HM Treasury
HM Treasury is the government’s economic and finance ministry, maintaining control over public spending, setting the direction of the UK’s economic policy and working to achieve strong and sustainable economic growth.
Shadow Ministers / Spokeperson
Liberal Democrat
Baroness Kramer (LD - Life peer)Liberal Democrat Lords Spokesperson (Treasury and Economy)
Daisy Cooper (LD - St Albans)
Liberal Democrat Spokesperson (Treasury)
Green Party
Ellie Chowns (Green - North Herefordshire)Green Spokesperson (Treasury)
Conservative
Andrew Griffith (Con - Arundel and South Downs)Shadow Chancellor of the Exchequer
Liberal Democrat
Bobby Dean (LD - Carshalton and Wallington)Liberal Democrat Spokesperson (Chief Secretary to the Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Richard Fuller (Con - North Bedfordshire)Shadow Chief Secretary to the Treasury
Baroness Neville-Rolfe (Con - Life peer)
Shadow Minister (Treasury)
Lord Altrincham (Con - Life peer)
Shadow Minister (Treasury)
Gareth Davies (Con - Grantham and Bourne)
Shadow Financial Secretary (Treasury)
Peter Bedford (Con - Mid Leicestershire)
Shadow Minister (Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Mark Garnier (Con - Wyre Forest)Shadow Economic Secretary (Treasury)
John Cooper (Con - Dumfries and Galloway)
Shadow Exchequer Secretary (Treasury)
Ministers of State
Emma Reynolds (Lab - Wycombe)Chief Secretary to the Treasury
James Murray (LAB - Ealing North)
Financial Secretary to the Treasury and Paymaster General
Parliamentary Under-Secretaries of State
Torsten Bell (Lab - Swansea West)Parliamentary Secretary (HM Treasury)
Lucy Rigby (Lab - Northampton North)
Economic Secretary (HM Treasury)
Lord Pitt-Watson (Lab - Life peer)
Parliamentary Secretary (HM Treasury)
05:39
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
To ask the Chancellor of the Exchequer, on what date HM Treasury agreed the use of £54 million of Department …
These Regulations extend by 12 months the transitional arrangements under Parts 2 and 3 of the Financial Services (Gibraltar) (Amendment) …
A Bill to make provision in connection with finance.
17:07
News and Communications
HM Treasury Commons Appearances
Oral Answers to Questions is a regularly scheduled appearance where the Secretary of State and junior minister will answer at the Dispatch Box questions from backbench MPs
Other Commons Chamber appearances can be:- Urgent Questions where the Speaker has selected a question to which a Minister must reply that day
- Adjornment Debates a 30 minute debate attended by a Minister that concludes the day in Parliament.
- Oral Statements informing the Commons of a significant development, where backbench MP's can then question the Minister making the statement.
Westminster Hall debates are performed in response to backbench MPs or e-petitions asking for a Minister to address a detailed issue
Written Statements are made when a current event is not sufficiently significant to require an Oral Statement, but the House is required to be informed.
Bills currently before Parliament
HM Treasury does not have Bills currently before Parliament
Acts of Parliament created in the 2024 Parliament
A Bill to Specify the amount of the Sovereign Grant for the financial year 2027-28 and the percentage of the income account net surplus of the Crown Estate to be used by the Royal Trustees to determine the amount of the Sovereign Grant in subsequent financial years; to confer a duty and a power on the Treasury to specify the amount of the Sovereign Grant in subsequent financial years in certain circumstances; and for connected purposes.
This Bill received Royal Assent on 2nd November 2026 and was enacted into law.
A Bill to authorise the use of resources for the year ending with 31 March 2027; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2026.
This Bill received Royal Assent on 15th July 2026 and was enacted into law.
A Bill to Increase the rate of electricity generator levy and mileage amounts relating to income tax and to provide for temporary rates of vehicle excise duty for goods vehicles.
This Bill received Royal Assent on 15th July 2026 and was enacted into law.
A Bill to Make provision to amend section 4 of the Social Security Contributions and Benefits Act 1992, and section 4 of the Social Security Contributions and Benefits (Northern Ireland) Act 1992, so that amounts of salary sacrificed for employer pensions contributions pursuant to optional remuneration arrangements are liable to national insurance contributions.
This Bill received Royal Assent on 29th April 2026 and was enacted into law.
A Bill to make provision in connection with finance.
This Bill received Royal Assent on 18th March 2026 and was enacted into law.
A Bill to Authorise the use of resources for the years ending with 31 March 2025, 31 March 2026 and 31 March 2027; to authorise the issue of sums out of the Consolidated Fund for those years; and to appropriate the supply authorised by this Act for the years ending with 31 March 2025 and 31 March 2026.
This Bill received Royal Assent on 18th March 2026 and was enacted into law.
A Bill to Authorise the use of resources for the year ending with 31 March 2026; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2025.
This Bill received Royal Assent on 21st July 2025 and was enacted into law.
A Bill to make provision about secondary Class 1 contributions.
This Bill received Royal Assent on 3rd April 2025 and was enacted into law.
A Bill to make provision about finance.
This Bill received Royal Assent on 20th March 2025 and was enacted into law.
