HM Treasury
HM Treasury is the government’s economic and finance ministry, maintaining control over public spending, setting the direction of the UK’s economic policy and working to achieve strong and sustainable economic growth.
Shadow Ministers / Spokeperson
Liberal Democrat
Baroness Kramer (LD - Life peer)Liberal Democrat Lords Spokesperson (Treasury and Economy)
Daisy Cooper (LD - St Albans)
Liberal Democrat Spokesperson (Treasury)
Conservative
Mel Stride (Con - Central Devon)Shadow Chancellor of the Exchequer
Green Party
Adrian Ramsay (Green - Waveney Valley)Green Spokesperson (Treasury)
Liberal Democrat
Charlie Maynard (LD - Witney)Liberal Democrat Spokesperson (Chief Secretary to the Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Lord Altrincham (Con - Excepted Hereditary)Shadow Minister (Treasury)
Richard Fuller (Con - North Bedfordshire)
Shadow Chief Secretary to the Treasury
Gareth Davies (Con - Grantham and Bourne)
Shadow Financial Secretary (Treasury)
Baroness Neville-Rolfe (Con - Life peer)
Shadow Minister (Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
James Wild (Con - North West Norfolk)Shadow Exchequer Secretary (Treasury)
Mark Garnier (Con - Wyre Forest)
Shadow Economic Secretary (Treasury)
Ministers of State
Lord Livermore (Lab - Life peer)Financial Secretary (HM Treasury)
James Murray (LAB - Ealing North)
Chief Secretary to the Treasury
Lord Stockwood (Lab - Life peer)
Minister of State (HM Treasury)
Parliamentary Under-Secretaries of State
Torsten Bell (Lab - Swansea West)Parliamentary Secretary (HM Treasury)
Dan Tomlinson (Lab - Chipping Barnet)
Exchequer Secretary (HM Treasury)
Lucy Rigby (Lab - Northampton North)
Economic Secretary (HM Treasury)
10:00
Oral Evidence
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, with reference to the Loan Charge review, what steps her Department are taking …
Regulation 3 provides for the definitions of EP country and SP country in the Trade Preference Scheme (Developing Countries Trading …
A Bill to Make provision to amend section 4 of the Social Security Contributions and Benefits Act 1992, and section …
HM Treasury Commons Appearances
Oral Answers to Questions is a regularly scheduled appearance where the Secretary of State and junior minister will answer at the Dispatch Box questions from backbench MPs
Other Commons Chamber appearances can be:- Urgent Questions where the Speaker has selected a question to which a Minister must reply that day
- Adjornment Debates a 30 minute debate attended by a Minister that concludes the day in Parliament.
- Oral Statements informing the Commons of a significant development, where backbench MP's can then question the Minister making the statement.
Westminster Hall debates are performed in response to backbench MPs or e-petitions asking for a Minister to address a detailed issue
Written Statements are made when a current event is not sufficiently significant to require an Oral Statement, but the House is required to be informed.
Bills currently before Parliament
HM Treasury does not have Bills currently before Parliament
Acts of Parliament created in the 2024 Parliament
A Bill to Authorise the use of resources for the year ending with 31 March 2026; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2025.
This Bill received Royal Assent on 21st July 2025 and was enacted into law.
A Bill to make provision about secondary Class 1 contributions.
This Bill received Royal Assent on 3rd April 2025 and was enacted into law.
A Bill to make provision about finance.
This Bill received Royal Assent on 20th March 2025 and was enacted into law.
A Bill to amend the Crown Estate Act 1961.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to Authorise the use of resources for the years ending with 31 March 2024, 31 March 2025 and 31 March 2026; to authorise the issue of sums out of the Consolidated Fund for those years; and to appropriate the supply authorised by this Act for the years ending with 31 March 2024 and 31 March 2025.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to make provision for loans or other financial assistance to be provided to, or for the benefit of, the government of Ukraine.
This Bill received Royal Assent on 16th January 2025 and was enacted into law.
A Bill to impose duties on the Treasury and the Office for Budget Responsibility in respect of the announcement of fiscally significant measures.
This Bill received Royal Assent on 10th September 2024 and was enacted into law.
A Bill to authorise the use of resources for the year ending with 31 March 2025; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2024.
This Bill received Royal Assent on 30th July 2024 and was enacted into law.
HM Treasury - Secondary Legislation
Petitions
e-Petitions are administered by Parliament and allow members of the public to express support for a particular issue.
If an e-petition reaches 10,000 signatures the Government will issue a written response.
If an e-petition reaches 100,000 signatures the petition becomes eligible for a Parliamentary debate (usually Monday 4.30pm in Westminster Hall).
