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)
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
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)
Lords Chamber
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This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
To ask the Chancellor of the Exchequer, what her planned thresholds are for income tax in 2029-30.
Regulation 2 amends the definition of “the authorised use document” in regulation 32(2) of the Customs (Special Procedures and Outward …
A Bill to Authorise the use of resources for the year ending with 31 March 2026; to authorise both the …
14:00
News and Communications
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).
(11,962 in the last 7 days)
(6,838 in the last 7 days)
(6,559 in the last 7 days)
(455 in the last 7 days)
(141 in the last 7 days)
(6,838 in the last 7 days)
(11,962 in the last 7 days)
(3 in the last 7 days)
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(12 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 2 months, 3 weeks ago
Raise the income tax personal allowance from £12570 to £20000. We think this would help low earners to get off benefits and allow pensioners a decent income.
Petition Closed
Don't change inheritance tax relief for working farms
Gov Responded - 5 Dec 2024 Debated on - 10 Feb 2025closed 4 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 3 months, 1 week ago
Prevent independent schools from having to pay VAT on fees and incurring business rates as a result of new legislation.
Departmental Select Committee
Treasury Committee
Commons Select Committees are a formally established cross-party group of backbench MPs tasked with holding a Government department to account.
At any time there will be number of ongoing investigations into the work of the Department, or issues which fall within the oversight of the Department. Witnesses can be summoned from within the Government and outside to assist in these inquiries.
Select Committee findings are reported to the Commons, printed, and published on the Parliament website. The government then usually has 60 days to reply to the committee's recommendations.
11 Members of the Treasury Committee
Treasury Committee Member since 9th September 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 9th December 2024
Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)Customs infrastructure at Inland Border Facilities (IBFs) is essential to protect the UK by ensuring risk-based checks on goods entering and leaving the country can take place. The cost to HMRC of building and setting up both enduring and temporary sites was £89m.
The annual cost to HMRC for the operation of IBFs is £32m.
The total cost since leaving the EU (up to 31st March 25) was £495m, this included £20m for decommissioning costs at temporary sites.
In April 2025, Government announced amendments to existing legislation to require all approved border locations to provide and fund their own customs infrastructure. This includes border locations which currently benefit from Government provision of IBFs.
Exchequer Secretary (HM Treasury)
Customs infrastructure at Inland Border Facilities (IBFs) is essential to protect the UK by ensuring risk-based checks on goods entering and leaving the country can take place. HMRC has spent a total of £495m since 2020 on IBFs. This figure represents all costs up to and including 31st March 2025.
In addition to HMRC costs, the Sevington IBF was constructed by the Department for Transport. The total costs of this were £154 million. This includes £70 million on the Border Control Post (BCP), which allows biosecurity checks to take place on sanitary and phytosanitary goods (SPS).
In April 2025, Government announced amendments to existing legislation to require all approved border locations to provide and fund their own customs infrastructure. This includes border locations which currently benefit from Government provision of IBFs.
Exchequer Secretary (HM Treasury)
The Government is committed to keeping taxes for working people as low as possible while ensuring fiscal responsibility and so, at our first Budget, we decided not to extend the freeze on personal tax thresholds.
Exchequer Secretary (HM Treasury)
HMRC charges penalties in line with its legislation and guidance, according to what behaviour led to an inaccuracy. In 24/25, HMRC issued 116 SDLT inaccuracy penalties.
Exchequer Secretary (HM Treasury)
The Government recognises that innovation is a key driver of long-term economic growth, higher productivity and improved living standards.
Public investment in research and development (R&D) will rise to £22.6 billion per year by 2029-30, supporting innovation across the government’s eight Industrial Strategy priority sectors.
The Government is also transforming the resources and capabilities of the British Business Bank, delivering a two-thirds increase in support for UK innovative businesses and increasing its overall financial capacity to £25.6 billion. With additional capital and greater flexibilities, the BBB will be able to continue delivering flagship programmes such as Start-Up Loans and the Nations and Regions Investment Fund.
To further incentivise innovation, the Government is maintaining generous rates in both the merged R&D Expenditure Credit (RDEC) scheme and the Enhanced Support for R&D Intensive SMEs. The RDEC rate of 20% represents the joint highest uncapped headline rate of R&D tax relief in the G7 for large companies. The R&D reliefs will support an estimated £56 billion of business R&D expenditure a year by 2029-30.
