HM Treasury
HM Treasury is the government’s economic and finance ministry, maintaining control over public spending, setting the direction of the UK’s economic policy and working to achieve strong and sustainable economic growth.
Shadow Ministers / Spokeperson
Liberal Democrat
Baroness Kramer (LD - Life peer)Liberal Democrat Lords Spokesperson (Treasury and Economy)
Daisy Cooper (LD - St Albans)
Liberal Democrat Spokesperson (Treasury)
Conservative
Mel Stride (Con - Central Devon)Shadow Chancellor of the Exchequer
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Lord Altrincham (Con - Excepted Hereditary)Shadow Minister (Treasury)
Richard Fuller (Con - North Bedfordshire)
Shadow Chief Secretary to the Treasury
Gareth Davies (Con - Grantham and Bourne)
Shadow Financial Secretary (Treasury)
Baroness Neville-Rolfe (Con - Life peer)
Shadow Minister (Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
James Wild (Con - North West Norfolk)Shadow Exchequer Secretary (Treasury)
Mark Garnier (Con - Wyre Forest)
Shadow Economic Secretary (Treasury)
Ministers of State
Darren Jones (Lab - Bristol North West)Chief Secretary to the Treasury
Lord Livermore (Lab - Life peer)
Financial Secretary (HM Treasury)
Baroness Gustafsson (Lab - Life peer)
Minister of State (HM Treasury)
Parliamentary Under-Secretaries of State
James Murray (LAB - Ealing North)Exchequer Secretary (HM Treasury)
Emma Reynolds (Lab - Wycombe)
Economic Secretary (HM Treasury)
Torsten Bell (Lab - Swansea West)
Parliamentary Secretary (HM Treasury)
14:34
Written Evidence
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of benefit-in-kind rates for …
These Regulations amend the transitional provision in Article 89(1) of Regulation (EU) 648/2012 of the European Parliament and of the …
A Bill to Authorise the use of resources for the years ending with 31 March 2024, 31 March 2025 and …
HM Treasury Commons Appearances
Oral Answers to Questions is a regularly scheduled appearance where the Secretary of State and junior minister will answer at the Dispatch Box questions from backbench MPs
Other Commons Chamber appearances can be:- Urgent Questions where the Speaker has selected a question to which a Minister must reply that day
- Adjornment Debates a 30 minute debate attended by a Minister that concludes the day in Parliament.
- Oral Statements informing the Commons of a significant development, where backbench MP's can then question the Minister making the statement.
Westminster Hall debates are performed in response to backbench MPs or e-petitions asking for a Minister to address a detailed issue
Written Statements are made when a current event is not sufficiently significant to require an Oral Statement, but the House is required to be informed.
Bills currently before Parliament
HM Treasury does not have Bills currently before Parliament
Acts of Parliament created in the 2024 Parliament
A Bill to amend the Crown Estate Act 1961.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to Authorise the use of resources for the years ending with 31 March 2024, 31 March 2025 and 31 March 2026; to authorise the issue of sums out of the Consolidated Fund for those years; and to appropriate the supply authorised by this Act for the years ending with 31 March 2024 and 31 March 2025.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to make provision for loans or other financial assistance to be provided to, or for the benefit of, the government of Ukraine.
This Bill received Royal Assent on 16th January 2025 and was enacted into law.
A Bill to impose duties on the Treasury and the Office for Budget Responsibility in respect of the announcement of fiscally significant measures.
This Bill received Royal Assent on 10th September 2024 and was enacted into law.
A Bill to authorise the use of resources for the year ending with 31 March 2025; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2024.
This Bill received Royal Assent on 30th July 2024 and was enacted into law.
HM Treasury - Secondary Legislation
Petitions
e-Petitions are administered by Parliament and allow members of the public to express support for a particular issue.
If an e-petition reaches 10,000 signatures the Government will issue a written response.
If an e-petition reaches 100,000 signatures the petition becomes eligible for a Parliamentary debate (usually Monday 4.30pm in Westminster Hall).
(32,069 in the last 7 days)
(1,828 in the last 7 days)
(351 in the last 7 days)
(183 in the last 7 days)
(32,069 in the last 7 days)
(183 in the last 7 days)
(61 in the last 7 days)
(351 in the last 7 days)
(109 in the last 7 days)
c. 1,096 added daily
154,369
(Estimated)
Don't change inheritance tax relief for working farms
Sign this petition Gov Responded - 5 Dec 2024 Debated on - 10 Feb 2025closes in 1 month, 3 weeks
We think that changing inheritance tax relief for agricultural land will devastate farms nationwide, forcing families to sell land and assets just to stay on their property. We urge the government to keep the current exemptions for working farms.
c. 882 added daily
115,375
(Estimated)
Don't apply VAT to independent school fees, or remove business rates relief.
Sign this petition Gov Responded - 20 Dec 2024 Debated on - 3 Mar 2025closes in 2 months, 1 week
Prevent independent schools from having to pay VAT on fees and incurring business rates as a result of new legislation.
Departmental Select Committee
Treasury Committee
Commons Select Committees are a formally established cross-party group of backbench MPs tasked with holding a Government department to account.
At any time there will be number of ongoing investigations into the work of the Department, or issues which fall within the oversight of the Department. Witnesses can be summoned from within the Government and outside to assist in these inquiries.
