HM Treasury
HM Treasury is the government’s economic and finance ministry, maintaining control over public spending, setting the direction of the UK’s economic policy and working to achieve strong and sustainable economic growth.
Shadow Ministers / Spokeperson
Liberal Democrat
Baroness Kramer (LD - Life peer)Liberal Democrat Lords Spokesperson (Treasury and Economy)
Daisy Cooper (LD - St Albans)
Liberal Democrat Spokesperson (Treasury)
Conservative
Mel Stride (Con - Central Devon)Shadow Chancellor of the Exchequer
Green Party
Adrian Ramsay (Green - Waveney Valley)Green Spokesperson (Treasury)
Liberal Democrat
Charlie Maynard (LD - Witney)Liberal Democrat Spokesperson (Chief Secretary to the Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Lord Altrincham (Con - Excepted Hereditary)Shadow Minister (Treasury)
Richard Fuller (Con - North Bedfordshire)
Shadow Chief Secretary to the Treasury
Gareth Davies (Con - Grantham and Bourne)
Shadow Financial Secretary (Treasury)
Baroness Neville-Rolfe (Con - Life peer)
Shadow Minister (Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
James Wild (Con - North West Norfolk)Shadow Exchequer Secretary (Treasury)
Mark Garnier (Con - Wyre Forest)
Shadow Economic Secretary (Treasury)
Ministers of State
Lord Livermore (Lab - Life peer)Financial Secretary (HM Treasury)
James Murray (LAB - Ealing North)
Chief Secretary to the Treasury
Lord Stockwood (Lab - Life peer)
Minister of State (HM Treasury)
Parliamentary Under-Secretaries of State
Torsten Bell (Lab - Swansea West)Parliamentary Secretary (HM Treasury)
Dan Tomlinson (Lab - Chipping Barnet)
Exchequer Secretary (HM Treasury)
Lucy Rigby (Lab - Northampton North)
Economic Secretary (HM Treasury)
00:01
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of planned business rates …
Section 1 of the Financial Services and Markets Act 2023 (c. 29) revokes assimilated law referred to in Schedule 1 …
A Bill to Authorise the use of resources for the year ending with 31 March 2026; to authorise both the …
HM Treasury Commons Appearances
Oral Answers to Questions is a regularly scheduled appearance where the Secretary of State and junior minister will answer at the Dispatch Box questions from backbench MPs
Other Commons Chamber appearances can be:- Urgent Questions where the Speaker has selected a question to which a Minister must reply that day
- Adjornment Debates a 30 minute debate attended by a Minister that concludes the day in Parliament.
- Oral Statements informing the Commons of a significant development, where backbench MP's can then question the Minister making the statement.
Westminster Hall debates are performed in response to backbench MPs or e-petitions asking for a Minister to address a detailed issue
Written Statements are made when a current event is not sufficiently significant to require an Oral Statement, but the House is required to be informed.
Bills currently before Parliament
HM Treasury does not have Bills currently before Parliament
Acts of Parliament created in the 2024 Parliament
A Bill to Authorise the use of resources for the year ending with 31 March 2026; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2025.
This Bill received Royal Assent on 21st July 2025 and was enacted into law.
A Bill to make provision about secondary Class 1 contributions.
This Bill received Royal Assent on 3rd April 2025 and was enacted into law.
A Bill to make provision about finance.
This Bill received Royal Assent on 20th March 2025 and was enacted into law.
A Bill to amend the Crown Estate Act 1961.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to Authorise the use of resources for the years ending with 31 March 2024, 31 March 2025 and 31 March 2026; to authorise the issue of sums out of the Consolidated Fund for those years; and to appropriate the supply authorised by this Act for the years ending with 31 March 2024 and 31 March 2025.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to make provision for loans or other financial assistance to be provided to, or for the benefit of, the government of Ukraine.
This Bill received Royal Assent on 16th January 2025 and was enacted into law.
A Bill to impose duties on the Treasury and the Office for Budget Responsibility in respect of the announcement of fiscally significant measures.
This Bill received Royal Assent on 10th September 2024 and was enacted into law.
A Bill to authorise the use of resources for the year ending with 31 March 2025; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2024.
This Bill received Royal Assent on 30th July 2024 and was enacted into law.
