

Shadow Ministers / Spokeperson
Labour
Rachel Reeves (LAB - Leeds West)
Shadow Chancellor of the Exchequer

Liberal Democrat
Baroness Kramer (LDEM - Life peer)
Liberal Democrat Lords Spokesperson (Treasury and Economy)
Christine Jardine (LDEM - Edinburgh West)
Liberal Democrat Spokesperson (Treasury)

Scottish National Party
Alison Thewliss (SNP - Glasgow Central)
Shadow SNP Spokesperson (Treasury)

Democratic Unionist Party
Sammy Wilson (DUP - East Antrim)
Shadow DUP Spokesperson (Treasury)

Labour
Lord Tunnicliffe (LAB - Life peer)
Shadow Spokesperson (Treasury)

Plaid Cymru
Ben Lake (PC - Ceredigion)
Shadow PC Spokesperson (Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Scottish National Party
Peter Grant (SNP - Glenrothes)
Shadow SNP Deputy Spokesperson (Treasury - Chief Secretary)

Labour
Pat McFadden (LAB - Wolverhampton South East)
Shadow Chief Secretary to the Treasury
James Murray (LAB - Ealing North)
Shadow Financial Secretary (Treasury)
Tulip Siddiq (LAB - Hampstead and Kilburn)
Shadow Minister (Treasury)

Scottish National Party
Richard Thomson (SNP - Gordon)
Shadow SNP Deputy Spokesperson (Treasury - Financial Secretary)
Junior Shadow Ministers / Deputy Spokesperson
Labour
Abena Oppong-Asare (LAB - Erith and Thamesmead)
Shadow Exchequer Secretary (Treasury)
Ministers of State
John Glen (CON - Salisbury)
Minister of State (Treasury) (City)
Simon Clarke (CON - Middlesbrough South and East Cleveland)
Chief Secretary to the Treasury
Lucy Frazer (CON - South East Cambridgeshire)
Financial Secretary (HM Treasury)
Parliamentary Under-Secretaries of State
John Glen (CON - Salisbury)
Economic Secretary (HM Treasury)
Helen Whately (CON - Faversham and Mid Kent)
Exchequer Secretary (HM Treasury)
Scheduled Event
Tuesday 5th July 2022
HM Treasury
Estimates Day - Main Chamber
(1st allotted day). There will be a debate on estimates relating to the Department for Work and Pensions, insofar as it relates to the spending of the Department for Work and Pensions on the cost of living measures on the office of the Secretary of State for Wales, insofar as it relates to the spending of the office of the Secretary of State for Wales on measures to support the Welsh economy, and its consequences for funding the devolved institutions and on the Department for Business, Energy and Industrial Strategy, insofar as it relates to the spending of the Department for Business, Energy and Industrial Strategy on action on climate change and decarbonisation
View calendar
Scheduled Event
Tuesday 5th July 2022
HM Treasury
Motion - Main Chamber
Ways and Means Resolution relating to the Energy (Oil and Gas) Profits Levy
View calendar
Scheduled Event
Wednesday 6th July 2022
HM Treasury
Estimates Day - Main Chamber
(2nd allotted day). There will be a debate on estimates relating to the Department for Education and on the Foreign, Commonwealth and Development Office, insofar as it relates to the spending of the Foreign, Commonwealth and Development Office on the strategy for international development. At 7.00pm, the House will be asked to agree all Outstanding estimates
View calendar
Scheduled Event
Thursday 7th July 2022
10:00
Treasury Committee - Oral evidence - Select & Joint Committees
7 Jul 2022, 10 a.m.
Work of the Financial Conduct Authority
View calendar
Scheduled Event
Monday 11th July 2022
15:00
Treasury Committee - Private Meeting - Select & Joint Committees
11 Jul 2022, 3 p.m.

View calendar
Scheduled Event
Wednesday 13th July 2022
14:00
Treasury Committee - Private Meeting - Select & Joint Committees
13 Jul 2022, 2 p.m.

View calendar
Scheduled Event
Monday 18th July 2022
15:00
Treasury Committee - Private Meeting - Select & Joint Committees
18 Jul 2022, 3 p.m.

View calendar
Scheduled Event
Wednesday 7th September 2022
14:00
Treasury Committee - Private Meeting - Select & Joint Committees
7 Sep 2022, 2 p.m.

View calendar
Scheduled Event
Tuesday 13th September 2022
11:30
HM Treasury
Oral questions - Main Chamber
13 Sep 2022, 11:30 a.m.
Treasury (including Topical Questions)
Save to Calendar
View calendar
Debates
Thursday 30th June 2022
Customs Undervaluation Case
Written Statements
Select Committee Docs
Monday 4th July 2022
15:02
Select Committee Inquiry
Thursday 28th April 2022
The venture capital market

The Committee is holding a short inquiry into the venture capital market.

Read the call for evidence to find out …

Written Answers
Monday 4th July 2022
Financial Services: Forests
To ask the Chancellor of the Exchequer, with reference to the report of Global Witness entitled Cash Cow, published on …
Secondary Legislation
Thursday 30th June 2022
Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2022
This Order makes amendments to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) (“the Order”).
Bills
Wednesday 11th May 2022
UK Infrastructure Bank Bill [HL] 2022-23
A Bill to make provision about the UK Infrastructure Bank
Dept. Publications
Monday 4th July 2022
16:16

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
Jun. 28
Oral Questions
Jun. 30
Written Statements
Jun. 14
Westminster Hall
Jun. 22
Adjournment Debate
View All HM Treasury Commons Contibutions

Bills currently before Parliament

Introduced: 11th May 2022

A Bill to make provision about the UK Infrastructure Bank

Lords - 40%

Last Event - Lords
Tuesday 14th June 2022
(Read Debate)
Next Event - Report Stage (Lords)
Monday 4th July 2022

Acts of Parliament created in the 2019 Parliament

Introduced: 24th March 2022

A Bill to make provision for and in connection with increasing the thresholds at which primary Class 1 contributions, Class 2 contributions and Class 4 contributions become payable.

This Bill received Royal Assent on Thursday 31st March 2022 and was enacted into law.

Introduced: 12th May 2021

A Bill to make provision in relation to national insurance contributions.

This Bill received Royal Assent on Monday 14th March 2022 and was enacted into law.

Introduced: 9th March 2022

A Bill To Authorise the use of resources for the years ending with 31 March 2021, 31 March 2022 and 31 March 2023; 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 2021 and 31 March 2022.

This Bill received Royal Assent on Monday 14th March 2022 and was enacted into law.

Introduced: 19th July 2021

A Bill to make provision about public service pension schemes, including retrospective provision to rectify unlawful discrimination in the way in which existing schemes were restricted under the Public Service Pensions Act 2013 and corresponding Northern Ireland legislation; to make provision for the establishment of new public pension schemes for members of occupational pension schemes of bodies that were brought into public ownership under the Banking (Special Provisions) Act 2008; to make provision about the remuneration and the date of retirement of holders of certain judicial offices; to make provision about judicial service after retirement; and for connected purposes

This Bill received Royal Assent on Thursday 10th March 2022 and was enacted into law.

Introduced: 2nd November 2021

A Bill to grant certain duties, to alter other duties, and to amend the law relating to the national debt and the public revenue, and to make further provision in connection with finance.

This Bill received Royal Assent on Thursday 24th February 2022 and was enacted into law.