A Bill to amend the Crown Estate Act 1961.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to Authorise the use of resources for the years ending with 31 March 2024, 31 March 2025 and 31 March 2026; to authorise the issue of sums out of the Consolidated Fund for those years; and to appropriate the supply authorised by this Act for the years ending with 31 March 2024 and 31 March 2025.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to make provision for loans or other financial assistance to be provided to, or for the benefit of, the government of Ukraine.
This Bill received Royal Assent on 16th January 2025 and was enacted into law.
A Bill to impose duties on the Treasury and the Office for Budget Responsibility in respect of the announcement of fiscally significant measures.
This Bill received Royal Assent on 10th September 2024 and was enacted into law.
A Bill to authorise the use of resources for the year ending with 31 March 2025; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2024.
This Bill received Royal Assent on 30th July 2024 and was enacted into law.
HM Treasury - Secondary Legislation
Petitions
e-Petitions are administered by Parliament and allow members of the public to express support for a particular issue.
If an e-petition reaches 10,000 signatures the Government will issue a written response.
If an e-petition reaches 100,000 signatures the petition becomes eligible for a Parliamentary debate (usually Monday 4.30pm in Westminster Hall).
(34,982 in the last 7 days)
(622 in the last 7 days)
(325 in the last 7 days)
(250 in the last 7 days)
(34,982 in the last 7 days)
(133 in the last 7 days)
(325 in the last 7 days)
(10 in the last 7 days)
Petition Closed
Raise the income tax personal allowance from £12,570 to £20,000
Gov Responded - 20 Feb 2025 Debated on - 12 May 2025closed 1 year, 4 months ago
Raise the income tax personal allowance from £12570 to £20000. We think this would help low earners to get off benefits and allow pensioners a decent income.
Petition Closed
Don't change inheritance tax relief for working farms
Gov Responded - 5 Dec 2024 Debated on - 10 Feb 2025closed 1 year, 5 months ago
We think that changing inheritance tax relief for agricultural land will devastate farms nationwide, forcing families to sell land and assets just to stay on their property. We urge the government to keep the current exemptions for working farms.
Petition Closed
Introduce new tax code for state pensioners with double the personal allowance
Gov Responded - 9 Dec 2025closed 7 months, 1 week ago
We want the government to introduce a new tax code for state pensioners, set at double the basic threshold. If this was implemented, pensioners would receive a higher tax-exempt limit, but wealthier pensioners would still pay tax.
Departmental Select Committee
Treasury Committee
Commons Select Committees are a formally established cross-party group of backbench MPs tasked with holding a Government department to account.
At any time there will be number of ongoing investigations into the work of the Department, or issues which fall within the oversight of the Department. Witnesses can be summoned from within the Government and outside to assist in these inquiries.
Select Committee findings are reported to the Commons, printed, and published on the Parliament website. The government then usually has 60 days to reply to the committee's recommendations.
11 Members of the Treasury Committee
Treasury Committee Member since 9th September 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 27th October 2025
Treasury Committee Member since 27th October 2025
Treasury Committee Member since 22nd June 2026
Treasury Committee Member since 26th October 2026
Treasury Committee Member since 26th October 2026
Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)On 16 October, the Government published default values for 2027 and 2028. These are single product-level default values, based on a trade weighted approach with data from the EU excluded.
Alongside this, the Government published a Written Ministerial Statement in committing to introducing country-specific default values for the UK Carbon Border Adjustment Mechanism from 2029. This includes for cement. It is not feasible to introduce country-specific default emissions values before 2029.
That Written Ministerial Statement can be found here:
Written statements - Written questions, answers and statements - UK Parliament
Financial Secretary to the Treasury and Paymaster General
The ECRM business case includes estimated costs for the Software as a Service platform as part of its whole lifecycle costs for up to 15 years. These costs remain indicative and will be refined as the programme progresses. Expenditure will be committed incrementally, with future investment decisions subject to ongoing value for money assessments, assurance and business case approvals.
Financial Secretary to the Treasury and Paymaster General
The Office for National Statistics (ONS) is an independent organisation, and HM Treasury will not attempt to influence the outcome of their review of the statistical classification of water companies. The decision of whether water companies should be classified to the public or private sector is for the ONS.
Economic Secretary (HM Treasury)
The government does not publish information on planned asset disposals due to commercial sensitivities.
Chief Secretary to the Treasury
HMRC's Valuation Office does not use drones, or footage from drones, for council tax or business rates valuations.
Parliamentary Secretary (HM Treasury)
At Budget, Government published the Data Centre Covenant which establishes five tests: lowering electricity bills, investing to improve communities, meeting environmental standards, reindustrialising Britain, and strengthening UK sovereignty. All data centres are encouraged to meet these expectations, and strategically important projects seeking enhanced government support will be required to meet them.
In return for meeting these tests, the Government will establish a new Ministerial Control Centre to consider supportive action. It will be chaired by the Minister for AI, supported by the Exchequer Secretary to the Treasury and relevant ministers from the Department for Energy Security and Net Zero and other departments. It will consider action to accelerate time to power and speed up the planning process for strategically important projects. The Department for Business, Innovation, Science and Trade are developing a framework for assessing strategically important projects. Further details will be set out in due course.
