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
Green Party
Adrian Ramsay (Green - Waveney Valley)Green Spokesperson (Treasury)
Liberal Democrat
Charlie Maynard (LD - Witney)Liberal Democrat Spokesperson (Chief Secretary to the Treasury)
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
Lord Livermore (Lab - Life peer)Financial Secretary (HM Treasury)
James Murray (LAB - Ealing North)
Chief Secretary to the Treasury
Lord Stockwood (Lab - Life peer)
Minister of State (HM Treasury)
Parliamentary Under-Secretaries of State
Torsten Bell (Lab - Swansea West)Parliamentary Secretary (HM Treasury)
Dan Tomlinson (Lab - Chipping Barnet)
Exchequer Secretary (HM Treasury)
Lucy Rigby (Lab - Northampton North)
Economic Secretary (HM Treasury)
16:06
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, whether the UK delegation attending the fourth Meeting of Parties to the Framework …
This Order amends the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) (“the Regulated Activities Order”). …
A Bill to Authorise the use of resources for the year ending with 31 March 2026; to authorise both the …
16:19
News and Communications
HM Treasury Commons Appearances
Oral Answers to Questions is a regularly scheduled appearance where the Secretary of State and junior minister will answer at the Dispatch Box questions from backbench MPs
Other Commons Chamber appearances can be:- Urgent Questions where the Speaker has selected a question to which a Minister must reply that day
- Adjornment Debates a 30 minute debate attended by a Minister that concludes the day in Parliament.
- Oral Statements informing the Commons of a significant development, where backbench MP's can then question the Minister making the statement.
Westminster Hall debates are performed in response to backbench MPs or e-petitions asking for a Minister to address a detailed issue
Written Statements are made when a current event is not sufficiently significant to require an Oral Statement, but the House is required to be informed.
Bills currently before Parliament
HM Treasury does not have Bills currently before Parliament
Acts of Parliament created in the 2024 Parliament
A Bill to Authorise the use of resources for the year ending with 31 March 2026; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2025.
This Bill received Royal Assent on 21st July 2025 and was enacted into law.
A Bill to make provision about secondary Class 1 contributions.
This Bill received Royal Assent on 3rd April 2025 and was enacted into law.
A Bill to make provision about finance.
This Bill received Royal Assent on 20th March 2025 and was enacted into law.
A Bill to amend the Crown Estate Act 1961.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to Authorise the use of resources for the years ending with 31 March 2024, 31 March 2025 and 31 March 2026; to authorise the issue of sums out of the Consolidated Fund for those years; and to appropriate the supply authorised by this Act for the years ending with 31 March 2024 and 31 March 2025.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to make provision for loans or other financial assistance to be provided to, or for the benefit of, the government of Ukraine.
This Bill received Royal Assent on 16th January 2025 and was enacted into law.
A Bill to impose duties on the Treasury and the Office for Budget Responsibility in respect of the announcement of fiscally significant measures.
This Bill received Royal Assent on 10th September 2024 and was enacted into law.
A Bill to authorise the use of resources for the year ending with 31 March 2025; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2024.
This Bill received Royal Assent on 30th July 2024 and was enacted into law.
HM Treasury - Secondary Legislation
Petitions
e-Petitions are administered by Parliament and allow members of the public to express support for a particular issue.
If an e-petition reaches 10,000 signatures the Government will issue a written response.
If an e-petition reaches 100,000 signatures the petition becomes eligible for a Parliamentary debate (usually Monday 4.30pm in Westminster Hall).
(14,136 in the last 7 days)
(6,771 in the last 7 days)
(536 in the last 7 days)
(277 in the last 7 days)
(234 in the last 7 days)
(6,771 in the last 7 days)
(98 in the last 7 days)
(60 in the last 7 days)
(139 in the last 7 days)
(14,136 in the last 7 days)
Petition Closed
Raise the income tax personal allowance from £12,570 to £20,000
Gov Responded - 20 Feb 2025 Debated on - 12 May 2025closed 5 months ago
Raise the income tax personal allowance from £12570 to £20000. We think this would help low earners to get off benefits and allow pensioners a decent income.
Petition Closed
Don't change inheritance tax relief for working farms
Gov Responded - 5 Dec 2024 Debated on - 10 Feb 2025closed 6 months, 1 week ago
We think that changing inheritance tax relief for agricultural land will devastate farms nationwide, forcing families to sell land and assets just to stay on their property. We urge the government to keep the current exemptions for working farms.
Petition Closed
Don't apply VAT to independent school fees, or remove business rates relief.
Gov Responded - 20 Dec 2024 Debated on - 3 Mar 2025closed 5 months, 2 weeks ago
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 28th October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 9th December 2024
Treasury Committee Member since 27th October 2025
Treasury Committee Member since 27th October 2025
Treasury Committee Member since 27th October 2025
Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)The Crown Estate’s Integrated annual report and accounts are published each year, and laid before Parliament. These set out details of The Crown Estate’s financial returns and information on how it delivers value for the long-term benefit of the UK. The Crown Estate will provide separate reporting for Wales in its 2025-26 accounts.