(13,385 in the last 7 days)
(3,110 in the last 7 days)
(753 in the last 7 days)
(216 in the last 7 days)
(99 in the last 7 days)
(3,110 in the last 7 days)
(753 in the last 7 days)
(13,385 in the last 7 days)
(89 in the last 7 days)
(99 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 5 months, 3 weeks 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 7 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 6 months, 2 weeks ago
Prevent independent schools from having to pay VAT on fees and incurring business rates as a result of new legislation.
Departmental Select Committee
Treasury Committee
Commons Select Committees are a formally established cross-party group of backbench MPs tasked with holding a Government department to account.
At any time there will be number of ongoing investigations into the work of the Department, or issues which fall within the oversight of the Department. Witnesses can be summoned from within the Government and outside to assist in these inquiries.
Select Committee findings are reported to the Commons, printed, and published on the Parliament website. The government then usually has 60 days to reply to the committee's recommendations.
11 Members of the Treasury Committee
Treasury Committee Member since 9th September 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 9th December 2024
Treasury Committee Member since 27th October 2025
Treasury Committee Member since 27th October 2025
Treasury Committee Member since 27th October 2025
Treasury Committee: Upcoming Events
Work of the Financial Conduct Authority
16 Dec 2025, 9:45 a.m.
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Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties. To support with bill increases, at the Budget, the Government introduced a support package worth £4.3 billion over the next three years to protect ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
Without our support, pubs would have faced a 45% increase in the total bills they pay next year. Because of the support we’ve put in place, this has fallen to just 4%.
More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto. The Government is doing this by introducing permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties, while ensuring that warehouses used by online giants will pay more. The new RHL tax rates replace the temporary RHL relief that has been winding down since COVID.
Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
Exchequer Secretary (HM Treasury)
The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties. To support with bill increases, at the Budget, the Government introduced a support package worth £4.3 billion over the next three years to protect ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
Without our support, pubs would have faced a 45% increase in the total bills they pay next year. Because of the support we’ve put in place, this has fallen to just 4%.
More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto. The Government is doing this by introducing permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties, while ensuring that warehouses used by online giants will pay more. The new RHL tax rates replace the temporary RHL relief that has been winding down since COVID.
Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
Exchequer Secretary (HM Treasury)
The purpose of the Independent Review of the Loan Charge was to bring the matter to a close for people who have not settled and paid their loan charge liabilities. The review identified affordability as a key barrier preventing those individuals from settling and made recommendations to remove this barrier, of which the Government has accepted all but one. To support those on the lowest incomes, the Government has gone further by providing an additional £5000 deduction for those in scope of the review, removing approximately 10,000 individuals from the charge entirely. This will come at a substantial Exchequer cost over the next five years.
The Government will legislate to give HMRC the power to administer a new settlement scheme. There is no plan to alter liabilities or refund tax paid by individuals who have settled and fully paid their liabilities under the loan charge.
Exchequer Secretary (HM Treasury)
HMRC publishes estimates of the costs of tax reliefs in its annual publication: Non-structural tax reliefs - GOV.UK. The VAT relief “Vehicles and other supplies to disabled people (vehicles only)” includes the cost of VAT reliefs for supplies of vehicles to disabled people, including but not limited to Motability. The next release of this publication will be on 22 January 2026 and will include an estimate for 2024-25 and a forecast for 2025-26.
At Budget 2025 the government announced tax changes to the Motability scheme which will save over £1 billion over the next five years. The VAT relief for top-up payments made to lease more expensive vehicles will be removed for new leases from 1 July 2026, and Insurance Premium Tax will apply at the standard rate to insurance contracts on the Scheme from 1 July 2026. The tax changes will not apply to vehicles designed, or substantially and permanently adapted, for wheelchair or stretcher users. These tax changes ensure Motability can continue to deliver for its customers, for example through the continued provision of a broad range of vehicle models available without any top-up payments.
Exchequer Secretary (HM Treasury)
Increasing gambling duties will raise over £1 billion per year to support the public finances and forms part of our ambition to create a fair, modern and sustainable tax system.
The changes affect all businesses that offer gambling services to UK customers. The government understands that Gibraltar has a gambling industry that faces the UK, and will continue to monitor all impacts of these changes.
A Tax Information and Impact Note setting out the expected impacts was published at Budget and can be found here:
Exchequer Secretary (HM Treasury)
The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto.
The Government is doing this by introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £900 million per year, and will benefit over 750,000 properties, including those on the high street.
The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
Treasury Ministers and officials engaged with a wide range of stakeholders across the pub and hospitality sector ahead of the Budget to discuss business rates.
Exchequer Secretary (HM Treasury)
Charlie Dewhirst
(Conservative - Bridlington and The Wolds)
The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values of properties (i.e. the tax base) remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto.
The Government is doing this by introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £900 million per year, and will benefit over 750,000 properties, including those on the high street.
The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
Treasury Ministers and officials engaged with a wide range of stakeholders across the pub and hospitality sector ahead of the Budget to discuss business rates.
