Asked by: Lord Truscott (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what is the average wait time for each of HMRC's telephone helpline services; and whether these times have reduced over the last two years.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
Across HMRC’s main helplines, the average speed of answering customer calls for 2023–24, 2024–25, and 2025–26 (year-to-date to November 2025) is shown in the table.
The definition of ‘average speed of answering a customer’s call’ (ASA) is the average time spent waiting in the queue for an adviser. This is from the time that the customer finished listening to HMRC’s automated messages and completed their selection from HMRC’s automated menu to the time when they get to speak to an adviser.
HMRC’s main helplines - Average Speed of Answering a customer’s call (minutes: seconds)
| 2023-24 | 2024-25 | 2025-26 YTD to November |
Child Benefit | 21:05 | 16:05 | 10:35 |
National Insurance | 20:55 | 21:48 | 10:32 |
Tax Credits Helpline | 19:22 | 22:09 | 05:16 |
Tax Credits Payment Helpline | 22:13 | 16:50 | 05:34 |
Corporation Tax | 13:52 | 11:51 | 11:49 |
Stamp Duty and Capital Gains | 05:45 | 02:47 | 03:26 |
Agent Dedicated Line | 21:56 | 26:38 | 16:37 |
Construction Industry Scheme Helpline | 13:49 | 09:23 | 09:44 |
Employers Helpline | 22:20 | 26:32 | 27:20 |
Online Services Helpline | 08:36 | 11:49 | 05:58 |
PAYE | 34:18 | 22:58 | 17:34 |
Self Assessment Helpline | 37:15 | 23:40 | 16:46 |
VAT | 27:14 | 14:30 | 10:32 |
Overall, ASA has improved over the past two years. In 2023-24, across all HMRC helplines, it was 23 minutes and 14 seconds. In 2025-26 (year to date - end of November 2025), ASA was 13 minutes and 17 seconds.
HMRC are taking steps to make sure more of their services are digital, so customers can self-serve online. HMRC online services and the HMRC app are convenient to access and receive high customer satisfaction ratings. As more people use HMRC online services, advisers are freed up to support those with more complex queries and those who are digitally excluded.
Asked by: Charlie Dewhirst (Conservative - Bridlington and The Wolds)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the answer of 2 December 2025, to Question 93748, on 10 Downing Street: Repairs and Maintenance, how much has been spent from public funds by Cabinet Office, HM Treasury or the Government Property Agency on the Chancellor’s official Ministerial residence in 10 Downing Street since 4 July 2024.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
Following the departure of previous occupants, the official Ministerial residence was provided unfurnished. To address this, £19,759.61 was spent since 4 July 2024 on furnishings which remain government property and will be retained for future occupants.
Asked by: Lord Patten (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what their definitions are of (1) retail investor, and (2) professional investor.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The Financial Conduct Authority (FCA) applies a number of regulatory regimes to distinguish between retail investors and those that are more sophisticated, and to apply appropriate protections. These include the financial promotion regime and client categorisation rules.
The financial promotion regime provides a framework which seeks to ensure that consumers are appropriately protected such that they are able to make informed decisions. The regime, which is governed by the Financial Promotion Order, includes exemptions for marketing to investment professionals, and high-net-worth or sophisticated investors.
In addition, client categorisation rules seek to protect retail clients investing in capital markets, without imposing undue restrictions on professional clients. The FCA are currently reviewing these rules to unlock greater opportunities for wealthy investors, strengthen capital markets and drive economic growth. A consultation on the FCA’s proposals closed on 2 February 2026.
Asked by: Baroness Maclean of Redditch (Conservative - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what estimate they have made of how many individuals are currently claiming child benefits due to an exemption to no recourse to public funds status.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The information required to inform an estimate is not held in a readily available form. Producing an estimate would require detailed manual examination of a very large number of individual Child Benefit claims, which could only be done at disproportionate cost.
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of recent volatility in the share price of software and data companies and the implications of this volatility in terms of (1) market transparency, (2) disclosure practices, and (3) investor protection.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
The Government does not comment on specific movements in financial markets.
The Government, together with the Financial Conduct Authority, has already undertaken significant reforms to ensure UK capital markets deliver for British businesses and investors. This includes an ongoing programme to implement reforms to wholesale markets. These have been designed to maintain high regulatory standards, promote openness and competitiveness, deliver fair and proportionate regulation, and support economic growth, innovation and wealth creation across society.
Asked by: Lord Doyle (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government whether they plan to participate in international negotiations on the establishment of a Defence, Security and Resilience Bank, following the Canadian government’s announcement on 30 January of its intention to explore this with European and NATO partners.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
Challenging times for global and European security call for creative solutions. The UK is therefore stepping up work with likeminded allies on the most effective option for a collective approach to defence spending and procurement.
Together, we can accelerate vital investment and maximise the potential of historic spending uplifts to meet the scale of our shared defence and security commitments.