HM Treasury - Secondary Legislation
Petitions
e-Petitions are administered by Parliament and allow members of the public to express support for a particular issue.
If an e-petition reaches 10,000 signatures the Government will issue a written response.
If an e-petition reaches 100,000 signatures the petition becomes eligible for a Parliamentary debate (usually Monday 4.30pm in Westminster Hall).
(4,252 in the last 7 days)
(1,770 in the last 7 days)
(384 in the last 7 days)
(370 in the last 7 days)
(80 in the last 7 days)
(332 in the last 7 days)
(384 in the last 7 days)
(1,770 in the last 7 days)
(370 in the last 7 days)
Petition Closed
Raise the income tax personal allowance from £12,570 to £20,000
Gov Responded - 20 Feb 2025 Debated on - 12 May 2025closed 4 months, 1 week 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 5 months, 2 weeks 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 4 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 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 9th December 2024
Treasury Committee: Upcoming Events
Budget 2025
28 Oct 2025, 9:45 a.m.
At 10:00am: Oral evidence
Stewart Kenny - Co-founder at Paddy Power
Carsten Jung - Interim associate director for economic policy and AI at Institute for Public Policy Research
Theo Bertram - Director at Social Market Foundation
At 11:00am: Oral evidence
Stephen Hodgson - Chair of Tax Committee at Betting and Gaming Council
Grainne Hurst - Chief Executive at Betting and Gaming Council
View calendar - Save to Calendar
Treasury Committee - Oral evidence
Budget 2025
29 Oct 2025, 2 p.m.
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Treasury Committee - Oral evidence
AI in financial services
4 Nov 2025, 2 p.m.
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Treasury Committee - Oral evidence
Budget 2025
5 Nov 2025, 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 Valuation Office Agency (VOA) conducts analysis of changes in rateable value to prepare for regular revaluations. The VOA is currently working on a revaluation of all non-domestic properties, which will come into effect on 1 April 2026. For the upcoming 2026 revaluation, as with other revaluations, the VOA is receiving ongoing representations from the airport sector.
The Government will confirm the rates for the new multipliers at Budget 2025, taking account of the outcomes of the 2026 revaluation as well as the broader economic and fiscal context.
We are fully committed to supporting the aviation industry. The sector is vital to our future as a global trading nation and will play an important role in local economies.
Exchequer Secretary (HM Treasury)
Business rates are a vital source of revenue for Local Government. The Government is creating a fairer business rates system that protects the high street, supports investment, and is fit for the 21st century.
As announced at Autumn Budget 2024, the Government will introduce permanently lower multipliers for retail, hospitality, and leisure properties with ratable values below £500,000 from 2026-27. This permanent tax cut will ensure they benefit from much-needed certainty and support.
Exchequer Secretary (HM Treasury)
The Government currently provides a 40 per cent business rates relief for eligible retail, hospitality, and leisure (RHL) properties, up to a cash cap of £110,0000 per business, in 2025-26. Eligibility for the RHL relief scheme is outlined in guidance published by the Ministry of Housing, Communities & Local Government, and is focused on RHL properties that are wholly or mainly open to visiting members of the public. This is to ensure that support is targeted at in-person RHL, thereby helping to rebalance the burden between online and high-street retailers. There are no plans to expand the scope of this relief.
From 2026/27, the Government is introducing permanently lower business rates multipliers for RHL properties with rateable values (RVs) below £500,000. Details on which RHL properties will qualify for these lower multipliers can be found online here:
https://www.gov.uk/guidance/business-rates-multipliers-qualifying-retail-hospitality-or-leisure.
To fund these lower RHL multipliers sustainably, from 2026/27, the Government is also introducing a higher multiplier on properties with RVs of £500,000 and above.
Exchequer Secretary (HM Treasury)
The Government currently provides a 40 per cent business rates relief for eligible retail, hospitality, and leisure (RHL) properties, up to a cash cap of £110,0000 per business, in 2025-26. Eligibility for the RHL relief scheme is outlined in guidance published by the Ministry of Housing, Communities & Local Government, and is focused on RHL properties that are wholly or mainly open to visiting members of the public. This is to ensure that support is targeted at in-person RHL, thereby helping to rebalance the burden between online and high-street retailers. There are no plans to expand the scope of this relief.