The Digital and Technologies sector plan sets out a vision for the UK to be one of the best places in the world for fast-growing technology businesses. In addition, the Government has accepted and is implementing all 50 recommendations of the AI Opportunities Action Plan, unlocking the full potential of AI.
The Digital and Technologies Sector Plan can be accessed here: https://www.gov.uk/government/publications/digital-and-technologies-sector-plan
Exchequer Secretary (HM Treasury)
HMRC aim to process 80% of VAT registration applications within 40 working days of receipt.
They processed 80.25% of VAT registrations within 40 days of receipt in 2022/23, 88.08% in 2023/24 and 94.73% in 2024/25.
Improving day-to-day performance is a key priority for HMRC. The HMRC Transformation Roadmap, published in July, sets out how they will deliver improved services which will mean a better experience for taxpayers, agents, and businesses.
There is no authentication code for Corporation Tax registration. For customers who register with Companies House, registration for Corporation Tax is automated. Information sharing means that HMRC systems create a customer record within 48 hours, without the need for any additional customer input. The customer’s unique taxpayer record is then sent to them by post. When a customer enrols to the Government Gateway for Corporation Tax, an activation code is issued automatically by post.
Exchequer Secretary (HM Treasury)
HMRC aim to process 80% of VAT registration applications within 40 working days of receipt.
They processed 80.25% of VAT registrations within 40 days of receipt in 2022/23, 88.08% in 2023/24 and 94.73% in 2024/25.
Improving day-to-day performance is a key priority for HMRC. The HMRC Transformation Roadmap, published in July, sets out how they will deliver improved services which will mean a better experience for taxpayers, agents, and businesses.
There is no authentication code for Corporation Tax registration. For customers who register with Companies House, registration for Corporation Tax is automated. Information sharing means that HMRC systems create a customer record within 48 hours, without the need for any additional customer input. The customer’s unique taxpayer record is then sent to them by post. When a customer enrols to the Government Gateway for Corporation Tax, an activation code is issued automatically by post.
Exchequer Secretary (HM Treasury)
The wine industry makes a vital contribution to our economy and society. However, an exemption from alcohol duty that applied only to domestic wine producers is likely to be inconsistent with the UK’s legal obligations.
Any cut, or even a freeze, to alcohol duty represents a cost to the Exchequer. The baseline assumption is that alcohol duty will be increased annually, so that it does not fall in real terms
As with all taxes, the Government welcomes representations from stakeholders to inform policy development.
Exchequer Secretary (HM Treasury)
The Government consultation on proposals to simplify the current gambling tax system by merging the three current taxes that cover remote (including online) gambling into one closed on 21 July 2025. Responses are now being analysed and a response to the consultation will be published at Autumn Budget 2025.
If any changes are made to gambling duties at a future Budget following the consultation, they will be accompanied by a Tax Information and Impact Note which will set out the expected impacts.
Exchequer Secretary (HM Treasury)
The £8.3bn allocated to Great British Energy and its nuclear body is not included in the Government's commitment announced in February to spend 2.6% of GDP on NATO qualifying defence expenditure by 2027.
Chief Secretary to the Treasury
The Government is committed to ensuring that businesses across the UK, including in Newcastle-under-Lyme and Staffordshire, can access the capital they need to grow. Working with the British Business Bank (BBB), we are delivering a range of targeted interventions, including through loan guarantee programmes and equity investments, designed to address regional funding gaps and unlock investment opportunities.
Businesses in Staffordshire and Newcastle-under-Lyme are already benefitting from the £400 million Midlands Engine Investment Fund II (MEIF). It is increasing the supply and diversity of early-stage finance for smaller businesses across the Midlands and providing funds to businesses that might otherwise not receive investment and helping to break down barriers in access to finance.
In addition, as announced this week, the British Business Bank’s Start Up Loans programme has now provided over £60 million in lending in the North East. The Bank will also host a ‘Meet the Investor’ event in partnership with Tech UK in Newcastle on 11 November to help connect SMEs with potential investors.
Businesses in these areas also benefit from national programmes such as the Regional Angels Programme, Future Fund: Breakthrough and British Patient Capital. The recent Spending Review increased the Bank’s total capacity to £25.6 billion, which supports a broad range of regional and growth programmes and will enable annual investments of around £2.5bn to support more high-growth and innovative UK SMEs up and down the UK.
