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)
Sarah Olney (LD - Richmond Park)
Liberal Democrat Spokesperson (Treasury)
Conservative
Jeremy Hunt (Con - Godalming and Ash)Shadow Chancellor of the Exchequer
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Laura Trott (Con - Sevenoaks)Shadow Chief Secretary to the Treasury
Nigel Huddleston (Con - Droitwich and Evesham)
Shadow Financial Secretary (Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Alan Mak (Con - Havant)Shadow Economic Secretary (Treasury)
Gareth Davies (Con - Grantham and Bourne)
Shadow Exchequer Secretary (Treasury)
Ministers of State
Darren Jones (Lab - Bristol North West)Chief Secretary to the Treasury
Lord Livermore (Lab - Life peer)
Financial Secretary (HM Treasury)
Parliamentary Under-Secretaries of State
Tulip Siddiq (Lab - Hampstead and Highgate)Economic Secretary (HM Treasury)
James Murray (LAB - Ealing North)
Exchequer Secretary (HM Treasury)
Emma Reynolds (Lab - Wycombe)
Parliamentary Secretary (HM Treasury)
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential (a) merits of extending …
These Regulations make an amendment to Chapter 5 of Part 10 of the Income Tax (Earnings and Pensions) Act 2003 …
A Bill to amend the Crown Estate Act 1961.
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 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).
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.
0 Members of the Treasury Committee
Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)Any severance payments made to former Ministers of HM Treasury are recorded in the Departmental Annual Report and Accounts.
Exchequer Secretary (HM Treasury)
The Government is supporting farmers and land managers to adapt their business models and access tailored support to do so through the agricultural transition, including through diversification. For example, farmers can access free business advice through the Farming Resilience Fund.
The Government recognises that many farmers may choose to let out part of their estates as furnished holiday lettings (FHLs). Nevertheless, while the government recognises the important role that FHLs have, including those located on farms, in the visitor economy, tax rules currently privilege short-term lets over long-term rentals. The Government will therefore abolish the FHL tax regime from April 2025,which will equalise the tax treatment of landlords’ property income and gains.
Exchequer Secretary (HM Treasury)
The level at which purchasers of residential property start paying Stamp Duty Land Tax (SDLT) is currently £250,000, and this is due to revert to £125,000 on 1 April 2025. For first-time buyers, the nil-rate band is currently £425,000 and the purchase price limit for accessing the relief is currently £625,000. On 1 April 2025, these rates will revert to £300,000 and £500,000 respectively.
SDLT continues to be an important source of Government revenue, raising several billion pounds each year to help pay for the essential services the Government provides.
The Government keeps all taxes under review as part of the usual tax policy making process. Tax changes, including changes to SDLT, are announced at fiscal events, where decisions are taken in the round.
Exchequer Secretary (HM Treasury)
The Government is committed to ensuring that the UK’s world-leading financial services sector enables all people to have access to affordable products and services. That’s why the Government is working closely with industry to ensure that 350 banking hubs are delivered by the end of this Parliament.
Over 60 banking hubs are already open and Cash Access UK, who oversee banking hub rollout, expect 100 hubs to be open by the end of the year.
Economic Secretary (HM Treasury)
Ensuring all individuals have access to the appropriate financial services and products they need is a key priority for Government and is vital to supporting people’s financial resilience and wellbeing. It is also an essential part of achieving inclusive growth and ensuring individuals are able to fully participate in the economy.
As part of prioritising financial inclusion, the Government is working closely with the financial services sector to roll out at least 350 banking hubs which provide individuals and businesses up and down the country with in-person cash and banking services. I am committed to considering what more can be done to support accessible and inclusive banking for all.
Economic Secretary (HM Treasury)
Tackling climate change is a key part of this Government’s agenda, reflected in our Mission to make Britain a clean energy superpower. We recognise the significant risks posed by climate change to the financial system and wider economy, and are committed to transitioning the economy to Net Zero by 2050 and realising the growth potential of doing so.
