Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the impact of a potential wealth tax on the number of UK residents leaving the UK.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government is committed to making sure the wealthiest in our society pay their fair share of tax. That is why the Chancellor announced a series of reforms at the Budget in 2024 to help fix the public finances in as fair a way as possible.  These and other decisions announced at the Budget in 2024 will help repair the public finances and fund public services such as the NHS and education.

Successful businesses and entrepreneurs who create jobs and wealth are the driving engine of the Government’s mission to increase economic growth. We will support them to succeed.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the risk of bookmakers promoting more harmful online gaming products over sports betting as a result of the proposed Remote Betting and Gaming Duty.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government is consulting on proposals to simplify the current gambling tax system by merging the three taxes that cover remote gambling, including online gambling, into one. The Government welcomes views from stakeholders as part of the consultation process.

The Government will consider all evidence provided as part of the consultation before taking a final decision on the proposed reform.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the effect of the increase in employer National Insurance contributions and of the tax changes in the Autumn Budget 2024 on private sector investment.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

Forecasting the economy, including the impact of Government policy decisions, is the responsibility of the independent Office for Budget Responsibility (OBR).

The OBR does not routinely publish estimates of the impact of individual policy measures on private sector investment. The October 2024 Economic and Fiscal Outlook – in particular paragraphs 3.67 to 3.73 – discuss the impact of the Budget package as a whole on the economy. [1]

[1] You can access the link to the October 2024 Economic and Fiscal Outlook here: https://obr.uk/efo/economic-and-fiscal-outlook-october-2024/

Question to the HM Treasury:

To ask His Majesty's Government what impact assessments they have carried out in relation to a wealth tax.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government is committed to making sure the wealthiest in our society pay their fair share of tax. That is why the Chancellor announced a series of reforms at the Budget in 2024 to help fix the public finances in as fair a way as possible.  These and other decisions announced at the Budget in 2024 will help repair the public finances and fund public services such as the NHS and education.

Question to the HM Treasury:

To ask His Majesty's Government whether the Trader Support Service procurement process includes assessment of bidders' previous contract performance.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Trader Support Services contract is being procured in compliance with the Public Contracts Regulations 2015. As part of its procurement process, HMRC rigorously assesses any bidders and proposed contracts to ensure their suitability to deliver this service.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions she has had with business groups on the impact of increases to employer's National Insurance contributions.

Answered by James Murray - Exchequer Secretary (HM Treasury)

Ministers and officials from multiple Government departments have had meetings with organisations which have covered this matter since Autumn Budget 2024.

A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer NICs. The TIIN sets out the impact of the policy on the exchequer, the economic impacts of the policy, and the impacts on individuals, businesses, and civil society organisations, as well as an overview of the equality impacts.

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

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to support family owned businesses with annual turnover above £100 million.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

Government Ministers and Senior Officials regularly meet with businesses of all sizes, from large corporations to SMEs, including family-owned businesses with an annual turnover of above £100 million. These meetings afford an opportunity for the Government to hear the views of the business community to aid in the formation of policy, including fiscal policy. These engagements are ongoing and will continue to be so.

Further information on previous meetings held by HM Treasury Ministers and can be found on the gov.uk website via this link: https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how her Department plans to quantify the (a) costs and (b) savings associated with the adoption of artificial intelligence in (i) health, (ii) defence, (iii) education and (iv) other public services; and whether she considered including such an assessment in the recent Fiscal Risks and Sustainability report.

Answered by Darren Jones - Chief Secretary to the Treasury

The government has committed to invest in upgrading essential digital infrastructure, modernise public services and drive a major overhaul in government productivity and efficiency by harnessing the power of Artificial Intelligence (AI). The Spending Review 2025 sets out plans for a step change in investment in digital and AI across public services, including an uplift of £1.2 billion for the Department for Science, Innovation and Technology (DSIT) to drive forward cross-cutting digital and AI priorities.

HM Treasury has not made a central assessment of AI adoption costs and savings in each public service area. The Office for Budget Responsibility (OBR) provides independent analysis of the UK's public finances and publishes the Fiscal Risk and Sustainability Report and, as such, determine the scope and details within the report. The OBR has full discretion over the judgements underpinning their forecasts.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she has had recent discussions with the Secretary of State for Health and Social Care on the (a) cost to the NHS of prescribing weight loss medications and (b) the projected cost savings from reduced obesity-related illness.

Answered by Darren Jones - Chief Secretary to the Treasury

The Chancellor regularly discusses a wide range of policy issues with the Secretary of State for Health and Social Care.

For medicines to be provided by the NHS they must meet strict cost-effectiveness thresholds set by NICE. For tirzepatide, a weightloss jab, evidence submitted by NHS England to NICE last year suggested a potential cost of £19.4bn for the drug, the patient management and the associated care over the first five years from launch if made available to all eligible patients. The NHS is working with partners, including supplies of medicines for weight management, to develop and evaluate innovative delivery models which may support more efficient implementation

NICE recommended the NHS begin rolling out trizepatide, for people with a BMI of more than 35 and at least one weight-related illness. In total around 220,000 people are expected to benefit in the initial three year roll out period.

The obesity crisis currently costs the NHS an estimated £11.4 billion per year and has significant wider economic and social costs, so tackling this will help to drive long term economic growth.

That is why the 10 year health plan, published on 3rd July 2025, set out Government’s plans for decisive action on the obesity crisis, easing the strain on our NHS and creating the healthiest generation of children ever.

The Plan sets out a commitment to support people living with obesity, doubling the number of patients able to access the NHS Digital Weight Management Programme and brokering pioneering relationships with the biggest pharmaceutical companies to expand access to weight loss services and treatments across the NHS.

The Plan also committed to fulfilling manifesto commitments to restrict junk food advertising and ban sale of high-caffeine drinks. Additionally it announced new proposals to reduce obesity including for large food businesses to report against standardised metrics on healthier food sales along with new targets to increase the healthiness of sales, and updating the Nutrient Profile Model to bring the current advertising and promotion restrictions up to date and make them more impactful.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what the value is of financial guarantees provided by the National Wealth Fund to support social housing retrofit loans provided by (a) NatWest Group, (b) Barclays UK Corporate Bank, (c) Lloyds Banking Group and (d) The Housing Finance Corporation since October 2024.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

The National Wealth Fund (NWF) has committed £1.3bn total guarantees for social housing retrofit to help mobilise private capital into the social housing sector at scale. As of July 2025, the NWF has committed to providing guarantees of up to:

a. £400m for NatWest Group

2. £350m for Barclays UK Corporate Bank

3. £400m for Lloyds Banking Group

3. £150m for The Housing Finance Corporation.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps her Department is taking to help make the HM Revenue and Customs helpline more accessible to customers.

Answered by James Murray - Exchequer Secretary (HM Treasury)

HMRC publish monthly performance data, including information on their telephony service, which can be found here: https://www.gov.uk/government/collections/hmrc-monthly-performance-reports.

Improving day-to-day performance is one of the Government’s key priorities for HMRC.

A key part of this plan is expanding HMRC’s digital services. This will reduce pressure on phone lines, freeing up HMRC advisors to help those who are digitally excluded, have complex tax affairs, or find themselves in vulnerable circumstances.

As of 2024-25, there were more than 5.9 million users of the HMRC app, which allows people to manage their tax affairs quickly and easily.

HMRC’s Transformation Roadmap sets out further steps to improve the customer experience for taxpayers, agents, and businesses. The Transformation Roadmap can be found here: https://www.gov.uk/government/publications/hmrc-transformation-roadmap

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the adequacy of the performance of the HM Revenue and Customs helpline.

Answered by James Murray - Exchequer Secretary (HM Treasury)

HMRC publish monthly performance data, including information on their telephony service, which can be found here: https://www.gov.uk/government/collections/hmrc-monthly-performance-reports.

Improving day-to-day performance is one of the Government’s key priorities for HMRC.

A key part of this plan is expanding HMRC’s digital services. This will reduce pressure on phone lines, freeing up HMRC advisors to help those who are digitally excluded, have complex tax affairs, or find themselves in vulnerable circumstances.

As of 2024-25, there were more than 5.9 million users of the HMRC app, which allows people to manage their tax affairs quickly and easily.

HMRC’s Transformation Roadmap sets out further steps to improve the customer experience for taxpayers, agents, and businesses. The Transformation Roadmap can be found here: https://www.gov.uk/government/publications/hmrc-transformation-roadmap

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to encourage banks to use community development finance institutions.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

The Government recognises that credit, when provided responsibly, can be crucial for people facing unexpected expenses or managing their cash flow. That is why it is committed to expanding access to affordable credit, so that everyone has the opportunity to access products and services which support their financial wellbeing and goals.

Community development finance institutions (CDFIs) play an important role in that landscape. I was pleased to chair a roundtable earlier in July attended by banks and CDFIs, where we had a productive discussion about the barriers to achieving greater growth for CDFIs providing personal lending products. The ambition I saw gives me confidence this sector will continue to grow, helping more people achieve their financial goals.

CDFIs also play an important role in helping businesses access finance. In November 2024 the British Business Bank launched the Community ENABLE Funding (CEF) Programme which aims to deploy £150m of funding to ‘not for profit’ lenders, including CDFIs, over the next two years. This means they can better support small and medium-sized enterprises, especially those in underserved communities, by increasing the availability of finance.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions her Department has had with the International Monetary Fund on the borrowing rates being paid by the UK government.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

The Government does not comment on specific financial market movements. Financial market movements including gilt yields are determined by a wide range of international and domestic factors. Demand for UK debt remains strong, and we continue to monitor developments.

As part of ongoing engagement with many different stakeholders relevant to the conduct of economic and fiscal policy, the Government engages regularly and constructively with the IMF, and values their independent advice.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to consult family-owned businesses with annual turnover above £100 million on potential fiscal policies.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

Government Ministers and Senior Officials regularly meet with businesses of all sizes, from large corporations to SMEs, including family-owned businesses with an annual turnover of above £100 million. These meetings afford an opportunity for the Government to hear the views of the business community to aid in the formation of policy, including fiscal policy. These engagements are ongoing and will continue to be so.

Further information on previous meetings held by HM Treasury Ministers and can be found on the gov.uk website via this link: https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of introducing vehicle tax reductions for people in receipt of attendance allowance.

Answered by James Murray - Exchequer Secretary (HM Treasury)

Vehicle Excise Duty (VED) applies to vehicles used or kept on public roads. Different rates apply to cars, vans, and motorcycles, and the rate for each vehicle is calculated according to a range of factors, such as its date of first registration, weight, or CO2 emissions.

For individuals who develop a disability after the State Pension age, Attendance Allowance (AA) is a non means-tested benefit which provides targeted help with the extra costs of disability and helps them maintain their independence. While the intention is for AA to cover the need for care or supervision an individual requires as a result of their disability, individuals may choose to use their AA to fund mobility aids.

However, AA does not have a specific mobility component, and therefore does not include an exemption from or reduction in VED. The government has no current plans to review or amend this longstanding policy.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she has considered the potential merits of increasing draft duty relief for (a) consumers (b pubs and (c breweries in Bexleyheath and Crayford constituency.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Chancellor’s draught rate cut at Autumn Budget 2024 applied to approximately 60% of the alcoholic drinks sold in pubs.

Draught beer and cider now pay 13.9% less in duty than their packaged equivalents – a 50% increase on the previous draught discount of 9.2%. This took a penny of duty off a typical strength pint.

Draught beer and cider now pay 13.9% less in duty than their packaged equivalents – a 50% increase on the previous draught discount of 9.2%.

The Chancellor makes decisions on tax policy at fiscal events. The Government welcomes representations from the beer and pub sectors in advance of the Budget.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the potential impact of draught beer duty relief on the viability of pubs in (a) rural areas and (b) newly developed communities.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Chancellor’s draught rate cut at Autumn Budget 2024 applied to approximately 60% of the alcoholic drinks sold in pubs.

