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)
Labour
Baroness Chapman of Darlington (Lab - Life peer)Shadow Spokesperson (Treasury)
Lord Livermore (Lab - Life peer)
Shadow Spokesperson (Treasury)
Ministers of State
Nigel Huddleston (Con - Mid Worcestershire)Financial Secretary (HM Treasury)
Laura Trott (Con - Sevenoaks)
Chief Secretary to the Treasury
Parliamentary Under-Secretaries of State
Gareth Davies (Con - Grantham and Stamford)Exchequer Secretary (HM Treasury)
Bim Afolami (Con - Hitchin and Harpenden)
Economic Secretary (HM Treasury)
Baroness Vere of Norbiton (Con - Life peer)
Parliamentary Secretary (HM Treasury)
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
To ask His Majesty's Government what are the most recent figures for the volume of trade between Holyhead and the …
This Order omits amendments to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544), relating to …
A Bill to authorise the use of resources for the years ending with 31 March 2023, 31 March 2024 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 2019 Parliament
A Bill to make provision in connection with finance.
This Bill received Royal Assent on 24th May 2024 and was enacted into law.
A Bill to authorise the use of resources for the years ending with 31 March 2023, 31 March 2024 and 31 March 2025; to authorise the issue of sums out of the Consolidated Fund for those years; and to appropriate the supply authorised by this Act for the years ending with 31 March 2023 and 31 March 2024.
This Bill received Royal Assent on 20th March 2024 and was enacted into law.
A Bill to make provision for and in connection with reducing the main rates of primary Class 1 national insurance contributions and Class 4 national insurance contributions.
This Bill received Royal Assent on 20th March 2024 and was enacted into law.
A Bill to make provision in connection with finance.
This Bill received Royal Assent on 22nd February 2024 and was enacted into law.
A Bill to make provision for and in connection with reducing the main rates of primary Class 1 national insurance contributions and Class 4 national insurance contributions, and removing the requirement to pay Class 2 national insurance contributions.
This Bill received Royal Assent on 13th December 2023 and was enacted into law.
A Bill to make provision in connection with finance.
This Bill received Royal Assent on 11th July 2023 and was enacted into law.
A Bill to Authorise the use of resources for the year ending with 31 March 2024; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2023.
This Bill received Royal Assent on 11th July 2023 and was enacted into law.
A Bill To make provision about the regulation of financial services and markets; and for connected purposes.
This Bill received Royal Assent on 29th June 2023 and was enacted into law.
A Bill to Authorise the use of resources for the years ending with 31 March 2022, 31 March 2023 and 31 March 2024; to authorise the issue of sums out of the Consolidated Fund for those years; and to appropriate the supply authorised by this Act for the years ending with 31 March 2022 and 31 March 2023.
This Bill received Royal Assent on 23rd March 2023 and was enacted into law.
A Bill to make provision about the UK Infrastructure Bank
This Bill received Royal Assent on 23rd March 2023 and was enacted into law.
A Bill to reduce for a temporary period the amount of stamp duty land tax chargeable on the acquisition of residential property.
This Bill received Royal Assent on 8th February 2023 and was enacted into law.
A Bill to grant certain duties, to alter other duties, and to amend the law relating to the national debt and the public revenue, and to make further provision in connection with finance.
This Bill received Royal Assent on 10th January 2023 and was enacted into law.
A Bill to authorise the use of resources for the year ending with 31 March 2023; to authorise the issue of sums out of the Consolidated Fund for that year; and to appropriate the supply authorised by this Act for that year.
This Bill received Royal Assent on 25th October 2022 and was enacted into law.
A Bill to make provision for and in connection with the repeal of the Health and Social Care Levy Act 2021.
This Bill received Royal Assent on 25th October 2022 and was enacted into law.
A Bill to authorise the use of resources for the year ending with 31 March 2023; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2022
This Bill received Royal Assent on 14th July 2022 and was enacted into law.
A Bill to make provision for, and in connection with, imposing a charge on ring fence profits of companies.
This Bill received Royal Assent on 14th July 2022 and was enacted into law.
A Bill to make provision for and in connection with increasing the thresholds at which primary Class 1 contributions, Class 2 contributions and Class 4 contributions become payable.
This Bill received Royal Assent on 31st March 2022 and was enacted into law.
A Bill To Authorise the use of resources for the years ending with 31 March 2021, 31 March 2022 and 31 March 2023; to authorise the issue of sums out of the Consolidated Fund for those years; and to appropriate the supply authorised by this Act for the years ending with 31 March 2021 and 31 March 2022.
This Bill received Royal Assent on 14th March 2022 and was enacted into law.
A Bill to make provision in relation to national insurance contributions.
This Bill received Royal Assent on 14th March 2022 and was enacted into law.