Economic Secretary (HM Treasury)
The UK is home to the world’s second largest investment management sector, with over £10.9 trillion of assets under management (11% of global assets). The UK has historic expertise in portfolio management, a crucial part of the Financial Services ecosystem. The UK Government is committed to supporting this important sector and in the recently published Financial Services Growth and Competitiveness Strategy committed to be one of the most competitive places globally to manage investments.
Exchange Traded Funds (ETFs) are often domiciled outside of the UK for a range of reasons including marketing access, and existing pockets of administrative expertise. However, many of these funds are still managed here - 49% of all assets managed in the UK are managed on behalf of overseas clients.
The Government has undertaken a wealth of work to enhance the UK’s fund domicile offering, including as part of the recent review of the UK funds regime. This has led to the introduction of new UK fund structures focused on enhancing real-economy investment including the Reserved Investor Fund, the Long-Term Asset Fund and Qualifying Asset Holding Companies.
Economic Secretary (HM Treasury)
The UK is home to the world’s second largest investment management sector, with over £10.9 trillion of assets under management (11% of global assets). The UK has historic expertise in portfolio management, a crucial part of the Financial Services ecosystem. The UK Government is committed to supporting this important sector and in the recently published Financial Services Growth and Competitiveness Strategy committed to be one of the most competitive places globally to manage investments.
Exchange Traded Funds (ETFs) are often domiciled outside of the UK for a range of reasons including marketing access, and existing pockets of administrative expertise. However, many of these funds are still managed here - 49% of all assets managed in the UK are managed on behalf of overseas clients.
The Government has undertaken a wealth of work to enhance the UK’s fund domicile offering, including as part of the recent review of the UK funds regime. This has led to the introduction of new UK fund structures focused on enhancing real-economy investment including the Reserved Investor Fund, the Long-Term Asset Fund and Qualifying Asset Holding Companies.
Economic Secretary (HM Treasury)
The Government monitors a wide range of indicators to assess the UK’s economic performance, including measures of business confidence. Many of these are volatile and can move materially from month to month. Official economic forecasts and assessments of policy impacts are set out in the Office for Budget Responsibility’s Economic and Fiscal Outlook documents, the most recent of which was published in March 2025.
Kickstarting economic growth is the Government’s primary mission and businesses are central to this. The Government is committed to going further and faster to drive growth and raise living standards, working in close partnership with business to design and delivery policy.
Economic Secretary (HM Treasury)
The Chancellor of the Exchequer has not had recent discussions with the Commonwealth Enterprise and Investment Council (CWEIC). However, the Government works closely with the CWEIC by, for example, the Foreign, Commonwealth and Development Office providing funding to the CWEIC in recent years for the biennial Commonwealth Business Forum, which is held on the sidelines of the Commonwealth Heads of Government Meeting.
Economic Secretary (HM Treasury)
The Chancellor’s Leeds Reforms will give more people the confidence to invest in our world-leading capital markets, benefitting both consumers and the UK economy.
In particular, the Treasury is working closely with the FCA to roll out a system of targeted support in time for ISA season next year. This represents the biggest reform of the financial advice and guidance landscape in more than a decade, and will be a step change in the support available to consumers.
The Government will also move Long-Term Asset Funds from the Innovative Finance ISA to the Stocks & Shares ISA from April 2026. This should give more consumers access to the higher returns available from less liquid assets, while directing investment into productive assets that will drive economic growth.
In addition, the Government welcomes the industry-led initiatives to promote the benefits of investing to the public, and to reform how firms talk about the risks and benefits of investing.
Economic Secretary (HM Treasury)
The Organisation for Economic Co-operation and Development (OECD) is an independent international organisation.
As part of ongoing engagement with many different stakeholders relevant to the conduct of economic and fiscal policy, the Government engages regularly and constructively with the OECD, and values their independent advice and forecasting in the Economic Outlook.
The OECD's Interim Economic Outlook will publish updated forecasts on 23 September 2025.
Economic Secretary (HM Treasury)
In June 2025, the Government legislated to introduce stronger protections for customers in cases of bank account closure.
The measures we have introduced extend the minimum notice period of termination from two months to 90 days and place a new requirement on banks and other providers to give a sufficiently detailed and specific explanation to the customer so they understand why their service is being terminated, subject to certain exceptions. Where providers give a notice of termination to a customer, they must advise the customer on how they can make a complaint and of any right they may have to complain to the Financial Ombudsman Service (FOS). These changes will take effect for relevant new contracts from 28 April 2026. Guidance on implementing requirements would be a matter for the relevant regulators.