In opposition, we set out our plans to reverse changes made by the previous Government to downgrade the importance of climate change in the Bank of England’s mandates. We remain committed to making this change and will do so in due course – the Government is required to issue new remit letters for the Bank of England’s Financial Policy Committee (FPC) and Monetary Policy Committee (MPC) each year.
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Economic Secretary (HM Treasury)
The Office of Financial Sanctions Implementation (OFSI)’s, part of HM Treasury, announced in its 2022-2023 Annual Review that between February 2022 and October 2023, £22.7 billion in frozen funds had been reported in relation to the Russia sanctions regime. OFSI does not disclose the value held by particular designated persons and so the figure is provided as a cumulative total of assets reported.
Frozen assets are not transferred to HM Treasury and there is no change of ownership. Interest accrued on frozen assets remains subject to the asset freeze, and are to be frozen immediately by the person in possession or control of them. There is no obligation for a relevant institution to inform OFSI when it credits an account with interest and therefore OFSI does not hold this information.
Economic Secretary (HM Treasury)
The Office of Financial Sanctions Implementation (OFSI) within HM Treasury is responsible for ensuring financial sanctions are properly understood, implemented and enforced. OFSI regularly engages with the financial services sector including through issuing guidance on our compliance and enforcement approach.
While the Treasury is responsible for setting the overall legal framework for financial sanctions, the Financial Conduct Authority is responsible for regulating and supervising the financial services industry. The FCA works closely with FCA-authorised financial institutions to ensure that their sanctions screening and controls are appropriate for the sanctions risk that firms are exposed to. In September 2023, the FCA published the outcomes of its work on sanctions systems and controls, including those relating to screening processes. The FCA also aims to encourage the use of innovation and new technologies, including the development of Regulatory Technology (RegTech) tools within the financial services market as a means to help fight financial crime. OFSI alongside the FCA will continue to undertake engagement with the financial services sector to raise awareness and compliance of financial sanctions.
Economic Secretary (HM Treasury)
The estates of all individuals benefit from a £325,000 nil-rate band for inheritance tax. The residence nil-rate band is a further £175,000 for those passing on a qualifying residence on death to their direct descendants, such as children or grandchildren. Other countries recognise the relationships between parents and children with different thresholds in equivalent systems.
The Government keeps all taxes under review as part of the policy making process.
Exchequer Secretary (HM Treasury)
Graham Leadbitter
(Scottish National Party - Moray West, Nairn and Strathspey)
The government recognises the vital role charities plays in supporting individuals and communities, delivering a huge range of services up and down the country.
The government continues to support the sector and encourages people to volunteer. However, introducing a new tax code and tax incentives, or increasing the Personal Allowance to incentivise individuals to volunteer would make the system more complicated and difficult for taxpayers to navigate.
The government must prioritise ensuring the tax system supports strong public finances. Given the current state of the public spending inheritance, difficult choices are necessary. The Chancellor of the Exchequer has emphasised that sound fiscal policy is crucial for economic stability and growth, which are essential for keeping taxes as low as possible, while continuing to deliver high-quality public services.
Exchequer Secretary (HM Treasury)
There is a longstanding inheritance tax exemption for transfers between spouses and civil partners to reflect the formal legal obligations that marriage and civil partnerships involve. As with all taxes, reforms to inheritance tax, such as the potential extension of this exemption to transfers between cohabiting siblings, will be kept under review as part of the normal policy making process and the Chancellor will announce any changes to the tax system at fiscal events in the normal way.
Exchequer Secretary (HM Treasury)
On 29 July 2024, the Government announced that eligibility for business rates charitable rate relief will be removed from private schools in England.
The increased business rates liability will vary from school to school and will be determined by their underlying Rateable Value, set by the Valuation Office Agency independently of central government. The government will confirm the introduction of these tax policy changes at the Budget, at which point the Office for Budget Responsibility (OBR) will certify the government’s costings and impact analysis for these measures.
