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)
10:45
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, if she will make an estimate of the potential impact of the misclassification …
These Regulations designate areas, known as “special tax sites”, as special areas for the purposes of Parts 2 (plant and …
A Bill to make provision about secondary Class 1 contributions.
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 for loans or other financial assistance to be provided to, or for the benefit of, the government of Ukraine.
This Bill received Royal Assent on 16th January 2025 and was enacted into law.
A Bill to impose duties on the Treasury and the Office for Budget Responsibility in respect of the announcement of fiscally significant measures.
This Bill received Royal Assent on 10th September 2024 and was enacted into law.
A Bill to authorise the use of resources for the year ending with 31 March 2025; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2024.
This Bill received Royal Assent on 30th July 2024 and was enacted into law.
HM Treasury - Secondary Legislation
Petitions
e-Petitions are administered by Parliament and allow members of the public to express support for a particular issue.
If an e-petition reaches 10,000 signatures the Government will issue a written response.
If an e-petition reaches 100,000 signatures the petition becomes eligible for a Parliamentary debate (usually Monday 4.30pm in Westminster Hall).
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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
Work of Financial Ombudsman Service
11 Feb 2025, 9:30 a.m.
At 10:00am: Oral evidence
Abby Thomas - Chief Executive at Financial Ombudsman Service
Baroness Manzoor CBE - Chair at Financial Ombudsman Service
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Treasury Committee - Oral evidence
Work of Financial Ombudsman Service
11 Feb 2025, 9:30 a.m.
At 10:00am: Oral evidence
Baroness Manzoor CBE - Chair at Financial Ombudsman Service
James Dipple-Johnstone - Chief Ombudsman at Financial Ombudsman Service
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Treasury Committee - Oral evidence
Work of Financial Ombudsman Service
11 Feb 2025, 9:30 a.m.
At 10:00am: Oral evidence
Baroness Manzoor CBE - Chair at Financial Ombudsman Service
James Dipple-Johnstone - Interim Chief Ombudsman at Financial Ombudsman Service
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Treasury Committee - Private Meeting
12 Feb 2025, 10:30 a.m.
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Treasury Committee - Oral evidence
Work of HM Treasury
12 Feb 2025, 2:15 p.m.
At 2:30pm: Oral evidence
James Bowler CB - Permanent Secretary to the Treasury at HM Treasury
Beth Russell - Second Permanent Secretary to the Treasury at HM Treasury
Sam Beckett - Chief Economic Adviser, Head of the GES and Second Permanent Secretary at HM Treasury
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Treasury Committee - Oral evidence
Work of HM Treasury
12 Feb 2025, 2:15 p.m.
At 2:30pm: Oral evidence
James Bowler CB - Permanent Secretary at HM Treasury
Beth Russell - Second Permanent Secretary at HM Treasury
Sam Beckett - Chief Economic Adviser, Head of the Government Economic Service and Second Permanent Secretary at HM Treasury
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Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)The Government is committed to protecting access to cash for the millions of people across the UK that use it, including those in vulnerable groups.
The Financial Conduct Authority (FCA) assumed regulatory responsibility for access to cash in September 2024. Its rules require the UK’s largest banks and building societies to assess the impact of a closure or material alteration of a relevant cash withdrawal or deposit facility and put in place a new service if necessary.
The FCA’s rules require designated firms to consider a range of factors in their assessments which will account for challenges in cash access faced in rural areas. For example, firms are required to consider the actual travel times and costs to reach cash access facilities and identify gaps in provision where these are unreasonable.
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. Further information about submitting a cash access request can be found at the following link: https://www.link.co.uk/helping-you-access-cash/request-access-to-cash
Economic Secretary (HM Treasury)
The government is committed to retaining Small Business Rate Relief, which is a permanent relief set down in legislation.
Small Business Rate Relief (SBRR) is available to businesses with a single property below a set rateable value. Eligible properties under £12,000 receive 100 per cent relief, which means over a third of businesses in England (more than 700,000) pay no business rates at all.
There is also tapered support available to properties valued between £12,000 and £15,000.