From 2026/27, the Government is introducing permanently lower business rates multipliers for RHL properties with rateable values (RVs) below £500,000. Details on which RHL properties will qualify for these lower multipliers can be found online here:
https://www.gov.uk/guidance/business-rates-multipliers-qualifying-retail-hospitality-or-leisure.
To fund these lower RHL multipliers sustainably, from 2026/27, the Government is also introducing a higher multiplier on properties with RVs of £500,000 and above.
Exchequer Secretary (HM Treasury)
Claire Hanna
(Social Democratic & Labour Party - Belfast South and Mid Down)
The Digital Services Tax is an interim solution to widely held concerns with the international corporate tax framework, and the UK remains committed to remove it once a global solution on the reallocation of taxing rights is in place.
As the Chancellor has previously said, we will continue to make sure that businesses pay their fair share of tax, including businesses in the digital sector.
Exchequer Secretary (HM Treasury)
Charities rightly enjoy generous tax reliefs, worth over £6bn in 2024. However, a small number of charities are receiving tax relief in ways that were not intended by Parliament. Charity tax rules are being strengthened to improve HMRC’s ability to challenge abusive arrangements in an appropriate and proportionate way.
The new charity rules to be included in the forthcoming Finance Bill for legacy giving and attributable income will help ensure a charity uses its tax relieved income for its charitable purposes. The rules are well targeted and so should not deter legitimate donors from leaving a legacy to charity or prevent charities from building a long-term endowment.
The updated rule for tainted donations will replace the current purpose test with an outcome test in order to better prevent the abuse of tax reliefs through arrangements designed to give financial advantages to donors in return for their donation. They are not intended to affect genuine charitable giving or penalise honest donors.
Updated guidance will be tested with the sector and published prior to the changes taking effect. This will support charities and donors, giving clarity and reassurance around the rules and making it clear that the honest majority of donors and charities will remain unaffected by these reforms.
Exchequer Secretary (HM Treasury)
Charities rightly enjoy generous tax reliefs, worth over £6bn in 2024. However, a small number of charities are receiving tax relief in ways that were not intended by Parliament. Charity tax rules are being strengthened to improve HMRC’s ability to challenge abusive arrangements in an appropriate and proportionate way.
The new charity rules to be included in the forthcoming Finance Bill for legacy giving and attributable income will help ensure a charity uses its tax relieved income for its charitable purposes. The rules are well targeted and so should not deter legitimate donors from leaving a legacy to charity or prevent charities from building a long-term endowment.
The updated rule for tainted donations will replace the current purpose test with an outcome test in order to better prevent the abuse of tax reliefs through arrangements designed to give financial advantages to donors in return for their donation. They are not intended to affect genuine charitable giving or penalise honest donors.
Updated guidance will be tested with the sector and published prior to the changes taking effect. This will support charities and donors, giving clarity and reassurance around the rules and making it clear that the honest majority of donors and charities will remain unaffected by these reforms.
Exchequer Secretary (HM Treasury)
Charities rightly enjoy generous tax reliefs, worth over £6bn in 2024. However, a small number of charities are receiving tax relief in ways that were not intended by Parliament. Charity tax rules are being strengthened to improve HMRC’s ability to challenge abusive arrangements in an appropriate and proportionate way.
The new charity rules to be included in the forthcoming Finance Bill for legacy giving and attributable income will help ensure a charity uses its tax relieved income for its charitable purposes. The rules are well targeted and so should not deter legitimate donors from leaving a legacy to charity or prevent charities from building a long-term endowment.
The updated rule for tainted donations will replace the current purpose test with an outcome test in order to better prevent the abuse of tax reliefs through arrangements designed to give financial advantages to donors in return for their donation. They are not intended to affect genuine charitable giving or penalise honest donors.
Updated guidance will be tested with the sector and published prior to the changes taking effect. This will support charities and donors, giving clarity and reassurance around the rules and making it clear that the honest majority of donors and charities will remain unaffected by these reforms.
Exchequer Secretary (HM Treasury)
Charities rightly enjoy generous tax reliefs, worth over £6bn in 2024. However, a small number of charities are receiving tax relief in ways that were not intended by Parliament. Charity tax rules are being strengthened to improve HMRC’s ability to challenge abusive arrangements in an appropriate and proportionate way.
