HM Treasury
HM Treasury is the government’s economic and finance ministry, maintaining control over public spending, setting the direction of the UK’s economic policy and working to achieve strong and sustainable economic growth.
Shadow Ministers / Spokeperson
Liberal Democrat
Baroness Kramer (LD - Life peer)Liberal Democrat Lords Spokesperson (Treasury and Economy)
Daisy Cooper (LD - St Albans)
Liberal Democrat Spokesperson (Treasury)
Conservative
Mel Stride (Con - Central Devon)Shadow Chancellor of the Exchequer
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Lord Altrincham (Con - Excepted Hereditary)Shadow Minister (Treasury)
Richard Fuller (Con - North Bedfordshire)
Shadow Chief Secretary to the Treasury
Gareth Davies (Con - Grantham and Bourne)
Shadow Financial Secretary (Treasury)
Baroness Neville-Rolfe (Con - Life peer)
Shadow Minister (Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
James Wild (Con - North West Norfolk)Shadow Exchequer Secretary (Treasury)
Mark Garnier (Con - Wyre Forest)
Shadow Economic Secretary (Treasury)
Ministers of State
Darren Jones (Lab - Bristol North West)Chief Secretary to the Treasury
Lord Livermore (Lab - Life peer)
Financial Secretary (HM Treasury)
Baroness Gustafsson (Lab - Life peer)
Minister of State (HM Treasury)
Parliamentary Under-Secretaries of State
James Murray (LAB - Ealing North)Exchequer Secretary (HM Treasury)
Emma Reynolds (Lab - Wycombe)
Economic Secretary (HM Treasury)
Torsten Bell (Lab - Swansea West)
Parliamentary Secretary (HM Treasury)
12:00
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
To ask the Chancellor of the Exchequer, whether she plans to differentiate between small family businesses and major corporations for …
These Regulations provide an exemption from all stamp duties on the transfer of a PISCES share in connection with trading …
A Bill to Authorise the use of resources for the years ending with 31 March 2024, 31 March 2025 and …
HM Treasury Commons Appearances
Oral Answers to Questions is a regularly scheduled appearance where the Secretary of State and junior minister will answer at the Dispatch Box questions from backbench MPs
Other Commons Chamber appearances can be:- Urgent Questions where the Speaker has selected a question to which a Minister must reply that day
- Adjornment Debates a 30 minute debate attended by a Minister that concludes the day in Parliament.
- Oral Statements informing the Commons of a significant development, where backbench MP's can then question the Minister making the statement.
Westminster Hall debates are performed in response to backbench MPs or e-petitions asking for a Minister to address a detailed issue
Written Statements are made when a current event is not sufficiently significant to require an Oral Statement, but the House is required to be informed.
Bills currently before Parliament
HM Treasury does not have Bills currently before Parliament
Acts of Parliament created in the 2024 Parliament
A Bill to 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).
(1,714 in the last 7 days)
(1,264 in the last 7 days)
(82 in the last 7 days)
(1,714 in the last 7 days)
(14 in the last 7 days)
(1,264 in the last 7 days)
(43 in the last 7 days)
c. 1,328 added daily
270,217
(Estimated)
Raise the income tax personal allowance from £12,570 to £20,000
Sign this petition Gov Responded - 20 Feb 2025 Debated on - 12 May 2025closes in 4 days, 7 hours
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 1 month 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 1 week, 6 days 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
Spending Review 2025
17 Jun 2025, 9:45 a.m.
At 10:15am: Oral evidence
Helen Miller - Deputy Director at Institute for Fiscal Studies
Dr Gemma Tetlow - Chief Economist at Institute for Government
Dr Paolo Surico - Professor of Economics at London Business School
View calendar - Save to Calendar
Treasury Committee - Oral evidence
National Wealth Fund
18 Jun 2025, 2 p.m.
At 2:15pm: Oral evidence
Chaitanaya Kumar - Acting Head of Economic and Environmental Policy at New Economics Foundation
Professor Neil Lee - Professor of Economic Geography at London School of Economics
Pranesh Narayanan - Research Fellow at Institute for Public Policy Research (IPPR)
At 3:15pm: Oral evidence
Darren Davidson - Vice President at Siemens Energy UK&I and Siemens Gamesa UK
James Earl - Chief Executive at Future Energy Networks
Mark Thomas - Chief Executive Officer at First Light Fusion
At 3:45pm: Oral evidence
Phil Chambers - Chief Executive Officer at Orbex
Shaun Spiers - Executive Director at Green Alliance
Dr Martin Turner - Director of Policy and External Affairs at UK BioIndustry Association
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Treasury Committee - Oral evidence