A Bill to make provision about public service pension schemes, including retrospective provision to rectify unlawful discrimination in the way in which existing schemes were restricted under the Public Service Pensions Act 2013 and corresponding Northern Ireland legislation; to make provision for the establishment of new public pension schemes for members of occupational pension schemes of bodies that were brought into public ownership under the Banking (Special Provisions) Act 2008; to make provision about the remuneration and the date of retirement of holders of certain judicial offices; to make provision about judicial service after retirement; and for connected purposes
This Bill received Royal Assent on 10th March 2022 and was enacted into law.
A Bill to grant certain duties, to alter other duties, and to amend the law relating to the national debt and the public revenue, and to make further provision in connection with finance.
This Bill received Royal Assent on 24th February 2022 and was enacted into law.
A Bill to make provision about the meaning of references to Article 23A benchmarks in contracts and other arrangements; and to make provision about the liability of administrators of Article 23A benchmarks
This Bill received Royal Assent on 15th December 2021 and was enacted into law.
A Bill to make provision imposing a tax (to be known as the health and social care levy), the proceeds of which are payable to the Secretary of State towards the cost of health care and social care, on amounts in respect of which national insurance contributions are, or would be if no restriction by reference to pensionable age were applicable, payable; and for connected purposes.
This Bill received Royal Assent on 20th October 2021 and was enacted into law.
A Bill to provide for the payment out of money provided by Parliament of expenditure incurred by the Treasury for, or in connection with, the payment of compensation to customers of London Capital & Finance plc; provide for the making of loans to the Board of the Pension Protection Fund for the purposes of its fraud compensation functions; and for connected purposes.
This Bill received Royal Assent on 20th October 2021 and was enacted into law.
A Bill to authorise the use of resources for the year ending with 31 March 2022; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2021.
This Bill received Royal Assent on 19th July 2021 and was enacted into law.
A Bill to grant certain duties, to alter other duties, and to amend the law relating to the national debt and the public revenue, and to make further provision in connection with finance.
This Bill received Royal Assent on 10th June 2021 and was enacted into law.
A Bill to make provision about financial services and markets; to make provision about debt respite schemes; to make provision about Help-to-Save accounts; and for connected purposes.
This Bill received Royal Assent on 29th April 2021 and was enacted into law.
A Bill to make provision increasing the maximum capital of the Contingencies Fund for a temporary period.
This Bill received Royal Assent on 15th March 2021 and was enacted into law.
A Bill to authorise the use of resources for the years ending with 31 March 2019, 31 March 2020, 31 March 2021 and 31 March 2022; to authorise the issue of sums out of the Consolidated Fund for the years ending 31 March 2020, 31 March 2021 and 31 March 2022; and to appropriate the supply authorised by this Act for the years ending with 31 March 2019, 31 March 2020 and 31 March 2021.
This Bill received Royal Assent on 15th March 2021 and was enacted into law.
A Bill to make provision for payments to or in respect of Ministers and holders of Opposition offices on maternity leave.
This Bill received Royal Assent on 1st March 2021 and was enacted into law.
A Bill to make provision (including the imposition and regulation of new duties of customs) in connection with goods in Northern Ireland and their movement into or out of Northern Ireland; to make provision amending certain enactments relating to value added tax, excise duty or insurance premium tax; to make provision in connection with the recovery of unlawful state aid in relation to controlled foreign companies; and for connected purposes.
This Bill received Royal Assent on 17th December 2020 and was enacted into law.
A Bill to make provision to reduce for a temporary period the amount of stamp duty land tax chargeable on the acquisition of residential property.
This Bill received Royal Assent on 22nd July 2020 and was enacted into law.
This Bill received Royal Assent on 22nd July 2020 and was enacted into law.
A Bill to grant certain duties, to alter other duties, and to amend the law relating to the national debt and the public revenue, and to make further provision in connection with finance.
This Bill received Royal Assent on 22nd July 2020 and was enacted into law.
A Bill to make provision increasing the maximum capital of the Contingencies Fund for a temporary period.
This Bill received Royal Assent on 25th March 2020 and was enacted into law.
A Bill to authorise the use of resources for the years ending with 31 March 2020 and 31 March 2021; to authorise the issue of sums out of the Consolidated Fund for those years; and to appropriate the supply authorised by this Act for the year ending with 31 March 2020.
This Bill received Royal Assent on 16th March 2020 and was enacted into law.
HM Treasury - Secondary Legislation
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).
Petition Closed
Extend the Stamp Duty Holiday for an additional 6 months after 31st March 2021
Gov Responded - 10 Dec 2020closed 3 years, 3 months ago
Extending the Stamp Duty Holiday for an additional 6 months will assist many buyers who are looking to move to a property that they will not be able to afford otherwise.
This will help to stabilise the housing market
Petition Closed
Give all key workers a 100% tax and Nat. Ins. holiday through COVID-19 crisis
Gov Responded - 27 Apr 2020 Debated on - 14 Dec 2020closed 3 years, 9 months ago
The government is helping private firms to protect jobs by paying up to 80% of staff wages through this crisis. If it can do this why can it not help key workers who will be putting themselves/their families at risk and working extra hard under extremely challenging and unprecedented circumstances.