Introduced: 8th September 2021

A Bill to make provision about the meaning of references to Article 23A benchmarks in contracts and other arrangements; and to make provision about the liability of administrators of Article 23A benchmarks

This Bill received Royal Assent on Wednesday 15th December 2021 and was enacted into law.

Introduced: 8th September 2021

A Bill to make provision imposing a tax (to be known as the health and social care levy), the proceeds of which are payable to the Secretary of State towards the cost of health care and social care, on amounts in respect of which national insurance contributions are, or would be if no restriction by reference to pensionable age were applicable, payable; and for connected purposes.

This Bill received Royal Assent on Wednesday 20th October 2021 and was enacted into law.

Introduced: 12th May 2021

A Bill to provide for the payment out of money provided by Parliament of expenditure incurred by the Treasury for, or in connection with, the payment of compensation to customers of London Capital & Finance plc; provide for the making of loans to the Board of the Pension Protection Fund for the purposes of its fraud compensation functions; and for connected purposes.

This Bill received Royal Assent on Wednesday 20th October 2021 and was enacted into law.

Introduced: 30th June 2021

A Bill to authorise the use of resources for the year ending with 31 March 2022; 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 2021.

This Bill received Royal Assent on Monday 19th July 2021 and was enacted into law.

Introduced: 9th March 2021

A Bill to grant certain duties, to alter other duties, and to amend the law relating to the national debt and the public revenue, and to make further provision in connection with finance.

This Bill received Royal Assent on Thursday 10th June 2021 and was enacted into law.

Introduced: 21st October 2020

A Bill to make provision about financial services and markets; to make provision about debt respite schemes; to make provision about Help-to-Save accounts; and for connected purposes.

This Bill received Royal Assent on Thursday 29th April 2021 and was enacted into law.

Introduced: 9th March 2021

A Bill to make provision increasing the maximum capital of the Contingencies Fund for a temporary period.

This Bill received Royal Assent on Monday 15th March 2021 and was enacted into law.

Introduced: 10th March 2021

A Bill to authorise the use of resources for the years ending with 31 March 2019, 31 March 2020, 31 March 2021 and 31 March 2022; to authorise the issue of sums out of the Consolidated Fund for the years ending 31 March 2020, 31 March 2021 and 31 March 2022; and to appropriate the supply authorised by this Act for the years ending with 31 March 2019, 31 March 2020 and 31 March 2021.

This Bill received Royal Assent on Monday 15th March 2021 and was enacted into law.

Introduced: 4th February 2021

A Bill to make provision for payments to or in respect of Ministers and holders of Opposition offices on maternity leave.

This Bill received Royal Assent on Monday 1st March 2021 and was enacted into law.

Introduced: 8th December 2020

A Bill to make provision (including the imposition and regulation of new duties of customs) in connection with goods in Northern Ireland and their movement into or out of Northern Ireland; to make provision amending certain enactments relating to value added tax, excise duty or insurance premium tax; to make provision in connection with the recovery of unlawful state aid in relation to controlled foreign companies; and for connected purposes.

This Bill received Royal Assent on Thursday 17th December 2020 and was enacted into law.

Introduced: 9th July 2020

This Bill received Royal Assent on Wednesday 22nd July 2020 and was enacted into law.

Introduced: 13th July 2020

A Bill to make provision to reduce for a temporary period the amount of stamp duty land tax chargeable on the acquisition of residential property.

This Bill received Royal Assent on Wednesday 22nd July 2020 and was enacted into law.

Introduced: 17th March 2020

A Bill to grant certain duties, to alter other duties, and to amend the law relating to the national debt and the public revenue, and to make further provision in connection with finance.

This Bill received Royal Assent on Wednesday 22nd July 2020 and was enacted into law.

Introduced: 24th March 2020

A Bill to make provision increasing the maximum capital of the Contingencies Fund for a temporary period.

This Bill received Royal Assent on Wednesday 25th March 2020 and was enacted into law.

Introduced: 2nd March 2020

A Bill to authorise the use of resources for the years ending with 31 March 2020 and 31 March 2021; 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 year ending with 31 March 2020.

This Bill received Royal Assent on Monday 16th March 2020 and was enacted into law.

HM Treasury - Secondary Legislation

This Order makes amendments to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) (“the Order”).
This Order increases, from 21st July 2022, the limits on the maximum award of damages which may be made against a trade union in proceedings in tort where section 22 of the Trade Union and Labour Relations (Consolidation) Act 1992 (“the 1992 Act”) applies, as specified in Article 2.
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
Petition Open
28,607 Signatures
(9,886 in the last 7 days)
Petition Open
5,766 Signatures
(1,199 in the last 7 days)
Petition Open
33,410 Signatures
(779 in the last 7 days)
Petition Open
6,598 Signatures
(747 in the last 7 days)
Petitions with most signatures
Petition Open
33,410 Signatures
(779 in the last 7 days)
Petition Open
28,607 Signatures
(9,886 in the last 7 days)
Petition Debates Contributed

Extending the Stamp Duty Holiday for an additional 6 months will assist many buyers who are looking to move to a property that they will not be able to afford otherwise.
This will help to stabilise the housing market

The government is helping private firms to protect jobs by paying up to 80% of staff wages through this crisis. If it can do this why can it not help key workers who will be putting themselves/their families at risk and working extra hard under extremely challenging and unprecedented circumstances.

Air pollution kills 64,000 people in the UK every year, yet the Government provides annual fossil fuel subsidies of £10.5 billion, according to the European Commission. To meet UK climate targets, the Government must end this practice and introduce charges on producers of greenhouse gas emissions.

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
Mel Stride Portrait
Mel Stride (Conservative - Central Devon)
Treasury Committee Chair since 27th January 2020
Alison Thewliss Portrait
Alison Thewliss (Scottish National Party - Glasgow Central)
Treasury Committee Member since 2nd March 2020
Julie Marson Portrait
Julie Marson (Conservative - Hertford and Stortford)
Treasury Committee Member since 2nd March 2020
Angela Eagle Portrait
Angela Eagle (Labour - Wallasey)
Treasury Committee Member since 2nd March 2020
Anthony Browne Portrait
Anthony Browne (Conservative - South Cambridgeshire)
Treasury Committee Member since 2nd March 2020
Harriett Baldwin Portrait
Harriett Baldwin (Conservative - West Worcestershire)
Treasury Committee Member since 2nd March 2020
Rushanara Ali Portrait
Rushanara Ali (Labour - Bethnal Green and Bow)
Treasury Committee Member since 2nd March 2020
Siobhain McDonagh Portrait
Siobhain McDonagh (Labour - Mitcham and Morden)
Treasury Committee Member since 11th May 2020
Emma Hardy Portrait
Emma Hardy (Labour - Kingston upon Hull West and Hessle)
Treasury Committee Member since 20th April 2021
Gareth Davies Portrait
Gareth Davies (Conservative - Grantham and Stamford)
Treasury Committee Member since 19th October 2021
Kevin Hollinrake Portrait
Kevin Hollinrake (Conservative - Thirsk and Malton)
Treasury Committee Member since 14th December 2021
Treasury Committee: Upcoming Events
Treasury Committee - Oral evidence
Work of the Financial Conduct Authority
7 Jul 2022, 10 a.m.
At 10.05am: Oral evidence
Nikhil Rathi - Chief Executive at Financial Conduct Authority
Richard Lloyd OBE - Interim Chair at Financial Conduct Authority

View calendar
Treasury Committee - Private Meeting
11 Jul 2022, 3 p.m.
View calendar
Treasury Committee - Private Meeting
13 Jul 2022, 2 p.m.
View calendar
Treasury Committee - Private Meeting
18 Jul 2022, 3 p.m.
View calendar
Treasury Committee - Private Meeting
7 Sep 2022, 2 p.m.
View 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 UK Customs Policy Infrastructure The cost of living The venture capital market 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

29th Jun 2022
To ask the Chancellor of the Exchequer, whether he has had recent discussions with the Secretary of State for Business, Energy and Industrial Strategy on increasing the level of annual investment in business incubators.