Business rates bills are calculated by applying the relevant multiplier before reliefs are applied.
Exchequer Secretary (HM Treasury)
At Autumn Budget 2024, the Government announced APD rates for 2026-27, including a partial adjustment to help compensate for two recent years of inflation that was higher than expected.
As with all taxes, the Chancellor makes decisions on APD rates at fiscal events in the context of public finances.
Exchequer Secretary (HM Treasury)
No Barclays customers who filed their tax return and paid their Self Assessment tax liability by 3rd February will face a penalty.
Exchequer Secretary (HM Treasury)
John Hayes
(Conservative - South Holland and The Deepings)
Artificial Intelligence (AI) is at the heart of the Government’s plan to kickstart an era of economic growth, transform how we deliver public services, and boost living standards for working people across the country.
The VOA is conducting initial discovery work to identify where Generative AI tools might improve productivity and quality, including through trialling Microsoft’s Copilot tools.
Exchequer Secretary (HM Treasury)
In order to repair the public finances and help raise the revenue required to increase funding for public services, the Government has taken the difficult decision to increase employer National Insurance contributions (NICs).
The Government published a Tax Information and Impact Note on 13 November which sets out the impact of the employer NICs changes on employers.
At Autumn Budget 2024 and the recent provisional Local Government Finance Settlement, the Government announced £2 billion of new grant funding for local government in 2025-26. This includes £515m to support councils with the increase in employer National Insurance Contributions.
The £515m of additional funding made available to compensate local government for the impact of changes to employer NICs has been determined based on a national assessment of the costs for directly employed staff across the public sector. However, this funding is unringfenced and it is for LAs to determine how to use this funding across relevant services and responsibilities.
Exchequer Secretary (HM Treasury)
The Government will abolish the Furnished Holiday Lettings (FHL) tax regime from April 2025.
The FHL tax regime has created a distortion that favours short-term holiday lets over longer-term rentals, by providing a tax incentive to invest in and provide the former over the latter.
Abolishing the regime will remove this incentive by equalising the tax treatment of FHL and non-FHL landlords’ income and gains.
Exchequer Secretary (HM Treasury)
The Government will abolish the Furnished Holiday Lettings (FHL) tax regime from April 2025. The FHL tax regime has created a distortion that favours short-term holiday lets over longer-term rentals. Abolishing it will equalise the tax treatment of FHL and non-FHL landlords’ income and gains, making the tax system fairer.
Tax reliefs will still be available to individuals providing furnished holiday letting services, including mortgage interest relief at 20 per cent and relief for the replacement of domestic items. These reliefs will be at the same level as those available to landlords who provide long-term residential lets.
Exchequer Secretary (HM Treasury)
The Government is committed to tackling illicit finance and economic crime. We have appointed an Anti-Corruption Champion Baroness Hodge to support the government's agenda in tackling corruption at home and overseas.
HM Treasury has been working with partners across the public and private sector to update our National Risk Assessment for money laundering and terrorist financing; and to deliver Economic Crime Plan 2, our public-private strategy to combat economic crime and strengthen the UK system. This includes work on HM Treasury owned actions to reform our Anti-Money Laundering/Counter Terrorist Financing supervisory regime, and to improve the effectiveness of the Money Laundering Regulations.
HM Treasury has also continued its work to tackle international illicit finance flows and strengthen the global system, representing the UK at the Financial Action Task Force; and conducting regular engagement with governments around the world on how to improve their anti-money laundering systems.
Economic Secretary (HM Treasury)
The Government was sorry to hear of the issues impacting Barclays customers over the weekend including those in my Hon. Friend’s constituency but understands that Barclays’ services are restored, and the firm has committed to ensure customers are not left out of pocket as a result of the issues.
Engagement with specific firms is a matter for the sector’s regulators, including the Bank of England, Prudential Regulation Authority and Financial Conduct Authority, who will continue to monitor the firm and the impact of the issues.
Economic Secretary (HM Treasury)
The Government was sorry to hear of the issues impacting Barclays customers over the weekend including those in my Hon. Friend’s constituency but understands that Barclays’ services are restored, and the firm has committed to ensure customers are not left out of pocket as a result of the issues.
