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
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)
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Written Evidence
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
To ask His Majesty's Government what assessment they have made of the risks to consumers and financial stability of the …
Regulation 2 amends the licensing table in Schedule 2 to the Customs (Tariff Quotas) (EU Exit) Regulations 2020 (S.I. 2020/1432) …
A Bill to Make provision to amend section 4 of the Social Security Contributions and Benefits Act 1992, and section …
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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).
(5,940 in the last 7 days)
(2,913 in the last 7 days)
(1,826 in the last 7 days)
(1,165 in the last 7 days)
(760 in the last 7 days)
(1,826 in the last 7 days)
(5,940 in the last 7 days)
(2,913 in the last 7 days)
(151 in the last 7 days)
(94 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 7 months, 1 week 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 8 months, 2 weeks 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 7 months, 3 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
2 Feb 2026, 2 p.m.
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Treasury Committee - Oral evidence
Financial Inclusion Strategy
3 Feb 2026, 9:30 a.m.
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Treasury Committee - Oral evidence
Work of the Payment Systems Regulator
4 Feb 2026, 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 Social Investment Fund was launched by M&G on 21st January and aims to invest up to £1 billion into the UK economy over the next three to five years to support new affordable homes, regeneration projects and infrastructure. This commitment aligns with the Government’s aim to encourage LGPS assets to be invested to boost UK economic growth.
The Chancellor has discussed the fund with M&G and supports their intention to align it with the government’s Missions including urban regeneration, clean energy and essential infrastructure that improves health and community wellbeing.
It is private finance and M&G will manage the fund in the best interests of investors, to deliver measurable impact across the UK.
Economic Secretary (HM Treasury)
We are aware of changes to the EU’s rules of low value imports and the announcement in December of its intention to introduce customs duty on these goods from 1 July 2026.
At Autumn Budget 2025, the Chancellor announced the removal of the UK's relief from customs duty on goods below £135 from March 2029 at the latest.
There is currently a consultation on these changes that closes on 6th March 2026.
We are committed to ensuring that the current facilitations available for parcels under the Windsor Framework continue to operate. This means that goods eligible to move under the UK Carrier Scheme and the UK Internal Market Scheme will continue to do so. These schemes are designed to protect goods moving within the UK internal market from incurring duty.
The benefits of the UK-EU Trade and Cooperation Agreement will also continue to be available.
The Government continues to engage with industry and the EU to ensure any applicable arrangements are implemented correctly and to minimise any negative impacts on Northern Ireland consumers and businesses.
Exchequer Secretary (HM Treasury)
The UK has the third largest Venture Capital (VC) market in the world behind the US and China, and the largest in Europe. The latest edition of the British Business Bank (BBB) 2025 Equity Monitor found that the UK attracted £10.8 billion of VC investment in 2024, with £5.5 billion invested in the UK technology sector.
At the Budget in November 2025, we introduced measures to build on these strengths by expanding our enterprise tax reliefs to incentivise investment in scaling firms and support them to attract top talent, by targeting BBB investment towards scale-up companies, and by committing to public procurement reforms to make the UK government a better customer to innovative businesses.
HM Treasury will continue to monitor the implementation of Budget measures and analyse their impact on the UK technology sector, to inform future policy development.
Financial Secretary (HM Treasury)
Although the Trust Registration Service does record information on trusts that have acquired a direct interest in land or property in the UK, in most cases the register only records limited information on where within the UK these lands or properties are located. As such, I cannot provide a complete answer to this question with respect to Scotland.
I can however answer this question with respect to the UK overall. From May 2021 (when the Trust Registration Service was expanded to accept registrations from non-taxable trusts) to 5 April 2025 (the end of the last tax year), c.77,000 trusts notified the Trust Registration Service that the trustees had acquired a direct interest in UK land or property on or after 6 October 2020. Of this figure, c.76,000 are UK resident trusts (including trusts categorised as ‘Type A') and c.1000 are non-UK resident trusts (including trusts categorised as ‘Type B’ or ‘Type C’).
Financial Secretary (HM Treasury)
The Government has delivered an ambitious programme of reforms to make it easier for all firms, including fintechs, to list and raise capital on UK markets. This includes overhauling the Prospectus Regime and Listing Rules, providing more flexibility to firms and founders raising capital on UK markets.