The Financial Conduct Authority’s rules on how the FOS should handle complaints state that ‘The ombudsman will attempt to resolve complaints at the earliest possible stage’. A number of factors may affect the time it takes for the FOS to resolve complaints that are referred to it. In 2023-2024, the FOS resolved over half of its cases within three months.
Economic Secretary (HM Treasury)
In June 2025, the Government legislated to introduce stronger protections for customers in cases of bank account closure.
The measures we have introduced extend the minimum notice period of termination from two months to 90 days and place a new requirement on banks and other providers to give a sufficiently detailed and specific explanation to the customer so they understand why their service is being terminated, subject to certain exceptions. Where providers give a notice of termination to a customer, they must advise the customer on how they can make a complaint and of any right they may have to complain to the Financial Ombudsman Service (FOS). These changes will take effect for relevant new contracts from 28 April 2026. Guidance on implementing requirements would be a matter for the relevant regulators.
The Financial Conduct Authority’s rules on how the FOS should handle complaints state that ‘The ombudsman will attempt to resolve complaints at the earliest possible stage’. A number of factors may affect the time it takes for the FOS to resolve complaints that are referred to it. In 2023-2024, the FOS resolved over half of its cases within three months.
Economic Secretary (HM Treasury)
HM Treasury Ministers take part in internal and external meetings routinely on a range of subjects relating to the department’s responsibilities and their specific portfolios.
As the Minister responsible for the UK tax system, the Exchequer Secretary to the Treasury’s portfolio of responsibilities includes inheritance tax. My rt hon Friend the Secretary of State for Environment, Food, and Rural Affairs has not been the Exchequer Secretary to the Treasury. She was Parliamentary Secretary at HM Treasury and the Department of Work and Pensions from 9 July 2024 to 14 January 2025. She was Economic Secretary to the Treasury from 14 January 2025 to 5 September 2025.
Exchequer Secretary (HM Treasury)
HM Treasury Ministers take part in internal and external meetings routinely on a range of subjects relating to the department’s responsibilities and their specific portfolios.
As the Minister responsible for the UK tax system, the Exchequer Secretary to the Treasury’s portfolio of responsibilities includes inheritance tax. My rt hon Friend the Secretary of State for Environment, Food, and Rural Affairs has not been the Exchequer Secretary to the Treasury. She was Parliamentary Secretary at HM Treasury and the Department of Work and Pensions from 9 July 2024 to 14 January 2025. She was Economic Secretary to the Treasury from 14 January 2025 to 5 September 2025.
Exchequer Secretary (HM Treasury)
HM Treasury Ministers take part in internal and external meetings routinely on a range of subjects relating to the department’s responsibilities and their specific portfolios.
As the Minister responsible for the UK tax system, the Exchequer Secretary to the Treasury’s portfolio of responsibilities includes inheritance tax. My rt hon Friend the Secretary of State for Environment, Food, and Rural Affairs has not been the Exchequer Secretary to the Treasury. She was Parliamentary Secretary at HM Treasury and the Department of Work and Pensions from 9 July 2024 to 14 January 2025. She was Economic Secretary to the Treasury from 14 January 2025 to 5 September 2025.
Exchequer Secretary (HM Treasury)
HM Treasury Ministers take part in internal and external meetings routinely on a range of subjects relating to the department’s responsibilities and their specific portfolios.
As the Minister responsible for the UK tax system, the Exchequer Secretary to the Treasury’s portfolio of responsibilities includes inheritance tax. My rt hon Friend the Secretary of State for Environment, Food, and Rural Affairs has not been the Exchequer Secretary to the Treasury. She was Parliamentary Secretary at HM Treasury and the Department of Work and Pensions from 9 July 2024 to 14 January 2025. She was Economic Secretary to the Treasury from 14 January 2025 to 5 September 2025.
Exchequer Secretary (HM Treasury)
HM Treasury Ministers take part in internal and external meetings routinely on a range of subjects relating to the department’s responsibilities and their specific portfolios.
As the Minister responsible for the UK tax system, the Exchequer Secretary to the Treasury’s portfolio of responsibilities includes inheritance tax. My rt hon Friend the Secretary of State for Environment, Food, and Rural Affairs has not been the Exchequer Secretary to the Treasury. She was Parliamentary Secretary at HM Treasury and the Department of Work and Pensions from 9 July 2024 to 14 January 2025. She was Economic Secretary to the Treasury from 14 January 2025 to 5 September 2025.