The Chancellor meets with BEIS Secretary of State on a regular basis, to discuss a variety of issues. Business incubators and accelerators play a crucial role in helping entrepreneurs start and grow their business. This builds on several government programmes to support business including supporting access to finance through British Business programmes like Start-Up Loans and Regional Funds, Help to Grow: Management and Help to Grow: Digital, and Innovate UK’s work – helping business to grow whilst levelling-up productivity across the UK.

Helen Whately
Exchequer Secretary (HM Treasury)
29th Jun 2022
To ask the Chancellor of the Exchequer, whether he has had recent discussions with the Secretary of State for Business, Energy and Industrial Strategy on increasing annual investment in business accelerators.

The Chancellor meets with BEIS Secretary of State on a regular basis, to discuss a variety of issues. Business incubators and accelerators play a crucial role in helping entrepreneurs start and grow their business. This builds on several government programmes to support business including supporting access to finance through British Business programmes like Start-Up Loans and Regional Funds, Help to Grow: Management and Help to Grow: Digital, and Innovate UK’s work – helping business to grow whilst levelling-up productivity across the UK.

Helen Whately
Exchequer Secretary (HM Treasury)
29th Jun 2022
To ask the Chancellor of the Exchequer, what (a) criteria and (b) processes determine whether a matter is internally audited by Government or independently scrutinised by an independent body in relation to appraising the functions of Government.

The remit of and approach to internal audit in central government is set by the Public Sector Internal Audit Standards (PSIAS) which are mandated by HM Treasury. The PSIAS (which are themselves based on the International Professional Practices Framework for internal auditors in the profession more broadly) set the remit of internal audit essentially as covering the adequacy and effectiveness risk management, control and governance matters. The precise areas covered in the internal audit programme at each government entity is a matter for agreement with the relevant accounting officer and typically focus on key risk areas and major management processes. The role of internal audit in government is underpinned by the Corporate Governance Code of Good Practice and Managing Public Money.

The basis for determining matters to be independently scrutinised varies from case to case. Probably most notably the role of the National Audit Office focuses largely on financial reporting and value for money. The planning, conduct and reporting of that work is independent of government and underpinned by separate legislation and professional standards. Numerous other independent bodies focus on specific sectors or functions and have different remits accordingly.

Simon Clarke
Chief Secretary to the Treasury
20th Jun 2022
To ask Her Majesty's Government what was the cost of acquiring the land for the Dover Inland Border Facility; and what has been the cost of (1) preparatory works undertaken so far to the site, and (2) access to the site.

The Department for Transport (DfT) is the owner of the land at Dover White Cliffs and bought the asset as a strategic and important site for the Government to establish functions that would ease pressure at the border. The Government is currently reviewing potential future use of the site. The initial cost of the land is currently confidential, pending the previous owner’s agreement that this can be released.

The cost for developing the site was £18.3 million, with £6.4 million being spent on preparatory works by HMRC, and a further £11.9 million was spent by DfT towards site readiness before handing the site over to HMRC. These costs include £3.3 million being spent on the access to the site, which would have been incurred anyway in developing the fast-track road. Some of the costs such as site surveys, design, and materials, can be re-used by Government for the subsequent use of the land.

The decision has been made to cease delivery of the Dover IBF following the end of staged customs controls in January 2022. The demand on the IBF’s has been lower than expected, and trade is flowing well into and out of GB, utilising the services HMRC and commercial operators offer.

The revised forecasting shows a substantial reduction in demand which has resulted in an opportunity to review the current size of the IBF network and identify substantial savings to the public purse of up to £120 million by ceasing delivery of Dover IBF.

Baroness Penn
Baroness in Waiting (HM Household) (Whip)
28th Jun 2022
To ask the Chancellor of the Exchequer, how many meetings of the National Security Council he has attended since April 2022.

The National Security Council is a committee of the Cabinet. It is a long-established precedent that information about the discussions that have taken place in Cabinet and its Committees, and how often they have met, is not normally shared publicly.

Simon Clarke
Chief Secretary to the Treasury
27th Jun 2022
To ask the Chancellor of the Exchequer, what recent estimate he has made of the impact of tax fraud on the tax gap.

HMRC does not make a separate estimate of the amount of the impact of tax fraud within the tax gap.

HMRC defines fraud as any deliberate omission, concealment, or misinterpretation of information, or the false or deceptive presentation of information or circumstances in order to gain a tax advantage.

Tax fraud covers a wide range of illegal activity, including:

  • deliberately submitting false tax returns
  • falsely claiming repayments or reliefs
  • hiding income, gains or wealth offshore
  • smuggling taxable goods

Some of this is carried out by dishonest individuals, but organised criminals also deliberately target the tax system for financial gain.

The tax gap includes the following illustrative estimates by customer behaviour for the tax year 2020-21.

Behavior

Value

Share of tax gap

Failure to take reasonable care

£6.1bn

19%

Criminal attacks

£5.2bn

16%

Non-payment

£4.9bn

15%

Evasion

£4.8bn

15%

Legal interpretation

£3.7bn

12%

Hidden economy

£3.2bn

10%

Error

£3.0bn

9%

Avoidance

£1.2bn

4%

Lucy Frazer
Financial Secretary (HM Treasury)
27th Jun 2022
To ask the Chancellor of the Exchequer, what recent estimate he has made of the impact of profit shifting by multinational enterprises on the tax gap.

HMRC does not make a separate estimate of the amount of made of the impact of profit shifting by multinational enterprises on the tax gap.

Some forms of base erosion and profit shifting (BEPS) are included in the Corporation Tax gap where they represent tax loss that HMRC can address under UK law. The tax gap does not include BEPS arrangements that cannot be addressed under UK law.

The Corporation Tax gap is estimated to be 9.0 per cent of the overall Corporation Tax total theoretical liability in the tax year 2020-21, which equates to £5.6 billion.

Lucy Frazer
Financial Secretary (HM Treasury)
27th Jun 2022
To ask the Chancellor of the Exchequer, whether HMRC includes estimates of fraud and error in Research and Development tax credit claims in its calculation of the tax gap.

Estimates of error and fraud relating to Corporation Tax research and development tax credit claims are out of the scope of HMRC’s ‘Measuring tax gaps publications’, which can be found here: https://www.gov.uk/government/statistics/measuring-tax-gaps. The tax gap estimates only cover the taxes administered by HMRC and excludes payments made by HMRC, including research and development tax credits.

Estimates of error and fraud in research and development tax credit claims are published in HMRC’s Annual Report and Accounts, which can be found here: https://www.gov.uk/government/collections/hmrcs-annual-report-and-accounts. In 2020-21, the estimated level of error and fraud in research and development tax credits claims was 3.6 per cent (£336 million) of the estimated cost of the reliefs (£9.3 billion). The estimated level of error and fraud is 5.5 per cent (£303 million) in the small and medium enterprises scheme and 0.9 per cent (£33 million) in the research and development expenditure credit scheme.