Engagement with specific firms is a matter for the sector’s regulators, including the Bank of England, Prudential Regulation Authority and Financial Conduct Authority, who will continue to monitor the firm and the impact of the issues.
Economic Secretary (HM Treasury)
HM Revenue and Customs (HMRC) estimates the size of the tax gap, which is the difference between the amount of tax that should, in theory, be paid to HMRC, and what is actually paid. These statistics are published annually and are available at: Measuring tax gaps 2024 edition: tax gap estimates for 2022 to 2023 - GOV.UK (www.gov.uk). The latest estimate for England and Northern Ireland of the Landfill Tax gap is 14.5% of the theoretical Landfill Tax liabilities, or £100 million, in the 2022 to 2023 tax year.
The illustrative estimates of the monetary components of the 2022-23 Landfill Tax gap are £75 million at unauthorised sites and £90 million of misclassified plus £35 million underdeclared waste at authorised sites less £100 million compliance yield (tax gap estimates are calculated net of compliance yield).
Exchequer Secretary (HM Treasury)
HM Revenue and Customs (HMRC) estimates the size of the tax gap, which is the difference between the amount of tax that should, in theory, be paid to HMRC, and what is actually paid. These statistics are published annually and are available at: Measuring tax gaps 2024 edition: tax gap estimates for 2022 to 2023 - GOV.UK (www.gov.uk). The latest estimate for England and Northern Ireland of the Landfill Tax gap is 14.5% of the theoretical Landfill Tax liabilities, or £100 million, in the 2022 to 2023 tax year.
The illustrative estimates of the monetary components of the 2022-23 Landfill Tax gap are £75 million at unauthorised sites and £90 million of misclassified plus £35 million underdeclared waste at authorised sites less £100 million compliance yield (tax gap estimates are calculated net of compliance yield).
Exchequer Secretary (HM Treasury)
Daisy Cooper
(Liberal Democrat - St Albans)
The National Infrastructure and Service Transformation Authority (NISTA) will combine the functions of the National Infrastructure Commission and Infrastructure and Projects Authority. NISTA will bring oversight of strategy and delivery into one organisation, driving more effective delivery of infrastructure across the country.
On 17 January 2025, the Prime Minister announced in a Written Ministerial Statement that NISTA will be a joint unit of HM Treasury and Cabinet Office, effective from 1 April 2025. Further detail on the work and governance of NISTA will be announced in due course.
Chief Secretary to the Treasury
HM Revenue and Customs (HMRC) estimates the size of the tax gap, which is the difference between the amount of tax that should, in theory, be paid to HMRC, and what is actually paid. The tax gap statistics are published annually and are available at: Measuring tax gaps 2024 edition: tax gap estimates for 2022 to 2023 - GOV.UK (www.gov.uk).
Table 7.1 of the online tables shows the illustrative tax gap time series by behaviour, including evasion. The tax gap for evasion was £5.5 billion in tax year 2022 to 2023. The online tables are available at: Measuring tax gaps tables - GOV.UK (www.gov.uk).
HMRC does not separately estimate the tax gap due to tax evasion facilitated through overseas territories.
HMRC uses a wide range of civil powers to tackle evasion whilst it carries out criminal investigations for the most serious cases where it is appropriate to do so.
Exchequer Secretary (HM Treasury)
At Autumn Budget, the Government took a number of difficult but necessary decisions on tax, welfare, and spending to restore economic stability, fix the public finances, and support public services. These were tough decisions given the situation we inherited from the previous administration, but the Government has done so in a way that makes the tax system fairer and more sustainable.
Specifically to support small and medium businesses, including family businesses, the Budget announced generous tax reforms including more than doubling the employment allowance to £10,500, maintaining the Small Profits Rate and marginal relief at their current rates and thresholds, maintaining the Annual Investment Allowance, and freezing the small businesses multiplier for 2025-26.
The government has protected smaller family businesses from BPR changes, providing a very significant level of relief with the first £1 million of business assets continuing to receive 100% relief and then 50% thereafter.
