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)
Written Statements
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 adequacy of HMRC’s capacity to monitor …
These Regulations amend regulations 1 and 3 of the Child Benefit (General) Regulations 2006 (“the CB(G)Rs”).
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 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).
(154 in the last 7 days)
(71 in the last 7 days)
(62 in the last 7 days)
(16 in the last 7 days)
(154 in the last 7 days)
(22 in the last 7 days)
(5 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 3 weeks, 3 days 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 2 months 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 month, 1 week 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
Office for Budget Responsibility Fiscal Risks and Sustainability Report
15 Jul 2025, 9:45 a.m.
At 10:15am: Oral evidence
Richard Hughes - Chair at Office for Budget Responsibility
Professor David Miles CBE - Member at Budget Responsibility Committee
Tom Josephs - Member at Budget Responsibility Committee
At 11:30am: Oral evidence
Richard Hughes - Chair at Office for Budget Responsibility
View calendar - Save to Calendar
Treasury Committee - Private Meeting
16 Jul 2025, 2 p.m.
View calendar - Save to Calendar
Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)The UK Government has a clear position that Israeli settlements in the Occupied Palestinian Territories are illegal under international law. Goods produced in these settlements are not entitled to benefit from preferential tariff treatment under the UK’s current trade agreements with the Palestinian Authority and Government of Israel.
Where there are doubts about the origin of goods that have been declared as being of Israeli origin, HMRC will undertake checks to verify the origin of those goods to ensure fiscal compliance. HMRC does not however provide specific details regarding checks as it may serve to undermine compliance activity.
Financial Secretary (HM Treasury)
Whilst HMRC holds information on the country of last known destination for exported goods, it does not hold information on how the goods will be used after delivery.
Financial Secretary (HM Treasury)
HMRC operates a risk-based model for customs compliance which is designed to support the flow of compliant international trade, while maintaining effective controls to collect revenue, protect the UK economy and wider society from harm and uphold the UK’s reputation as a trusted trading partner.
Imported and exported goods must be declared to HMRC and are subject to risk-based controls and verification. There are additional controls and restrictions on goods imported from and exported to certain countries, including those subject to arms embargoes and sanctions.
The controls and verification are tailored to the underlying risks but may include physical examinations of goods at the time of import or export and/or documentary checks.
HMRC collects the UK’s international trade in goods data and publishes this as two accredited official statistics series on gov.uk.
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. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free.
The analysis undertaken by CBI Economics was commissioned by Family Business UK and is based on a self-selecting online survey from members of representative groups campaigning against the reforms. The independent Office for Budget Responsibility (OBR) certified the costing at Autumn Budget 2024 as ‘reasonable and central’. The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The OBR does not expect the reforms to have a significant macroeconomic impact.
The OBR published information about the costing in the Economic and Fiscal Outlook on 30 October 2024. The OBR published more detail on the costings on 22 January 2025. This material is all available on the OBR’s website.
Information from claims is not recorded in a manner to enable regional or national breakdowns of the number of estates expected to be affected. However, the reforms are expected to result in up to 520 estates claiming agricultural property relief, including those also claiming business property relief, paying more inheritance tax in 2026-27. Almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, will not pay any more tax as a result of the changes in 2026-27, based on the latest available data.
The Government has also set out that around 1,500 estates across the UK only claiming business property relief are expected to pay more inheritance tax in 2026-27, with around 1,000 of these expected to only hold shares designated as “not listed” on the markets of recognised stock exchanges, such as the Alternative Investment Market. Around three-quarters of estates claiming business property relief in 2026-27 (excluding those estates only holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27.
The rules relating to valuation at death are long-standing and well-established in legislation, including for business property, and guidance is available. More information is available at www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm09701 and in the section on valuation in the guide to completing inheritance tax accounts at www.gov.uk/government/publications/inheritance-tax-inheritance-tax-account-iht400.
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. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free.
The analysis undertaken by CBI Economics was commissioned by Family Business UK and is based on a self-selecting online survey from members of representative groups campaigning against the reforms. The independent Office for Budget Responsibility (OBR) certified the costing at Autumn Budget 2024 as ‘reasonable and central’. The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The OBR does not expect the reforms to have a significant macroeconomic impact.
The OBR published information about the costing in the Economic and Fiscal Outlook on 30 October 2024. The OBR published more detail on the costings on 22 January 2025. This material is all available on the OBR’s website.