Exchequer Secretary (HM Treasury)
Insurers make commercial decisions about the terms on which they will offer cover following an assessment of the relevant risks. This is usually informed by the insurer’s claims experience and other industry-wide statistics. The government does not usually intervene in these decisions.
However, the government is determined that insurers treat customers fairly and insurers must comply with all relevant regulations and legislation. This includes the Equality Act 2010 which generally prohibits discrimination based on certain protected characteristics, including race.
The Financial Conduct Authority (FCA), as the independent regulator of financial services firms, requires firms to treat customers fairly under its rules. This includes ensuring that firms meet their obligations under the Equality Act 2010. The FCA actively monitors firms and has robust powers to take action if firms do not comply with its rules.
Individual insurers may take a different view of the relevant factors in determining whether they will offer insurance and at what price. Consumers may wish to contact the British Insurance Brokers’ Association, who can offer guidance on how to look across the insurance market for the best deals and may be able to provide names of specialist brokers.
Economic Secretary (HM Treasury)
The Government understands that increased costs in essential areas such as groceries and household bills are causing hardship for many families. The best way to help with the cost of living is by reducing overall inflation. The Chancellor has asked departments to prioritise reducing inflation when developing policies
The Bank of England has the responsibility of controlling inflation, and the Government fully supports them as they take action to sustainably return inflation to 2%. The independent Monetary Policy Committee has cut Bank Rate five times since August 2024. Falling interest rates mean someone with a new representative fixed rate mortgage now pays £90 a month less than they would have before the election.
The Government is supporting households with targeted measures to ease pressure on budgets. This includes increasing the Universal Credit Standard Allowance, extending the Household Support Fund with £1 billion a year for crisis support through councils, and expanding Free School Meals to all children with a parent on Universal Credit from 2026. On energy, the Warm Home Discount will be expanded to cover around 6 million households, and from this winter pensioners with incomes up to £35,000 will also receive a Winter Fuel Payment.
Economic Secretary (HM Treasury)
The Government is ensuring support for the growth of financial technology companies promotes innovation while safeguarding financial stability and fairness through its Financial Services Growth & Competitiveness Strategy, as set out by the Chancellor in her Mansion House speech earlier this year.
The Strategy delivers a more proportionate, predictable, and internationally competitive regulatory environment, including reforms to streamline authorisations and regulatory burdens, targeted support for innovative fintechs, and investment in skills and infrastructure.
The government remains committed to high standards for financial stability, consumer protection, and the FCA and PRA have statutory objectives to further these priorities. This will ensure that the UK remains a world leader in fintech while protecting the integrity and fairness of its financial system.
Financial Secretary (HM Treasury)
The government will cost and publish costings of policies it chooses to introduce in the usual way at fiscal events.
Chief Secretary to the Treasury
Evidence shows that every £1 of public R&D investment leverages around £2 of business R&D investment [1] and generates approximately £7 of net economic benefits in the long term [2].
Universities play a central role in the UK’s R&D ecosystem, receiving around half of the Government’s R&D funding [3]. Their impact is wide-ranging, from advancing scientific knowledge to commercialising innovation. For example, university spin-outs and start-ups – just one channel through which universities contribute to the economy - attracted £20.6 billion in investment between 2014 and 2022 [4].
[1] The relationship between public and private R&D funding | Oxford Economics
[2] ‘Evidence on the balance and effectiveness of research and innovation spending’, written evidence submitted by UK Research and Innovation to the Science and Technology Select Committee, published November 2018
[3] UK gross domestic expenditure on research and development
[4] Intellectual property, start-ups and spin-outs | HESA
Chief Secretary to the Treasury
The Government has received representations, including from the construction and plant hire sector, about the reforms to both agricultural property relief and business property relief.
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.
Information from claims is not recorded to enable regional or national breakdowns of the number of estates expected to be affected. However, the Government has set out that the reforms are expected to result in up to 520 estates across the UK claiming agricultural property relief, including those also claiming business property relief, paying more inheritance tax in 2026-27. Almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, will not pay any more tax as a result of the changes in 2026-27, based on the latest available data.
The Government has also set out that around 1,500 estates across the UK only claiming business property relief are expected to pay more inheritance tax in 2026-27, with around 1,000 of these expected to only hold shares designated as “not listed” on the markets of recognised stock exchanges, such as the Alternative Investment Market. The remaining 500 estates will include business assets from sectors across the economy that are eligible for business property relief. These reforms mean that around three-quarters of estates claiming business property relief in 2026-27 (excluding those estates only holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27.