Lucy Frazer
Financial Secretary (HM Treasury)
20th Jun 2022
To ask Her Majesty's Government what plans they have to reduce business rates for UK manufacturers over the next 12 months.

The Government has frozen the business rates multiplier for 2022-23, which will support all ratepayers and is a tax cut worth £4.6 billion to businesses over the next 5 years.

At Autumn Budget 2021, new business rates support for green technology was announced, worth around £170 million over the next five years. In addition, the Government is bringing forward the implementation of these measures by one year, starting from 1 April 2022. This will enable businesses to invest in energy efficiency and clean heat, and support the security of energy supply. Overall, this will save businesses an extra £35 million in 2022-23.

Baroness Penn
Baroness in Waiting (HM Household) (Whip)
29th Jun 2022
To ask the Chancellor of the Exchequer, whether he plans to cap standard variable mortgage rates for inactive lenders to protect people who cannot move their mortgages.

In November 2021, I laid before Parliament a review on the issue of mortgage prisoners conducted by the Financial Conduct Authority (FCA). This review found that there are 47,000 mortgage prisoners who might benefit from switching to a new mortgage deal but are considered too high risk to do so, despite being up to date with payments.

The review makes clear that the reasons mortgage prisoners are unable to switch are complex and varied, including a high proportion of interest-only mortgage borrowers with no clear repayment plan and pre-financial crisis legacy issues such as borrowers self-certifying their income on their loan applications. A comprehensive understanding of the circumstances of mortgage prisoners is therefore crucial in progressing work and the FCA’s review provides the key insight necessary to facilitate this. Following this and previous interventions to help borrowers switch, the Government is working with industry to determine if any further solutions that can be found to help mortgage prisoners.

This further work must consider the practicality of solutions and their effects on the wider mortgage market, including the resilience of firms and fairness to other borrowers. A cap on the Standard Variable Rates (SVRs) charged by inactive firms would be an unprecedented market intervention and would undermine the principle of risk-based pricing which underlies the mortgage market. It would entail risks to the financial stability of firms which would be unable to vary their rates in line with their costs of funding and would be deeply unfair to borrowers in the wider mortgage market who pay similar rates to mortgage prisoners. It is worth noting that the SVRs charged by inactive firms are in line with those paid by borrowers in the active market.

The Government continues to examine what further practical and proportionate solutions existing to help mortgage prisoners which do not pose unacceptable financial stability risks or are unfair to other borrowers in the mortgage market.

John Glen
Economic Secretary (HM Treasury)
29th Jun 2022
To ask the Chancellor of the Exchequer, with reference to the Financial Conduct Authority's Mortgage Prisoner Review published on 29 November 2021, what assessment he has made of the implications for his policies of the findings of that report.

In November 2021, I laid before Parliament a review on the issue of mortgage prisoners conducted by the Financial Conduct Authority (FCA). This review found that there are 47,000 mortgage prisoners who might benefit from switching to a new mortgage deal but are considered too high risk to do so, despite being up to date with payments.

The review makes clear that the reasons mortgage prisoners are unable to switch are complex and varied, including a high proportion of interest-only mortgage borrowers with no clear repayment plan and pre-financial crisis legacy issues such as borrowers self-certifying their income on their loan applications. A comprehensive understanding of the circumstances of mortgage prisoners is therefore crucial in progressing work and the FCA’s review provides the key insight necessary to facilitate this. Following this and previous interventions to help borrowers switch, the Government is working with industry to determine if any further solutions that can be found to help mortgage prisoners.

This further work must consider the practicality of solutions and their effects on the wider mortgage market, including the resilience of firms and fairness to other borrowers. A cap on the Standard Variable Rates (SVRs) charged by inactive firms would be an unprecedented market intervention and would undermine the principle of risk-based pricing which underlies the mortgage market. It would entail risks to the financial stability of firms which would be unable to vary their rates in line with their costs of funding and would be deeply unfair to borrowers in the wider mortgage market who pay similar rates to mortgage prisoners. It is worth noting that the SVRs charged by inactive firms are in line with those paid by borrowers in the active market.

The Government continues to examine what further practical and proportionate solutions existing to help mortgage prisoners which do not pose unacceptable financial stability risks or are unfair to other borrowers in the mortgage market.

John Glen
Economic Secretary (HM Treasury)
29th Jun 2022
To ask the Chancellor of the Exchequer, whether he has had discussions with the Secretary of State for Business, Energy and Industrial Strategy on the potential merits of increasing annual funding to develop the co-operative and mutuals sector.

The Chancellor and I meet with the Department for Business, Energy and Industrial Strategy on a regular basis to discuss a range of issues. The Government sees co-operatives as a vital part of the UK economy, delivering services that their members and local communities need.

The Government recognises that incubators and accelerators play a crucial role in helping businesses. Local Enterprise Partnerships (LEPs) and universities can support their local area through creating an environment to encourage co-operatives and mutuals to start and grow. Through the Levelling Up White Paper, the Government expects LEPs to continue to embed a strong, independent local business voice into decision-making fora, and to develop local economic strategies based on business intelligence about their area. This could include co-operative and mutual incubators and accelerators, as appropriate to the local context. As LEPs transition to new arrangements, we want to ensure that businesses, including mutuals and cooperatives, continue to be able to access the support, insights, and representation that LEPs provide, and to ensure that an independent business and stakeholder voice continues to play its vital role supporting growth in all parts of England.

The 2022-23 Local Government Finance Settlement is un-ringfenced to ensure local authorities can prioritise funding based on their own understanding of the needs of their local communities. As democratically elected organisations, local authorities are responsible for managing their budgets and making spending decisions that reflect their priorities, which may include mutuals.

The Government is committed to increasing innovation and, in turn, jobs, growth and prosperity to all parts of the UK. The UK Innovation Strategy, published in July 2021, sets out the Government’s vision to make the UK a global hub for innovation by 2035. To support delivery on the four pillars of the Strategy, BEIS is increasing funding for core Innovate UK programmes by 66% to £1.1 billion in 2024-2025. This will further help connect UK companies, such as co-operatives and mutuals, to the capital, skills and connections needed to innovate and grow.

John Glen
Economic Secretary (HM Treasury)
29th Jun 2022
To ask the Chancellor of the Exchequer, whether he has plans to encourage (a) Local Enterprise Partnerships, (b) universities and (c) local authorities to invest in co-operative and mutual incubators and accelerators to grow that sector.

The Chancellor and I meet with the Department for Business, Energy and Industrial Strategy on a regular basis to discuss a range of issues. The Government sees co-operatives as a vital part of the UK economy, delivering services that their members and local communities need.

The Government recognises that incubators and accelerators play a crucial role in helping businesses. Local Enterprise Partnerships (LEPs) and universities can support their local area through creating an environment to encourage co-operatives and mutuals to start and grow. Through the Levelling Up White Paper, the Government expects LEPs to continue to embed a strong, independent local business voice into decision-making fora, and to develop local economic strategies based on business intelligence about their area. This could include co-operative and mutual incubators and accelerators, as appropriate to the local context. As LEPs transition to new arrangements, we want to ensure that businesses, including mutuals and cooperatives, continue to be able to access the support, insights, and representation that LEPs provide, and to ensure that an independent business and stakeholder voice continues to play its vital role supporting growth in all parts of England.

The 2022-23 Local Government Finance Settlement is un-ringfenced to ensure local authorities can prioritise funding based on their own understanding of the needs of their local communities. As democratically elected organisations, local authorities are responsible for managing their budgets and making spending decisions that reflect their priorities, which may include mutuals.

