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
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)
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This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
To ask the Chancellor of the Exchequer, what estimate she has made of the potential impact of the exclusion of …
This Order, which comes into force on 8th April 2026, provides that a company designated by the Secretary of State …
A Bill to Authorise the use of resources for the years ending with 31 March 2025, 31 March 2026 and …
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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 make provision in connection with finance.
This Bill received Royal Assent on 18th March 2026 and was enacted into law.
A Bill to Authorise the use of resources for the years ending with 31 March 2025, 31 March 2026 and 31 March 2027; 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 2025 and 31 March 2026.
This Bill received Royal Assent on 18th March 2026 and was enacted into law.
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).
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Petition Closed
Raise the income tax personal allowance from £12,570 to £20,000
Gov Responded - 20 Feb 2025 Debated on - 12 May 2025closed 9 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 10 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 9 months, 3 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: Upcoming Events
Work of the Financial Conduct Authority
24 Mar 2026, 9:30 a.m.
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Treasury Committee - Oral evidence
Financial Inclusion Strategy
25 Mar 2026, 2 p.m.
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Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)The government recognises the role that refineries play in energy security and the UK’s industrial base. The Government published a call for evidence (https://www.gov.uk/government/calls-for-evidence/future-of-the-uk-downstream-oil-sector/future-of-the-uk-downstream-oil-sector-call-for-evidence) on the future of the fuel sector on 23rd February 2026 in order to help understand the current state of the refining sector.
Following a strategic and technical assessment by HMG, it has been decided not to expand the Carbon Border Adjustment Mechanism (CBAM) to refined oil products in January 2028. Assessing the case for and feasibility of including refined oil products within the Carbon Border Adjustment Mechanism at a later date is a priority. We are continuing to work with the sector to assess the options.
Exchequer Secretary (HM Treasury)
The government recognises the role that refineries play in energy security and the UK’s industrial base. The Government published a call for evidence (https://www.gov.uk/government/calls-for-evidence/future-of-the-uk-downstream-oil-sector/future-of-the-uk-downstream-oil-sector-call-for-evidence) on the future of the fuel sector on 23rd February 2026 in order to help understand the current state of the refining sector.
Following a strategic and technical assessment by HMG, it has been decided not to expand the Carbon Border Adjustment Mechanism (CBAM) to refined oil products in January 2028. Assessing the case for and feasibility of including refined oil products within the Carbon Border Adjustment Mechanism at a later date is a priority. We are continuing to work with the sector to assess the options.
Exchequer Secretary (HM Treasury)
The Chancellor announced on 17th March that she will set out a roadmap at Budget for giving English regional leaders a share of some national taxes. This will include looking at income tax, alongside other taxes. It is not about new taxes or higher tax rates.
The Welsh Senedd already has significant income tax powers. This was the product of a lengthy process of debate and development, including the Silk Commission’s first report, the Wales Act 2014, and the Wales Act 2017. Consideration of any further income tax devolution would be a matter for discussion between the Welsh and UK Governments and be subject to consensus in Wales and the agreement of both the UK Parliament and the Senedd.
Exchequer Secretary (HM Treasury)
The government has acted quickly to provide timely, targeted support to those households struggling with the rising price of heating oil.
In England, Crisis Payments can be provided by local authorities to support the purchase of any form of fuel that is used for domestic heating, cooking or lighting.
In Scotland, Wales and Northern Ireland, it is for the relevant devolved government to deliver support as they see fit.
Chief Secretary to the Treasury
This data is available at Table A.9: Fiscal aggregates in the March 2026 Economic and Fiscal Outlook published by the Office for Budget Responsibility (OBR).
The government’s fiscal plan brings down borrowing and debt, keeps the public finances on a sustainable path and supports the Bank of England to bring down inflation.
Chief Secretary to the Treasury
The government has acted quickly to provide timely, targeted support to low-income households struggling with the rising price of heating oils, based on the latest census data.
This means the funding is distributed in line with where the most vulnerable oil-heated homes are concentrated. It is for the Northern Ireland Executive to allocate the funding in Northern Ireland as they see fit.