Petition Closed
Introduce charges on carbon emissions to tackle climate crisis and air pollution
Gov Responded - 30 Mar 2021 Debated on - 1 Nov 2021closed 2 years, 10 months ago
Air pollution kills 64,000 people in the UK every year, yet the Government provides annual fossil fuel subsidies of £10.5 billion, according to the European Commission. To meet UK climate targets, the Government must end this practice and introduce charges on producers of greenhouse gas emissions.
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.
0 Members of the Treasury Committee
Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)Monthly receipts data for the Apprenticeship Levy is published by HM Revenue and Customs in their Tax and NIC Receipts publication which can be found online[1] at: https://www.gov.uk/government/statistics/hmrc-tax-and-nics-receipts-for-the-uk
While the Apprenticeship Levy is UK wide, apprenticeship policy and spending is devolved. From FY2017-18 to FY2019-20, the devolved administrations received a population share of the Office for Budget Responsibility’s apprenticeship Levy forecast. Beyond 2019-20, the devolved administrations received funding through the Barnett formula in relation to English apprenticeship spending. The Block Grant Transparency publication which is available on GOV.UK sets out all Barnett consequentials generated at both departmental and programme level. It is for the devolved administrations to allocate their funding in devolved areas as they see fit, including investing in their skills programmes.
[1] HM Revenue & Customs (2024), HMRC tax receipts and National Insurance contributions for the UK
Parliamentary Secretary (HM Treasury)
As set out at Spring Budget 2024, the government is considering the findings of the Office for Budget Responsibility’s review of the original costing of the withdrawal of tax-free shopping, published in the Economic and Fiscal Outlook on 6 March, alongside industry representations and broader data.
Parliamentary Secretary (HM Treasury)
A Carbon Border Adjustment Mechanism (CBAM) is a novel mechanism yet to be fully implemented anywhere in the world.
Implementation of the UK CBAM by 2027 will allow government to consult fully with those affected throughout the design and implementation phases. It will also give those affected in the UK and overseas more time to prepare for the changes and put appropriate processes in place with their supply chains to enable them to comply.
The effective EU CBAM charge will be introduced gradually from 2026 to 2034 to match their phase out of free allowances for sectors covered by the CBAM, including iron & steel. In 2026, only a relatively small amount of the emissions embodied in CBAM goods will face the EU CBAM charge when they are imported to the EU.
Parliamentary Secretary (HM Treasury)
The volume of trade between Holyhead and the Republic of Ireland from 2021 to 2024 is as follows:
Table1: Republic of Ireland trade with Holyhead port, imports and exports trade value and net mass (2021-2024)
Exports to Ireland | Imports from Ireland | ||||
Statistical Value (£) | Net Mass (kg) | Statistical Value (£) | Net Mass (kg) | ||
Holyhead | |||||
2021(1) | 5,914,018,273 | 742,755,135 | - | - | |
2022 | 8,710,696,860 | 836,776,181 | 6,219,013,646 | 675,794,695 | |
2023 | 9,197,743,475 | 943,345,494 | 7,685,784,587 | 811,262,695 | |
2024(2) | 1,983,688,480 | 247,346,818 | 2,094,184,476 | 262,110,514 | |
25,806,147,088 | 2,770,223,628 | 15,998,982,709 | 1,749,167,904 | ||
Data Source: HMRC, Overseas Trade in Goods Statistics | |||||
(1) HMRC does not have data for 2021 imports as Staged Customs Controls (SCC) allowed an extended period for traders to complete their declarations. During this period HMRC continued to source intra-EU data from Intrastat declarations. (2) 2024 only contains data relating to January, February, and March. | |||||
HM Revenue & Customs (HMRC) does not have port data prior to 2021 as the UK was part of the European Union and customs declarations were not required for these movements. Trade data for intra-EU movements was collected via monthly Intrastat declarations which did not collect information on ports.
Also, HMRC does not have data for 2021 imports as Staged Customs Controls (SCC) allowed an extended period for traders to complete their declarations. During this period HMRC continued to source intra-EU data from Intrastat declarations.
Parliamentary Secretary (HM Treasury)
The Prime Minister recently set out our pledge: to increase defence spending to 2.5% of GDP by 2030. That increase starts immediately, rising each year, and will see defence spending rise to £87 billion a year by 2030/31. This is the biggest strengthening of our defence since the Cold War.
The commitment will be fully funded, with no increases in borrowing or debt.
Parliamentary Secretary (HM Treasury)
Those looking to take out a mortgage or remortgage are encouraged to shop around and speak to a broker to find the best possible product for them. Homeowners and prospective homeowners may also find it helpful to contact MoneyHelper, which has been set up by the Government to support consumers with comprehensive guidance for every stage of their financial lives.
Parliamentary Secretary (HM Treasury)
Resource and Capital Departmental Expenditure Limits (DEL) are published in Supplementary Estimates towards the end of each financial year. Treasury then publishes final outturn figures for Resource and Capital DEL usually in July.