Exchequer Secretary (HM Treasury)
Peter Bedford
(Conservative - Mid Leicestershire)
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to pensions salary sacrifice.
Parliamentary Secretary (HM Treasury)
The Government recognises the importance of the effective and timely handling of written parliamentary questions (PQs).
The relevant data based on Treasury’s own case management system reporting is as follows:
Month | No. of Named Day PQs tabled | % of Named Day Answered On Time | No. of Ordinary Written PQs tabled | % of Ordinary Written Answered On Time |
May | 55 | 100% | 292 | 100% |
June | 118 | 100% | 301 | 99% |
July | 103 | 99% | 326 | 99% |
August | 0 | n/a | 0 | n/a |
September | 74 | 95% | 419 | 95% |
October | 82 | 99% | 426 | 98% |
November | 163 | 96% | 448 | 94% |
The House of Commons Procedure Committee monitors departmental PQ performance and publishes a report of the government’s consolidated PQ data following the end of each session.
Exchequer Secretary (HM Treasury)
Most unused pension funds and death benefits payable from a pension will form part of a person’s estate for inheritance tax purposes from 6 April 2027. This removes distortions from changes that have been made to pensions tax policy over the last decade, which have led to pensions being openly used and marketed as a tax planning vehicle to transfer wealth, rather than as a way to fund retirement. These reforms also remove inconsistencies in the inheritance tax treatment of different types of pensions.
A flat rate tax charge would be a very different policy with very different impacts. Fewer than 10% of estates annually are forecast to have an inheritance tax liability in the coming years. A flat rate tax charge on pensions would impact a different, and large, population of individuals below the current inheritance tax thresholds. This approach would not be equitable as it would require the majority of estates to pay more so that a small share of estates could pay less.
If the flat rate is set at a lower rate than the current rate of inheritance tax, this would lead to unused pension funds being taxed more lightly than other assets subject to inheritance tax at a rate of 40%. This would likely mean that pensions would continue to be used as a tax planning vehicle for the wealthiest individuals.
Financial Secretary (HM Treasury)
HMRC does not hold the information in the format requested.
Exchequer Secretary (HM Treasury)
The Government recognises the impact of the collapse of the High Street Group (HSG) on those who invested with it. The administrators of HSG estimate that the value of investments affected is about £123 million.
As the regulator of financial services in the UK, the Financial Conduct Authority (FCA) stresses the importance of consumers getting the support they need and encourages consumers to only deal with FCA-authorised firms when making financial investments. HSG was not authorised by the FCA, and the issuing and distributing of its products was not a regulated activity. This means that investments made in HSG are not protected by the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS), unless the investment was via a regulated financial adviser or SIPP operator. As an important point of principle, the Government does not step in to pay compensation in respect of firms that fall outside of the FSCS. Doing so would create the wrong set of incentives for individuals and place an unnecessary burden on the taxpayer.
As HSG was not authorised by the FCA, and the issuing and distributing of its products is not a regulated activity, the FCA did not have supervisory oversight. The FCA does not have power to investigate a firm that is unauthorised and not carrying out any regulated activities and so the FCA's ability to intervene was limited. However, the promotion and marketing of such loan notes requires approval from FCA-authorised firms, unless a relevant exemption applies. The FCA has taken action against unauthorised promoters of HSG's investment scheme where financial promotions were made in breach of their rules. This action has included unannounced visits, warning letters and the removal of non-compliant financial promotions from the internet.
Action is being taken to reduce the risk of future investment schemes operating in this manner. The FCA has banned the mass marketing of speculative mini-bonds, which means firms with similar business models to HSG can no longer market their mini-bonds to ordinary retail investors. Furthermore, the forthcoming public offers and admission to trading regime will bring the issuance of non-transferable debt securities, such as minibonds, within the scope of regulation. That new regime will come into force in January 2026.
With respect to any discussions between the Government, regulators and the banking sector, Treasury Ministers have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial meetings with external organisations on departmental business are published on a quarterly basis and are available at the link below.
Economic Secretary (HM Treasury)
The Government recognises the impact of the collapse of the High Street Group (HSG) on those who invested with it. The administrators of HSG estimate that the value of investments affected is about £123 million.
As the regulator of financial services in the UK, the Financial Conduct Authority (FCA) stresses the importance of consumers getting the support they need and encourages consumers to only deal with FCA-authorised firms when making financial investments. HSG was not authorised by the FCA, and the issuing and distributing of its products was not a regulated activity. This means that investments made in HSG are not protected by the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS), unless the investment was via a regulated financial adviser or SIPP operator. As an important point of principle, the Government does not step in to pay compensation in respect of firms that fall outside of the FSCS. Doing so would create the wrong set of incentives for individuals and place an unnecessary burden on the taxpayer.