Chief Secretary to the Treasury
The Chancellor regularly engages with Cabinet colleagues across a wide range of policy issues including tax and welfare.
Chief Secretary to the Treasury
The previous government made the decision to freeze the income tax Personal Allowance at its current level of £12,570 until April 2028.
The previous government published a Tax Information and Impact Note (TIIN) setting out the impacts.
Exchequer Secretary (HM Treasury)
The Cycle to Work Scheme is made available as a Benefit in Kind and uses the tax exemption for the employer-provision of cycles and associated safety equipment. The scheme was introduced in 1999 to to encourage employees to commute by bicycle by offering a tax-efficient route to access relevant equipment.
HM Revenue & Customs (HMRC) commissioned independent research to evaluate the effectiveness of the Cycle to Work Scheme, alongside carrying out economic research on the bicycle market’s implications for the scheme’s success. The evaluation and the economic research were published in April 2025.
Exchequer Secretary (HM Treasury)
The Government supports the creative industries, including orchestras, through funding and via the tax system. Orchestra Tax Relief (OTR) was introduced to recognise and sustain the distinct cultural and economic activity associated with orchestral productions.
Under current rules, qualifying concerts must be performed by a group of at least twelve instrumentalists. The human voice is not considered an instrument for these purposes. However, orchestra concerts with a vocal element are eligible for the relief providing that the orchestra has at least 12 instrumentalists, and the instrumentalists are the primary focus.
In considering any changes to existing tax reliefs or introducing new ones, Government has to consider a wide range of factors, including the specific aims of the relief, the costs and complexity of designing and administering new provisions, and fairness.
Decisions on tax are taken by the Chancellor at fiscal events, in the context of overall public finances.
Exchequer Secretary (HM Treasury)
The Government supports the creative industries, including orchestras, through funding and via the tax system. Orchestra Tax Relief (OTR) was introduced to recognise and sustain the distinct cultural and economic activity associated with orchestral productions.
Under current rules, qualifying concerts must be performed by a group of at least twelve instrumentalists. The human voice is not considered an instrument for these purposes. However, orchestra concerts with a vocal element are eligible for the relief providing that the orchestra has at least 12 instrumentalists, and the instrumentalists are the primary focus.
In considering any changes to existing tax reliefs or introducing new ones, Government has to consider a wide range of factors, including the specific aims of the relief, the costs and complexity of designing and administering new provisions, and fairness.
Decisions on tax are taken by the Chancellor at fiscal events, in the context of overall public finances.
Exchequer Secretary (HM Treasury)
The Valuation Office Agency's guidance will be updated for the 2026 revaluation and will be published when the Rating List is compiled on 1 April 2026.
Exchequer Secretary (HM Treasury)
The procedures for amending the World Health Organization Protocol to Eliminate Illicit Trade in Tobacco Products are laid down in Articles 38 and 39 of that treaty. These stipulate that any proposals need to be communicated to parties at least six months before the session at which they are proposed to be adopted.
As no such communication has been made in this case, if any proposals for extending the Treaty to electronic nicotine delivery services were to emerge, they would need to be considered at a future Meeting of Parties (MOP) rather than this MOP. The UK would always seek to ensure that any proposals to amend the Treaty follow the proper procedures.
Exchequer Secretary (HM Treasury)
The government understands the importance of face-to-face banking to rural and coastal communities and is committed to championing sufficient access for both business and personal customers. This is why the government is working with industry to roll out 350 banking hubs by the end of the Parliament.
While decisions on branch provision are commercial decisions for banks themselves, Financial Conduct Authority (FCA) guidance requires firms to conduct a robust impact analysis. Firms must show they have considered customer needs and identified potential reasonable alternatives. The FCA also expects engagement with stakeholders at least 12 weeks before closure and firms must ensure that any replacement services, such as banking hubs, are in place before a branch closes. These measures aim to ensure closures are implemented fairly and transparently.
The FCA also has responsibility and powers to seek to ensure reasonable provision of cash withdrawal and deposit facilities. As part of this responsibility, the FCA must also seek to ensure that there is reasonable provision of free withdrawal and deposit facilities in relation to personal current accounts, and requires LINK, as the cash coordination body, to make a cash access assessment when a branch or ATM closes. In circumstances where LINK considers that a community requires additional cash services, the financial services sector will provide a suitable shared solution, such as an ATM, cash deposit service, or shared banking hub, for cash users in that community.
Alternative options for personal and business customers to access banking include the online and mobile banking, telephone banking and 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. The Post Office is required by the Department for Business & Trade to ensure that 95% of the total rural population across the UK is within 3 miles of their nearest Post Office.
The government’s Financial Services Growth and Competitiveness Strategy sets out a 10-year plan to ensure the UK remains a leading global financial centre, supporting innovation, investment, and consumer access. While the strategy focuses on growth and competitiveness across the sector, we recognise the importance of access to banking services in rural communities. HM Treasury continues to work closely with the financial services industry, regulators, and stakeholders to monitor provision and explore solutions, such as shared banking hubs and digital infrastructure, to maintain access to essential services.