The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The independent Office for Budget Responsibility certified this costing at Autumn Budget 2024 and it does not expect the reforms to have a significant macroeconomic impact.
Exchequer Secretary (HM Treasury)
The Government has received representations, including from the construction and plant hire sector, about the reforms to both agricultural property relief and business property relief.
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.
Information from claims is not recorded to enable regional or national breakdowns of the number of estates expected to be affected. However, the Government has set out that the reforms are expected to result in up to 520 estates across the UK claiming agricultural property relief, including those also claiming business property relief, paying more inheritance tax in 2026-27. Almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, will not pay any more tax as a result of the changes in 2026-27, based on the latest available data.
The Government has also set out that around 1,500 estates across the UK only claiming business property relief are expected to pay more inheritance tax in 2026-27, with around 1,000 of these expected to only hold shares designated as “not listed” on the markets of recognised stock exchanges, such as the Alternative Investment Market. The remaining 500 estates will include business assets from sectors across the economy that are eligible for business property relief. These reforms mean that around three-quarters of estates claiming business property relief in 2026-27 (excluding those estates only holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27.
The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The independent Office for Budget Responsibility certified this costing at Autumn Budget 2024 and it does not expect the reforms to have a significant macroeconomic impact.
Exchequer Secretary (HM Treasury)
The Government has received representations, including from the construction and plant hire sector, about the reforms to both agricultural property relief and business property relief.
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.
Information from claims is not recorded to enable regional or national breakdowns of the number of estates expected to be affected. However, the Government has set out that the reforms are expected to result in up to 520 estates across the UK claiming agricultural property relief, including those also claiming business property relief, paying more inheritance tax in 2026-27. Almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, will not pay any more tax as a result of the changes in 2026-27, based on the latest available data.
The Government has also set out that around 1,500 estates across the UK only claiming business property relief are expected to pay more inheritance tax in 2026-27, with around 1,000 of these expected to only hold shares designated as “not listed” on the markets of recognised stock exchanges, such as the Alternative Investment Market. The remaining 500 estates will include business assets from sectors across the economy that are eligible for business property relief. These reforms mean that around three-quarters of estates claiming business property relief in 2026-27 (excluding those estates only holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27.
The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The independent Office for Budget Responsibility certified this costing at Autumn Budget 2024 and it does not expect the reforms to have a significant macroeconomic impact.
Exchequer Secretary (HM Treasury)
The Government has received representations, including from the construction and plant hire sector, about the reforms to both agricultural property relief and business property relief.
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.
Information from claims is not recorded to enable regional or national breakdowns of the number of estates expected to be affected. However, the Government has set out that the reforms are expected to result in up to 520 estates across the UK claiming agricultural property relief, including those also claiming business property relief, paying more inheritance tax in 2026-27. Almost three-quarters of estates claiming agricultural property relief, including those that also claim for business property relief, will not pay any more tax as a result of the changes in 2026-27, based on the latest available data.
The Government has also set out that around 1,500 estates across the UK only claiming business property relief are expected to pay more inheritance tax in 2026-27, with around 1,000 of these expected to only hold shares designated as “not listed” on the markets of recognised stock exchanges, such as the Alternative Investment Market. The remaining 500 estates will include business assets from sectors across the economy that are eligible for business property relief. These reforms mean that around three-quarters of estates claiming business property relief in 2026-27 (excluding those estates only holding shares designated as “not listed”) will not pay any more inheritance tax in 2026-27.
The reforms to agricultural property relief and business property relief are forecast to raise a combined £520 million in 2029-30. The independent Office for Budget Responsibility certified this costing at Autumn Budget 2024 and it does not expect the reforms to have a significant macroeconomic impact.
Exchequer Secretary (HM Treasury)
I refer to the answer given on 5 September 2025 at UIN 70546 :
https://questions-statements.parliament.uk/written-questions/detail/2025-08-29/70546
Exchequer Secretary (HM Treasury)
I refer to the answer given on 5 September 2025 at UIN 70546 :
https://questions-statements.parliament.uk/written-questions/detail/2025-08-29/70546
Exchequer Secretary (HM Treasury)
I refer to the answer given on 5 September 2025 at UIN 70546 :
https://questions-statements.parliament.uk/written-questions/detail/2025-08-29/70546
Exchequer Secretary (HM Treasury)
I refer to the answer given on 5 September 2025 at UIN 70546 :
https://questions-statements.parliament.uk/written-questions/detail/2025-08-29/70546
Exchequer Secretary (HM Treasury)
The overall cost of the agreement can be found in the document ‘UK/Mauritius: Agreement concerning the Chagos Archipelago including Diego Garcia’ published by the government on 22 May 2025, available at https://www.gov.uk/government/publications/ukmauritius-agreement-concerning-the-chagos-archipelago-including-diego-garcia-cs-mauritius-no12025.