Draught beer and cider now pay 13.9% less in duty than their packaged equivalents – a 50% increase on the previous draught discount of 9.2%. This took a penny of duty off a typical strength pint.

Draught beer and cider now pay 13.9% less in duty than their packaged equivalents – a 50% increase on the previous draught discount of 9.2%.

The Chancellor makes decisions on tax policy at fiscal events. The Government welcomes representations from the beer and pub sectors in advance of the Budget.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of increasing draft duty relief for (a) consumers (b) pubs and (c) breweries in Poole constituency.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Chancellor’s draught rate cut at Autumn Budget 2024 applied to approximately 60% of the alcoholic drinks sold in pubs.

Draught beer and cider now pay 13.9% less in duty than their packaged equivalents – a 50% increase on the previous draught discount of 9.2%. This took a penny of duty off a typical strength pint.

Draught beer and cider now pay 13.9% less in duty than their packaged equivalents – a 50% increase on the previous draught discount of 9.2%.

The Chancellor makes decisions on tax policy at fiscal events. The Government welcomes representations from the beer and pub sectors in advance of the Budget.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether her Department's long-term fiscal modelling includes assumptions on the potential impact of artificial intelligence on levels of productivity.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether her Department has produced internal modelling on the potential fiscal impacts of artificial intelligence.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions her Department has had with cancer charities on the cost of travel insurance for people with cancer.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

Treasury Ministers and officials regularly engage with a variety of stakeholders, including other departments, representatives of the insurance industry and consumer groups, on a range of issues.

The government recognises the important role of insurance products, including travel insurance, in building the financial resilience of consumers and protecting them when things go wrong. That is why the government is determined that everyone has access to suitable insurance products at the right price.

The Financial Conduct Authority (FCA) is the independent body responsible for regulating and supervising the financial services industry, including firms providing travel insurance.

Under FCA rules introduced in 2021, if a travel insurance customer is declined cover, offered cover with an exclusion, or charged a significantly higher premium based on their pre-existing medical condition, insurers are required to signpost consumers to a directory of specialist providers who may be better placed to provide cover

FCA rules also require insurers to offer products that provide fair value. This means that the price a consumer pays for a product or service must be reasonable compared to the overall benefits they can expect to receive.

The FCA has robust powers to act against firms that fail to comply with its rules, and the FCA actively monitors the insurance sector. For example, today it published a review of claims handling in home and travel insurance, highlighting examples of good practices and areas where improvements need to be made.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she has made an assessment of the potential impact of taxation of the oil and gas sector on levels of future development in the North Sea.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government is taking a responsible and proportionate approach to managing the taxation of the North Sea which recognises the ongoing role of the oil and gas industry and workforce in our current energy mix while ensuring the sector contributes more towards our energy transition. The Government engages regularly with industry stakeholders and monitors independent analysis, to assess the effects of taxation on investment and development activity in the basin.

The Government’s Building the North Sea’s Energy Future consultation sought to gather responses on the long term future of the North Sea. Britain is well-placed to mobilise its natural advantage, using the skills and expertise of our offshore workforce and supply chain to support the energy transition.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment she has made of the impact of inflation on household disposable income.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

Real Household Disposable Income (RHDI) per person includes all sources of household income, net of taxes and inflation.

In the year to Q1 2025 (2024/25) RHDI per capita was 2.9% higher than in the year prior (2023/24), the fastest pace of financial year growth since 2015/16.

HM Treasury does not prepare forecasts for the UK economy. Forecasts, including for real household disposable income per person, are the responsibility of the independent Office for Budget Responsibility (OBR). These forecasts are published by the OBR as part of their Economic and Fiscal Outlook (EFO).

According to the Office for Budget Responsibility’s March 2025 forecast, RHDI per person was forecast to grow at an annual average of 0.5% over this parliament (Q3 2024 – Q2 2029).

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent discussions she has had with business groups on economic policy.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

Government Ministers and Senior Officials regularly meet with businesses and business representation organisations. These meetings provide an opportunity for the Government to hear the views of the business community to aid in the formation of policy, including fiscal policy. These engagements are ongoing and will continue to be so.

Further information on previous meetings held by HM Treasury Ministers and can be found on the gov.uk website via this link: https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether transitional relief in the 2026 business rates revaluation will be funded by (a) the Exchequer, (b) higher multipliers, and (c) downward phasing.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government provides transitional relief to support ratepayers seeing large bill increases as a result of revaluations.

Only once we understand the complete 2026 revaluation picture will the Government be in a position to make final decisions, at Budget 2025, on the transitional relief scheme.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions she has had with business groups on the impact of changes to Business Property Relief.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and businesses, and fixing the public finances. The reforms reduce the inheritance tax advantages available to owners of agricultural and business assets, but still mean those assets will be taxed at a much lower effective rate than most other assets. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free.

Ministers and officials have had a number of meetings with organisations on this matter since Autumn Budget 2024. After listening, the Government believes the approach set out is an appropriate one.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what proportion of her Department's procurement contracts were awarded to British companies in the last financial year.

Answered by James Murray - Exchequer Secretary (HM Treasury)

Contracts are awarded in compliance with the relevant public procurement regulations to ensure value for money, and most go to UK firms.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the potential merits of recognising the provision of dementia care to individuals as a qualifying disability service for VAT exemption.

Answered by James Murray - Exchequer Secretary (HM Treasury)

Supplies of welfare services, including the provision of care for people with dementia, are exempt from VAT if they are supplied by eligible bodies, such as public bodies or charities.

More generally, VAT is a broad-based tax on consumption, and the 20 per cent standard rate applies to most goods and services. VAT is the UK’s second largest tax, forecast to raise £180 billion in 2025/26. Exceptions to the standard rate have always been limited and balanced against affordability considerations.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions she has had with the Transport Department on switching road tax to be on a per mile basis.

Answered by James Murray - Exchequer Secretary (HM Treasury)

Treasury Ministers have regular discussions with other government departments on a range of matters.

Vehicle Excise Duty (VED) applies to vehicles used or kept on public roads, which does not vary by miles driven. However, fuel duty applies to the petrol or diesel used by motorists driving internal combustion engine vehicles; the greater the miles driven, the more fuel duty incurred.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment his Department has made of the effectiveness of the National Wealth Fund Taskforce since its establishment; and what recommendations the Taskforce has made in relation to investment projects in Northern Ireland.

Answered by Darren Jones - Chief Secretary to the Treasury

At the International Investment Summit in 2024, the Government created the National Wealth Fund, to address the barriers to investment identified by the National Wealth Fund Taskforce. For more details on the Taskforce’s recommendations and the Government’s actions to implement them, please see:

https://www.gov.uk/government/publications/national-wealth-fund-mobilising-private-investment/national-wealth-fund-mobilising-private-investment-accessible

The Taskforce recommended that “where possible, any transactions should deliver against a wider set of public policy objectives, including jobs, supply chains and regional growth.”

The National Wealth Fund has an enhanced regional mandate, with a dedicated Northern Ireland director to actively seek investment opportunities. It also works closely with the Northern Ireland Executive and other local partners to provide financing and expertise.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent discussions he has had with the Secretary of State for Defence on increasing funding for the resilience of defence infrastructure supply chains.

Answered by Darren Jones - Chief Secretary to the Treasury

Following Spending Review 2025 further detail on how the Ministry of Defence will spend its budget will be set out in the Defence Investment Plan, which is also scheduled to complete in the Autumn.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make an assessment of the potential impact of (a) recent changes to tax rates applied to betting operators on levels of betting activity and (b) trends in the level of betting activity on revenues to the Exchequer.

Answered by James Murray - Exchequer Secretary (HM Treasury)

Gambling Duties raised £3.6 billion in revenue in 2024-25, an increase of 7% (£227 million) compared to 2023-24.

No changes have been made to the gambling duty rates applied to betting operators in this Parliament.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether her Department has made as assessment of the potential merits of reviewing the non-domiciled tax regime.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government has removed the outdated concept of domicile status from the tax system and implemented a new residence-based regime from 6 April 2025.

The new residence-based regime is more competitive for new arrivals than the previous rules.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment she has made of the potential impact of fiscal uncertainty on levels of business confidence.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

Ensuring fiscal stability is a core part of delivering economic stability and providing a strong foundation for growth. The Government has been clear that the fiscal rules are non-negotiable.

We also introduced a series of responsible reforms to the fiscal framework that improve certainty, transparency and accountability, such as committing to one major annual fiscal event to provide certainty for families and businesses and introducing a ‘fiscal lock’ to ensure no government can announce fiscally significant measures without being subject to an independent assessment by the Office for Budget Responsibility.

The Government monitors a wide range of indicators to assess the UK’s economic performance, including measures of business confidence.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what criteria her Department plans to use for determining the future scalability of the Digital Gilt Instrument issuance model beyond the pilot phase.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

At Mansion House the government set out an update on the DIGIT pilot, outlining a range of ambitious design features the government intends to take forward and encourage as a part of the DIGIT pilot.

These design features include testing on-chain settlement, supporting interoperability, delivering greater transparency, and working with the sector to encourage the future development of secondary markets and solutions to enable collateral mobility.

These features reflect feedback from stakeholders, including across the financial services sector, received as part of the government’s market engagement exercise that closed in April 2025.

The government is committed to ongoing work with the sector to ensure the success of the DIGIT pilot both in terms of the issuance itself and its wider impact.

The priority at this stage is delivering the pilot and no decisions have been made on further issuances.

As the government has set out previously, the pilot DIGIT issuance will be separate from our standard debt issuance programme.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what analysis her Department has conducted on the interoperability of the UK’s digital sovereign debt framework with digital securities infrastructure developed by other G7 countries.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

At Mansion House the government set out an update on the DIGIT pilot, outlining a range of ambitious design features the government intends to take forward and encourage as a part of the DIGIT pilot.

These design features include testing on-chain settlement, supporting interoperability, delivering greater transparency, and working with the sector to encourage the future development of secondary markets and solutions to enable collateral mobility.

These features reflect feedback from stakeholders, including across the financial services sector, received as part of the government’s market engagement exercise that closed in April 2025.

The government is committed to ongoing work with the sector to ensure the success of the DIGIT pilot both in terms of the issuance itself and its wider impact.

The priority at this stage is delivering the pilot and no decisions have been made on further issuances.

As the government has set out previously, the pilot DIGIT issuance will be separate from our standard debt issuance programme.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions her Department has had with institutional investors on (a) settlement risk and (b) custodianship models for digital sovereign debt instruments.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

At Mansion House the government set out an update on the DIGIT pilot, outlining a range of ambitious design features the government intends to take forward and encourage as a part of the DIGIT pilot.

These design features include testing on-chain settlement, supporting interoperability, delivering greater transparency, and working with the sector to encourage the future development of secondary markets and solutions to enable collateral mobility.

These features reflect feedback from stakeholders, including across the financial services sector, received as part of the government’s market engagement exercise that closed in April 2025.

The government is committed to ongoing work with the sector to ensure the success of the DIGIT pilot both in terms of the issuance itself and its wider impact.

The priority at this stage is delivering the pilot and no decisions have been made on further issuances.

As the government has set out previously, the pilot DIGIT issuance will be separate from our standard debt issuance programme.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether her Department has set a timetable for evaluating the compatibility of digital gilt infrastructure with international bond trading platforms.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

At Mansion House the government set out an update on the DIGIT pilot, outlining a range of ambitious design features the government intends to take forward and encourage as a part of the DIGIT pilot.

These design features include testing on-chain settlement, supporting interoperability, delivering greater transparency, and working with the sector to encourage the future development of secondary markets and solutions to enable collateral mobility.

These features reflect feedback from stakeholders, including across the financial services sector, received as part of the government’s market engagement exercise that closed in April 2025.

The government is committed to ongoing work with the sector to ensure the success of the DIGIT pilot both in terms of the issuance itself and its wider impact.

The priority at this stage is delivering the pilot and no decisions have been made on further issuances.