As HSG was not authorised by the FCA, and the issuing and distributing of its products is not a regulated activity, the FCA did not have supervisory oversight. The FCA does not have power to investigate a firm that is unauthorised and not carrying out any regulated activities and so the FCA's ability to intervene was limited. However, the promotion and marketing of such loan notes requires approval from FCA-authorised firms, unless a relevant exemption applies. The FCA has taken action against unauthorised promoters of HSG's investment scheme where financial promotions were made in breach of their rules. This action has included unannounced visits, warning letters and the removal of non-compliant financial promotions from the internet.
Action is being taken to reduce the risk of future investment schemes operating in this manner. The FCA has banned the mass marketing of speculative mini-bonds, which means firms with similar business models to HSG can no longer market their mini-bonds to ordinary retail investors. Furthermore, the forthcoming public offers and admission to trading regime will bring the issuance of non-transferable debt securities, such as minibonds, within the scope of regulation. That new regime will come into force in January 2026.
With respect to any discussions between the Government, regulators and the banking sector, Treasury Ministers have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial meetings with external organisations on departmental business are published on a quarterly basis and are available at the link below.
Economic Secretary (HM Treasury)
The Government recognises the impact of the collapse of the High Street Group (HSG) on those who invested with it. The administrators of HSG estimate that the value of investments affected is about £123 million.
As the regulator of financial services in the UK, the Financial Conduct Authority (FCA) stresses the importance of consumers getting the support they need and encourages consumers to only deal with FCA-authorised firms when making financial investments. HSG was not authorised by the FCA, and the issuing and distributing of its products was not a regulated activity. This means that investments made in HSG are not protected by the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS), unless the investment was via a regulated financial adviser or SIPP operator. As an important point of principle, the Government does not step in to pay compensation in respect of firms that fall outside of the FSCS. Doing so would create the wrong set of incentives for individuals and place an unnecessary burden on the taxpayer.
As HSG was not authorised by the FCA, and the issuing and distributing of its products is not a regulated activity, the FCA did not have supervisory oversight. The FCA does not have power to investigate a firm that is unauthorised and not carrying out any regulated activities and so the FCA's ability to intervene was limited. However, the promotion and marketing of such loan notes requires approval from FCA-authorised firms, unless a relevant exemption applies. The FCA has taken action against unauthorised promoters of HSG's investment scheme where financial promotions were made in breach of their rules. This action has included unannounced visits, warning letters and the removal of non-compliant financial promotions from the internet.
Action is being taken to reduce the risk of future investment schemes operating in this manner. The FCA has banned the mass marketing of speculative mini-bonds, which means firms with similar business models to HSG can no longer market their mini-bonds to ordinary retail investors. Furthermore, the forthcoming public offers and admission to trading regime will bring the issuance of non-transferable debt securities, such as minibonds, within the scope of regulation. That new regime will come into force in January 2026.
With respect to any discussions between the Government, regulators and the banking sector, Treasury Ministers have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial meetings with external organisations on departmental business are published on a quarterly basis and are available at the link below.
Economic Secretary (HM Treasury)
The Government recognises the impact of the collapse of the High Street Group (HSG) on those who invested with it. The administrators of HSG estimate that the value of investments affected is about £123 million.
As the regulator of financial services in the UK, the Financial Conduct Authority (FCA) stresses the importance of consumers getting the support they need and encourages consumers to only deal with FCA-authorised firms when making financial investments. HSG was not authorised by the FCA, and the issuing and distributing of its products was not a regulated activity. This means that investments made in HSG are not protected by the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS), unless the investment was via a regulated financial adviser or SIPP operator. As an important point of principle, the Government does not step in to pay compensation in respect of firms that fall outside of the FSCS. Doing so would create the wrong set of incentives for individuals and place an unnecessary burden on the taxpayer.
As HSG was not authorised by the FCA, and the issuing and distributing of its products is not a regulated activity, the FCA did not have supervisory oversight. The FCA does not have power to investigate a firm that is unauthorised and not carrying out any regulated activities and so the FCA's ability to intervene was limited. However, the promotion and marketing of such loan notes requires approval from FCA-authorised firms, unless a relevant exemption applies. The FCA has taken action against unauthorised promoters of HSG's investment scheme where financial promotions were made in breach of their rules. This action has included unannounced visits, warning letters and the removal of non-compliant financial promotions from the internet.
Action is being taken to reduce the risk of future investment schemes operating in this manner. The FCA has banned the mass marketing of speculative mini-bonds, which means firms with similar business models to HSG can no longer market their mini-bonds to ordinary retail investors. Furthermore, the forthcoming public offers and admission to trading regime will bring the issuance of non-transferable debt securities, such as minibonds, within the scope of regulation. That new regime will come into force in January 2026.
With respect to any discussions between the Government, regulators and the banking sector, Treasury Ministers have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial meetings with external organisations on departmental business are published on a quarterly basis and are available at the link below.