At her Mansion House speech last year, the Chancellor also announced the formation of a Listings Taskforce, to support businesses to list and grow in the UK, and the Financial Services Growth and Competitiveness Strategy, which sets out a comprehensive package of reforms to maintain the UK’s global leadership in Fintech. Officials and ministers regularly engage with industry leaders on sector developments.
Financial Secretary (HM Treasury)
The Government believes that the safe adoption of artificial intelligence (AI) by the financial services sector is a major strategic opportunity, with the potential to power growth across the UK. 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.
The Government has been clear that we will strike the right balance between managing the risks posed by AI and unlocking its huge potential. The UK financial regulators take an outcomes-based approach to regulating AI within the financial sector, drawing on existing frameworks to ensure that firms uphold strong consumer, stability and market standards, whether they use AI or not. Our current assessment, shared by the regulators, is that this framework is capable of ensuring the effective regulation of the use of AI. However, we will continue working closely with the regulators as the technology evolves to monitor risks and ensure that AI adoption continues in a safe and responsible way.
The Government is carefully considering the Treasury Committee’s report on AI in financial services and will respond in due course.
Financial Secretary (HM Treasury)
The UK Government has regular discussions with the Welsh Government at official and ministerial level on a range of issues. This has included a request from the Welsh Government that the UK Government considers devolution of the management of The Crown Estate in Wales.
Financial Secretary (HM Treasury)
As set out in the Data Protection Impact Assessment, HMRC teams share management information and feedback on a weekly basis. This helps teams ensure that processes run as smoothly as possible.
Exchequer Secretary (HM Treasury)
HM Treasury does not hold data on the average amounts invested in gilts by retail investors; however, the government welcomes participation from a broad and diverse range of gilt market investors, including retail buyers.
The Office for National Statistics publishes aggregate holdings in government bonds by different investors, which can be found using the following link - https://www.ons.gov.uk/releases/ukeconomicaccountsjulytoseptember2025
Economic Secretary (HM Treasury)
As set out in the Government’s response to the Loan Charge Review, since the Loan Charge was introduced, HMRC’s approach to tackling promoters has become far more robust.
The Government is also introducing new powers in Finance Bill 2025/26 to close in on promoters of marketed tax avoidance and the other professionals who market or enable tax avoidance schemes.
These new powers will go further and include more criminal sanctions. This shows the Government’s clear determination to close in on the few remaining promoters by strengthening deterrents and introducing significant additional consequences for promoters who continue promoting tax avoidance schemes.
The Government will also publish a consultation in early 2026 on further measures for tackling promoters of avoidance.
Exchequer Secretary (HM Treasury)
The Chancellor of the Exchequer has not undertaken any recent engagement with National Savings and Investments on this issue.
HMRC Officials are continuing to take forward work on Help to Save reform, including engagement with a range of financial institutions, such as credit unions. This engagement is focused on exploring options for the future delivery approach of the scheme.
Economic Secretary (HM Treasury)
The government’s Financial Services Growth and Competitiveness Strategy set out how UK can play a leading role in facilitating the financing of the global net zero transition. The UK is already one of the world’s leading sustainable finance centres – the challenge is to evolve and expand. To achieve that challenge, the government is delivering on a small number of targeted initiatives, working closely with the sector to make the biggest impact – boosting investor protection and UK competitiveness.
As part of this, the government consulted last year on the UK Sustainability Reporting Standards, the UK’s implementation of the International Sustainability Standard Board’s global standards. The aim is to provide clear standards which support comparable and decision-useful disclosures for investors, and which align with other jurisdictions. The government will be publishing its consultation response along with the endorsed UK standards in Q1 2026.
The government welcomes the FCA consultation on the implementation of UK Sustainability Reporting Standards for listed companies, which is due to be published later this month, and encourages the sector to engage with that process.
Economic Secretary (HM Treasury)
Childminders play a vital role in childcare. The Government has eased rules on working from schools and community centres and increased early years funding rates above 2023 average fees. These increases reflect increased costs, and from April 2026, local authorities must pass at least 97 per cent of funding to providers.