As the government has set out previously, the pilot DIGIT issuance will be separate from our standard debt issuance programme.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the Digital Gilt Instrument issuance on the operational framework of the UK Debt Management Office.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

At Mansion House the government set out an update on the DIGIT pilot, outlining a range of ambitious design features the government intends to take forward and encourage as a part of the DIGIT pilot.

These design features include testing on-chain settlement, supporting interoperability, delivering greater transparency, and working with the sector to encourage the future development of secondary markets and solutions to enable collateral mobility.

These features reflect feedback from stakeholders, including across the financial services sector, received as part of the government’s market engagement exercise that closed in April 2025.

The government is committed to ongoing work with the sector to ensure the success of the DIGIT pilot both in terms of the issuance itself and its wider impact.

The priority at this stage is delivering the pilot and no decisions have been made on further issuances.

As the government has set out previously, the pilot DIGIT issuance will be separate from our standard debt issuance programme.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps her Department is taking to support regional economic growth across the UK.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

Kick starting economic growth and ensuring that growth is felt in all regions of the UK is the number one mission of this Government. The government’s approach to regional growth will drive growth in city regions, towns and communities and make the most of the opportunities in each part of the country, to make everyone better off. There is excellence right across the country and this government is backing it: lifting living standards and putting more money in people’s pockets.

The recent Spending Review set out £15.6bn for some of our largest city-regions via the Transport for City Region settlements, with Tees Valley Combined Authority receiving £1bn funding improvements to Middlesbrough station and other local priorities. For places outside city-regions, the Local Transport Grant is receiving a fourfold increase in funding by 2029-30 compared to 2024-35. The new £410m Local Innovation Partnerships Fund will drive innovation excellence across the country, delivering R&D co-creation between local leaders and UK Research and Innovation (UKRI).

Our new long-term local growth programmes which will invest in 350 deprived communities across the UK, funding interventions across community cohesion, regeneration and improving the public realm. We are also funding at least £725 billion of economic and social infrastructure across the country over the next decade, as set out in our new Infrastructure Strategy.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will take steps to ensure that leasehold owners who were unable to sell their properties in the 2020-21 financial year due to cladding remediation works can qualify for the temporarily reduced Stamp Duty Land Tax rates that were in place during that period.

Answered by James Murray - Exchequer Secretary (HM Treasury)

Stamp Duty Land Tax (SLDT) rates were reduced from July 2020 to September 2021 in response to exceptional circumstances in the housing market. The SDLT rates applicable to a purchase are those in place on the date of the transaction. SDLT remains an important source of Government revenue, raising around £12 billion each year to help pay for the essential services the Government provides.

A refund of the higher rate of SDLT paid when purchasing additional property can be claimed in exceptional circumstances, or if an old main residence is sold within three years of the purchase of the new main residence. This includes those paying higher rates of SDLT because they have been unable to sell a main residence due to issues with unsafe cladding. HMRC consider each individual case on its own merits.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she plans to extend (a) film and (b) high-end TV tax relief to grassroots performing arts.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government recognises the importance of the creative industries, including the key role they play in driving economic growth.

The Government supports the creative industries through tax reliefs and funding, where the recently published Creative Industries Sector Plan set out the Government’s vision. Up to £30 million will be set aside for a new Music Growth package over the next three years, which will create new touring, performance, mentoring and export opportunities for emerging talent, while also delivering a significant uplift in funding for the grassroots sector to support small venues.

The objective of the creative industry tax reliefs is to support and incentivise productions rather than to support venues themselves. When considering new tax reliefs, the Government takes into account costs, complexity, and the market failure the relief is seeking to address. Extending the Audio-Visual Expenditure Credit (AVEC) to grassroots performing arts is not currently under consideration.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the potential merits of simplifying the tax code.

Answered by James Murray - Exchequer Secretary (HM Treasury)

As set out at Autumn Budget 2024 and Spring Statement 2025, the government is committed to simplifying the tax and customs systems to help support economic growth. In April, the government announced a package of measures to reduce administrative burdens, so businesses and individual taxpayers can spend less time on tax and customs administration and more time adding value to the economy. These changes were developed through close engagement with stakeholders and the government will bring forward further simplification proposals in the future.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the Answer of 23 June 2025 to Question 60427 on Tobacco: Excise Duties, whether her Department has made an assessment of the potential impact of falling cigarette and hand rolling tobacco receipts on the size of the illicit tobacco market.

Answered by James Murray - Exchequer Secretary (HM Treasury)

HMRC recently published an updated version of their Measuring Tax Gaps publication which now includes tax gap estimates up to 2023/24. The illicit market volume for cigarettes is shown in Table 3.13 and the total consumption volume is shown in Table 3.12. The illicit market for hand rolling tobacco is shown in Table 3.17 and the total consumption volume is shown in Table 3.16.

The Department continues to investigate how the illicit tobacco market is evolving, including through its compliance activity, and the extent to which that may affect overall tax receipts seen.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the Answer of 9 June 2025 to Question 54690 on Tobacco: Excise Duties, if she will make a comparative assessment of the rate of decline in smoking rates as illustrated in the ONS: Adult Smoking habits in the UK data for (a) 2021, (b) 2022 and (c) 2023 and the rate of the decline in HMRC’s tobacco duty receipts in the Tobacco Bulletin.

Answered by James Murray - Exchequer Secretary (HM Treasury)

Table 1 below shows adult smoking prevalence in the UK and tobacco duty receipts between 2021 and 2023. The prevalence figures are taken from the ON’S “Adult Smoking habits in the UK” dataset. The receipts figures are taken from HMRC’s Tobacco Bulletin which includes figures up to April 2025.

Table 1: Adult Smoking Prevalence and Tobacco Duty Receipts 2021-2023

The ONS smoking prevalence data shows the percentage of adults in the UK who smoke cigarettes but does not give any indication of how much or how often these adults smoke.

The Office for Budget Responsibility discusses drivers of tobacco duty receipts in relation to the tobacco duty forecast on their Tobacco duties webpage. Receipts are driven by inflation (CPI and RPI), real household consumption and underlying trends in tobacco consumption. The downward trend in tobacco consumption has accelerated in recent years, partly reflecting changing attitudes and the increasing popularity of e-cigarettes.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how much the Government Internal Audit Agency has spent on equipment to enable staff to work from home in each of the last three years.

Answered by James Murray - Exchequer Secretary (HM Treasury)

Government Internal Audit Agency (GIAA) staff are provided with IT equipment to enable them to work across multiple locations. This is a managed service provided by HM Treasury, who manage this contract on behalf of GIAA. GIAA staff can request “Work from home IT kits” (e.g., screens, headsets, keyboards, and mice) through HM Treasury. GIAA does not hold information on the expenditure for these requests, and HM Treasury does not disaggregate their information on total IT spend to identify spend on GIAA staff requests. The total spend for HM Treasury Group on these work from home IT kits is noted in HM Treasury’s response to PQ 63519

GIAA provides additional IT equipment outside the managed service to support hybrid or home working, such as to support reasonable adjustments. Details of GIAA’s recorded IT expenditure for this purpose are listed below

2022-23: £10,105
2023-24: £2,474
2024-25: £1,779

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the UK Sustainability Disclosure Standards on the development of international sustainability reporting frameworks.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

The government was a strong supporter of the establishment and development of the International Sustainability Standards Board (ISSB) as a global standard setter for sustainability reporting at COP26 to drive international alignment. The ISSB published international standards on sustainability disclosures in 2023, known as S1 and S2.

On 25th June 2025, the government published its consultation on the draft UK-endorsed standards, which will be known as UK Sustainability Reporting Standards (UK SRS) and are based on the ISSB standards.

These standards aim to support long-term, sustainable decision-making by the business and investment community by providing high-quality and comparable information about the sustainability-related risks and opportunities that businesses face.

Greater use of these standards internationally will reduce the costs to businesses of reporting on sustainability matters in multiple jurisdictions and maximise the consistency of information for investors, allowing them to deploy their funding to maximum effect and support economic growth.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to ensure that investors in 79th Group receive adequate compensation.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

As an important point of principle, the Government does not step in to pay compensation in respect of failed financial services firms that fall outside of the Financial Services Compensation Scheme (FSCS). Doing so would create the wrong set of incentives for individuals and an unnecessary burden on the taxpayer. The Government does not ordinarily step in to pay compensation to consumers in relation to allegations of fraud, investment losses, mis-selling or mis-buying of investments.

However, in some cases of fraud, individuals may be able to seek reimbursement from their bank. The Payment Systems Regulator (PSR) is the independent regulator with responsibility for Authorised Push Payment (APP) fraud reimbursement. The PSR’s mandatory reimbursement regime, for APP scams taking place over the Faster Payment system, came into force on 7 October 2024 and covers transactions occurring on or after that date. It requires payment service providers to reimburse victims of APP scam losses up to the value of £85,000. The PSR has committed to commission an independent post implementation review of its policy after 12 months of the policy being in force.

Transactions that occurred before 7 October 2024, may be governed by the Contingent Reimbursement Model (CRM), a voluntary code signed by the UK’s largest banks and building societies that came into force in May 2019. However, it is important to note that not all banks or building societies are party to the CRM code. The CRM code is overseen by the Lending Standards Board and more information can be found on their website.

Where a reimbursement claim is unsuccessful, victims may have access to recourse through the Financial Ombudsman Service (FOS). This includes fraud, providing the activity is within the FOS’s jurisdiction, which is set by the FCA. Any criminal investigation would be a matter for the police. Unfortunately, the Government is unable to intervene in individual cases, but I would encourage victims to continue to engage with their banks directly in order to seek a timely resolution to this matter.

However, it is important to prevent fraud from happening in the first place. HM Treasury is working with colleagues in the Home Office as they develop a new, expanded Fraud Strategy. This will be published in due course as part of the Government’s Plan for Change and in line with our manifesto commitments.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if her Department will make an assessment of the potential impact of high interest public debt obligations owed by developing nations to UK private creditors on the public finances of those developing nations.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

Enhanced transparency will be a focus of the London Coalition on Sustainable Sovereign Debt, which launched on 23^rd June. As part of its wider objectives, the group will work with UK and global private creditors to develop a better understanding of the debt obligations owed by developing countries

UK Government officials engage with the Catholic Agency for Overseas Development and other relevant organisations on a regular basis and will continue to do so as we work to address the challenge of high-interest public debt in developing countries.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether her Department plans to work with (a) The Catholic Agency for Overseas Development and (b) other relevant charities to help reduce the high interest public debt owed by certain developing countries.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

Enhanced transparency will be a focus of the London Coalition on Sustainable Sovereign Debt, which launched on 23^rd June. As part of its wider objectives, the group will work with UK and global private creditors to develop a better understanding of the debt obligations owed by developing countries

UK Government officials engage with the Catholic Agency for Overseas Development and other relevant organisations on a regular basis and will continue to do so as we work to address the challenge of high-interest public debt in developing countries.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what plans she has to evaluate the effectiveness of the Sustainable Finance Education Charter in building domestic capacity to develop transition-aligned financial products.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

The Sustainable Finance Education Charter (the Charter) is a partnership between the government, the Green Finance Institute and thirteen leading global professional bodies, who consider how best to embed skill requirements for sustainability into their professional qualifications. The Charter group meet regularly and independently of government to better ensure that finance professionals are equipped to assess climate-related and wider environmental and social sustainability risks and apply their professional skills and judgements to innovate and address these.

The Charter signatories respond to the needs of the industry, and this includes the increasing importance of transition finance. One of the recommendations from the Transition Finance Market Review (TFMR) called on bodies from the Charter to produce a forward-looking plan for the development of transition plan assurance skills and methodologies. The Charter’s 2024 progress report sets out the details of how they are meeting this recommendation.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment she has made of the adequacy of Financial Conduct Authority support for victims of financial fraud in the context of the insolvency of 79th Group.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

As an important point of principle, the Government does not step in to pay compensation in respect of failed financial services firms that fall outside of the Financial Services Compensation Scheme (FSCS). Doing so would create the wrong set of incentives for individuals and an unnecessary burden on the taxpayer. The Government does not ordinarily step in to pay compensation to consumers in relation to allegations of fraud, investment losses, mis-selling or mis-buying of investments.