Economic Secretary (HM Treasury)
The Government recognises the impact of the collapse of the High Street Group (HSG) on those who invested with it. The administrators of HSG estimate that the value of investments affected is about £123 million.
As the regulator of financial services in the UK, the Financial Conduct Authority (FCA) stresses the importance of consumers getting the support they need and encourages consumers to only deal with FCA-authorised firms when making financial investments. HSG was not authorised by the FCA, and the issuing and distributing of its products was not a regulated activity. This means that investments made in HSG are not protected by the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS), unless the investment was via a regulated financial adviser or SIPP operator. As an important point of principle, the Government does not step in to pay compensation in respect of firms that fall outside of the FSCS. Doing so would create the wrong set of incentives for individuals and place an unnecessary burden on the taxpayer.
As HSG was not authorised by the FCA, and the issuing and distributing of its products is not a regulated activity, the FCA did not have supervisory oversight. The FCA does not have power to investigate a firm that is unauthorised and not carrying out any regulated activities and so the FCA's ability to intervene was limited. However, the promotion and marketing of such loan notes requires approval from FCA-authorised firms, unless a relevant exemption applies. The FCA has taken action against unauthorised promoters of HSG's investment scheme where financial promotions were made in breach of their rules. This action has included unannounced visits, warning letters and the removal of non-compliant financial promotions from the internet.
Action is being taken to reduce the risk of future investment schemes operating in this manner. The FCA has banned the mass marketing of speculative mini-bonds, which means firms with similar business models to HSG can no longer market their mini-bonds to ordinary retail investors. Furthermore, the forthcoming public offers and admission to trading regime will bring the issuance of non-transferable debt securities, such as minibonds, within the scope of regulation. That new regime will come into force in January 2026.
With respect to any discussions between the Government, regulators and the banking sector, Treasury Ministers have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. Details of ministerial meetings with external organisations on departmental business are published on a quarterly basis and are available at the link below.
Economic Secretary (HM Treasury)
The Valuation Office Agency are developing their approach to the targeted revaluation and will set out more details in due course, following the outcome of the Government's consultation.
When valuing domestic properties, the VOA uses modern technology and industry standard techniques combined with freely available information including sales data, property attribute details and government records.
Financial Secretary (HM Treasury)
Banking is changing, with many customers benefitting from the convenience and flexibility of managing their finances remotely. However, Government understands the importance of face-to-face banking to communities and is committed to championing sufficient access for customers. In addition to traditional bank branches, the financial services industry is committed to rolling out 350 banking hubs across the UK by the end of this Parliament. Over 240 hubs have been announced so far, and more than 190 are already open. Government is working closely with industry on this commitment.
The locations of banking hubs are independently determined by LINK, the industry coordinating body responsible for making access to cash assessments. LINK will carry out an assessment wherever a branch closure is announced or if they receive a community request. Any decisions on changes to LINK’s independent assessment criteria are a matter for LINK and the financial services sector.
Economic Secretary (HM Treasury)
The Government is committed to ensuring that businesses across the UK, including in the West Midlands, can access the capital they need to grow. Through the British Business Bank (BBB), we are delivering a range of targeted interventions, including loan guarantee programmes and equity investment, designed to address regional funding gaps and unlock investment opportunities.
Businesses in the West Midlands already benefit from the £400 million Midlands Engine Investment Fund II (MEIF). This fund is increasing the supply and diversity of early-stage finance for smaller businesses across the Midlands and enabling businesses that might otherwise not receive investment to access capital.
The BBB’s 2025 Impact Report estimates that their investments supported 2,200 West Midlands SMEs in 2024/25, and created 2,000 jobs. This follows the 10 June milestone of more than £100 million having been provided to West Midlands businesses as part of the Start Up Loans programme. The Bank also hosted a ‘Meet the Investor’ event in partnership with Tech UK in Birmingham in March to help connect SMEs with potential investors.
West Midlands businesses will also benefit from the recent Spending Review uplift, which increased the Bank’s total capacity to £25.6 billion. This uplift will enable the Bank to make annual investments of around £2.5 billion, supporting more high-growth and innovative UK businesses access finance across the UK.
Economic Secretary (HM Treasury)
The Government wants to see more people benefit from the higher returns and long-term financial resilience that investing can provide. That is why the Chancellor has set out a series of bold measures to get Britain investing again, including the reforms to ISAs announced at Autumn Budget.
In that context, the Government welcomes the Financial Conduct Authority’s (FCA) publication of final rules for the new Consumer Composite Investment regime. This will deliver tailored and flexible disclosure to support investors in their decision making, and will come into force from April 2026.
In addition, the Government is working closely with the FCA to launch a system of targeted support in early April 2026 to increase the support available to consumers. On 11 December, the Government confirmed it will be taking forward legislation to implement targeted support and the FCA published a policy statement setting out near-final rules for the regime.