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
The National Wealth Fund (NWF) and British Business Bank (BBB) are operationally independent and assess investment opportunities on a case-by-case basis in line with their investment criteria and due diligence processes. The NWF’s due diligence considers supply-chain exposure to Chinese suppliers and seeks alternatives where appropriate. The BBB operates in line with its Investment Strategy and Banking Strategy, published in its five-year plan in November 2025.
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
HMRC does not hold estimates of the number of people over State Pension Age who will be required to complete a Self Assessment tax return for future years. Producing these estimates would require forecasting individual yearly circumstances over several tax years and then forecasting customer channels ‘for the first time.’
The government has introduced the Pension Tax Allowance (PTA) to reduce the disproportionate administrative burden of paying small amounts of tax for those with income up to the value of the full new State Pension in this Parliament. Most pensioners already pay tax on their income, including their State Pension where applicable. Depending on individual circumstances, tax can be collected through PAYE, Self Assessment or Simple Assessment.
It is estimated that, in 2027 to 2028, the PTA will mean that over 200,000 pensioners will not receive a Simple Assessment bill that they would have otherwise received.
HMRC takes a proportionate approach to the reporting of small amounts of income and collection of tax on those amounts.
Parliamentary Secretary (HM Treasury)
HMRC does not hold estimates of the number of people over State Pension Age who will be required to complete a Self Assessment tax return for future years. Producing these estimates would require forecasting individual yearly circumstances over several tax years and then forecasting customer channels ‘for the first time.’
The government has introduced the Pension Tax Allowance (PTA) to reduce the disproportionate administrative burden of paying small amounts of tax for those with income up to the value of the full new State Pension in this Parliament. Most pensioners already pay tax on their income, including their State Pension where applicable. Depending on individual circumstances, tax can be collected through PAYE, Self Assessment or Simple Assessment.
It is estimated that, in 2027 to 2028, the PTA will mean that over 200,000 pensioners will not receive a Simple Assessment bill that they would have otherwise received.
HMRC takes a proportionate approach to the reporting of small amounts of income and collection of tax on those amounts.
Parliamentary Secretary (HM Treasury)
HMRC does not hold estimates of the number of people over State Pension Age who will be required to complete a Self Assessment tax return for future years. Producing these estimates would require forecasting individual yearly circumstances over several tax years and then forecasting customer channels ‘for the first time.’
The government has introduced the Pension Tax Allowance (PTA) to reduce the disproportionate administrative burden of paying small amounts of tax for those with income up to the value of the full new State Pension in this Parliament. Most pensioners already pay tax on their income, including their State Pension where applicable. Depending on individual circumstances, tax can be collected through PAYE, Self Assessment or Simple Assessment.
It is estimated that, in 2027 to 2028, the PTA will mean that over 200,000 pensioners will not receive a Simple Assessment bill that they would have otherwise received.
HMRC takes a proportionate approach to the reporting of small amounts of income and collection of tax on those amounts.
Parliamentary Secretary (HM Treasury)
HMRC does not hold estimates of the number of people over State Pension Age who will be required to complete a Self Assessment tax return for future years. Producing these estimates would require forecasting individual yearly circumstances over several tax years and then forecasting customer channels ‘for the first time.’
The government has introduced the Pension Tax Allowance (PTA) to reduce the disproportionate administrative burden of paying small amounts of tax for those with income up to the value of the full new State Pension in this Parliament. Most pensioners already pay tax on their income, including their State Pension where applicable. Depending on individual circumstances, tax can be collected through PAYE, Self Assessment or Simple Assessment.
It is estimated that, in 2027 to 2028, the PTA will mean that over 200,000 pensioners will not receive a Simple Assessment bill that they would have otherwise received.
HMRC takes a proportionate approach to the reporting of small amounts of income and collection of tax on those amounts.
Parliamentary Secretary (HM Treasury)
However, historic data on business rates reliefs in England, including Small Business Rates Relief, are published here: National non-domestic rates collected by councils - GOV.UK
Information on COVID-19 business support schemes administered by local authorities is available here: Coronavirus grant funding: local authority payments to small and medium businesses - GOV.UK
Financial Secretary to the Treasury and Paymaster General
However, historic data on business rates reliefs in England, including Small Business Rates Relief, are published here: National non-domestic rates collected by councils - GOV.UK
Information on COVID-19 business support schemes administered by local authorities is available here: Coronavirus grant funding: local authority payments to small and medium businesses - GOV.UK
Financial Secretary to the Treasury and Paymaster General
The department has set out a full plan for how it will meet savings associated with the Bus Fares cap and Defence Investment Plan – that includes a combination of cuts to some programmes and underspends.
Chief Secretary to the Treasury
The UK wide Apprenticeship Levy, which is paid at a rate of 0.5% by employers with an annual pay bill of over £3 million, is not legally hypothecated and, as such, revenues from the levy are paid into the Consolidated Fund and not directly allocated to apprenticeships.
HM Treasury separately sets the apprenticeship budget at each Spending Review. When setting the budget, the Government considers its wider investment in skills, ensuring businesses can benefit from a highly skilled workforce. We are investing over £18 billion a year in skills and post-16 education, including record investment in apprenticeships.