National Wealth Fund
18 Jun 2025, 2 p.m.
At 2:15pm: Oral evidence
Professor Neil Lee - Professor of Economic Geography at London School of Economics
Pranesh Narayanan - Research Fellow at Institute for Public Policy Research (IPPR)
At 3:15pm: Oral evidence
Darren Davidson - Vice President at Siemens Energy UK&I and Siemens Gamesa UK
James Earl - Chief Executive at Future Energy Networks
Mark Thomas - Chief Executive Officer at First Light Fusion
At 3:45pm: Oral evidence
Phil Chambers - Chief Executive Officer at Orbex
Shaun Spiers - Executive Director at Green Alliance
Dr Martin Turner - Director of Policy and External Affairs at UK BioIndustry Association
View calendar - Save to Calendar
Treasury Committee - Oral evidence
National Wealth Fund
18 Jun 2025, 2 p.m.
At 2:15pm: Oral evidence
Chaitanya Kumar - Acting Head of Economic and Environmental Policy at New Economics Foundation
Professor Neil Lee - Professor of Economic Geography at London School of Economics
Pranesh Narayanan - Research Fellow at Institute for Public Policy Research (IPPR)
At 3:15pm: Oral evidence
Darren Davidson - Vice President at Siemens Energy UK&I and Siemens Gamesa UK
James Earl - Chief Executive at Future Energy Networks
Mark Thomas - Chief Executive Officer at First Light Fusion
At 3:45pm: Oral evidence
Phil Chambers - Chief Executive Officer at Orbex
Shaun Spiers - Executive Director at Green Alliance
Dr Martin Turner - Director of Policy and External Affairs at UK BioIndustry Association
View calendar - Save to Calendar
Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)The Barnett formula is applied when departmental budgets change – not when departments announce how they are spending their budgets.
When changes to the Department for Education’s budget were confirmed at Spending Review 2025 on 11 June, the Barnett formula was applied in the usual way.
The published Block Grant Transparency document provides a detailed breakdown of how the block grants are calculated and the next version will be published in due course.
Chief Secretary to the Treasury
Any changes to local government spending as a result of local government reorganisation will be reflected in the OBR forecast via estimates of local authority self-financed expenditure, with associated impacts on overall fiscal metrics, including public sector net borrowing (PSNB). Any central government funding for restructuring would be allocated within departmental budgets in the usual way.
Chief Secretary to the Treasury
Mike Wood
(Conservative - Kingswinford and South Staffordshire)
Detail on arrangements for Parliamentary accountability and governance of government companies and public corporations are set out in Annex 7.3 of Managing Public Money.
The precise arrangements will vary from body to body, but will be set out in each body’s framework document, or equivalent, which describes the governance arrangements between the body and its sponsor government department. Framework documents are published on GOV.UK, along with guidance on their use and standard templates for each type of body: https://www.gov.uk/government/collections/framework-documents-collection
In general, accountability to Parliament will be via the ministers of a public corporation’s sponsor department and, if that body is subject to the rules set out in Managing Public Money, through the public corporation’s accounting officer or accountable person.
Private companies owned by the Government, where they do not meet the classification standards for a public corporation, are instead classified by the ONS as part of central government. They are financially consolidated into their sponsor department and accountable to Parliament in the same manner as any other non-departmental public body.
Ministers of a central government company’s sponsor department are responsible for the body in the house; and the most senior executive in the company as an Accounting Officer is directly accountable to Parliament via the Public Accounts Committee for the use of public funds.
Public corporation status is formally determined by the Office for National Statistics on the basis of international economic statistical standards. Public corporations are generally self-funding and do not normally receive funding voted by Parliament. This category covers a significant range of bodies with differing levels of government control and not all bodies classified as public corporations are owned by the Government. They are subject to levels of control deemed appropriate by the relevant sponsor department, agreed via their framework document, and approved by the Treasury.
Chief Secretary to the Treasury
The Government recognises the important role that independent advice services play in supporting individuals.
For example, DWP provide grant funding to Citizens Advice, who deliver Help to Claim support for customers to apply for Universal Credit. Help to Claim reduces the number of Universal Credit benefit queries DWP receive and enables work coaches to focus on work related activities.
In addition, the Money and Pensions Service, which is sponsored by DWP, continues to provide impartial, free money and pensions guidance directly to consumers.
DWP assesses the impacts from its investments, including public services efficiencies, in line with standard Treasury guidance.
Chief Secretary to the Treasury
Tax-Free Childcare (TFC) provides parents with financial support with the aim of allowing parents to work and earn more. It enables parents access funding of up to £2,000 per child for children up to 11 years-old (16 and up to £4,000 if the child is disabled). In addition to this, TFC caters to self-employed parents, and parents that work irregular hours and may be unable to access traditional childcare provisions.
Since its introduction in 2017, take-up of TFC has consistently increased. For the Financial Year 2024-25, approximately 826,000 families used TFC for 1,085,000 children. In March 2025, 580,000 families used TFC for 709,000 children, higher than any previous month since TFC began.