Chief Secretary to the Treasury
At £90,000, the UK has a higher VAT registration threshold than any EU country and the joint highest in the OECD. This means the majority of UK businesses are not in the VAT system at all.
VAT is a broad-based tax on consumption. Once an organisation’s taxable turnover exceeds £90,000, it is required to register for VAT, and VAT-registered organisations can generally reclaim the VAT they incur on their business costs.
The Government takes steps elsewhere in the tax system to ensure that charities receive treatment that takes account of their unique status and invaluable contribution. Our tax regime for charities, including Gift Aid and an exemption from paying business rates, is among the most generous of anywhere in the world, with tax reliefs for charities and their donors worth just over £6 billion for the tax year to April 2024.
Exchequer Secretary (HM Treasury)
At £90,000, the UK has a higher VAT registration threshold than any EU country and the joint highest in the OECD. This means the majority of UK businesses are not in the VAT system at all.
VAT is a broad-based tax on consumption. Once an organisation’s taxable turnover exceeds £90,000, it is required to register for VAT, and VAT-registered organisations can generally reclaim the VAT they incur on their business costs.
The Government takes steps elsewhere in the tax system to ensure that charities receive treatment that takes account of their unique status and invaluable contribution. Our tax regime for charities, including Gift Aid and an exemption from paying business rates, is among the most generous of anywhere in the world, with tax reliefs for charities and their donors worth just over £6 billion for the tax year to April 2024.
Exchequer Secretary (HM Treasury)
The ECS applies to new petrol/diesel and hybrid cars with a list price of £40,000 or more, while as announced at Budget 2025, from 1 April 2026 the ECS will apply to new zero-emission cars with a list price of £50,000 or more which are first registered on or after 1 April 2025. The additional charge was introduced so that those who can afford to access the most expensive cars make a fair contribution.
The Government continues to view the Expensive Car Supplement (ECS) as a suitable way of distinguishing the more luxury end of the new car market. Although average list prices of cars have increased since the ECS was introduced, nearly two-thirds of petrol, diesel and hybrid vehicles still fall below the £40,000 threshold.
The Government annually reviews the rates and thresholds of taxes and reliefs, including Vehicle Excise Duty and the ECS, to ensure that they are appropriate and reflect the current state of the economy.
Exchequer Secretary (HM Treasury)
The Apprenticeship Levy was introduced in 2017 and is only paid by large employers with a total annual pay bill of over £3 million.
Chief Secretary to the Treasury
The government has acted quickly to provide timely, targeted support to low-income households struggling with the rising price of heating oils, based on the latest census data.
This means the funding is distributed in line where the most vulnerable oil-heated homes are concentrated.
Chief Secretary to the Treasury
Forecasts for welfare spending are the responsibility of the Office for Budget Responsibility.
Chief Secretary to the Treasury
The Government recognises the importance of the creative industries, including the key role they play in driving economic growth, and the video games sector is specifically supported through the tax system and through funding.
Video games companies benefit from the Video Games Expenditure Credit (VGEC), which provides a generous tax credit of 34 per cent on UK video games development costs. In 2023-24, £327 million of Corporation Tax was relieved through video game tax relief.
VGEC makes no distinction between large and small game studios. Any video game production company can qualify as long as it meets the eligibility criteria. The Department for Culture, Media and Sport has committed to a new £30 million Games Growth Package over three years to back the next generation of start‑up games studios and talent, and drive inward investment in the sector.
Exchequer Secretary (HM Treasury)
At Budget 2025, the Government extended the 5p-per-litre cut for a further five months, until the end of August this year. The Government has also cancelled the increase in line with inflation for 2026/27. The 5p cut was introduced following Russia’s invasion of Ukraine in 2022, when prices reached a peak of over £1.90 per litre.
Since Budget 2024, the Government's decisions to freeze fuel duty will save the average motorist over £90 – or 8-11 pence per litre – compared to the plans inherited from the previous government.
As the Chancellor has set out, a rapid de-escalation in the Middle East remains the best way to keep prices low at the pump, but the Government will also take the necessary decisions to help families with the cost of living and protect the public finances.
As with all taxes, the Government keeps fuel duty under review; and any changes will be announced in the usual way.