While the Apprenticeship Levy is UK wide, apprenticeship policy and spending is devolved. This means that the devolved governments receive funding through the Barnett formula in relation to English apprenticeship spending as part of their block grant. It is for the devolved governments to allocate their funding in devolved areas as they see fit, including investing in their skills programmes.
The Government is transforming the Apprenticeship Levy into a more flexible Growth and Skills Levy, investing a further £1 billion across the Spending Review period to support more apprenticeships for young people and greater flexibility for employers. On 28 September, the Chancellor announced £100m of investment over two years to expand local apprenticeship services, so that all current mayors are able to deliver tailored local support that helps young people access apprenticeships and supports employers to create apprenticeship opportunities.
Monthly and Annual receipts data for the Apprenticeship Levy in the United Kingdom are published by HM Revenue and Customs in their Tax Receipts and National Insurance Contribution publication.[1] The total receipts from the Apprenticeship Levy over the last 5 years are as follows:
Financial Year | 21-22 | 22-23 | 23-24 | 24-25 | 25-26 |
Apprenticeship Levy receipts | £3,213m | £3,580m | £3,841m | £4,100m | £4,391m |
The final budget position of the Growth and Skills Levy budget for the last 5 financial years in England is:
Financial Year | 21-22 | 22-23 | 23-24 | 24-25 | 25-26 |
|
Growth and Skills Levy Budget | £2,466m | £2,554m | £2,585m | £2,769m | £3,114m |
[1] HMRC tax receipts and National Insurance contributions for the UK - GOV.UK (www.gov.uk)
Parliamentary Secretary (HM Treasury)
The Government is aware of concerns from the fashion sector about the administrative and cost burdens associated with importing and exporting goods and we continue to engage with businesses and representative organisations to understand the practical impacts. This government remains committed to reducing barriers to trade with our closest trading partners. This is why the UK introduced digital ATA carnets on 1 June 2026, making the UK one of the first countries to do so alongside the EU, Switzerland and Norway. Digitising carnets replaces a paper-based process with a secure digital format, making them simpler for importers and exporters, including the fashion industry, to use. ATA Carnets are an optional facilitation, and it is a commercial decision for businesses and individuals whether to use them in place of individual customs declarations.
Parliamentary Secretary (HM Treasury)
The Government is establishing the Innovative Defence Financing Taskforce imminently.
The Defence Finance and Investment Strategy will be published this year. It will set out how Defence will mobilise responsible private capital alongside public investment to accelerate capability delivery, strengthen the UK defence industrial base and support economic growth.
Chief Secretary to the Treasury
The Government is establishing the Innovative Defence Financing Taskforce imminently.
The Defence Finance and Investment Strategy will be published this year. It will set out how Defence will mobilise responsible private capital alongside public investment to accelerate capability delivery, strengthen the UK defence industrial base and support economic growth.
Chief Secretary to the Treasury
The Government takes the issue of fraud very seriously and is dedicated to protecting the public from this devastating crime. Tackling fraud requires a unified and coordinated response from government, regulators, law enforcement and the private sector to better protect the public and businesses from fraud.
The legislation surrounding the sale of timeshares and credit agreements relating to timeshares provides routes of redress where consumers have been misled.
Firstly, it is an offence under the Digital Markets, Competition and Consumers Act 2024 for traders to engage in unfair commercial practices which mislead consumers, and it is punishable by a fine or imprisonment for up to two years. The Act also affords rights of redress for consumers.
Regarding the timeshare market specifically, the Timeshare, Holiday Products, Resale and Exchange Regulations 2010 provide protections for consumers buying and selling timeshares and other long-term “holiday club” memberships, including provision for consumers to withdraw from their contract.
Consumers are protected from fraud in consumer law. Consumers that believe they have been fraudulently sold timeshare products should raise their concerns with the relevant enforcement authorities.
In cases where a consumer took out a regulated financial product to purchase a timeshare, they may have recourse to the Financial Ombudsman Service (FOS) if that product was mis-sold.
Economic Secretary (HM Treasury)
The Consumer Duty is an important part of the wider framework supporting financial inclusion. It requires regulated firms to act to deliver good outcomes for retail consumers, including by ensuring that products and services meet the needs of their target customers, provide fair value, and are supported by communications that consumers can understand
For people with access to products, the Duty helps ensure that firms identify where groups of consumers are experiencing poorer outcomes and take appropriate action to address this. The Duty applies across the customer journey, including the application process, and its focus on good outcomes can help reduce barriers to accessing and using financial services
The Consumer Duty does not require firms to provide products or services to every consumer, and the Financial Conduct Authority (FCA) cannot, on its own, address all the causes of financial exclusion. That is why it is important for the Government to coordinate efforts across industry, civil society, and the regulator to tackle the barriers to financial inclusion and help people access the financial products and services they need. We continue to work closely with the FCA on the delivery of the Financial Inclusion Strategy which is intended to do just that.
Economic Secretary (HM Treasury)
Financial inclusion is a priority for this Government. The Financial Services and Markets Act requires the Treasury to write to the Financial Conduct Authority (FCA) at least once in each Parliament, to make recommendations to the FCA about aspects of the government’s economic policy to which the FCA should have regard when advancing its objectives and discharging its duties. This is known as the “remit letter”. The current remit letter, sent to the FCA by the Chancellor in November 2024, states that the FCA should have regard to reinforcing financial inclusion to enable individuals to access the financial services and products they need to fully participate in the economy.