The payments to Mauritius will be split between the Foreign, Commonwealth and Development Office and Ministry of Defence. They will be published in the normal manner alongside other departmental spend in the annual accounts.
Chief Secretary to the Treasury
The Government recognises the key role the Financial Conduct Authority (FCA) has in improving financial inclusion for UK consumers. This is why the FCA is part of the Financial Inclusion Committee which has been convened to develop a Financial Inclusion Strategy. The membership of the committee reflects the fact that the whole financial inclusion ecosystem will need to work together for the strategy to be a success, including government, industry, consumer representatives, and the regulator.
The strategy will be published later this year and will seek to tackle a range of barriers which prevent individuals from accessing the financial services and products they need. This will include actions for the FCA to take forward as part of their responsibilities within the sector, as well as relevant metrics to monitor the strategy’s progress.
The Government will work closely with the FCA to deliver the strategy and regularly engages with the FCA on this topic at ministerial and official level. In November, the Chancellor also included reinforcing financial inclusion as a matter for the FCA to have regard to in her letter of recommendation. In response to this, Nikhil Rathi noted the FCA’s support for the development of the Financial Inclusion Strategy and its collaboration with partners to help build consumers’ financial resilience.
Economic Secretary (HM Treasury)
The Government recognises the key role the Financial Conduct Authority (FCA) has in improving financial inclusion for UK consumers. This is why the FCA is part of the Financial Inclusion Committee which has been convened to develop a Financial Inclusion Strategy. The membership of the committee reflects the fact that the whole financial inclusion ecosystem will need to work together for the strategy to be a success, including government, industry, consumer representatives, and the regulator.
The strategy will be published later this year and will seek to tackle a range of barriers which prevent individuals from accessing the financial services and products they need. This will include actions for the FCA to take forward as part of their responsibilities within the sector, as well as relevant metrics to monitor the strategy’s progress.
The Government will work closely with the FCA to deliver the strategy and regularly engages with the FCA on this topic at ministerial and official level. In November, the Chancellor also included reinforcing financial inclusion as a matter for the FCA to have regard to in her letter of recommendation. In response to this, Nikhil Rathi noted the FCA’s support for the development of the Financial Inclusion Strategy and its collaboration with partners to help build consumers’ financial resilience.
Economic Secretary (HM Treasury)
The Government recognises the key role the Financial Conduct Authority (FCA) has in improving financial inclusion for UK consumers. This is why the FCA is part of the Financial Inclusion Committee which has been convened to develop a Financial Inclusion Strategy. The membership of the committee reflects the fact that the whole financial inclusion ecosystem will need to work together for the strategy to be a success, including government, industry, consumer representatives, and the regulator.
The strategy will be published later this year and will seek to tackle a range of barriers which prevent individuals from accessing the financial services and products they need. This will include actions for the FCA to take forward as part of their responsibilities within the sector, as well as relevant metrics to monitor the strategy’s progress.
The Government will work closely with the FCA to deliver the strategy and regularly engages with the FCA on this topic at ministerial and official level. In November, the Chancellor also included reinforcing financial inclusion as a matter for the FCA to have regard to in her letter of recommendation. In response to this, Nikhil Rathi noted the FCA’s support for the development of the Financial Inclusion Strategy and its collaboration with partners to help build consumers’ financial resilience.
Economic Secretary (HM Treasury)
The LISA encourages younger people to save towards later life at the same time as being able to save for their first home.
Data from the latest UK House Price Index shows that while the average price paid by first-time buyers has increased, it is still below the Lifetime ISA property price cap in all regions of the UK except for London, where the average price paid is affected by boroughs with very high property values.
As of 2023/24, there were over 1.3 million LISA accounts open and, since its introduction in 2017, the LISA has helped 227,600 people purchase their first property.
Economic Secretary (HM Treasury)
The Treasury has not made any payments to social media influencers for promotional activity since July 2024.