The new charity rules to be included in the forthcoming Finance Bill for legacy giving and attributable income will help ensure a charity uses its tax relieved income for its charitable purposes. The rules are well targeted and so should not deter legitimate donors from leaving a legacy to charity or prevent charities from building a long-term endowment.
The updated rule for tainted donations will replace the current purpose test with an outcome test in order to better prevent the abuse of tax reliefs through arrangements designed to give financial advantages to donors in return for their donation. They are not intended to affect genuine charitable giving or penalise honest donors.
Updated guidance will be tested with the sector and published prior to the changes taking effect. This will support charities and donors, giving clarity and reassurance around the rules and making it clear that the honest majority of donors and charities will remain unaffected by these reforms.
Exchequer Secretary (HM Treasury)
Charities rightly enjoy generous tax reliefs, worth over £6bn in 2024. However, a small number of charities are receiving tax relief in ways that were not intended by Parliament. Charity tax rules are being strengthened to improve HMRC’s ability to challenge abusive arrangements in an appropriate and proportionate way.
The new charity rules to be included in the forthcoming Finance Bill for legacy giving and attributable income will help ensure a charity uses its tax relieved income for its charitable purposes. The rules are well targeted and so should not deter legitimate donors from leaving a legacy to charity or prevent charities from building a long-term endowment.
The updated rule for tainted donations will replace the current purpose test with an outcome test in order to better prevent the abuse of tax reliefs through arrangements designed to give financial advantages to donors in return for their donation. They are not intended to affect genuine charitable giving or penalise honest donors.
Updated guidance will be tested with the sector and published prior to the changes taking effect. This will support charities and donors, giving clarity and reassurance around the rules and making it clear that the honest majority of donors and charities will remain unaffected by these reforms.
Exchequer Secretary (HM Treasury)
I refer the Hon. Member the answer that I gave to PQ UIN 81415.
Exchequer Secretary (HM Treasury)
I refer the Hon. Member the answer that I gave to PQ UIN 81415.
Exchequer Secretary (HM Treasury)
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)
As set out at Autumn Budget 2024, the Government will consider the merits of raising the threshold for zero emissions cars only at a future fiscal event. The government keeps all taxes and thresholds under review.
Exchequer Secretary (HM Treasury)
HMRC recognise that repayments are important for customers. They prioritise them and work hard to ensure they are processed as quickly and securely as possible.
Like any financial institution, HMRC are an attractive target for organised criminals who continually test their security and repayment controls. HMRC aim to balance ensuring prompt payments to eligible customers with effective revenue protection from fraudsters.
Voluntary returns are submitted by customers who are not required to file a Self Assessment return but choose to do so, often to reclaim overpaid tax. These cases can require additional manual checks, particularly where PAYE income is involved, to ensure repayments are not duplicated.
Because customers submitting voluntary Self Assessment returns are not required to file, these cases are not currently included separately in HMRC’s reported performance data. While these returns are worked and processed by operational teams, they fall outside the scope of published metrics and are therefore not counted in official service level reporting.
HMRC has communicated to agent communities that customers can help reduce delays by registering for Self Assessment before submitting a return. Additional staff have been deployed to reduce delays in processing voluntary Self Assessment repayment cases, particularly those requiring manual checks. Work is also underway to explore automation opportunities to improve processing times and reduce the number of customers affected by repayment delays.
Exchequer Secretary (HM Treasury)
HMRC recognise that repayments are important for customers. They prioritise them and work hard to ensure they are processed as quickly and securely as possible.
Individuals can check when they are likely to receive a response by using HMRC’s ‘Where’s my reply’ tool which is available here:
www.gov.uk/guidance/check-when-you-can-expect-a-reply-from-hmrc
In relation to CIS repayments, HMRC are recruiting and training more colleagues to improve the service and issue CIS repayments more quickly. In cases of hardship, taxpayers can contact HMRC to look at their case and, where possible, make the repayment sooner.
HMRC’s service standard is to respond to 80% of CIS repayment claims for limited companies within 15 working days. The department has a plan in place to clear existing backlogs and return to meeting the service level agreement by January 2026.