Information from claims is not recorded in a manner to enable regional or national breakdowns of the number of estates expected to be affected. However, the reforms are expected to result in up to 520 estates claiming agricultural property relief, including those also claiming business property relief, paying more inheritance tax in 2026-27. Almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, will not pay any more tax as a result of the changes in 2026-27, based on the latest available data.
The Government has also set out that around 1,500 estates across the UK only claiming business property relief are expected to pay more inheritance tax in 2026-27, with around 1,000 of these expected to only hold shares designated as “not listed” on the markets of recognised stock exchanges, such as the Alternative Investment Market. Around three-quarters of estates claiming business property relief in 2026-27 (excluding those estates only holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27.
The rules relating to valuation at death are long-standing and well-established in legislation, including for business property, and guidance is available. More information is available at www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm09701 and in the section on valuation in the guide to completing inheritance tax accounts at www.gov.uk/government/publications/inheritance-tax-inheritance-tax-account-iht400.
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. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free.
The analysis undertaken by CBI Economics was commissioned by Family Business UK and is based on a self-selecting online survey from members of representative groups campaigning against the reforms. The independent Office for Budget Responsibility (OBR) certified the costing at Autumn Budget 2024 as ‘reasonable and central’. The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The OBR does not expect the reforms to have a significant macroeconomic impact.
The OBR published information about the costing in the Economic and Fiscal Outlook on 30 October 2024. The OBR published more detail on the costings on 22 January 2025. This material is all available on the OBR’s website.
Information from claims is not recorded in a manner to enable regional or national breakdowns of the number of estates expected to be affected. However, the reforms are expected to result in up to 520 estates claiming agricultural property relief, including those also claiming business property relief, paying more inheritance tax in 2026-27. Almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, will not pay any more tax as a result of the changes in 2026-27, based on the latest available data.
The Government has also set out that around 1,500 estates across the UK only claiming business property relief are expected to pay more inheritance tax in 2026-27, with around 1,000 of these expected to only hold shares designated as “not listed” on the markets of recognised stock exchanges, such as the Alternative Investment Market. Around three-quarters of estates claiming business property relief in 2026-27 (excluding those estates only holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27.
The rules relating to valuation at death are long-standing and well-established in legislation, including for business property, and guidance is available. More information is available at www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm09701 and in the section on valuation in the guide to completing inheritance tax accounts at www.gov.uk/government/publications/inheritance-tax-inheritance-tax-account-iht400.
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. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free.
The analysis undertaken by CBI Economics was commissioned by Family Business UK and is based on a self-selecting online survey from members of representative groups campaigning against the reforms. The independent Office for Budget Responsibility (OBR) certified the costing at Autumn Budget 2024 as ‘reasonable and central’. The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The OBR does not expect the reforms to have a significant macroeconomic impact.
The OBR published information about the costing in the Economic and Fiscal Outlook on 30 October 2024. The OBR published more detail on the costings on 22 January 2025. This material is all available on the OBR’s website.
Information from claims is not recorded in a manner to enable regional or national breakdowns of the number of estates expected to be affected. However, the reforms are expected to result in up to 520 estates claiming agricultural property relief, including those also claiming business property relief, paying more inheritance tax in 2026-27. Almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, will not pay any more tax as a result of the changes in 2026-27, based on the latest available data.
The Government has also set out that around 1,500 estates across the UK only claiming business property relief are expected to pay more inheritance tax in 2026-27, with around 1,000 of these expected to only hold shares designated as “not listed” on the markets of recognised stock exchanges, such as the Alternative Investment Market. Around three-quarters of estates claiming business property relief in 2026-27 (excluding those estates only holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27.
The rules relating to valuation at death are long-standing and well-established in legislation, including for business property, and guidance is available. More information is available at www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm09701 and in the section on valuation in the guide to completing inheritance tax accounts at www.gov.uk/government/publications/inheritance-tax-inheritance-tax-account-iht400.
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. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free.
The analysis undertaken by CBI Economics was commissioned by Family Business UK and is based on a self-selecting online survey from members of representative groups campaigning against the reforms. The independent Office for Budget Responsibility (OBR) certified the costing at Autumn Budget 2024 as ‘reasonable and central’. The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The OBR does not expect the reforms to have a significant macroeconomic impact.
