HM Treasury

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



Secretary of State

 Portrait

Jeremy Hunt
Chancellor of the Exchequer

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

Liberal Democrat
Baroness Kramer (LD - Life peer)
Liberal Democrat Lords Spokesperson (Treasury and Economy)

Plaid Cymru
Ben Lake (PC - Ceredigion)
Shadow PC Spokesperson (Treasury)

Labour
Rachel Reeves (Lab - Leeds West)
Shadow Chancellor of the Exchequer

Liberal Democrat
Sarah Olney (LD - Richmond Park)
Liberal Democrat Spokesperson (Treasury)

Labour
Baroness Chapman of Darlington (Lab - Life peer)
Shadow Spokesperson (Treasury)
Lord Livermore (Lab - Life peer)
Shadow Spokesperson (Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Labour
James Murray (Lab - Ealing North)
Shadow Financial Secretary (Treasury)
Tulip Siddiq (Lab - Hampstead and Kilburn)
Shadow Minister (Treasury)
Darren Jones (Lab - Bristol North West)
Shadow Chief Secretary to the Treasury
Ministers of State
Nigel Huddleston (Con - Mid Worcestershire)
Financial Secretary (HM Treasury)
Laura Trott (Con - Sevenoaks)
Chief Secretary to the Treasury
Parliamentary Under-Secretaries of State
Gareth Davies (Con - Grantham and Stamford)
Exchequer Secretary (HM Treasury)
Bim Afolami (Con - Hitchin and Harpenden)
Economic Secretary (HM Treasury)
Baroness Vere of Norbiton (Con - Life peer)
Parliamentary Secretary (HM Treasury)
Scheduled Event
Tuesday 7th May 2024
14:30
HM Treasury
Oral questions - Main Chamber
7 May 2024, 2:30 p.m.
HM Treasury (including Topical Questions)
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Scheduled Event
Tuesday 18th June 2024
11:30
HM Treasury
Oral questions - Main Chamber
18 Jun 2024, 11:30 a.m.
HM Treasury (including Topical Questions)
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Scheduled Event
Tuesday 23rd July 2024
11:30
HM Treasury
Oral questions - Main Chamber
23 Jul 2024, 11:30 a.m.
HM Treasury (including Topical Questions)
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Debates
Wednesday 1st May 2024
Select Committee Inquiry
Tuesday 31st January 2023
Quantitative tightening

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

Written Answers
Wednesday 1st May 2024
Inflation
To ask His Majesty's Government, following recent remarks from the deputy governor of the Bank of England, Dave Ramsden, that …
Secondary Legislation
Tuesday 30th April 2024
Special Tax Sites (Applicable Sunset Date) Regulations 2024
These Regulations extend the applicable sunset date for special tax sites.
Bills
Thursday 14th March 2024
Supply and Appropriation (Anticipation and Adjustments) Act 2024
A Bill to authorise the use of resources for the years ending with 31 March 2023, 31 March 2024 and …
Dept. Publications
Wednesday 1st May 2024
16:09

HM Treasury Commons Appearances

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

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

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

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

Most Recent Commons Appearances by Category
Mar. 19
Oral Questions
Mar. 20
Urgent Questions
Apr. 30
Written Statements
Mar. 05
Westminster Hall
Apr. 24
Adjournment Debate
View All HM Treasury Commons Contibutions

Bills currently before Parliament

Introduced: 13th March 2024

A Bill to make provision in connection with finance.

Commons - 40%

Last Event - 2nd Reading
Wednesday 17th April 2024
(Read Debate)
Next Event - Committee Of The Whole House
Wednesday 8th May 2024

Acts of Parliament created in the 2019 Parliament

Introduced: 14th March 2024

A Bill to authorise the use of resources for the years ending with 31 March 2023, 31 March 2024 and 31 March 2025; to authorise the issue of sums out of the Consolidated Fund for those years; and to appropriate the supply authorised by this Act for the years ending with 31 March 2023 and 31 March 2024.

This Bill received Royal Assent on 20th March 2024 and was enacted into law.

Introduced: 7th March 2024

A Bill to make provision for and in connection with reducing the main rates of primary Class 1 national insurance contributions and Class 4 national insurance contributions.

This Bill received Royal Assent on 20th March 2024 and was enacted into law.

Introduced: 27th November 2023

A Bill to make provision in connection with finance.

This Bill received Royal Assent on 22nd February 2024 and was enacted into law.

Introduced: 23rd November 2023

A Bill to make provision for and in connection with reducing the main rates of primary Class 1 national insurance contributions and Class 4 national insurance contributions, and removing the requirement to pay Class 2 national insurance contributions.

This Bill received Royal Assent on 13th December 2023 and was enacted into law.

Introduced: 5th July 2023

A Bill to Authorise the use of resources for the year ending with 31 March 2024; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2023.

This Bill received Royal Assent on 11th July 2023 and was enacted into law.

Introduced: 21st March 2023

A Bill to make provision in connection with finance.

This Bill received Royal Assent on 11th July 2023 and was enacted into law.

Introduced: 20th July 2022

A Bill To make provision about the regulation of financial services and markets; and for connected purposes.

This Bill received Royal Assent on 29th June 2023 and was enacted into law.

Introduced: 11th May 2022

A Bill to make provision about the UK Infrastructure Bank

This Bill received Royal Assent on 23rd March 2023 and was enacted into law.

Introduced: 8th March 2023

A Bill to Authorise the use of resources for the years ending with 31 March 2022, 31 March 2023 and 31 March 2024; to authorise the issue of sums out of the Consolidated Fund for those years; and to appropriate the supply authorised by this Act for the years ending with 31 March 2022 and 31 March 2023.

This Bill received Royal Assent on 23rd March 2023 and was enacted into law.

Introduced: 24th October 2022

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

This Bill received Royal Assent on 8th February 2023 and was enacted into law.

Introduced: 22nd November 2022

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

This Bill received Royal Assent on 10th January 2023 and was enacted into law.

Introduced: 24th October 2022

A Bill to authorise the use of resources for the year ending with 31 March 2023; to authorise the issue of sums out of the Consolidated Fund for that year; and to appropriate the supply authorised by this Act for that year.

This Bill received Royal Assent on 25th October 2022 and was enacted into law.

Introduced: 22nd September 2022

A Bill to make provision for and in connection with the repeal of the Health and Social Care Levy Act 2021.

This Bill received Royal Assent on 25th October 2022 and was enacted into law.

Introduced: 6th July 2022

A Bill to authorise the use of resources for the year ending with 31 March 2023; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2022

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

Introduced: 5th July 2022

A Bill to make provision for, and in connection with, imposing a charge on ring fence profits of companies.

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

Introduced: 24th March 2022

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

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

Introduced: 12th May 2021

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

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

Introduced: 9th March 2022

A Bill To Authorise the use of resources for the years ending with 31 March 2021, 31 March 2022 and 31 March 2023; to authorise the issue of sums out of the Consolidated Fund for those years; and to appropriate the supply authorised by this Act for the years ending with 31 March 2021 and 31 March 2022.

