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)
05:00
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of not implementing …
Regulation 2 amends the Customs Tariff (Establishment) (EU Exit) Regulations 2020 (S.I. 2020/1430) to refer to a revised “Tariff of …
A Bill to Authorise the use of resources for the year ending with 31 March 2026; to authorise both the …
HM Treasury Commons Appearances
Oral Answers to Questions is a regularly scheduled appearance where the Secretary of State and junior minister will answer at the Dispatch Box questions from backbench MPs
Other Commons Chamber appearances can be:- Urgent Questions where the Speaker has selected a question to which a Minister must reply that day
- Adjornment Debates a 30 minute debate attended by a Minister that concludes the day in Parliament.
- Oral Statements informing the Commons of a significant development, where backbench MP's can then question the Minister making the statement.
Westminster Hall debates are performed in response to backbench MPs or e-petitions asking for a Minister to address a detailed issue
Written Statements are made when a current event is not sufficiently significant to require an Oral Statement, but the House is required to be informed.
Bills currently before Parliament
HM Treasury does not have Bills currently before Parliament
Acts of Parliament created in the 2024 Parliament
A Bill to Authorise the use of resources for the year ending with 31 March 2026; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2025.
This Bill received Royal Assent on 21st July 2025 and was enacted into law.
A Bill to make provision about secondary Class 1 contributions.
This Bill received Royal Assent on 3rd April 2025 and was enacted into law.
A Bill to make provision about finance.
This Bill received Royal Assent on 20th March 2025 and was enacted into law.
A Bill to amend the Crown Estate Act 1961.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to Authorise the use of resources for the years ending with 31 March 2024, 31 March 2025 and 31 March 2026; to authorise the issue of sums out of the Consolidated Fund for those years; and to appropriate the supply authorised by this Act for the years ending with 31 March 2024 and 31 March 2025.
This Bill received Royal Assent on 11th March 2025 and was enacted into law.
A Bill to make provision for loans or other financial assistance to be provided to, or for the benefit of, the government of Ukraine.
This Bill received Royal Assent on 16th January 2025 and was enacted into law.
A Bill to impose duties on the Treasury and the Office for Budget Responsibility in respect of the announcement of fiscally significant measures.
This Bill received Royal Assent on 10th September 2024 and was enacted into law.
A Bill to authorise the use of resources for the year ending with 31 March 2025; to authorise both the issue of sums out of the Consolidated Fund and the application of income for that year; and to appropriate the supply authorised for that year by this Act and by the Supply and Appropriation (Anticipation and Adjustments) Act 2024.
This Bill received Royal Assent on 30th July 2024 and was enacted into law.
HM Treasury - Secondary Legislation
Petitions
e-Petitions are administered by Parliament and allow members of the public to express support for a particular issue.
If an e-petition reaches 10,000 signatures the Government will issue a written response.
If an e-petition reaches 100,000 signatures the petition becomes eligible for a Parliamentary debate (usually Monday 4.30pm in Westminster Hall).
(11,227 in the last 7 days)
(4,132 in the last 7 days)
(957 in the last 7 days)
(665 in the last 7 days)
(298 in the last 7 days)
(4,132 in the last 7 days)
(148 in the last 7 days)
(86 in the last 7 days)
(182 in the last 7 days)
(665 in the last 7 days)
Petition Closed
Raise the income tax personal allowance from £12,570 to £20,000
Gov Responded - 20 Feb 2025 Debated on - 12 May 2025closed 4 months, 4 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 6 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 5 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
Cryptocurrency
18 Nov 2025, 9:45 a.m.
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Treasury Committee - Private Meeting
Budget 2025
19 Nov 2025, 2 p.m.
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Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)The Government supports the creative industries, including orchestras, through funding and through the tax system. Specifically in respect of orchestras, Orchestra Tax Relief provides tax relief on production costs and provided £33 million of support in 2022-23.
When considering changes to tax reliefs, the Government takes into account a wide range of factors including costs, complexity, and fairness.
Announcements on tax are made at fiscal events in the context of the overall public finances.
Exchequer Secretary (HM Treasury)
The Chancellor of the Exchequer and the department have not held any receptions in the offices of consultant lobbying firms since 4 July 2024.
Exchequer Secretary (HM Treasury)
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer National Insurance contributions (NICs) announced at Autumn Budget 2024. The TIIN sets out the impact of the policy on the exchequer, the economic impacts of the policy, and the impacts on individuals, businesses, and civil society organisations, as well as an overview of the equality impacts.
The Government decided to protect the smallest businesses from these changes by increasing the Employment Allowance from £5,000 to £10,500. This means that this year, 865,000 employers will pay no NICs at all, and more than half of all employers will either gain or will see no change.
Exchequer Secretary (HM Treasury)
The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and businesses, fixing the public finances, and funding public services. The reforms reduce the inheritance tax advantages available to owners of agricultural and business assets, but still mean those assets will be taxed at a much lower effective rate than most other assets. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free.