Economic Secretary (HM Treasury)
The government understands the importance of face-to-face banking to rural and coastal communities and is committed to championing sufficient access for both business and personal customers. This is why the government is working with industry to roll out 350 banking hubs by the end of the Parliament.
While decisions on branch provision are commercial decisions for banks themselves, Financial Conduct Authority (FCA) guidance requires firms to conduct a robust impact analysis. Firms must show they have considered customer needs and identified potential reasonable alternatives. The FCA also expects engagement with stakeholders at least 12 weeks before closure and firms must ensure that any replacement services, such as banking hubs, are in place before a branch closes. These measures aim to ensure closures are implemented fairly and transparently.
The FCA also has responsibility and powers to seek to ensure reasonable provision of cash withdrawal and deposit facilities. As part of this responsibility, the FCA must also seek to ensure that there is reasonable provision of free withdrawal and deposit facilities in relation to personal current accounts, and requires LINK, as the cash coordination body, to make a cash access assessment when a branch or ATM closes. In circumstances where LINK considers that a community requires additional cash services, the financial services sector will provide a suitable shared solution, such as an ATM, cash deposit service, or shared banking hub, for cash users in that community.
Alternative options for personal and business customers to access banking include the online and mobile banking, telephone banking and 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. The Post Office is required by the Department for Business & Trade to ensure that 95% of the total rural population across the UK is within 3 miles of their nearest Post Office.
The government’s Financial Services Growth and Competitiveness Strategy sets out a 10-year plan to ensure the UK remains a leading global financial centre, supporting innovation, investment, and consumer access. While the strategy focuses on growth and competitiveness across the sector, we recognise the importance of access to banking services in rural communities. HM Treasury continues to work closely with the financial services industry, regulators, and stakeholders to monitor provision and explore solutions, such as shared banking hubs and digital infrastructure, to maintain access to essential services.
Economic Secretary (HM Treasury)
The government understands the importance of face-to-face banking to rural and coastal communities and is committed to championing sufficient access for both business and personal customers. This is why the government is working with industry to roll out 350 banking hubs by the end of the Parliament.
While decisions on branch provision are commercial decisions for banks themselves, Financial Conduct Authority (FCA) guidance requires firms to conduct a robust impact analysis. Firms must show they have considered customer needs and identified potential reasonable alternatives. The FCA also expects engagement with stakeholders at least 12 weeks before closure and firms must ensure that any replacement services, such as banking hubs, are in place before a branch closes. These measures aim to ensure closures are implemented fairly and transparently.
The FCA also has responsibility and powers to seek to ensure reasonable provision of cash withdrawal and deposit facilities. As part of this responsibility, the FCA must also seek to ensure that there is reasonable provision of free withdrawal and deposit facilities in relation to personal current accounts, and requires LINK, as the cash coordination body, to make a cash access assessment when a branch or ATM closes. In circumstances where LINK considers that a community requires additional cash services, the financial services sector will provide a suitable shared solution, such as an ATM, cash deposit service, or shared banking hub, for cash users in that community.
Alternative options for personal and business customers to access banking include the online and mobile banking, telephone banking and 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. The Post Office is required by the Department for Business & Trade to ensure that 95% of the total rural population across the UK is within 3 miles of their nearest Post Office.
The government’s Financial Services Growth and Competitiveness Strategy sets out a 10-year plan to ensure the UK remains a leading global financial centre, supporting innovation, investment, and consumer access. While the strategy focuses on growth and competitiveness across the sector, we recognise the importance of access to banking services in rural communities. HM Treasury continues to work closely with the financial services industry, regulators, and stakeholders to monitor provision and explore solutions, such as shared banking hubs and digital infrastructure, to maintain access to essential services.
Economic Secretary (HM Treasury)
The requirements for anti-money laundering checks in property transactions are set out in the Money Laundering Regulations (MLRs). The MLRs are not prescriptive in setting out precisely how banks and other regulated firms should undertake anti-money laundering checks, but instead require firms to take a proportionate approach commensurate with their assessment of the risk. Each bank will therefore have its own policies and procedures within this broader framework. The Government keeps the MLRs under periodic review to ensure that requirements remain effective and proportionate for all regulated sectors.
Economic Secretary (HM Treasury)
The Government recognises that cash continues to be used by millions of people across the UK, including those in vulnerable groups, and is committed to protecting access to cash for individuals and businesses.
The Financial Services and Markets Act 2023 granted the Financial Conduct Authority (FCA) the responsibility and powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities. The FCA introduced regulatory rules to protect access to cash in September 2024. Its rules ensure cash continues to be a viable method of payment for the millions of people who depend on it by providing reasonable access to cash withdrawal and deposit facilities for individuals and businesses, including free services for personal accounts.
The FCA is required by law to keep its rules under review and has been closely monitoring the impact and effectiveness of their regime during its first year. It will commence a formal evaluation of its regime in due course.
The Government meets regularly with the FCA to discuss a range of topics.
Economic Secretary (HM Treasury)
Banking is changing, with many customers benefiting from the ease and convenience of remote banking. Whilst the Government does not make estimates regarding the impact of branch closures on town centre footfall, the Government understands the importance of face-to-face banking to high streets and is committed to championing sufficient access for customers. That is why the Government is working closely with industry to roll out 350 banking hubs on high streets across the UK by the end of this Parliament. More than 240 hubs have been announced so far, and over 190 are already open.