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of the impact of increased automation and AI-driven financial workflows on the fintech sector; and what policy measures they are considering to support the UK's competitiveness in the digital economy.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
As set out in the Government’s Financial Services Growth and Competitiveness Strategy, the UK aims to be the world’s most technologically advanced global financial centre, and to remain a leading jurisdiction for Fintech firms to start-up, scale and list.
The UK has a long history as a powerhouse of financial services innovation. The Financial Services Strategy set out a comprehensive package of reforms to maintain the UK’s global leadership in Fintech, and the sector attracted $3.6 billion of investment in 2025 - second only to the US. This drive to deliver innovation also includes the safe adoption of artificial intelligence (AI) by the financial services sector, which the Government believes is a major strategic opportunity, with the potential to power growth across the UK.
The Digital and Technology sector has also been identified as one of the key growth driving sectors for the UK, as part of our Industrial Strategy. The Government’s 2025 AI Opportunities Action Plan sets out our strategy on AI in particular, including putting in place the foundations to capitalise on the opportunities of AI. In January, a year after its publication, the Government announced that 75% of the recommendations committed to have been actioned, including developing AI talent through the £187 million tech first package and the designation of five AI Growth Zones across the UK, with streamlined planning and energy access.
The Government also recognises the huge productivity and growth opportunity that the adoption of digital technology offers the wider economy. The Technology Adoption Review focussed on adoption in the Industrial Strategy sectors and was published in June 2025, while DBT established the Digital Adoption Taskforce, working with industry members to identify the current needs of SMEs in their digital adoption journeys. Their final report was published in July 2025 with government response included in the Small Business Strategy. The Government is responding to these recommendations, including progressing with mandating e-invoicing and expanding successful firm level programmes such as Bridge AI.
Asked by: Roz Savage (Liberal Democrat - South Cotswolds)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the business rates system on (a) high street hospitality businesses and (b) large online retailers; and whether she plans to reform business rates to support physical businesses such as pubs.
Answered by Dan Tomlinson - Exchequer Secretary (HM Treasury)
At the Budget, the VOA announced updated property values from the 2026 revaluation. This revaluation is the first since the pandemic, which has led to significant increases in rateable values for some properties as they recover from the pandemic.
In recognition of the impact of the revaluation on bills, the Government introduced a support package worth £4.3 billion, to protect against ratepayers seeing large overnight increases in bills.
The Government is also introducing new permanently lower tax rates for eligible retail, hospitality and leisure (RHL) properties. These new tax rates are worth nearly £1 billion per year and will benefit over 750,000 properties.
We are paying for this through higher rates on the top one per cent of most expensive properties. This includes many large distribution warehouses, such as those used by online giants. The high value multiplier is 33% more than the multiplier for small RHL properties.
From April, every pub and live music venue will get 15% off its new business rates bill on top of the support announced at Budget and then bills will be frozen in real terms for a further two years.
Three-quarters of pubs will see bills flat or falling in April. The new relief is worth £1,650 for the average pub next year. As a sector pubs will pay 8% less in business rates in 2029 than they do right now.
The Government will also launch a review on how pubs are valued for business rates.
Asked by: Lord Taylor of Warwick (Non-affiliated - Life peer)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of the use of external industry expertise to support innovation in UK financial services through the appointment of AI Champions in the Treasury; and how this fits within their policy on the safe and responsible use of AI.
Answered by Lord Livermore - Financial Secretary (HM Treasury)
As set out in the Government’s Financial Services Growth and Competitiveness Strategy, it is our ambition to make the UK ”the world’s most technologically advanced global financial sector”, leveraging our dual strengths in FS and AI to drive growth, productivity, and deliver consumer benefits.
To help achieve that ambition, the Government has appointed Financial Services AI Champions, Harriet Rees and Rohit Dhawan, who will focus on helping firms seize opportunities of AI while protecting consumers and financial stability. The AI Champions will engage with industry experts, the regulators and other stakeholders to provide HM Treasury Ministers and officials with recommendations on areas of potential growth for AI in financial services and what action could be taken to seize the opportunities that AI brings in financial services.
The Government will carefully consider any recommendations before setting out its next steps, taking into account the benefits of innovation but also ensuring that risks are appropriately considered.
The Government will continue working closely with industry and regulators to inform our approach to safely capitalise on the opportunities AI presents while protecting consumers and financial stability as the technology continues to evolve.
Asked by: Will Forster (Liberal Democrat - Woking)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if her Department will make an assessment of the potential impact of Plan Two Student Loans on people’s ability to afford housing.
Answered by James Murray - Chief Secretary to the Treasury
The Government is committed to improving the affordability of housing, and making the aspiration of home ownership a reality for as many households as possible.
Student loan repayments are taken into account as part of affordability assessments for mortgage applications, but student loans are very different from a mortgage or credit card debt, as repayments are determined by income, not the amount borrowed. For example, a Plan 2 graduate earning £30,000 will repay only around £4 a month in FY2026–27.
The most sustainable long-term method to improve housing affordability and help people into homeownership is to increase the supply of housing. This Government has recommitted to delivering 1.5 million homes over this Parliament.