The Government will invest more than £2.7 billion a year in sustainable farming and nature recovery from 2026-27 until 2028-29. This includes the largest financial investment into nature-friendly farming ever.
Exchequer Secretary (HM Treasury)
The Help to Save scheme supports financial resilience for working people on low incomes by encouraging consistent, long-term saving and helping them build a financial buffer to plan and prepare for the future.
In April 2025, the government widened the eligibility criteria for the Help to Save scheme to all Universal Credit claimants in work, rather than only those earning above a specified threshold. This expansion means around 550,000 additional people can benefit from the scheme, increasing the eligible population to approximately 3 million.
The government recognises that further groups may also benefit from Help to Save. Any future changes would need to be carefully assessed to ensure the scheme continues to be well targeted and deliverable.
The government has recently consulted on reforms to the delivery of Help to Save after 2027 and we continue to engage with a range of third-party financial institutions, including credit unions, as part of this process.
Economic Secretary (HM Treasury)
According to Section 11 of the Credit Unions Act 1979, credit unions are able to lend to other credit unions.
Credit unions are regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) in a way that ensures the stability and soundness of the sector. The PRA and FCA are independent regulators and take decisions on the regulation of credit unions in line with their statutory objectives.
Economic Secretary (HM Treasury)
The suffering endured by all those impacted by infected blood is profound, and we remain committed to ensuring that justice is not only delivered but reflected in the way compensation is treated.
We recognise that this is a sensitive issue. We are considering whether further steps are needed in relation to IHT relief. However, it is important that we take the time to consider all aspects thoroughly to ensure any solution is both fair and effective.
Exchequer Secretary (HM Treasury)
Claire Hanna
(Social Democratic & Labour Party - Belfast South and Mid Down)
The suffering endured by all those impacted by infected blood is profound, and we remain committed to ensuring that justice is not only delivered but reflected in the way compensation is treated.
We recognise that this is a sensitive issue. We are considering whether further steps are needed in relation to IHT relief. However, it is important that we take the time to consider all aspects thoroughly to ensure any solution is both fair and effective.
Exchequer Secretary (HM Treasury)
The Deposit Returns Scheme (DRS) will launch in the UK in October 2027, introducing mandatory refundable deposits on drinks containers with the aim of increasing recycling.
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 third largest tax, forecast to raise £180 billion in 2025/26. Exceptions to the standard rate have always been limited and balanced against affordability considerations.
The previous administration legislated for a simplification to the normal VAT rules so that VAT will only be accounted for on unredeemed deposits rather than on a deposit at the point of sale.
We remain committed to supporting the circular economy through successful implementation of the DRS, and we are keen to ensure that VAT is not a barrier to its effective operation. We are continuing to consider how best to achieve this while maintaining the integrity of the tax and will provide clarity on the VAT treatment of unreturned deposits as soon as possible.
Exchequer Secretary (HM Treasury)
The OBR is the government’s official economic and fiscal forecaster. Box 4.5 of the OBR’s published Economic and Fiscal Outlook in March 2024 sets out estimated impacts of migration on the fiscal forecast.
The OBR will produce updated economic and fiscal forecasts in its Economic and Fiscal Outlook, which will be published alongside the Budget on 26 November.
Chief Secretary to the Treasury
The Office for Value for Money's (OVfM) has successfully delivered on its remit, including working with departments to identify credible plans to deliver almost £14 billion of efficiencies per year by 2028-29 as well as wider reforms to improve value for money across government. Its functions will be embedded within the Treasury, leaving a legacy of value for money improvements across the public sector.
The OVfM's budget and total spend for 2024-25 is set out in HM Treasury’s 2024-25 Annual Report and Accounts (ARA). The OVfM's outturn cost for 2025-26 will be published in HM Treasury's 2025-26 ARA.
Chief Secretary to the Treasury
HM Revenue & Customs (HMRC) is consistently exceeding its service standards of processing over 80% of inheritance tax returns for estates within 15 working days. Once these returns have been processed, most customers will be able to pay any inheritance tax due on time and proceed to apply for probate.
The inheritance tax helpline is also meeting HMRC’s telephony service levels by handling over 85% of customer calls to advisers.
HMRC has also increased numbers deployed to wider inheritance tax work to meet the service standard.
The government announced at Autumn Budget 2024 that it is investing in digitalising the inheritance tax service from 2027-28 to provide a modern, easy-to-use system, making returns and paying tax simpler and quicker.
Financial Secretary (HM Treasury)
The Government annually reviews the rates and thresholds of taxes and reliefs to ensure that they are appropriate and reflect the current state of the economy. The Chancellor makes decisions on tax policy at fiscal events in the context of the public finances.
Exchequer Secretary (HM Treasury)
The Treasury occupy three sites: Horse Guards Road in London, Feethams House in Darlington, and Rosebery Court in Norwich. These premises are managed by the Government Property Agency, who have responsibility for the facilities management across all locations.