Exchequer Secretary (HM Treasury)
The 2026 Rating List comes into effect on 1 April 2026, and the Valuation Office Agency plans to publish valuation guidance including for the valuation of public houses on or around this date.
Exchequer Secretary (HM Treasury)
HMRC provides detailed guidance on how VAT applies to education on GOV.UK and in VAT Notice 701/30: Education and vocational training. This covers all aspects of the exemption, including services provided by charities.
Additional guidance is published when significant changes are made, such as the changes to the VAT treatment of private schools. The guidance can be found online here: https://www.gov.uk/guidance/vat-on-education-and-vocational-training-notice-70130
Exchequer Secretary (HM Treasury)
HM Revenue and Customs does not hold information on VAT revenue from specific products or services, including VAT on heating oil and liquid petroleum gas.
This is because businesses are not required to provide figures at a product level within their VAT returns, as this would impose an excessive administrative burden.
VAT is chargeable at the reduced rate of 5% on domestic fuel and power.
Exchequer Secretary (HM Treasury)
HMRC does not produce an overall average processing time for overpayment relief claims. Processing times vary depending on the type of claim and the checks required to protect public funds.
However, HMRC recognises that payments to customers are important, therefore claims are processed as priority post. HMRC aims to process 80% of priority post received within 15 working days.
Customer correspondence performance is reported monthly and quarterly through HMRC’s published performance updates at: www.gov.uk/government/collections/hmrc-quarterly-performance-updates
Exchequer Secretary (HM Treasury)
Many services provided directly or supervised by registered health professionals are exempt from VAT, meaning no VAT is charged to the final consumer. This does not apply to professionals who do not have statutory registers, such as counsellors and psychotherapists.
The UK’s approach of linking VAT exemption to statutory registration provides a clear and objective criterion for defining ‘health professionals’ for VAT purposes, ensuring that VAT reliefs are tightly targeted. While the Government keeps all taxes under review, there are no current plans to introduce VAT exemptions for counsellors and psychotherapists without statutory registration.
Exchequer Secretary (HM Treasury)
HMT has recently appointed Harriet Rees and Rohit Dhawan as Financial Services AI Champions. They will focus on helping firms seize opportunities of AI while protecting consumers and ensuring financial stability.
In recognition of growing consumer interest in these tools, the Financial Conduct Authority (FCA) has published information for consumers on using AI for investment research. This sets out the pros and cons of such tools, including the risk of incorrect or out-of-date information, and makes clear that advice from general purpose AI tools is not regulated and does not benefit from protections such as the Financial Services Compensation Scheme or the Financial Ombudsman Service.
The FCA also launched the Mills Review in January 2026 which will consider the implications of advanced AI on consumers, retail financial markets and regulators. The review will help the FCA support innovation while promoting the safe and trusted adoption of AI in retail financial services.
Financial Secretary (HM Treasury)
The Government is aware that cryptoasset firms are facing challenges associated with access to banking services, and we are engaged with the sector on these matters.
Whilst the Government recognises that decisions around the provision of banking services are largely commercial in nature, we also expect businesses to be treated fairly. That is why the Government has already taken action in this space, including bringing forward legislation to enhance relevant protections in cases where a business has their bank account terminated by their provider.
The Government has also laid legislation to create a financial services regulatory regime for cryptoassets in the UK. Under this regime, firms will need to be licensed by the FCA to provide relevant cryptoasset services, and the Government would not expect such licensed firms to be subject to restrictions by banking services providers simply because of the sector they belong to.
Economic Secretary (HM Treasury)
HM Treasury is not privy to any information regarding Tether’s auditing arrangements.
Economic Secretary (HM Treasury)
The Government is committed to protecting the UK’s financial system and identifying risks to our system. The National Risk Assessment for money laundering and terrorist financing was published in July 2025 and assessed international risks the UK faces, including risks linked to the Western Balkan region.
The National Risk Assessment provides up-to-date risk information to enable the UK public and private sector to respond to evolving threats. The Government intends to develop a new public-private strategy focused on anti-money laundering and asset recovery in the coming months to respond to the risks identified.