Chief Secretary to the Treasury
The UK provides world-leading support for orchestras: at Autumn Budget 2024, the Government confirmed that from 1 April 2025, the rate of Orchestra Tax Relief (OTR) will be set at the generous rate of 45%.
From April 2024, qualifying expenditure is expenditure incurred on goods or services that are ‘used or consumed in the UK’, replacing the previous rule that qualifying costs were those incurred on goods and services provided from the UK or EEA. To ease the transition to the new rule, orchestras with concerts in train on 1 April 2024 were permitted to continue claiming relief on goods and services provided from within the EEA until 31 March 2025.
It is appropriate to refocus orchestra tax relief on UK expenditure now that the UK has left the EU. Under the new rule, the relief incentivises activity within the UK, rather than the UK and the EEA. This does not prevent qualifying productions from touring in the EEA (nor elsewhere).
As with all tax policy changes, a Tax Information and Impact Note was published in 2023 which can be found here: Administrative changes to the creative industry tax reliefs - GOV.UK.
Exchequer Secretary (HM Treasury)
HMRC is responsible for managing the tax system and is required by law to collect tax due. It must apply the law correctly and individuals are responsible for their own tax affairs.
Where individuals find themselves with unexpected tax bills as a result of taking bad advice from a third party on an investments scheme, this does not mitigate any tax that is legally due.
HMRC works with individuals to understand the facts of each case and only pursues tax where there is a genuine tax liability. It tailors its approach to individual circumstances and takes a supportive and proportionate approach to recovering tax due, including offering ‘Time to Pay’ instalment arrangements where appropriate, and providing extra support for customer who need it.
Exchequer Secretary (HM Treasury)
VAT is a broad-based tax on consumption and the 20 per cent standard rate applies to most goods and services. VAT is the UK’s second largest tax, forecast to raise £180.4 billion in 2025/26. Taxation is a vital source of revenue that helps to fund vital public services.
The Department for Culture, Media and Sport administers the Listed Places of Worship Grant Scheme. This provides grants towards VAT paid on repairs and maintenance to the nation's listed places of worship.
Exchequer Secretary (HM Treasury)
The Government provides support through the tax system to small businesses in a range of ways.
The Small Profits Rate and taper rate mean almost 70% of actively trading companies are taxed at a rate of 19%, with only 10% of businesses paying the full 25%.
Within National Insurance, the Government has protected the smallest businesses by increasing the Employment Allowance from £5,000 to £10,500, which means that 865,000 employers will pay no employer NICs at all this year.
The Government also increased the Small Employer Compensation rate, which compensates small employers for the additional costs of paying National Insurance when employees receive statutory payments (e.g. Statutory Maternity Pay).
At £90,000, the UK has a higher VAT registration threshold than any EU country and the joint highest in the OECD. This keeps the majority of businesses out of the VAT regime altogether
Small Business Rate Relief (SBRR) is available to businesses with a single property below a set rateable value. Eligible properties under £12,000 will receive 100 per cent relief, which means over a third of businesses in England (more than 700,000) pay no business rates at all. There is also tapered support available to properties valued between £12,000 and £15,000, which an additional c.60,000 businesses benefit from.
Exchequer Secretary (HM Treasury)
HMRC hold information on the amounts paid by employers to employees for Statutory Parental Pay, but do not hold this for additional ‘occupational’ pay offered by employers.
The table below shows the amounts paid for statutory pay in 2023/24 (the latest complete year available).
| Value of Employee Claims (£Million) |
Statutory Maternity Pay | 3,338.3 |
Statutory Paternity Pay | 69.0 |
Statutory Adoption Pay | 25.1 |
|
Notes:
1) Data collected using HMRC Real Time Information (RTI) and extracted in December 2024. RTI is subject to revision or updates.
2) Total value of claims rounded to nearest £100,000.
Exchequer Secretary (HM Treasury)
The UK Government is responsible for heavy rail infrastructure across England and Wales so spends money on this in Wales rather than funding the Welsh Government to do so through the Barnett formula. This approach applies to investment in heavy rail by the Department for Transport, including HS2 and East-West Rail, and is consistent with the funding arrangements for all other policy areas reserved in Wales as set out in the Statement of Funding Policy.
We are aware of a potential error, originating in Spending Review 2021, with the Department for Transport comparability factor used to calculate Barnett consequentials for the devolved governments at spending reviews. HM Treasury will work through the impact of this potential error ahead of the next Statement of Funding Policy publication.
Chief Secretary to the Treasury
Spending Review 2025 (SR25) delivers for businesses UK-wide, including across Wales. Public finance institutions will work in collaboration with the devolved governments and local stakeholders to invest in businesses and technologies, and drive growth across all the nations of the UK. The British Business Bank, National Wealth Fund, and Great British Energy are already investing in businesses across Scotland, Wales and Northern Ireland.