Parliamentary Secretary (HM Treasury)
Over the last two years, the government has provided support to households to help with the cost of living worth over £90 billion.
This year, this government has raised working age benefits by 6.7%, supporting 5.5 million households on Universal Credit, with an average gain of £470 this year. The government has also frozen fuel duty and raised the Local Housing Allowance rates to the 30th percentile of local market rates.
The government believes that the best way of boosting living standards is by supporting people into work. The government has introduced other policies that will support over 200,000 additional people into work by 2028/29, according to the independent Office for Budget Responsibility. The government has also raised the National Living Wage (NLW) by 9.8%, ending low hourly pay for those on the NLW.
Parliamentary Secretary (HM Treasury)
Statistics relating to Tax-Free childcare account usage are published quarterly in "Tax-Free Childcare Statistics" on the gov.uk website.
The current estimated number of families in the UK that are eligible for Tax-Free Childcare is 1.2 million. As this is an estimate, it is not possible to give an exact number of the number of eligible families not using Tax-Free Childcare.
Chief Secretary to the Treasury
Statistics relating to Tax-Free childcare account usage are published quarterly in "Tax-Free Childcare Statistics" on the gov.uk website.
The current estimated number of families in the UK that are eligible for Tax-Free Childcare is 1.2 million. As this is an estimate, it is not possible to give an exact number of the number of eligible families not using Tax-Free Childcare.
Chief Secretary to the Treasury
Tax-Free Childcare provides financial support across the UK to eligible working parents with their childcare costs. For every £8 parents pay into their childcare account, the Government adds £2, up to a maximum of £2,000 in top up per year for each child up to age 11, and up to £4,000 per disabled child up to the age of 16.
To further support parents and childcare providers, a series of engagement events took place from autumn 2022 to autumn 2023, including with Northern Ireland local councils. This gave families and childcare providers additional support at local levels to improve their understanding and promote the scheme.
The Childcare Choices website provides information on what’s available to help parents with their childcare costs, including what schemes are available in the devolved Nations.
Chief Secretary to the Treasury
I recognise that many in the financial services sector have concerns about the Financial Conduct Authority’s (FCA) proposed changes to its approach to enforcement.
This is why the Chancellor and I have been clear that we believe the FCA should reconsider its proposals, in light of responses to its consultation, and considering its new growth and competitiveness objective. The competitiveness of the UK’s world-leading financial services sector is one of the Government’s top priorities.
The legislative framework provides for the FCA to be operationally independent from the government. The independence of the FCA is vital to its role. The Government respects this operational independence, but takes holding it to account very seriously.
The specific concerns you have raised are a matter for the FCA, as the operationally independent regulator. The FCA will respond to the Honourable Member by letter on this matter, and a copy of the letter will be placed in the Library of the House of Commons.
The purpose of any consultation is to allow the regulators to test their proposals and understand their potential impact. It is therefore appropriate to suggest that the FCA reconsider its proposals in light of the feedback received. The Government will continue to engage closely with stakeholders, and with the FCA as they consider next steps.
Economic Secretary (HM Treasury)
In recognition that cash continues to be used by millions of people across the UK, including those in vulnerable circumstances, the government legislated through the Financial Services and Markets Act 2023 to establish a new legislative framework to protect access to cash. This establishes the Financial Conduct Authority (FCA) as the lead regulator for access to cash and provides it with responsibility and powers to seek to ensure reasonable provision of cash withdrawal and deposit facilities.
Following this legislation, the government published a Cash Access Policy Statement. This set out that the vast majority of people should be no further than 1 mile from access to cash deposit and withdrawal services in predominately urban areas, and no further than 3 miles in predominately rural areas. The FCA is required to have regard to this statement when exercising its access to cash powers.
The government believes it should remain the choice of individual businesses as to whether to accept or decline any form of payment, including cash or card, based on their consideration of factors such as customer preference and cost. However, the government considers that its legislation will indirectly support cash acceptance in the wider economy, enabling businesses to continue accepting cash by ensuring they have reasonable access to deposit facilities.
Parliamentary Secretary (HM Treasury)
The Government does not comment on the day to day performance of the UK’s public markets.
Parliamentary Secretary (HM Treasury)
Falling response rates have caused concern over the quality of Labour Force Survey (LFS) data and led to its suspension in October 2023. Following the return of the LFS in February, these figures are still volatile and, although the Office for National Statistics (ONS) expects to see improvements to survey quality following planned improvements, the estimates will continue to be badged as ‘official statistics in development’ until further review. The ONS recommends using a suite of labour market indicators alongside the LFS estimates.
Parliamentary Secretary (HM Treasury)
Monetary policy is the responsibility of the independent Monetary Policy Committee (MPC), so the Government rightly doesn’t comment on the conduct of monetary policy. The Government fully supports the MPC as it acts to return inflation to target.
The Financial Policy Committee (FPC) is responsible for identifying, monitoring and addressing systemic risks to the UK financial system. Its assessment of the resilience of the system is regularly communicated through the Financial Policy Summary and Record (published quarterly), and Financial Stability Report (published biannually).