Economic Secretary (HM Treasury)
I refer the member to the answer given to UIN 97815 on the 8 December 2025
Exchequer Secretary (HM Treasury)
Childminders make a significant contribution to children’s development, learning, and wellbeing. The Government has eased rules on working from schools and community centres and increased early years funding rates above 2023 average fees. These increases reflect increased costs, and from April 2026, local authorities must pass at least 97 per cent of funding to providers.
Only a small proportion of childminders with qualifying income over £50,000 will be mandated into Making Tax Digital (MTD) for income tax from April 2026. Childminders moving to MTD for income tax can continue to claim tax relief for household costs, wear and tear of household items and furniture, and food and drink, by deducting actual business costs. This ensures childminders receive tax relief for all of the costs that they incur in relation to their childminding business.
The Government will monitor the impact of MTD for income tax on childminders and other home-based childcare providers in the same way as it will for all sole traders moving to MTD for income tax. We will also review the impacts of moving from the 10% deduction to actual costs for wear and tear claims.
Exchequer Secretary (HM Treasury)
At Autumn Budget 2025, the Government announced that the annual ISA allowance will be kept at £20,000 with the cash ISA limit set at £12,000 from April 2027 for under-65s. This is part of the wider strategy aimed at supporting people to get into investing, including Targeted Support, which will be available from April 2026. In addition, financial services firms will provide new, easily navigable ways for people to find the right UK investment for them.
The Government is introducing an age carve out for those aged 65 and above in recognition that they may need more flexibility in how they manage their savings as they approach retirement. Savers over the age of 65 will continue to be able to save up to £20,000 in a cash ISA each year.
The Exchequer Impact for the Reduction of the Cash ISA limit to £12,000 for under-65s from April 2027 measure in isolation is:
| 2026-27 | 2027-28 | 2028-29 | 2029-30 | 2030-31 |
Exchequer Impact (£m) | 0 | +5 | +15 | +30 | +45 |
Economic Secretary (HM Treasury)
It is our ambition that families have access to high-quality, affordable and flexible early education and care, improving opportunity for every child and work choices for every parent. This is key to the government’s Plan for Change, which starts with reaching the milestone of a record number of children being ready for school.
The government recognises that evidencing income can be more complex for self-employed individuals, particularly for those with variable or seasonal earnings. That is why self-employed parents are only expected to meet the minimum income requirement over the entire tax-year (and not quarterly as is the case for employees) to qualify for Tax-Free Childcare.
Chief Secretary to the Treasury
This Government has announced a significant uplift in defence spending over the Spending Review period, paid for by a reduction to ODA. This uplift is underpinned by our non-negotiable fiscal rules; reducing borrowing whilst investing in defence to keep the UK and allies safe and thus providing the stability that underpins the plans to boost economic growth. Future years’ spending allocations will be considered at the next Spending Review in 2027, which will be underpinned by the independent Office for Budget Responsibility’s economic and fiscal forecasts.
Chief Secretary to the Treasury
The Government takes the issue of fraud very seriously and is dedicated to protecting the public from this appalling crime.
Financial institutions are required to maintain robust systems and controls to detect and prevent financial crime under the Money Laundering Regulations. Banks must report certain suspicious activity, including fraud, to the National Crime Agency under the Proceeds of Crime Act, and banks may already freeze or block accounts where suspicious activity is detected.
We introduced new rules allowing banks to delay and investigate suspicious payments for up to 72 hours. This supports interception of suspicious payments — complementing existing account‑freezing powers — by giving firms more time to prevent funds reaching fraudsters when complex cases are identified
As set out in the Fraud Strategy published on 9 March, we are now taking decisive additional action to reinforce the system‑wide response. The new Online Crime Centre will bring together law enforcement, intelligence agencies and private‑sector partners, including the financial services industry, to improve real‑time data sharing and analysis, helping firms spot suspected scam accounts sooner and act more quickly to freeze or restrict them where appropriate. Alongside this, we have launched a call for evidence on economic‑crime information sharing to remove barriers that currently prevent firms acting on intelligence earlier.