This Government is fully committed to rejuvenating our high streets and supporting the businesses and communities that make our town centres successful. Alongside the £5bn funding for Pride in Place, we have announced a suite of tools to support communities to improve their high streets, including: High Street Rental Auctions giving councils the power to auction the lease of long-term vacant premises; a Community Right to Buy for communities to take ownership of local buildings they value; and streamlining the compulsory purchase process to help local authorities regenerate high streets.
Economic Secretary (HM Treasury)
The Government recognises the importance of diversity in the UK financial services sector, including community banking and co-operative models such as credit unions. These institutions provide valuable options for local communities, including underserved areas, by offering savings products and affordable credit.
To support this, the Government is pursuing plans to reform the credit union common bond, making it easier for credit unions to grow and serve more members. We have also asked the FCA and PRA to publish a report on the mutuals landscape by the end of 2025 to inform future policy development.
In addition, some building societies are exploring innovative ways to deliver banking services alongside their branch networks, such as through multi-bank kiosks with deposit ATMs. The Government welcomes these industry-led initiatives that improve access to banking services for customers.
Economic Secretary (HM Treasury)
Banking is changing, with many customers benefiting from the ease and convenience of remote banking. Whilst the Government does not make economic estimates regarding the impact of branch closures, the Government does understand the importance of face-to-face banking to high streets and is committed to championing sufficient access for customers. That is why the Government is working closely with industry to roll out 350 banking hubs on high streets across the UK by the end of this Parliament. More than 240 hubs have been announced so far, and over 190 are already open.
This Government is fully committed to rejuvenating our high streets and supporting the businesses and communities that make our town centres successful. Alongside the £5bn funding for Pride in Place, we have announced a suite of tools to support communities to improve their high streets, including: High Street Rental Auctions giving councils the power to auction the lease of long-term vacant premises; a Community Right to Buy for communities to take ownership of local buildings they value; and streamlining the compulsory purchase process to help local authorities regenerate high streets.
Economic Secretary (HM Treasury)
Earlier this month, I published the Government’s Financial Inclusion Strategy setting out a range of interventions to improve financial inclusion and resilience for underserved groups across the UK. This included a key focus on addressing barriers around access to banking and digital inclusion.
Banking is changing, with many customers benefitting from the convenience and flexibility of managing their finances remotely. However, Government understands the importance of face-to-face banking to communities and is committed to championing sufficient access for customers. In addition to traditional bank branches, the financial services industry is committed to rolling out 350 banking hubs across the UK by the end of this Parliament. Over 240 hubs have been announced so far, and more than 190 are already open. Government is working closely with industry on this commitment.
The locations of banking hubs are independently determined by LINK, the industry coordinating body responsible for making access to cash assessments. LINK will carry out an assessment wherever a branch closure is announced or if they receive a community request.
LINK will recommend appropriate solutions where it considers that a community requires additional cash services. Some of the criteria that LINK considers are whether there is a bank branch remaining, population size, number of shops on the high street, distance to the nearest bank branch, public transport links and vulnerability of the population.
In September, the government set out plans for a new government-backed Digital ID scheme. This Digital ID will make it easier for people across the UK to use vital government services, but will also streamline verification processes across private sectors too, such as when opening a new bank account. As part of the government’s forthcoming consultation on the new Digital ID scheme, the government will look at how to make the scheme inclusive, such as by integrating assistive technologies for those with physical or cognitive disabilities, and ensuring that physical alternatives are available for those without smartphones.
Economic Secretary (HM Treasury)
HM Treasury provides ongoing guidance to all staff on how to handle domestic abuse. The guidance provides comprehensive information on how to recognise the signs of domestic abuse and outlines the steps managers can take to offer appropriate support.
HMT is also a member of the Employers Initiative on Domestic Abuse which provides additional resources to ensure all of our staff are able to recognise key signs and have additional support materials to hand to enable them to support staff members who may be experiencing domestic abuse.
Exchequer Secretary (HM Treasury)
Last year, the Financial Conduct Authority (FCA) delivered an ambitious modernisation of the UK’s listing rules, to bring the UK in line with international best practice. From 19 January 2026, the UK’s new Prospectus regime will cut the paperwork firms need to produce when they IPO and raise capital, while providing better, more relevant information to investors.
The government’s work to finalise the UK Sustainability Reporting Standards (UK SRS) is a core part of the government’s ambition to make the UK a global hub for green and transition finance activity. These standards are based on the interoperable standards published by the International Sustainability Standards Board in June 2023 and aim to support long-term investor decision making by providing high quality and comparable information and on sustainability-related risks and opportunities that businesses face.
The government consultation on UK SRS closed on 17 September. The government is currently processing feedback and will publish its response in due course along with the final set of standards for voluntary use. Separately, the Financial Conduct Authority (FCA) has announced that they will be consulting soon on how UK SRS is applied to publicly listed companies.