At Budget 2025 the Government confirmed that the standard rules for calculating income tax would apply to childminders who are mandated into Making Tax Digital (MTD). We will phase in this change between 2026 and 2028, in line with the MTD income thresholds. The threshold from April 2026 is £50,000 of qualifying income, reducing to £30,000 from April 2027 and £20,000 from April 2028.
HMRC’s Business Income manual page BIM52751 is not being withdrawn. A revised version will be published in early 2026 to reflect the Government’s confirmation at Budget 2025 that the standard rules for calculating income tax will apply to childminders within Making Tax Digital for Income Tax. The guidance will also be clarified for childminders that work from non-domestic premises.
Childminders can continue to claim tax relief for wear and tear by deducting the actual cost of buying, repairing or replacing items. They can also deduct the cost of business expenses such as utilities, cleaning and equipment. This ensures childminders receive tax relief for all of the costs that they incur in relation to their childminding business.
Exchequer Secretary (HM Treasury)
Increasing gambling duties will raise over £1 billion per year to support the public finances and forms part of our ambition to create a fair, modern and sustainable tax system.
The Government understands that Gibraltar has a gambling industry that faces the UK, and engaged with representatives of the Government of Gibraltar following the Budget and will continue to monitor all impacts of these changes.
Exchequer Secretary (HM Treasury)
It is estimated that 214 thousand people who qualified for Child Benefit in 2024-25 were not claiming it and missed out on National Insurance credits. This estimate excludes those who paid National Insurance contributions or who received credits via another route.
HMRC encourages parents and guardians to claim Child Benefit, even if their or their partner’s income means they may be liable to the High Income Child Benefit Charge. They can opt out of getting Child Benefit payments so they do not have to pay the charge and can still get National Insurance contributions to protect their State Pension.
Exchequer Secretary (HM Treasury)
Spending Review 2025 confirmed that the Welsh Government is receiving an average of £22.4 billion per year between 2026-27 and 2028-29. This is the Welsh Government’s largest spending review settlement in real terms since devolution in 1998.
As a result of decisions at the Budget in November 2025, the Welsh Government will receive an additional £505m in Total Departmental Expenditure Limit (TDEL) through the operation of the Barnett formula over the Spending Review period, on top of the record settlement provided at Spending Review 2025.
Financial Secretary (HM Treasury)
The Personal Allowance is uprated in line with CPI by default. The previous Government took the decision to maintain the Personal Allowance at its current level from April 2021 until April 2028. The Government is asking everyone to contribute to maintain funding for the NHS and reduce debt, and it is doing this by maintaining the Personal Allowance for a further three years.
As set out in the e-petition response, the Government has no plans to increase the Personal Allowance to £20,000. Increasing the Personal Allowance to £20,000 would come at a significant fiscal cost. This would reduce tax receipts substantially, decreasing funds available for the UK’s hospitals, schools, and other essential public services that we all rely on.
Increasing the Personal Allowance to this level would undermine the work the Government has done to restore fiscal responsibility which is critical to getting our economy growing.
HM Treasury only provides impact assessments on Government policy. The OBR have made an assessment of the Government’s policy related to the Personal Allowance in the Economic and Fiscal Outlook.
The ‘£50 billion’ figure in the e-petition response (https://petition.parliament.uk/petitions/737513) provided an indicative idea of scale only and does not reflect a full costing as this is not Government policy. Data from the 2022-23 Survey of Personal Incomes and the Office for Budget Responsibility (OBR) economic forecast were used to inform this indicative estimate.
Exchequer Secretary (HM Treasury)
The Personal Allowance is uprated in line with CPI by default. The previous Government took the decision to maintain the Personal Allowance at its current level from April 2021 until April 2028. The Government is asking everyone to contribute to maintain funding for the NHS and reduce debt, and it is doing this by maintaining the Personal Allowance for a further three years.
As set out in the e-petition response, the Government has no plans to increase the Personal Allowance to £20,000. Increasing the Personal Allowance to £20,000 would come at a significant fiscal cost. This would reduce tax receipts substantially, decreasing funds available for the UK’s hospitals, schools, and other essential public services that we all rely on.
Increasing the Personal Allowance to this level would undermine the work the Government has done to restore fiscal responsibility which is critical to getting our economy growing.