The Government is committed to increasing innovation and, in turn, jobs, growth and prosperity to all parts of the UK. The UK Innovation Strategy, published in July 2021, sets out the Government’s vision to make the UK a global hub for innovation by 2035. To support delivery on the four pillars of the Strategy, BEIS is increasing funding for core Innovate UK programmes by 66% to £1.1 billion in 2024-2025. This will further help connect UK companies, such as co-operatives and mutuals, to the capital, skills and connections needed to innovate and grow.

John Glen
Economic Secretary (HM Treasury)
29th Jun 2022
To ask the Chancellor of the Exchequer, what estimate his Department has made of the total value of transactions in the UK debt market where the legal advice has been provided under Sponsor Designation by the borrower to the lender over the last 10 years; what assessment his Department has made of the potential risk that Sponsor Designation of legal advice poses to the debt market; and if he will make a statement.

The UK is well known internationally as a hub for high quality capital markets backed by strong and effective regulation. The Treasury is committed to ensuring the proper functioning of capital markets, including working with the Financial Conduct Authority to monitor any potential risks to UK markets.

The Treasury is not aware of any concerns that Sponsor Designation of legal advice poses a risk to UK debt markets, and as such has not raised this matter with the Financial Conduct Authority or the Solicitors Regulation Authority.

John Glen
Economic Secretary (HM Treasury)
29th Jun 2022
To ask the Chancellor of the Exchequer, whether his Department has raised concerns about the use of Sponsor Designated legal advice in the UK debt market with the (a) Financial Conduct Authority and (b) Solicitors Regulation Authority during the last five years; and if he will make statement.

The UK is well known internationally as a hub for high quality capital markets backed by strong and effective regulation. The Treasury is committed to ensuring the proper functioning of capital markets, including working with the Financial Conduct Authority to monitor any potential risks to UK markets.

The Treasury is not aware of any concerns that Sponsor Designation of legal advice poses a risk to UK debt markets, and as such has not raised this matter with the Financial Conduct Authority or the Solicitors Regulation Authority.

John Glen
Economic Secretary (HM Treasury)
28th Jun 2022
To ask the Chancellor of the Exchequer, with reference to the report of Global Witness entitled Cash Cow, published on 23 June 2022, what steps his Department plans to take to prevent UK financiers from providing support to companies associated with deforestation.

The Government has taken ambitious action to green the financial system. The UK was the first country in the world to commit to fully mandatory disclosures aligned with the Taskforce on Climate-Related Financial Disclosures (TCFD). These rules have now been introduced by the FCA, BEIS and DWP.

The Government is also supporting the work of the Taskforce on Nature-related Financial Disclosures (TNFD) which will provide a framework for corporates and financial institutions to report and act on nature-related risks, including deforestation. TNFD will build, consult on and test its framework, which it aims to launch in 2023. As part of its response to the Dasgupta Review, the Government committed up to £3m additional support to the development of the TNFD framework.

John Glen
Economic Secretary (HM Treasury)
27th Jun 2022
To ask the Chancellor of the Exchequer, whether his Department has made an assessment of the potential merits of newly converted electric vehicles having zero-rated road tax.

The Government are aware of the small market for EV conversions. Vehicles originally designed to run on electricity currently attract a nil rate of Vehicle Excise Duty (VED), but this is not necessarily the case for vehicles converted from internal combustion engine (ICE) to electric vehicle (EV). Vehicles first registered after 1 March 2001 which are converted to electric are not able to have their VED treatment changed.

The Government is strongly committed to the safety of UK road users. Therefore, in considering any changes to the VED treatment of converted vehicles, it must make sure that it does not indirectly encourage unsafe practices. The variety of conversion options, carried out with differing degrees of technical expertise, gives rise to complex safety and operational challenges.

However, as with all taxes, HMT and DfT will work closely to keep this policy under review as the market continues to develop.

Motorists should check the resultant tax liabilities of their vehicle before agreeing to undertake a conversion from ICE to EV.

Helen Whately
Exchequer Secretary (HM Treasury)
29th Jun 2022
To ask the Chancellor of the Exchequer, if he will review the level of the mileage allowance relief granted to care workers.

The Approved Mileage Allowance Payment (AMAP) rates aim to reflect running costs including fuel, servicing and depreciation.

Most domiciliary care staff are employed by private providers who decide their mileage reimbursement rate. Employers, including those of care staff, are not required to use AMAPs. Instead, they can agree to reimburse the actual cost incurred, where individuals can provide evidence of the expenditure, without an Income Tax or National Insurance charge arising.

If an employee is paid less than the approved amount, they are entitled to claim tax relief (Mileage Allowance Relief) on the shortfall. The maximum MAR claim is set to the same level as the AMAP rates.

As with all taxes and allowances, the Government keeps AMAP rates under review and any changes are considered by the Chancellor.

Helen Whately
Exchequer Secretary (HM Treasury)
29th Jun 2022
To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits to consumers of extending the Rural Fuel Duty Relief scheme to (a) Ynys Môn constituency and (b) other rural parts of Wales.

The Rural Fuel Duty Relief gives support to petrol and diesel users by compensating fuel retailers in some rural areas. The criteria for the scheme are set out in a public notice that can be found at: https://www.gov.uk/guidance/rural-duty-relief-scheme-notice-2001.

At Spring Statement 2022 in response to fuel prices reaching record levels, the government announced a temporary 12-month cut to duty on petrol and diesel of 5p per litre. This is the largest cash-terms cut across all fuel duty rates at once, ever, and is only the second time in 20 years that main rates of petrol and diesel have been cut. This cut represents savings for households and businesses worth around £2.4 billion in 2022-23.

The government has no current plans to revise Rural Fuel Duty Relief, but keeps all taxes under review.

Helen Whately
Exchequer Secretary (HM Treasury)
24th Jun 2022
To ask the Chancellor of the Exchequer, when he last met a representative of the National Union of Rail, Maritime and Transport Workers in person.

Ministerial meetings with external organisations are published as part of the Department’s transparency data. The Chancellor has not had any meetings with representatives of the National Union of Rail, Maritime and Transport Workers within the last reporting period for ministerial meetings (1 October to 31 December 2021).

Helen Whately
Exchequer Secretary (HM Treasury)
27th Jun 2022
To ask the Chancellor of the Exchequer, if he will reduce the amount of taxation levied on fuels.

At Spring Statement 2022 in response to fuel prices reaching record levels, the government announced a temporary 12-month cut to duty on petrol and diesel of 5p per litre.

This is the largest cash-terms cut across all fuel duty rates at once, ever, and is only the second time in 20 years that main rates of petrol and diesel have been cut. This cut represents savings for households and businesses worth around £2.4 billion in 2022-23.

All taxes, including fuel duty, remain under review.

Helen Whately
Exchequer Secretary (HM Treasury)
28th Jun 2022
To ask the Chancellor of the Exchequer, when he plans to announce the Benefit-in-Kind tax rates that will be applicable for 2025-26 for electric vehicles.

Like all taxes, benefit-in-kind tax rates for company cars, also known as Company Car Tax (CCT), are kept under review. The Government aims to announce CCT rates at least two years ahead of implementation to provide certainty for employers, employees and fleet operators.

Helen Whately
Exchequer Secretary (HM Treasury)
29th Jun 2022
To ask the Chancellor of the Exchequer, how much his Department has spent on consultancy fees in each of the last five years.