The Strategy also tasks the FCA with developing best‑practice guidance on preventing APP fraud and money‑mule activity, supporting firms to identify, investigate and close suspicious accounts more effectively, and improving protections for customers at risk.
Economic Secretary (HM Treasury)
The Government is committed to ensuring that small businesses across the UK can access the finance they need to start, grow and thrive. Treasury ministers, including me in my capacity as Economic Secretary, regularly meet with both traditional and newer banks, and wider market actors across the financial services sector, to discuss a range of matters.
The chief focus of this Government is growth, and the financial services sector clearly has an important role to play in supporting the real economy. The UK benefits here from a diverse range of high-street banks, specialist lenders and fintechs, supported by Government policies such as Commercial Credit Data Sharing and British Business Bank programmes, for example the Growth Guarantee Scheme and Community ENABLE Funding. In the Spending Review last year, the Treasury gave the British Business Bank a significant uplift of £6.6 billion, increasing the Bank’s total financial capacity to £25.6 billion. This settlement represents a major expansion of the Bank’s ability to support SME finance, crowd in private investment, and deliver new programmes such as Industrial Strategy Growth Capital and expanded regional and sectoral funds.
Economic Secretary (HM Treasury)
HM Treasury officials have discussed with the Competition and Markets Authority (CMA) the work they are doing to maintain a high level of vigilance for unjustifiable price increases across the economy, including for fuel prices. The Chancellor has written to Sarah Cardell, Chief Executive of the CMA, expressing support for the CMA’s work to ensure customers are not affected by undue price rises, including for road fuel. Letter to the CMA on vigilance for unjustifiable price increases.
The Chancellor and DESNZ’s Secretary of State met with petrol retailers and the CMA on 13th March to discuss where further action can be taken on monitoring fuel prices and supporting the cost of living.
Chief Secretary to the Treasury
The 10 Year Infrastructure Strategy is core to delivering the government’s mission to boost living standards in every part of the UK, by funding at least £725 billion for infrastructure over the next decade. This is creating and connecting people to good jobs, supporting new housing and neighbourhoods, ensuring people can depend on vital public services and providing resilience in response to a changing world.
On Tuesday 17 March we announced new City Investment Funds which will provide up to £2.3 billion of new grant, loan, and patient capital funding, going directly into hands of mayors of the largest city regions in the North of England and the Midlands to deliver city densification at a local level, and to address viability gaps. City Investment Funds will bring together financing tools for five Mayoral Strategic Authorities in the North including West Yorkshire Combined Authority.
The government is also rolling out targeted local growth funding across the UK. Northern Ireland will receive a total of £45.5m per year of local growth funding over the next three years to invest in key growth priorities.
Chief Secretary to the Treasury
The government is engaging regularly with refiners, importers and distributors to ensure any emerging risks are identified and managed promptly. Households should be reassured the UK benefits from strong and diverse security of energy supplies, and there are no issues with fuel supply.
The government recognises the pressures facing households who rely on heating oil. This is why we are providing an additional £53 million of targeted support for those vulnerable households who would struggle to pay an upfront lump sum to top up their tanks in order to maintain their heating and hot water.
This funding has been allocated based on census data, reflecting where the greatest need is. Northern Ireland will receive £17.2 million, England £27 million, Scotland £4.6 million, and Wales £3.8 million.
Chief Secretary to the Treasury
Details on business rates receipts for FY25/26, FY26/27and FY27/28 are set out in the OBR’s economic and fiscal outlook. Forecast receipts are £33.7bn, £37.1bn and £37.9bn respectively.
The further support for pubs and live music venues was scored at the Spring Statement. The impacts on total receipts in FY26/27, FY27/28 and FY28/29 are £94m, £138m and £204m respectively.
Financial Secretary (HM Treasury)
The Government recognises inflation can place particular pressure on low-income households. Analysis from the Office for National Statistics shows that lower-income households spend a larger share of their income on essentials such as food, energy and housing.
The Government is committed to bearing down on inflationary pressures and cutting the cost of living.