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

Introduced: 19th July 2021

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

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

Introduced: 2nd November 2021

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

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

Introduced: 8th September 2021

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

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

Introduced: 8th September 2021

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

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

Introduced: 12th May 2021

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

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

Introduced: 30th June 2021

A Bill to authorise the use of resources for the year ending with 31 March 2022; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2021.

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

Introduced: 9th March 2021

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

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

Introduced: 21st October 2020

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

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

Introduced: 10th March 2021

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

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

Introduced: 9th March 2021

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

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

Introduced: 4th February 2021

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

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

Introduced: 8th December 2020

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

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

Introduced: 9th July 2020

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

Introduced: 13th July 2020

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

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

Introduced: 17th March 2020

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

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

Introduced: 24th March 2020

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

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

Introduced: 2nd March 2020

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

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

HM Treasury - Secondary Legislation

These Regulations extend the applicable sunset date for special tax sites.
Regulations 2, 3 and 4 update references to documents containing information on the classification of imported goods (“commodity codes”). The documents add, simplify and replace commodity codes, update and correct descriptions and remove commodity codes that are no longer used in the United Kingdom’s tariff documents. They also add missing commodity codes in the authorised use documents. Finally, the documents reduce the rate of duty on a total of six commodity codes relating to aluminium road wheels and certain continuous filament glass fibre products (CGF).
View All HM Treasury Secondary Legislation

Petitions

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

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

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

Trending Petitions
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21,908 Signatures
(1,743 in the last 7 days)
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21,528 Signatures
(1,245 in the last 7 days)
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4,933 Signatures
(373 in the last 7 days)
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789 Signatures
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Petitions with most signatures
Petition Open
21,908 Signatures
(1,743 in the last 7 days)
Petition Open
21,528 Signatures
(1,245 in the last 7 days)
Petition Open
4,933 Signatures
(373 in the last 7 days)
Petition Open
2,290 Signatures
(16 in the last 7 days)
Petition Debates Contributed