This was a tough but necessary decision that will help to secure additional funding to support the delivery of the Government’s commitments relating to education and young people, including opening 3,000 new nurseries, rolling out breakfast clubs to all primary schools, and recruiting 6,500 new teachers.
Exchequer Secretary (HM Treasury)
As the Chancellor of the Exchequer set out in her statement to Parliament on 29th July 2024, she asked Treasury officials, on her first day in office, to undertake a rapid audit of public spending. Once the audit was complete, she took immediate action to find £5.5 billion of savings in 2024-25, rising to £8.1 billion in 2025-26. The conclusions of the public spending audit were presented to the House of Commons on 29th July 2024.
Chief Secretary to the Treasury
All working-age benefits (including Child Benefit, the child element of Universal Credit, and Child Tax Credit) were uprated in full from April 2024, by September 2023 CPI of 6.7%. Beyond the receipt of benefits, the Government is committed to supporting children and families. At the King’s Speech, the Government set out plans to introduce free breakfast clubs in every primary school, to bring down costs for parents. Growth is our number one mission, which will help families by boosting wages and putting more money in people’s pockets.
To give every child the very best start at life, the Government is also prioritising work to develop an ambitious and comprehensive strategy to reduce child poverty through the Ministerial taskforce on Child Poverty.
Chief Secretary to the Treasury
The £1.6 billion cost referenced is an HMT assessment of the additional cost to run rail services in 2024/25 compared to SR21 plans. This assessment was made at the point at which this government entered office. The additional cost is primarily driven by the impact of weaker-than-expected passenger demand recovery following the COVID-19 pandemic.
Chief Secretary to the Treasury
As of 2 September 2024, there has been one direct ministerial appointment made. Ian Corfield has been appointed as an unpaid International Investment Summit Adviser by the Chancellor of the Exchequer. Ian Corfield will be in post until 31 October 2024. Details of his appointment can be found on gov.uk.
Exchequer Secretary (HM Treasury)
The impact of both the junior doctors’ pay offer and the public sector pay awards announced on 29 July 2024 is expected to be limited.
Chief Secretary to the Treasury
This government wants to ensure that public spending on transport infrastructure drives economic growth and delivers value for money for taxpayers.
Transport schemes are assessed in accordance with the principles set out in the Green Book. The Green Book is the central government guidance on appraising policy options and ensuring that they represent good value for money. In this context, ‘low value’ means low value for money, taking account of the costs and benefits of these schemes.
Chief Secretary to the Treasury
The Office for Value for Money (OVfM) will have two primary roles. First, to provide targeted interventions, working with departments, so that value for money governs every decision government makes. Second, to recommend system reforms to ensure any changes support the government’s missions and deliver value for money.
The OVfM will be a time-limited team. No final decision has been taken on when to disband the office, but its vision is to leave a legacy of concrete, embedded improvements to spending controls, to minimise the risk of poor value for money in the future.
Chief Secretary to the Treasury
Pay for most frontline workforces - including nurses, teachers, armed forces and police officers - is set through an independent Pay Review Body (PRB) process. The PRBs consider a range of evidence when forming their recommendations, including the need to recruit, retain and motivate suitably able and qualified people; the financial circumstances of Government; the Government's policies for improving public services; and the Government's inflation target. They consider the whole remuneration package of those working in the public sector when forming their recommendations, including pensions.
Chief Secretary to the Treasury
Funding for dental services in Northern Ireland is the responsibility of the Northern Ireland Executive. Barnett consequentials provided as a result of changes to UK Government department budgets are not ringfenced and it is for the Northern Ireland Executive to allocate their funding in devolved areas.
As part of the Interim Fiscal Framework for Northern Ireland, a 24% needs-based factor has been included in the Barnett formula for the Northern Ireland Executive to account for Northern Ireland’s greater level of relative need.
Chief Secretary to the Treasury
As the Chancellor of the Exchequer set out in her statement to Parliament on 29th July 2024, she asked Treasury officials, on her first day in office, to undertake a rapid audit of public spending. As is the usual process with Treasury documents, officials worked closely with typesetters throughout to develop and print the document. The conclusions of the public spending audit were presented to the House of Commons on 29th July 2024.