Each year, the independent Low Pay Commission produces recommendations to the Government on the National Living Wage rates. At Autumn Budget, the Government accepted the LPC’s recommendations on the rates in full, meaning that NLW rate will rise to £12.21 per hour from April 2025.
Exchequer Secretary (HM Treasury)
Luke Charters
(Labour - York Outer)
Access to Junior ISAs (JISA) and Child Trust Funds (CTF) for parents of young adults with special educational needs and disabilities is already possible in certain circumstances.
Where a young adult lacks mental capacity, including due to a disability, the law requires parents or a guardian to have legal authority to make decisions on their behalf about financial assets or property. This includes in relation to accessing funds held in a CTF or a JISA
The Ministry of Justice has published a toolkit on gov.uk explaining the process for parents and guardians of disabled children to obtain legal authority if no other arrangements are in place. The Ministry of Justice has worked with The Investment and Savings Alliance (TISA) to promote the toolkit with parents and carers, and is working with the Department for Work and Pensions on ways to inform parents and carers about the relevant legal processes as their young person approaches the age of 18.
The Government continues to keep all aspects of savings policy under review.
Economic Secretary (HM Treasury)
The Migration Advisory Committee advises government on migration issues. In their 2024 annual report, they estimated the average skilled worker migrant has a positive net fiscal impact of £16,300.
Their analysis does not provide a distributional breakdown within Skilled Worker visa holders.
Economic Secretary (HM Treasury)
The Chancellor recently launched Phase 2 of HM Treasury’s departmental Spending Review covering 2026/27 to 2028/29. The conditions of the Review require a zero-based, line-by-line review of all departmental spending to assess whether it is a priority for this government and represents value for money for the taxpayer. This approach extends to the department’s Arm’s Length Bodies (ALBs). The Spending Review will conclude on 11 June 2025.
Chief Secretary to the Treasury
The government recognises the importance of transparency across public spending, including Arm’s-length bodies (ALBs). Information on ALB expenditure is published within each body’s annual report.
The process for budget setting and for preparing and approving annual reports for ALBs are dependent on their classification status and their source of income.
Further information on the reporting requirements for ALBs can be found here: https://assets.publishing.service.gov.uk/media/6763fa1f3229e84d9bbde88d/MASTER_FINAL_DRAFT_2025-26_FReM_DECEMBER_2024_RELEASE.pdf
Further information on how each type of ALB should produce accounts can be found here: https://assets.publishing.service.gov.uk/media/5a74d700e5274a59fa715592/Classification-of-Public_Bodies-Guidance-for-Departments.pdf
Chief Secretary to the Treasury
James McMurdock
(Reform UK - South Basildon and East Thurrock)
The Chancellor has launched Phase 2 of the Spending Review, covering 2026/27 to 2028/29. This will zero-base all spending, including Arm’s-Length Bodies, conducting a full line-by-line review of all public spending to assess whether it is a priority for this government and represents value for money for the taxpayer. The Spending Review will conclude on 11 June 2025.
Chief Secretary to the Treasury
I cannot comment on specific taxpayers or provide comment on individuals or businesses.
However, at the Budget, the Government announced the most ambitious ever package to close the tax gap, to raise £6.5 billion in additional tax revenue per year by 2029-30.
This includes recruiting 5,000 additional compliance staff to make sure people pay the tax that is due, including against serious offshore non-compliance and fraud by the wealthy. Offshore evasion is an international issue that calls for international solutions
The UK is leading international efforts to improve global transparency and we are committed to ensuring everyone pays the right tax under the law, regardless of wealth or status.
Exchequer Secretary (HM Treasury)
Members of the armed forces deserve our gratitude for their service and a pension that ensures dignity in retirement.
The Government will bring most unused pension funds and death benefits payable from a pension into a person’s estate for inheritance tax purposes from 6 April 2027. Inheritance tax is already applied to death in service benefits for some pension schemes.