The OBR published information about the costing in the Economic and Fiscal Outlook on 30 October 2024. The OBR published more detail on the costings on 22 January 2025. This material is all available on the OBR’s website.
Information from claims is not recorded in a manner to enable regional or national breakdowns of the number of estates expected to be affected. However, the reforms are expected to result in up to 520 estates claiming agricultural property relief, including those also claiming business property relief, paying more inheritance tax in 2026-27. Almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, will not pay any more tax as a result of the changes in 2026-27, based on the latest available data.
The Government has also set out that around 1,500 estates across the UK only claiming business property relief are expected to pay more inheritance tax in 2026-27, with around 1,000 of these expected to only hold shares designated as “not listed” on the markets of recognised stock exchanges, such as the Alternative Investment Market. Around three-quarters of estates claiming business property relief in 2026-27 (excluding those estates only holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27.
The rules relating to valuation at death are long-standing and well-established in legislation, including for business property, and guidance is available. More information is available at www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm09701 and in the section on valuation in the guide to completing inheritance tax accounts at www.gov.uk/government/publications/inheritance-tax-inheritance-tax-account-iht400.
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. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free.
The analysis undertaken by CBI Economics was commissioned by Family Business UK and is based on a self-selecting online survey from members of representative groups campaigning against the reforms. The independent Office for Budget Responsibility (OBR) certified the costing at Autumn Budget 2024 as ‘reasonable and central’. The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The OBR does not expect the reforms to have a significant macroeconomic impact.
The OBR published information about the costing in the Economic and Fiscal Outlook on 30 October 2024. The OBR published more detail on the costings on 22 January 2025. This material is all available on the OBR’s website.
Information from claims is not recorded in a manner to enable regional or national breakdowns of the number of estates expected to be affected. However, the reforms are expected to result in up to 520 estates claiming agricultural property relief, including those also claiming business property relief, paying more inheritance tax in 2026-27. Almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, will not pay any more tax as a result of the changes in 2026-27, based on the latest available data.
The Government has also set out that around 1,500 estates across the UK only claiming business property relief are expected to pay more inheritance tax in 2026-27, with around 1,000 of these expected to only hold shares designated as “not listed” on the markets of recognised stock exchanges, such as the Alternative Investment Market. Around three-quarters of estates claiming business property relief in 2026-27 (excluding those estates only holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27.
The rules relating to valuation at death are long-standing and well-established in legislation, including for business property, and guidance is available. More information is available at www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm09701 and in the section on valuation in the guide to completing inheritance tax accounts at www.gov.uk/government/publications/inheritance-tax-inheritance-tax-account-iht400.
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. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free.
The analysis undertaken by CBI Economics was commissioned by Family Business UK and is based on a self-selecting online survey from members of representative groups campaigning against the reforms. The independent Office for Budget Responsibility (OBR) certified the costing at Autumn Budget 2024 as ‘reasonable and central’. The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The OBR does not expect the reforms to have a significant macroeconomic impact.
The OBR published information about the costing in the Economic and Fiscal Outlook on 30 October 2024. The OBR published more detail on the costings on 22 January 2025. This material is all available on the OBR’s website.
Information from claims is not recorded in a manner to enable regional or national breakdowns of the number of estates expected to be affected. However, the reforms are expected to result in up to 520 estates claiming agricultural property relief, including those also claiming business property relief, paying more inheritance tax in 2026-27. Almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, will not pay any more tax as a result of the changes in 2026-27, based on the latest available data.
The Government has also set out that around 1,500 estates across the UK only claiming business property relief are expected to pay more inheritance tax in 2026-27, with around 1,000 of these expected to only hold shares designated as “not listed” on the markets of recognised stock exchanges, such as the Alternative Investment Market. Around three-quarters of estates claiming business property relief in 2026-27 (excluding those estates only holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27.
The rules relating to valuation at death are long-standing and well-established in legislation, including for business property, and guidance is available. More information is available at www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm09701 and in the section on valuation in the guide to completing inheritance tax accounts at www.gov.uk/government/publications/inheritance-tax-inheritance-tax-account-iht400.
Exchequer Secretary (HM Treasury)
We know increased costs in essential areas are worrying and cause hardship for many families with children. That is why the Government is taking a comprehensive approach—supporting those in immediate need while addressing the structural changes necessary to fix the country's foundations.