Chief Secretary to the Treasury
The Government does not publish estimates of the impacts on the public purse of removing the entitlement to the Winter Fuel Payment from people over State Pension age who pay income tax at the higher rate or additional rate.
In face of the substantial pressures faced by the public finances this year and next, the government has had to make hard choices to bring the public finances back under control, including targeting Winter Fuel Payments.
Winter Fuel Payments will continue to be paid to pensioner households with someone receiving Pension Credit or certain other income-related benefits. This means that the Winter Fuel Payment will be better targeted to low income pensioners who need it.
Chief Secretary to the Treasury
As the Chancellor of the Exchequer set out in her statement to Parliament on 29th July 2024, she asked Treasury officials, on her first day in office, to undertake a rapid audit of public spending. The Chancellor engaged with the Prime Minister throughout on the findings of the audit and took immediate action to find £5.5 billion of savings in 2024-25, rising to £8.1 billion in 2025-26. The conclusions of the public spending audit were presented to the House of Commons on 29th July 2024.
Chief Secretary to the Treasury
As the Chancellor of the Exchequer set out in her statement to Parliament on 29th July 2024, she asked Treasury officials, on her first day in office, to undertake a rapid audit of public spending. Officials updated the Chancellor on the findings of the audit throughout the process, and she took immediate action to find £5.5 billion of savings in 2024-25, rising to £8.1 billion in 2025-26. The conclusions of the public spending audit were presented to the House of Commons on 29th July 2024.
Chief Secretary to the Treasury
Rail infrastructure is managed by Network Rail (NR). The Department for Transport (DfT) provides grant funding to NR for operations, maintenance, and renewals via five-year regulated ‘Control Periods’. Funding for each Control Period is established through a statutory process of Periodic Reviews, the timelines for which have not aligned with Spending Review periods.
At Spending Review 2021, DfT’s budgets were set for a period (2021/22-2024/25) which extended beyond the end of the previous Control Period (Control Period 6, 2019/20-2023/24). The periodic review to determine Control Period 7 (2024/25-2028/29) concluded in October 2023, confirming the funding requirements for 2024/25. Therefore, the assumption for maintenance costs in 2024/25 had to be revised following the periodic review in 2023 as these costs were higher than budgeted at SR21.
Chief Secretary to the Treasury
The Office for Value for Money is a part of HM Treasury. Existing departmental resources will be reprioritised to fulfil the needs of the office where possible.
Chief Secretary to the Treasury
The Office for Value for Money (OVfM) is staffed by civil servants with a range of professional disciplines, from within HM Treasury and other partner organisations. In line with Civil Service expectations, staff will spend 60% of their time working from the office.
The OVfM is a time-limited team within HM Treasury. We expect around 20 staff to be working within the office.
Chief Secretary to the Treasury
Pay for civil servants outside of the Senior Civil Service is not set centrally; rather, departments and bodies have freedom to make decisions on pay within the parameters of the Pay Remit Guidance published annually by the Cabinet Office. The Pay Remit Guidance for 2024/5 can be found using the following link: https://www.gov.uk/government/publications/civil-service-pay-remit-guidance-2024-to-2025/civil-service-pay-remit-guidance-2024-to-2025
The pay remit sets a percentage maximum by which bodies can increase their average paybill. Each department will need to consider how they intend to apply the award to their workforce, before implementing it. The final cost of the civil service pay award for 2024/25 will not be confirmed until this is concluded.
Chief Secretary to the Treasury
As the Government announced on 29 July, as of 1 January 2025, all education services and vocational training supplied by a private school in the UK for a charge will be subject to VAT at the standard rate of 20%.
A technical note setting out the details of this policy has been published online here: VAT on Private School Fees & Removing the Charitable Rates Relief for Private Schools - GOV.UK (www.gov.uk). Draft VAT legislation has also been published alongside this technical note.