Estates of service personnel will benefit from the normal nil-rate bands, reliefs, and exemptions available. For example, the nil-rate bands mean an estate can pass on up to £1 million with no inheritance tax liability and the general rules mean any transfers, including the payment of death benefits, to a spouse or civil partner are exempt fully from inheritance tax. There is also a full exemption from inheritance tax when a member of the armed forces dies from a wound inflicted, accident occurring, or disease contracted on active service.
Exchequer Secretary (HM Treasury)
The Government does not have an estimate of the revenue from this measure specifically from the Fylde constituency.
At the Autumn Budget the Government published a detailed response to the consultation conducted between July and September. Annexed to this is the costing methodology used to calculate the total revenue generated by this policy. Included is a breakdown of the exchequer impact by year, including 2025/26. This was published online and can be found here: https://assets.publishing.service.gov.uk/media/6734864af6920bfb5abc7a29/Government_Response_to_the_Technical_Note_on_Applying_VAT_to_Private_School_Fees_and_Removing_the_Business_Rates_Charitable_Rate_Relief.pdf
Exchequer Secretary (HM Treasury)
At Autumn Budget 2024, the Government reconfirmed that it is removing private schools’ eligibility for charitable rate relief under business rates in England from April 2025. This intervention will raise around £140 million per year.
Business rates retention means that local authorities retain a proportion of all business rates revenue. As such, the increase in rates receipts due to the reduction in charitable rate relief for private schools will be shared between central and local government.
Exchequer Secretary (HM Treasury)
Harriett Baldwin
(Conservative - West Worcestershire)
To repair the public finances and help raise the revenue required to increase funding for public services, the government has taken the difficult decision to increase employer National Insurance.
The rate of employer NICs will increase from 13.8% to 15% and the per-employee threshold at which employers start to pay National Insurance (the Secondary Threshold) will be reduced to £5,000.
At the provisional Local Government Finance Settlement, the government announced an additional £515 million of support for local government to manage the impact of changes to employer NICs announced at the Autumn Budget.
Fire and rescue authorities will receive a share of the overall funding provided to local government.
Payments will be unringfenced to allow funding to be used across direct, commissioned, and externally provided local services.
Exchequer Secretary (HM Treasury)
Public relations activity is a subset of communication spend. As such, this data is not held.
The Government Communication Service encourages the prioritisation of low and no cost public relations activities wherever possible.
It is recommended that all external communications support should be procured through approved government frameworks, with strict controls in place to ensure cost-effectiveness.
Exchequer Secretary (HM Treasury)
As part of the NATO Status of Forces Agreement (SOFA), visiting NATO personnel have access to Visiting Forces Relief (VFR), for example the VAT free purchase scheme which provides relief on goods and services to US personnel in the UK. VFR is a reciprocal agreement, only available to the NATO Forces visiting another country and not to those of the Host Nation.
The Government greatly values the contribution of our serving military personnel. The Ministry of Defence has increased the funding allocated to the Continuity of Education Allowance (CEA) to account for the impact of any private school fee increases on the proportion of fees covered by the CEA in line with how the allowance normally operates.
Financial Secretary (HM Treasury)
Lord Weir of Ballyholme
(Democratic Unionist Party - Life peer)
At the Budget, the Chancellor provided funding to the public sector to support them with the additional cost associated with changes to employer National Insurance Contributions.
The devolved governments will receive funding through the Barnett formula in the usual way in 2025-26.
Devolved government settlements are growing in real terms in 2025-26 and are the largest settlements in real terms of any since devolution. Overall, the devolved governments receive at least 20% more funding per person than equivalent UK Government spending in the rest of the UK. That translates into over £16 billion more in 2025-26.
Financial Secretary (HM Treasury)
Growth is the government’s top priority. In her January 29 speech, the Chancellor outlined the next steps forward in the government’s plan for growth, including a new approach to the Oxford-Cambridge Growth Corridor and support for a third runway at Heathrow.
(1)To drive business investment, we will publish a 10-year infrastructure strategy, providing a long-term framework by reducing uncertainty, streamlining planning, and unlocking private capital. The National Infrastructure and Service Transformation Authority (NISTA) will oversee its implementation. The government has also committed to keeping a permanent full expensing system for plant and machinery investment, as well as the Annual Investment Allowance. This will help provide the certainty businesses need to invest.