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

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

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

View All HM Treasury Petitions

Departmental Select Committee

Treasury Committee

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

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

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


11 Members of the Treasury Committee
Harriett Baldwin Portrait
Harriett Baldwin (Conservative - West Worcestershire)
Treasury Committee Chair since 9th November 2022
Angela Eagle Portrait
Angela Eagle (Labour - Wallasey)
Treasury Committee Member since 2nd March 2020
Siobhain McDonagh Portrait
Siobhain McDonagh (Labour - Mitcham and Morden)
Treasury Committee Member since 11th May 2020
Anne Marie Morris Portrait
Anne Marie Morris (Conservative - Newton Abbot)
Treasury Committee Member since 21st November 2022
Danny Kruger Portrait
Danny Kruger (Conservative - Devizes)
Treasury Committee Member since 21st November 2022
John Baron Portrait
John Baron (Conservative - Basildon and Billericay)
Treasury Committee Member since 21st November 2022
Drew Hendry Portrait
Drew Hendry (Scottish National Party - Inverness, Nairn, Badenoch and Strathspey)
Treasury Committee Member since 12th September 2023
Keir Mather Portrait
Keir Mather (Labour - Selby and Ainsty)
Treasury Committee Member since 20th November 2023
Stephen Hammond Portrait
Stephen Hammond (Conservative - Wimbledon)
Treasury Committee Member since 11th December 2023
Thérèse Coffey Portrait
Thérèse Coffey (Conservative - Suffolk Coastal)
Treasury Committee Member since 11th December 2023
Samantha Dixon Portrait
Samantha Dixon (Labour - City of Chester)
Treasury Committee Member since 11th March 2024
Treasury Committee: Previous Inquiries
The Financial Conduct Authority’s Regulation of London Capital & Finance plc Budget 2021 Work of National Savings and Investments Lessons from Greensill Capital Appointment of Carolyn Wilkins to the Financial Policy Committee Appointment of Tanya Castell to the Prudential Regulatory Committee The work of the Prudential Regulation Authority Reappointment of Jill May and Julia Black to the Prudential Regulation Committee Committee on COP26: climate change and finance Spring Budget 2020 Appointment of Sarah Breeden to the Financial Policy Committee Appointment of Catherine Mann to the Monetary Policy Committee Reappointment of Jonathan Haskel to the Monetary Policy Committee Bank of England July Financial Stability Report and August Monetary Policy Report Economic Crime Regional Imbalances in the UK economy The Work of the Debt Management Office Appointment of Richard Hughes as Chair of the Office for Budget Responsibility Reappointment of Professor Silvana Tenreyro to the Monetary Policy Committee Reappointment of Andy Haldane to the Monetary Policy Committee Appointment of Jonathan Hall to the Financial Policy Committee Appointment of Nikhil Rathi as Chief Executive of the Financial Conduct Authority Maxwellisation inquiry The work of National Savings and Investments inquiry Retail Banking Market Review inquiry HMRC Executive Chair and Chief Executive Financial stability one-off hearing Appointment of the CEO of Financial Conduct Authority Bank of England Financial Stability Report Hearings 2016-17 UK's future economic relationship with the EU inquiry Appointment of Deputy Governor for Prudential Regulation EU Insurance Regulation inquiry HM Treasury: Report and Accounts 2015 – 2016 Appointment of Michael Saunders to the Monetary Policy Committee Appointment of Anil Kashyap to the Financial Policy Committee Tax credits, fraud and error inquiry The work of the Chancellor of the Exchequer inquiry Bank of England Inflation Report Hearing August 2016 Prudential Regulation Authority inquiry Sir Charles Bean appointment to Budget Responsibility Committee UK tax policy and the tax base inquiry Government Internal Audit Agency inquiry HM Treasury Annual Report and Accounts 2014-15 inquiry Valuation Office Agency inquiry Independent review of report into failure of HBOS inquiry Review of the Office for National Statistics inquiry Appointment of Angela Knight as Chair of the Office for Tax Simplification Appointment of Tim Parkes as Chair of Regulatory Decisions Committee Budget 2016 inquiry Financial Policy Committee re-appointment hearings Bank of England Inflation Report Hearing May 2016 Work of the Court of the Bank of England inquiry Bank of England Inflation Report Hearing February 2017 Appointment of the Deputy Governor for Markets and Banking Budget 2017 inquiry Restoration and Renewal of the Palace of Westminster inquiry Capital inquiry Work of the Payment Systems Regulator inquiry Effectiveness and impact of post-2008 UK monetary policy Access to basic retail financial services inquiry Financial Conduct Authority inquiry Bank of England Inflation Report Hearing November 2016 UK Financial Investments annual reports and accounts 2015-16 Housing Policy inquiry Autumn Statement 2016 Household finances: income, saving and debt inquiry Bank of England Inflation Reports inquiry Budget Autumn 2017 inquiry Student Loans inquiry The UK's economic relationship with the European Union inquiry The work of the Bank of England inquiry The work of the Financial Conduct Authority The work of the National Infrastructure Commission inquiry Women in finance inquiry Appointment of Professor Silvana Tenreyro to the Monetary Policy Committee Appointment of Sir Dave Ramsden as Deputy Governor for Markets and Banking, Bank of England The work of the Chancellor of the Exchequer EU Insurance Regulation inquiry HMRC Annual Report and Accounts inquiry Re-appointment of Professor Anil Kashyap to the Financial Policy Committee inquiry Re-appointment of Ben Broadbent as Deputy Governor for Monetary Policy, Bank of England inquiry The effectiveness of gender pay gap reporting inquiry Decarbonisation of the UK Economy and Green Finance inquiry Regional Imbalances in the UK Economy inquiry Work of the Financial Services Compensation Scheme inquiry Spending Round 2019 inquiry Access to Cash Review inquiry Appointment of Kathryn Cearns as Chair of the Office of Tax Simplification inquiry The future of the UK’s financial services inquiry The impact of Business Rates on business inquiry Spring Statement 2019 inquiry The work of the Adjudicator’s Office inquiry The work of the Debt Management Office inquiry Independent Review of the Co-Operative Bank inquiry Work of the Court of the Bank of England inquiry Tax enquiries and resolution of tax disputes inquiry IT failures in the financial services sector inquiry Work of the Banking Standards Board inquiry Independent Review of the Financial Ombudsman Service Appointment of Bradley Fried as Chair of Court, Bank of England Appointment of Professor Jonathan Haskel to the Monetary Policy Committee Andy King, Nominated Member of the Budget Responsibility Committee Re-appointment of Dr Gertjan Vlieghe to the Monetary Policy Committee Maxwellisation inquiry Work of the Valuation Office Agency inquiry Appointment of Julia Black as external member of the Prudential Regulation Committee Appointment of Jill May as an external member of the Prudential Regulation Committee Consumers’ Access to Financial Services inquiry The re-appointment of Sir Jon Cunliffe as Deputy Governor for Financial Stability at the Bank of England inquiry Budget 2018 inquiry The Work of the Treasury inquiry Service Disruption at TSB inquiry Economic Crime inquiry Re-appointment of Alex Brazier to the Financial Policy Committee Re-appointment of Donald Kohn to the Financial Policy Committee Re-appointment of Martin Taylor to the Financial Policy Committee VAT inquiry Spring Statement 2018 Digital Currencies inquiry Appointment of Charles Randell as Chair of the Financial Conduct Authority SME Finance inquiry Appointment of Elisabeth Stheeman to the Bank of England Financial Policy Committee The work of the Prudential Regulation Authority inquiry Bank of England Financial Stability Reports RBS's Global Restructuring Group and its treatment of SMEs inquiry Childcare inquiry The work of the Payment Systems Regulator inquiry HM Treasury Annual Report and Accounts inquiry Women in the City Crown Estate Cheques, the end of? Mortgage Arrears and Access to Mortgage Finance: Follow up Financial Institutions - Too Important To Fail? Budget 2010 Credit Searches European Macro and Micro Prudential Financial Regulation Presbyterian Mutual Society Pre-Budget Report 2009 Budget 2009 Pre-Budget Report 2008 Budget 2008 Pre-Budget Report 2007 Mortgage Arrears and Access to Mortgage Finance Evaluating the Efficiency Programme Administration and expenditure of the Chancellor’s Departments, 2008-09 Banking Crisis Banking Crisis: International Dimensions Banking Reform Run on the Rock Budget June 2010 Competition and choice in the banking sector Office for Budget Responsibility Financial Regulation Spending Review 2010 Administration and effectiveness of HMRC The principles of tax policy Retail Distribution Review European financial regulation Autumn forecast 2010 Accountability of the Bank of England Private Finance Initiative Budget 2011 Future of Cheques Independent Commission on Banking: Interim Report Closing the tax gap: HMRC's record at ensuring tax compliance Budget Measures and Low-income Households Financial Conduct Authority Inherited Estates Counting the population Administration and expenditure of the Chancellor's Departments, 2006-07 Comprehensive Spending Review 2007 Administration and expenditure of the Chancellor's Departments, 2007-08 Independent Commission on Banking: Final Report Global Imbalances Autumn Statement 2011 Budget 2012 Corporate governance and remuneration Money Advice Service LIBOR FSA's report into HBOS Spending Round 2013 Project Verde Macroprudential tools Disposal of Government Stakes in RBS and Lloyds Credit Rating Agencies Autumn Statement 2012 Appointment of Dr Mark Carney as Governor of the Bank of England Budget 2013 Quantitative easing Private Finance 2 Autumn Statement 2013 Bank of England Financial Stability Report hearings: Session 2014-15 Appointment hearings, Session 2013-14 Bank of England Inflation Report Hearings: Session 2013-14 EU Financial Regulation Monetary Policy: Forward Guidance UK Financial Investments Ltd 2013 The economics of HS2 SME Lending Financial Conduct Authority hearings The costing of pre-election policy proposals Performance of the Royal Mint Budget 2014 The economics of currency unions OBR: July 2013 Fiscal Sustainability Report Banks' Lending Practices: Treatment of Businesses in Distress RBS Independent Lending Review Prudential Regulation Authority Hearings: Session 2014-15 HM Treasury Annual Report and Accounts 2013-14 Treatment of Financial Services Consumers Bank of England Inflation Report Hearings: Session 2014-15 HMRC Business Plan 2014-16 Manipulation of Benchmarks Appointment hearings, Session 2014-15 Co-op Governance Review Cost effectiveness of economic and financial sanctions Bank of England Financial Stability Report Hearings 2015-16 Bank of England Inflation Report Hearings 2015-16 Summer Budget 2015 inquiry UK Financial Investments Ltd Annual Report and Accounts 14-15 Review of scope and performance of Office for Budget Responsibility Bank of England Bill inquiry Chair of Office for Budget Responsibility reappointment hearing HMRC Annual Report and Accounts 2014-15 inquiry Prudential Regulation Authority inquiry Comprehensive Spending Review and Autumn Statement 2015 inquiry Review of CMA work on Retail Banking Market one-off session Financial Conduct Authority Practitioner Panels one-off session Appointment of Gertjan Vlieghe to the Monetary Policy Committee hearing Reappointment of Ian McCafferty to the Monetary Policy Committee hearing Financial Conduct Authority Economic and financial costs and benefits of UK's EU membership Crown Estate Annual Report and Accounts 2013/14 Bank of England Foreign Exchange Market Investigation HM Revenue and Customs and HSBC Budget 2015 The UK's EU Budget Contributions Press briefing of information in the Financial Conduct Authority’s 2014/15 Business Plan Fair and Effective Markets Review The Payment Systems Regulator Implementing the recommendations on the Parliamentary Commission on Banking Standards Autumn Statement 2014 Work of the Tax Assurance Commissioner UK Financial Investments Ltd Proposals for further Fiscal and Economic Devolution to Scotland Debt Management Office Annual Report and Accounts 2013-14 UK Customs Policy Infrastructure The cost of living The venture capital market The crypto-asset industry Tax Reliefs September 2022 Fiscal Event The Financial Services and Markets Bill The mortgage market The Edinburgh Reforms Quantitative tightening Retail Banks Appointment of Andrew Bailey as Governor of the Bank of England Work of Government Actuary’s Department Work of the Financial Ombudsman Service Work of HM Treasury Future of Financial Services Spending Review 2020 HMRC Annual Report and Accounts Bank of England Financial Stability Reports The appointment of John Taylor to the Prudential Regulation Committee UK’s economic and trading relationship with the EU The appointment of Antony Jenkins to the Prudential Regulation Committee Access to Cash Review Bank of England Financial Stability Reports Bank of England Inflation Reports Consumers’ Access to Financial Services Decarbonisation of the UK Economy and Green Finance Economic Crime The effectiveness of gender pay gap reporting HMRC Annual Report and Accounts inquiry Tax enquiries and resolution of tax disputes IT failures in the financial services sector Appointment of Dame Colette Bowe to the Financial Policy Committee Re-appointment of Professor Anil Kashyap to the Financial Policy Committee Work of the Financial Services Compensation Scheme Spending Round 2019 The impact of Business Rates on business Work of the Court of the Bank of England Independent Review of the Co-Operative Bank Regional Imbalances in the UK Economy Re-appointment of Michael Saunders to the Monetary Policy Committee Re-appointment of Ben Broadbent as Deputy Governor for Monetary Policy, Bank of England Maxwellisation RBS's Global Restructuring Group and its treatment of SMEs SME Finance Spring Statement 2019 The future of the UK’s financial services HM Treasury Annual Report and Accounts Service Disruption at TSB The UK's economic relationship with the European Union VAT The work of the Bank of England The work of the Chancellor of the Exchequer The work of the Financial Conduct Authority The Work of the Treasury The work of the Prudential Regulation Authority