Food, energy and credit costs are a function of a variety of factors including international agricultural commodity prices, the exchange rate, wholesale energy prices, and interest rates. The best way to help with the cost of living is by reducing overall inflation. The Bank of England has the responsibility of controlling inflation, and the Government fully supports them as they take action to sustainably return inflation to 2%. The independent Monetary Policy Committee (MPC) has cut Bank Rate four times since August. The effective interest rate – the actual interest paid by a borrower - on new a 2-year fixed rate mortgage has fallen 46 basis points since the election (May 2025 vs June 2024).
The government is committed to helping those in need due to the rising cost of living. An uplift to the Universal Credit Standard Allowance will see it rise to 5% above inflation by 2029-30. The government is also investing £1 billion a year (including Barnett impact) in a multi-year settlement for crisis support, which includes funding for councils to support some of the poorest households so that their children do not go hungry outside of term time. From the start of the 2026 school year, the government will expand Free School Meals to all pupils with a parent receiving Universal Credit. This will put £500 back into parents’ pockets every year.
The most recent Ofgem energy price cap, in place until September is 7% lower than the previous cap, reducing annual energy bills for a typical home by £129. Additionally, the Warm Home Discount is being expanded to every billpayer on means-tested benefits, meaning 2.7 million extra households will receive £150 off their energy bills next winter, helping reduce energy costs for around 6 million households.
From this winter (2025-26), pensioners with incomes up to and including £35,000 will benefit a Winter Fuel Payment. This will mean that the vast majority — over three quarters, or 9 million pensioners in England and Wakes — will benefit. This change ensures that the means-testing of winter fuel payments has no effect on pensioner poverty.
The government’s top priority is to deliver strong, sustainable growth that raises living standards across the UK. A growing economy plays a key role in providing greater financial security for households and helping to make food, energy and credit more affordable.
Chief Secretary to the Treasury
We know increased costs in essential areas are worrying and cause hardship for many families with children. That is why the Government is taking a comprehensive approach—supporting those in immediate need while addressing the structural changes necessary to fix the country's foundations.
Food, energy and credit costs are a function of a variety of factors including international agricultural commodity prices, the exchange rate, wholesale energy prices, and interest rates. The best way to help with the cost of living is by reducing overall inflation. The Bank of England has the responsibility of controlling inflation, and the Government fully supports them as they take action to sustainably return inflation to 2%. The independent Monetary Policy Committee (MPC) has cut Bank Rate four times since August. The effective interest rate – the actual interest paid by a borrower - on new a 2-year fixed rate mortgage has fallen 46 basis points since the election (May 2025 vs June 2024).
The government is committed to helping those in need due to the rising cost of living. An uplift to the Universal Credit Standard Allowance will see it rise to 5% above inflation by 2029-30. The government is also investing £1 billion a year (including Barnett impact) in a multi-year settlement for crisis support, which includes funding for councils to support some of the poorest households so that their children do not go hungry outside of term time. From the start of the 2026 school year, the government will expand Free School Meals to all pupils with a parent receiving Universal Credit. This will put £500 back into parents’ pockets every year.
The most recent Ofgem energy price cap, in place until September is 7% lower than the previous cap, reducing annual energy bills for a typical home by £129. Additionally, the Warm Home Discount is being expanded to every billpayer on means-tested benefits, meaning 2.7 million extra households will receive £150 off their energy bills next winter, helping reduce energy costs for around 6 million households.
From this winter (2025-26), pensioners with incomes up to and including £35,000 will benefit a Winter Fuel Payment. This will mean that the vast majority — over three quarters, or 9 million pensioners in England and Wakes — will benefit. This change ensures that the means-testing of winter fuel payments has no effect on pensioner poverty.
The government’s top priority is to deliver strong, sustainable growth that raises living standards across the UK. A growing economy plays a key role in providing greater financial security for households and helping to make food, energy and credit more affordable.
Chief Secretary to the Treasury
The Government is committed to incentivising saving and investment, helping people to save for their future goals and build greater financial resilience. Individual Savings Accounts (ISAs) support people of all incomes and at all stages of life to save. The Help to Save scheme also supports low-income working households to start a long-term savings habit.
As part of its forthcoming Financial Inclusion Strategy, the Government is considering how households, including those on low incomes, can increase their financial resilience; and how people of all ages across the UK can build emergency savings buffers. In addition to savings, the Financial Inclusion Committee has discussed digital inclusion and access to banking services; access to credit; access to insurance; problem debt; and financial education and capability.