(2)To encourage business investment in employees, the government is reforming the Apprenticeship Levy into a Growth and Skills Levy, enabling employers to fund a broader range of high-quality training. The Autumn Budget allocated £40 million to support the development of new foundation apprenticeships and shorter apprenticeships in key sectors.
Financial Secretary (HM Treasury)
The Government understands the importance of face-to-face banking to communities, high streets and rural areas across the UK, and is committed to championing sufficient access for all as a priority. This is why the Government is working closely with banks to roll out 350 banking hubs, which will provide local residents and businesses up and down the country with critical cash and banking services. Over 200 banking hubs have been recommended so far, and over 100 banking hubs are already open.
Banking has changed significantly in recent years with many customers benefitting from the ease and convenience of remote banking. While branch closures are commercial decisions for banks and building societies, FCA guidance expects firms to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and put in place alternatives where reasonable. This seeks to ensure that branch closures are implemented in a way that treats customers fairly.
Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK.
Economic Secretary (HM Treasury)
The Government understands the importance of face-to-face banking to communities, high streets and rural areas across the UK, and is committed to championing sufficient access for all as a priority. This is why the Government is working closely with banks to roll out 350 banking hubs, which will provide local residents and businesses up and down the country with critical cash and banking services. Over 200 banking hubs have been recommended so far, and over 100 banking hubs are already open.
Banking has changed significantly in recent years with many customers benefitting from the ease and convenience of remote banking. While branch closures are commercial decisions for banks and building societies, FCA guidance expects firms to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and put in place alternatives where reasonable. This seeks to ensure that branch closures are implemented in a way that treats customers fairly.
Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK.
Economic Secretary (HM Treasury)
The Government understands the importance of face-to-face banking to communities and high streets in Dorset and across the UK, and is committed to championing sufficient access for all as a priority. This is why the Government is working closely with banks to roll out 350 banking hubs, which will provide local residents and businesses up and down the country with critical cash and banking services. Over 100 banking hubs are already open.
FCA guidance expects firms to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and put in place alternatives where reasonable. This seeks to ensure that branch closures are implemented in a way that treats customers fairly.
Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK.
Economic Secretary (HM Treasury)
The Government understands the importance of face-to-face banking to communities and high streets in Dorset and across the UK, and is committed to championing sufficient access for all as a priority. This is why the Government is working closely with banks to roll out 350 banking hubs, which will provide local residents and businesses up and down the country with critical cash and banking services. Over 100 banking hubs are already open.
FCA guidance expects firms to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and put in place alternatives where reasonable. This seeks to ensure that branch closures are implemented in a way that treats customers fairly.
Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK.
Economic Secretary (HM Treasury)
The Government understands the importance of face-to-face banking to communities and high streets in Dorset and across the UK, and is committed to championing sufficient access for all as a priority. This is why the Government is working closely with banks to roll out 350 banking hubs, which will provide local residents and businesses up and down the country with critical cash and banking services. Over 100 banking hubs are already open.
FCA guidance expects firms to carefully consider the impact of planned branch closures on their customers’ everyday banking and cash access needs and put in place alternatives where reasonable. This seeks to ensure that branch closures are implemented in a way that treats customers fairly.
Alternative options to access everyday banking services can be via telephone banking, through digital means such as mobile or online banking and via the Post Office. The Post Office Banking Framework allows personal and business customers to withdraw and deposit cash, check their balance, pay bills and cash cheques at 11,500 Post Office branches across the UK.
Economic Secretary (HM Treasury)
Listed companies such as listed investment trusts are subject to substantial corporate governance and shareholder protection requirements.
This includes fair treatment and orderly takeover requirements under the Takeover Code, which the independent Takeover Panel oversees. The Takeover Code applies where a person or company acquires 30% or more of voting rights in a company and ensures that all shareholders are afforded equivalent treatment.
More broadly, under the Companies Act 2006, shareholders must approve any resolutions circulated by a company, or by any individual shareholder or group of shareholders of that company, including proposed changes to company boards.