Select Committee findings are reported to the Commons, printed, and published on the Parliament website. The government then usually has 60 days to reply to the committee's recommendations.
11 Members of the Treasury Committee
Treasury Committee Member since 9th September 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 9th December 2024
Treasury Committee: Upcoming Events
Appointment of Ric Lewis as Chair of the Crown Estate
19 Mar 2025, 2 p.m.
At 2:15pm: Oral evidence
Ric Lewis
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Treasury Committee - Oral evidence
Work of the Financial Conduct Authority
25 Mar 2025, 9:30 a.m.
At 10:00am: Oral evidence
Ashley Alder - Chair at Financial Conduct Authority
Nikhil Rathi - Chief Executive at Financial Conduct Authority
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Treasury Committee - Oral evidence
Work of the Financial Conduct Authority
25 Mar 2025, 9:30 a.m.
View calendar - Save to Calendar
Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)Civil Airports for the 2026 Revaluation are being valued using the ‘receipts and expenditure’ valuation method. This takes into account the business’ income and expenses in determining the rateable value.
As with other revaluations, the VOA are in discussions with representatives from the airport sector. The VOA have not changed the methodology they use to assess airports since the last revaluation.
The revaluation is not yet complete and the VOA expect to publish draft valuations by the end of 2025.
Exchequer Secretary (HM Treasury)
Company cars in the UK are subject to an emissions-based regime, which taxes vehicles based on their list price as well as their CO2 emission level. The Government recognises that this regime plays an important role in the electric vehicle transition.
In July 2019, the Government announced new company car tax rates for the tax years 2020 to 2025, which included generous incentives for electric vehicles. These were legislated for as part of the Finance Act 2020. The Government subsequently announced rates for 2025 to 2028 at Autumn Statement 2022, and rates for 2028 to 2030 at Autumn Budget 2024.
Alongside each fiscal event where the changes were announced, an accompanying Tax Information and Impact Note was published setting out expected economic, equalities and other impacts of the new rates. In each of these notes, the rates were not expected to have any significant macroeconomic impacts, such as impacts on GDP and job creation.
At Budget 2024, the Chancellor announced £2 billion of funding to 2030 to support the zero emissions vehicle manufacturing base and supply chain, recognising the value that the industry delivers for the UK and its ongoing transition.
Exchequer Secretary (HM Treasury)
Company cars in the UK are subject to an emissions-based regime, which taxes vehicles based on their list price as well as their CO2 emission level. The Government recognises that this regime plays an important role in the electric vehicle transition.
In July 2019, the Government announced new company car tax rates for the tax years 2020 to 2025, which included generous incentives for electric vehicles. These were legislated for as part of the Finance Act 2020. The Government subsequently announced rates for 2025 to 2028 at Autumn Statement 2022, and rates for 2028 to 2030 at Autumn Budget 2024.
Alongside each fiscal event where the changes were announced, an accompanying Tax Information and Impact Note was published setting out expected economic, equalities and other impacts of the new rates. In each of these notes, the rates were not expected to have any significant macroeconomic impacts, such as impacts on GDP and job creation.
At Budget 2024, the Chancellor announced £2 billion of funding to 2030 to support the zero emissions vehicle manufacturing base and supply chain, recognising the value that the industry delivers for the UK and its ongoing transition.
Exchequer Secretary (HM Treasury)
The Government is determined that everyone who is entitled to the National Minimum Wage (NMW) receives it. All businesses, irrespective of size or business sector, are responsible for paying the correct minimum wage to their staff.
HMRC continue to crack down on employers who ignore the law, ensuring workers receive the wages to which they are entitled.
HMRC continue to undertake compliance activity within the agriculture sector across the UK. However, we do not hold specific data on how many of our interventions in this sector employ seasonal workers.
Exchequer Secretary (HM Treasury)
The Government recognises that in the post-COVID world, expected valuations for airports at the 2026 revaluation amount to significant increases. The aviation sector is in conversation with the Valuation Office Agency (VOA) about their 2026 draft rateable values.
The Government is legally required to introduce transitional relief for ratepayers to support those seeing the biggest increases at revaluations. Once we understand the complete 2026 revaluation picture will the Government be in a position to make final decisions, at Autumn Budget 2025, on the transitional relief scheme.
On the new multiplier rates, the Government will confirm these at Budget 2025, taking account of the outcomes of the 2026 revaluation as well as the broader economic and fiscal context.
Tax policy and legislation is not subject to the Better Regulation Framework Guidance which requires an Impact Assessment to accompany policy decisions. Nevertheless, when the new multipliers are set at Budget 2025 – to take effect in the 2026-27 billing year – HM Treasury intends to publish analysis of the effects of the new multiplier arrangements.
Exchequer Secretary (HM Treasury)
VAT input tax on energy bills wholly and exclusively related to business activity can be reclaimed by VAT registered businesses.
The Government provides a range of support for business energy bills. The British Industry Supercharger includes a series of targeted measures to bring energy costs for key industries in line with other major economies. The Energy Intensive Industries Compensation Scheme provides businesses with relief for the costs of the UK Emissions Trading Scheme (ETS) and Carbon Price Support mechanism in their electricity bills. Finally, the Industrial Energy Transformation Fund supports businesses with high energy use to cut their bills and reduce carbon emissions and is available over the period to 2027.