Economic Secretary (HM Treasury)
Last year, the Financial Conduct Authority (FCA) delivered an ambitious modernisation of the UK’s listing rules, to bring the UK in line with international best practice. From 19 January 2026, the UK’s new Prospectus regime will cut the paperwork firms need to produce when they IPO and raise capital, while providing better, more relevant information to investors.
The government’s work to finalise the UK Sustainability Reporting Standards (UK SRS) is a core part of the government’s ambition to make the UK a global hub for green and transition finance activity. These standards are based on the interoperable standards published by the International Sustainability Standards Board in June 2023 and aim to support long-term investor decision making by providing high quality and comparable information and on sustainability-related risks and opportunities that businesses face.
The government consultation on UK SRS closed on 17 September. The government is currently processing feedback and will publish its response in due course along with the final set of standards for voluntary use. Separately, the Financial Conduct Authority (FCA) has announced that they will be consulting soon on how UK SRS is applied to publicly listed companies.
Economic Secretary (HM Treasury)
Last year, the Financial Conduct Authority (FCA) delivered an ambitious modernisation of the UK’s listing rules, to bring the UK in line with international best practice. From 19 January 2026, the UK’s new Prospectus regime will cut the paperwork firms need to produce when they IPO and raise capital, while providing better, more relevant information to investors.
The government’s work to finalise the UK Sustainability Reporting Standards (UK SRS) is a core part of the government’s ambition to make the UK a global hub for green and transition finance activity. These standards are based on the interoperable standards published by the International Sustainability Standards Board in June 2023 and aim to support long-term investor decision making by providing high quality and comparable information and on sustainability-related risks and opportunities that businesses face.
The government consultation on UK SRS closed on 17 September. The government is currently processing feedback and will publish its response in due course along with the final set of standards for voluntary use. Separately, the Financial Conduct Authority (FCA) has announced that they will be consulting soon on how UK SRS is applied to publicly listed companies.
Economic Secretary (HM Treasury)
I refer the Honourable Member to the answer given on 30 October 2025 to PQ UIN 85107.
Economic Secretary (HM Treasury)
The Government recognises the significant contribution made by hospitality businesses to economic growth and social life in the UK.
VAT is a reserved tax, applying UK wide. VAT is a broad-based tax on consumption, and the 20 per cent standard rate applies to most goods and services, including alcohol, whether served in hospitality establishments or sold in supermarkets. HMRC estimate that the cost of a 5 per cent reduced rate for accommodation, hospitality and tourist attractions would be around £10 billion this financial year. If the scope were also to include alcoholic beverages, the cost would be approximately £3 billion greater.
The Government is supporting the hospitality sector through the business rates system. To deliver our manifesto pledge, we intend to introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties, including those on the high street, 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.
Exchequer Secretary (HM Treasury)
Total Betting & Gaming Duty receipts for 2024-25 were £3.6 billion [1].
HMRC does not collate separate data for gambling operators for other tax heads.
[1]See https://www.gov.uk/government/statistics/uk-betting-and-gaming-statistics for further detail
Financial Secretary (HM Treasury)
The department is unable to provide an exact breakdown in the cost or number of staff involved in this work. This is because HMRC takes a risk-based approach to compliance, and so tax enquiries into online marketplace sellers can fall into a number of different compliance areas. Staff involved will work across a variety of business types and in most cases will not be solely working on this one trade sector.
Exchequer Secretary (HM Treasury)
HMRC does not segment it's data by trade sector, so is not able to accurately identify the number of businesses in any one sector which have been subject to a HMRC Tax Enquiry.
Exchequer Secretary (HM Treasury)
Records of HM Treasury ministerial meetings are published from May 2010 onwards. Records of HM Treasury ministerial meetings and correspondence prior to this date are held within HM Treasury’s archives.
Economic Secretary (HM Treasury)
The Chancellor has asked the Office for Budget Responsibility to prepare an economic and fiscal forecast for publication on 26 November 2025, which will accompany the annual Budget.
We are spending over £100bn a year on debt interest - equivalent to £1 in every £10 the government spends. The government’s fiscal strategy put the public finances on a sustainable path while prioritising investment to support long-term economic growth. The fiscal rules provide a blueprint for getting debt on a downward path over the next five years, while borrowing to invest in our economy.
This is the responsible choice – to live within our means, reduce our levels of borrowing in the years ahead and support the Bank of England to get inflation down, so we can deliver on the priorities of working people and spend less on servicing debt.
Economic Secretary (HM Treasury)
The Chancellor has asked the Office for Budget Responsibility to prepare an economic and fiscal forecast for publication on 26 November 2025, which will accompany the annual Budget.
We are spending over £100bn a year on debt interest - equivalent to £1 in every £10 the government spends. The government’s fiscal strategy put the public finances on a sustainable path while prioritising investment to support long-term economic growth. The fiscal rules provide a blueprint for getting debt on a downward path over the next five years, while borrowing to invest in our economy.
This is the responsible choice – to live within our means, reduce our levels of borrowing in the years ahead and support the Bank of England to get inflation down, so we can deliver on the priorities of working people and spend less on servicing debt.