The government is due to publish its modern Industrial Strategy setting out how the government will accelerate growth in eight growth-driving sectors and strengthen economic resilience across the UK.
The growth-driving sectors – advanced manufacturing, clean energy industries, creative industries, defence, digital and technologies, financial services, life sciences, and professional and business services – are active across the regions and nations, each with their own specialisms. Supporting the success of these sectors, and the places where they are based, will be crucial in delivering high-quality jobs, new opportunities and higher living standards across the whole country.
Further detail on what SR25 delivers for businesses across the UK can be found at: Spending Review 2025 document - GOV.UK
Chief Secretary to the Treasury
The Government wants more pensioners to benefit from Winter Fuel Payments. The £35,000 threshold means that the vast majority of pensions - more than three quarters and around 9 million individuals - will benefit from a Winter Fuel Payment. The threshold is also broadly in line with average earnings. This change also ensures that the means-testing of winter fuel payments has no effect on pensioner poverty.
Restricting Winter Fuel Payments to those with incomes below or equal to £35,000 means those on lower and middle incomes will still receive the help they need and ensures fairness for both pensioners and taxpayers.
Parliamentary Secretary (HM Treasury)
Energy levies support vital investment to secure the UK’s electricity system with homegrown, clean power. Through public and private investment, the Government is protecting billpayers from volatile international fossil fuel markets.
To help those that most need it, the Warm Home Discount provides a £150 discount off electricity bills to around 3 million households. The government has consulted on expanding the scheme to around 6 million households in total for winter 2025/26 and will respond to the consultation in due course.
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, and fixing the public finances. 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.
A “clawback” would mean inheritance tax would only be due if the relevant assets are sold within a specified time period after a death. Introducing this mechanism, as some have suggested, could mean some of the wealthiest estates pay less inheritance tax compared to the proposed reforms. The Government disagrees with suggestions that a clawback would raise the same revenue as the reforms being introduced from 6 April 2026; it would raise much less, which would mean raising taxes elsewhere or lowering public spending. It would also add complexity to the tax system and continue to attract the very wealthiest to tax plan since beneficiaries could hold onto the assets over the specified clawback period just to escape the tax.
In accordance with standard practice, the Government does not publish internal modelling of alternative tax proposals that are not Government policy.
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, and fixing the public finances. 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.
A “clawback” would mean inheritance tax would only be due if the relevant assets are sold within a specified time period after a death. Introducing this mechanism, as some have suggested, could mean some of the wealthiest estates pay less inheritance tax compared to the proposed reforms. The Government disagrees with suggestions that a clawback would raise the same revenue as the reforms being introduced from 6 April 2026; it would raise much less, which would mean raising taxes elsewhere or lowering public spending. It would also add complexity to the tax system and continue to attract the very wealthiest to tax plan since beneficiaries could hold onto the assets over the specified clawback period just to escape the tax.
In accordance with standard practice, the Government does not publish internal modelling of alternative tax proposals that are not Government policy.
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, and fixing the public finances. 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.
A “clawback” would mean inheritance tax would only be due if the relevant assets are sold within a specified time period after a death. Introducing this mechanism, as some have suggested, could mean some of the wealthiest estates pay less inheritance tax compared to the proposed reforms. The Government disagrees with suggestions that a clawback would raise the same revenue as the reforms being introduced from 6 April 2026; it would raise much less, which would mean raising taxes elsewhere or lowering public spending. It would also add complexity to the tax system and continue to attract the very wealthiest to tax plan since beneficiaries could hold onto the assets over the specified clawback period just to escape the tax.
In accordance with standard practice, the Government does not publish internal modelling of alternative tax proposals that are not Government policy.
Exchequer Secretary (HM Treasury)
Stephen Gethins
(Scottish National Party - Arbroath and Broughty Ferry)
The rules governing the Financial Services Compensation Scheme (FSCS) for consumers of failed authorised firms, including where those consumers have been the victims of fraud, are set by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). They are set out in the PRA Rulebook and FCA Handbook within the framework set by Parliament. It is for the FSCS to assess individual claims and provide appropriate compensation in line with those rules and depending on the circumstances of the claim and the regulated activity involved.
Economic Secretary (HM Treasury)
The Government understands the importance of face-to-face banking to communities and high streets in market towns and across the UK, and is committed to championing sufficient access for all as a priority. This is why the Government is working closely with industry to roll out 350 banking hubs across the UK. The UK banking sector has committed to deliver these hubs by the end of this Parliament. Over 230 hubs have been announced so far, and over 160 are already open.
Where a branch closure is announced or a community has submitted a cash access assessment request, LINK, the independent industry coordinating body responsible for making access to cash assessments, assesses a community’s access to cash needs. LINK will recommend appropriate solutions where it considers that a community requires additional cash services, such as a banking hub or deposit service.