Exchequer Secretary (HM Treasury)
The Government recognises the important role charities play in our society and has made it a priority to reset the relationship with civil society by developing a Civil Society Covenant.
To repair the public finances and help raise the revenue required to increase funding for public services, the Government has taken the difficult decision to increase employer National Insurance.
The Government recognises the need to protect the smallest businesses and charities, which is why we have more than doubled the Employment Allowance to £10,500, meaning more than half of employers with NICs liabilities either gain or see no change next year. Charities will still be able to claim employer NICs reliefs including those for under 21s and under 25 apprentices, where eligible.
More broadly, within the tax system, we provide support to charities through a range of reliefs and exemptions, including reliefs for charitable giving with more than £6 billion in charitable reliefs provided to charities, CASCs and their donors in 2023 to 2024.
Exchequer Secretary (HM Treasury)
Please see the response to UIN 32144. The Valuation Office Agency does not usually record whether a domestic property has a garden.
Exchequer Secretary (HM Treasury)
John Hayes
(Conservative - South Holland and The Deepings)
% of EIS Investment |
2017/18 | 2018/19 | 2019/20 | 2020/21 | 2021/22 | 2022/23 |
0.1% | 0.2% | 0.2% | 0.2% | 0.1% | 0.2% |
It is not possible to provide this information for the last 10 years as administrative data is not available.
Exchequer Secretary (HM Treasury)
The UK’s fiscal framework (as set out at the October 2024 Budget) applies to the whole public sector, including the National Wealth Fund (NWF). The NWF is operationally independent, but wholly owned by the Treasury, and therefore part of the public sector and subject to the fiscal framework.
Specifically, the fiscal framework contains two fiscal rules:
i) the stability rule – to move the current budget into balance so that day to-day costs are met by revenues, meaning that the government will only borrow for investment. The NWF’s current expenditure, for example the salaries of NWF staff, and current income, for example the income it receives for loans, are included in this metric.
ii) the investment rule – to reduce debt, defined as public sector net financial liabilities or net financial debt, as a share of the economy. Net financial debt is a broad measure that includes the value of financial assets owned by the government and nets these assets off the liabilities of government captured in net financial debt. NWF’s financial assets, for example it’s loans and equity investments, are included as financial assets under this metric.
Financial Secretary (HM Treasury)
The Payment Systems Regulator (PSR) has carried out important work to support the UK’s world leading payments sector. However, moving forward, the Government wishes to see a more streamlined regulatory environment with minimal overlap between regulators’ responsibilities. That is why the Government has announced its intentions to consolidate the PSR and its functions primarily within the Financial Conduct Authority (FCA). The Government will consult on the detail of this proposal in the summer and legislate as soon as possible.
The Payment Systems Regulator is funded by fees levied on industry.
Economic Secretary (HM Treasury)
Banking has changed significantly in recent years with many customers benefiting from the ease and convenience of remote banking. While branch closures are commercial decisions for banks, the Financial Conduct Authority (FCA) guidance expects firms to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and put in place alternatives where reasonable. This seeks to ensure that branch closures are implemented in a way that treats customers fairly.
The Government understands the importance of face-to-face banking to communities and businesses, including in areas such as Slough and Berkshire, and is committed to championing sufficient access for all as a priority. 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 200 hubs have been announced so far, and over 100 are already open.
Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK.
While the ongoing trend in payments in the UK has been away from cash and towards card and digital payment methods, the Government recognises that cash continues to be used by millions of people across the UK, including those who may be in vulnerable groups. Furthermore, businesses need access to cash deposit services in order to keep accepting cash and, therefore, support people’s ability to continue to transact using cash.
The Financial Services and Markets Act 2023 granted the FCA the responsibility and powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities. In September 2024, The FCA introduced regulatory rules for access to cash. Its rules require the reasonable provision of free cash withdrawal and deposit facilities for personal current accounts. Data from LINK (the operator of the UK’s largest ATM network) identifies 106 ATMs in Slough, including 70 free-to-use ATMs.
Where a branch closure is announced or a community has submitted a cash access assessment request, LINK assesses a community’s access to cash withdrawal and deposit needs, and can recommend a new service if necessary.
Where a resident, community organisation or other interested party feels access to cash in their community is insufficient, they can submit a request for a cash access assessment. Further information about submitting a cash access request can be found on LINK’s website.
Economic Secretary (HM Treasury)
Banking has changed significantly in recent years with many customers benefiting from the ease and convenience of remote banking. While branch closures are commercial decisions for banks, the Financial Conduct Authority (FCA) guidance expects firms to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and put in place alternatives where reasonable. This seeks to ensure that branch closures are implemented in a way that treats customers fairly.
The Government understands the importance of face-to-face banking to communities and businesses, including in areas such as Slough and Berkshire, and is committed to championing sufficient access for all as a priority. 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 200 hubs have been announced so far, and over 100 are already open.
Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK.
While the ongoing trend in payments in the UK has been away from cash and towards card and digital payment methods, the Government recognises that cash continues to be used by millions of people across the UK, including those who may be in vulnerable groups. Furthermore, businesses need access to cash deposit services in order to keep accepting cash and, therefore, support people’s ability to continue to transact using cash.