HM Treasury only provides impact assessments on Government policy. The OBR have made an assessment of the Government’s policy related to the Personal Allowance in the Economic and Fiscal Outlook.
The ‘£50 billion’ figure in the e-petition response (https://petition.parliament.uk/petitions/737513) provided an indicative idea of scale only and does not reflect a full costing as this is not Government policy. Data from the 2022-23 Survey of Personal Incomes and the Office for Budget Responsibility (OBR) economic forecast were used to inform this indicative estimate.
Exchequer Secretary (HM Treasury)
The Personal Allowance is uprated in line with CPI by default. The previous Government took the decision to maintain the Personal Allowance at its current level from April 2021 until April 2028. The Government is asking everyone to contribute to maintain funding for the NHS and reduce debt, and it is doing this by maintaining the Personal Allowance for a further three years.
As set out in the e-petition response, the Government has no plans to increase the Personal Allowance to £20,000. Increasing the Personal Allowance to £20,000 would come at a significant fiscal cost. This would reduce tax receipts substantially, decreasing funds available for the UK’s hospitals, schools, and other essential public services that we all rely on.
Increasing the Personal Allowance to this level would undermine the work the Government has done to restore fiscal responsibility which is critical to getting our economy growing.
HM Treasury only provides impact assessments on Government policy. The OBR have made an assessment of the Government’s policy related to the Personal Allowance in the Economic and Fiscal Outlook.
The ‘£50 billion’ figure in the e-petition response (https://petition.parliament.uk/petitions/737513) provided an indicative idea of scale only and does not reflect a full costing as this is not Government policy. Data from the 2022-23 Survey of Personal Incomes and the Office for Budget Responsibility (OBR) economic forecast were used to inform this indicative estimate.
Exchequer Secretary (HM Treasury)
The Personal Allowance is uprated in line with CPI by default. The previous Government took the decision to maintain the Personal Allowance at its current level from April 2021 until April 2028. The Government is asking everyone to contribute to maintain funding for the NHS and reduce debt, and it is doing this by maintaining the Personal Allowance for a further three years.
As set out in the e-petition response, the Government has no plans to increase the Personal Allowance to £20,000. Increasing the Personal Allowance to £20,000 would come at a significant fiscal cost. This would reduce tax receipts substantially, decreasing funds available for the UK’s hospitals, schools, and other essential public services that we all rely on.
Increasing the Personal Allowance to this level would undermine the work the Government has done to restore fiscal responsibility which is critical to getting our economy growing.
HM Treasury only provides impact assessments on Government policy. The OBR have made an assessment of the Government’s policy related to the Personal Allowance in the Economic and Fiscal Outlook.
The ‘£50 billion’ figure in the e-petition response (https://petition.parliament.uk/petitions/737513) provided an indicative idea of scale only and does not reflect a full costing as this is not Government policy. Data from the 2022-23 Survey of Personal Incomes and the Office for Budget Responsibility (OBR) economic forecast were used to inform this indicative estimate.
Exchequer Secretary (HM Treasury)
Further Education (FE) funding is vital to ensure people are being trained in the skills they need to thrive in the modern labour market. The 2025 Spending Review provided an additional £1.2 billion per year by 2028-29 for skills and £1.7 billion of capital funding to help colleges maintain the condition of their estate. In addition, the Government is providing £375 million of capital investment to support the FE system to accommodate increasing student numbers.
For their non-business activity, FE colleges are unable to reclaim VAT incurred. We operate several VAT refund schemes for schools and academies which are designed variously to ensure that VAT is not a burden on local taxation, and that academies are not disincentivised from leaving local authority control. FE colleges do not meet the criteria for either scheme.
In relation to business activity, FE colleges enjoy an exemption from VAT which means that they do not have to charge VAT to students, but cannot recover it either.
Exchequer Secretary (HM Treasury)
Further Education (FE) funding is vital to ensure people are being trained in the skills they need to thrive in the modern labour market. The 2025 Spending Review provided an additional £1.2 billion per year by 2028-29 for skills and £1.7 billion of capital funding to help colleges maintain the condition of their estate. In addition, the Government is providing £375 million of capital investment to support the FE system to accommodate increasing student numbers.