Exchequer Secretary (HM Treasury)
HM Treasury Ministers also discuss a range of subjects with Ministers from all other departments, including the Department for Environment, Food and Rural Affairs.
Exchequer Secretary (HM Treasury)
HM Treasury Ministers also discuss a range of subjects with Ministers from all other departments, including the Department for Environment, Food and Rural Affairs.
Exchequer Secretary (HM Treasury)
The Chancellor is actively engaging with EU and G7 partners through regular discussions with G7 finance ministers to explore all viable legal avenues to make use of Russia’s sovereign assets for the benefit of Ukraine, in line with international law.
Separately, the Government is working hard to ensure that the proceeds from the sale of Chelsea Football Club are directed towards humanitarian causes in Ukraine as swiftly as possible. These proceeds are not sovereign Russian assets, but rather funds owned by a private entity (Fordstam Ltd), which is itself owned by a Designated Person under UK sanctions regulations – Mr Abramovich.
In common with all other frozen funds, the proceeds from the sale of Chelsea Football Club remain the property of the Designated Person. Agreement must be given by Fordstam Ltd for these funds to be transferred to a new independent charitable foundation for humanitarian assistance in Ukraine. To date, they have not provided this agreement.
While the door for negotiating an agreement remains open, the Government is fully prepared to pursue this matter through the courts if required.
Economic Secretary (HM Treasury)
HMRC do not publish individual level analysis of Income Tax brackets by (a) ethnicity or (b) nationality.
Exchequer Secretary (HM Treasury)
The Treasury receives correspondence across a wide variety of subjects including financial services. While we are not able to measure the number of complaints the department receives in relation to high-cost credit for business loans with interest rates payable of more than 40%, the volume of correspondence on the cost of credit in relation to business loans is generally low.
The Financial Ombudsman Service (FOS) publishes annual and quarterly insights into which areas are attracting most complaints. In its last quarterly publication, it noted that complaints about unaffordable lending had halved. That data-point does not, however, distinguish between household and commercial credit and the areas of topical complaints may change quarter on quarter. In the last five years, credit card related complaints to the FOS have been one of the top five areas of complaints, but business lending specifically is not a significant source of FOS disputes in comparison to household and personal credit.
The Bank of England’s ‘bankstats’ data provides insights into business and household credit, including the effective interest rates for SMEs on new and outstanding loans. The monthly average of UK resident banks’ sterling weighted loans for new advances to SMEs now stands at 6.35%, as of 31st August 2025, a figure that has tracked down as the base rate has fallen.
Economic Secretary (HM Treasury)
Landfill Tax was introduced in 1996 as a behavioural tax encouraging the diversion of material away from landfill to reuse and recycling. It has been a key driver behind local authority waste to landfill in England falling by 90% since 2000.
HMRC refunded landfill tax reclaimed by private landfill operators following the Waste Recycling Group Limited case in 2008. £147m related to daily cover and haul roads and £133m related to base and side fluff. Refunds ceased in 2013 and since then repayment claims totaling £3.9bn have been prevented as a result of successful litigation.
Exchequer Secretary (HM Treasury)
The Government publishes annual statistics on HMRC’s taxable benefits in kind for company cars and company car fuel. These reports document the number of benefit in kind recipients, the CO2 emissions of company cars and their total taxable value. The latest statistics for the tax year 2023-24 were published in June 2025, and are accessible here: https://www.gov.uk/government/statistics/benefits-in-kind-statistics-june-2025/benefit-in-kind-statistics-commentary-june-2025
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)
As of 14 October 2025, the National Wealth Fund has committed £7.5 billion to projects supporting the Government’s growth and clean energy missions, mobilising £16.2 billion in private finance. This is just over 25% of NWF’s £27.8 billion capitalisation.
The National Wealth Fund expects to commit the vast majority of its £27.8 billion financial capacity over the next five years.
Exchequer Secretary (HM Treasury)
This Government remains committed to supporting pensioners and giving them the dignity and security they deserve in retirement.
Through our commitment to protect the Triple Lock, over 12 million pensioners benefitted from a 4.1% increase to their basic or new State Pension in April 2025. Over the course of this Parliament, the full yearly rate of the new State Pension is expected to increase by around £1,900 based on the Office for Budget Responsibility’s latest forecast.