The Treasury does not own any vehicles.
Information relating to arms-length-bodies is not held centrally.
Exchequer Secretary (HM Treasury)
HMRC has met the Digital Economy Act (2017) Statutory Code of Practice transparency requirement by recording information on data sharing between the two departments (Home Office and HMRC) on the Register of Information sharing agreements under Part 5 of the Digital Economy Act 2017.
HMRC’s Privacy Notice makes clear that it collects information from other Government Departments to fulfil its functions, which include administration of the Child Benefit system.
Publication of the Business Case and Data Protection Impact Assessment (DPIA) for the data sharing are not requirements under the statutory code of practice. HMRC’s general policy is not to publish Business Cases or DPIAs because details they contain may jeopardise the outcomes sought when tackling fraud.
Financial Secretary (HM Treasury)
Eligible retail, hospitality and leisure (RHL) properties benefit from 40 per cent business rates relief up to a cash cap of £110,000 per business in 2025/26.
MHCLG publish data on the number of properties benefitting from RHL relief.
As business rates are administered by individual Local Authorities on a per-property basis, the Government does not hold data on how many and what proportion of businesses currently eligible for RHL relief have a total business rates liability of £110,000 or less.
In April 2026, the Government is introducing permanently lower business rates multipliers for RHL properties with rateable values below £500,000.
Unlike the current RHL business rates relief, there will be no cash cap, meaning that all eligible RHL properties in a chain will qualify for the lower multipliers.
Exchequer Secretary (HM Treasury)
The Valuation Office Agency has not received any formal challenges or appeals from airports on their rateable values for the 2026 Rating List, as it is not yet live. The VOA cannot confirm details for the 2023 list because the numbers are too small and disclosure would breach confidentiality under legislation.
Exchequer Secretary (HM Treasury)
The UK’s data protection legislation applies to companies providing services to people in the UK, if they are processing personal data. The legislation is independently regulated by the Information Commissioner's Office (ICO).
As noted in the Bank of England and FCA’s 2024 strategic approach to AI updates, UK data requirements also apply to financial services firms, including in their use of AI.
Cyber security is a top priority for the Government, and HM Treasury works with the financial authorities, the national technical authorities, industry and international partners to strengthen the financial sector’s resilience to threats and hazards of all origins, including cyber risks.
The financial authorities deploy a range of tools to ensure firms are resilient to the wide range of risks that they could face. This includes the regulators’ operational resilience policy, threat-led penetration testing, and sector-wide cyber stress testing. Technical advice is also provided by the National Cyber Security Centre and the National Protective Security Authority.
HM Treasury collaborates closely with financial regulators and international partners to address AI and cybersecurity challenges. For instance, we worked alongside G7 counterparts through the Cyber Expert Group to publish a joint statement highlighting both the risks and opportunities on AI and cybersecurity.
Financial Secretary (HM Treasury)
The UK has a world-leading Fintech sector throughout the UK.
The Financial Services Growth and Competitiveness Strategy identified Fintech as a priority growth opportunity, and set out measures to support investment in the sector, including welcoming the City of London Corporation and the British Business Bank facilitating greater access to finance and commercial opportunities for fast-growing Fintech firms across the UK.
This is in addition to wider action to boost investment throughout the UK, which includes the recent Spending Review settlement which increased the British Business Bank’s total financial capacity to £25.6 billion, enabling the Bank to back tens of billions of pounds’ worth of additional lending and investment to SMEs and scale-ups.
In the Strategy, the government has also committed to supporting the development of an industry-led Skills Compact for financial services and commissioned the Financial Services Skills Commission to produce a report on how the skills system can drive growth and productivity in financial services by supporting effective adoption of AI and other disruptive technologies. Both projects are UK-wide in scope.
Financial Secretary (HM Treasury)
Charlie Dewhirst
(Conservative - Bridlington and The Wolds)
As announced at Autumn Budget 2024, the government will reform Inheritance Tax agricultural property relief and business property relief from 6 April 2026.
The government has published several documents setting out further detail on how these changes will work in practice, including a policy paper at Autumn Budget 2024: https://www.gov.uk/government/publications/reforms-to-agricultural-property-relief-and-business-property-relief
A detailed explainer of the reforms, including case study examples, was published 5 November 2024: https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief
On 21 July 2025, the government published draft legislation, an Explanatory Note and a Tax Information and Impact Note for the changes, alongside its response to the technical consultation on the changes: https://www.gov.uk/government/publications/reforms-to-agricultural-property-relief-and-business-property-relief
Final legislation for this measure will be included in the upcoming Finance Bill 2025-26, which will be published shortly after the Budget on 26 November. HMRC will publish full guidance and explain the changes through their communications channels, as appropriate, in due course for the changes coming into effect on 6 April 2026.