The development of the Financial Inclusion Strategy is being informed by a committee of industry and consumer representatives which I chair. Summaries of the Committee meetings are available on GOV.UK. The Strategy will be published later this year.
No assessment has been made of the adequacy of average savings.
The Government keeps all aspects of the tax system under review.
Economic Secretary (HM Treasury)
NATO has a common definition of defence expenditure that is agreed by all NATO allies.
The definition of NATO defence expenditure, and the recently announced defence and security related spending, can be found on the NATO website.
Chief Secretary to the Treasury
At Autumn Budget 2024, the Government announced an intention to introduce a higher business rates multiplier on the most valuable properties – those with Rateable Values (RVs) of £500,000 and above – from April 2026 to fund permanently lower multipliers for retail, hospitality and leisure (RHL) properties.
This permanent tax cut will ensure that RHL businesses benefit from much-needed certainty. The Government intends to fund this by introducing a higher multiplier on all properties with an RV of £500,000 and above – these represent less than one per cent of properties. The final details of the new higher multiplier will be set at Budget 2025.
Eligible film studios in England benefit from 40 per cent business rates relief. Business rates bills are calculated by applying the relevant multiplier first, meaning film studios receive 40 per cent relief on their total liability.
Exchequer Secretary (HM Treasury)
The OBR will certify the impact of the trade deal including the Double Contributions Convention in the usual way at a fiscal event, once the deal is finalised and ratified. The agreement to negotiate a Double Contributions Convention was made in the context of the wider deal, which will bring billions into the economy.
Exchequer Secretary (HM Treasury)
The Government remains committed to successful implementation of the Deposit Return Scheme, which is a critical step in moving towards a circular economy that delivers sustainable growth and produces less waste, rubbish, and litter.
The Government is keen to ensure that VAT is not a barrier to effective operation of the Deposit Return Scheme. The Government is considering how best to achieve this while maintaining the integrity of the tax, and this work is being supported by engagement with industry representatives, including the British Soft Drinks Association.
Exchequer Secretary (HM Treasury)
On 23rd April, the Government announced a review of the customs treatment for low value imports. Under our current low value import arrangements, consignments valued below £135 from any overseas retailer can be imported into the UK without incurring customs duty. VAT is due on all imports into the UK.
Since the announcement, Ministers and officials have engaged with a wide range of stakeholders on the impact and operation of these arrangements to support our review. The outcomes of the engagement will help inform our next steps.
Exchequer Secretary (HM Treasury)
The Government is creating a fairer business rates system that protects the high street, supports investment, and is fit for the 21st century.
At Autumn Budget 2024, we took the first step with the announcement of permanently lower tax rates for the Retail, Hospitality and Leisure properties with rateable values below £500,000, from 2026-27.
Ahead of these changes being made, the Government recognises that businesses will need support in 2025-26. As such, we have prevented the current RHL relief from ending in April 2025, extending it for one year at 40 per cent up to a cash cap of £110,000 per business, and we have frozen the small business multiplier.
The Budget announcements reflect the Government’s first steps to support the high street. We want to go further to modernise the system, and so, we have published a Discussion Paper setting out priority areas for reform.
In summer, the Government will publish an interim report that sets out a clear direction of travel for the business rates system, with further policy detail to follow at Autumn Budget 2025.
Exchequer Secretary (HM Treasury)
The Government is creating a fairer business rates system that protects the high street, supports investment, and is fit for the 21st century.
At Autumn Budget 2024, we took the first step with the announcement of permanently lower tax rates for the Retail, Hospitality and Leisure properties with rateable values below £500,000, from 2026-27.
Ahead of these changes being made, the Government recognises that businesses will need support in 2025-26. As such, we have prevented the current RHL relief from ending in April 2025, extending it for one year at 40 per cent up to a cash cap of £110,000 per business, and we have frozen the small business multiplier.
The Budget announcements reflect the Government’s first steps to support the high street. We want to go further to modernise the system, and so, we have published a Discussion Paper setting out priority areas for reform.
In summer, the Government will publish an interim report that sets out a clear direction of travel for the business rates system, with further policy detail to follow at Autumn Budget 2025.
Exchequer Secretary (HM Treasury)
The Trader Support Service (TSS) is available to businesses of all sizes to support them with moving goods between Great Britain and Northern Ireland. It is not possible to specify the numbers of Small and Medium-sized Enterprises (SMEs) that use the TSS, and therefore not possible to disaggregate the costs of provision of support to those SMEs from the overall support the TSS provides to business.