50 most recent Written Questions

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

23rd Apr 2024
To ask His Majesty's Government, following recent remarks from the deputy governor of the Bank of England, Dave Ramsden, that inflation could remain around the two per cent target for the next three years, what steps they are taking to ensure sustainable economic growth in this environment.

The government is continuing to pursue an ambitious policy agenda to increase sustainable economic growth and productivity across the economy. This includes making full expensing permanent, announcing measures to boost labour supply, backing the UK’s priority growth sectors, and addressing long-term barriers to investment through planning and grid connection reforms.

The IMF forecasts that the UK will have the third fastest cumulative growth in the G7 over the 2024-2029 period and the OBR expects that policies announced in the previous three fiscal events will increase the size of the economy by 0.7% by 2028-29.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
25th Apr 2024
To ask His Majesty's Government, further to recent data released by S&P Global showing that April had the fastest rise in business activity since last May, what steps they are taking to sustain this momentum and ensure continued economic growth.

The government is continuing to pursue an ambitious policy agenda to increase sustainable economic growth and productivity across the economy. This includes making full expensing permanent, announcing measures to boost labour supply, backing the UK’s priority growth sectors, and addressing long-term barriers to investment through planning and grid connection reforms.

The IMF forecasts that the UK will have the third fastest cumulative growth in the G7 over the 2024-2029 period and the OBR expects that policies announced in the previous three fiscal events will increase the size of the economy by 0.7% by 2028-29.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
26th Apr 2024
To ask the Chancellor of the Exchequer, with reference to the Prime Minister’s defence speech in Warsaw of 23 April 2024, whether the commitment to spend 2.5% of gross domestic product on defence by 2030 has been incorporated into his Department's baseline budgets.

We have made a commitment to steadily increase defence spending, reaching 2.5% of GDP in 2030. We have also set out how we are fully funding this increase in defence spending. We will set departmental budgets in the normal way at the next spending review.

Laura Trott
Chief Secretary to the Treasury
26th Apr 2024
To ask the Chancellor of the Exchequer, with reference to the Prime Minister’s defence speech in Warsaw of 23 April 2024, by how much each Department's research and development budget will be reduced to help fund the commitment to spend 2.5% of gross domestic product on defence by 2030.

We have committed to increase government R&D spending by £2 billion, from £20 billion in 2024-25 to £22 billion in the next Parliament.

Laura Trott
Chief Secretary to the Treasury
25th Apr 2024
To ask the Chancellor of the Exchequer, when his Department plans to respond to correspondence from the Chair of the Northern Ireland Assembly Finance Committee dated 21 February 2024, regarding the Northern Ireland Executive Restoration Package Settlement.

A response has been issued to the Chair of the Northern Ireland Assembly Finance Committee’s letter on the Northern Ireland Executive’s restoration financial package.

Laura Trott
Chief Secretary to the Treasury
25th Apr 2024
To ask the Chancellor of the Exchequer, what the total value was of (a) cigars, (b) snuff and (c) other tobacco products exported from the UK in (i) 2022 and (ii) 2023; and what were the principal countries of destination for those exports.

HM Revenue & Customs (HMRC) is responsible for the collection and publication of data on imports and exports of goods to and from the UK. HMRC releases this information monthly, as a National Statistic called the Overseas Trade in Goods Statistics (OTS), which is available via their dedicated website (www.uktradeinfo.com). From this website, it is possible to build your own data tables based upon bespoke search criteria.

Classification codes (according to the Harmonised System) are available to assist you in accessing published trade statistics data in the UK Global Tariff. Goods moving to and from the UK are identified by an eight-digit commodity code. These are publicly available from the UK Trade Tariff at https://www.gov.uk/trade-tariff.

The data on these exports and for other tobacco products can be obtained from www.uktradeinfo.com.

If you need help or support in constructing a table from the data on uktradeinfo, please contact uktradeinfo@hmrc.gov.uk.

Nigel Huddleston
Financial Secretary (HM Treasury)
24th Apr 2024
To ask the Chancellor of the Exchequer, how much HM Revenue and Customs has spent on external consultancies in the last five years.

HMRC spend on consultancy is reported in HMRC Annual Report and Accounts published on GOV.UK. Consultancy spend for the last 5 five years can be accessed from these links:

HMRC annual report and accounts: 2018 to 2019 - GOV.UK (www.gov.uk) HMRC Annual Report and Accounts 2018 to 2019 (Print). Page 128.

HMRC annual report and accounts: 2019 to 2020 - GOV.UK (www.gov.uk) HMRC Annual Report and Accounts 2019 to 2020 (Print). Page 140.

HMRC annual report and accounts: 2020 to 2021 - GOV.UK (www.gov.uk) HMRC Annual Report and Accounts 2020 to 2021 (Print). Page 171.

HMRC annual report and accounts: 2021 to 2022 - GOV.UK (www.gov.uk) HMRC Annual Report and Accounts 2021 to 2022 (Print). Page 139.

HMRC annual report and accounts: 2022 to 2023 - GOV.UK (www.gov.uk) HMRC Annual Report and Accounts 2018 to 2019 (Print). Page 140.

Nigel Huddleston
Financial Secretary (HM Treasury)
25th Apr 2024
To ask the Chancellor of the Exchequer, what the average cost of a mortgage was in Warwick and Leamington constituency in January (a) 2023 and (b) 2024.

There is a wide variety of data and statistics about the mortgage market in the UK available from the Bank of England (https://www.bankofengland.co.uk/statistics), the Financial Conduct Authority (https://www.fca.org.uk/data) and UK Finance (https://www.ukfinance.org.uk/data-and-research/data).

Bim Afolami
Economic Secretary (HM Treasury)
25th Apr 2024
To ask the Chancellor of the Exchequer, if he will hold discussions with insurance companies on trends in the level of car insurance premia.