Exchequer Secretary (HM Treasury)
Charlie Dewhirst
(Conservative - Bridlington and The Wolds)
As announced at Autumn Budget 2024, the government will reform Inheritance Tax agricultural property relief and business property relief from 6 April 2026.
The government has published several documents setting out further detail on how these changes will work in practice, including a policy paper at Autumn Budget 2024: https://www.gov.uk/government/publications/reforms-to-agricultural-property-relief-and-business-property-relief
A detailed explainer of the reforms, including case study examples, was published 5 November 2024: https://www.gov.uk/government/news/what-are-the-changes-to-agricultural-property-relief
On 21 July 2025, the government published draft legislation, an Explanatory Note and a Tax Information and Impact Note for the changes, alongside its response to the technical consultation on the changes: https://www.gov.uk/government/publications/reforms-to-agricultural-property-relief-and-business-property-relief
Final legislation for this measure will be included in the upcoming Finance Bill 2025-26, which will be published shortly after the Budget on 26 November. HMRC will publish full guidance and explain the changes through their communications channels, as appropriate, in due course for the changes coming into effect on 6 April 2026.
Exchequer Secretary (HM Treasury)
The Government believes its reforms to agricultural property relief and business property relief from 6 April 2026 get the balance right between supporting farms and businesses, fixing the public finances, and funding public services. The reforms reduce the inheritance tax advantages available to owners of agricultural and business assets, but still mean those assets will be taxed at a much lower effective rate than most other assets. Despite a tough fiscal context, the Government will maintain very significant levels of relief from inheritance tax beyond what is available to others and compared to the position before 1992. Where inheritance tax is due, those liable for a charge can pay any liability on the relevant assets over 10 annual instalments, interest-free.
Exchequer Secretary (HM Treasury)
The Government recognises that action on financial inclusion requires a joined-up approach and will work collaboratively across local, central, and devolved governments, as well as regulators, industry, and civil society to deliver the recently published Financial Inclusion Strategy.
The Strategy sets out the Government’s plans to improve financial inclusion and resilience for underserved groups across the UK. It outlines action to address a range of barriers individuals face in accessing financial products, with a key focus on access to banking services and recognition of the important links with the National Payments Vision and the opportunities this presents to embed and support financial inclusion
To deliver the Strategy effectively, the Government will monitor levels of financial inclusion. There are a number of useful resources which were used in the development of the Strategy and which the Government will continue to monitor as the Strategy is delivered, including the Financial Conduct Authority’s (FCA) Financial Lives Survey and research carried out by the Money and Pensions Service (MaPS).
The Strategy’s implementation will be reviewed in two years’ time to provide an update on progress and relevant outcomes-based metrics, which will reflect on the progress made across the sector.
Economic Secretary (HM Treasury)
The Government recognises that action on financial inclusion requires a joined-up approach and will work collaboratively across local, central, and devolved governments, as well as regulators, industry, and civil society to deliver the recently published Financial Inclusion Strategy.
The Strategy sets out the Government’s plans to improve financial inclusion and resilience for underserved groups across the UK. It outlines action to address a range of barriers individuals face in accessing financial products, with a key focus on access to banking services and recognition of the important links with the National Payments Vision and the opportunities this presents to embed and support financial inclusion
To deliver the Strategy effectively, the Government will monitor levels of financial inclusion. There are a number of useful resources which were used in the development of the Strategy and which the Government will continue to monitor as the Strategy is delivered, including the Financial Conduct Authority’s (FCA) Financial Lives Survey and research carried out by the Money and Pensions Service (MaPS).
The Strategy’s implementation will be reviewed in two years’ time to provide an update on progress and relevant outcomes-based metrics, which will reflect on the progress made across the sector.
Economic Secretary (HM Treasury)
The Government recognises that action on financial inclusion requires a joined-up approach and will work collaboratively across local, central, and devolved governments, as well as regulators, industry, and civil society to deliver the recently published Financial Inclusion Strategy.
The Strategy sets out the Government’s plans to improve financial inclusion and resilience for underserved groups across the UK. It outlines action to address a range of barriers individuals face in accessing financial products, with a key focus on access to banking services and recognition of the important links with the National Payments Vision and the opportunities this presents to embed and support financial inclusion
To deliver the Strategy effectively, the Government will monitor levels of financial inclusion. There are a number of useful resources which were used in the development of the Strategy and which the Government will continue to monitor as the Strategy is delivered, including the Financial Conduct Authority’s (FCA) Financial Lives Survey and research carried out by the Money and Pensions Service (MaPS).
The Strategy’s implementation will be reviewed in two years’ time to provide an update on progress and relevant outcomes-based metrics, which will reflect on the progress made across the sector.
Economic Secretary (HM Treasury)
The Government recognises that action on financial inclusion requires a joined-up approach and will work collaboratively across local, central, and devolved governments, as well as regulators, industry, and civil society to deliver the recently published Financial Inclusion Strategy.