For their non-business activity, FE colleges are unable to reclaim VAT incurred. We operate several VAT refund schemes for schools and academies which are designed variously to ensure that VAT is not a burden on local taxation, and that academies are not disincentivised from leaving local authority control. FE colleges do not meet the criteria for either scheme.
In relation to business activity, FE colleges enjoy an exemption from VAT which means that they do not have to charge VAT to students, but cannot recover it either.
Exchequer Secretary (HM Treasury)
Further Education (FE) funding is vital to ensure people are being trained in the skills they need to thrive in the modern labour market. The 2025 Spending Review provided an additional £1.2 billion per year by 2028-29 for skills and £1.7 billion of capital funding to help colleges maintain the condition of their estate. In addition, the Government is providing £375 million of capital investment to support the FE system to accommodate increasing student numbers.
For their non-business activity, FE colleges are unable to reclaim VAT incurred. We operate several VAT refund schemes for schools and academies which are designed variously to ensure that VAT is not a burden on local taxation, and that academies are not disincentivised from leaving local authority control. FE colleges do not meet the criteria for either scheme.
In relation to business activity, FE colleges enjoy an exemption from VAT which means that they do not have to charge VAT to students, but cannot recover it either.
Exchequer Secretary (HM Treasury)
Further Education (FE) funding is vital to ensure people are being trained in the skills they need to thrive in the modern labour market. The 2025 Spending Review provided an additional £1.2 billion per year by 2028-29 for skills and £1.7 billion of capital funding to help colleges maintain the condition of their estate. In addition, the Government is providing £375 million of capital investment to support the FE system to accommodate increasing student numbers.
For their non-business activity, FE colleges are unable to reclaim VAT incurred. We operate several VAT refund schemes for schools and academies which are designed variously to ensure that VAT is not a burden on local taxation, and that academies are not disincentivised from leaving local authority control. FE colleges do not meet the criteria for either scheme.
In relation to business activity, FE colleges enjoy an exemption from VAT which means that they do not have to charge VAT to students, but cannot recover it either.
Exchequer Secretary (HM Treasury)
Official statistics comparing the 2023 non-domestic rating lists and 2026 draft non-domestic rating lists for England are published here.
Exchequer Secretary (HM Treasury)
Statistics on the number of people paying the High Income Child Benefit Charge (HICBC) are published each year as part of the Child Benefit Statistics annual release. The latest figures are available here:
Child Benefit Statistics: annual release, August 2024 - GOV.UK
The next release is due to be published this Spring. Figures are produced with a time lag due to Self-Assessment deadlines.
Exchequer Secretary (HM Treasury)
Statistics on the number of people paying the High Income Child Benefit Charge (HICBC) are published each year as part of the Child Benefit Statistics annual release. The latest figures are available here:
Child Benefit Statistics: annual release, August 2024 - GOV.UK
The next release is due to be published this Spring. Figures are produced with a time lag due to Self-Assessment deadlines.
Exchequer Secretary (HM Treasury)
HMRC recognise that repayments are important for customers. They prioritise them and work hard to ensure they are processed as quickly and securely as possible.
HMRC balance the provision of prompt payments to eligible customers with effective revenue protection from fraudsters.
They continue to invest in automation and to review their internal processes to ensure repayments are issued as quickly as possible.
HMRC also understands the importance of keeping the customer, and where appropriate the customer’s representative informed of progress, and are exploring ways of doing that more effectively.
In the meantime, HMRC’s online ‘Where’s My Reply’ tool can help customers understand when they can expect to receive a response.
HMRC does not produce one overall average processing time across all Income Tax repayment routes, because timings differ depending on the repayment type and checks required.
HMRC does not hold a single consolidated measure of outstanding Income Tax repayment claims across all channels, and producing a comprehensive breakdown by the age bands requested would require manual collation from multiple systems. Gathering this data would exceed the cost threshold for answering parliamentary questions.
The majority of Income tax repayment claims are for PAYE and Self Assessment (SA) customers. There are several triggers for PAYE and SA repayments, but for those which involve the customer submitting a claim, these are treated as priority post. HMRC have an agreed and published service standard to clear 80% of priority post within 15 working days of receipt. HMRC’s correspondence performance has improved from 68.2% in April 2025 to 87.8% in November 2025. They publish regular updates on their performance at: www.gov.uk/government/collections/hmrc-quarterly-performance-updates
Exchequer Secretary (HM Treasury)
HMRC recognise that repayments are important for customers. They prioritise them and work hard to ensure they are processed as quickly and securely as possible.