However, in some cases of fraud, individuals may be able to seek reimbursement from their bank. The Payment Systems Regulator (PSR) is the independent regulator with responsibility for Authorised Push Payment (APP) fraud reimbursement. The PSR’s mandatory reimbursement regime, for APP scams taking place over the Faster Payment system, came into force on 7 October 2024 and covers transactions occurring on or after that date. It requires payment service providers to reimburse victims of APP scam losses up to the value of £85,000. The PSR has committed to commission an independent post implementation review of its policy after 12 months of the policy being in force.

Transactions that occurred before 7 October 2024, may be governed by the Contingent Reimbursement Model (CRM), a voluntary code signed by the UK’s largest banks and building societies that came into force in May 2019. However, it is important to note that not all banks or building societies are party to the CRM code. The CRM code is overseen by the Lending Standards Board and more information can be found on their website.

Where a reimbursement claim is unsuccessful, victims may have access to recourse through the Financial Ombudsman Service (FOS). This includes fraud, providing the activity is within the FOS’s jurisdiction, which is set by the FCA. Any criminal investigation would be a matter for the police. Unfortunately, the Government is unable to intervene in individual cases, but I would encourage victims to continue to engage with their banks directly in order to seek a timely resolution to this matter.

However, it is important to prevent fraud from happening in the first place. HM Treasury is working with colleagues in the Home Office as they develop a new, expanded Fraud Strategy. This will be published in due course as part of the Government’s Plan for Change and in line with our manifesto commitments.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the effectiveness of the Authorised Push Payment framework in tackling financial fraud.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

As an important point of principle, the Government does not step in to pay compensation in respect of failed financial services firms that fall outside of the Financial Services Compensation Scheme (FSCS). Doing so would create the wrong set of incentives for individuals and an unnecessary burden on the taxpayer. The Government does not ordinarily step in to pay compensation to consumers in relation to allegations of fraud, investment losses, mis-selling or mis-buying of investments.

However, in some cases of fraud, individuals may be able to seek reimbursement from their bank. The Payment Systems Regulator (PSR) is the independent regulator with responsibility for Authorised Push Payment (APP) fraud reimbursement. The PSR’s mandatory reimbursement regime, for APP scams taking place over the Faster Payment system, came into force on 7 October 2024 and covers transactions occurring on or after that date. It requires payment service providers to reimburse victims of APP scam losses up to the value of £85,000. The PSR has committed to commission an independent post implementation review of its policy after 12 months of the policy being in force.

Transactions that occurred before 7 October 2024, may be governed by the Contingent Reimbursement Model (CRM), a voluntary code signed by the UK’s largest banks and building societies that came into force in May 2019. However, it is important to note that not all banks or building societies are party to the CRM code. The CRM code is overseen by the Lending Standards Board and more information can be found on their website.

Where a reimbursement claim is unsuccessful, victims may have access to recourse through the Financial Ombudsman Service (FOS). This includes fraud, providing the activity is within the FOS’s jurisdiction, which is set by the FCA. Any criminal investigation would be a matter for the police. Unfortunately, the Government is unable to intervene in individual cases, but I would encourage victims to continue to engage with their banks directly in order to seek a timely resolution to this matter.

However, it is important to prevent fraud from happening in the first place. HM Treasury is working with colleagues in the Home Office as they develop a new, expanded Fraud Strategy. This will be published in due course as part of the Government’s Plan for Change and in line with our manifesto commitments.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what estimate her Department has made of the potential impact of the changes to business rates relief on (a) leisure, (b) hospitality and (c) retail businesses.

Answered by James Murray - Exchequer Secretary (HM Treasury)

Retail, hospitality and leisure (RHL) business rates relief has been extended year-by-year by previous governments since the pandemic, creating uncertainty for businesses and an unsustainable fiscal pressure for Government.

Without any Government intervention, RHL relief would have ended entirely in April 2025, creating a cliff-edge for businesses. Instead, the Government decided to provide a 40 per cent discount to RHL properties up to a cash cap of £110,0000 per business in 2025/26, ahead of intending to introduce permanently lower rates for RHL properties with rateable values below £500,000 from 2026/27. This permanent tax cut will ensure that RHL businesses benefit from much-needed certainty and support.

The rates for these new RHL multipliers will be set at Budget 2025 so that the Government can take into account the upcoming revaluation outcomes, as well as the economic and fiscal context. When the new multipliers are set, HM Treasury intends to publish analysis of the expected effects of the new multiplier arrangements.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how much the Government Actuary’s Department has spent on equipment to enable staff to work from home in each of the last three years.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government Actuary’s Department (GAD) is an office (or workplace) based organisation with a solely UK presence. In line with Cabinet Office policy, GAD expects a 60% minimum office attendance for all staff.

To enable hybrid working and to meet requirements for workplace adjustments (DSE), GAD has spent:

GAD has no home working contracts in place.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many businesses have had a turnover below the VAT threshold in each of the past five years.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The total number of businesses in 2024 is estimated at 5.6 million (see Business population estimates 2024 - GOV.UK, detailed table 2). According to HMRC statistics, there were around 1.3 million business registered for VAT with turnover above the threshold in 2023-34 (see Value Added Tax (VAT) annual statistics - GOV.UK, Table T5). Thus the number of businesses with turnover below the threshold would be approximately the remainder of the 5.6 million, or 4.3 million.

It should be noted that some businesses with turnover below the threshold are voluntarily registered for VAT; there were around 0.9 million such businesses in 2023-24.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions she has had with the Financial Conduct Authority on the adequacy of its money laundering risk management policies.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

The government meets regularly with the Financial Conduct Authority (FCA) to discuss a range of topics. The FCA is required under the Money Laundering Regulations (MLRs) to assess the risks of money laundering for the businesses it supervises for compliance with the MLRs; to maintain risk profiles for these businesses; and to take a risk-based approach to supervision. The Treasury collects a range of information from the FCA to evaluate its approach to managing money laundering risk and publishes it as part of the annual report on anti-money laundering and counter-terrorist financing supervision. The latest annual report is available here: https://www.gov.uk/government/publications/anti-money-laundering-and-countering-the-financing-of-terrorism-supervision-report-2023-24

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions she has had with institutional investors on the barriers to scaling transition finance in priority sectors of the UK economy.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

The government is prioritising the growth of the transition finance market to seize the opportunities for UK financial services firms and support decarbonisation. The Transition Finance Market Review (TFMR) identified a number of barriers to scaling transition finance, including unlocking defined contribution pension investment in the transition.

Building on the TFMR, the government set out the actions it has taken to promote the growth of this market in the Financial Services Growth and Competitiveness Strategy. This included reforms to unlock institutional investment in transition assets following the Pensions Investment Review. The government also launched the National Wealth Fund with additional capital, risk appetite and resources to proactively explore blended finance solutions.

The government is actively engaged with the Transition Finance Council, which the Chancellor co-launched with the City of London Corporation in November 2024. The Council brings together key stakeholders to discuss transition finance, including institutional investors.

The government is also supportive of the Financial Conduct Authority’s work, in partnership with the Prudential Regulation Authority and the Green Finance Institute, to spearhead a transition finance pilot – an innovative way to engage with the market on practical matters relating to scaling transition finance.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the Bank of England's decision to retain interest rates at 4.25 per cent on the cost of public sector borrowing.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

The Treasury does not publish forecasts of the economy or public finances; the Office for Budget Responsibility (OBR) is the UK’s official forecaster and provides independent analysis of the UK’s public finances.

In March 2025 it was forecast by the OBR that debt interest spending would reach £111.2bn in 2025-26.

At the Budget last Autumn, the government set out a clear fiscal strategy to stabilise the public finances and underpin growth. The fiscal rules, which provide stability, help to keep interest rates low and prioritise investment to support long-term growth, are non-negotiable. This is the responsible choice – to reduce our levels of borrowing in the years ahead, so we can spend more on our public services, more on the priorities of working people and less on servicing debt.

The OBR will publish an updated forecast later this year.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions she has had with (a) the Financial Policy Committee and (b) Prudential Regulation Committee on their roles in ensuring macro-financial stability during the transition to a nature-positive economy.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

The Government is committed to integrating nature into economic and financial decision-making. The Financial Policy Committee’s latest remit, as set out by the Chancellor in November 2024, sets out that the Committee should continue to consider the materiality of nature-related financial risks in relation to its primary objective of protecting and enhancing financial stability.

The remits for the Financial Policy Committee and Prudential Regulation Committee also make clear that they should support the Government’s approach to accelerate the transition to a climate resilient, nature positive, and net zero economy.

The Chancellor and the Governor of the Bank of England meet regularly to discuss the outlook for UK financial stability.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what plans her Department has to review tax reliefs and their effectiveness.

Answered by James Murray - Exchequer Secretary (HM Treasury)

Tax reliefs are an important feature of the UK tax system. Many tax reliefs help to define the scope of the tax and make sure that the tax system operates fairly while simplifying and reducing administrative burdens for businesses and individuals (structural reliefs). Others are aimed at encouraging certain behaviours or activities to support economic or social objectives (non-structural reliefs).

HMRC has invested significant resources in improving understanding of the cost and effectiveness of tax reliefs. Since 2019 it has produced:

• costings for 268 non-structural reliefs (of 344) and 82 structural reliefs;
• detailed analysis of the 38 largest non-structural reliefs that cost more than £500 million per year.

In addition, 24 evaluations covering 27 unique reliefs have been published since 2020.

HMRC’s approach to improving transparency around reliefs is proportionate, making the best use of resources.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what information her Department holds on the number of (a) millionaires and (b) ultra-high-net-worth people who have relocated to other countries since 2020.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government has removed the outdated concept of domicile states from the tax system and implemented a new residence-based regime from 6 April 2025. The new residence-based regime is more compatible for new arrivals than the previous rules.

The Government published a Tax Information and Impact Note for this policy on 30 October. This can be found here: https://www.gov.uk/government/publications/tax-changes-for-non-uk-domiciled-individuals/reforming-the-taxation-of-non-uk-domiciled-individuals.

There have always been relatively large flows of non-doms in and out of the UK every year. The latest HMRC statistics can be found here: https://www.gov.uk/government/statistics/statistics-on-non-domiciled-taxpayers-in-the-uk/statistical-commentary-on-non-domiciled-taxpayers-in-the-uk--2. These show the number of non-domiciled taxpayers in each tax year up to 2023/24.

We anticipate that some non-doms ineligible for the new regime will exit the UK in response to the changes. Taking this migration response into account, the OBR expects the non-dom reforms to raise £33.8 billion over the next five years to help fund the public services and investment projects needed to drive growth.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment her Department has made of the potential impact of changes to non-domiciled tax status on the number of high-net-worth people living in the UK.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government has removed the outdated concept of domicile states from the tax system and implemented a new residence-based regime from 6 April 2025. The new residence-based regime is more compatible for new arrivals than the previous rules.

The Government published a Tax Information and Impact Note for this policy on 30 October. This can be found here: https://www.gov.uk/government/publications/tax-changes-for-non-uk-domiciled-individuals/reforming-the-taxation-of-non-uk-domiciled-individuals.

There have always been relatively large flows of non-doms in and out of the UK every year. The latest HMRC statistics can be found here: https://www.gov.uk/government/statistics/statistics-on-non-domiciled-taxpayers-in-the-uk/statistical-commentary-on-non-domiciled-taxpayers-in-the-uk--2. These show the number of non-domiciled taxpayers in each tax year up to 2023/24.