Alongside this, the Government is going further to support those who need it most by removing the two-child limit in Universal Credit, increasing the National Living Wage, and committing to the pensions Triple Lock for the duration of this Parliament. The Government has also expanded the £150 Warm Home Discount to a total of 6 million lower-income households, and is expanding free school meals to children in households receiving Universal Credit in England.
Parliamentary Secretary (HM Treasury)
The number of apprentices has fallen for a number of reasons:
- The Government has made several reforms to apprenticeships including the closing of the Civil Service Apprenticeship Unit and setting up Skills England, which has a renewed focus on skills gaps across the country.
- In May 2025 the Government also announced Level 7 apprenticeships will continue to be Government-funded for young people aged 16-21, and under 25 for care leavers and those with an Education, Health and Care Plan (EHCP) at the start of their apprenticeship in England.
- External recruitment campaigns have reduced significantly in 2025 as the department works to reduce staff numbers to meet Spending Review commitments. HM Treasury maintains dedication to apprenticeship as a key route into the department.
HM Treasury remains committed to apprenticeships as one pathway to break down barriers to opportunity. External recruitment campaigns for AO & EO grades are considered for a level 3 apprenticeship where appropriate.
As a result, the department has recruited the following number of apprentices:
2022 - 12
2023 - 4
2024 - 4
2025 – 0
Economic Secretary (HM Treasury)
Vehicle Excise Duty (VED) is a tax on vehicles used or kept on public roads. Different rates apply to cars, vans and motorcycles, and the rate for each vehicle is calculated according to a range of factors, such as date of first registration, engine size, and CO2 emissions. VED for motorcycles is based on engine size.
Zero emission motorcycles now pay the lowest VED rate which applies to the smallest engine size of 150cc or less (currently £26, and increasing to £27 from 1 April 2026 in line with the Retail Price Index).
The government does not currently have any plans to reform the VED system for motorcycles.
The Government annually reviews the rates and thresholds of taxes and reliefs to ensure that they are appropriate and reflect the current state of the economy. The Chancellor makes decisions on tax policy at fiscal events in the context of the public finances.
Exchequer Secretary (HM Treasury)
At £90,000, the UK has a higher VAT registration threshold than any EU country and the joint highest in the OECD. This means the majority of UK businesses are not in the VAT system at all, reducing administrative burdens and supporting their growth.
The Government’s approach to the VAT registration threshold aims to balance the impacts on small businesses, including their growth and financial sustainability, with the needs of the wider economy and the public finances. Increasing the VAT registration threshold would come at a significant fiscal cost and reduce the revenue available for vital public services.
More than £1.5 billion is being made available over the Spending Review period for investment in employment and skills support. This includes £725 million for the Growth and Skills Levy, to help support apprenticeships for young people and fully fund SME apprenticeships for under-25s.
Exchequer Secretary (HM Treasury)
The government has set out the expected impacts, including Exchequer impacts, from fuel duty and other Budget measures in the Budget 2025 Policy Costings document. This document can be found here: https://assets.publishing.service.gov.uk/media/692872fd2a37784b16ecf676/Budget_2025-Policy_Costings.pdf
HMRC publishes a ready reckoner which estimates the direct impact on HMRC tax revenues of simple changes to tax rates. For fuel duty specifically, the most recent publication estimates a 1% (approximately 0.6p) increase in fuel duty would result in £240m additional revenue in 26/27. This ready reckoner can be found here: https://www.gov.uk/government/statistics/direct-effects-of-illustrative-tax-changes
Exchequer Secretary (HM Treasury)
A new certificate of coverage can only be issued under Article 8(4) of the Convention if six months has elapsed from the end date of a worker’s previous detachment, as shown on the worker’s previous certificate. Where the period of validity of the previous certificate is less than six months, a new certificate may be issued once an equivalent period of time has elapsed. For example, if a worker's previous certificate was issued for a period of four months, they will need to wait for four months from the end date of that certificate until they may be issued with another certificate.
Exchequer Secretary (HM Treasury)
The government is a strong supporter of the mutual sector, including credit unions, and is working to support its growth in line with the manifesto commitment to double the size of the sector.
On 18 March, the government announced plans to reform the credit union common bond in Great Britain by:
- Increasing the potential membership cap on the locality bond from 3 million to 10 million, which will significantly expand the potential size of locality-based credit unions, which make up 79% of the sector, and reduce uncertainty around merger activity.