The Personal Allowance - the amount an individual can earn before paying tax - will continue to exceed the basic and full new State Pension in 2025/26. This means pensioners whose sole income is the full new State Pension or basic State Pension without any increments will not pay any income tax.
The Government keeps all taxes under review as part of the policy making process. The Chancellor will announce any changes to the tax system at fiscal events in the usual way.
Exchequer Secretary (HM Treasury)
The Government recognises the vital role Community Development Finance Institutions play in providing affordable credit to underserved consumers and businesses. To support this, in November 2024, the British Business Bank launched the Community ENABLE Funding (CEF) Programme, which aims to deploy £150 million over the next two years to ‘not for profit’ lenders, including CDFIs.
This will enable these organisations to provide enhanced support to consumers and businesses by broadening access to finance. In 2024, CDFIs and social banks lent £96.7 million to 364 social enterprises, with 67% of this lending directed to the UK’s most disadvantaged areas.
In July, my predecessor co-chaired a roundtable in July with Responsible Finance which was an important opportunity to discuss how banks and CDFIs can work together to improve access to affordable credit.
Several banks have already shown tangible support for CDFIs. For example, in 2023 NatWest provided £900,000 to the sector, with half distributed directly to households to help meet immediate needs during the cost-of-living crisis, and the remainder used to strengthen the sector’s capacity for future support. Similarly, Lloyds was announced as the lead investor in a new £62 million Community Investment Enterprise Fund, designed to help small businesses across England and Wales access finance through CDFIs, supporting local jobs and economic activity.
Furthermore, in recognition of the important role responsible credit can play for consumers, the Government’s forthcoming Financial Inclusion Strategy includes a focus on access to credit, among other priority issues, and will seek to ensure people have access to useful products and services for their needs.
Economic Secretary (HM Treasury)
The government recognises the role that credit unions play in providing savings and affordable loans to their members, serving local communities throughout the country. This is why the government is taking steps to ensure credit unions are fully supported to grow and scale into the future.
This includes exploring legislative reform to the credit union common bond, to ensure it remains fit for purpose. We launched a call for evidence at last year’s Mansion House on the potential reform, which closed in March this year.
Responses to the call for evidence are being carefully considered and the government will provide an update on this work in due course.
Economic Secretary (HM Treasury)
There are six credit unions in the UK currently offering mortgages.
Of these, two are headquartered in England, three in Scotland, and one in Northern Ireland.
Of those headquartered in England, one is located in the North West and one is located in London.
Depending on the credit union in question’s common bond type, these credit unions may serve members outside of their headquartered regions.
Credit union policy is devolved to Northern Ireland, and so legislation may differ.
Economic Secretary (HM Treasury)
The Government recognises the vital role financial services play in supporting millions of businesses across the UK, and believes all customers should be treated fairly by banks and have access to the financial services they need.
This is why the Government introduced new rules earlier this year to require banks to give customers 90 days' notice before closing accounts and provide a clear explanation. The Government’s new rules will ensure more transparent and predictable access to banking, while still recognising that it is a commercial decision for a provider as to whom they provide services for.
More widely, the Financial Conduct Authority (FCA) monitors banks regarding account openings and closures and has published reports looking at debanking. Beyond this, the Treasury has no plans to require banks to submit further information in this area.
Economic Secretary (HM Treasury)
The government recently created the National Infrastructure and Service Transformation Authority (NISTA) which will have an important role in supporting and monitoring major projects in the Government’s Major Projects Portfolio (GMPP).
NISTA provides expert advice and independent assurance on the GMPP and conducts regular deliverability assessments of major projects. Those assessments are published each year, most recently on 11 August 2025.
The increase in whole life cost of the GMPP portfolio reflects several new large high-cost projects joining and smaller projects successfully leaving the GMPP over the last year. By nature, GMPP projects and programmes are the longest, most complex and highest-cost projects, and therefore will inevitably experience challenges and hurdles. By being on the GMPP, these projects receive bespoke support, guidance and oversight which helps to set them on a path to success.