HM Treasury’s spend on consultancy is published and available for viewing within the Annual Report and Accounts. HMT is yet to lay its accounts for 2021-22, but these are due to be published prior to the summer recess. We have included the links to the published Annual Report and Accounts for each of the available years in question within the table below.

Financial Year

Publication Link

Page Reference

2017-18

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/724104/2017-18_Final_HMT_ARA__web_.pdf

Page 84

2018-19

https://www.gov.uk/government/publications/hm-treasury-annual-report-and-accounts-2018-to-2019

Page 88

2019-20

https://www.gov.uk/government/publications/hm-treasury-annual-report-and-accounts-2019-to-2020

Page 104

2020-21

https://www.gov.uk/government/publications/hm-treasury-annual-report-and-accounts-2020-to-2021

Page 101

Helen Whately
Exchequer Secretary (HM Treasury)
23rd Jun 2022
To ask Her Majesty's Government what plans they have to introduce legislation to limit the ability of private creditors to sue low-income countries indebted to them in the English Courts.

The Government is fully focused on ensuring that the private sector provides debt relief for low-income countries where this is required as part of an internationally agreed debt treatment. For example, under the Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative, private sector participation on at least as favourable terms as bilateral creditors is a fundamental principle. The G20, including the UK, has repeatedly emphasised the importance of this principle.

The Government does not currently have any intention to pursue a legislative approach that would force private lenders to participate in debt relief initiatives. Any legislative approach would need to address a number of challenges. For example, legislating may increase the cost of finance for low-income countries or reduce the availability of finance to meet wider development goals.

Baroness Penn
Baroness in Waiting (HM Household) (Whip)
22nd Jun 2022
To ask Her Majesty's Government what plans they have to introduce additional measures aimed at helping young people deal with inflationary pressures.

The government understands that millions of people across the UK, of all ages, are worried about the rising cost of living.

From 1 April 2022, the National Minimum Wage for people aged 21-22 increased by 9.8% to £9.18 an hour and the Apprentice Rate increased by 11.9% to £4.81 an hour.

On 26 May 2022, the government announced over £15 billion of additional support for households, targeted particularly on those with the greatest need, bringing total government support for the cost of living to over £37 billion this year.

Young people may be able to benefit from the additional support the government is providing, including:

• £400 off household energy bills from October through an expansion of the Energy Bills Support Scheme (EBSS);

• a one-off Cost of Living Payment of £650 for households on means-tested benefits; and an additional one-off disability Cost of Living Payment of £150 for disabled people;

• an extra £500 million of local support, via the Household Support Fund, for those in need of additional support

Baroness Penn
Baroness in Waiting (HM Household) (Whip)
22nd Jun 2022
To ask the Chancellor of the Exchequer, when his Department plans to respond to the correspondence from the hon. Member for Gordon of 3 March 2022 on the VAT rate for the hospitality and tourism sectors.

A response was sent to the hon. Member for Gordon on 23 June 2022.
Lucy Frazer
Financial Secretary (HM Treasury)
22nd Jun 2022
To ask the Chancellor of the Exchequer, if he will take steps to prevent tax rebate companies from taking a proportion of money owed to a person in a tax rebate.

Individuals can claim tax repayments directly from HMRC, which has introduced new digital services to make this easier. If they claim directly, as many individuals do, they get to keep the full amount of the payment they are due.

Around 500,000 individuals use third-party repayment agents annually to claim tax refunds. Many individuals value this service, understand and accept the fee structure, and are repeat users. The government recognises this and does not want to prevent individuals who want to use repayment agents from doing so.

However, the government recognises concerns that some individuals are being charged excessive fees, and that the terms and conditions under which services are provided have not been made clear.

The government launched a consultation “Raising standards in tax advice: protecting customers claiming tax repayments” on 22 June 2022, which proposes measures to protect the public from unscrupulous repayment agent practises. This consultation will close on 14 September 2022. This forms part of the government’s agenda to raise standards in the market for tax advice.

Lucy Frazer
Financial Secretary (HM Treasury)
23rd Jun 2022
To ask the Chancellor of the Exchequer, if he will make it his policy to ensure that children in care receive National Insurance numbers at the same time as children living with their biological parents; and if she will make a statement.

It is HMRC policy to issue National Insurance numbers to all children where HMRC hold current personal details. For some children who are in care, a special process exists for social workers to confirm the details so that the young person can receive their National Insurance number on time.
Lucy Frazer
Financial Secretary (HM Treasury)
22nd Jun 2022
To ask the Chancellor of the Exchequer, at what point on the tax and income scale does a person become a net contributor to the Exchequer (a) by income and (b) by tax paid in the last three years.

At Spring Statement 2022, the Government published analysis which illustrates the overall impact of tax, welfare and public services spending for households across the income distribution.

This analysis shows that in the year 2024-25 the poorest 60% of households will receive more in welfare and public spending than they contribute in tax.

Using ONS data from 2019-20, available at Effects of taxes and benefits on household income - Office for National Statistics (ons.gov.uk), which only considers tax and welfare, the poorest 50% of households are estimated to receive more in welfare than they contribute in tax.

Lucy Frazer
Financial Secretary (HM Treasury)
22nd Jun 2022
To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential impact of a windfall tax on investment plans of electricity generators.

Within the Economy Update on 26th May, the Chancellor announced the Government is urgently evaluating the scale of extraordinary profits in the energy generation sector and the appropriate next steps.

As part of this process, officials are currently engaging with industry stakeholders, to gather evidence on energy generator’s level of profitability and the operation of their business models.

The PM’s ten-point plan and recent energy security strategy has set the UK on a pathway to a significant movement away from gas generation and towards renewables and low-carbon technologies.

The Government recognises that any measures, tax or otherwise, need to be proportionate and avoid creating undue distortion or impacts on UK investment.

Lucy Frazer
Financial Secretary (HM Treasury)
22nd Jun 2022
To ask the Chancellor of the Exchequer, when he plans to make a decision on whether to impose a windfall tax on electricity generators.

Within the Economy Update on 26th May, the Chancellor announced the Government is urgently evaluating the scale of extraordinary profits in the energy generation sector and the appropriate next steps.

As part of this process, officials are currently engaging with industry stakeholders, to gather evidence on energy generator’s level of profitability and the operation of their business models.

The PM’s ten-point plan and recent energy security strategy has set the UK on a pathway to a significant movement away from gas generation and towards renewables and low-carbon technologies.

The Government recognises that any measures, tax or otherwise, need to be proportionate and avoid creating undue distortion or impacts on UK investment.

Lucy Frazer
Financial Secretary (HM Treasury)
22nd Jun 2022
To ask the Chancellor of the Exchequer, whether his Department (a) has made and (b) plans to make an assessment of the potential impact of a windfall tax on electricity generators on the cost of future renewable energy projects.

Within the Economy Update on 26th May, the Chancellor announced the Government is urgently evaluating the scale of extraordinary profits in the energy generation sector and the appropriate next steps.

As part of this process, officials are currently engaging with industry stakeholders, to gather evidence on energy generator’s level of profitability and the operation of their business models.

The PM’s ten-point plan and recent energy security strategy has set the UK on a pathway to a significant movement away from gas generation and towards renewables and low-carbon technologies.

The Government recognises that any measures, tax or otherwise, need to be proportionate and avoid creating undue distortion or impacts on UK investment.

Lucy Frazer
Financial Secretary (HM Treasury)
22nd Jun 2022
To ask the Chancellor of the Exchequer, what recent discussions he has had with representatives of electricity generators on a potential windfall tax on the sector.