- Allowing credit unions to admit students to locality-based credit unions, if not otherwise eligible through residence or work.
- Expanding eligibility for members' relatives to allow credit unions to admit relatives of qualifying members regardless of whether they share a household.
- Allowing credit unions to retain retired members as fully qualifying members.
These reforms will help more people get access to fair loans and a safe place to save, so families have a real alternative to high-cost credit.
Full details of the government’s plans have been published in a call for evidence response available on GOV.UK.
The government will legislate to give effect to these reforms as soon as parliamentary time allows.
Economic Secretary (HM Treasury)
The Convention will prevent the double payment of social security contributions and will not make it cheaper to hire Indian workers over British workers. While working in the UK, Article 8(7) requires Indian detached workers to pay contributions into India’s social security scheme (the Employees’ Provident Fund Scheme). The rates applying are broadly the same as those applied in the UK National Insurance system, meaning contributions will be similar. Indian detached workers would additionally be subject to visa application fees and may also be subject to the Immigration Health Surcharge.
Exchequer Secretary (HM Treasury)
Double Contributions Conventions are designed to prevent double payment of social security contributions. The agreement does not include self-employed workers as they are not covered by India’s Employees' Provident Fund Scheme.
Exchequer Secretary (HM Treasury)
The Office for Budget Responsibility will certify the impact of the Comprehensive Economic and Trade Agreement (CETA), including the Double Contributions Convention (DCC), in the usual way at a fiscal event, once the deal is finalised and ratified. The cost of the DCC agreement is likely to be a small fraction of the overall deal’s economic benefit.
Exchequer Secretary (HM Treasury)
Rates will only gradually return to early 2022 levels by March 2025.
At Budget 2025, the Government extended the 5 pence–per litre cut for a further five months, until the end of August this year. The Government has also cancelled the increase in line with inflation for 2026/27; instead, rates will only gradually return to early 2022 levels by March 2027. The 5p cut was introduced at following Russia’s invasion of Ukraine in 2022, when prices reached a peak of over £1.90 per litre.
Since Budget 2024, the Government's decisions to freeze fuel duty will save the average motorist over £90 – or 8-11 pence per litre – compared to the plans inherited from the previous government.
Exchequer Secretary (HM Treasury)
Interactions between the Temporary Repatriation Facility and the Transfer of Assets Abroad legislation were taken into consideration throughout policy development of the Temporary Repatriation Facility and the drafting of the legislation. The Government amended the Finance Bill to include an amendment to the Transfer of Assets Abroad legislation, ensuring that the interactions work as intended.
Exchequer Secretary (HM Treasury)
Visitor information for 11 Downing Street is not retained for the time periods specified. Archived diary records, which are only available for the period from June 2016-March 2020, found no record of a visit by Lord Mandelson to 11 Downing Street.
Economic Secretary (HM Treasury)
Business rates are a broad-based tax on the value of non-domestic properties, including early years education settings. At the Budget, the Government announced a £4.3 billion support package to support ratepayers across all sectors seeing bill increases. As a result of the Budget package, over half of ratepayers will see no bill increases. This also means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
More broadly, in 2026-27, DfE expect to provide over £9.5 billion for childcare entitlements for children aged from 9 months to 4 years. This is over £1 billion more compared to 2025-26, as it delivers a full year of the expanded 30 hours entitlements for working parents and an above inflation increase to funding rates.
Exchequer Secretary (HM Treasury)
Business rates are a broad-based tax on the value of non-domestic properties, including early years education settings. At the Budget, the Government announced a £4.3 billion support package to support ratepayers across all sectors seeing bill increases. As a result of the Budget package, over half of ratepayers will see no bill increases. This also means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
More broadly, in 2026-27, DfE expect to provide over £9.5 billion for childcare entitlements for children aged from 9 months to 4 years. This is over £1 billion more compared to 2025-26, as it delivers a full year of the expanded 30 hours entitlements for working parents and an above inflation increase to funding rates.
Exchequer Secretary (HM Treasury)