Chief Secretary to the Treasury
The Government monitors a wide range of indicators to assess the UK’s economic performance. Official economic forecasts and assessments of policy impacts are set out in the Office for Budget Responsibility’s (OBR) Economic and Fiscal Outlook documents, the most recent of which was published in March 2025. The next publication will be in November 2025, providing further assessment of the UK’s economic performance.
The Government recognises the pharmaceutical industry’s vital contribution to the UK economy through creating high-value jobs, driving innovation, and improving public health through access to effective treatments.
Chief Secretary to the Treasury
The UK imposes taxes based on individual’s residence status. Individuals who are resident in the UK are taxable on their income and gains that arise worldwide. Remitting funds outside of the UK is not generally considered to be a chargeable event for individuals. It should also be noted that funds being remitted will often have already been subject to UK tax, such as income tax, if funded from earnings.
Exchequer Secretary (HM Treasury)
HM Treasury is aware that, in particular, SMEs and startups operating in the defence sector face barriers to accessing finance and MOD contracts, which is why the recent Defence Industrial Strategy established a new Defence Office for Small Business Growth to improve access to finance, set up a dedicated SME Commercial Pathway, and set ambitious targets for increasing MOD spending with SMEs.
The recent deal with Norway worth £10bn is testament to the UK’s global competitiveness.
Chief Secretary to the Treasury
Mike Wood
(Conservative - Kingswinford and South Staffordshire)
The training showcased British expertise and standards in sustainable infrastructure, shared UK best practice in infrastructure planning, design, finance and delivery, demonstrating the quality and innovation of British approaches that are helping to drive growth and opportunity at home. By sharing proven UK standards, the event strengthened the UK's position as a trusted infrastructure partner whilst exploring opportunities for future collaboration that could benefit British businesses, expertise and economic interests.
Chief Secretary to the Treasury
HMRC takes the security of customer data extremely seriously. Its Systems Audit and Data Analyst (SADA) team have robust systems in place to monitor staff use of systems and to identify any unauthorised access.
When staff are inducted, HMRC gives them clear guidance and information on the use of corporate systems. There are clear processes and policies published that remind staff of their continuing obligations. HMRC also provides annual mandatory learning for all its staff on data security to remind them of their obligations.
HMRC take unauthorised access and the protection of customer data very seriously. When a case of unauthorised access is identified, it is automatically investigated as potential gross misconduct, which means it could lead to the employee’s dismissal (a single offence can result in dismissal).
Since 1st July 24 to 15th October 2025 there have 81 cases concluded with a case category of unauthorised access. This has resulted in:
22 resignations
52 dismissals
6 final written warning
1 first written warning
Exchequer Secretary (HM Treasury)
The Government has made clear its strong support for the credit union sector, recognising the value that credit unions bring to their members in local communities across the country in providing savings products and affordable credit.
HM Treasury is delivering on measures announced by the Chancellor in last year’s Mansion House speech, including: concluding a call for evidence on potential reforms to credit union common bonds, supporting the industry-led Mutual and Co-operative Sector Business Council, and commissioning the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) to publish a report on the mutuals landscape by the end of 2025.
The Government currently has no plans to develop a central finance facility for credit unions but continues to engage with the sector and the regulators, and will keep all issues, like central finance functions, under review.
Economic Secretary (HM Treasury)
The Government welcomes the work of the Bank of England to assess and monitor credit provision in the UK for households and businesses, through its bankstats releases and regular business surveys. The Government has no further plans in this area.
The Government is, however, committed to ensuring that access to finance is available across the UK and to tackle barriers where these exist. In recognition of this, in November 2024, the British Business Bank launched the Community ENABLE Funding (CEF) Programme, which aims to deploy £150 million over the next two years to ‘not for profit’ lenders, including Community Development Finance Institutions (CDFIs). In 2024, CDFIs and social banks lent £96.7 million to 364 social enterprises, with 67% of this lending directed to the UK’s most disadvantaged areas.
Furthermore, in recognition of the important role responsible credit can play for consumers, the Government’s forthcoming Financial Inclusion Strategy includes a focus on access to credit, among other priority issues, and will seek to ensure people have access to useful products and services for their needs.