Economic Secretary (HM Treasury)
The 2020 National Risk Assessment on Money Laundering and Terrorist Financing found that cash-based money laundering risks remain high, often involving cash-intensive businesses such as retail used to mask criminal sources of wealth.
The Treasury collaborates closely with law enforcement to track criminal trends and allocate resources to address the most significant threats. An updated National Risk Assessment on Money Laundering and Terrorist Financing, covering cash-based money laundering risks, will be published later this year.
Economic Secretary (HM Treasury)
The Treasury works closely with other government departments to manage risks to the UK economy and support economic stability, an essential foundation for long-run economic growth. This includes collaboration with colleagues from the Cabinet Office Civil Contingencies Secretariat and the UK Health Security Agency.
The UK Health Security Agency supports partners in identifying the pathway and source of lead exposure and implements public health interventions to reduce associated risks. By continuing to address lead exposure through source identification, remediation, and public awareness, efforts are being made to reduce the potential long-term economic impacts, improving public health outcomes and mitigating associated healthcare costs and productivity losses.
Economic Secretary (HM Treasury)
In recent years banks and building societies have sought to make the bereavement process easier by increasing the amount they will release without needing a grant of probate. As such the threshold varies between different firms. The nominal threshold in legislation is to require probate to be obtained for estates above £5000 in value (The Administration of Estates (Small Payments) Act 1965), although in practice many financial institutions operate a threshold of £20,000. Banks also differ on issues such as whether they are willing to release funds for funeral and other essential expenses ahead of probate being granted. These are commercial decisions.
UK banks and building societies are regulated by the Financial Conduct Authority (FCA). The FCA does not have specific rules or guidance regarding probate in its rules. Nonetheless, banks are bound by the FCA’s Consumer Duty which requires firms to act to deliver good outcomes and avoid causing harm to customers. The FCA also provides guidance on firms providing fair treatment for vulnerable customers, which includes those going through a bereavement. If an executor is having a dispute with a bank, then they will be able to raise a formal complaint. The FCA’s rules require firms to properly investigate all complaints, and it continues to monitor firms’ complaint handling processes.
The Government is also supportive of previous industry efforts to improve handling of these sensitive cases, including the Financial Services Death Notification Service developed by UK Finance.
Economic Secretary (HM Treasury)
HMG has been actively engaging with the defence industry, trade associations and the financial services sector regarding access to financial services for defence companies.
Decisions regarding the provision of financial services to businesses are primarily a commercial decision, where banks and insurers will need to make an assessment of the relevant risks and conduct appropriate due diligence.
In a time of increasing geopolitical instability, maintaining a robust and thriving defence sector is essential to our national security. No company should be denied access to financial services purely on the basis that they work in Defence.
This Government is committed to bringing forward a Defence Industrial Strategy which ensures the imperatives of national security, and a high-growth economy are aligned. The Defence Industrial Strategy Statement of Intent, published in December 2024, recognised issues with regards to access to finance, including opening bank accounts or securing a loan. HMG is consulting with a wide range of stakeholders, including defence suppliers and financial institutions, to assess the ways in which we can reduce barriers and create a strong and resilient defence sector. We continue to invite all stakeholders to respond to the Defence Industrial Strategy Statement of Intent, either publicly or privately, by 28 February 2025.
Financial Secretary (HM Treasury)
The Cycle to Work scheme is a benefit-in-kind provided by employers to their employees. A benefit-in-kind is a form of non-cash remuneration provided by employers to their employees. Income tax and National Insurance contribution relief is provided on the scheme to both employers and their employees via salary sacrifice arrangements. The scheme is accessed via salary sacrifice, meaning that those not in employment are not able to access the scheme.
Employees earning at or near the National Minimum Wage (NMW) cannot access salary sacrifice if the arrangement will take their contractual salary below the relevant NMW rate. The Government is not currently considering changing the NMW legislation to apply to an employee’s salary after deductions have been made for salary sacrifice. Although employees on or near the NMW cannot access the tax deduction on the price of a bike via salary sacrifice, they can still lease a bike from their employer and repay the value of the bike from their net pay over many months, interest-free.