Furthermore, the Government and FCA are working closely with the industry-led initiatives to promote the benefits of investing to the public, and to reform how firms talk about the risks and benefits of investing. Combined, these measures aim to support a thriving retail investment culture.
Economic Secretary (HM Treasury)
The Government recognise the importance of the right to appeal, and will consult on the details of this in the new year.
Financial Secretary (HM Treasury)
The government is committed to supporting the growth of mutual financial services in line with the manifesto commitment to double the size of the mutual and co-operative sector.
HM Treasury works closely with departments across government, including the Department for Business and Trade, to deliver this commitment. We also engage regularly with the mutuals sector to understand the challenges they face and explore opportunities to help the sector grow.
Economic Secretary (HM Treasury)
The Bank Referral Scheme is an initiative dating back to 2014, which requires major lenders (designated banks) to refer SME customers that they reject for finance, with the SMEs’ permission, to finance platforms that can match the SME with alternative finance providers, in order to improve access to finance.
In the interests of public transparency, the Treasury is required under the law to publish a list of banks designated under the Scheme. The list of currently designated banks can be found at:
Under the existing regulations, SMEs also learn about their bank’s involvement in the Scheme as the law requires the bank to ask the SME whether they agree to their information being provided to finance platforms under the Scheme, in order to try and match the SME with alternative finance.
On 27th October, the Government launched a consultation and call for evidence on the Bank Referral Scheme, inviting views on a range of issues and proposals aimed at better facilitating SME access to finance through the Scheme, including on bank designations and improving awareness of the Scheme.
The consultation sets out that, at a minimum, the Government intends to improve its own information resources on the Scheme. It also explains that the Government is considering whether it would be beneficial for more information on the Scheme to be made readily available to SMEs earlier, when they are considering external finance, regardless of whether they have already applied and been rejected. The consultation is due to close on 22 December.
The Government will set out its position on any changes to the Scheme in due course.
Economic Secretary (HM Treasury)
HM Treasury does use wellbeing metrics in policy development. HM Treasury is also responsible for the Green Book, which supports officials across government to apply wellbeing approaches to policy development.
Chief Secretary to the Treasury
The Government Actuary’s Department has produced the guidance required by regulations to assist public service pension schemes in implementing aspects of the McCloud remedy for members subject to a Pension Sharing Order on divorce or dissolution. This guidance covers pension schemes for the civil service, teachers, NHS, armed forces, police and firefighters. The most recent guidance on this subject was issued on 5 November 2025.
Parliamentary Secretary (HM Treasury)
Ensuring that individuals have access to appropriate financial services and products is a key Government priority. This is vital for supporting financial resilience and wellbeing and enables people, including young people, to fully participate in the economy.
HM Treasury does not hold data on junior current account openings specifically. However, the Money and Pensions Service’s (MaPS) UK Strategy for Financial Wellbeing 2020–2030 reports that one in ten 16- to 17-year-olds have no bank account at all. Of those who do have accounts, 30% have never deposited money.
Through the Financial Inclusion Strategy, the Government is working with schools and the Money and Pensions Service to improve young people’s financial capability. As part of this, financial education will become compulsory in primary schools in England through a new statutory requirement to teach citizenship. In 2025–26, MaPS will also pilot its Talk, Learn, Do programme, which helps parents have money conversations with their children. The pilot will run through five family hubs and other organisations that support families in England, with the aim of achieving sustainable scale across the UK.
The Government is also supportive of industry’s efforts to develop age-appropriate products and services for young people.
Economic Secretary (HM Treasury)
The Crown Estate operates across England, Wales and Northern Ireland. The management of assets held by The Crown Estate was devolved to Scotland in 2016 and, as such, Crown Estate Scotland operates as a distinct entity from The Crown Estate and is governed by Scottish legislation.
In accordance with the Crown Estate Act 1961, The Crown Estate returns its net revenue profits to the UK Consolidated Fund - a combined total of more than £5 billion over the last decade. This money is used to fund vital public services across the UK in reserved areas. When the UK Consolidated Fund is spent in England, in areas which are devolved, the devolved governments also receive funding through the operation of the Barnett formula.
Details of The Crown Estate's revenues are outlined in its annual report and accounts.
Financial Secretary (HM Treasury)
At the Budget in November 2025, the government announced that from 6 April 2027, the annual Cash ISA limit will be set at £12,000 within the overall ISA limit of £20,000. This is part of our wider strategy aimed at supporting people to get into investing, including Targeted Support, which will be available from April 2026.
Rules will be introduced to avoid circumvention of the lower limit for cash ISAs where an individual is under the age of 65. The ISA industry will be consulted on the draft legislation, which will be made by amendments to the ISA Regulations, and laid before Parliament well ahead of April 2027.