The Government constantly monitors the UK economy’s performance and considers its impact on households and businesses.
Parliamentary Secretary (HM Treasury)
The Reserve is used for genuinely unforeseen, unaffordable and unavoidable pressures, or certain special cases of expenditure that would otherwise be difficult to manage. Chapter 2 of Consolidated Budgeting Guidance sets out further information on the criteria for Reserve funding.
Chief Secretary to the Treasury
The Reserve is used for genuinely unforeseen, unaffordable and unavoidable pressures, or certain special cases of expenditure that would otherwise be difficult to manage. Chapter 2 of Consolidated Budgeting Guidance sets out further information on the criteria for Reserve funding.
Chief Secretary to the Treasury
The Government has supported the wine industry with duty freezes at 6 of the last 12 fiscal events, including the decision at Spring Budget 2024 to freeze alcohol duty until 1 February 2025.
As part of the new alcohol duty reforms, the Government has removed the sparkling wine premium, meaning sparkling wines now pay the same amount of duty as still wines of the same strength. As a result, an 11% sparkling wine now pays 61p less duty than under the previous duty system. While higher strength wines will be subject to more duty under the reforms than under the previous system, lower strength wines will be subject to less duty.
The Government has been clear that the wine easement is a temporary and transitional measure to support the wine industry to adapt to the new duty system by 1 February 2025. The Government is confident that the necessary changes are manageable within the time provided and that the wine industry has the information required to update their systems and calculate the correct duty.
Exchequer Secretary (HM Treasury)
The Government has supported the wine industry with duty freezes at 6 of the last 12 fiscal events, including the decision at Spring Budget 2024 to freeze alcohol duty until 1 February 2025.
As part of the new alcohol duty reforms, the Government has removed the sparkling wine premium, meaning sparkling wines now pay the same amount of duty as still wines of the same strength. As a result, an 11% sparkling wine now pays 61p less duty than under the previous duty system. While higher strength wines will be subject to more duty under the reforms than under the previous system, lower strength wines will be subject to less duty.
The Government has been clear that the wine easement is a temporary and transitional measure to support the wine industry to adapt to the new duty system by 1 February 2025. The Government is confident that the necessary changes are manageable within the time provided and that the wine industry has the information required to update their systems and calculate the correct duty.
Exchequer Secretary (HM Treasury)
It has not proved possible to respond to the hon. Member in the time available before Prorogation.
Exchequer Secretary (HM Treasury)
The UK Government has had no discussions with the Welsh Government on the devolving the Crown Estate, and has no plans to transfer responsibility of the Crown Estate to the Welsh Government.
The Crown Estate has played a significant role in attracting international investment into Wales to support the UK’s net zero target and will continue to do so through future leasing rounds for offshore wind developments, including floating wind projects in the Celtic Sea. They work closely with the Welsh Government and Natural Resources Wales in support of shared priorities, ensuring that these resources are sustainably managed for the long term
Introducing a new entity would fragment the market, complicate existing processes, and likely delay further development offshore, undermining investment in Welsh waters.
Parliamentary Secretary (HM Treasury)
The Treasury does not routinely record information relating to the allocation of individual members of staff to specific tasks such as opposition costings. However, all work undertaken by HM Treasury officials (or officials from other departments) on opposition costings was completed in line with the guidance on ‘Costing the policies of Opposition parties’ set out in the Directory of Civil Service Guidance. Final versions of the costing documents produced by Civil Servants have been published online at https://www.gov.uk/government/publications/opposition-policy-costings-2024.
Exchequer Secretary (HM Treasury)
The Treasury does not record information relating to the allocation of staff time to specific tasks such as opposition costings. However, all work undertaken by HM Treasury staff (or officials from other departments) on opposition costings was completed in line with the guidance on ‘Costing the policies of Opposition parties’ set out in the Directory of Civil Service Guidance. Final versions of the costing documents produced by Civil Servants have also been published online at https://www.gov.uk/government/publications/opposition-policy-costings-2024.
Exchequer Secretary (HM Treasury)
The Government has audited the cost-effectiveness of all equality, diversity and inclusion (EDI) activities, through the review of EDI spending announced last June.
On 14th May the Minister without Portfolio made a written statement on the latest findings from the review. In response to these findings, the Cabinet Office is publishing the Civil Service EDI Expenditure Guidance. This includes an end to all external spending on EDI activity, unless cleared and authorised by Ministers.
Further guidance on diversity staff networks is being developed, and we will seek to publish additional data on historic spending to assist transparency in this area.
Exchequer Secretary (HM Treasury)
HM Treasury considers the issue of compensation for former Northern Rock shareholders to be settled. Both the Upper Tribunal in 2011 and the Court of Appeal in 2013 upheld the independent valuation of Northern Rock shares at nil value immediately prior to public ownership, and that no compensation was therefore due. HM Treasury does not intend to revisit this issue.