HMRC balance the provision of prompt payments to eligible customers with effective revenue protection from fraudsters.
They continue to invest in automation and to review their internal processes to ensure repayments are issued as quickly as possible.
HMRC also understands the importance of keeping the customer, and where appropriate the customer’s representative informed of progress, and are exploring ways of doing that more effectively.
In the meantime, HMRC’s online ‘Where’s My Reply’ tool can help customers understand when they can expect to receive a response.
HMRC does not produce one overall average processing time across all Income Tax repayment routes, because timings differ depending on the repayment type and checks required.
HMRC does not hold a single consolidated measure of outstanding Income Tax repayment claims across all channels, and producing a comprehensive breakdown by the age bands requested would require manual collation from multiple systems. Gathering this data would exceed the cost threshold for answering parliamentary questions.
The majority of Income tax repayment claims are for PAYE and Self Assessment (SA) customers. There are several triggers for PAYE and SA repayments, but for those which involve the customer submitting a claim, these are treated as priority post. HMRC have an agreed and published service standard to clear 80% of priority post within 15 working days of receipt. HMRC’s correspondence performance has improved from 68.2% in April 2025 to 87.8% in November 2025. They publish regular updates on their performance at: www.gov.uk/government/collections/hmrc-quarterly-performance-updates
Exchequer Secretary (HM Treasury)
HMRC recognise that repayments are important for customers. They prioritise them and work hard to ensure they are processed as quickly and securely as possible.
HMRC balance the provision of prompt payments to eligible customers with effective revenue protection from fraudsters.
They continue to invest in automation and to review their internal processes to ensure repayments are issued as quickly as possible.
HMRC also understands the importance of keeping the customer, and where appropriate the customer’s representative informed of progress, and are exploring ways of doing that more effectively.
In the meantime, HMRC’s online ‘Where’s My Reply’ tool can help customers understand when they can expect to receive a response.
HMRC does not produce one overall average processing time across all Income Tax repayment routes, because timings differ depending on the repayment type and checks required.
HMRC does not hold a single consolidated measure of outstanding Income Tax repayment claims across all channels, and producing a comprehensive breakdown by the age bands requested would require manual collation from multiple systems. Gathering this data would exceed the cost threshold for answering parliamentary questions.
The majority of Income tax repayment claims are for PAYE and Self Assessment (SA) customers. There are several triggers for PAYE and SA repayments, but for those which involve the customer submitting a claim, these are treated as priority post. HMRC have an agreed and published service standard to clear 80% of priority post within 15 working days of receipt. HMRC’s correspondence performance has improved from 68.2% in April 2025 to 87.8% in November 2025. They publish regular updates on their performance at: www.gov.uk/government/collections/hmrc-quarterly-performance-updates
Exchequer Secretary (HM Treasury)
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer NICs. 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 is firmly committed to supporting women to enter, stay and progress in work, tackling gender pay gaps and ensuring women can reach their full potential in the labour market. To help make work pay for mothers in particular, we are improving access to affordable childcare through the Tax-Free Childcare scheme and 30 hours of funded childcare a week.
The Government is committed to supporting young people to earn and learn. That is why we are delivering a Youth Guarantee, backed by £820m over the Spending Review period. This includes providing guaranteed paid work placements to young people on Universal Credit, who are unemployed for over 18 months, granting an opportunity for young people to gain essential skills and experience and prevent the damaging effects of long-term unemployment. The Youth Guarantee will also create nearly 300,000 additional work experience and training opportunities, further expand Youth Hubs to every local area of Great Britain, and increase investment to prevent young people from falling out of education, employment or training in future.
Exchequer Secretary (HM Treasury)
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer NICs. 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 is firmly committed to supporting women to enter, stay and progress in work, tackling gender pay gaps and ensuring women can reach their full potential in the labour market. To help make work pay for mothers in particular, we are improving access to affordable childcare through the Tax-Free Childcare scheme and 30 hours of funded childcare a week.