The Strategy sets out the Government’s plans to improve financial inclusion and resilience for underserved groups across the UK. It outlines action to address a range of barriers individuals face in accessing financial products, with a key focus on access to banking services and recognition of the important links with the National Payments Vision and the opportunities this presents to embed and support financial inclusion
To deliver the Strategy effectively, the Government will monitor levels of financial inclusion. There are a number of useful resources which were used in the development of the Strategy and which the Government will continue to monitor as the Strategy is delivered, including the Financial Conduct Authority’s (FCA) Financial Lives Survey and research carried out by the Money and Pensions Service (MaPS).
The Strategy’s implementation will be reviewed in two years’ time to provide an update on progress and relevant outcomes-based metrics, which will reflect on the progress made across the sector.
Economic Secretary (HM Treasury)
The Government recognises that action on financial inclusion requires a joined-up approach and will work collaboratively across local, central, and devolved governments, as well as regulators, industry, and civil society to deliver the recently published Financial Inclusion Strategy.
The Strategy sets out the Government’s plans to improve financial inclusion and resilience for underserved groups across the UK. It outlines action to address a range of barriers individuals face in accessing financial products, with a key focus on access to banking services and recognition of the important links with the National Payments Vision and the opportunities this presents to embed and support financial inclusion
To deliver the Strategy effectively, the Government will monitor levels of financial inclusion. There are a number of useful resources which were used in the development of the Strategy and which the Government will continue to monitor as the Strategy is delivered, including the Financial Conduct Authority’s (FCA) Financial Lives Survey and research carried out by the Money and Pensions Service (MaPS).
The Strategy’s implementation will be reviewed in two years’ time to provide an update on progress and relevant outcomes-based metrics, which will reflect on the progress made across the sector.
Economic Secretary (HM Treasury)
The pricing and availability of mortgages, including the extension of additional facilities post maturity or eligibility for suitable later life lending products, are commercial decisions for mortgage lenders in which the Government does not intervene.
However, the Government is regularly in contact with mortgage lenders on all aspects of their business, including the provision of finance to different cohorts of borrowers.
The UK benefits from a competitive later life lending market and there are various options available to later life borrowers, depending on their circumstances. Prospective borrowers should speak to a later life lending mortgage broker, who will be able to assist them in identifying any products for their circumstances. Where individuals are concerned about their ability to make their mortgage repayments, they should contact their lender to understand what options are available to them. There are significant measures in place to protect vulnerable mortgage borrowers, the Financial Conduct Authority’s rules require lenders to engage individually with their customers who are struggling or who are worried about their payments in order to provide tailored support.
Economic Secretary (HM Treasury)
The pricing and availability of mortgages, including the extension of additional facilities post maturity or eligibility for suitable later life lending products, are commercial decisions for mortgage lenders in which the Government does not intervene.
However, the Government is regularly in contact with mortgage lenders on all aspects of their business, including the provision of finance to different cohorts of borrowers.
The UK benefits from a competitive later life lending market and there are various options available to later life borrowers, depending on their circumstances. Prospective borrowers should speak to a later life lending mortgage broker, who will be able to assist them in identifying any products for their circumstances. Where individuals are concerned about their ability to make their mortgage repayments, they should contact their lender to understand what options are available to them. There are significant measures in place to protect vulnerable mortgage borrowers, the Financial Conduct Authority’s rules require lenders to engage individually with their customers who are struggling or who are worried about their payments in order to provide tailored support.
Economic Secretary (HM Treasury)
The Government understands the importance of face-to-face banking to communities and high streets across the UK, and is committed to championing sufficient access for all as a priority. This is why the Government is working closely with industry to roll out 350 banking hubs across the UK. The UK banking sector has committed to deliver these hubs by the end of this Parliament. Over 240 hubs have been announced so far, and over 180 are already open.
The location of banking hubs is determined independently by LINK following an access to cash review. An access to cash review can be requested via their website which also has information about the criteria they use. This includes population size, whether other banks remain nearby, the number of SMEs on the high street and public transport links, as well as the level of vulnerability in the community. It also takes account of whether a community is urban or rural.
Whilst the government doesn’t keep data on the demographics of banking hub users specifically, we utilise data from the Financial Conduct Authority on wider in-person banking. According to the Financial Conduct Authority’s Financial Lives Survey, in 2024, day-to-day account holders most likely to have undertaken banking activities face to face in a branch in the previous 12 months were the digitally excluded (46%), heavy users of cash (40%), and adults aged 75+ (34%).
Economic Secretary (HM Treasury)
The Government understands the importance of face-to-face banking to communities and high streets across the UK, and is committed to championing sufficient access for all as a priority. This is why the Government is working closely with industry to roll out 350 banking hubs across the UK. The UK banking sector has committed to deliver these hubs by the end of this Parliament. Over 240 hubs have been announced so far, and over 180 are already open.