Economic Secretary (HM Treasury)
The US Government shutdown ended on 12 November 2025. HM Treasury works closely with the Bank of England’s Financial Policy Committee (FPC) and UK financial regulators to assess any risks to the financial sector, including those relating to the global outlook.
Economic Secretary (HM Treasury)
The Government is firmly committed to improving public sector productivity and efficiency, as set out in its plans for a more productive and agile state at the Spending Review. At Budget 2024 the Government set a 2% productivity, efficiencies, and savings target for government Departments. The Office for Value for Money and its Chair have worked closely with all departments to agree bespoke and stretching efficiency targets, supported by robust delivery plans. Altogether, the Government will deliver technical efficiencies worth nearly £14 billion a year by 2028–29.
The Pay Review Body (PRB) process is used to set the pay for many public sector workforces. This process is independent from Government and PRBs will consider a range of evidence when forming recommendations on pay. This can include productivity factors, amongst other considerations such as the need to recruit, retain and motivate suitably qualified people.
Pay awards will need to be funded within departmental settlements set out at Spending Review 2025. If the PRBs recommend pay increases above the level departments have budgeted for, departments will need to carefully consider the justification for these awards and determine whether these additional costs can be borne either through offsetting savings or through further productivity gains.
Financial Secretary (HM Treasury)
The Government is firmly committed to improving public sector productivity and efficiency, as set out in its plans for a more productive and agile state at the Spending Review. At Budget 2024 the Government set a 2% productivity, efficiencies, and savings target for government Departments. The Office for Value for Money and its Chair have worked closely with all departments to agree bespoke and stretching efficiency targets, supported by robust delivery plans. Altogether, the Government will deliver technical efficiencies worth nearly £14 billion a year by 2028–29.
The Pay Review Body (PRB) process is used to set the pay for many public sector workforces. This process is independent from Government and PRBs will consider a range of evidence when forming recommendations on pay. This can include productivity factors, amongst other considerations such as the need to recruit, retain and motivate suitably qualified people.
Pay awards will need to be funded within departmental settlements set out at Spending Review 2025. If the PRBs recommend pay increases above the level departments have budgeted for, departments will need to carefully consider the justification for these awards and determine whether these additional costs can be borne either through offsetting savings or through further productivity gains.
Financial Secretary (HM Treasury)
Banking is changing, with many customers benefitting from the ease and convenience of remote banking. However, Government understands the importance of face-to-face banking to communities and is committed to championing sufficient access for customers. In addition to traditional bank branches, the financial services industry is committed to rolling out 350 banking hubs across the UK by the end of this Parliament. Over 240 hubs have been announced so far, and more than 190 are already open. Government is working closely with industry on this commitment.
While decisions on branch provision are commercial decisions for banks themselves, Financial Conduct Authority guidance requires firms to conduct a robust impact analysis. Firms must show they have considered customer needs and identified potential reasonable alternatives. The FCA also expects engagement with stakeholders at least 12 weeks before closure and firms must ensure that any replacement services, such as banking hubs, are in place before a branch closes. These measures aim to ensure closures are implemented fairly and transparently.
As well as bank branches, alternative non-digital options to access everyday banking services include telephone banking and the Post Office. The Post Office Banking Framework allows personal and business customers of participating banks to withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK. Beyond branches, banking hubs and Post Office services, some banks also provide points of access through initiatives such as pop-up services in libraries and community centres, or mobile banking vans serving remote areas. The Government supports initiatives which give customers access to in-person banking, as well as digital access.
Economic Secretary (HM Treasury)
While the Apprenticeship Levy is UK wide, apprenticeship policy and spending is devolved. This means that the devolved governments receive funding through the Barnett formula in relation to English apprenticeship spending as part of their block grant.
The Block Grant Transparency publication breaks down all changes in the devolved governments’ block grant funding from the 2015 Spending Review up to and including Spending Review 2025.
The most recent report was published in October 2025:
https://www.gov.uk/government/publications/block-grant-transparency-july-2023
Chief Secretary to the Treasury
UIN 91154 - While the Apprenticeship Levy is UK wide, apprenticeship policy and spending is devolved. This means that the devolved governments receive funding through the Barnett formula in relation to English apprenticeship spending as part of their block grant. It is for the devolved governments to allocate their funding in devolved areas as they see fit, including investing in their skills programmes.
UIN 91152 - Reliable estimates of the revenue raised from the Apprenticeship Levy from businesses who work across the UK but have a presence in Wales are not available.
While the Apprenticeship Levy is UK wide, apprenticeship policy and spending is devolved. This means that the devolved governments receive funding through the Barnett formula in relation to English apprenticeship spending as part of their block grant. It is for the devolved governments to allocate their funding in devolved areas as they see fit, including investing in their skills programmes.
UIN 91151 - Reliable estimates of the revenue raised from the Apprenticeship Levy from businesses primarily based in Wales are not available.
While the Apprenticeship Levy is UK wide, apprenticeship policy and spending is devolved. This means that the devolved governments receive funding through the Barnett formula in relation to English apprenticeship spending as part of their block grant. It is for the devolved governments to allocate their funding in devolved areas as they see fit, including investing in their skills programmes.