The Government is committed to supporting young people to earn and learn. That is why we are delivering a Youth Guarantee, backed by £820m over the Spending Review period. This includes providing guaranteed paid work placements to young people on Universal Credit, who are unemployed for over 18 months, granting an opportunity for young people to gain essential skills and experience and prevent the damaging effects of long-term unemployment. The Youth Guarantee will also create nearly 300,000 additional work experience and training opportunities, further expand Youth Hubs to every local area of Great Britain, and increase investment to prevent young people from falling out of education, employment or training in future.
Exchequer Secretary (HM Treasury)
A Tax Information and Impact Note (TIIN) was published alongside the introduction of the Bill containing the changes to employer NICs. 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 is firmly committed to supporting women to enter, stay and progress in work, tackling gender pay gaps and ensuring women can reach their full potential in the labour market. To help make work pay for mothers in particular, we are improving access to affordable childcare through the Tax-Free Childcare scheme and 30 hours of funded childcare a week.
The Government is committed to supporting young people to earn and learn. That is why we are delivering a Youth Guarantee, backed by £820m over the Spending Review period. This includes providing guaranteed paid work placements to young people on Universal Credit, who are unemployed for over 18 months, granting an opportunity for young people to gain essential skills and experience and prevent the damaging effects of long-term unemployment. The Youth Guarantee will also create nearly 300,000 additional work experience and training opportunities, further expand Youth Hubs to every local area of Great Britain, and increase investment to prevent young people from falling out of education, employment or training in future.
Exchequer Secretary (HM Treasury)
HMRC published an evaluation of the Patent Box in 2020. The evaluation concludes that the Patent Box has had a positive impact on investment by companies, with an increase of around 10% in assets held by companies that use the Patent Box compared to similar companies that do not use the Patent Box since it was introduced.
Exchequer Secretary (HM Treasury)
As announced at Budget 2025 the government is considering the feasibility and impacts of including refined products in the Carbon Border Adjustment Mechanism (CBAM) in future. The government recognises that refineries play a role in energy security and the UK’s industrial base. Government Ministers are holding a roundtable with the refining sector on 4 February 2026 and will also publish a call for evidence on the fuel sector shortly.
Exchequer Secretary (HM Treasury)
As announced at Budget 2025 the government is considering the feasibility and impacts of including refined products in the Carbon Border Adjustment Mechanism (CBAM) in future. The government recognises that refineries play a role in energy security and the UK’s industrial base. Government Ministers are holding a roundtable with the refining sector on 4 February 2026 and will also publish a call for evidence on the fuel sector shortly.
Exchequer Secretary (HM Treasury)
While the Government keeps the tax system under review, the Government has no plans to extend the Mayor’s powers to adjust tax rates in London.
However, the Government is empowering Mayors to introduce a visitor levy on short-term overnight accommodation in their region, to drive economic growth including through support for the local visitor economy. The Government has published a consultation, running until 18 February, so that the public, businesses, and local government can shape the design of the power to introduce a levy that will be devolved to local leaders. Local leaders will decide whether to introduce a levy and how the revenue raised will be used to drive growth in their region.
Exchequer Secretary (HM Treasury)
Lenders offering credit are regulated by the Financial Conduct Authority (FCA). This oversight ensures that lending practices are fair and that consumers are protected – firms regulated by the FCA must comply with its strict lending affordability rules, lending only to those who can afford repayments based on a thorough assessment of their financial situation. Lenders are also required to follow the FCA’s rules on promotions and adverts, where non-compliance could lead to fines. The FCA requires that all adverts and other promotions must be clear, fair, and not misleading.
The Government is committed to ensuring that people can access the guidance they need to confidently understand and use financial products such as loans. The Money and Pensions Service (MaPS), an arm’s length body of the Government, provides free and impartial guidance on a range of financial topics, including credit. More widely, the Government is taking steps to improve financial literacy and better prepare young people for life’s key financial decisions. As part of the Financial Inclusion Strategy, the Government announced plans to make financial education compulsory in primary schools in England, alongside a renewed focus on financial education in secondary schools through the subjects of mathematics and citizenship. This will help build a generation better equipped to make informed financial decisions, including those related to the use of credit.