The Financial Services and Markets Act 2023 granted the FCA the responsibility and powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities. In September 2024, The FCA introduced regulatory rules for access to cash. Its rules require the reasonable provision of free cash withdrawal and deposit facilities for personal current accounts. Data from LINK (the operator of the UK’s largest ATM network) identifies 106 ATMs in Slough, including 70 free-to-use ATMs.
Where a branch closure is announced or a community has submitted a cash access assessment request, LINK assesses a community’s access to cash withdrawal and deposit needs, and can recommend a new service if necessary.
Where a resident, community organisation or other interested party feels access to cash in their community is insufficient, they can submit a request for a cash access assessment. Further information about submitting a cash access request can be found on LINK’s website.
Economic Secretary (HM Treasury)
Banking has changed significantly in recent years with many customers benefiting from the ease and convenience of remote banking. While branch closures are commercial decisions for banks, the Financial Conduct Authority (FCA) guidance expects firms to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and put in place alternatives where reasonable. This seeks to ensure that branch closures are implemented in a way that treats customers fairly.
The Government understands the importance of face-to-face banking to communities and businesses, including in areas such as Slough and Berkshire, and is committed to championing sufficient access for all as a priority. 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 200 hubs have been announced so far, and over 100 are already open.
Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK.
While the ongoing trend in payments in the UK has been away from cash and towards card and digital payment methods, the Government recognises that cash continues to be used by millions of people across the UK, including those who may be in vulnerable groups. Furthermore, businesses need access to cash deposit services in order to keep accepting cash and, therefore, support people’s ability to continue to transact using cash.
The Financial Services and Markets Act 2023 granted the FCA the responsibility and powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities. In September 2024, The FCA introduced regulatory rules for access to cash. Its rules require the reasonable provision of free cash withdrawal and deposit facilities for personal current accounts. Data from LINK (the operator of the UK’s largest ATM network) identifies 106 ATMs in Slough, including 70 free-to-use ATMs.
Where a branch closure is announced or a community has submitted a cash access assessment request, LINK assesses a community’s access to cash withdrawal and deposit needs, and can recommend a new service if necessary.
Where a resident, community organisation or other interested party feels access to cash in their community is insufficient, they can submit a request for a cash access assessment. Further information about submitting a cash access request can be found on LINK’s website.
Economic Secretary (HM Treasury)
Banking has changed significantly in recent years with many customers benefiting from the ease and convenience of remote banking. While branch closures are commercial decisions for banks, the Financial Conduct Authority (FCA) guidance expects firms to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and put in place alternatives where reasonable. This seeks to ensure that branch closures are implemented in a way that treats customers fairly.
The Government understands the importance of face-to-face banking to communities and businesses, including in areas such as Slough and Berkshire, and is committed to championing sufficient access for all as a priority. 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 200 hubs have been announced so far, and over 100 are already open.
Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK.
While the ongoing trend in payments in the UK has been away from cash and towards card and digital payment methods, the Government recognises that cash continues to be used by millions of people across the UK, including those who may be in vulnerable groups. Furthermore, businesses need access to cash deposit services in order to keep accepting cash and, therefore, support people’s ability to continue to transact using cash.
The Financial Services and Markets Act 2023 granted the FCA the responsibility and powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities. In September 2024, The FCA introduced regulatory rules for access to cash. Its rules require the reasonable provision of free cash withdrawal and deposit facilities for personal current accounts. Data from LINK (the operator of the UK’s largest ATM network) identifies 106 ATMs in Slough, including 70 free-to-use ATMs.
Where a branch closure is announced or a community has submitted a cash access assessment request, LINK assesses a community’s access to cash withdrawal and deposit needs, and can recommend a new service if necessary.
Where a resident, community organisation or other interested party feels access to cash in their community is insufficient, they can submit a request for a cash access assessment. Further information about submitting a cash access request can be found on LINK’s website.
Economic Secretary (HM Treasury)
Banking has changed significantly in recent years with many customers benefiting from the ease and convenience of remote banking. While branch closures are commercial decisions for banks, the Financial Conduct Authority (FCA) guidance expects firms to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and put in place alternatives where reasonable. This seeks to ensure that branch closures are implemented in a way that treats customers fairly.
The Government understands the importance of face-to-face banking to communities and businesses, including in areas such as Slough and Berkshire, and is committed to championing sufficient access for all as a priority. 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 200 hubs have been announced so far, and over 100 are already open.
Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK.
While the ongoing trend in payments in the UK has been away from cash and towards card and digital payment methods, the Government recognises that cash continues to be used by millions of people across the UK, including those who may be in vulnerable groups. Furthermore, businesses need access to cash deposit services in order to keep accepting cash and, therefore, support people’s ability to continue to transact using cash.
The Financial Services and Markets Act 2023 granted the FCA the responsibility and powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities. In September 2024, The FCA introduced regulatory rules for access to cash. Its rules require the reasonable provision of free cash withdrawal and deposit facilities for personal current accounts. Data from LINK (the operator of the UK’s largest ATM network) identifies 106 ATMs in Slough, including 70 free-to-use ATMs.