Exchequer Secretary (HM Treasury)
VAT is a broad-based tax on consumption, and the 20 per cent standard rate applies to most goods and services. Tax breaks reduce the revenue available for vital public services and must represent value for money for the taxpayer.
One of the key considerations when assessing a new VAT relief is whether the cost saving is likely to be passed on to consumers. Evidence suggests that businesses only partially pass on any savings from lower VAT rates. The Government therefore has no plans to zero-rate VAT on admission fees for indoor play facilities.
The Government keeps all taxes under review.
Exchequer Secretary (HM Treasury)
The Government will abolish the Furnished Holiday Lettings (FHLs) tax regime from April 2025. This will equalise the tax treatment of FHL and non-FHL landlords’ income and gains.
The Government wants to support visitor accommodation alongside housing for longer-term residents to rent or buy. Achieving this balance is crucial in supporting the tourism sector and many of the people that work in the sector, who need access to local housing.
Draft legislation to abolish the FHL tax regime was published on 29 July 2024, providing businesses and other parties across the UK - including Scottish stakeholders - an opportunity to share their views on the changes with the Government.
Exchequer Secretary (HM Treasury)
The Government will abolish the Furnished Holiday Lettings (FHLs) tax regime from April 2025. This will equalise the tax treatment of FHL and non-FHL landlords’ income and gains.
The Government wants to support visitor accommodation alongside housing for longer-term residents to rent or buy. Achieving this balance is crucial in supporting the tourism sector and many of the people that work in the sector, who need access to local housing.
Draft legislation to abolish the FHL tax regime was published on 29 July 2024, providing businesses and other parties across the UK - including Scottish stakeholders - an opportunity to share their views on the changes with the Government.
Exchequer Secretary (HM Treasury)
The Government will abolish the Furnished Holiday Lettings (FHLs) tax regime from April 2025. This will equalise the tax treatment of FHL and non-FHL landlords’ income and gains.
The Government wants to support visitor accommodation alongside housing for longer-term residents to rent or buy. Achieving this balance is crucial in supporting the tourism sector and many of the people that work in the sector, who need access to local housing.
Draft legislation to abolish the FHL tax regime was published on 29 July 2024, providing businesses and other parties across the UK - including Scottish stakeholders - an opportunity to share their views on the changes with the Government.
Exchequer Secretary (HM Treasury)
The Government will abolish the Furnished Holiday Lettings (FHLs) tax regime from April 2025. This will equalise the tax treatment of FHL and non-FHL landlords’ income and gains.
The Government wants to support visitor accommodation alongside housing for longer-term residents to rent or buy. Achieving this balance is crucial in supporting the tourism sector and many of the people that work in the sector, who need access to local housing.
Draft legislation to abolish the FHL tax regime was published on 29 July 2024, providing businesses and other parties across the UK - including Scottish stakeholders - an opportunity to share their views on the changes with the Government.
Exchequer Secretary (HM Treasury)
HM Treasury releases a quarterly record of Minister’s meetings with external individuals and organisations. This can be found online: https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel
At the Autumn Budget, the government published the Transforming Business Rates Discussion Paper, which sets out priority areas for reform. This paper invited stakeholders to help co-design a fairer business rates system that supports investment and is fit for the 21st century.
As set out in the Discussion Paper, the government is open to receiving written evidence to transformingbusinessrates@hmtreasury.gov.uk until 31 March 2025.
Exchequer Secretary (HM Treasury)
To protect the country from the devastating impacts of flooding, the Government has committed £2.4 billion over the next two years to improve flood resilience by maintaining, repairing and building flood defences.
Through this funding the Government provides direct support to communities facing flooding, and therefore we have no plans to change the VAT treatment of flood defence equipment for charities. VAT is a broad-based tax on consumption and the 20 per cent standard rate applies to most goods and services. VAT is the UK’s second largest tax forecast to raise £171 billion in 2024/25. Taxation is a vital source of revenue that helps to fund vital public services including schools and hospitals.
Exchequer Secretary (HM Treasury)
Exchequer Secretary (HM Treasury)