Economic Secretary (HM Treasury)
HM Treasury considers the issue of compensation for former Northern Rock shareholders to be settled. Both the Upper Tribunal in 2011 and the Court of Appeal in 2013 upheld the independent valuation of Northern Rock shares at nil value immediately prior to public ownership, and that no compensation was therefore due. HM Treasury does not intend to revisit this issue.
Economic Secretary (HM Treasury)
HM Treasury considers the issue of compensation for former Northern Rock shareholders to be settled. Both the Upper Tribunal in 2011 and the Court of Appeal in 2013 upheld the independent valuation of Northern Rock shares at nil value immediately prior to public ownership, and that no compensation was therefore due. HM Treasury does not intend to revisit this issue.
Economic Secretary (HM Treasury)
HMRC is working on an estimate, using insight from research with businesses to better understand the processes involved for traders and the administrative costs of complying with customs declarations after EU Exit.
Financial Secretary (HM Treasury)
The government has supported people on lower incomes by increasing working age benefits by 6.7%; raising Local Housing Allowance to the 30th percentile of market rents with an average gain of £800, extending the Household Support Fund and increasing the National Living Wage by 9.8%.
The government has also maintained the triple lock, frozen fuel duty, removed Debt Relief Order fees and doubled the Budgeting Advance Loan repayment period.
Over 2022-23 and 2023-24, the government has provided support to help households with the cost of living totalling over £90 billion.
Financial Secretary (HM Treasury)
The UK Infrastructure Bank is an operationally independent arms-length body. Civil Service EDI expenditure guidance does not extend to organisations outside the Civil Service or ALBs not employing Civil Servants.
Exchequer Secretary (HM Treasury)
Detailed information on the closure of high street business is not held in the form requested. Statistics on company insolvency is available here:
The government is aware that the high street faces long-term challenges and is committed to supporting the businesses that make our high streets and town centres successful.
At Autumn Statement 2023, the government announced a package of business rates support worth £4.3 billion over the next five years to support small businesses and the high street, including extending the Retail, Hospitality and Leisure (RHL) relief scheme at 75 per cent, up to a cash cap of £110,000 per business for 2024-25.
This support builds on the previous temporary 75 per cent RHL and 50 per cent RHL scheme announced at Autumn Budget 2022 and Autumn Statement 2021 respectively, as well as the unprecedented £16 billion of business rates relief provided to the retail, hospitality and leisure sectors throughout the pandemic.
Any future decisions regarding the tax system will be taken in line with the normal Budget process.
Exchequer Secretary (HM Treasury)
Last year, the government published its final proposals for the financial services regulation of cryptoassets in the UK and is currently working on legislation to implement those proposals.
In progressing the UK’s regulatory framework for cryptoassets, the government has been closely engaged to both monitor developments in other jurisdictions, and to support thought leadership on cryptoassets in international fora such as the Financial Stability Board.
The Treasury also has regular economic and financial dialogues with partners such as Singapore and the European Union to share knowledge and discuss opportunities for cooperation in financial services, including cryptoassets regulation.
Parliamentary Secretary (HM Treasury)
The Financial Conduct Authority (FCA) is operationally independent from Government, and is responsible for the authorisation processes for financial services firms. It is fully accountable to Parliament and the Treasury for how it discharges its statutory functions.
Both the government and the FCA are committed to ensuring the FCA has world-leading levels of operational effectiveness. The Government wrote to the FCA in December 2022 to highlight the importance of operational effectiveness for UK competitiveness. The FCA started publishing operating service metrics relating to authorisation processing on a quarterly basis in May 2023; these can be accessed on the FCA’s website.
Following the Government’s Call for Proposals last year, the FCA will start publishing additional operating metrics this summer, to support further scrutiny. These metrics will initially be published as part of the FCA’s Annual Report, and the report it is required to make on its implementation of its new secondary objective to facilitate the growth and competitiveness of the UK economy.
Parliamentary Secretary (HM Treasury)
The Prime Minister has committed to providing £3bn in military support to Ukraine in 2024-25. This is part of our commitment to spend 2.5% of GDP on defence in 2030, which is fully funded with no increase in borrowing or debt.
Chief Secretary to the Treasury
The Prime Minister has committed to providing £3bn in military support to Ukraine in 2024-25. This is part of our commitment to spend 2.5% of GDP on defence in 2030, which is fully funded with no increase in borrowing or debt.
Chief Secretary to the Treasury
The Prime Minister recently set out our pledge: to increase defence spending to 2.5% of GDP by 2030. That increase starts immediately, rising each year, and will see defence spending rise to £87 billion a year by 2030/31.
This is the biggest strengthening of our defence since the Cold War, ensuring we remain by far the largest defence power in Europe. It will protect our homeland security, cements our UK leadership in NATO and create jobs in the UK.
Chief Secretary to the Treasury
The Prime Minister recently set out our pledge: to increase defence spending to 2.5% of GDP by 2030. That increase starts immediately, rising each year, and will see defence spending rise to £87 billion a year by 2030/31.