Financial Secretary (HM Treasury)
Private markets are an increasingly important source of finance for the real economy and have supported growth. However, they also pose new risks, including from the use of leverage, opacity around valuations, and interconnectedness with the wider financial system.
These issues have been a growing area of focus for the Government, the Bank of England and the regulators in recent years. In the most recent remit letter to the Bank of England’s Financial Policy Committee, the Chancellor asked that the Committee continue to consider risks in private markets.
We continue to work closely with the regulators to deepen our understanding of these risks. This includes working closely with the Bank of England on its new System‑Wide Exploratory Scenario, which is centred on vulnerabilities in private markets., and through our membership of the international Financial Stability Board.
Financial Secretary (HM Treasury)
The correspondence from the Rt Hon Member for Arundel and South Downs has been transferred from HM Treasury to HMRC. HMRC will respond in due course.
Economic Secretary (HM Treasury)
Civil Servant pay is set within a pay framework which is reviewed annually by the Senior Salaries Review Body. The senior pay control process, including approvals required from HM Treasury, acts as an additional layer of scrutiny to Senior Civil Servant salaries.
Chief Secretary to the Treasury
The Government recognises that information relating to arrears, such as a default notice, can have an adverse impact on an individual’s credit file. While the decision to report arrears information about an energy account to a credit reference agency is ultimately a matter for the energy company, energy companies and other organisations that report such information are expected to follow the Principles for the Reporting of Arrears, Arrangements and Defaults at Credit Reference Agencies, available at: https://www.scoronline.co.uk/wp-content/uploads/2021/05/Principles-for-the-Reporting-of-Arrears-Arr….
Economic Secretary (HM Treasury)
Support for disabled people is predominantly provided through the welfare system, including Personal Independence Payment (PIP) which can be worth over £9,500 a year to assist with extra costs individuals may face. Focusing support through the welfare system ensures those who earn below the Personal Allowance tax threshold fully benefit
The Government is also investing £1 billion a year in employment support for disabled people by 2029-30. This will help disabled people enter and succeed in work, boosting their income.
Chief Secretary to the Treasury
The NWF is actively considering all the available investment opportunities in Grangemouth. The NWF is responsible for approval of specific investments, in line with its regular governance and investment processes, including Board approval where appropriate.
Chief Secretary to the Treasury
Salary sacrifice rules governing the public sector are set out in section 1.5 of the Public sector pay and terms: guidance note: https://assets.publishing.service.gov.uk/media/5d3596bded915d0d0f8d5565/190702_Public_sector_pay_and_terms.pdf
Chief Secretary to the Treasury
The Government recognises the significant contribution made by hospitality businesses to economic growth and social life in the UK.
VAT is a broad-based tax on consumption, and the 20 per cent standard rate applies to most goods and services. Providing further VAT relief or introducing new reduced rates would reduce tax revenue and add further complexity to the tax system.
Furthermore, HMRC estimates that the cost of a 5 per cent reduced rate for accommodation, hospitality and tourist attractions would be around £17bn in 2026-27. This would reduce VAT revenue, which pays for public services, by almost 10%.
Exchequer Secretary (HM Treasury)
For the introduction of Carbon Border Adjustment Mechanism (CBAM) in January 2027, the UK has focused on the sectors most at risk of carbon leakage within scope of the UK ETS, and where it is technically feasible to include products in scope.
As announced at Budget 2025, the government is considering the feasibility and impacts of including refined products in the CBAM in future.
The sectoral scope of the CBAM will be kept under review beyond 2027 as new evidence comes to light to reflect methodological and technological advances.
Exchequer Secretary (HM Treasury)
Al Pinkerton
(Liberal Democrat - Surrey Heath)
The government has published a Tax Information and Impact Note (TIIN) setting out the impact of maintaining income tax and equivalent National Insurance contributions thresholds.
Exchequer Secretary (HM Treasury)
The contribution of each policy measure to CPI inflation in the Office for Budget Responsibility can be found in their supporting documents at the following link:
In total, the Office for Budget Responsibility forecast that Budget measures will reduce CPI inflation by 0.4pp in 2026/27, with the most significant impact coming from the reduction in energy bills.
Economic Secretary (HM Treasury)