Where a branch closure is announced or a community has submitted a cash access assessment request, LINK assesses a community’s access to cash withdrawal and deposit needs, and can recommend a new service if necessary.
Where a resident, community organisation or other interested party feels access to cash in their community is insufficient, they can submit a request for a cash access assessment. Further information about submitting a cash access request can be found on LINK’s website.
Economic Secretary (HM Treasury)
Banking has changed significantly in recent years with many customers benefiting from the ease and convenience of remote banking. While branch closures are commercial decisions for banks, the Financial Conduct Authority (FCA) guidance expects firms to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and put in place alternatives where reasonable. This seeks to ensure that branch closures are implemented in a way that treats customers fairly.
The Government understands the importance of face-to-face banking to communities and businesses, including in areas such as Slough and Berkshire, and is committed to championing sufficient access for all as a priority. 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 200 hubs have been announced so far, and over 100 are already open.
Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK.
While the ongoing trend in payments in the UK has been away from cash and towards card and digital payment methods, the Government recognises that cash continues to be used by millions of people across the UK, including those who may be in vulnerable groups. Furthermore, businesses need access to cash deposit services in order to keep accepting cash and, therefore, support people’s ability to continue to transact using cash.
The Financial Services and Markets Act 2023 granted the FCA the responsibility and powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities. In September 2024, The FCA introduced regulatory rules for access to cash. Its rules require the reasonable provision of free cash withdrawal and deposit facilities for personal current accounts. Data from LINK (the operator of the UK’s largest ATM network) identifies 106 ATMs in Slough, including 70 free-to-use ATMs.
Where a branch closure is announced or a community has submitted a cash access assessment request, LINK assesses a community’s access to cash withdrawal and deposit needs, and can recommend a new service if necessary.
Where a resident, community organisation or other interested party feels access to cash in their community is insufficient, they can submit a request for a cash access assessment. Further information about submitting a cash access request can be found on LINK’s website.
Economic Secretary (HM Treasury)
The Financial Conduct Authority and Prudential Regulation Authority announced on 12 March that they have no plans to take forward their proposed rules on diversity and inclusion in regulated firms.
Financial Secretary (HM Treasury)
The Financial Conduct Authority and Prudential Regulation Authority announced on 12 March that they have no plans to take forward their proposed rules on diversity and inclusion in regulated firms.
Financial Secretary (HM Treasury)
The Dame Linda Dobbs Review began in April 2017. The review was originally scheduled to be completed by the end of 2020. It is now expected to be completed in 2025.
The review, and appointment of Dame Linda Dobbs, has been instigated by Lloyds Banking Group. No interim report is planned and the number of victims giving evidence has not been made public.
The review has stated it will cover the period from the acquisition of HBOS in 2009 to 2017, and examine relevant evidence from before 2009 to assess what ought to have been known at the time of the HBOS acquisition.
Once completed, the review’s findings will be shared with the Financial Conduct Authority (FCA), which will then consider what action is appropriate to take.
Financial Secretary (HM Treasury)
The Government intends to introduce permanently lower tax rates for high street retail, hospitality, and leisure properties, with rateable values below £500,000, from 2026-27.
This tax cut must be sustainably funded, and so the Government intends to apply a higher rate from 2026-27 on the most valuable properties - those with a rateable value (RV) of £500,000 and above. These represent less than one per cent of all properties, but cover the majority of large distribution warehouses, including those used by online giants.
On 21 February, the Valuation Office Agency published an ad hoc release detailing total property counts and RV for properties in England with a RV over £500,000. This is broken down by sector, sub-sector, special category and region. This is available online: https://www.gov.uk/government/publications/non-domestic-rating-property-counts-and-rateable-value-rv-for-properties-in-england-with-rv-over-500000.
Exchequer Secretary (HM Treasury)
The Government has made clear its strong support for the credit union sector, recognising the value that credit unions bring to their members in local communities across the country in providing products and affordable credit. We have also committed to doubling the mutuals and cooperatives sector.
The Chancellor announced new measures to support growth of the credit union and mutual sector in her first Mansion House speech on 14 November. This included asking the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) to produce a report on the mutuals landscape by the end of 2025. This report will aid understanding of the current landscape of the sector and how to best support the sector’s specific needs.
The Treasury is responsible for setting the overall legal framework for financial services regulation. The FCA is responsible for regulating and supervising the financial services industry and the Financial Ombudsman Service (FOS) investigates individual complaints against firms. The FOS does not have a role in setting regulatory policy. The FCA and FOS are independent non-governmental bodies and the independence of both is vital to their roles.
Financial Secretary (HM Treasury)
The Government is committed to modernising and simplifying the tax system and will publish the consultation on proposals to bring remote gambling into a single tax in due course.
Financial Secretary (HM Treasury)
Since 5th July 2024 the following working visits have taken place by HMT ministers at the DEC. Chancellor Rachel Reeves has spent 3 days at the DEC, on 11th July 2024, 12th December 2024 and 13th March 2025. Exchequer Secretary James Murray MP has spent 4 days at the DEC, on 31st July 2024, 17th August 2024, 5th December 2024 and 13th February 2025. Financial Secretary Lord Spencer Livermore has spent 1 day at the DEC, on 22nd August 2024. Chief Secretary Darren Jones MP has spent 1 day at the DEC on 13th March 2025.