We anticipate that some non-doms ineligible for the new regime will exit the UK in response to the changes. Taking this migration response into account, the OBR expects the non-dom reforms to raise £33.8 billion over the next five years to help fund the public services and investment projects needed to drive growth.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what information her Department holds on the number of people with non-domiciled status who have left the UK in each of the last five years.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government has removed the outdated concept of domicile states from the tax system and implemented a new residence-based regime from 6 April 2025. The new residence-based regime is more compatible for new arrivals than the previous rules.

The Government published a Tax Information and Impact Note for this policy on 30 October. This can be found here: https://www.gov.uk/government/publications/tax-changes-for-non-uk-domiciled-individuals/reforming-the-taxation-of-non-uk-domiciled-individuals.

There have always been relatively large flows of non-doms in and out of the UK every year. The latest HMRC statistics can be found here: https://www.gov.uk/government/statistics/statistics-on-non-domiciled-taxpayers-in-the-uk/statistical-commentary-on-non-domiciled-taxpayers-in-the-uk--2. These show the number of non-domiciled taxpayers in each tax year up to 2023/24.

We anticipate that some non-doms ineligible for the new regime will exit the UK in response to the changes. Taking this migration response into account, the OBR expects the non-dom reforms to raise £33.8 billion over the next five years to help fund the public services and investment projects needed to drive growth.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what plans she has to evaluate the impact of sustainable finance policies on the distribution of capital flows across UK regions.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

As outlined in the Financial Services Growth & Competitiveness Strategy, the government is taking steps to maintain the UK’s international leadership in sustainable finance.

While the government has not made a specific evaluation on the impact of sustainable finance policies on the distribution of capital flows across UK regions, we expect our approach to sustainable finance to increase capital flows in the UK and maintain our position as the leading sustainable finance hub. As set out in the Clean Energies Sector Plan, the government is committed to spreading investment in clean energy in clusters across the UK's nations and regions.

In October 2024, the Chancellor also launched the National Wealth Fund (NWF) with £27.8 billion of capital to catalyse and mobilise additional private investment across the UK. The NWF is uniquely positioned to support regional and local strategies with commercial and financial advisory and lending support throughout the investment cycle to deliver on local priorities, supporting them with early-stage project development.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she is taking steps to review the oversight mechanisms of the Financial Conduct Authority.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

The government and Parliament exercise oversight over the Financial Conduct Authority (FCA) in a number of ways, including through the government’s remit letters, which set out elements of the government’s economic policy to which the FCA must have regard, and parliamentary scrutiny of the FCA’s Annual Reports. Senior representatives of the FCA also regularly give evidence to parliamentary committees, where the FCA’s performance and operational effectiveness is scrutinised.

The government is currently consulting on a number of proposed targeted changes to the regulatory environment for financial services, designed to support the government’s overall ambition to ensure that regulation supports growth, is targeted and proportionate, is transparent and predictable, and adapts to keep pace with innovation.

The consultation includes a proposal to require the FCA and the Prudential Regulation Authority to set out long-term strategies for how they will advance their objectives, including their secondary objectives to facilitate growth and international competitiveness. This will ensure that stakeholders, including regulated firms in the sector, are able to fully understand the UK’s strategy towards the sector. This will also ensure that government and parliament are able to effectively hold the regulators to account for how they translate their objectives into different priorities.

As part of the consultation, the government also confirmed it will review the regulators’ overall reporting structure to focus it on the regulators’ core functions and objectives, minimising the number of documents stakeholders and Parliament must engage with for effective scrutiny.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how much of the funds raised through the apprenticeship levy was allocated directly to apprenticeships; and how much was redirected to general government revenue in each of the last ten financial years.

Answered by Darren Jones - Chief Secretary to the Treasury

The Apprenticeship Levy was introduced in 2017, and is paid by large employers with a total annual pay bill of over £3 million. Their contribution is 0.5% of their total annual pay bill.

HMT sets the Department for Education’s budget at each Spending Review. The apprenticeship budget funds all apprenticeship training in England – both existing and new apprenticeships – across all employers.

Underspends are returned to HMT as per the Consolidated Budgeting Guidance.

While the Apprenticeship Levy is raised UK wide, apprenticeship policy and spending is devolved. This means that the devolved governments receive funding through the Barnett formula in relation to apprenticeship spending in England, with the formula applying in the normal way, as set out in the Statement of Funding Policy, when the Department for Education’s budgets change. As set out in the Policy, the Barnett formula applies to overall changes in DfE’s settlement at Spending Reviews. This means it is not possible to identify the Barnett consequentials for individual programmes. It is the devolved governments’ responsibility to allocate their funding in devolved areas as they see fit, including investing in their skills programmes, and they are accountable to the devolved legislatures for those decisions.

The table below sets out the apprenticeship budget in relation to Levy receipts once Barnett consequentials are accounted for. This is an indicative profile based on a population-based share, rounded to the nearest £5 million.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how much the UK Debt Management Office has spent on equipment to enable staff to work from home in each of the last three years.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Debt Management Office (DMO) is an office-based organisation with a solely UK presence. In line with Cabinet Office policy, the DMO expects a 60% minimum office attendance for most staff which continues to be the best balance of working for the Civil Service.

The table below shows the DMO’s spending on home working equipment for each of the three previous financial years. The higher spend in 2022-23 and 2024-25 was for updated equipment to enable essential software upgrades (87% and 97% respectively of the total spend).

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, pursuant to the Answer of 9 July 2025 to Question 64049 on Alcoholic Drinks, what the evidential basis is that the exclusion of the direct manufacture of alcohol beverages is in line with international conventions for green bond frameworks.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

The twenty largest sovereign green bond issuers to date are: Germany, the UK, France, Italy, Hong Kong, the Netherlands, Belgium, Austria, Japan, Ireland, Spain, Canada, India, Hungary, Chile, Singapore, Indonesia, Australia, Poland and Denmark. This is according to the International Capital Markets Association sustainable bond issuers database.

The following issuers explicitly exclude the financing of alcohol-related spending in their green bond frameworks: Germany, the UK, Italy, Austria, Ireland, Spain, Canada, India, Chile, Singapore, Australia, Poland and Denmark.

France’s green bond framework excludes “Production or trading of alcoholic beverages (excluding beer and wine)”. Indonesia does not refer explicitly to excluding alcohol but issues green Sukuk (Sharia-compliant bonds). The other countries’ frameworks do not include alcohol-related spending in their eligible or ineligible criteria.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the regulatory impact of integrating nature-related financial risks into mandatory financial disclosure requirements.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

The government welcomes the continued progress on developing sustainability standards by the International Sustainability Standards Board (ISSB), and welcomes the ISSB’s ongoing research on biodiversity, ecosystems and ecosystem services. On 25th June 2025, the government published its consultation on the draft UK-endorsed standards, which will be known as UK Sustainability Reporting Standards (UK SRS) and are based on the ISSB standards.

The UK government is supportive of companies building their capacity on nature through the UK Consultation Group of the Taskforce on Nature-related Financial Disclosures (TNFD).

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she plans to help amend UN frameworks to tackle global debt.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

Tackling unsustainable debt in low-income countries is a key development priority for this government. We are working closely with partners to strengthen and speed up the G20 common framework, and to enhance debt transparency for debtor and creditors. We have set up the new London Coalition on Sustainable Sovereign Debt, to promote contractual innovations for increased resilience and to make restructurings quicker.


The government welcomes the package to support debt sustainability in the outcome document agreed at the UN’s Seville Conference on Financing for Development in June, specifically the strong action to improve debtor voice, debt transparency, disaster pause clauses and strengthen the G20 Common Framework. We will maintain momentum on reforms to the existing debt architecture. We are also engaging with partners on the intergovernmental process at the UN

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps her Department is taking to support global debt relief.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

Tackling unsustainable debt in low-income countries is a key development priority for this government. We are working closely with partners to strengthen and speed up the G20 common framework, and to enhance debt transparency for debtor and creditors. We have set up the new London Coalition on Sustainable Sovereign Debt, to promote contractual innovations for increased resilience and to make restructurings quicker.


The government welcomes the package to support debt sustainability in the outcome document agreed at the UN’s Seville Conference on Financing for Development in June, specifically the strong action to improve debtor voice, debt transparency, disaster pause clauses and strengthen the G20 Common Framework. We will maintain momentum on reforms to the existing debt architecture. We are also engaging with partners on the intergovernmental process at the UN

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she has considered the potential merits of mandating the Listings Taskforce to consider sector-specific listing challenges for those priority areas identified in the Industrial Strategy.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

The government is taking forward an ambitious programme of reforms to reinvigorate capital markets and ensure the UK is the best place for all firms to start, scale and list.

As the Chancellor announced at Mansion House on 15 July, the government will establish a Listings Taskforce to support businesses to list and grow in the UK. HM Treasury will work in partnership with the Office for Investment, and industry, to ensure the UK attracts the best and brightest businesses from around the world, and right here in the UK, to list on UK markets.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to align the National Wealth Fund’s investment mandate with emerging international definitions of transition finance.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

The National Wealth Fund is represented on the Strategic Steering Group of the Transition Finance Council which is considering how to build the UK’s transition finance market, including guidelines for credible transition finance.

In the Statement of Strategic Priorities issued to the National Wealth Fund on 19 March 2025, the Chancellor set Growth and Clean Energy as key priorities. Blended finance solutions are being explored alongside the NWF’s standard financial instruments to effectively use public capital to crowd in private investment and support the transition to a low carbon economy.

Question to the HM Treasury:

To ask His Majesty's Government, further to the Written Answer by Lord Livermore on 8 July (HL8809), whether (1) a certificate of sponsorship fee, and (2) an immigration skills charge, constitute a taxable benefit for employers in circumstances where those costs cannot be passed on to employees.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

If an employer pays for a certificate of sponsorship fee and the immigration skills charge, as a result of sponsoring a worker from overseas, these costs could be liable to Income Tax. Whether tax is payable will depend on individual circumstances as tax exemptions may apply. For this reason, each circumstance will need to be considered on a case-by-case basis. The Government has no plans to change the tax treatment of immigration fees. However, all taxes are kept under review as part of the tax policymaking process.

Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to ensure that the Financial Conduct Authority's Consumer Duty obligations are being enforced in ways that address risks to patient safety and informed consent in private medical insurance contracts, particularly in relation to the treatment of pre-existing conditions and service exclusions.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The government requires all insurers, including those providing private medical insurance, to treat customers fairly. This is enforced under the rules of the Financial Conduct Authority (FCA), the independent body responsible for regulating and supervising the financial services industry, including insurance firms.

The FCA has a statutory objective to protect consumers. The government holds the FCA to account for how it advances its objectives, including through the FCA’s Annual Report which is laid before Parliament.

The FCA’s Consumer Duty sets high standards of consumer protection across regulated financial services firms, including a requirement for firms to put their customers’ needs first. The FCA monitors firms to ensure they meet these standards and has robust powers to take action where necessary.

Question to the HM Treasury:

To ask His Majesty's Government whether they plan to bring forward regulations regarding (1) investment in, and (2) management of, cryptocurrency assets.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Government intends to bring forward legislation delivering a comprehensive national regulatory framework for cryptoassets by the end of this year and has engaged with industry on draft legislation.

This will support growth in the UK by giving cryptoasset firms the regulatory certainty needed to invest here, and to help drive innovation in our financial services sector.

It will also ensure that UK customers are protected from the worst harms when they make use of cryptoasset services.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the case for issuing a central bank digital currency.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

HM Treasury and the Bank of England are continuing to explore the case for a UK retail central bank digital currency (CBDC).

No decision has been taken on whether to introduce the digital pound.  The work currently being undertaken as part of the ongoing design phase will provide a rigorous view of the costs and benefits of the digital pound and take account of international developments and wider trends in money and payments, providing the evidence base for a decision on whether to proceed to a build phase. Any decision to proceed with the digital pound would be accompanied by the introduction of primary legislation, ensuring full Parliamentary scrutiny by both Houses of Parliament.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of paragraph 2.75 of the OBR's Fiscal Risks and Sustainability Report, published on 8 July, which states that the shift from defined benefit to defined contribution pensions increases fiscal risk as gilt holdings fall; and the finding that this will lead to an in increase in debt interest spending of £22 billion in today's terms.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

We have seen gradual changes to the structure of the pension market as a result of the shift from Defined Benefit to Defined Contribution schemes. Overall demand for gilts has, however, remained resilient throughout these periods of changing investor patterns and, as the OBR notes, these changes are widely known.