Exchequer Secretary (HM Treasury)
The Government recognises the important role pubs play on our high streets and in community spaces and we want to see them thrive.
That is why we have funded a wide range of community assets, including pubs, through the Community Ownership Fund. On 23 December 2024, this Government announced the outcome of Round 4 of the Community Ownership Fund, the largest ever round to date which approved funds for 6 community pub projects.
Through The Hospitality Support Scheme, we are working with Pub is the Hub and providing funds to help community pubs adapt to changing local needs, ensuring these vital social hubs continue delivering for their communities.
As part of the English Devolution Bill, the Government will legislate to introduce a strong new ‘right to buy’ for valued community assets, such as empty shops, pubs and community spaces. This will empower local people to bring community spaces back into community ownership and end the blight of empty premises on our high streets. More details will be announced in due course.
In addition, we will soon be publishing our Small Business Strategy, which will announce further measures to support small businesses in the pub and hospitality sector which will help revitalise high streets.
Exchequer Secretary (HM Treasury)
It is not possible to disaggregate the costs of administrative and operational overheads for the Trader Support Service.
Exchequer Secretary (HM Treasury)
HMRC publishes regular estimates of the direct impacts of illustrative tax changes in its Direct effects of illustrative tax changes publication. However, the Government does not routinely publish costings for hypothetical tax changes outside of this.
Exchequer Secretary (HM Treasury)
Any financial obligations arising from the UK-Mauritius agreement on the Chagos Archipelago, including departmental budgetary responsibilities, will be managed responsibly within the government’s fiscal framework and reported in annual accounts in the usual way. Obligations within MOD and FCDO budgets have been agreed through the recently published Spending Review. No payments will be made until the treaty is legally binding.
Chief Secretary to the Treasury
The Government is committed to making sure the wealthiest in our society pay their fair share of tax. That is why the Chancellor announced a series of reforms at Autumn Budget 2024 to help fix the public finances in as fair a way as possible. These and other decisions announced at the Budget will help repair the public finances and fund public services such as the NHS and education.
Exchequer Secretary (HM Treasury)
Insurers make commercial decisions about the price and terms of cover they offer based on their assessment of the relevant risks.
However, the Government is determined that insurers should treat customers fairly and firms are required to do so under Financial Conduct Authority (FCA) rules. The FCA requires firms to ensure their products offer fair value (i.e. if the price a consumer pays for a product or service is reasonable compared to the overall benefits they can expect to receive).
The FCA monitors firms to ensure they provide products that offer fair value and has robust powers to act against firms that fail to comply with its rules.
Economic Secretary (HM Treasury)
The government recognises that access to banking services is vital for people and businesses across the UK. It is this government's firm position that no firm should be denied access to banking services solely on the grounds they work in defence. The upcoming Defence Industrial Strategy will have SMEs at its heart, and will lay out the steps we are taking as government to support defence SMEs.
The government has already legislated to strengthen protections for customers. From April 2026, banks and other providers will be required to give customers a longer notice period of at least 90 days and to provide customers with a sufficiently detailed and specific explanation before they terminate services. This will give people and businesses the time and information they need to challenge decisions or find an alternative provider.
We continue to monitor wider access to bank account provision but recognise this is largely a commercial matter. Firms have strict obligations to ensure the legitimacy of a business and protect against financial crime.
Economic Secretary (HM Treasury)
The Government recognises that cash continues to be used by millions of people across the UK, including those in vulnerable groups, and is committed to protecting access to cash for individuals and businesses.
The Financial Services and Markets Act 2023 granted the FCA the responsibility and powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities. In September 2024, the FCA introduced regulatory rules for access to cash. Its rules require the reasonable provision of cash withdrawal and deposit facilities, including free services for personal current accounts.
In the UK, LINK, the operator of the UK’s largest ATM network, has committed to protect the broad geographic spread of ATMs. Data on UK ATM coverage can be found on its website.
Where a resident, community organisation or other interested party feels access to cash in their community is insufficient, they can submit a request for a cash access assessment to LINK. In circumstances where LINK considers that a community requires additional cash services, the financial services sector will provide a suitable shared solution, such as an ATM, cash deposit service, or shared Banking Hub, for cash users in that community. Further information about submitting a cash access request can be found on LINK’s website.