Treasury Ministers and officials have regular meetings with a wide variety of organisations in the public and private sectors, including financial services firms, on an ongoing basis. 
   
The Government does not prescribe the terms, conditions or price that insurance companies set when offering insurance. Insurers make commercial decisions about the pricing of insurance following their assessment of the relevant risks. The Government does not intervene in these decisions as this could damage competition in the market.

The Financial Conduct Authority (FCA) is the independent regulator responsible for supervising the insurance industry. The FCA requires firms to ensure their products offer fair value (i.e. if the price a consumer pays for a product or service is reasonable compared to the overall benefits they can expect to receive). The FCA has been clear that it will be monitoring firms to ensure they are providing products that are fair value, and, where necessary, it will take action.

Bim Afolami
Economic Secretary (HM Treasury)
25th Apr 2024
To ask the Chancellor of the Exchequer, how many times HMRC has taken enforcement action against employers for the underpayment of national living wage for domiciliary care workers as a result of unpaid travel time in the last three years.

The government is determined that everyone who is entitled to the NMW receives it.

HM Revenue and Customs enforces the National Minimum Wage (NMW) and National Living Wage (NLW) in line with the law and policy set out by the Department for Business and Trade. This involves a wide-ranging programme of education and risk led enforcement activity across the whole of UK labour market including social care

HMRC consider all of the risks that might be relevant, when carrying out a review and record whether an employer is compliant or non-compliant.

HMRC does not hold information on how many times HMRC has taken enforcement action against employers for the underpayment of national living wage for domiciliary care workers as a result of unpaid travel time.

Nigel Huddleston
Financial Secretary (HM Treasury)
25th Apr 2024
To ask the Chancellor of the Exchequer, pursuant to the Answers of 17 April 2024 to Question 21426 and 24 April 2024 to Question 22418 on Childcare: Taxation, if he will make a (a) comparative assessment of the average cost of childcare (i) when the tax-free childcare cap was set and (ii) at 24 April 2024 and (b) impact of that change on the effectiveness of tax-free childcare in supporting parents with costs.

For Tax-Free Childcare, the £2 Government top-up for every £8 parents pay in, and the £2,000 cap on Government support which can be claimed per year and per child, were set at these levels because the Government believes they strike the right balance between helping parents with their childcare costs, and managing the public finances in a responsible way.

The Government keeps all aspects of childcare policy under review.

Laura Trott
Chief Secretary to the Treasury
25th Apr 2024
To ask the Chancellor of the Exchequer, pursuant to the Answer of 24 April 2024 to Question 22821 on Oil: Imports, how many investigations have resulted in (a) criminal actions and (b) other sanctions.

Pursuant to the answer provided on 24 April 2024 to Question 22821, HM Revenue and Customs is responsible for enforcing and investigating export controls on strategic goods and sanctions and investigating potential breaches of those controls.

HM Revenue and Customs’ enforcement outcomes will be published in the UK Strategic Export Controls Annual Report 2023. This will be available on the gov.uk website. This will include collated Compound Settlement details and Prosecutions for this period.

HM Revenue and Customs does not comment on operational enforcement matters pertaining to specific import or export scenarios.

Nigel Huddleston
Financial Secretary (HM Treasury)
25th Apr 2024
To ask the Chancellor of the Exchequer, when his Department commenced negotiations with the Northern Ireland Minister of Finance on a new fiscal framework for Northern Ireland.

As committed to in the financial package for the restored Northern Ireland Executive, the UK Government will agree a Fiscal Framework with the Northern Ireland Executive which will outline Northern Ireland’s long-term funding arrangements.

Since the restoration of the Northern Ireland Executive, constructive engagement on the Executive’s Fiscal Framework has taken place between HM Treasury and the Northern Ireland Department of Finance officials, and between myself and the Northern Ireland Finance Minister. My officials and I will continue this regular engagement to progress these negotiations at pace.

Laura Trott
Chief Secretary to the Treasury
25th Apr 2024
To ask the Chancellor of the Exchequer, what his planned timetable is for agreeing a new fiscal framework for Northern Ireland.

As committed to in the financial package for the restored Northern Ireland Executive, the UK Government will agree a Fiscal Framework with the Northern Ireland Executive which will outline Northern Ireland’s long-term funding arrangements.

Since the restoration of the Northern Ireland Executive, constructive engagement on the Executive’s Fiscal Framework has taken place between HM Treasury and the Northern Ireland Department of Finance officials, and between myself and the Northern Ireland Finance Minister. My officials and I will continue this regular engagement to progress these negotiations at pace.

Laura Trott
Chief Secretary to the Treasury
25th Apr 2024
To ask the Chancellor of the Exchequer, what recent assessment HMRC has made of the prevalence of underpayment of the National Living Wage for domiciliary care workers as a result of unpaid travel time.

HM Revenue and Customs enforces the National Minimum Wage (NMW) and National Living Wage (NLW) in line with the law and policy set out by the Department for Business and Trade (DBT). This involves a wide-ranging programme of education and risk led enforcement activity across the whole of the UK labour market and the associated risks including travel time. All businesses, irrespective of their size or business sector are responsible for paying the correct NMW rates to their staff.

Nigel Huddleston
Financial Secretary (HM Treasury)
24th Apr 2024
To ask the Chancellor of the Exchequer, if he will make an assessment of the potential impact of the model rules for reporting by platform operators with respect to sellers in the sharing and gig economy on (a) costs to HMRC and (b) tax revenues.
24th Apr 2024
To ask the Chancellor of the Exchequer, whether he has received recent projections from the Office for Budget Responsibility on the potential impact of the model rules for reporting by platform operators with respect to sellers in the sharing and gig economy on (a) costs to HMRC and (b) tax revenues.
17th Apr 2024
To ask His Majesty's Government what assessment they have made of reports of a decline in venture capital investment in UK start-ups in the first quarter of 2024; and what steps they are taking to support the growth of the UK's innovation ecosystem.

The government notes that while there have been reports of a decline in venture capital (VC) investment in UK start-ups, this has been broad based and global in nature. We also note that because of the nature of private markets, there is a lag in data reporting for VC deals, meaning that final data on investments made in Q1 2024 will not be available until later in the year.

The BBB’s Small Business Finance Monitor 2024, which covers data up to the end of Q3 2023, found that there has been a “slowdown in activity that has occurred in the market since Q2 2022” and that the market decline over the past 18 months is not unique to the UK and can be seen across other global regions.

However, we also note that VC funding in the UK has reduced from record levels in 2021/2022, and that despite this slowdown, early stage/seed funding has remained robust, indicating that there is a pipeline of future investment opportunities still being created.

The government recognises that VC funding is an important source of finance for innovative companies and is proud of the fact that the UK has the third largest VC market in the world, behind only the US and China. The government is backing British business by tackling barriers to investment, cutting taxes and rewarding work, and by supporting the priority growth sectors, including digital technology, which are helping to turn the UK into the world’s next Silicon Valley.