Chief Secretary to the Treasury
UIN 91154 - While the Apprenticeship Levy is UK wide, apprenticeship policy and spending is devolved. This means that the devolved governments receive funding through the Barnett formula in relation to English apprenticeship spending as part of their block grant. It is for the devolved governments to allocate their funding in devolved areas as they see fit, including investing in their skills programmes.
UIN 91152 - Reliable estimates of the revenue raised from the Apprenticeship Levy from businesses who work across the UK but have a presence in Wales are not available.
While the Apprenticeship Levy is UK wide, apprenticeship policy and spending is devolved. This means that the devolved governments receive funding through the Barnett formula in relation to English apprenticeship spending as part of their block grant. It is for the devolved governments to allocate their funding in devolved areas as they see fit, including investing in their skills programmes.
UIN 91151 - Reliable estimates of the revenue raised from the Apprenticeship Levy from businesses primarily based in Wales are not available.
While the Apprenticeship Levy is UK wide, apprenticeship policy and spending is devolved. This means that the devolved governments receive funding through the Barnett formula in relation to English apprenticeship spending as part of their block grant. It is for the devolved governments to allocate their funding in devolved areas as they see fit, including investing in their skills programmes.
Chief Secretary to the Treasury
UIN 91154 - While the Apprenticeship Levy is UK wide, apprenticeship policy and spending is devolved. This means that the devolved governments receive funding through the Barnett formula in relation to English apprenticeship spending as part of their block grant. It is for the devolved governments to allocate their funding in devolved areas as they see fit, including investing in their skills programmes.
UIN 91152 - Reliable estimates of the revenue raised from the Apprenticeship Levy from businesses who work across the UK but have a presence in Wales are not available.
While the Apprenticeship Levy is UK wide, apprenticeship policy and spending is devolved. This means that the devolved governments receive funding through the Barnett formula in relation to English apprenticeship spending as part of their block grant. It is for the devolved governments to allocate their funding in devolved areas as they see fit, including investing in their skills programmes.
UIN 91151 - Reliable estimates of the revenue raised from the Apprenticeship Levy from businesses primarily based in Wales are not available.
While the Apprenticeship Levy is UK wide, apprenticeship policy and spending is devolved. This means that the devolved governments receive funding through the Barnett formula in relation to English apprenticeship spending as part of their block grant. It is for the devolved governments to allocate their funding in devolved areas as they see fit, including investing in their skills programmes.
Chief Secretary to the Treasury
Homeowners will have such rights of recourse against insolvent corporate developers as exist under the corporate insolvency regime. The Duchy’s policy is to give an appropriate person or body the opportunity to purchase the property formerly owned by insolvent housing developers. Interested parties may also have the right to apply to Court for a vesting order under a variety of routes (the Trustee Act, Law of Property Act or Companies Act for example).
For communal or shared land, the Duchy co-operates to see the land is disposed of to interested parties directly or via a vesting order.
Chief Secretary to the Treasury
Homeowners will have such rights of recourse against insolvent corporate developers as exist under the corporate insolvency regime. The Duchy’s policy is to give an appropriate person or body the opportunity to purchase the property formerly owned by insolvent housing developers. Interested parties may also have the right to apply to Court for a vesting order under a variety of routes (the Trustee Act, Law of Property Act or Companies Act for example).
For communal or shared land, the Duchy co-operates to see the land is disposed of to interested parties directly or via a vesting order.
Chief Secretary to the Treasury
Angus MacDonald
(Liberal Democrat - Inverness, Skye and West Ross-shire)
The Crown Estate operates under the requirements set out in the Crown Estate Act 1961, including the requirement to lay in the Houses of Parliament an annual report and accounts audited by the Comptroller and Auditor General. The Comptroller and Auditor General may also carry out value for money studies of The Crown Estate under the National Audit Act 1983, and has access to Crown Estate information in the same way as they do for government departments.
Chief Secretary to the Treasury
The Financial Conduct Authority (FCA) does not spend the revenue it collects from fines. The FCA is required to pass revenue from fines it imposes by the FCA to the Treasury. The Treasury must surrender it to the Consolidated Fund and it is then part of the Government’s total revenues, used to pay for all Government spending on public services.
The FCA is permitted to deduct an amount equal to the costs of its enforcement activity from penalty receipts. The money retained for this purpose must be used for the benefit of regulated firms: the FCA achieves this through the Financial Penalty Scheme, which provides a rebate for relevant firms, reducing the fee that they must pay to the FCA in a given year. Under the Scheme, the firms on which any penalty was imposed in a financial year will not receive any rebate to their fees in the following financial year.
The FCA’s 2025 Fees and Levies Policy Statement sets out that it reduced the total fees payable to meet its annual funding requirement by applying the £71.6m using the financial penalty revenues it retained from 2024-25. Further information about how this is distributed among FCA-regulated firms can be found on the FCA’s website.
Economic Secretary (HM Treasury)
The Financial Conduct Authority (FCA) does not spend the revenue it collects from fines. The FCA is required to pass revenue from fines it imposes by the FCA to the Treasury. The Treasury must surrender it to the Consolidated Fund and it is then part of the Government’s total revenues, used to pay for all Government spending on public services.