Exchequer Secretary (HM Treasury)
On 30 May 2025, the government sold its remaining shares in NatWest Group, bringing to an end the public ownership of banks resulting from the 2007-2009 global financial crisis.
The government focused on ensuring sales of NatWest shares were delivered in a way that achieved value for money for taxpayers. This included undertaking sales via Directed Buybacks and the Trading Plan, whereby any sales were undertaken at market price.
UK Government Investments regularly conducted fair value assessments of the bank, with support from advisors, to determine a price per share above which it represented value for money for the government to sell at that point in time.
Further details of the sales, including amounts raised, were included in the Economic Secretary’s Written Ministerial Statement of 3 June 2025.
As the Chancellor set out in the July 2024 Spending Audit, the government does not believe that a retail offer represented value for money for taxpayers, given the likely incentives needed, which precedent suggests could have cost the public hundreds of millions more than selling via established disposal methods.
Economic Secretary (HM Treasury)
On 30 May 2025, the government sold its remaining shares in NatWest Group, bringing to an end the public ownership of banks resulting from the 2007-2009 global financial crisis.
The government focused on ensuring sales of NatWest shares were delivered in a way that achieved value for money for taxpayers. This included undertaking sales via Directed Buybacks and the Trading Plan, whereby any sales were undertaken at market price.
UK Government Investments regularly conducted fair value assessments of the bank, with support from advisors, to determine a price per share above which it represented value for money for the government to sell at that point in time.
Further details of the sales, including amounts raised, were included in the Economic Secretary’s Written Ministerial Statement of 3 June 2025.
As the Chancellor set out in the July 2024 Spending Audit, the government does not believe that a retail offer represented value for money for taxpayers, given the likely incentives needed, which precedent suggests could have cost the public hundreds of millions more than selling via established disposal methods.
Economic Secretary (HM Treasury)
Whilst loss adjusters acting on behalf of insurers are not directly regulated by the Financial Conduct Authority (FCA), they are typically members of professional bodies such as the Chartered Institute of Loss Adjusters (CILA). CILA sets standards for ethical conduct, technical competence, and professional integrity through its Guide to Professional Conduct.
Insurers are ultimately responsible for ensuring that all aspects of their claims process meet the FCA’s regulatory standards. These include requirements to handle claims promptly and fairly, provide reasonable guidance to policyholders, and avoid unreasonable claim rejections. The FCA’s Consumer Duty also requires insurers to deliver good outcomes for customers throughout the claims journey.
At present, there are no plans to introduce additional regulation specifically targeting the conduct of loss adjusters. However, the FCA continues to monitor practices across the insurance sector and has robust powers to take action against regulated firms that fail to comply with its rules.
Economic Secretary (HM Treasury)
Whilst loss adjusters acting on behalf of insurers are not directly regulated by the Financial Conduct Authority (FCA), they are typically members of professional bodies such as the Chartered Institute of Loss Adjusters (CILA). CILA sets standards for ethical conduct, technical competence, and professional integrity through its Guide to Professional Conduct.
Insurers are ultimately responsible for ensuring that all aspects of their claims process meet the FCA’s regulatory standards. These include requirements to handle claims promptly and fairly, provide reasonable guidance to policyholders, and avoid unreasonable claim rejections. The FCA’s Consumer Duty also requires insurers to deliver good outcomes for customers throughout the claims journey.
At present, there are no plans to introduce additional regulation specifically targeting the conduct of loss adjusters. However, the FCA continues to monitor practices across the insurance sector and has robust powers to take action against regulated firms that fail to comply with its rules.
Economic Secretary (HM Treasury)
As a consumer credit firm regulated by the Financial Conduct Authority (FCA), Wagestream must follow the FCA’s detailed rules on affordability checks. FCA rules mean that firms should only lend to consumers who can afford repayments and this should be based on a careful assessment of their income, spending, and financial commitments. These rules aim to prevent over-indebtedness, promote responsible lending, and ensure fair treatment of customers.
More broadly, ensuring individuals have access to the appropriate financial products and services they need is a key priority for the Government. This is why we are bringing forward a Financial Inclusion Strategy later this year which will seek to tackle a range of barriers individuals face, including how to increase access to affordable credit for underserved consumers. The Strategy will also consider how to improve the financial resilience of low-income households through interventions to support people to build savings, access insurance, and seek debt advice where they need it.
Economic Secretary (HM Treasury)