Economic Secretary (HM Treasury)
The Government recognises that cash continues to be used by millions of people across the UK, including those in vulnerable groups, and is committed to protecting access to cash for individuals and businesses.
The Financial Services and Markets Act 2023 granted the FCA the responsibility and powers to seek to ensure the reasonable provision of cash withdrawal and deposit facilities. In September 2024, the FCA introduced regulatory rules for access to cash. Its rules require the reasonable provision of cash withdrawal and deposit facilities, including free services for personal current accounts.
In the UK, LINK, the operator of the UK’s largest ATM network, has committed to protect the broad geographic spread of ATMs. Data on UK ATM coverage can be found on its website.
Where a resident, community organisation or other interested party feels access to cash in their community is insufficient, they can submit a request for a cash access assessment to LINK. In circumstances where LINK considers that a community requires additional cash services, the financial services sector will provide a suitable shared solution, such as an ATM, cash deposit service, or shared Banking Hub, for cash users in that community. Further information about submitting a cash access request can be found on LINK’s website.
Economic Secretary (HM Treasury)
An assessment of impacts – including health impacts for consumers – is enclosed within the ‘Strengthening the Soft Drinks Industry Levy’ consultation document. This is available at https://www.gov.uk/government/consultations/strengthening-the-soft-drinks-industry-levy.
The government welcomes feedback on the proposed changes as part of the consultation, which is open until 21 July 2025 and will inform decisions at a future Budget. If the government decides to make changes to the levy, it will publish a tax information and impact note (TIIN) to give account of the confirmed policy’s impacts.
Exchequer Secretary (HM Treasury)
The Single Intelligence Account plays a vital role in our national defence, hence it has received an increase of funding in the Spending Review, and it will make a greater contribution to the UK’s total NATO qualifying defence spending from 2027.
This does not mean that the intelligence and security services will be added to the MOD budget; they remain distinct budgets reflecting spend on different departments.
NATO qualifying defence spending has always included elements beyond the MOD TDEL budget.
Chief Secretary to the Treasury
The costs of the Trader Support Service by financial year are set out below.
Financial Year | Costs |
2020/21 | £100.62m |
2021/22 | £148.80m |
2022/23 | £114.68m |
2023/24 | £105.19m |
2024/25 | £88.15m |
Exchequer Secretary (HM Treasury)
HM Treasury's international remote working policy permits certain staff to work remotely overseas in order to accompany a partner posted abroad on HMG business. There are two members of staff who each have permission to work remotely from a European country. For UK GDPR purposes we are not able to share the countries where staff are located since they are there for personal circumstances.
Exchequer Secretary (HM Treasury)
The Government is committed to ongoing support to businesses moving goods between Great Britain and Northern Ireland, and published details of the procurement opportunity for the next phase of the Trader Support Service from January 2026 onwards on 17 February 2025.
Exchequer Secretary (HM Treasury)
The Government considers the Trader Support Service a vital element of support to help traders moving goods between Great Britain and Northern Ireland access the benefits of the Windsor Framework.
Exchequer Secretary (HM Treasury)
The Government shares the IFS’s assessment that Sure Start made a positive impact on children’s outcomes. To this end, the government recently announced over £500 million investment by the end of 2028 to roll out Family Hubs to every local authority in England over the Spending Review period. The programme aims to reach children in the most disadvantaged areas and draws on the legacy of Sure Start to ensure all children have the best start in life.
Chief Secretary to the Treasury
Gregory Stafford
(Conservative - Farnham and Bordon)
From 2026-27, we intend to introduce permanently lower tax rates for retail, hospitality, and leisure (RHL) properties with rateable values below £500,000. This permanent tax cut will ensure that eligible RHL businesses benefit from much-needed certainty and support.
Eligibility for the new RHL multipliers is intended to broadly reflect the scope of the existing RHL relief scheme, and will be set out in legislation later this year.
Until these new tax rates are introduced, in 2025-26, RHL businesses will receive a 40 per cent relief on their eligible properties up to a cash cap of £110,000 per business. Under the previous Government, RHL relief was due to end entirely in April 2025. By extending the relief, the Government has saved the average pub, with a ratable value of £16,800, over £3,300.
Tax policy and legislation is not subject to the Better Regulation Framework Guidance, which requires an Impact Assessment to accompany policy decisions. Nevertheless, when the new multipliers are set at Budget 2025, HM Treasury intends to publish analysis of the effects of the new multiplier arrangements.