A technical consultation on the legislation and technical note will run until 15 September 2024. The Government is engaging with a range of stakeholders as part of this consultation.
Exchequer Secretary (HM Treasury)
Section 684 of the Income Tax (Earnings and Pensions) Act (ITEPA) 2003 provides for the Pay As You Earn (PAYE) regulations. In 2022, the Court of Appeal considered HMRC’s use of section 684(7A)(b) in relation to a disguised remuneration scheme.
The Chancellor and I know that the loan charge is a very important matter for many members and their constituents. We have been considering this matter since taking office and will provide an update in due course.
Exchequer Secretary (HM Treasury)
The Government is committed to the continued strength of the UK Islamic Finance sector, both as an important part of the UK’s overall financial ecosystem and as an instrument of financial inclusion.
The alternative finance tax rules aim to provide a level playing field for tax purposes across alternative and conventional financing arrangements.
On 16 January 2024, HM Treasury published a consultation proposing changes to the Capital Gains Tax (CGT) rules that apply to alternative finance arrangements. The proposed changes seek to amend those rules so that where property is used as collateral for the purposes of raising finance, the CGT outcome is the same whether alternative finance or conventional finance is used. The consultation also asked whether there are any implications for capital allowances. The consultation closed on 9 April 2024 and the Government is considering responses. Next steps will be set out in due course.
Exchequer Secretary (HM Treasury)
The Government is committed to the continued strength of the UK Islamic Finance sector, both as an important part of the UK’s overall financial ecosystem and as an instrument of financial inclusion.
The alternative finance tax rules aim to provide a level playing field for tax purposes across alternative and conventional financing arrangements.
On 16 January 2024, HM Treasury published a consultation proposing changes to the Capital Gains Tax (CGT) rules that apply to alternative finance arrangements. The proposed changes seek to amend those rules so that where property is used as collateral for the purposes of raising finance, the CGT outcome is the same whether alternative finance or conventional finance is used. The consultation also asked whether there are any implications for capital allowances. The consultation closed on 9 April 2024 and the Government is considering responses. Next steps will be set out in due course.
Exchequer Secretary (HM Treasury)
The Government is committed to breaking down barriers to opportunity, ensuring every child has access to high-quality education, which is why we have made the tough decision to end tax breaks for private schools. This will raise revenue for essential public services, including investing in the state education system.
Where pupils are placed in a private school because their needs cannot be met in the state sector, and they have their places funded by their Local Authority, the Local Authority will be able to reclaim the VAT they incur on these pupils’ fees. In Northern Ireland, it will be the Education Authority who fund placements in private schools and will be able to reclaim the VAT in this way.
Where a placement at a specific private school is necessary to meet the pupil’s needs in England, that school will be named in the pupil’s Education, Health and Care Plan (EHCP). This means that the VAT change will not impact pupils with the most acute additional needs, where these needs can only be met in private schools.
Exchequer Secretary (HM Treasury)
The Oil and Gas Fiscal Forum was held on 12 August 2024, chaired by the Exchequer Secretary and attended by senior representatives from the oil and gas industry.
Exchequer Secretary (HM Treasury)
The Oil and Gas Fiscal Forum was held on 12 August 2024, chaired by the Exchequer Secretary and attended by senior representatives from the oil and gas industry.
Exchequer Secretary (HM Treasury)
The government intends to publish a response to the Plastic Packaging Tax consultation on adoption of a mass balance approach by the end of the year.
Exchequer Secretary (HM Treasury)
HMT holds discussions with the Department for Work & Pensions and the Local Government Association on a wide range of issues.
The Secretary of State for Work and Pensions has recently announced that the Government is providing half a billion pounds (including estimated Barnett impact) to extend the Household Support Fund (HSF) in England.
The HSF will run until the end of March 2025, and will enable Local Authorities to help vulnerable people and families receive emergency crisis support as we help people through the winter.