Economic Secretary (HM Treasury)
The statement was based on independent analysis by the Office for Budget Responsibility. In 2020 the OBR forecast that GDP will be 4 per cent lower than it would have been had the UK not withdrawn from the EU. The OBR estimated that around two-fifths of the 4 per cent impact had already occurred by the time the EU-UK Trade and Cooperation Agreement came into force, that GDP would be 2.7 per cent lower by 2025, with the remaining reduction occurring by 2031.
In the OBR’s March 2024 Economic and Fiscal Outlook, they reaffirmed these assumptions were on track, and as of Spring 2025 these forecasts were unchanged.
Other independent studies are also consistent with this analysis, for example the National Institute of Economic and Social Research estimates that GDP will be 5 to 6 per cent lower as a result of Brexit.
Financial Secretary (HM Treasury)
HMRC is subject to the same parliamentary scrutiny mechanisms for its stewardship of public resources as other government departments, as set out in HM Treasury's Managing Public Money guidance, available at https://www.gov.uk/government/publications/managing-public-money.
This means the department’s annual report and accounts must be produced in line with the requirements set out by HM Treasury, audited by the Comptroller & Auditor General and laid in Parliament. In addition, HMRC's Accounting Officer is directly accountable to Parliament and regularly appears before the Committee of Public Accounts. HMRC is also subject to departmental scrutiny by the Treasury Committee.
Exchequer Secretary (HM Treasury)
The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and businesses, fixing the public finances, and funding public services. The reforms reduce the inheritance tax advantages available to owners of agricultural and business assets, but still mean those assets will be taxed at a much lower effective rate than most other assets. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992.
Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free.
Exchequer Secretary (HM Treasury)
The Permanent Secretary’s Office did not receive any requests to grant permission to attend any party conferences from HMT officials in 2025, in either an official or personal capacity.
Exchequer Secretary (HM Treasury)
Chief Secretary to the Treasury
The Winter Fuel Payment will be paid to those with total incomes below or equal to £35,000. This means those on lower and middle incomes will still receive the help they need and ensures fairness for both pensioners and taxpayers.
The standard definition of total taxable income applies. This includes any savings interest outside an ISA, even if the savings are under the Personal Savings Allowance
Other benefits have their own means tests, which take differing personal and financial circumstances into account to ensure support is appropriately targeted.
Parliamentary Secretary (HM Treasury)
HMRC have a statutory duty of confidentiality to protect information held about taxpayers, so that such information is not passed to unauthorised parties. HMRC’s ability to disclose information held about taxpayers is restricted by the Commissioners for Revenue and Customs Act 2005 (CRCA). Section 18 of CRCA makes clear that HMRC must not disclose information to anyone, unless they have lawful authority to do so. As such HMRC are unable to provide details of any customers’ tax settlements with MPs.
Exchequer Secretary (HM Treasury)
Pool Reinsurance, or Pool Re, was created to ensure the effective functioning of the UK’s terrorism insurance market. The government do not have any plans to extend Pool Re’s remit to include further cyber-related risks.
Economic Secretary (HM Treasury)
HMT has not run any recruitment or internship schemes specifically aimed at increasing the number of people from underrepresented groups.
HMT has participated in some cross-government internship schemes such as the Cabinet Office run Summer Intern Placement (SIP), Autism Exchange Internship Placement and the Department of Work and Pensions’ Movement to Work Scheme.
Exchequer Secretary (HM Treasury)
Blake Stephenson
(Conservative - Mid Bedfordshire)
HM Revenue and Customs (HMRC) does not hold data on the immigration status of taxpayers.
Exchequer Secretary (HM Treasury)
Blake Stephenson
(Conservative - Mid Bedfordshire)
HM Revenue and Customs (HMRC) does not hold data on the immigration status of taxpayers.
Exchequer Secretary (HM Treasury)
The Government recently consulted on proposals for reform of Landfill Tax to ensure the regime remains effective in encouraging waste to be diverted away from landfill and to support our environmental goals. As part of the consultation, the Government has received a wide range of views from stakeholders, including representatives from the construction sector. The consultation closed on 28 July, and the government is considering responses and will set out next steps, including a summary of responses, in due course.
This government is committed to delivering 1.5 million homes over 5 years as set out in the Plan for Change, and any final proposals will be designed to maintain the environmental effectiveness of the tax while supporting these plans.
Exchequer Secretary (HM Treasury)