The location of banking hubs is determined independently by LINK following an access to cash review. An access to cash review can be requested via their website which also has information about the criteria they use. This includes population size, whether other banks remain nearby, the number of SMEs on the high street and public transport links, as well as the level of vulnerability in the community. It also takes account of whether a community is urban or rural.
Whilst the government doesn’t keep data on the demographics of banking hub users specifically, we utilise data from the Financial Conduct Authority on wider in-person banking. According to the Financial Conduct Authority’s Financial Lives Survey, in 2024, day-to-day account holders most likely to have undertaken banking activities face to face in a branch in the previous 12 months were the digitally excluded (46%), heavy users of cash (40%), and adults aged 75+ (34%).
Economic Secretary (HM Treasury)
The Chancellor has engaged with the Chinese Government on a number of occasions, including during her visit to China for the 2025 UK-China Economic and Financial Dialogue, and has discussed a range of economic and financial issues. The Chancellor published a written ministerial statement about her visit to China on the morning of Monday 13 January (found here) and delivered an oral statement to the House of Commons on Tuesday 14 January (found here).
Economic Secretary (HM Treasury)
The Chancellor has engaged with the Chinese Government on a number of occasions, including during her visit to China for the 2025 UK-China Economic and Financial Dialogue, and has discussed a range of economic and financial issues. The Chancellor published a written ministerial statement about her visit to China on the morning of Monday 13 January (found here) and delivered an oral statement to the House of Commons on Tuesday 14 January (found here).
Economic Secretary (HM Treasury)
The pricing of mortgages is a commercial decision for lenders in which the Government does not intervene. However, mortgage rates are influenced by a range of factors, including Base Rate, which has been cut five times since this Government came to power.
ISAs incentivise saving and investment for future goals by providing tax advantages to individual taxpayers. The Government recognises the important role that cash savings play. The Government continues to consider reforms to ISAs and savings to achieve the right balance between cash savings and investment and ensure better outcomes for both savers and the UK economy.
Economic Secretary (HM Treasury)
The pricing of mortgages is a commercial decision for lenders in which the Government does not intervene. However, mortgage rates are influenced by a range of factors, including Base Rate, which has been cut five times since this Government came to power.
ISAs incentivise saving and investment for future goals by providing tax advantages to individual taxpayers. The Government recognises the important role that cash savings play. The Government continues to consider reforms to ISAs and savings to achieve the right balance between cash savings and investment and ensure better outcomes for both savers and the UK economy.
Economic Secretary (HM Treasury)
Statistics are available online covering the Mortgage Guarantee Scheme which was open from 2021-2025, including a breakdown of the number of mortgages issued under that scheme by region of the UK and the proportion of purchases under that scheme made by first-time buyers.
https://www.gov.uk/government/collections/official-statistics-on-the-mortgage-guarantee-scheme
Economic Secretary (HM Treasury)
Statistics are available online covering the Mortgage Guarantee Scheme which was open from 2021-2025, including a breakdown of the number of mortgages issued under that scheme by region of the UK and the proportion of purchases under that scheme made by first-time buyers.
https://www.gov.uk/government/collections/official-statistics-on-the-mortgage-guarantee-scheme
Economic Secretary (HM Treasury)
The Chancellor’s 2024 remit and recommendations letter to the Bank of England’s Financial Policy Committee (FPC) sets out that the Committee should “consider how climate-related risks could impact financial stability over the near and long term, including, where appropriate, through its stress testing frameworks, ensuring that risks stemming from possible and severe global climate scenarios are reflected in its analysis on climate risks, and that sufficient time horizons are considered”.
The remit letter also sets out that the Committee should “continue to consider the materiality of nature-related financial risks for its primary objective”.
The Chancellor and the Governor of the Bank of England meet regularly to discuss the financial stability outlook. However, the FPC and the UK’s financial regulators are operationally independent from government in terms of how they carry out their specific responsibilities. This model is important for maintaining public trust and ensuring that our expert regulators are able to act flexibly to address evolving risks.
Economic Secretary (HM Treasury)
The Chancellor’s 2024 remit and recommendations letter to the Bank of England’s Financial Policy Committee (FPC) sets out that the Committee should “consider how climate-related risks could impact financial stability over the near and long term, including, where appropriate, through its stress testing frameworks, ensuring that risks stemming from possible and severe global climate scenarios are reflected in its analysis on climate risks, and that sufficient time horizons are considered”.
The remit letter also sets out that the Committee should “continue to consider the materiality of nature-related financial risks for its primary objective”.
The Chancellor and the Governor of the Bank of England meet regularly to discuss the financial stability outlook. However, the FPC and the UK’s financial regulators are operationally independent from government in terms of how they carry out their specific responsibilities. This model is important for maintaining public trust and ensuring that our expert regulators are able to act flexibly to address evolving risks.