This is the biggest strengthening of our defence since the Cold War, ensuring we remain by far the largest defence power in Europe. It will protect our homeland security, cements our UK leadership in NATO and create jobs in the UK.
Chief Secretary to the Treasury
The path to lower interest rates is through low inflation, and the Government is fully committed to supporting the Bank of England get inflation back down to the 2% target, including by keeping borrowing under control.
Inflation reduces real incomes, creates uncertainty, and threatens our growth outlook so it's essential that the Government continues with its efforts to drive it down and not fuel it further. In January 2023, the Prime Minister set out a plan to halve inflation, and that plan has worked.
While the pricing of mortgages is ultimately a commercial decision for lenders in which the Government does not intervene, the average offered mortgage rates on 2-year and 5-year fixed rates are now lower compared to their peak in Summer 2023. The Government’s Mortgage Charter - in addition to the significant safeguards already in place - is providing support to vulnerable households; and mortgage arrears and repossessions remain low.
Economic Secretary (HM Treasury)
We have committed to increase government R&D spending by £2 billion, from £20 billion in 2024-25 to £22 billion in the next Parliament.
Parliamentary Secretary (HM Treasury)
The Government is committed to sustainable public finances and delivering on the priority of getting debt falling over the medium-term. To deliver on this priority, the Government has fiscal rules – the rules require underlying debt to be falling and borrowing to be below 3% of GDP in the fifth year of the rolling forecast period. The fiscal rules are comprehensive, and targeting public sector wide measures means the impact of Government decisions on the public finances is clearly reflected.
The Government is committed to ensuring fiscal decision making is aligned with achieving net zero and our legally binding environmental targets. The Green Book requires departments to assess the climate and environmental impacts of policy proposals, with major bids and proposals at fiscal events assessed according to these impacts, and Spending Review 2021 was developed alongside the Net Zero Strategy to ensure our plans were funded.
Spending Review 2021 committed £30 billion of domestic investment for the green industrial revolution. Since then, we have committed a further £6 billion for energy efficiency in the next parliament, up to £20 billion of long-term funding for early deployment of carbon capture, usage and storage, and over £1 billion for green industries supply chains through the Green Industries Growth Accelerator.
Economic Secretary (HM Treasury)
Decisions to open or close a branch are commercial and the Government does not make assessments of these closure decisions. Nonetheless, it is imperative that banks and building societies recognise the needs of all their customers, including those who need to use cash or in-person services. The Government is monitoring the wider situation closely.
The Government legislated through the Financial Services and Markets Act 2023 to introduce a new legislative framework to protect access to cash. The Financial Conduct Authority (FCA) must seek to ensure that there is reasonable provision of free withdrawal and deposit facilities in relation to personal current accounts. Upon the closure of a core cash service such as a bank branch, LINK assesses the community’s access to cash needs. If additional cash services are needed, industry will provide a shared solution such as a Banking Hub.
Guidance from the FCA sets out its expectation of firms when they are deciding to reduce their physical branches or the number of free-to-use ATMs. The FCA’s guidance is clear that firms are expected to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs, and put in place alternatives, where this is reasonable. 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 or Banking Hubs.
UK Finance have recently confirmed 225 Banking Hubs will be announced by the end of 2024, up from the 130 locations currently confirmed. Furthermore, following my recent discussions with the UK high street banks, participating firms have also committed to improving Hubs by standardising the services available between firms, ensuring that customers will not require their own digital device to bank, trialling a ‘customer liaison service’ and trialling Saturday openings.
Economic Secretary (HM Treasury)
Decisions to open or close a branch are commercial and the Government does not make assessments of these closure decisions. Nonetheless, it is imperative that banks and building societies recognise the needs of all their customers, including those who need to use cash or in-person services. The Government is monitoring the wider situation closely.
The Government legislated through the Financial Services and Markets Act 2023 to introduce a new legislative framework to protect access to cash. The Financial Conduct Authority (FCA) must seek to ensure that there is reasonable provision of free withdrawal and deposit facilities in relation to personal current accounts. Upon the closure of a core cash service such as a bank branch, LINK assesses the community’s access to cash needs. If additional cash services are needed, industry will provide a shared solution such as a Banking Hub.
Guidance from the FCA sets out its expectation of firms when they are deciding to reduce their physical branches or the number of free-to-use ATMs. The FCA’s guidance is clear that firms are expected to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs, and put in place alternatives, where this is reasonable. 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 or Banking Hubs.
UK Finance have recently confirmed 225 Banking Hubs will be announced by the end of 2024, up from the 130 locations currently confirmed. Furthermore, following my recent discussions with the UK high street banks, participating firms have also committed to improving Hubs by standardising the services available between firms, ensuring that customers will not require their own digital device to bank, trialling a ‘customer liaison service’ and trialling Saturday openings.