Financial Secretary (HM Treasury)
The amount of business rates paid on each property is based on the rateable value of the property, assessed by the Valuation Office Agency (VOA), and the multiplier values, which are set by the Government. Rateable values are re-assessed every three years. Revaluations ensure that the rateable values (i.e. the tax base) of properties remain in line with market changes, and that the tax rates adjust to reflect changes in the tax base.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties. To support with bill increases, at the Budget in November 2025, the Government introduced a support package worth £4.3 billion over the next three years to protect ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
This support package includes capping bill increases for the smallest businesses losing some or all of their small business rates relief or rural rate relief worth over £500 million. The Government has gone further by expanding this to ratepayers losing retail, hospitality and leisure (RHL) relief to offer further support worth an additional £1.3 billion as they transition to permanently lower tax rates.
More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in the manifesto. The Government is doing this by introducing permanently lower tax rates for eligible RHL properties. These new tax rates are worth nearly £900 million per year, and will benefit over 750,000 properties. The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
Financial Secretary (HM Treasury)
The National Payments Vision, published in November, set out the government’s ambitious plans for the next phase of Open Banking, building on the UK’s leadership in this area. This includes steps towards delivering seamless, Open Banking enabled, account-to-account payments.
The government intends to use powers in the ‘Data (Use and Access) Act’ to put in place a long-term regulatory framework for Open Banking and is working at pace to deliver this.
Economic Secretary (HM Treasury)
HM Treasury’s ‘Impact on households’ publication, produced alongside Budget 2025, shows that the impact of government tax, welfare and public service spending decisions from Autumn Budget 2024 onwards are benefit households in the lowest income deciles the most, on average HM Treasury does not produce a distributional assessment of policy decisions at a subnational level.
Chief Secretary to the Treasury
The Office for Budget Responsibility (OBR) was established by the Budget Responsibility and National Audit Act 2011. Its annual report and accounts, which are laid before Parliament and published on its website, set out in detail the OBR’s expenditure and funding for each year since its establishment.
Chief Secretary to the Treasury
The Office for Budget Responsibility (OBR) was established by the Budget Responsibility and National Audit Act 2011. Its annual report and accounts, which are laid before Parliament and published on its website, set out detail on the number of staff employed at the end of March in each year.
Chief Secretary to the Treasury
Great British Energy's Strategic plan, published on 4 December 2025, sets out detail regarding arrangements between the two organisations.
Chief Secretary to the Treasury
This information can be found on The Crown Estate website.
Chief Secretary to the Treasury
Liam Byrne
(Labour - Birmingham Hodge Hill and Solihull North)
The capital DEL budget is as published in the Spending Review 2025 documentation. The detailed allocation of the capital DEL budget is still to be finalised in the annual business planning process.
Chief Secretary to the Treasury
The Chancellor discusses a variety of issues with Ministers from other government departments throughout the year.
Exchequer Secretary (HM Treasury)
At Budget, the government announced a comprehensive package of entrepreneurship tax measures designed to provide substantially enhanced support for scaling businesses across the UK. This includes doubling the maximum amount that a company can raise through the Enterprise Investment Scheme (EIS) and the Venture Capital Trust (VCT) scheme. These increases will lead to around £100 million per year of extra investment into the most successful scaling companies, supporting their further growth and development.
The Government recognises that there may be other ways we could support companies to scale in the UK. We have therefore launched a Call for Evidence on tax policy support for investment in high-growth UK companies to gather views and evidence from founders, entrepreneurs, scaling companies and investors. This will assess the impact, accessibility, and generosity of existing schemes, and explore potential policy options to go-further.
A Tax Information and Impact Note published at Budget outlines the policy rationale and impacts of these measures. It can be found here: https://www.gov.uk/government/publications/enterprise-investment-scheme-eis-and-venture-capital-trusts-vct-changes/venture-capital-trusts-enterprise-investment-scheme-investment-limit-increase-and-restructure
The Policy Costings document contains further information on the costing methodology. This can be found here: https://assets.publishing.service.gov.uk/media/692872fd2a37784b16ecf676/Budget_2025-Policy_Costings.pdf
Exchequer Secretary (HM Treasury)
The independent Office for Budget Responsibility does not expect that the reform to property income tax will have a significant impact on rental prices.
Exchequer Secretary (HM Treasury)
HM Treasury’s ‘Impact on households’ publication, produced alongside Budget 2025, shows that the impact of government tax, welfare and public service spending decisions from Autumn Budget 2024 onwards are progressive and benefit households in the lowest income deciles the most, on average, with increases in tax concentrated on the highest income households. On average, all but the richest 10% of households will benefit from policy decisions in 2028-29.
Exchequer Secretary (HM Treasury)
The hospitality sector and small businesses make significant contributions to the exchequer, the UK economy, and society.