Economic Secretary (HM Treasury)
The Chancellor’s 2024 remit and recommendations letter to the Bank of England’s Financial Policy Committee (FPC) sets out that the Committee should “consider how climate-related risks could impact financial stability over the near and long term, including, where appropriate, through its stress testing frameworks, ensuring that risks stemming from possible and severe global climate scenarios are reflected in its analysis on climate risks, and that sufficient time horizons are considered”.
The remit letter also sets out that the Committee should “continue to consider the materiality of nature-related financial risks for its primary objective”.
The Chancellor and the Governor of the Bank of England meet regularly to discuss the financial stability outlook. However, the FPC and the UK’s financial regulators are operationally independent from government in terms of how they carry out their specific responsibilities. This model is important for maintaining public trust and ensuring that our expert regulators are able to act flexibly to address evolving risks.
Economic Secretary (HM Treasury)
Earlier this month, I published the Government’s Financial Inclusion Strategy setting out an ambitious programme of measures to improve financial inclusion and resilience for underserved groups across the UK. This includes a key focus on digital inclusion and access to banking and considers accessibility as a cross-cutting theme across all areas under the strategy, in recognition of the particular challenges individuals can face in relation to this, including those with a disability or low literacy skills.
The strategy includes a range of specific interventions for both Government and industry to address these issues, including launching an industry-led working group which will examine how to make financial products more accessible and meet specific needs. This work will begin in early 2026 and the group will report on progress to HM Treasury every six months.
More widely, the Government continues to work closely with the Financial Conduct Authority (FCA), the independent regulator of the UK’s financial services sector, to ensure that all customers get the right support with their financial products and services. FCA guidance highlights the actions firms should take to understand the needs of customers who may be vulnerable, such as individuals with a disability, and to consider these needs appropriately. This includes offering multiple channels of communication to their customers where possible, to ensure their products are accessible.
The FCA’s Consumer Duty also seeks to raise the standard of care expected from firms for all customers. It aims to deliver products and services that offer fair value and are designed to meet customers’ needs and seeks to increase firms’ focus on delivering good outcomes and preventing harm.
In addition, under the Equality Act 2010, all service providers must make reasonable adjustments to ensure their services are accessible to all.
Economic Secretary (HM Treasury)
Earlier this month, I published the Government’s Financial Inclusion Strategy setting out an ambitious programme of measures to improve financial inclusion and resilience for underserved groups across the UK. This includes a key focus on digital inclusion and access to banking and considers accessibility as a cross-cutting theme across all areas under the strategy, in recognition of the particular challenges individuals can face in relation to this, including those with a disability or low literacy skills.
The strategy includes a range of specific interventions for both Government and industry to address these issues, including launching an industry-led working group which will examine how to make financial products more accessible and meet specific needs. This work will begin in early 2026 and the group will report on progress to HM Treasury every six months.
More widely, the Government continues to work closely with the Financial Conduct Authority (FCA), the independent regulator of the UK’s financial services sector, to ensure that all customers get the right support with their financial products and services. FCA guidance highlights the actions firms should take to understand the needs of customers who may be vulnerable, such as individuals with a disability, and to consider these needs appropriately. This includes offering multiple channels of communication to their customers where possible, to ensure their products are accessible.
The FCA’s Consumer Duty also seeks to raise the standard of care expected from firms for all customers. It aims to deliver products and services that offer fair value and are designed to meet customers’ needs and seeks to increase firms’ focus on delivering good outcomes and preventing harm.
In addition, under the Equality Act 2010, all service providers must make reasonable adjustments to ensure their services are accessible to all.
Economic Secretary (HM Treasury)
Earlier this month, I published the Government’s Financial Inclusion Strategy setting out an ambitious programme of measures to improve financial inclusion and resilience for underserved groups across the UK. This includes a key focus on digital inclusion and access to banking and considers accessibility as a cross-cutting theme across all areas under the strategy, in recognition of the particular challenges individuals can face in relation to this, including those with a disability or low literacy skills.
The strategy includes a range of specific interventions for both Government and industry to address these issues, including launching an industry-led working group which will examine how to make financial products more accessible and meet specific needs. This work will begin in early 2026 and the group will report on progress to HM Treasury every six months.
More widely, the Government continues to work closely with the Financial Conduct Authority (FCA), the independent regulator of the UK’s financial services sector, to ensure that all customers get the right support with their financial products and services. FCA guidance highlights the actions firms should take to understand the needs of customers who may be vulnerable, such as individuals with a disability, and to consider these needs appropriately. This includes offering multiple channels of communication to their customers where possible, to ensure their products are accessible.
The FCA’s Consumer Duty also seeks to raise the standard of care expected from firms for all customers. It aims to deliver products and services that offer fair value and are designed to meet customers’ needs and seeks to increase firms’ focus on delivering good outcomes and preventing harm.
In addition, under the Equality Act 2010, all service providers must make reasonable adjustments to ensure their services are accessible to all.