The government deliberately maintains a varied gilt issuance strategy to promote a well-diversified investor base, so that it is not overly reliant on demand from just one type of investor. Continuing to do so means that we expect that overall demand will remain robust in the future, even if there are changes in the demand patterns of particular investor groups.

Question to the HM Treasury:

To ask His Majesty's Government whether the Community Municipal Investment (CMI) green investment bonds, such as those offered by the London Boroughs of Greenwich, Southwark, Hounslow and Hammersmith and Fulham, are authorised by any regulator; and whether retail investors in such municipal bonds have any form of protection under the (1) Financial Services Ombudsman Scheme or (2) Financial Services Compensation Scheme.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Financial Services and Markets Act 2000 establishes a framework whereby any person, whether an individual or firm, can only carry out a regulated activity by way of business if they are authorised by the appropriate regulator or are exempt from the authorisation requirement. Under this framework, the government determines which activities are regulated activities, by specifying them in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO).

Where local authorities are the issuers of bonds, or borrowers under loans, they themselves would not require authorisation from a financial services regulator to act in that capacity, and would not be subject to regulation by the financial services regulators.

Financial services firms facilitating access to such funding by local authorities may, depending on the circumstances, be subject to regulation by the Financial Conduct Authority, and investors may be eligible to refer disputes with the regulated firm to the Financial Ombudsman Service. Depending on the precise circumstances of any products offered, compensation in the case of default may be available under the Financial Services Compensation Scheme.

Question to the HM Treasury:

To ask His Majesty's Government how they intend to ensure that investors in long term asset funds are protected against the losses, gating and trading suspensions which have arisen when open-ended funds cannot sell their investments to meet redemptions.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Long-Term Asset Fund (LTAF) was devised to bridge the gap between closed-ended funds and fully open-ended daily-dealing funds and fulfil the need for investment products that can provide funding for long-term projects while offering investors potential for higher returns in exchange for limited liquidity.

The FCA have designed robust governance requirements for the LTAF, so investors who understand the risks of investing in long‑term less liquid assets are able to invest with confidence. Where a firm markets an LTAF to a retail investor, the firm must provide appropriate risk warnings and conduct an appropriateness assessment.

The international Financial Stability Board (FSB) recognises that open-ended funds that invest in less liquid or illiquid assets while allowing investors quick and frequent access to their money, risk being unable to sell investments quickly enough to meet large investor redemptions. In 2023 the FSB published recommendations to address these vulnerabilities in open-ended funds. The FSB’s recommendations include assessing the appropriateness of redemption terms for open-ended funds holding less liquid and illiquid assets, which was a key consideration in the design of the LTAF.

The Government is supportive of the FSB’s work on open-ended funds and the regulators are considering the implementation of the recommendations.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the suitability of (1) closed-ended and (2) open-ended investment companies for holding illiquid long-term real assets.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

The Long-Term Asset Fund (LTAF) was devised to bridge the gap between closed-ended funds and fully open-ended daily-dealing funds and fulfil the need for investment products that can provide funding for long-term projects while offering investors potential for higher returns in exchange for limited liquidity.

The FCA have designed robust governance requirements for the LTAF, so investors who understand the risks of investing in long‑term less liquid assets are able to invest with confidence. Where a firm markets an LTAF to a retail investor, the firm must provide appropriate risk warnings and conduct an appropriateness assessment.

The international Financial Stability Board (FSB) recognises that open-ended funds that invest in less liquid or illiquid assets while allowing investors quick and frequent access to their money, risk being unable to sell investments quickly enough to meet large investor redemptions. In 2023 the FSB published recommendations to address these vulnerabilities in open-ended funds. The FSB’s recommendations include assessing the appropriateness of redemption terms for open-ended funds holding less liquid and illiquid assets, which was a key consideration in the design of the LTAF.

The Government is supportive of the FSB’s work on open-ended funds and the regulators are considering the implementation of the recommendations.

Question to the HM Treasury:

To ask His Majesty's Government what assessment they have made of the financial benefits of fintech companies to the London Stock Exchange, and what steps they are taking to encourage fintech companies to be based in London.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

In the Financial Services Growth and Competitiveness Strategy, Fintech is one of the five priority growth opportunities, noting that the UK Fintech sector attracted $3.6 billion in investment in 2024. The Strategy set out the government’s vision for the UK to be the world’s most advanced global financial centre and remain a leading jurisdiction for Fintech firms to start up, scale and list.

The Strategy announced that the government will also establish a Listings Taskforce to support businesses to list and grow in the UK. HM Treasury will work in partnership with the Office for Investment, and engage with industry, to ensure the UK attracts the best and brightest businesses from around the world, and right here in the UK, to list on UK markets.

Question to the HM Treasury:

To ask His Majesty's Government what plans they have to protect UK-listed closed-ended funds against cost-disclosure regulations which deter investment.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

In 2024, the Government legislated to enable the Financial Conduct Authority (FCA) to reform the UK’s retail disclosure regime to ensure consumers have access to the most useful information – including on risks, costs and performance – to support their investment decisions.

The FCA continue to engage with industry and will publish their final rules later this year.

Question to the HM Treasury:

To ask His Majesty's Government what were the total income tax receipts for taxpayers aged 16–17 years old in each of the past three financial years.

Answered by Lord Livermore - Financial Secretary (HM Treasury)

Estimates for the total income tax liabilities for taxpayers aged 16-17 years old for the three latest available financial years 2020-21, 2021-22 and 2022-23 are set out below. Information after the financial year 2022-23 is not currently available.

Source: Survey of Personal Incomes, tax years 2020-21, 2021-22 and 2022-23

Notes on the table

1. The tax year 2022 to 2023 is the latest year for which these figures are available.
2. Figures are presented in millions.
3. The data underlying the Survey of Personal Incomes is based on a large sample of over 900,000 individuals with incomes reported to HMRC. As is the case with the published Personal Incomes Statistics, these figures are statistical estimates and will be subject to sampling variation.
4. This table only covers individuals with some liability to tax.
5. For more information about the Survey of Personal Incomes please refer to the supporting documentation. https://www.gov.uk/government/statistics/personal-incomes-statistics-for-the-tax-year-2022-to-2023/personal-income-statistics-2022-to-2023-supporting-documentation
6. Note that tax year 2020-21 and, to a lesser extent, 2021-22 may be affected by the COVID-19 pandemic. Lockdown restrictions may have prevented new taxpayers from joining the labour market.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the application of Import Control System 2 on goods movements from Great Britain to Northern Ireland on the UK single market for goods.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Import Control System 2 (ICS2) is the new safety and security IT system for certain goods moving by air, maritime, road or rail into Northern Ireland. ICS2 will introduce some new processes, improving existing safety and security arrangements for goods movements from Great Britain to Northern Ireland.

HMRC has an extensive communications and engagement plan to support business readiness ready for the changes and businesses moving goods between Great Britain and Northern Ireland can access the free-to-use Trader Support Service (TSS), who are supporting businesses via webinars and direct communications. TSS currently supports businesses to meet safety and security arrangements and will support with any changes under ICS2. Businesses using the TSS will not need to register for ICS2.

As per the new arrangements for consumer parcels moving from Great Britain to Northern Ireland that came into effect on 1 May 2025, safety and security declarations continue to not be required.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of a single remote gambling duty on the sustainability of the horseracing sector.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The Government consultation on proposals to simplify the current gambling tax system by merging the three current taxes that cover remote (including online) gambling into one closed on 21 July 2025. The proposed changes are intended to reduce complexity and improve compliance. The Government engaged with a range of stakeholders, including the horse racing sector throughout the consultation period and is now analysing submissions. The potential impact on horseracing and its workforce as well as the broader economic and social implications will be considered carefully as part of the process.

If any changes are made to gambling duties at a future Budget following the consultation, the legislation will be accompanied by a Tax Information and Impact Note which will set out the expected impacts.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent progress she has made with the banking industry on the roll out of banking hubs in Birmingham Edgbaston constituency.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

The Government recognises the importance of face-to-face banking to communities and high streets in Birmingham Edgbaston, and across the country.

This is why the Government is working closely with industry to roll out 350 banking hubs across the UK. The UK banking sector has committed to deliver these hubs by the end of this Parliament.  

Over 230 hubs have been announced so far, and over 170 are already open.

The location of these hubs is determined independently by LINK, the industry coordinating body responsible for making access to cash assessments. When a cash service such as a bank branch closes, or if LINK receives a request directly from a community, LINK assesses a community’s access to cash needs. This assessment may lead to a recommendation for the establishment of a banking hub in that community.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she has made an assessment of the potential impact of anti-money laundering compliance requirements on the financial viability of small and medium-sized law firms.

Answered by Emma Reynolds - Economic Secretary (HM Treasury)

I refer the hon. Member to the answer to UIN 67269.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of increased National Insurance contributions on voluntary sector health organisations.

Answered by James Murray - Exchequer Secretary (HM Treasury)

A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer National Insurance contributions (NICs). The TIIN sets out the impact of the policy on the exchequer, the economic impacts of the policy, and the impacts on individuals, businesses, and civil society organisations, as well as an overview of the equality impacts.

To support social care authorities to deliver key services, in light of pressures, the Government is making available up to £3.7 billion of additional funding for social care authorities in 2025/26, which includes a £880 million increase in the Social Care Grant. This is part of an overall increase to local government spending power of 6.8% in cash terms.

More widely, the Government provides support for charities, including hospices, via our tax regime, which is among the most generous of anywhere in the world. Tax reliefs for charities and their donors was worth just over £6 billion for the tax year to April 2024.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what infrastructure projects the National Wealth Fund has (a) funded, (b) initiated and (c) delivered in the West Midlands since October 2024.

Answered by James Murray - Exchequer Secretary (HM Treasury)

The National Wealth Fund (NWF) has a strong regional mandate and proactively identifies investment opportunities across the UK to ensure the benefits of investment are felt nationwide.

In March 2025, the NWF’s local authority function provided a £9.6 million loan to Solihull Council to help deliver its innovative new town centre energy network.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to her Department's press release entitled Largest fund of its kind to support vulnerable kids & families, published on 14 July 2025, for what reason the Better Futures Fund is not part of the Government’s Child Poverty Strategy.

Answered by Darren Jones - Chief Secretary to the Treasury

At the Spending Review, we committed to announcing further details on our plans for Social Impact Investing over the summer. This announcement – alongside the announcements to support low-income families made at SR25 – are a downpayment ahead of the Child Poverty Strategy being published in the autumn, and will form part of it.

As per the press notice, the Better Futures Fund will be managed by the Department of Culture, Media and Sport in close collaboration with other departments and engagement with the impact investing sector.

The Better Futures Fund was included in the Spending Review, under the Public Service Reform section. This was before it was named the BFF and was under the working title of ‘Social Impact Investing Vehicle’:

The Better Futures Fund will support up to 200,000 children and their families over the next ten years by bringing together government, local communities, charities, social enterprises, investors, and philanthropists to work together to give children a brighter future.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to her Department's press release entitled Largest fund of its kind to support vulnerable kids & families, published on 14 July 2025, for what reason the Better Futures Fund was not announced at the Spending Review 2025.

Answered by Darren Jones - Chief Secretary to the Treasury

At the Spending Review, we committed to announcing further details on our plans for Social Impact Investing over the summer. This announcement – alongside the announcements to support low-income families made at SR25 – are a downpayment ahead of the Child Poverty Strategy being published in the autumn, and will form part of it.