Economic Secretary (HM Treasury)
Banking Hubs are a voluntary initiative provided by the financial services sector. Upon the closure of a core cash access service, such as a bank branch, or a direct request from a community, LINK assesses the community’s access to cash needs. If additional cash services are needed, industry will provide a shared solution such as a Banking Hub. Hubs offer basic counter services provided by Post Office staff, allowing people and businesses to withdraw and deposit cash, deposit cheques, pay bills and make balance enquiries. They also contain dedicated rooms where customers can see community bankers from their own bank.
UK Finance have recently confirmed 225 Banking Hubs will be announced by the end of 2024, up from the 130 locations currently confirmed. Furthermore, following the Government’s recent discussions with the UK high street banks, participating firms have also committed to improving Hubs by standardising the services available between firms, ensuring that customers will not require their own digital device to bank, trialling a ‘customer liaison service’ and trialling Saturday openings.
The Government legislated as part of the Financial Services and Markets Act 2023 to establish the FCA as the lead regulator for access to cash, giving it responsibility to seek to ensure reasonable provision of cash withdrawal and deposit facilities. The FCA recently held a consultation on its proposed regulatory regime for access to cash, following the Government’s legislation: FCA consultation on access to cash. These proposals build on and strengthen the arrangement that has been established by the financial services sector by placing it on a regulatory footing. The FCA expects to publish its final rules by the end of the third quarter of this year.
Economic Secretary (HM Treasury)
In recognition that cash continues to be used by millions of people across the UK, including those in vulnerable circumstances, the government legislated through the Financial Services and Markets Act 2023 to establish a new legislative framework to protect access to cash. This establishes the Financial Conduct Authority (FCA) as the lead regulator for access to cash and provides it with 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.
Following this legislation, the government published a Cash Access Policy Statement. This set out that the vast majority of people should be no further than 1 mile from access to cash deposit and withdrawal services in predominately urban areas, and no further than 3 miles in predominately rural areas. The FCA is required to have regard to this statement when exercising its access to cash powers.
The FCA recently held a consultation on its proposed regulatory approach: FCA Access to Cash Consultation. The FCA is currently considering feedback and expects to publish its final rules in the third quarter of this year.
Economic Secretary (HM Treasury)
Over the previous two years, this government has provided support to help households with the cost of living totalling over £90 billion.
For the coming year, the government has increased working age benefits by 6.7%; maintained the triple lock; raised Local Housing Allowance rates with an average gain of £800, extended the Household Support Fund and increased the National Living Wage by 9.8%. Further actions taken by the government in 2024-25 include: a rise in the National Living Wage (NLW) by 9.8% - ending low hourly pay for workers on the NLW, raising Local Housing Allowance to the 30th percentile of market rents, uprating working-age benefits by 6.7%, freezing fuel duty, removing Debt Relief Order fees, and doubling the Budgeting Advance Loan repayment period.
In rural parts of constituencies like Wellingborough, the government is also providing support through the £110m Rural England Prosperity Fund. This is being invested in projects which boost productivity and create rural job opportunities. This includes farm businesses looking to diversify by opening a farm shop, a wedding venue or tourism facilities or improvements to village halls, pubs and other rural hubs for community uses.
Financial Secretary (HM Treasury)
Over the previous two years, the government has provided support to help households with the cost of living totalling over £90 billion.
To help those on the lowest incomes with debt, at Spring Budget 2024 the government also removed Debt Relief Order fees and doubled the Budgeting Advance Loan repayment period.
The government continues to pursue an ambitious policy agenda to increase growth and productivity across the economy. This includes cuts to National Insurance, a business rates package worth £4.3bn over five years supporting small businesses and the high street, and wider measures supporting SMEs such as actions to encourage prompt payments. The government continues to go further in supporting small businesses, and at Spring Budget announced the raising of the VAT registration threshold to £90,000.
Financial Secretary (HM Treasury)
The Financial Services and Markets Act 2000 establishes the framework for financial services regulation. It provides for the Treasury and Parliament, through legislation, to determine which activities, products and markets are regulated and fall within the remit of the Financial Conduct Authority (FCA). The FCA is responsible for regulating and supervising the financial services industry, including authorising businesses.
The question of how many businesses the FCA regulated is a matter for the FCA, which is operationally independent from Government. The FCA will respond to the Honourable Member by letter on this matter, and a copy of the letter will be placed in the Library of the House of Commons.
Economic Secretary (HM Treasury)
The Economic Crime Levy raised £92 million in its first year of collection (2022/23). As the Levy is collected a year in arrears, the total Levy revenue for financial year 2023/24 has not yet been confirmed.
Prior to the Levy’s implementation, the Office for Budgetary Responsibility (OBR) forecast that the Levy would raise £100m/year. This can be found on the OBR’s website under ‘supplementary fiscal tables: receipts and other’ - https://obr.uk/efo/economic-and-fiscal-outlook-march-2022/.
At Spring Budget 2024, the Chancellor increased the Levy fee for firms with revenue greater than £1 billion, to ensure we can continue to sustainably fund the government’s commitments to tackle economic crime.
Economic Secretary (HM Treasury)