The Financial Conduct Authority (FCA) rules require LINK to consider a range of factors in their assessments which will account for challenges in cash access faced by market towns. For example, firms are required to consider the actual travel times and costs to reach cash access facilities and identify gaps in provision where these are unreasonable, which may be particularly the case in rural areas.
LINK also takes into account local population demographics and levels of vulnerability within the community. The criteria also assess whether there is likely to be seasonal demand for cash, which may be the case in certain market towns. These considerations help to ensure the specific needs of a community are assessed.
Any decisions on changes to LINK’s independent assessment criteria are a matter for LINK and the financial services sector.
Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking, and via the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK.
Economic Secretary (HM Treasury)
The Office for Budget Responsibility (OBR) is the government’s official independent forecaster. The OBR’s independent scrutiny, via its economic and fiscal forecasts, underpins the credibility of the government’s fiscal policy. That is why on coming into office, one of the first bills this Government passed was the ‘fiscal lock’ to ensure that no future government can sideline the OBR.
Economic Secretary (HM Treasury)
Protecting the public and businesses from fraud requires a unified and co-ordinated response from government, law enforcement and industry. The Government committed in its manifesto to introduce an expanded Fraud Strategy, and will set out further details in due course.
To better protect consumers from fraud, in October 2024 the Payment Systems Regulator (PSR) introduced a mandatory reimbursement requirement for authorised push payment (APP) scams, which may include investment scams, that take place over the Faster Payments System. This regime requires all Payment Service Providers in scope to reimburse victims of APP scams up to the value of £85,000. The PSR has noted that in the first three months of the regime, 86% of money lost to APP scams was returned to victims.
Economic Secretary (HM Treasury)
The UK is committed to working with international financial institutions to address country debt vulnerabilities in a timely and coordinated way, providing swift debt treatments where required.
We progress this work through international fora and mechanisms, including the G20, Paris Club, IMF and World Bank Boards, and the Global Sovereign Debt Roundtable (GSDR).
Through the GSDR – jointly convened by the IMF, World Bank and G20 Presidency – we have engaged closely with newer official creditors, private creditors and debtor countries, and discussions have helped to strengthen collaboration and build greater common understanding on debt issues, including the G20 Common Framework.
We fully support the World Bank and IMF’s ‘three pillars’ approach to countries facing liquidity (i.e. short-term payment) challenges. We are pushing the Bank and Fund to accelerate the roll-out in pilot countries and using our voice to encourage others to support
We are also actively engaging in the review of the IMF and World Bank’s Debt Sustainability Framework, pushing for more detailed incorporation of longer-term climate and nature risks and investments.
Economic Secretary (HM Treasury)
HM Treasury does not prepare forecasts for the UK economy. These forecasts, including assessments of the impact of policy decisions on UK household consumption, are the responsibility of the independent Office for Budget Responsibility (OBR).
The OBR does not typically publish estimates of the impact of individual policies on household consumption. Instead, the net effect of the government’s policy package is assessed by the OBR.
HM Treasury considers household consumption and retail sales data published by the Official for National Statistics as part of its ongoing monitoring of the economy. According to the ONS’s First Quarterly estimate, UK household consumption grew by 0.2% in Q1 2025.
Economic Secretary (HM Treasury)
In May 2025, the government delivered legislation to establish the Private Intermittent Securities and Capital Exchange System (PISCES). An impact assessment was published alongside it.
The Financial Conduct Authority (FCA) published their rules underpinning PISCES on 10 June 2025. This finalises the regulatory framework. Those wishing to operate a PISCES platform can now apply to the FCA.
Economic Secretary (HM Treasury)
I refer the hon member to the answer contained in PQ UIN 56497.
Economic Secretary (HM Treasury)
This government is committed to improving the quality and sustainability of our housing stock, through improvements such as low carbon heating, insulation, solar panels and batteries. We are funding the Warm Homes Plan with a total of £13.2 billion across the Parliament, including Barnett consequentials and £5 billion of financial transactions.
Installations of qualifying energy-saving materials, including solar panels, in residential accommodation and buildings used solely for a charitable purpose benefit from a temporary VAT zero rate until March 2027, after which they will revert to the reduced rate of VAT at five per cent. This support is worth over £1 billion.
From April 2017 the tax and employer National Insurance advantages of optional remuneration arrangements (OpRAs) have been removed, with a handful of exemptions.
Extending the list of exemptions would have a fiscal cost and would be of greatest benefit to those paying higher rates of tax while low-earning individuals with income below the Personal Allowance or the higher rate threshold would benefit less or not at all.
Exchequer Secretary (HM Treasury)
Moving the VOA’s functions into HMRC will strengthen direct accountability to Ministers, helping to improve the experience of taxpayers and businesses and support the delivery of the government's commitments to reform business rates and modernise the tax system.
The Valuation Office Agency has a legal responsibility to provide independent and impartial advice on property valuations based on appropriate evidence and methodology. It does this using internationally recognised valuation approaches for property taxation. It will continue to do this following the merger with HMRC.