Regarding National Insurance contributions, a Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer 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.
Exchequer Secretary (HM Treasury)
HM Treasury has not undertaken an assessment of the impact of local government reorganisation on local authority borrowing nor the impact on public sector net borrowing. The OBR will continue to update its forecast for overall local government borrowing at each fiscal event, in line with standard practice.
The government announced its plans for local government reorganisation in the English Devolution White Paper on 16 December 2024. The ambition is to replace two-tier authorities with suitably sized unitary councils to create simpler structures, strengthen disjointed services and help councils pursue efficiencies. The Ministry of Housing, Communities and Local Government received interim plan responses from all areas in March. Surrey councils submitted their final proposals on 9 May 2025, and all other areas invited will be submitting their final proposals later this year. The government will set out next steps in due course.
Chief Secretary to the Treasury
The payments to Mauritius will be split between the Foreign, Commonwealth and Development Office and Ministry of Defence. They will be published in the normal manner alongside other departmental spend in the annual accounts.
Chief Secretary to the Treasury
The Chancellor and I have regular discussions with the Secretary of State for Environment, Food and Rural Affairs on a range of matters.
Defra’s settlement will invest more than £2.7 billion a year in sustainable farming and nature recovery from 2026-27 until 2028-29. This will protect the natural ecosystems underpinning food production, boosting food security and delivery of our environmental targets. We are increasing value for money, and accelerating progress towards our environmental targets, by rapidly winding down subsidy payments that do not provide a return on investment to increase funding for Environmental Land Management schemes from £800 million in 2023-24 to £2 billion by 2028-29.
Chief Secretary to the Treasury
The Government has set out the impacts of the policy changes from Autumn Budget 2024 in the usual way.
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer 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.
With all policies considered, this forecasts the employment level to increase from 33.6 million in 2024 to 34.8 million in 2029.
The Office for Budget Responsibility published its most recent Economic and Fiscal Outlook (EFO) in March 2025, which sets out a detailed forecast of the economy and public finances.
The Government decided to protect the smallest businesses from the changes to employer NICs 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.
Exchequer Secretary (HM Treasury)
The Government has set out the impacts of the policy changes from Autumn Budget 2024 in the usual way.
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer 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.
With all policies considered, this forecasts the employment level to increase from 33.6 million in 2024 to 34.8 million in 2029.
The Office for Budget Responsibility published its most recent Economic and Fiscal Outlook (EFO) in March 2025, which sets out a detailed forecast of the economy and public finances.
The Government decided to protect the smallest businesses from the changes to employer NICs 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.
Exchequer Secretary (HM Treasury)
No government funding has been allocated to the London Coalition on Sustainable Sovereign Debt. As set out in my written ministerial statement of 23rd June, the Coalition is convened by the Sustainable Sovereign Debt Hub and funded by CIFF (The Children’s Investment Fund Foundation).
Economic Secretary (HM Treasury)
The launch event for the London Coalition on Sustainable Sovereign Debt took place on 23rd June. Dates for future meetings are still being finalised.
Economic Secretary (HM Treasury)
Individuals can save up to £20,000 into an Individual Savings Account each year, and any savings income received is tax free. Along with the Personal Savings Allowance of up to £1,000, and the Starting Rate for Savings of up to £5,000 for those with earned income below £17,570, around 85 per cent of people with savings income pay no tax.
The Help to Save scheme also supports low-income working households to start a long-term savings habit.
Economic Secretary (HM Treasury)
The Government is committed to incentivising greater saving and investment. Individual Savings Accounts (ISAs) help people save for their future goals and build greater financial resilience.
The Government recognises the important role that cash savings play in helping households build a financial buffer for a rainy day. The Government also wants to see more consumers participate in capital markets and benefit from the long-term financial security and returns that investing can provide.
The impact of any changes to ISAs would be set out in a tax information impact note. The Government continues to keep all aspects of savings policy under review.
Economic Secretary (HM Treasury)
Chief Secretary to the Treasury
The higher rental income received from public authorities in Northern Ireland in 2020, compared to the years listed in the response to Question 62537, was due to a one-off backdated rent payment. Specifically, in 2020, a backdated rent invoice was issued covering the period from 1 January 2000 to 5 April 2020. This resulted in a significant uplift in reported income for that year.
Chief Secretary to the Treasury