As per the press notice, the Better Futures Fund will be managed by the Department of Culture, Media and Sport in close collaboration with other departments and engagement with the impact investing sector.

The Better Futures Fund was included in the Spending Review, under the Public Service Reform section. This was before it was named the BFF and was under the working title of ‘Social Impact Investing Vehicle’:

The Better Futures Fund will support up to 200,000 children and their families over the next ten years by bringing together government, local communities, charities, social enterprises, investors, and philanthropists to work together to give children a brighter future.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to her Department's press release entitled Largest fund of its kind to support vulnerable kids & families, published on 14 July 2025, which organisation will manage the Better Futures Fund.

Answered by Darren Jones - Chief Secretary to the Treasury

At the Spending Review, we committed to announcing further details on our plans for Social Impact Investing over the summer. This announcement – alongside the announcements to support low-income families made at SR25 – are a downpayment ahead of the Child Poverty Strategy being published in the autumn, and will form part of it.

As per the press notice, the Better Futures Fund will be managed by the Department of Culture, Media and Sport in close collaboration with other departments and engagement with the impact investing sector.

The Better Futures Fund was included in the Spending Review, under the Public Service Reform section. This was before it was named the BFF and was under the working title of ‘Social Impact Investing Vehicle’:

The Better Futures Fund will support up to 200,000 children and their families over the next ten years by bringing together government, local communities, charities, social enterprises, investors, and philanthropists to work together to give children a brighter future.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what information her Department holds on the proportion of businesses in the retail, hospitality and leisure sector that will (a) not qualify for retail, hospitality and leisure relief and (b) pay a higher multiplier due to business properties with rateable values above £500,000.

Answered by James Murray - Exchequer Secretary (HM Treasury)

At Autumn Budget 2024, the Government published a Discussion Paper setting out priority areas for business rates reform and invited industry to co-design a fairer business rates system.

In summer, the Government will publish an interim report that sets out a clear direction of travel for the business rates system, with further policy detail to follow at Budget 2025.

To deliver our manifesto pledge, from April 2026, we intend to introduce permanently lower tax rates for high street retail, hospitality, and leisure (RHL) properties with rateable values (RVs) below £500,000. This permanent tax cut will ensure that RHL businesses benefit from much-needed certainty and support.

This tax cut must be sustainably funded, and so we also intend to introduce a higher rate on the most valuable properties from April 2026 - those with RVs of £500,000 and above. This represents less than one per cent of all properties.

The Valuation Office Agency (VOA) have published data on properties with RVs above £500,000 based on the previous valuation, broken down by sector online here: https://www.gov.uk/government/publications/non-domestic-rating-property-counts-and-rateable-value-rv-for-properties-in-england-with-rv-over-500000. The VOA also routinely publish data on the whole commercial property stock by sector online here: https://www.gov.uk/government/statistics/non-domestic-rating-stock-of-properties-2024.

Every three years, all commercial properties are revalued by the VOA. The 2026 revaluation, which will take effect from April 2026, will update RVs and may, therefore, affect which businesses are within scope of the new higher rate. The revaluation process is ongoing. The VOA are required to publish a draft of all properties’ new RVs this year.

The rates for the new business rate multipliers will be set at Budget 2025 so that the Government can take into account the upcoming revaluation outcomes as well as the economic and fiscal context. When the new multipliers are set, HM Treasury intends to publish analysis of the expected effects of the new multiplier arrangements.

Found: Green Paper, 18 March 2025; HC Deb, 18 March 2025, col 168 5 HC Deb, 26 March 2025, cols 945–952; HM Treasury

Found: across the United Kingdom, as outlined in the recently published 10 Year Infrastructure Strategy by HM Treasury

Found: Care, Ministry of Justice, Department for Science, Innovation and Technology, Cabinet Office, HM Treasury

Found: Baroness Gustafsson, Minister for Investment at both the Department for Business and Trade and HM Treasury

Found: Credit, Attendance Allowance, Disability Living Allowance, Housing Benefit and Income Support 4 HM Treasury

Found: This plan is supported by Home Office and we will be seeking HMT permission to implement it in the Autumn

Found: The Minister for Local Government said: 76 Q18 [Charlotte Pickles] 77 HM Treasury, Autumn Budget 2024

Found: Department for Transport • City of London Corporation • Department for Business and Trade • HM Treasury

Found: accommodation, Pam Cox MP requested an update on work with the Office for Value for Money (OVfM) at HM Treasury

Found: Mandate that government departments identify top innovation priorities and collaborate with HM Treasury

Found: HM Treasury, HM Treasury, and HM Treasury Oral Evidence

Found: impact on industry, society and jobs) will assist in alignment with the principles outlined in the HM Treasury

Question to the Department for Science, Innovation & Technology:

To ask the Secretary of State for Science, Innovation and Technology, pursuant to the Answer of 1 July 2025 to Question 64258 on Companies House: Proof of Identity, what the cost to the public purse is for (a) the Government's verification service and (b) third-party verification services since the Companies House identity verification system was established.

Answered by Feryal Clark - Parliamentary Under Secretary of State (Department for Science, Innovation and Technology)

I refer the Hon. Member to the answer the Parliamentary Under Secretary of State gave on 4th July 2025 to Question 64258.

GOV.UK One Login’s total budget to onboard all central government services for the three years from 2022/23 to 2024/25 was £305.4 million, and is currently undergoing HMT approvals for a new Business Case which will run until 2027/28.

GOV.UK One Login works with third-party providers to help verify a user’s identity. These costs are included in the programme budget.

Companies House provides an alternative IDV route via Authorised Corporate Service Providers.

Question to the Department for Energy Security & Net Zero:

To ask the Secretary of State for Energy Security and Net Zero, what steps he is taking to ensure that decision making about the return of the BCSSS investment reserve can be made as swiftly as possible.

Answered by Sarah Jones - Minister of State (Department for Energy Security and Net Zero)

I met the BCSSS Trustees on 22 April, 11 June and 22 July and confirmed the Government’s commitment to considering their proposals regarding the reserve and the future of the scheme. DESNZ will now engage HM Treasury with a view to agreeing a way forward on the transfer of the reserve to members.

I am aiming to reach agreement on an outcome that can be implemented later this year which will benefit scheme members.

Question

To ask the Right hon. Member for Kenilworth and Southam, representing the Speaker's Committee on the Electoral Commission, pursuant to the Answer of 9 July 2025 to Question 64449 on Electoral Commission: Finance, what is the business case for increasing the budget of the Electoral Commission by over £20 million from 2027-28 to 2028-29.

Answered by Jeremy Wright

The main driver is spend related to a UK General Election. The figures referenced in Question 64449 were shared with HM Treasury and our funding parliaments as an overall estimate for the Commission’s spending over the next five years, prior to the Commission’s Corporate Plan being approved by Parliament.

Each year the Commission submits a Main Estimate for Parliamentary approval, and approval by the Scottish Parliament and Senedd, with a budget request for the forthcoming year. The Commission expects its spending to increase in the run up to the next UK parliamentary general election, which must be held by August 2029; it estimates an increase of £11.6 million from 2027-28 to 2028-29 to account for this general election spending.

The key driver for these costs are the public awareness campaigns that give voters the information they need to participate with confidence, alongside additional staff for the general election period and election related research projects. The Commission has a duty to promote public awareness, including awareness of any new changes introduced by Government. Typically, most of this spending falls in the year prior to a general election, because of the scale of work and the preparation required.

Given the exact timing of the next general election is uncertain, the Commission has built general increases into its planned spending, which can be adjusted as appropriate through the annual Main Estimate process.

Question to the Ministry of Defence:

To ask the Secretary of State for Defence, with reference to his oral statement of 15 July 2025 on Afghanistan, Official Report, column 149-152, whether the £5.5 to 6 billion lifetime cost of the Afghan resettlement schemes includes further family members coming to the UK.

Answered by Luke Pollard - Parliamentary Under-Secretary (Ministry of Defence)

Yes, the lifetime cost quoted of the Afghan resettlement schemes includes family members coming to the UK.

Projected costs are based on per person costs used for planning purposes, and estimated numbers of future arrivals. The estimate is based on costs incurred including: relocation and transitional accommodation costs; Local Authority tariffs and the Local Authority Housing Fund; legal fees; and staffing costs (e.g. case workers). The cost estimates also factor in assumptions on numbers of outstanding ARAP applications expected to be made eligible, family sizes and length of stay in transitional accommodation.

HM Treasury included the cost of all Afghan resettlement schemes in the spending audit in July 2024. HMT has fully funded all future costs of resettlement schemes as part of the Spending Review in June.

Question to the Ministry of Defence:

To ask the Secretary of State for Defence, if he will publish the assumptions used to generate the figure of a 5.5 to 6 billion lifetime cost of the Afghan re-settlement schemes.

Answered by Luke Pollard - Parliamentary Under-Secretary (Ministry of Defence)

Yes, the lifetime cost quoted of the Afghan resettlement schemes includes family members coming to the UK.

Projected costs are based on per person costs used for planning purposes, and estimated numbers of future arrivals. The estimate is based on costs incurred including: relocation and transitional accommodation costs; Local Authority tariffs and the Local Authority Housing Fund; legal fees; and staffing costs (e.g. case workers). The cost estimates also factor in assumptions on numbers of outstanding ARAP applications expected to be made eligible, family sizes and length of stay in transitional accommodation.

HM Treasury included the cost of all Afghan resettlement schemes in the spending audit in July 2024. HMT has fully funded all future costs of resettlement schemes as part of the Spending Review in June.

Question to the Cabinet Office:

To ask the Minister for the Cabinet Office, whether Number 10 has an operational Bloomberg terminal.

Answered by Abena Oppong-Asare - Parliamentary Secretary (Cabinet Office)

HMT has Bloomberg terminals and subscriptions to support the provision of economic advice to the Prime Minister and Chancellor of the Exchequer.

Question to the Department for Digital, Culture, Media & Sport:

To ask the Secretary of State for Culture, Media and Sport, what recent discussions she has had with the Chancellor of the Exchequer on the potential impact of tax reform in the (a) betting and (b) gaming sector on equine welfare standards.

Answered by Stephanie Peacock - Parliamentary Under Secretary of State (Department for Culture, Media and Sport)

The Minister for Gambling and Heritage recently met the incoming Chair of the British Horseracing Authority to discuss a wide range of matters affecting horseracing including the HMT tax consultation. DCMS has also engaged at ministerial and official level with HMT on the topic and the potential impact of any changes on horseracing.

One of the statutory purposes of the Horserace Betting Levy, managed by the Horserace Betting Levy Board (HBLB) is the advancement of veterinary science. HBLB’s allocation for its disease surveillance, veterinary science and education programme rose to £2.76 million this year, up from £2.32 million in 2024/25.

Question to the Department for Digital, Culture, Media & Sport:

To ask the Secretary of State for Culture, Media and Sport, what assessment she has made of the potential indirect impact of duty harmonisation on the horseracing industry.

Answered by Stephanie Peacock - Parliamentary Under Secretary of State (Department for Culture, Media and Sport)

The tax treatment of remote gambling is a matter for HM Treasury. Following the conclusion of its recent consultation, we expect that any legislative changes made to gambling duty will be accompanied by a tax information and impact note from HM Treasury, as is standard practice.

The Government recognises the significant contribution horseracing makes to our regional economies and our country’s cultural life. DCMS will continue to meet with racing stakeholders to ensure a sustainable and prosperous future for the sport.

Question to the Department for Digital, Culture, Media & Sport:

To ask the Secretary of State for Culture, Media and Sport, what recent discussions she has had with the British Horseracing Authority on the potential impact of proposed changes to the taxation of betting operators on that sport.

Answered by Stephanie Peacock - Parliamentary Under Secretary of State (Department for Culture, Media and Sport)

The Minister for Gambling and Heritage recently met the incoming Chair of the British Horseracing Authority to discuss a wide range of matters affecting horseracing including the HMT tax consultation. DCMS has also engaged at ministerial and official level with HMT on the topic and the potential impact of any changes on horseracing.