Exchequer Secretary (HM Treasury)
Data on the amount of business rates collected for 2023-24, which is the more recent publicly available data, is published by the Ministry of Housing, Communities and Local Government (MHCLG) online here. Table 9 contains data at the local authority level:
HMRC publish total Corporation Tax (CT) receipts online here: https://www.gov.uk/government/statistics/corporation-tax-statistics-2024. HMRC do not hold data on the amount of CT paid by companies in individual parliamentary constituencies.
Exchequer Secretary (HM Treasury)
We do not currently operate any of the systems listed in the question. At any point in time, there is likely to be a small number of individuals who have been displaced due to restructures within their business units or, for example, have returned from a loan from another department and their role no longer exists. The exact number changes on a day-to-day basis, and these people are still actively working on temporary and priority projects.
Exchequer Secretary (HM Treasury)
There are no plans to commission a review into the Financial Conduct Authority (FCA) related to qualifying recognised overseas pension schemes (QROPS).
A QROPS is the name for any pension scheme located outside the UK which meets the criteria to receive transfers of UK tax relieved pension savings.
Those overseas schemes are required to be regulated by a pensions regulator in the overseas country where they are established in order for them to receive UK tax relieved pensions.
Parliamentary Secretary (HM Treasury)
HMRC receives information from banks and building societies about the savings and investment income they have paid to their customers. Where possible, HMRC will match this information to a taxpayer’s record, and calculate any Income Tax due. If necessary, they will adjust the taxpayer’s tax code and send them an adjusted tax code notice. Guidance on Gov.uk sets out HMRC’s process to collect tax where an individual exceeds their allowance, settled either through Self-Assessment or adjustments to their tax code for Pay As You Earn customers.
A combination of several allowances means that around 85% of people with savings income pay no tax on their savings income.
Requiring banks and building societies to return to the system of deducting basic rate tax from interest would result in millions of savers being overcharged tax and needing to reclaim it from HMRC to benefit from their savings allowances.
The Government keeps all aspects of savings and tax policy under review
Economic Secretary (HM Treasury)
HMRC receives information from banks and building societies about the savings and investment income they have paid to their customers. Where possible, HMRC will match this information to a taxpayer’s record, and calculate any Income Tax due. If necessary, they will adjust the taxpayer’s tax code and send them an adjusted tax code notice. Guidance on Gov.uk sets out HMRC’s process to collect tax where an individual exceeds their allowance, settled either through Self-Assessment or adjustments to their tax code for Pay As You Earn customers.
A combination of several allowances means that around 85% of people with savings income pay no tax on their savings income.
Requiring banks and building societies to return to the system of deducting basic rate tax from interest would result in millions of savers being overcharged tax and needing to reclaim it from HMRC to benefit from their savings allowances.
The Government keeps all aspects of savings and tax policy under review
Economic Secretary (HM Treasury)
All of our contract opportunities are publicly available through Contracts Finder and/or Find A Tender Service and are available to any economic operator that is able to meet the requirements of the procurement in compliance with the Public Contracts Regulations 2015.
Exchequer Secretary (HM Treasury)
HMRC are currently working on delivering a secure digital communications route for customers and their intermediaries to exchange documents and written communications with HMRC.
Exchequer Secretary (HM Treasury)
This Government remains committed to supporting pensioners and giving them the dignity and security they deserve in retirement.
On 9 June the Government announced that, from this winter 2025-26, Winter Fuel Payment eligibility will be expanded in England and Wales. Pensioners with incomes below or equal to £35,000 will benefit from a Winter Fuel Payment. This will mean that the vast majority of pensioners over three quarters, or 9 million—will benefit from a Winter Fuel Payment. This change ensures that the means-testing of winter fuel payments has no effect on pensioner poverty.
Through our commitment to protect the Triple Lock around 26,000 pensioners in South Holland and the Deepings constituency 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.
Support available beyond the State Pension includes: free eye tests; NHS prescriptions; and free bus passes. Some pensioners may also qualify for means tested benefits including Pension Credit and Housing Benefit.
Exchequer Secretary (HM Treasury)
The Government is consulting on proposals to simplify the current gambling tax system by merging the three current taxes that cover remote (including online) gambling into one.
If any changes are made to gambling duties at a future Budget following the consultation, they will be accompanied by a Tax Information and Impact Note which will set out the expected impacts.
Exchequer Secretary (HM Treasury)
The Barnett formula is applied when departmental budgets change – not when departments announce how they are spending their budgets.
When changes to the Department for Transport’s budget are confirmed at Spending Review 2025 on 11 June, the Barnett formula will be applied in the usual way.
The published Block Grant Transparency document provides a detailed breakdown of how the block grants are calculated and the next version will be published in due course.