This includes making over £3.5 billion of public investment in the AI ecosystem since 2014, extending the sunset clause for the Enterprise Investment Scheme and the Venture Capital Trust scheme to 6 April 2035, making changes to simplify and improve R&D tax reliefs, extending the British Business Bank’s Future Fund: Breakthrough investment programme, and implementing the measures the Chancellor announced at last year’s Mansion House speech to reform the pensions market to unlock investment into high growth sectors and generate increased returns for savers.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
23rd Apr 2024
To ask the Chancellor of the Exchequer, what recent estimate he has made of the revenue that will be raised by the Energy Profits Levy by March 2029.

Forecasts for government revenues from oil and gas production, including for Energy Profits Levy, are provided by the Office for Budget Responsibility (OBR). Their most recent published forecast, provided for Spring Budget 2024 on 6 March, is available on the OBR website at the following link https://obr.uk/efo/economic-and-fiscal-outlook-march-2024/.

Gareth Davies
Exchequer Secretary (HM Treasury)
22nd Apr 2024
To ask the Chancellor of the Exchequer, whether he has plans to introduce a specific advisory fuel rate for hybrid vehicles.

Advisory Fuel Rates apply when an employer reimburses an employee for business travel in a company car, or when an employee reimburses an employer for the cost of fuel used for private travel. Rates vary by engine size and fuel type and are reviewed quarterly. There are no current plans to introduce a specific advisory rate for hybrid vehicles.

The Advisory Fuel Rates are not mandatory. Employers and employees can instead agree to reimburse different amounts, subject to certain tax conditions.

Gareth Davies
Exchequer Secretary (HM Treasury)
23rd Apr 2024
To ask the Chancellor of the Exchequer, how many people paid class 4 National Insurance contributions in the most recent year for which figures are available.

The number of people who paid Class 4 National Insurance Contributions is approximately 2.69 million in 2021 to 2022. The estimate accounts for the whole of the UK and is based on the 2021 to 2022 Survey of Personal Incomes (SPI), which is the latest outturn year available.

Nigel Huddleston
Financial Secretary (HM Treasury)
15th Apr 2024
To ask His Majesty's Government what is their estimate for each of the past three years of their returns from retaining the proceeds of cashed-in Premium Bonds for up to six days before they are transferred to the holder’s bank account.

NS&I raises cost effective finance for government from the retail savings market. It does this through offering savings products to consumers, including Premium Bonds. Funds raised by NS&I from these products, including Premium Bonds, flow to the National Loans Fund (NLF). The NLF is the government’s main borrowing and lending account, and to this end, it undertakes borrowing (primarily by issuing gilts via the Debt Management Office) and uses proceeds and other central government surplus balances, including funds from NS&I’s Premium Bonds, to manage its cash needs day-to-day.

The Exchequer’s cash needs are managed on an aggregate basis, meaning funds raised from Premium Bonds are not held in a separate account and do not receive a separate rate of return (which in any case is determined by the market as the government is ultimately a price taker). Therefore, there is not a single rate of return on NS&I proceeds and it would not be possible to provide an estimate of returns from retaining the proceeds of Premium Bonds.

When a customer divests their holdings of Premium Bonds, these repayments are also funded via the NLF’s activities and are typically processed within three working days. However, in exceptional circumstances, such as Bank Holidays, this may take longer. This process allows HM Treasury to manage Exchequer cashflows in a cost effective manner.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
23rd Apr 2024
To ask the Chancellor of the Exchequer, what the HMRC registration is for the Trust or company service provider that provides a company registered address for 149 live UK companies at Office 1 16 Beck Road, Leeds, United Kingdom LS8 4EJ.

HMRC’s register of Trust or Company Service Providers (TCSPs) does not show any TSCPs with that registered office address; and none of the TCSPs supervised by HMRC lists the address as business premises. HMRC supervises only those TCSPs which are not supervised by a professional body supervisor or the Financial Conduct Authority

Nigel Huddleston
Financial Secretary (HM Treasury)
23rd Apr 2024
To ask the Chancellor of the Exchequer, what was the total value of receipts from Class 4 National Insurance contributions in the most recent year for which figures are available.

The breakdown of National Insurance contributions (NICs) by class for Great Britain and Northern Ireland is provided by HM Revenue and Customs (HMRC) in “National Insurance Fund (NIF) Accounts”, available here (in the Notes to the Account):

https://www.gov.uk/government/publications/national-insurance-fund-accounts

The figures for tax year 2023 to 2024 will be published later this year. Note that the breakdown in the NIF accounts does not include the NHS allocation, paid over by HMRC to the NHS, though information on this allocation is included in the NIF Accounts.

Information on NICs can also be found in the “HMRC tax receipts and National Insurance contributions for the UK” statistical bulletin, available here:

HMRC tax receipts and National Insurance contributions for the UK - GOV.UK (www.gov.uk)

These include figures for NICs received through Self Assessment (including both Class 2 and Class 4). Receipts for 2023-24 are now available, but are provisional and will be updated later this year.

Nigel Huddleston
Financial Secretary (HM Treasury)
23rd Apr 2024
To ask the Chancellor of the Exchequer, when HM Revenue and Customs plans to calculate and publish a new standalone offshore tax gap.

An estimate of the annual offshore tax gap for individuals in Self Assessment will be published alongside HMRC’s measuring tax gaps statistics ‘Measuring tax gaps 2024 edition’ scheduled for 20 June 2024.

Nigel Huddleston
Financial Secretary (HM Treasury)
23rd Apr 2024
To ask the Chancellor of the Exchequer, what his planned timetable is to decide on the model for Anti-Money Laundering and Counter-Terrorism Financing supervisory reform.

The Treasury’s consultation on reforming the UK’s Anti-Money Laundering and Counter-Terrorism Financing supervisory regime closed in September 2023. The Department is continuing to analyse responses with the intention to announce a decision in due course as part of our commitment to reform the current supervision system and reduce economic crime.

Bim Afolami
Economic Secretary (HM Treasury)
24th Apr 2024
To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of increasing the personal allowance threshold for pensioners to £15,000.

As with all aspects of the tax system, the Government keeps the Personal Allowance under review and any decisions on future changes will be taken by the Chancellor in the context of the wider public finances.

Nigel Huddleston
Financial Secretary (HM Treasury)
24th Apr 2024
To ask the Chancellor of the Exchequer, whether he has made an assessment of the impact of interest rate rises on the affordability of mortgages for low-income mortgage holders.

The path to lower interest rates is through low inflation, and the Government is fully committed to supporting the Bank of England get inflation back down to the 2% target, including by keeping borrowing under control.

While the pricing of mortgages is ultimately a commercial decision for lenders in which the Government does not intervene, our plan is working, and the average offered mortgage rates on 2-year and 5-year fixed rates are lower compared to their peak in Summer 2023.

The Government’s Mortgage Charter - in addition to the significant safeguards already in place - is providing support to vulnerable households; and mortgage arrears and repossessions remain low.

Bim Afolami
Economic Secretary (HM Treasury)
24th Apr 2024
To ask the Chancellor of the Exchequer, pursuant to the Answer of 28 March 2024 to Question 20114 on Mortgages, whether he has made an assessment of the potential implications for his policies of the Financial Conduct Authority's report entitled, Mortgage Charter uptake data, published on 22 March 2024.