The Darlington Economic Campus is central to the plans of HM Treasury and we are delighted to be nearing our target of 335 HMT roles based in Darlington, including a number of the most senior Treasury staff. The Chancellor and the broader Treasury ministerial team support DEC not only by regularly visiting, but also by ensuring that colleagues based in Darlington are welcomed to hybrid meetings and able to contribute fully to the work of the department, making their voices heard and shaping economic policy making for the country as a whole from the North East of England.
Exchequer Secretary (HM Treasury)
As the Government confirmed at Autumn Budget 2024, schools that satisfy the definition of a private school will lose any entitlement to charitable rate relief entirely. This may include private schools with some nursery classes, which, despite the presence of some nursery provision will still be, by their nature, private schools.
Standalone nursery schools, where they have their own business rates assessments, are excluded from the legislation and, where applicable, retain their charitable rate relief. This approach best ensures consistency with the underlying policy intent.
Exchequer Secretary (HM Treasury)
In all cases, when a Joint & Several Liability notice has been issued, the online marketplace has removed the relevant seller from their platform. Since 2017, 9 assessments have been raised by HMRC against online marketplaces following the issue of a Joint & Several Liability notice where the online marketplace had failed to remove the seller within the relevant time limits.
Financial Secretary (HM Treasury)
The Government is determined that everyone who is entitled to the National Minimum Wage (NMW) receives it. All businesses, irrespective of size or business sector, are responsible for paying the correct minimum wage to their staff.
HMRC continue to crack down on employers who ignore the law, ensuring workers receive the wages to which they are entitled.
HMRC continue to undertake compliance activity within the agriculture sector across the UK. However, we do not hold specific data on how many of our interventions in this sector employ seasonal workers.
Exchequer Secretary (HM Treasury)
Kevin Hollinrake
(Conservative - Thirsk and Malton)
The Transforming Business Rates consultation used the median RV of a pub (£16,800) to illustrate the amount the average pub is estimated to save in business rates liabilities (over £3,300) from RHL relief being extended at 40% for 2025-26 rather than being removed entirely. The median RV was used as it is less affected by the presence of a few large pubs than the mean RV. Therefore, the median is likely to be closer to the actual RV of a greater number of pubs than the mean would be.
Exchequer Secretary (HM Treasury)
The UK’s Intangible Fixed Asset (IFA) regime offers generous and internationally competitive relief for acquired intangible assets like trademarks and licences. In addition, UK businesses can benefit from the biggest tax treaty network in the OECD – which make the UK an attractive jurisdiction for holding IFAs.
The government committed to maintain the regime’s current competitive approach in the Corporation Tax Roadmap.
Exchequer Secretary (HM Treasury)
HMRC publishes annual statistics which provide information about the company cars provided as benefits in kind to employees by employers, including the proportion of the company car stock which is electric. The most recent statistics were published in June 2024 for the tax year 2022-23, which showed that 220,000 company cars were fully electric, or 29% of the total company car stock, an increase from 50,000 in 2020-21.
The Government is committed to supporting the transition to electric vehicles, and generous company car tax rates for electric cars have been a key incentive for increasing their number on the road. Electric company cars also play a significant role in supporting the used EV markets. At the end of their lease company cars are sold into the used markets, which is where the majority of car sales take place in the UK. There were 314,000 zero emission cars registered for the first time in 2023, an increase of 18 per cent from 2022.
Exchequer Secretary (HM Treasury)
Mark Garnier
(Conservative - Wyre Forest)
The Payment Systems Regulator (PSR) has carried out important work to support the UK’s world leading payments sector. However, moving forward, the Government wishes to see a more streamlined regulatory environment with minimal overlap between regulators’ responsibilities. That is why the Government has announced its intentions to consolidate the PSR and its functions primarily within the Financial Conduct Authority (FCA). The Government will consult on the detail of this proposal in the summer and legislate as soon as possible.
The Payment Systems Regulator is funded by fees levied on industry.
Economic Secretary (HM Treasury)
Mark Garnier
(Conservative - Wyre Forest)
The Payment Systems Regulator (PSR) has carried out important work to support the UK’s world leading payments sector. However, moving forward, the Government wishes to see a more streamlined regulatory environment with minimal overlap between regulators’ responsibilities. That is why the Government has announced its intentions to consolidate the PSR and its functions primarily within the Financial Conduct Authority (FCA). The Government will consult on the detail of this proposal in the summer and legislate as soon as possible.
The Payment Systems Regulator is funded by fees levied on industry.
Economic Secretary (HM Treasury)
Eligible deposits held by UK banks, building societies and credit unions that are authorised by the Prudential Regulation Authority (PRA) are protected by the Financial Services Compensation Scheme up to £85,000, with joint accounts protected up to £170,000. This limit is set by the PRA and applies to both retail and business accounts.
The PRA is required to independently review the limit every five years and will be publishing a consultation on the outcome of its most recent review shortly. Any changes to the limit must be approved by the Treasury and the Government would carefully consider any changes proposed by the PRA.
Economic Secretary (HM Treasury)
Fraud is a costly crime for citizens, consumers, and businesses.