Under the reforms in the Financial Services and Markets Bill, the FCA will be required to publish long-term strategies that set out its top priorities and the outcomes it is seeking to achieve in advancing its objectives.
The reforms will require the FCA to have regard to its remit letter when preparing or revising its long-term strategy.
The FCA will continue to be required to respond annually to the Treasury’s remit letter, setting out actions it has taken in response to the Government’s recommendations. The FCA’s most recent response, published in July 2026, sets out recent actions taken to support financial inclusion, amongst other things.
More widely, the Government continues to work closely with the FCA on our priorities in relation to financial inclusion. This includes through the Financial Inclusion Strategy which was published last year and includes a range of ambitious measures for Government and industry to improve the financial inclusion and resilience for underserved groups across the UK. The FCA has a key role in the delivery of interventions and is represented on the Financial Inclusion Committee who are supporting and monitoring the successful implementation of the Strategy.
Economic Secretary (HM Treasury)
As published in HMRC’s 2026 annual savings statistics, approximately 22% of matured accounts are unclaimed. This is down from 25% in April 2025, 29% in April 2024 and 35% in April 2023.
HMRC provides a free GOV.UK tracing service and works with providers and other organisations to raise awareness and help young people locate their accounts. HMRC undertakes regular communications activities and works with external partners such as the Universities and Colleges Admissions Service to raise awareness.
Additionally, HMRC is planning to write to all 21 year olds with unclaimed accounts informing of their account provider and how to access their funds. HMRC is also undertaking research to better understand the barriers that prevent some young people from accessing their savings.
The Government has also established a dedicated Child Trust Fund Taskforce, bringing together Government and industry to help reunite young people with their Child Trust Funds. As part of its work, the Taskforce will examine what is most effective in helping young adults understand how to access their Child Trust Funds and encouraging them to take action
HMRC does not hold information on the geographical locations of Child Trust Fund account holders. Therefore, the requested regional breakdowns cannot be provided.
Economic Secretary (HM Treasury)
As published in HMRC’s 2026 annual savings statistics, approximately 22% of matured accounts are unclaimed. This is down from 25% in April 2025, 29% in April 2024 and 35% in April 2023.
HMRC provides a free GOV.UK tracing service and works with providers and other organisations to raise awareness and help young people locate their accounts. HMRC undertakes regular communications activities and works with external partners such as the Universities and Colleges Admissions Service to raise awareness.
Additionally, HMRC is planning to write to all 21 year olds with unclaimed accounts informing of their account provider and how to access their funds. HMRC is also undertaking research to better understand the barriers that prevent some young people from accessing their savings.
The Government has also established a dedicated Child Trust Fund Taskforce, bringing together Government and industry to help reunite young people with their Child Trust Funds. As part of its work, the Taskforce will examine what is most effective in helping young adults understand how to access their Child Trust Funds and encouraging them to take action
HMRC does not hold information on the geographical locations of Child Trust Fund account holders. Therefore, the requested regional breakdowns cannot be provided.
Economic Secretary (HM Treasury)
As published in HMRC’s 2026 annual savings statistics, approximately 22% of matured accounts are unclaimed. This is down from 25% in April 2025, 29% in April 2024 and 35% in April 2023.
HMRC provides a free GOV.UK tracing service and works with providers and other organisations to raise awareness and help young people locate their accounts. HMRC undertakes regular communications activities and works with external partners such as the Universities and Colleges Admissions Service to raise awareness.
Additionally, HMRC is planning to write to all 21 year olds with unclaimed accounts informing of their account provider and how to access their funds. HMRC is also undertaking research to better understand the barriers that prevent some young people from accessing their savings.
The Government has also established a dedicated Child Trust Fund Taskforce, bringing together Government and industry to help reunite young people with their Child Trust Funds. As part of its work, the Taskforce will examine what is most effective in helping young adults understand how to access their Child Trust Funds and encouraging them to take action
HMRC does not hold information on the geographical locations of Child Trust Fund account holders. Therefore, the requested regional breakdowns cannot be provided.
Economic Secretary (HM Treasury)
As published in HMRC’s 2026 annual savings statistics, approximately 22% of matured accounts are unclaimed. This is down from 25% in April 2025, 29% in April 2024 and 35% in April 2023.
HMRC provides a free GOV.UK tracing service and works with providers and other organisations to raise awareness and help young people locate their accounts. HMRC undertakes regular communications activities and works with external partners such as the Universities and Colleges Admissions Service to raise awareness.
Additionally, HMRC is planning to write to all 21 year olds with unclaimed accounts informing of their account provider and how to access their funds. HMRC is also undertaking research to better understand the barriers that prevent some young people from accessing their savings.
The Government has also established a dedicated Child Trust Fund Taskforce, bringing together Government and industry to help reunite young people with their Child Trust Funds. As part of its work, the Taskforce will examine what is most effective in helping young adults understand how to access their Child Trust Funds and encouraging them to take action
HMRC does not hold information on the geographical locations of Child Trust Fund account holders. Therefore, the requested regional breakdowns cannot be provided.