The path to lower interest rates is through low inflation, and the Government is fully committed to supporting the Bank of England get inflation back down to the 2% target, including by keeping borrowing under control.

While the pricing of mortgages is ultimately a commercial decision for lenders in which the Government does not intervene, our plan is working, and the average offered mortgage rates on 2-year and 5-year fixed rates are lower compared to their peak in Summer 2023.

The Government’s Mortgage Charter - in addition to the significant safeguards already in place - is providing support to vulnerable households; and mortgage arrears and repossessions remain low.

Bim Afolami
Economic Secretary (HM Treasury)
24th Apr 2024
To ask the Chancellor of the Exchequer, what recent discussions he has had with the Bank of England on bank rates.

Monetary policy is the responsibility of the independent Monetary Policy Committee of the Bank of England. This includes decisions on the Bank Rate.

The Treasury meet with the Bank of England regularly to discuss their assessment of the economy and financial services. This includes regular meetings between the Chancellor and the Governor of the Bank of England.

Bim Afolami
Economic Secretary (HM Treasury)
24th Apr 2024
To ask the Chancellor of the Exchequer, whether he has made an estimate of the number of people paying basic rate income tax in the financial years (a) 2022-23 and (b) 2023-24.

This data is published in Table 2.1 Number of individual Income Tax payers in the Income Tax statistics and distributions publication.

Nigel Huddleston
Financial Secretary (HM Treasury)
22nd Apr 2024
To ask the Chancellor of the Exchequer, how many value added tax registrations there were in each deprivation decile in each (a) parliamentary constituency and (b) ward in Scotland in each year since 2019.

The requested information on Value Added Tax (VAT) registrations by deprivation decile is not available. HMRC does not publish any VAT statistics containing geographic breakdowns. This is because VAT registrations can have both single and multiple sites, and therefore such breakdowns would be of limited value.

Nigel Huddleston
Financial Secretary (HM Treasury)
15th Apr 2024
To ask His Majesty's Government what amount of fuel subsidy is received by the UK pelagic fishing fleet.

Qualifying fishing vessels are eligible for two fuel duty reliefs: entitlement to use red diesel, taxed at a reduced rate of 10.18p per litre, and marine voyages relief. The government does not consider either of these to be fossil fuel subsidies.
Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
22nd Apr 2024
To ask the Chancellor of the Exchequer, whether his Department is taking steps to support nurseries experiencing financial challenges as a result of increased business rates.

The government recognises the pressure that businesses have been under since the pandemic and that is why the government froze the business rates multiplier for three consecutive years from April 2021 until April 2024 at a cost of £14.5 billion.

To make sure that the most vulnerable businesses continue to be supported, the government announced a further freeze to the small business multiplier at Autumn Statement for 2024-25, which will protect over a million ratepayers from a multiplier increase. This means bills will be 6.6 per cent lower than without the freeze. In addition to this support, some nurseries will already be in receipt of business rates relief where they have a ‘charitable purpose’, such as those part of academy chains.

Nigel Huddleston
Financial Secretary (HM Treasury)
23rd Apr 2024
To ask the Chancellor of the Exchequer, what steps he plans to take in the 2024-25 financial year to help tackle crypto currency fraud.

The Government takes the issue of fraud very seriously, and published a comprehensive Fraud Strategy in May last year. Through this the Government will work: with industry to remove the vulnerabilities that fraudsters exploit; with intelligence agencies to shut down fraudulent infrastructure; with law enforcement to identify and bring the most harmful offenders to justice; and with all partners to ensure that the public have the advice and support they need


Further, the Financial Conduct Authority (FCA) commenced enforcement of the cryptoassets financial promotion regime in October last year, requiring such promotions to be fair, clear and not misleading. This is aimed at improving consumers’ understanding of the risks and benefits associated with cryptoasset purchases and ensuring that cryptoasset promotions are held to the same standards as similar risk financial services products. In the next phase of its work, the Government is creating a comprehensive financial services regulatory regime for cryptoassets in the UK.

Bim Afolami
Economic Secretary (HM Treasury)
22nd Apr 2024
To ask the Chancellor of the Exchequer, what recent discussions he has had with (a) Cabinet colleagues and (b) officials in his Department on compensation and support for affected Equitable Life policyholders.

The Equitable Life Payment Scheme has been fully wound down and closed since 2016 and there are no plans to reopen any previous decisions relating to the Payment Scheme or review the £1.5 billion funding allocation previously made to it. Further guidance on the status of the Payment Scheme after closure is available at: https://www.gov.uk/guidance/equitable-life-payment-scheme#closure-of-the-scheme.

Bim Afolami
Economic Secretary (HM Treasury)
15th Apr 2024
To ask His Majesty's Government, further to remarks by Baroness Vere of Norbiton on 21 February (HL Deb col 666) with regard to the Trade and Cooperation Agreement in the context of engaging with the EU for approval for extending the enterprise investment scheme (EIS) and venture capital trust (VCT) scheme, whether the subsidy control provisions of the Trade and Cooperation Agreement apply to EIS and VCT relief, in particular the requirement under Article 363 of that agreement that a subsidy must be selective.

The government is extending the sunset clause for the Enterprise Investment Scheme (EIS) and the Venture Capital Trust (VCT) scheme to 2035.

The UK-EU Trade and Cooperation Agreement is now the primary framework governing subsidy control between the UK and EU. As such, EU State aid rules no longer apply to the UK, save for the limited circumstances covered by the Windsor Framework.

For the EIS and VCT schemes, the government is engaging with the EU, under the Windsor Framework, due to Northern Ireland’s unique access to the EU Single Market.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
15th Apr 2024
To ask His Majesty's Government, further to the Written Answer by Baroness Vere of Norbiton on 8 April (HL3589), whether they will now answer the question put; namely, what is their assessment of the implications for calculating entitlement to contributory working age benefits and pensions of abolishing, rather than cutting, national insurance contributions.

The Government already cut employee NICs by 4p, self-employed NICs by 3p and abolished the requirement to pay Class 2 for self-employed people across Autumn and Spring without increasing borrowing or cutting spending. That is the model the Government wants to follow when it is prudent to go further.

The ambition to abolish NICs is about reducing tax and rewarding work, not about reforming the contributory benefits system. It is a long-term ambition, and the Government has been clear, this cannot be done overnight and this can only be done in a fiscally responsible way.

Cutting NICs rates does not affect anyone’s entitlement to the State Pension or contributory benefits.

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
17th Apr 2024
To ask His Majesty's Government how many advance transfer pricing agreements have been signed by HM Revenue and Customs in each of the past five years.

HM Revenue and Customs has entered into the following number of advance pricing agreements in the past five tax years:

  • 2018 to 2019: 30
  • 2019 to 2020: 26
  • 2020 to 2021: 24
  • 2021 to 2022: 20
  • 2022 to 2023: 15

This information is included in the Transfer Pricing and Diverted Profits Tax Statistics 2022 to 2023 which are publicly available and published on gov.uk[1].

[1] Transfer Pricing and Diverted Profits Tax statistics 2022 to 2023 - GOV.UK (www.gov.uk)

Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
19th Apr 2024
To ask the Chancellor of the Exchequer, whether he is developing economic models to forecast (a) price trends and (b) growth potential in cryptocurrencies.