One of the statutory purposes of the Horserace Betting Levy, managed by the Horserace Betting Levy Board (HBLB) is the advancement of veterinary science. HBLB’s allocation for its disease surveillance, veterinary science and education programme rose to £2.76 million this year, up from £2.32 million in 2024/25.

Found: 2024 , Q2 10 EU Foreign Affairs Council, Statement made on 22 October 2024, UIN HCWS154 11 HM Treasury

Found: operations, Work, welfare and pensions, Workforce Departments: Cabinet Office, Cross-government, HM Treasury

Found: have been properly prepared in accordance with the Government Resources and Accounts Act 2000 and HM Treasury

Found: have been properly prepared in accordance with the Government Resources and Accounts Act 2000 and HM Treasury

Found: have been properly prepared in accordance with the Government Resources and Accounts Act 2000 and HM Treasury

Found: • In July 2024, HM Treasury (HMT) published its Spending Audit to ensure the Government’s immediate

Found: gathering exercise on firm-level financial support for SME digital and AI adoption DBT, DSIT and HM Treasury

Found: council-tax-statistics Uses of the data The data are used to provide the MHCLG Secretary of State and Ministers, HM Treasury

Found: tax and non-domestic rates data are used to provide the MHCLG Secretary of State and Ministers, HM Treasury

Found: HM Treasury (excl. agencies) 0.062 0.067 0.078 -0.091 0.83 0.827 0.576 0.491 0.467 0.474 HM Treasury

Found: 0 0 0 0 50 HM Treasury Office for Budget Responsibility 0 0 0 0 0 0 50 0 0 0 0 0 0 0 50 HM Treasury HM

Found: LEPs, compared to if the pot had been entirely ‘new money’ allocated directly from, for example, HM Treasury

Found: • DCMS – Department for Digital, Culture, Media and Sport • DfT – Department for Transport • HM Treasury

Found: MHCLG may also be able to provide additional internal data, including reports to HMT and PAC.

Found: members of the Review Body for their work on gathering evidence from the NCA, the Home Office, HM Treasury

Found: Median pay settlements, which HM Treasury described as the most comparable data with Pay Review Body

Found: equity backed deals at 44%. 25 DBT, Invest 2035: the UK’s modern industrial strategy 26 DSIT and HMT

Found: T he analysis has been completed in line with HM Treasury (HMT) Green Book principles on how to appraise

Found:

Found: (HMT).

Found:

Found:

Found: In preparing the accounts, trustees of the Memorial Fund are required to comply with the HM Treasury

Found: each Director, the People Committee considers the guidelines laid down by the Combined Code and HM Treasury

Found: Our review of risk management in 2024–2025 was conducted in line with HMT Orange Book principles

Found: PPM, Procurement, Property and Construction, Strategy, Technical.Payroll staff CostsPlease refer to HMT

Found: This is in accordance with the responsibilities in HM Treasury's (HMT) ‘Corporate governance in central

Found: This is in accordance with the responsibilities in HM Treasury's (HMT) ‘Corporate governance in central

Found: The FCDO’s control totals include ringfenced budgets set by HM Treasury where underspends cannot be

Found: • Worked closely with Finance teams and HM Treasury to agree the department’s budgets for 2025-26

Found: . • Worked closely with Finance teams and HM Treasury to agree the department’s budgets for 2025-26 in

Found: . • Worked closely with Finance teams and HM Treasury to agree the department’s budgets for 2025-26 in

Found: employees of other central banks, financial institutions and finance ministries to undertake a work HM Treasury

Found: COMMERCE &INDUSTRY GOVERNMENT OF INDIA vllffl James Murray MP Exchequer Secretary to the Treasury HM Treasury

Found: HM Treasury, 1 Horse Guards Road, London, SW1 A 2HQ Shri Piyush Goyal Honourable Minister of Commerce

Found: HM Treasury: 46.1. United Kingdom Debt Management Office; 47.

Found: In keeping with established HM Treasury funding policies, the Authority will issue a fresh Instruction

Found: From: Department for Business and Trade and HM Treasury Published 23 July 2025 Get emails

Found: updates 23 July 2025 We have updated the thresholds for senior pay approvals to match the updated HM Treasury

Found: alongside more detailed sanctions guidance published by departments including the Home Office and HM Treasury

Found: employees of other central banks, financial institutions and finance ministries to undertake a work HM Treasury

Found: Value Source APHA hourly wage £22.78 APHA Overtime uplift 40% APHA Hours in a day 7.5 HM Treasury

Found: During this pay round, you will receive evidence from my department, HM Treasury and key stakeholders

Found: Context for 2026/27 During this pay round, you will receive evidence from my department, HM Treasury

Found: During this pay round, you will receive evidence from my Department, HM Treasury and statutory consultees

Found: On 10 January 2025, the Office of Financial Sanctions Implementation (“OFSI”), part of HM Treasury,

Found: review Internal peer review Periodic review Version control Developer testing QA guidelines 1 HM Treasury

Found: including the department’s central governance (or dedicated public bodies) team and the relevant HM Treasury

Found: of periodic net operating expense is then discounted using a real discount rate based on the HM Treasury

Found: The Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, helps ensure financial

Found: Any other organisation subsequently authorised by HM Treasury A “Non-Crown Relevant Organisation”

Found: It may be varied, revoked, or suspended by HM Treasury at any time.

Found: Licence INT/2022/1679676 Details of OFSI General Licence INT/2022/1679676 From: HM Treasury

Found: From: HM Treasury and UK Government Investments Published 30 July 2025 Get emails about

Found: unions have outlined that they will not agree any pay offer unless FC puts in a business case to HM Treasury

Found: The Nature for Climate Fund bid went into the overall Defra ask to HMT as an almost a full bid.

Found: (HMT), the NCA receives some of its funding for specific operational deliverables, such as OIC.

Found: Compliance with the HM Treasury Corporate Governance Code The CNPA has complied with the Code of Good

Found: It has a wide range of stakeholders, including DCMS, HM Treasury, Camden Borough Council, Historic England

Found: proper records and safeguarding NCS Trust assets, as set out in Managing Public Money published by HMT

Found: The National Gallery is classified as a central government organisation by HM Treasury.

Found: HM Treasury published updated guidance on 27 April 2023; this guidance has been used in the calculation

Found: and Galleries Act 1992, the Secretary of State for Culture, Media & Sport, with the consent of HM Treasury

Found: HM Treasury has appointed Neil Taylor Director of the Office of the Advocate General, OAG as Interim

Found: by the Commissioners for the Reduction of the National Debt (CRND) under a direction issued by HM Treasury

Found: by the Commissioners for the Reduction of the National Debt (CRND) under a direction issued by HM Treasury

Found: From: HM Treasury and UK Debt Management Office Published 25 July 2025 Get emails about

Found: . • Department Expenditure Limit (DEL): HM Treasury set firm limits for DEL spend as it is understood

Found: From: HM Treasury and UK Debt Management Office Published 23 July 2025 Get emails about

Found: The DMO is an executive agency of HM Treasury.

Found: handbook Managing Public Money1 (‘MPM’) (as updated from time to time) and has been approved by HM Treasury

Found: DHSC’s submission to HM Treasury (HMT), inclusive of the NHSBSA’s requirements, was made in line with

Found: DHSC’s submission to HM Treasury (HMT), inclusive of the NHSBSA’s requirements, was made in line with

Found: www.who.int/publicaEons/i/item/health-economic-assessment-tool-(heat)-for-walking-and-for-cycling 5 HM Treasury

Found: analysis. 31 this being likely and as such noncompliance costs have not been included in line with HMT

Found: quantified impact into a monetised societal value using the techniques and carbon values outlined in the HMT

Found: members of the Review Body for their work on gathering evidence from the NCA, the Home Office, HM Treasury

Found: Median pay settlements, which HM Treasury described as the most comparable data with Pay Review Body

Found: UKGI is owned by HM Treasury and independently managed with a Board comprised predominantly of independent

Found: You also stated that there was no relationship between Harvard Kennedy School and HM Treasury.

Found: You also stated that there was no relationship between Harvard Kennedy School and HM Treasury.

Found: Smith, Adam - Chief of Staff to the Chancellor of the Exchequer, HM Treasury - ACOBA advice

Found: Smith, Adam - Chief of Staff to the Chancellor of the Exchequer, HM Treasury - ACOBA advice

Found: Smith, Adam - Chief of Staff to the Chancellor of the Exchequer, HM Treasury - ACOBA advice

Found: Smith, Adam - Chief of Staff to the Chancellor of the Exchequer, HM Treasury - ACOBA advice

Found: Smith, Adam - Chief of Staff to the Chancellor of the Exchequer, HM Treasury - ACOBA advice

Found: Smith, Adam - Chief of Staff to the Chancellor of the Exchequer, HM Treasury - ACOBA advice

Found: Smith, Adam - Chief of Staff to the Chancellor of the Exchequer, HM Treasury - ACOBA advice

Found: (“HM Treasury”, “the Treasury”, “HMT” or “the sponsor department”) and National Savings and Investments

Found: process to identify an Interim Chair will follow the Governance Code for Public Appointments and HM Treasury

Found: During this pay round, you will receive evidence from my department, HM Treasury and key stakeholders

Found: Context for 2026/27 During this pay round, you will receive evidence from my department, HM Treasury

Found: During this pay round, you will receive evidence from my Department, HM Treasury and statutory consultees

Found: enforcement processes undertaken by the Office of Financial Sanctions Implementation (OFSI), part of HM Treasury

Found: The Office of Financial Sanctions Implementation (OFSI), which is a part of HM Treasury, is responsible

Found: FiHELORDWILSONOFSEDGEFIELDGOVERNMENTWHIPS’OFFICE GOVERNMENWHIPDESNZ,HMT,MHCLG 02072193778HOUSEOFLORDS

Found: FROMTHELORDWILSONOFSEDGEFIELDGOVERNMENTWHIPS’OFFICE GOVER: 02072193778 ENTWHIPDESNZ,HMT,MHCLG HOUSEOFLORDS

Found: FROMTHELORDW:LSONOFSEDGEFIELDGOVERNMENTWHIPS’OFFICE GOVERNMENTWHIPDESNZ,HMT,MHCLG 02072193778HOUSEOFLORDS

Found: FROMTHELORDWILSONOFSEDGEFIELDGOVERNMENTWHIPS’OFFICE GOWE 02072193 NTwHitDESNZ,HMT,MHCLG ae HOUSEOFLORDS

Found: members of the Review Body for their work on gathering evidence from the NCA, the Home Office, HM Treasury

Found: Memorandum of Understanding between HM Treasury, the Bank of England, the Prudential Regulation Authority

Found: social media coverage of the announcement on X, with over 50,000 views. 4.5 His Majesty’s Treasury (HMT

Found: handbook Managing Public Money1 (‘MPM’) (as updated from time to time) and has been approved by HM Treasury

Found: There are a number of specific Whitehall transfers and allocations from HM Treasury recognised at the

Found: There are a number of specific Whitehall transfers and allocations from HM Treasury recognised at the

Found: • DESNZ submitted its spending review bid to HM Treasury in relation to GB Energy w/c 10 February

Found: feed back on this to [s38(1)(b)] and team – think about how to use this model again in future • With HMT

Found: in brief the need to have absolute clarity on the definition of the ‘public sector’ adopted by HM Treasury

Found: Document 1 – Email regarding the Counter Fraud Commissioner from Maeve Connolly HMT to Alyson Stafford

Found: As part of this HM Treasury has set up a Financial Inclusion Committee whose mission is to tackle barriers

Found: Retrieved from https://committees.parliament.uk/ oralevidence/16196/html/ [accessed 7 July 2025] 75 HM Treasury

Found: RoP, 7 May 2025, paragraphs 295 and 297 36 Finance Committee, RoP, 7 May 2025, paragraph 300 37 HM Treasury