Economic Secretary (HM Treasury)
All our communications are done in line with the MacPherson principles. The announcement on standing charges was made publicly via a press release at 06:48 on 28 October 2026. It was announced separately from Budget in the usual way – via a press release
Martin Lewis was not given advance briefing on any of the Budget announcements made by the Chancellor in the House.
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
As set out in the answer of 15 April, the UK is not currently contributing to EU Cohesion Funds as a consequence of the UK/EU reset. Whilst discussions have begun on the EU's proposal to establish a mechanism for a UK financial contribution towards reducing economic and social disparities between the regions of the Union as part of participation in the Internal Electricity Market, any UK financial contribution would be subject to negotiations with the EU, and no contributions have yet been made or agreed upon.
Separately, the UK, EU and Ireland co-fund the Peace Plus programme per the agreement of March 2023.
Economic Secretary (HM Treasury)
The Financial Ombudsman Service (FOS) recently answered a similar question from Lord Foulkes of Cumnock and a copy of the letter was placed in the Library of the House of Lords.
In the letter, the FOS confirmed that it dismissed 680 complaints without consideration of their merits in the 2025-26 financial year, on the basis that doing so would have seriously impaired the effective operation of the FOS.
In the same period, it received over 223,000 complaints in total, meaning that cases dismissed on this basis represented approximately 0.31% of its overall annual caseload.
The Treasury does not hold the other information requested. The FOS will respond to the Honourable Member regarding those points by letter and a copy of the letter will be placed in the Library of the House of Commons.
Economic Secretary (HM Treasury)
HM Treasury is fully supportive of MOD’s efforts to drive the reform of defence procurement led by the National Armaments Director, achieving better value for money, faster frontline delivery, and the reforms to contracting as set out in the Defence Industrial Strategy.
Chief Secretary to the Treasury
The Growth Mission Fund was announced at the Spending Review in June 2025 and is now fully allocated. It was designed to support local economic growth through job creation, regeneration, heritage maintenance and local growth initiatives, with flexibility to fund projects that missed out on previous and current funding programmes.
All projects undergo due diligence and require a full business case. The responsible department reviews business cases to ensure compliance with the Treasury’s Green Book, the Government’s recommended framework for developing business cases and ensuring value for money.
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
In line with the confidentiality provisions of the Memorandum of Understanding (MoU) between HM Government, local authorities and JP Morgan, a copy of the MoU will not be published at this stage.
Financial Secretary to the Treasury and Paymaster General
I would refer the Honourable member to the published summary business case and Accounting Officer Assessment for the Enterprise Customer Relationship Management programme. These set out the options considered and the recommended option for a flexible, scalable and future AI-enabled solution.
Sovereignty was built into the ECRM procurement requirements from the outset, alongside robust requirements for security, resilience, data protection and control of HMRC data, ensuring the solution meets HMRC’s requirements for protecting sensitive taxpayer information and maintaining appropriate operational control.
Financial Secretary to the Treasury and Paymaster General
For domestic properties that were not metered, water charges were historically based on the property’s rateable value. The rateable values shown in the 1973 rating lists were based on an estimate of the annual rent at which a property might reasonably have been let as at 1 April 1973.
The 1973 rating lists remained in force until 31 March 1990. Following the abolition of domestic rates in England, there was no requirement to carry out further domestic rating revaluations for this or any other purpose.
The 1973 rating lists were closed some years ago and have since been disposed of in accordance with the relevant retention and disposal policy. The Valuation Office therefore no longer holds the underlying rating list information for water companies to access, and it is no longer possible to amend or challenge those historic rateable values.
Financial Secretary to the Treasury and Paymaster General
The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.
Financial Secretary to the Treasury and Paymaster General
The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.
Financial Secretary to the Treasury and Paymaster General
Manufacturing businesses will continue to benefit from the £4.3 billion support package announced at Autumn Budget 2025 to protect ratepayers from large bill increases following the 2026 revaluation. This includes a redesigned transitional relief scheme, funded until the 2029 revaluation, which provides more generous support for properties paying the high-value multiplier, including key Industrial Strategy properties.
The Chancellor makes decisions on tax policy at fiscal events, and does not routinely comment on proposals.
Financial Secretary to the Treasury and Paymaster General
At Budget 2026 the Government announced that it will deem the larger operators with annual fare turnover above a certain threshold liable for 20% VAT on the full value of their fares from 2 January 2028.
The government will shortly publish a consultation to confirm the level of annual fare turnover threshold this will apply to.
The measure itself does not place any new VAT obligations on drivers nor does it change existing employment or worker status protections. Decisions about fares, commission rates and commercial arrangements are matters for individual businesses.
Financial Secretary to the Treasury and Paymaster General
At Budget 2026 the Government announced that it will deem the larger operators with annual fare turnover above a certain threshold liable for 20% VAT on the full value of their fares from 2 January 2028.
The government will shortly publish a consultation to confirm the level of annual fare turnover threshold this will apply to.
The measure itself does not place any new VAT obligations on drivers nor does it change existing employment or worker status protections. Decisions about fares, commission rates and commercial arrangements are matters for individual businesses.