I welcome existing pledges to prevent fraud made by tech and telecoms firms.
At Mansion House, the Chancellor announced this government would work with tech and telecoms companies to stop their platforms and networks being exploited by criminals.
We are monitoring progress, including work on the second Telecommunications Fraud Sector Charter and implementation of the Online Safety Act.
To balance the requirement on Financial Services to reimburse victims of fraud, Section 72 of the Financial Services and Markets Act enables the sector to manage risk through due diligence checks before releasing payments.
The department will continue to work with the Home Office and Department for Science, Innovation and Technology to unlock further prevention efforts across all sectors in the forthcoming update to the fraud strategy.
Economic Secretary (HM Treasury)
The Barnett formula is applied when departmental budgets change – not when departments announce changes in policy.
The Department for Health and Social Care are working through the implications of abolishing NHS England and will provide further details in due course. For any funding implications, the Barnett formula will apply in the usual way as set out in the Statement of Funding Policy.
A full breakdown of devolved government funding is set out in the Block Grant Transparency, the next iteration of which will be published in due course.
Chief Secretary to the Treasury
The Office for Value for Money is working with departments to root out waste and inefficiency. It will do this by working with departments to agree stretching and realistic technical efficiency targets, underpinned by robust delivery plans.
All departments and their arm's-length bodies are in scope for this piece of work.
The Office will target areas where it can have the most impact, rather than duplicating the work of others. It is the role of the Crown Commercial Service to review framework agreements.
Chief Secretary to the Treasury
The Office for Value for Money is working with departments to root out waste and inefficiency. It will do this by working with departments to agree stretching and realistic technical efficiency targets, underpinned by robust delivery plans.
All departments and their arm's-length bodies are in scope for this piece of work.
The Office will target areas where it can have the most impact, rather than duplicating the work of others. It is the role of the Crown Commercial Service to review framework agreements.
Chief Secretary to the Treasury
The OBR’s spring forecast will take place on 26th March and be accompanied by a statement to Parliament from the Chancellor. Ahead of the statement responding to the forecast, the Government will not give a running commentary on economic developments.
Chief Secretary to the Treasury
Business rates are devolved. In England, local authorities reported that the gross non-domestic rates income for 2023-24 was £33 billion.
At Autumn Budget 2024, the Government announced that it intends to introduce permanently lower tax rates for RHL properties in England, with Rateable Values below £500,000 , from 2026-27. Ahead of these changes being made, we have prevented RHL relief from ending in April 2025 by extending it for one year at 40 per cent up to a cash cap of £110,000 per business and frozen the small business multiplier.
These announcements reflect the Government’s first steps to support the high street. We want to go further to modernise the system, and so, we have published a Discussion Paper setting out priority areas for reform. This paper invites industry to help co-design a fairer business rates system over the course of this Parliament.
Exchequer Secretary (HM Treasury)
To support hospitality businesses, the Government intends to introduce permanently lower business rates for retail, hospitality, and leisure (RHL) properties, with Rateable Values below £500,000, from 2026-27.
Ahead of these changes being made, the Government recognises that businesses will need support in 2025-26. As such, the Government has prevented the current RHL relief from ending in April 2025, extending it for one year at 40 per cent up to a cash cap of £110,000 per business, and we have frozen the small business multiplier.
VAT is the UK’s second largest tax, forecast to raise £171 billion in 2024/25. Tax breaks reduce the revenue available for vital public services and must represent value for money for the taxpayer. Exceptions to the standard rate have always been limited and balanced against affordability considerations.
Exchequer Secretary (HM Treasury)
To support hospitality businesses, the Government intends to introduce permanently lower business rates for retail, hospitality, and leisure (RHL) properties, with Rateable Values below £500,000, from 2026-27.
Ahead of these changes being made, the Government recognises that businesses will need support in 2025-26. As such, the Government has prevented the current RHL relief from ending in April 2025, extending it for one year at 40 per cent up to a cash cap of £110,000 per business, and we have frozen the small business multiplier.
VAT is the UK’s second largest tax, forecast to raise £171 billion in 2024/25. Tax breaks reduce the revenue available for vital public services and must represent value for money for the taxpayer. Exceptions to the standard rate have always been limited and balanced against affordability considerations.
Exchequer Secretary (HM Treasury)
To support hospitality businesses, the Government intends to introduce permanently lower business rates for retail, hospitality, and leisure (RHL) properties, with Rateable Values below £500,000, from 2026-27.
Ahead of these changes being made, the Government recognises that businesses will need support in 2025-26. As such, the Government has prevented the current RHL relief from ending in April 2025, extending it for one year at 40 per cent up to a cash cap of £110,000 per business, and we have frozen the small business multiplier.
VAT is the UK’s second largest tax, forecast to raise £171 billion in 2024/25. Tax breaks reduce the revenue available for vital public services and must represent value for money for the taxpayer. Exceptions to the standard rate have always been limited and balanced against affordability considerations.
Exchequer Secretary (HM Treasury)
Trustees and fund managers are responsible for making investment decisions in line with their fiduciary duty and member preferences.
In a time of increasing geopolitical instability, maintaining a robust and thriving defence sector is essential to our national security. The Government has therefore been clear that supporting our defence industry is entirely consistent with ethical investing. The Defence Industrial Strategy Statement of Intent, published in December 2024, recognised issues with regards to access to finance for the defence industry.