Economic Secretary (HM Treasury)
Earlier this month, I published the Government’s Financial Inclusion Strategy setting out an ambitious programme of measures to improve financial inclusion and resilience for underserved groups across the UK. This includes interventions for both Government and industry to address a range of barriers individuals and households face in accessing financial products, including making it easier to open a bank account without standard ID, build a savings habit and access affordable credit.
The Government recognises that action to improve financial inclusion requires a joined-up approach and will be working closely with industry and the regulator going forward to deliver on these interventions and make the strategy a reality.
As part of developing the strategy, the Government has engaged with Financial Inclusion Committee members and other organisations on how to measure its impact. The Strategy’s implementation will be reviewed in two years’ time to provide an update on interventions and relevant outcomes-based metrics, which will reflect on the progress made across the sector.
The Government has committed funding to support delivery of the strategy. This includes committing a further £132.5 million of dormant assets funding to Fair4All Finance for work that improves access to financial products and develops individuals’ ability to manage their finances in England, and over £100 million per year to the Money and Pensions Service to fund debt advice.
Economic Secretary (HM Treasury)
The Government is aware of suggestions that a system could be developed for paying out the savings held in matured Child Trust Fund (CTF) accounts that have not been accessed by the account owners by the age of 21.
The savings in these accounts belong to the account owners, and are held by private sector CTF providers. The Government does not have the authority to close these accounts, or to access and transfer the savings in them. Neither does the infrastructure that would be needed across government departments and CTF providers to implement the proposal, exist.
The Government is committed to reuniting all young adults with their CTFs.
HMRC works with CTF providers, industry representatives and others such as the University and Colleges Admissions service to explore ways of enabling account owners to be aware of and trace their accounts.
Economic Secretary (HM Treasury)
The Government closely monitors the health of different sectors across the UK economy and regularly engages with the retail sector, which it recognises plays a vital role in communities and high streets across the country.
From April 2026, the Government intends to introduce permanently lower tax rates for retail, hospitality and leisure (RHL) properties with rateable values below £500,000. This permanent tax cut will ensure that eligible RHL properties benefit from much-needed certainty and support.
This tax cut must be sustainably funded, and so the Government is introducing a higher rate on the most valuable properties in 2026/27 - those with RVs of £500,000 and above.
The Government recognises that, ahead of the new multipliers being introduced, RHL businesses need support in 2025-26. So, the Government has prevented RHL relief from ending by extending it for one year at 40 per cent up to a cash cap of £110,000 per business and frozen the small business multiplier.
The final design, including the rates, for the new business rates multipliers will be announced at Budget 2025, so that the revaluation outcomes and broader economic and fiscal context can be factored into decision-making. When the new multipliers are set, HM Treasury intends to publish analysis of the effects of the new multiplier arrangements.
The Government has been engaging widely with the retail sector to understand regulatory barriers to growth. The Small Business Plan, published in summer, aims to tackle late payments, boost access to finance, and remove red tape to help small businesses, including retailers, grow and thrive.
Exchequer Secretary (HM Treasury)
Claire Hanna
(Social Democratic & Labour Party - Belfast South and Mid Down)
The Government recognises the significant contribution made by hospitality businesses, including pubs, to economic growth and social life in the UK.
The Government keeps all areas of the tax system under review. Any changes to the tax system are announced as part of the annual Budget process.
On VAT, HMRC estimate that the cost of a 5 per cent reduced rate for accommodation, hospitality and tourist attractions would be around £13 billion this financial year. If the scope were also to include alcoholic beverages, the cost would be approximately £3 billion greater. VAT reliefs reduce the revenue available to fund public services and must be good value for the taxpayer.
The current duty system supports breweries through Draught Relief, which ensures products served on draught pay less duty, and Small Producer Relief, which permits smaller producers to pay reduced duty rates.
In recognition of the economic and cultural importance of pubs, as well as the wider ‘on trade’, at Autumn Budget 2024 the Government cut alcohol duty on qualifying draught products by 1.7% in cash terms. This duty reduction, worth over £85m a year, covers approximately 60% of the alcoholic drinks sold in pubs and is equivalent to a 1p duty reduction on a typical pint.
As a Government we understand the importance to businesses of reducing their energy bills and reaching net zero and recognise the barriers businesses face trying to overcome these challenges. On energy costs, the Government has announced a new Zero Carbon Services Hospitality Trial, which aims to provide pubs, cafés, restaurants and hotels with free energy and carbon-cutting advice to slash their energy bills as part of the Government’s Plan for Change. This initiative is designed to help businesses reduce costs and support the transition to net zero.
Exchequer Secretary (HM Treasury)
There have been no changes to the method of assessing airports since the last revaluation.
Exchequer Secretary (HM Treasury)
HM Treasury does not hold historical records for staff network events, including those organised by cross-Civil Service networks. 2025 records show that Civil Service network events are circulated to HMT staff but none have been organised by Civil Service networks and hosted in the department.
Exchequer Secretary (HM Treasury)