Within the Economy Update on 26th May, the Chancellor announced the Government is urgently evaluating the scale of extraordinary profits in the energy generation sector and the appropriate next steps.

As part of this process, officials are currently engaging with industry stakeholders, to gather evidence on energy generator’s level of profitability and the operation of their business models.

The PM’s ten-point plan and recent energy security strategy has set the UK on a pathway to a significant movement away from gas generation and towards renewables and low-carbon technologies.

The Government recognises that any measures, tax or otherwise, need to be proportionate and avoid creating undue distortion or impacts on UK investment.

Lucy Frazer
Financial Secretary (HM Treasury)
23rd Jun 2022
To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential impact of the temporary windfall tax on future investment plans of electricity generation companies.

Within the Economy Update on 26th May, the Chancellor announced the Government is urgently evaluating the scale of extraordinary profits in the energy generation sector and the appropriate next steps.

As part of this process, officials are currently engaging with industry stakeholders, to gather evidence on energy generator’s level of profitability and the operation of their business models.

The PM’s ten-point plan and recent energy security strategy has set the UK on a pathway to a significant movement away from gas generation and towards renewables and low-carbon technologies.

The Government recognises that any measures, tax or otherwise, need to be proportionate and avoid creating undue distortion or impacts on UK investment.

Lucy Frazer
Financial Secretary (HM Treasury)
24th Jun 2022
To ask the Chancellor of the Exchequer, what steps his Department has taken to support people who bought funeral plans from Safe Hands Plans in the context of the closure of that business; and if he will undertake a review of the reasons for the closure of Safe Hands Plans.

In January 2021, the government legislated to bring all pre-paid funeral plan providers and intermediaries within the regulatory remit of the Financial Conduct Authority (FCA). This will ensure that, for the first time, consumers are protected by compulsory and robust regulation.

Safe Hands Plans went into administration in March 2022. The government understands that this will be concerning for customers of Safe Hands and continues to monitor the implementation of regulation in this sector closely.

Dignity’s recent commitment to provide ongoing support to Safe Hands’ customers until November 2022 is welcome. This will ensure that any planholders who pass away during this time will receive a funeral without any additional charge.

The administration process for Safe Hands is an ongoing legal process under the general control of court. This process may provide further information about what has happened at the firm, and the government awaits the outcome with interest.

John Glen
Economic Secretary (HM Treasury)
24th Jun 2022
To ask the Chancellor of the Exchequer, whether his department requested the publication of Towers Waston's calculations of the relative losses of Equitable Life policyholders affected by maladministration.

The methodology for calculating payments to Equitable Life policyholders was published in 2011 and can be found at: www.gov.uk/government/publications/equitable-life-payment-scheme-design.

John Glen
Economic Secretary (HM Treasury)
24th Jun 2022
To ask the Chancellor of the Exchequer, how much of the £1.5 billion in announced by the Treasury for compensating Equitable Life policyholders has not been spent as of 24 June 2022.

At 31 May 2022, the total value of payments made by the Equitable Life Payment Scheme was £1,305,099,430.44

John Glen
Economic Secretary (HM Treasury)
24th Jun 2022
To ask the Chancellor of the Exchequer, what assessment he has made of the impact of levels of unfilled vacancies at the Financial Conduct Authority on the regulator's ability to fulfil its statutory objectives.

The Financial Conduct Authority (FCA) is operationally independent from the Government. Questions about the FCA’s day to day decision making, including details about staffing, budget and spending are matters for the independent FCA.

These questions have therefore been passed to the FCA who will respond directly to the honourable member by letter. A copy of the letter will be placed in the Library of the House.

John Glen
Economic Secretary (HM Treasury)
24th Jun 2022
To ask the Chancellor of the Exchequer, how much the Financial Conduct Authority has spent in the last 12 months on legal fees and advice relating to its dispute with Unite on recognising a trade union.

The Financial Conduct Authority (FCA) is operationally independent from the Government. Questions about the FCA’s day to day decision making, including details about staffing, budget and spending are matters for the independent FCA.

These questions have therefore been passed to the FCA who will respond directly to the honourable member by letter. A copy of the letter will be placed in the Library of the House.

John Glen
Economic Secretary (HM Treasury)
27th Jun 2022
To ask the Chancellor of the Exchequer, whether he has made a recent assessment of the potential effect of a cashless society on the elderly.

The government recognises that while the transition towards digital payments brings many opportunities cash remains an important part of daily life for millions of people across the UK, including those who may be in vulnerable groups or elderly. The government remains closely engaged with the financial regulators, including through the Treasury-chaired Joint Authorities Cash Strategy Group, to monitor trends relating to the use of cash by people and businesses.

In the Queen’s Speech in May 2022 the government announced that it will introduce legislation to protect access to cash as part of the Financial Services and Markets Bill. The government intends to establish the FCA as the lead regulator for access to cash with responsibility to ensure that people can continue to access cash withdrawal and deposit facilities. Through this legislation the government intends to ensure that people can continue to use cash in their day-to-day lives. The Bill will be brought forward when Parliamentary time allows.

John Glen
Economic Secretary (HM Treasury)
27th Jun 2022
To ask the Chancellor of the Exchequer, what steps he plans to take to ensure that victims of financial abuse are not (a) disallowed from mortgages, (b) given poor credit ratings and (c) negatively impacted in other ways by the finance industry.

The Government is strongly committed to tackle financial exclusion and discrimination and aims for everyone, whatever their background or income, to be able to access useful and affordable financial products and services. The Government works closely together with regulators, the financial services industry and other stakeholders, to ensure that all consumers of financial services are appropriately protected.

Industry-agreed principles, rather than government policy, determine what and how information is shared between organisations and Credit Reference Agencies (CRAs). CRAs then hold this information on individuals’ credit files and use it to create a credit score.

Consumers can add a Notice (of up to 200 words) to their credit file explaining any circumstances, such as being a victim of financial abuse, that may impact decisions made about their applications for credit, including mortgages. Lenders should take the content of this Notice into account alongside the other information on the credit file. In addition, the Financial Conduct Authority (FCA) is currently undertaking a Credit Information Market Study which is assessing how the sector is working now and how it may develop in the future. The FCA will publish an interim report in summer 2022.

The FCA is also currently developing a new Consumer Duty, which would require firms to place more emphasis on the needs of all customers, including those who are vulnerable or at risk of being financially excluded. The FCA is required to publish its final rules before the end of July.

Prior to this, in February 2021, the FCA also published its finalised guidance for firms on the fair treatment of vulnerable customers, setting out a number of best practices (https://www.fca.org.uk/publications/finalised-guidance/guidance-firms-fair-treatment-vulnerable-customers).

This applies to all firms where the FCA Principles for Business apply, regardless of sector and in respect of the supply of products or services to retail customers.

John Glen
Economic Secretary (HM Treasury)
27th Jun 2022
To ask the Chancellor of the Exchequer, what recent discussions he has had with the Financial Services Ombudsman about reducing waiting times in both allocating and investigating cases.

The Financial Ombudsman Service (FOS) is an independent non-governmental body. The Treasury is not involved in the day-to-day operations of the FOS and the remit of the FOS is set out by the Financial Conduct Authority. The rules on how the FOS should handle complaints state that ‘The ombudsman will attempt to resolve complaints at the earliest possible stage. Inevitably some cases will be more complex than others and therefore take more time to resolve, however the FOS should deal with all cases in a timely manner.