Chief Secretary to the Treasury
In February this year, the Prime Minister announced that NATO qualifying defence spending will increase to 2.5% GDP by 2027-28. It will be fully funded by reducing Official Development Assistance (ODA) from 0.5% to 0.3% GNI by the same year. Further details of cash terms savings from reducing ODA can be found in the Spring Statement 2025 document here:
CP1298 – Spring Statement 2025
Individual departmental budgets will be confirmed at the conclusion of the spending review on 11 June.
Chief Secretary to the Treasury
Decisions on eligibility for Covid-19 financial support were taken by the previous Government.
The previous Government decided to provide support through the Self-Employment Income Support Scheme (SEISS) based on two principles: a) targeting support at those who needed it most; and b) guarding against error, fraud and abuse, whilst reaching as many individuals as possible.
People may have been eligible for the other elements of the financial support provided by the Government, including the welfare system. This package included Restart Grants, the Recovery Loan scheme, business rates relief, and other business support schemes.
The previous Government evaluated the COVID-19 labour market support schemes. These were published in 2023 and can be found on Gov.uk. The Government will continue to learn lessons through formal evaluations and reports by independent bodies, such the National Audit Office, and through the work of the UK COVID-19 Public Inquiry.
Chief Secretary to the Treasury
In February this year, the Prime Minister announced that NATO qualifying defence spending will increase to 2.5% GDP by 2027-28. It will be fully funded by reducing Official Development Assistance (ODA) from 0.5% to 0.3% GNI by the same year. Further details of cash terms savings from reducing ODA can be found in the Spring Statement 2025 document here:
CP1298 – Spring Statement 2025
Individual departmental budgets will be confirmed at the conclusion of the spending review on 11 June.
Chief Secretary to the Treasury
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer National Insurance contributions (NICs). The TIIN sets out the impact of the policy on the exchequer, the economic impacts of the policy, and the impacts on individuals, businesses, and civil society organisations, as well as an overview of the equality impacts.
The Government decided to protect the smallest businesses from these changes by increasing the Employment Allowance from £5,000 to £10,500. This means that this year, 865,000 employers will pay no NICs at all, and more than half of all employers will either gain or will see no change.
While retail, hospitality and leisure are devolved responsibilities, the UK Government is committed to supporting the Welsh tourism and hospitality sectors. In February, the Government announced a £15 million investment for Venue Cymru and the Newport Transporter Bridge. These are two key projects that will help boost the tourism and culture sectors in Wales.
Exchequer Secretary (HM Treasury)
Pay for most public sector workforces is set based upon recommendations produced by respective independent Pay Review Bodies (PRBs). The PRBs consider a range of evidence when forming their recommendations, including the need to recruit, retain and motivate suitably able and qualified people; the financial circumstances of Government; the Government's policies for improving public services; and the Government's inflation target.
The last government neglected public sector pay for 14 years, leaving public services unable to recruit and keep the staff they need. That is why going forward, we want to make sure our public services can attract and keep the talent they need, as to ensure that those services provide a firm foundation for economic growth.
As part of achieving this, every 2025/26 pay award announced by the Government to date is above forecast inflation over the 2025/26 pay year, delivering another real-terms pay rise on top of the one the Government provided for 2024/25.
Furthermore, this Government remains committed to the independent Pay Review Body process as the established mechanism for determining pay uplifts for most public sector workers. It has operated for over four decades, provides independent advice and is a neutral process in which all parties play a role; which the unions campaigned to establish in the first place.
However, we recognise that faith in the Pay Review Body process had fallen in recent years, and so we are committed to bringing pay awards earlier in the pay year. That is why this Government announced pay awards for many workforces over two months earlier than last year. Additionally, we will be remitting PRBs for the next pay round shortly to put an end to pay awards being delivered late, ensuring that our valued public sector workers receive pay awards closer to the start of the pay year.
Chief Secretary to the Treasury
Pay for most public sector workforces is set based upon recommendations produced by respective independent Pay Review Bodies (PRBs). The PRBs consider a range of evidence when forming their recommendations, including the need to recruit, retain and motivate suitably able and qualified people; the financial circumstances of Government; the Government's policies for improving public services; and the Government's inflation target.
The last government neglected public sector pay for 14 years, leaving public services unable to recruit and keep the staff they need. That is why going forward, we want to make sure our public services can attract and keep the talent they need, as to ensure that those services provide a firm foundation for economic growth.
As part of achieving this, every 2025/26 pay award announced by the Government to date is above forecast inflation over the 2025/26 pay year, delivering another real-terms pay rise on top of the one the Government provided for 2024/25.
Furthermore, this Government remains committed to the independent Pay Review Body process as the established mechanism for determining pay uplifts for most public sector workers. It has operated for over four decades, provides independent advice and is a neutral process in which all parties play a role; which the unions campaigned to establish in the first place.