The FCA is permitted to deduct an amount equal to the costs of its enforcement activity from penalty receipts. The money retained for this purpose must be used for the benefit of regulated firms: the FCA achieves this through the Financial Penalty Scheme, which provides a rebate for relevant firms, reducing the fee that they must pay to the FCA in a given year. Under the Scheme, the firms on which any penalty was imposed in a financial year will not receive any rebate to their fees in the following financial year.
The FCA’s 2025 Fees and Levies Policy Statement sets out that it reduced the total fees payable to meet its annual funding requirement by applying the £71.6m using the financial penalty revenues it retained from 2024-25. Further information about how this is distributed among FCA-regulated firms can be found on the FCA’s website.
Economic Secretary (HM Treasury)
Banking is changing, with many customers benefitting from the convenience and flexibility of managing their finances remotely. However, Government understands the importance of face-to-face banking to communities and is committed to championing sufficient access for customers. In addition to traditional bank branches, the financial services industry is committed to rolling out 350 banking hubs across the UK by the end of this Parliament. Over 240 hubs have been announced so far, and more than 190 are already open. Government is working closely with industry on this commitment.
The locations of banking hubs are independently determined by LINK, the industry coordinating body responsible for making access to cash assessments. LINK will carry out an assessment wherever a branch closure is announced or if they receive a community request.
LINK will recommend appropriate solutions where it considers that a community requires additional cash services. Some of the criteria that LINK considers are whether there is a bank branch remaining, population size, number of shops on the high street, distance to the nearest bank branch, public transport links and vulnerability of the population.
While decisions on branch provision are commercial decisions for banks themselves, Financial Conduct Authority guidance requires firms to conduct a robust impact analysis. Firms must show they have considered customer needs and identified potential reasonable alternatives. The FCA also expects engagement with stakeholders at least 12 weeks before closure and firms must ensure that any replacement services, such as banking hubs, are in place before a branch closes. These measures aim to ensure closures are implemented fairly and transparently.
Economic Secretary (HM Treasury)
Banking is changing, with many customers benefitting from the convenience and flexibility of managing their finances remotely. However, Government understands the importance of face-to-face banking to communities and is committed to championing sufficient access for customers. In addition to traditional bank branches, the financial services industry is committed to rolling out 350 banking hubs across the UK by the end of this Parliament. Over 240 hubs have been announced so far, and more than 190 are already open. Government is working closely with industry on this commitment.
The locations of banking hubs are independently determined by LINK, the industry coordinating body responsible for making access to cash assessments. LINK will carry out an assessment wherever a branch closure is announced or if they receive a community request.
LINK will recommend appropriate solutions where it considers that a community requires additional cash services. Some of the criteria that LINK considers are whether there is a bank branch remaining, population size, number of shops on the high street, distance to the nearest bank branch, public transport links and vulnerability of the population.
While decisions on branch provision are commercial decisions for banks themselves, Financial Conduct Authority guidance requires firms to conduct a robust impact analysis. Firms must show they have considered customer needs and identified potential reasonable alternatives. The FCA also expects engagement with stakeholders at least 12 weeks before closure and firms must ensure that any replacement services, such as banking hubs, are in place before a branch closes. These measures aim to ensure closures are implemented fairly and transparently.
Economic Secretary (HM Treasury)
The government's fiscal strategy is putting the public finances on a sustainable path while prioritising investment to protect the NHS and support long-term growth. We are relentlessly cutting waste, improving efficiency to make sure every penny of taxpayers' money is spent wisely, and reforming public services to make sure they are sustainable.
Chief Secretary to the Treasury
The government's fiscal strategy is putting the public finances on a sustainable path while prioritising investment to protect the NHS and support long-term growth. We are relentlessly cutting waste, improving efficiency to make sure every penny of taxpayers' money is spent wisely, and reforming public services to make sure they are sustainable.
Chief Secretary to the Treasury
Estimates of the number of additional rate taxpayers for the financial years 2020-21 to 2024-25 are published by HMRC in the Income Tax Liabilities Statistics. The latest available figures can be found in Table 2.1 of HMRC’s Income Tax Liabilities Statistics, available at:
Exchequer Secretary (HM Treasury)
Anti-money laundering supervisors retain a portion of the fines they issue to cover their enforcement costs, with the remainder being remitted to the consolidated fund. Information on the total value of fines remitted to the consolidated fund, including those by anti-money laundering supervisors, can be found in HM Treasury’s annual report and accounts.
https://www.gov.uk/government/publications/hm-treasury-annual-report-and-accounts-2024-to-2025
Information on the total value of fines issued by anti-money laundering supervisors for 2023-24 can be found in HM Treasury’s annual supervision report.
The 2024-25 version of this report is due to be published later this year.
Each anti-money laundering supervisor also publishes an annual report on their accounts, including a breakdown of the fines they have issued.
Economic Secretary (HM Treasury)
Individual public bodies participating in the Asset Recovery Incentivisation Scheme are responsible for record-keeping of any unspent funds returned to the Consolidated Fund. As such, HM Treasury does not collate this information.
Economic Secretary (HM Treasury)