The Government has consulted with a wide range of stakeholders, including defence suppliers and financial institutions, to assess the ways in which we can reduce these barriers and create a strong and resilient defence sector.
Parliamentary Secretary (HM Treasury)
Ministers meet a wide range of pension firms regularly. Trustees and fund managers are responsible for making investment decisions in line with their fiduciary duty and member preferences.
The Government has been actively engaging with the defence industry, trade associations and the financial services sector regarding access to financial services for defence companies. In a time of increasing geopolitical instability, maintaining a robust and thriving defence sector is essential to our national security.
Parliamentary Secretary (HM Treasury)
As set out at Autumn Budget 2024, the Government intends to introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties, including grassroots music venues with Rateable Values below £500,00, from 2026-27. This permanent tax cut will ensure that they benefit from much-needed certainty and support. The Government intends to fund this by introducing a higher multiplier on all properties with a rateable value (RV) of £500,000 and above.
In the interim period, for 2025-26, we have prevented the current RHL relief from ending in April 2025, extending it for one year at 40% up to a cash cap of £110,000 per business.
The Culture, Media and Sport (CMS) Committee’s report on grassroots music venues recommended that RHL relief should not be wholly withdrawn in April 2025. The Committee’s report also highlighted the sector's desire for certainty and long-term stability. That is why the Government intends to introduce permanently lower tax rates for high street RHL properties from 2026-27.
The Government’s full response to the CMS Committee’s report was published on 14 November 2024 and is available online: https://committees.parliament.uk/work/8227/grassroots-music-venues/publications/.
Exchequer Secretary (HM Treasury)
As set out at Autumn Budget 2024, the Government intends to introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties, including grassroots music venues with Rateable Values below £500,00, from 2026-27. This permanent tax cut will ensure that they benefit from much-needed certainty and support. The Government intends to fund this by introducing a higher multiplier on all properties with a rateable value (RV) of £500,000 and above.
In the interim period, for 2025-26, we have prevented the current RHL relief from ending in April 2025, extending it for one year at 40% up to a cash cap of £110,000 per business.
The Culture, Media and Sport (CMS) Committee’s report on grassroots music venues recommended that RHL relief should not be wholly withdrawn in April 2025. The Committee’s report also highlighted the sector's desire for certainty and long-term stability. That is why the Government intends to introduce permanently lower tax rates for high street RHL properties from 2026-27.
The Government’s full response to the CMS Committee’s report was published on 14 November 2024 and is available online: https://committees.parliament.uk/work/8227/grassroots-music-venues/publications/.
Exchequer Secretary (HM Treasury)
HM Treasury distributional analysis only includes measures if they have a clear first-order impact on the benefit income, tax paid or the benefits-in-kind received through public services by UK residents. Therefore, this excludes the behavioural impacts of most measures, for example where households might reduce consumption to reduce the amount of tax they might otherwise pay. However, estimates of behavioural impacts from policy announcements are conducted by the government, as set out below.
As per the Green Book (2022), appraisals and evaluation are a key part of detailed policy development and design. HM Treasury officials, independently and in collaboration with other government departments, carry out longlist and shortlist appraisals. These include the consideration of distributional effects and consequences, such as possible changes in behaviour, that may result from an intervention.
As the independent official economic and fiscal forecaster, the Office for Budget Responsibility have a responsibility to report on the impact of policy announcements, including behaviour impacts, which they do in their Economic and Fiscal Outlook.
Additionally, Tax Information and Impact Notes, published on gov.uk, describe the 'economic impact' and 'impact on individuals, households and families'.
Exchequer Secretary (HM Treasury)
The Government has been working closely with the FCA to follow up on the findings of its review into the treatment of Politically Exposed Persons by financial institutions, and to ensure firms improve their practices where necessary. The FCA expects that the revised guidance will be published and brought into effect in the first half of 2025.
Economic Secretary (HM Treasury)
The government’s fiscal approach in relation to the upstream oil and gas sector balances attracting investment with ensuring a fair return for the nation in exchange for the use of its resources. In last year’s Autumn Budget, the government increased the duration and rate of the Energy Profits Levy (EPL), a temporary additional tax on upstream oil and gas profits. The government also abolished an investment allowance in the EPL regime which was unique to oil and gas and not available to any other sector. These changes are expected to raise £2.3bn which will help support the transition to clean energy, enhance energy security and independence, and provide sustainable jobs for the future.
The regime includes several tax reliefs and allowances, including in relation to investments which reduce domestic production emissions to support the sector’s transition to net zero.
Whilst it would not be appropriate for the government to comment on the tax affairs of individual companies, estimates of tax revenues and the cost of tax reliefs are publicly available from the Office for Budget Responsibility (OBR) and the government respectively.
The OBR’s most recent forecast of tax revenues from the oil and gas sector is available at the following link: https://obr.uk/efo/economic-and-fiscal-outlook-october-2024/. Similarly, where data is available, estimates of the cost of tax reliefs applicable to the oil and gas sector are at the following link: https://www.gov.uk/government/collections/tax-relief-statistics.
Exchequer Secretary (HM Treasury)