Financial Secretary to the Treasury and Paymaster General
93,000 people over the state pension age received a penalty for late submission of a Self Assessment tax return in the 2024-25, the most recent tax year for which figures are available. HMRC issue SA returns to customers where the information suggests that they meet the published criteria to complete one. HMRC encourage customers to contact us if they believe they do not need to file a return and do offer tailored support through our Extra Support Teams if for example the customer has difficulty in contacting HMRC or has a health condition, find further information here: https://www.gov.uk/get-help-hmrc-extra-support. Where they do so, HMRC will review the position and, if in agreement and if the customer has not yet filed their return, HMRC will withdraw the notice to file and cancel any related late filing penalties. Details of what actions customers need to take is set out in reminder letters and messages every year.
Parliamentary Secretary (HM Treasury)
The Office for Budget Responsibility (OBR) has full discretion over its forecast methodology and the judgements underpinning its forecasts, including its assessment of the impact of government policies. HM Treasury shares policy detail and analysis when requested by the OBR, in line with the OBR’s legislative right of access to government information to complete its duty. The OBR sets out in its Economic and Fiscal Outlook the government policies it has assessed and reflected in its forecast.
Chief Secretary to the Treasury
The Government is committed to bringing down energy costs for businesses and manufacturers across the economy.
By introducing a new comprehensive Cost Control Framework at Spending Review 2027, accelerating grid infrastructure, reducing constraints on the system and pursuing electricity market reform, we will tackle the structural drivers of high electricity costs and bring down bills over time for all businesses, not just those eligible for direct support through the British Industrial Competitiveness Scheme.
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
The Cost Control Framework will help bear down on industrial energy costs by putting greater discipline around future costs being placed onto bills.
There will be no new policy costs on bills until the government introduces a new comprehensive Cost Control Framework at Spending Review 2027 that will set budgets for components of energy costs, including policy cost, supporting the Government’s wider commitment to bring down energy costs. This has already led the Government to drop plans to introduce the Gas Shipper Obligation from 2027.
Exchequer Secretary (Cabinet Office) (Jointly with HM Treasury)
The 2025 Spending Review settlement provides HMRC with the investment to modernise its customer management capabilities and to deliver its transformation plan. Funding for the ECRM Programme is being met from HMRC's settlement and does not change the Spending Review settlements of other government departments. HMRC will continue to share learning and insights from this programme with other government departments.
Chief Secretary to the Treasury
HMRC’s Enterprise Customer Relationship Management (ECRM) Programme business case was approved by HM Treasury in April 2026, supported by Cabinet Office and Government Digital Service functional assurance, in line with usual process.
ECRM forms part of the Government Major Projects Portfolio and remains subject to external oversight. An independent March 2026 review provided an Amber delivery confidence assessment.
Chief Secretary to the Treasury
This Government is introducing the Pension Tax Allowance to reduce the administrative burden for some pensioners who would otherwise have a small amount of tax to pay.
HMRC has not estimated the number of people over State Pension Age who will be required to complete a Self-Assessment tax return for future years. Producing these estimates would require forecasting individual yearly circumstances over several tax years and then forecasting which customer channels are used.
Estimates of the impact of the Pension Tax Allowance, including on the number of pensioners who will not receive a Simple Assessment due to this measure, are available here: Reduction in Income Tax for eligible pensioners - GOV.UK
When it comes to issuing and collecting Simple Assessment, HMRC takes a proportionate approach to the reporting of small amounts of income and collection of tax on those amounts.
The Pension Tax Allowance is calculated based on your total income, regardless of the source or sources of that income. Provided your income is under or at the full value of the new State Pension or your income is within the withdrawal range, you will be eligible for the Pension Tax Allowance. This means that individuals on the same total income, with or without private pension income, are treated identically with regard to the Pension Tax Allowance.
It has always been the case that pension income, including the State Pension and private pensions, is taxable and contributes to funding vital public services. The vast majority of pensioners paid income tax under the last Conservative government. Depending on individual circumstances, tax can be collected through PAYE, Self-Assessment or Simple Assessment. If a Simple Assessment is required, HMRC will contact the individual to inform them of their liability, as has always been the case.
HMRC keeps customer demand and its telephone services under review. The department considers the impact of changes in customer demand as part of its operational planning and deploys resources flexibly across services according to customer need.
Parliamentary Secretary (HM Treasury)
This Government is introducing the Pension Tax Allowance to reduce the administrative burden for some pensioners who would otherwise have a small amount of tax to pay.
HMRC has not estimated the number of people over State Pension Age who will be required to complete a Self-Assessment tax return for future years. Producing these estimates would require forecasting individual yearly circumstances over several tax years and then forecasting which customer channels are used.
Estimates of the impact of the Pension Tax Allowance, including on the number of pensioners who will not receive a Simple Assessment due to this measure, are available here: Reduction in Income Tax for eligible pensioners - GOV.UK
When it comes to issuing and collecting Simple Assessment, HMRC takes a proportionate approach to the reporting of small amounts of income and collection of tax on those amounts.
The Pension Tax Allowance is calculated based on your total income, regardless of the source or sources of that income. Provided your income is under or at the full value of the new State Pension or your income is within the withdrawal range, you will be eligible for the Pension Tax Allowance. This means that individuals on the same total income, with or without private pension income, are treated identically with regard to the Pension Tax Allowance.