However, we recognise that faith in the Pay Review Body process had fallen in recent years, and so we are committed to bringing pay awards earlier in the pay year. That is why this Government announced pay awards for many workforces over two months earlier than last year. Additionally, we will be remitting PRBs for the next pay round shortly to put an end to pay awards being delivered late, ensuring that our valued public sector workers receive pay awards closer to the start of the pay year.
Chief Secretary to the Treasury
Pay for most public sector workforces is set based upon recommendations produced by respective independent Pay Review Bodies (PRBs). The PRBs consider a range of evidence when forming their recommendations, including the need to recruit, retain and motivate suitably able and qualified people; the financial circumstances of Government; the Government's policies for improving public services; and the Government's inflation target.
The last government neglected public sector pay for 14 years, leaving public services unable to recruit and keep the staff they need. That is why going forward, we want to make sure our public services can attract and keep the talent they need, as to ensure that those services provide a firm foundation for economic growth.
As part of achieving this, every 2025/26 pay award announced by the Government to date is above forecast inflation over the 2025/26 pay year, delivering another real-terms pay rise on top of the one the Government provided for 2024/25.
Furthermore, this Government remains committed to the independent Pay Review Body process as the established mechanism for determining pay uplifts for most public sector workers. It has operated for over four decades, provides independent advice and is a neutral process in which all parties play a role; which the unions campaigned to establish in the first place.
However, we recognise that faith in the Pay Review Body process had fallen in recent years, and so we are committed to bringing pay awards earlier in the pay year. That is why this Government announced pay awards for many workforces over two months earlier than last year. Additionally, we will be remitting PRBs for the next pay round shortly to put an end to pay awards being delivered late, ensuring that our valued public sector workers receive pay awards closer to the start of the pay year.
Chief Secretary to the Treasury
Pay for most public sector workforces is set based upon recommendations produced by respective independent Pay Review Bodies (PRBs). The PRBs consider a range of evidence when forming their recommendations, including the need to recruit, retain and motivate suitably able and qualified people; the financial circumstances of Government; the Government's policies for improving public services; and the Government's inflation target.
The last government neglected public sector pay for 14 years, leaving public services unable to recruit and keep the staff they need. That is why going forward, we want to make sure our public services can attract and keep the talent they need, as to ensure that those services provide a firm foundation for economic growth.
As part of achieving this, every 2025/26 pay award announced by the Government to date is above forecast inflation over the 2025/26 pay year, delivering another real-terms pay rise on top of the one the Government provided for 2024/25.
Furthermore, this Government remains committed to the independent Pay Review Body process as the established mechanism for determining pay uplifts for most public sector workers. It has operated for over four decades, provides independent advice and is a neutral process in which all parties play a role; which the unions campaigned to establish in the first place.
However, we recognise that faith in the Pay Review Body process had fallen in recent years, and so we are committed to bringing pay awards earlier in the pay year. That is why this Government announced pay awards for many workforces over two months earlier than last year. Additionally, we will be remitting PRBs for the next pay round shortly to put an end to pay awards being delivered late, ensuring that our valued public sector workers receive pay awards closer to the start of the pay year.
Chief Secretary to the Treasury
Pay for most public sector workforces is set based upon recommendations produced by respective independent Pay Review Bodies (PRBs). The PRBs consider a range of evidence when forming their recommendations, including the need to recruit, retain and motivate suitably able and qualified people; the financial circumstances of Government; the Government's policies for improving public services; and the Government's inflation target.
The last government neglected public sector pay for 14 years, leaving public services unable to recruit and keep the staff they need. That is why going forward, we want to make sure our public services can attract and keep the talent they need, as to ensure that those services provide a firm foundation for economic growth.
As part of achieving this, every 2025/26 pay award announced by the Government to date is above forecast inflation over the 2025/26 pay year, delivering another real-terms pay rise on top of the one the Government provided for 2024/25.
Furthermore, this Government remains committed to the independent Pay Review Body process as the established mechanism for determining pay uplifts for most public sector workers. It has operated for over four decades, provides independent advice and is a neutral process in which all parties play a role; which the unions campaigned to establish in the first place.
However, we recognise that faith in the Pay Review Body process had fallen in recent years, and so we are committed to bringing pay awards earlier in the pay year. That is why this Government announced pay awards for many workforces over two months earlier than last year. Additionally, we will be remitting PRBs for the next pay round shortly to put an end to pay awards being delivered late, ensuring that our valued public sector workers receive pay awards closer to the start of the pay year.
Chief Secretary to the Treasury
The Strategic Defence Review was published on 2 June 2025. It is not government policy to comment on the market impacts of policy announcements.
Chief Secretary to the Treasury
The Strategic Defence Review (SDR) was published on 2 June 2025, and the recommendations within it have been accepted by the government. Full details of the departmental budgets for the spending review period will be published on 11 June 2025.
Chief Secretary to the Treasury
Exchequer Secretary (HM Treasury)