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since Covid, which has led to significant increases in rateable values for some properties, including those in the hospitality sector as they recover from the pandemic. To support with bill increases, at the Budget, the Government announced a support package worth £4.3 billion over the next three years, including protection for ratepayers seeing their bills increase because of the revaluation. As a result, over half of ratepayers will see no bill increases, including 23% seeing their bills go down. This means most properties seeing increases will see them capped at 15% or less next year, or £800 for the smallest.
More broadly, the Government is delivering a long overdue reform to rebalance the business rates system and support the high street, as promised in our manifesto.
The Government is doing this by introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties, including pubs. These new tax rates are worth nearly £900 million per year, and will benefit over 750,000 properties.
The new RHL tax rates replace the temporary RHL relief that has been winding down since Covid. Unlike RHL relief, the new rates are permanent, giving businesses certainty and stability, and there will be no cap, meaning all qualifying properties on high streets across England will benefit.
Furthermore, we have worked with the hospitality sector to announce the first National Licensing Policy Framework which sets a new strategic direction for licensing authorities and encourages them to have more regard to growth when reviewing licensing applications and decisions. Responding to sector asks, we will also explore further planning reforms to make it easier for hospitality and high-street businesses to expand and grow. To help drive these reforms, we will appoint a new Retail and Hospitality Envoy to champion these sectors across government.
This is on top of measures we have already announced, such as:
- increasing the Employment Allowance to £10,500 – protecting the smallest businesses from the increase to employer National Insurance;
- protection against upward only rent clauses, and
- the introduction of strong new ‘Community Right to Buy’ to help communities safeguard valued community assets – such as pubs.
Exchequer Secretary (HM Treasury)
Treasury Ministers and officials engaged with a wide range of stakeholders across the pub and hospitality sector ahead of the Budget to discuss business rates.
We continue to engage with the hospitality sector to understand the pressures they face.
Exchequer Secretary (HM Treasury)
The government is committed to the long-term future of the aviation sector in the UK and recognises the benefits of the connectivity it creates between the UK and the rest of the world. The government remains committed to maintaining a competitive and dynamic aviation sector that supports jobs, skills, and innovation across the UK.
Following previous increases to Air Passenger Duty (APD) rates to account for below inflation rates, the government will uprate APD rates in line with RPI from 1 April 2027 and rounded to the nearest penny. This constitutes a real terms freeze.
This will continue to ensure that airlines make a fair contribution to the public finances, particularly given that tickets are VAT free, and aviation fuel incurs no duty.
Exchequer Secretary (HM Treasury)
Exchequer Secretary (HM Treasury)
The Government is committed to cutting the cost of politics.
The figures were calculated based on estimated savings from the potential reduction in local councillors through local government reorganisation and from the abolition of Police and Crime Commissioners.
These estimates are built from a range of sources including Local Government Boundary Commission data; salaries; office costs; election costs; sampling of councillor expenditure data from current authorities.
Chief Secretary to the Treasury
Following a review of the Green Book, the government has announced the introduction of place-based business cases. This new approach will highlight the reinforcing effects of different investments within an area and better coordinate both public sector funding decisions and non-public sector investments in specific places to support growth. Liverpool, Plymouth, Port Talbot and Birmingham will be the first adopters of place-based business cases. The government will set out plans to rollout place-based business cases further in due course.
More widely, Government is giving local leaders and communtiies the power and resources to make decisions for their places.
Chief Secretary to the Treasury
HMRC does not require or collect data on where in the UK the economic activities occurs in order to collect the Apprenticeship Levy.
Receipts data based on company registered addresses do not necessarily reflect where liabilities are accrued.
Chief Secretary to the Treasury
The government is committed to making the UK a global hub for digital assets. It recognises the huge potential posed by tokenised asset innovation, and for stablecoins to support innovation in both retail payments and wholesale settlement.
That is why the government is bringing in legislation to establish a new financial services regulatory regime for cryptoassets, including stablecoin, and maintaining a close and ongoing dialogue with the financial regulators as they develop detailed rules and guidance.
This legislation complements other measures being taken forward by the government on digital assets, including: the Digital Securities Sandbox, which supports settlement using distributed ledger technology; the Digital Gilt Instrument pilot issuance; and the publication of the Wholesale Financial Markets Digital Strategy.
Economic Secretary (HM Treasury)
The government is committed to making the UK a global hub for digital assets. It recognises the huge potential posed by tokenised asset innovation, and for stablecoins to support innovation in both retail payments and wholesale settlement.
That is why the government is bringing in legislation to establish a new financial services regulatory regime for cryptoassets, including stablecoin, and maintaining a close and ongoing dialogue with the financial regulators as they develop detailed rules and guidance.
This legislation complements other measures being taken forward by the government on digital assets, including: the Digital Securities Sandbox, which supports settlement using distributed ledger technology; the Digital Gilt Instrument pilot issuance; and the publication of the Wholesale Financial Markets Digital Strategy.
Economic Secretary (HM Treasury)