It has always been the case that pension income, including the State Pension and private pensions, is taxable and contributes to funding vital public services. The vast majority of pensioners paid income tax under the last Conservative government. Depending on individual circumstances, tax can be collected through PAYE, Self-Assessment or Simple Assessment. If a Simple Assessment is required, HMRC will contact the individual to inform them of their liability, as has always been the case.
HMRC keeps customer demand and its telephone services under review. The department considers the impact of changes in customer demand as part of its operational planning and deploys resources flexibly across services according to customer need.
Parliamentary Secretary (HM Treasury)
This Government is introducing the Pension Tax Allowance to reduce the administrative burden for some pensioners who would otherwise have a small amount of tax to pay.
HMRC has not estimated the number of people over State Pension Age who will be required to complete a Self-Assessment tax return for future years. Producing these estimates would require forecasting individual yearly circumstances over several tax years and then forecasting which customer channels are used.
Estimates of the impact of the Pension Tax Allowance, including on the number of pensioners who will not receive a Simple Assessment due to this measure, are available here: Reduction in Income Tax for eligible pensioners - GOV.UK
When it comes to issuing and collecting Simple Assessment, HMRC takes a proportionate approach to the reporting of small amounts of income and collection of tax on those amounts.
The Pension Tax Allowance is calculated based on your total income, regardless of the source or sources of that income. Provided your income is under or at the full value of the new State Pension or your income is within the withdrawal range, you will be eligible for the Pension Tax Allowance. This means that individuals on the same total income, with or without private pension income, are treated identically with regard to the Pension Tax Allowance.
It has always been the case that pension income, including the State Pension and private pensions, is taxable and contributes to funding vital public services. The vast majority of pensioners paid income tax under the last Conservative government. Depending on individual circumstances, tax can be collected through PAYE, Self-Assessment or Simple Assessment. If a Simple Assessment is required, HMRC will contact the individual to inform them of their liability, as has always been the case.
HMRC keeps customer demand and its telephone services under review. The department considers the impact of changes in customer demand as part of its operational planning and deploys resources flexibly across services according to customer need.
Parliamentary Secretary (HM Treasury)
This Government is introducing the Pension Tax Allowance to reduce the administrative burden for some pensioners who would otherwise have a small amount of tax to pay.
HMRC has not estimated the number of people over State Pension Age who will be required to complete a Self-Assessment tax return for future years. Producing these estimates would require forecasting individual yearly circumstances over several tax years and then forecasting which customer channels are used.
Estimates of the impact of the Pension Tax Allowance, including on the number of pensioners who will not receive a Simple Assessment due to this measure, are available here: Reduction in Income Tax for eligible pensioners - GOV.UK
When it comes to issuing and collecting Simple Assessment, HMRC takes a proportionate approach to the reporting of small amounts of income and collection of tax on those amounts.
The Pension Tax Allowance is calculated based on your total income, regardless of the source or sources of that income. Provided your income is under or at the full value of the new State Pension or your income is within the withdrawal range, you will be eligible for the Pension Tax Allowance. This means that individuals on the same total income, with or without private pension income, are treated identically with regard to the Pension Tax Allowance.
It has always been the case that pension income, including the State Pension and private pensions, is taxable and contributes to funding vital public services. The vast majority of pensioners paid income tax under the last Conservative government. Depending on individual circumstances, tax can be collected through PAYE, Self-Assessment or Simple Assessment. If a Simple Assessment is required, HMRC will contact the individual to inform them of their liability, as has always been the case.
HMRC keeps customer demand and its telephone services under review. The department considers the impact of changes in customer demand as part of its operational planning and deploys resources flexibly across services according to customer need.
Parliamentary Secretary (HM Treasury)
This Government is introducing the Pension Tax Allowance to reduce the administrative burden for some pensioners who would otherwise have a small amount of tax to pay.
HMRC has not estimated the number of people over State Pension Age who will be required to complete a Self-Assessment tax return for future years. Producing these estimates would require forecasting individual yearly circumstances over several tax years and then forecasting which customer channels are used.
Estimates of the impact of the Pension Tax Allowance, including on the number of pensioners who will not receive a Simple Assessment due to this measure, are available here: Reduction in Income Tax for eligible pensioners - GOV.UK
When it comes to issuing and collecting Simple Assessment, HMRC takes a proportionate approach to the reporting of small amounts of income and collection of tax on those amounts.
The Pension Tax Allowance is calculated based on your total income, regardless of the source or sources of that income. Provided your income is under or at the full value of the new State Pension or your income is within the withdrawal range, you will be eligible for the Pension Tax Allowance. This means that individuals on the same total income, with or without private pension income, are treated identically with regard to the Pension Tax Allowance.
It has always been the case that pension income, including the State Pension and private pensions, is taxable and contributes to funding vital public services. The vast majority of pensioners paid income tax under the last Conservative government. Depending on individual circumstances, tax can be collected through PAYE, Self-Assessment or Simple Assessment. If a Simple Assessment is required, HMRC will contact the individual to inform them of their liability, as has always been the case.
HMRC keeps customer demand and its telephone services under review. The department considers the impact of changes in customer demand as part of its operational planning and deploys resources flexibly across services according to customer need.
Parliamentary Secretary (HM Treasury)