The Government is not developing economic models to forecast cryptoasset trends. Rather, it uses information from a range of sources to understand broad trends in the market in order to inform policy development.

In October last year, the Treasury published its final proposals for creating the UK’s financial services regulatory regime for cryptoassets, and is currently working to deliver legislation giving effect to its proposals. As part of this, the government will publish analysis of the impacts of its legislation on cryptoasset businesses in scope of the forthcoming regime in the usual way.

Bim Afolami
Economic Secretary (HM Treasury)
19th Apr 2024
To ask the Chancellor of the Exchequer, whether self-employed individuals who file their tax returns late but owe no tax are penalised.

HMRC issues SA tax returns to customers when the information they hold suggests that the customer meets the published criteria for completing one. HMRC often cannot determine someone’s tax liability until they have sent in a tax return, therefore they need the return to establish whether there is tax due or not.​​ Late filing and payment penalties are charged to encourage customers to file on time but we can cancel a customer’s late filing penalty if they have a reasonable excuse. Customers can also ask HMRC to remove them from the SA process for future years if they no longer meet the criteria.​

From October 2011 the penalty legislation changed, from this point the capping of penalties was no longer factored into the calculation and any fixed penalty applied remained at the full amount regardless of liability.

Although no change to the current penalty regime has been announced, Penalty Reform within Making Tax Digital will change the way we calculate penalties for late Submission and late payment of tax. The new legislation will factor in the Liability amount, Filing frequency and length of time outstanding within its penalty calculations.

In reforming late payment and late filing penalties HMRC’s aim is to encourage those who persistently default to comply with their tax obligations rather than penalise those who make occasional errors.

Nigel Huddleston
Financial Secretary (HM Treasury)
19th Apr 2024
To ask the Chancellor of the Exchequer, whether his Department has made a recent assessment of the effectiveness of the (a) Enterprise Investment Scheme and (b) Seed Enterprise Investment Scheme for attracting investment in the screen sector.

The government recognises the importance of the film and TV sector to the UK and is committed to making the UK the best place to invest through our generous and reliable fiscal support, as well as wider business support through our funded bodies like the British Film Commission.

The government keeps all tax-advantaged venture capital schemes under review to ensure they continue to meet their policy objectives in a way that is fair and effective. Information on the Enterprise Investment Scheme and Seed Enterprise Investment Scheme is published annually by HM Revenue and Customs. The data published relates to overall scheme statistics and not sector specific performance.

Bim Afolami
Economic Secretary (HM Treasury)
19th Apr 2024
To ask the Chancellor of the Exchequer, whether his Department has made an assessment of the of the impact of changes made to the (a) Enterprise Investment Scheme and (b) Seed Enterprise Investment Scheme on levels of investment in the UK screen sector since 2018.

The government recognises the importance of the film and TV sector to the UK and is committed to making the UK the best place to invest through our generous and reliable fiscal support, as well as wider business support through our funded bodies like the British Film Commission.

The government keeps all tax-advantaged venture capital schemes under review to ensure they continue to meet their policy objectives in a way that is fair and effective. Information on the Enterprise Investment Scheme and Seed Enterprise Investment Scheme is published annually by HM Revenue and Customs. The data published relates to overall scheme statistics and not sector specific performance.

Bim Afolami
Economic Secretary (HM Treasury)
19th Apr 2024
To ask the Chancellor of the Exchequer, what assessment he has made of the levels of private investment in independent UK film production companies through the (a) Enterprise Investment Scheme and (b) Seed Enterprise Investment Scheme between (i) 2012 and 2017 and (ii) 2018 and 2023.

The government recognises the importance of the film and TV sector to the UK and is committed to making the UK the best place to invest through our generous and reliable fiscal support, as well as wider business support through our funded bodies like the British Film Commission.

The government keeps all tax-advantaged venture capital schemes under review to ensure they continue to meet their policy objectives in a way that is fair and effective. Information on the Enterprise Investment Scheme and Seed Enterprise Investment Scheme is published annually by HM Revenue and Customs. The data published relates to overall scheme statistics and not sector specific performance.

Bim Afolami
Economic Secretary (HM Treasury)
19th Apr 2024
To ask the Chancellor of the Exchequer, how much additional funding the Welsh Government received based on updated calculations to the Barnett Formula at the end of the 2023-24 financial year.

The 2021 Spending Review set the largest annual block grant for the Welsh Government, in real terms, of any spending review settlement since the devolution Acts. On top of this the Welsh Government received over £1 billion through the Barnett formula in 2023-24, including £200 million at Supplementary Estimates 2023-24.

The Welsh Government is well-funded to deliver all its devolved responsibilities, receiving around 20% more per person compared to equivalent funding in England. This is around £1 billion more each year than the Holtham Commission indicated – and the Welsh Government agreed - was fair for Wales relative to England.

Laura Trott
Chief Secretary to the Treasury
19th Apr 2024
To ask the Chancellor of the Exchequer, what progress he has made on the UK Green Taxonomy financial proposals.

The Government remains committed to delivering a UK Green Taxonomy to support an increase in financing for activities supporting the transition to net zero and delivering on UK environmental objectives.

The Government expects to publish the consultation on the UK Green Taxonomy shortly.

Bim Afolami
Economic Secretary (HM Treasury)
16th Apr 2024
To ask the Chancellor of the Exchequer, whether he has plans to use revenue raised through the increase in car tax from 1 April 2024 to support (a) public transport and (b) environmental initiatives.

The Consolidated Fund receives the proceeds of Vehicle Excise Duty (VED) and most other tax revenues. VED is being reinvested into the English road network between 2020-2025 to fund road enhancement projects. The Government uses the tax system to encourage the uptake of cars with low carbon dioxide (CO2) emissions to help meet our legally binding climate change targets.

Gareth Davies
Exchequer Secretary (HM Treasury)
16th Apr 2024
To ask the Chancellor of the Exchequer, with reference to paragraph 5.67, page 75 of the Spring Budget 2024, what assessment he has made of the potential impact of the abolition of the Furnished Holiday Lettings tax regime on the number of businesses that will (a) continue as short-term holiday lets, (b) become longer term rental properties and (c) sell the property in question.

The Government has announced that it will abolish the Furnished Holiday Lettings (FHL) tax regime from April 2025.

The Government will publish draft legislation, explanatory notes, and a tax information and impacts note in due course.

As with all aspects of tax policy, the Government keeps the taxation of property landlords under review and any decisions on future changes will be taken by the Chancellor in the context of the wider public finances.

Nigel Huddleston
Financial Secretary (HM Treasury)
19th Apr 2024
To ask the Chancellor of the Exchequer, pursuant to the Answer of 18 April 2024 to Question 21846 on Oil: Imports, in how many cases action has (a) been and (b) not been taken where investigations have concluded.

Pursuant to the answer provided on 18 April 2024 to Question 21846, HM Revenue and Customs is responsible for enforcing and investigating export controls on strategic goods and sanctions and investigating potential breaches of those controls. HM Revenue and Customs does not comment on operational enforcement matters pertaining to specific import or export scenarios.

Nigel Huddleston
Financial Secretary (HM Treasury)