Nevertheless, the Government agrees that it is vitally important that the FOS should be accountable for its performance and the quality of its work. The FOS answers to a board of directors, appointed by the Financial Conduct Authority, and must make a report each year on the discharge of its functions which is required to be laid before Parliament. This ensures Parliament is able to scrutinise the efficiency, effectiveness and economy with which the FOS carries out its functions. There are also regular meetings between Treasury officials and the FOS where relevant emerging issues are discussed.

John Glen
Economic Secretary (HM Treasury)
27th Jun 2022
To ask the Chancellor of the Exchequer, what assessment he has made of the effect on (a) consumers and (b) SMEs of high unadvertised exchange fees charged by some foreign exchange services.

The Government recognises the importance of transparency of fees and charges in ensuring effective competition between payment service providers.

Where currency conversion is provided as part of a payment transaction, the Payment Services Regulations 2017 make requirements on UK payment service providers regarding disclosure of fees and charges to the payer, for example, the exchange rate used for a currency conversion transaction. Provisions under the Cross Border Payments Regulation, which continue to apply in the UK as part of retained EU law, also contribute to price transparency, with further requirements regarding how foreign exchange costs must be communicated before a payment is made. The Financial Conduct Authority (FCA) is the relevant regulatory authority with responsibility for monitoring and enforcing these requirements, and should the FCA have concerns regarding firms’ compliance with the requirements on fee advertisement, it will take appropriate action as necessary

These regulations, among other things, are intended to enable payment service users such as consumers and SMEs to make informed decisions when making use of payment services, including where currency conversion is offered as part of a payment transaction. The Government has no plans at this time to amend the requirements on firms, but keeps all policy under review.

John Glen
Economic Secretary (HM Treasury)
27th Jun 2022
To ask the Chancellor of the Exchequer, if he will take steps to review the adequacy of the transparency of exchange fees charged to UK consumers by foreign exchange services.

The Government recognises the importance of transparency of fees and charges in ensuring effective competition between payment service providers.

Where currency conversion is provided as part of a payment transaction, the Payment Services Regulations 2017 make requirements on UK payment service providers regarding disclosure of fees and charges to the payer, for example, the exchange rate used for a currency conversion transaction. Provisions under the Cross Border Payments Regulation, which continue to apply in the UK as part of retained EU law, also contribute to price transparency, with further requirements regarding how foreign exchange costs must be communicated before a payment is made. The Financial Conduct Authority (FCA) is the relevant regulatory authority with responsibility for monitoring and enforcing these requirements, and should the FCA have concerns regarding firms’ compliance with the requirements on fee advertisement, it will take appropriate action as necessary

These regulations, among other things, are intended to enable payment service users such as consumers and SMEs to make informed decisions when making use of payment services, including where currency conversion is offered as part of a payment transaction. The Government has no plans at this time to amend the requirements on firms, but keeps all policy under review.

John Glen
Economic Secretary (HM Treasury)
27th Jun 2022
To ask the Chancellor of the Exchequer, what assessment his Department has made of the effectiveness of financial institutions in signing up to the contingent reimbursement model code to protect consumers from authorised push payment fraud.

The Government recognises the actions of the financial services industry to help tackle APP fraud, including the creation of the Contingent Reimbursement Model Code. The Contingent Reimbursement Model (CRM) is a voluntary code which sets out reimbursement standards for signatory Payment Service Providers (PSPs).

With nine of the UK’s largest banks signatory to the Code, the CRM has had some beneficial impacts since its introduction in May 2019. However, while improving matters, the Code comes with limitations, including disparity in how different payment service providers are interpreting their obligations under it, as well as its lack of comprehensive cover across providers.

The Government therefore welcomed the PSR’s recent consultation on APP scams, which set out various potential measures that could improve scam prevention and outcomes, including proposals to introduce mandatory requirements to reimburse victims. The Government has confirmed it intends to legislate to address any barriers regarding regulatory action on mandatory reimbursement when parliamentary time allows, as part of the Financial Services & Markets Bill. Treasury Officials also undertake regular engagement with financial services firms, the Lending Standards Board (who oversee the CRM Code) and other stakeholders, to understand what further action can be taken to protect consumers from APP fraud.

John Glen
Economic Secretary (HM Treasury)
27th Jun 2022
To ask the Chancellor of the Exchequer, what recent discussions his officials have had with financial institutions about signing up to the Contingent Reimbursement Model code.

The Government recognises the actions of the financial services industry to help tackle APP fraud, including the creation of the Contingent Reimbursement Model Code. The Contingent Reimbursement Model (CRM) is a voluntary code which sets out reimbursement standards for signatory Payment Service Providers (PSPs).

With nine of the UK’s largest banks signatory to the Code, the CRM has had some beneficial impacts since its introduction in May 2019. However, while improving matters, the Code comes with limitations, including disparity in how different payment service providers are interpreting their obligations under it, as well as its lack of comprehensive cover across providers.

The Government therefore welcomed the PSR’s recent consultation on APP scams, which set out various potential measures that could improve scam prevention and outcomes, including proposals to introduce mandatory requirements to reimburse victims. The Government has confirmed it intends to legislate to address any barriers regarding regulatory action on mandatory reimbursement when parliamentary time allows, as part of the Financial Services & Markets Bill. Treasury Officials also undertake regular engagement with financial services firms, the Lending Standards Board (who oversee the CRM Code) and other stakeholders, to understand what further action can be taken to protect consumers from APP fraud.

John Glen
Economic Secretary (HM Treasury)
27th Jun 2022
To ask the Chancellor of the Exchequer, if he will ask HMRC to examine individual cases where there is a dispute as to whether a service is provided by a managed service provider.

The Managed Service Companies (MSC) legislation, introduced in 2007, prevents the large-scale promotion of structures where workers work through companies that serve no commercial purpose beyond trying to achieve a tax saving.

The MSC rules require there to be an MSC provider, who is the promoter of these arrangements. It is not the case, however, that all clients of an MSC provider will necessarily be an MSC. HMRC guidance in the Employment Status Manual at ESM3510 sets out the criteria.

If a person disagrees with a tax decision made by HMRC, they have the right to appeal, request a review, or notify the appeal to the tax tribunal.

HMRC, will seek, wherever possible, to handle disputes by working collaboratively with customers. In any dispute, HMRC will seek to establish and understand the relevant evidence and facts as quickly and efficiently as possible.

Lucy Frazer
Financial Secretary (HM Treasury)
23rd Jun 2022
To ask the Chancellor of the Exchequer, what steps he is taking to ensure UK businesses exporting to the EU are not paying high import duties and taxes on their goods.

Under the UK-EU Trade and Co-operation Agreement (TCA), both the UK and the EU agreed to remove tariffs in relation to the goods originating in the UK/EU. This means that goods exported to the EU from GB that meet the preferential rules of origin in the TCA do not incur customs duty.

HMG has and continues to provide extensive support to GB business.

Lucy Frazer
Financial Secretary (HM Treasury)
23rd Jun 2022
To ask the Chancellor of the Exchequer, what steps he is taking to ensure that goods imported from China pay appropriate import duties.

As the customs authority, HMRC works alongside Border Force to ensure that border processes are as smooth as possible, whilst targeting cross-border threats. HMRC uses a risk based and intelligence-led response focusing compliance interventions on tackling the goods and traders that represent highest risks to revenue, the UK economy and wider society, and our international reputation.

HMRC has provided support on GOV.UK to help importers understand the import procedures they need to follow and the duty they need to pay (including on goods from China).

Lucy Frazer
Financial Secretary (HM Treasury)