Chief Secretary to the Treasury
The Government is committed to breaking down barriers to opportunity, ensuring every child has access to high-quality education, which is why we have made the tough decision to end tax breaks for private schools. This will raise revenue for essential public services, including investing in the state education system
Where pupils are placed in a private school because their needs cannot be met in the state sector, and they have their places funded by their Local Authority, the Local Authority will be able to reclaim the VAT they incur on these pupils’ fees. In Northern Ireland, it will be the Education Authority who fund placements in private schools and will be able to reclaim the VAT in this way.
Exchequer Secretary (HM Treasury)
The Government is committed to breaking down barriers to opportunity, ensuring every child has access to high-quality education, which is why we have made the tough decision to end tax breaks for private schools. This will raise revenue for essential public services, including investing in the state education system.
State education is accessible to all children. All children of compulsory school age are entitled to a state-funded school place if they need one and the Department for Education works to support Local Authorities to ensure every local area has sufficient places for pupils.
Where pupils are placed in a private school because their needs cannot be met in the state sector, and they have their places funded by their Local Authority, the Local Authority will be able to reclaim the VAT they incur on these pupils’ fees. In Northern Ireland, it will be the Education Authority who fund placements in private schools and will be able to reclaim the VAT in this way.
Where a placement at a specific private school is necessary to meet the pupil’s needs in England, that school will be named in the pupil’s Education, Health and Care Plan (EHCP).
Exchequer Secretary (HM Treasury)
Martin Vickers
(Conservative - Brigg and Immingham)
The Treasury will continue to develop policy that supports investment in partnership with business. Investment is at the heart of this Government’s growth mission and essential to increasing the number of jobs and improving productivity across the country. The Department for Business and Trade has a dedicated investment function in the UK and overseas, including the Office for Investment.
The Government is taking forward the reforms necessary to ensure foreign investors have the support needed to invest. This includes setting up new institutions such as Great British Energy, which will combine the power of the private sector and government to accelerate the UK’s clean energy transition, and the National Wealth Fund which will mobilise billions more in private investment in the UK’s green and growth sectors.
The Chancellor will set out more detail on the National Wealth Fund ahead of the International Investment Summit in October.
Economic Secretary (HM Treasury)
The National Wealth Fund will improve our ability to mobilise private capital in the UK’s most important sectors and assets, supporting thousands of jobs across the country, and playing a central role in our industrial strategy. And it will generate a return for the taxpayer.
The National Wealth Fund will deliver for the entire United Kingdom. We have formally engaged devolved Governments for input on National Wealth Fund policy design.
To ensure investments can start immediately, the National Wealth Fund will deploy an additional £7.3bn of funding through the UK Infrastructure Bank (UKIB), to invest in the priority sectors set out in the Manifesto, such as automotive, steel, carbon capture and green hydrogen.
The UK Infrastructure Bank already has an active presence in Scotland and works with Scottish Government, local authorities, industry bodies and a wide range of project sponsors, investors and lenders.
Further detail will be set out ahead of the government’s International Investment Summit in October.
Economic Secretary (HM Treasury)
The National Wealth Fund will improve our ability to mobilise private capital in the UK’s most important sectors and assets, supporting thousands of jobs across the country, and playing a central role in our industrial strategy. And it will generate a return for the taxpayer.
The National Wealth Fund will deliver for the entire United Kingdom. We have formally engaged devolved Governments for input on National Wealth Fund policy design.
To ensure investments can start immediately, the National Wealth Fund will deploy an additional £7.3bn of funding through the UK Infrastructure Bank (UKIB), to invest in the priority sectors set out in the Manifesto, such as automotive, steel, carbon capture and green hydrogen.
The UK Infrastructure Bank already has an active presence in Scotland and works with Scottish Government, local authorities, industry bodies and a wide range of project sponsors, investors and lenders.
Further detail will be set out ahead of the government’s International Investment Summit in October.
Economic Secretary (HM Treasury)
The National Wealth Fund will improve our ability to mobilise private capital in the UK’s most important sectors and assets, supporting thousands of jobs across the country, and playing a central role in our industrial strategy. And it will generate a return for the taxpayer.
The National Wealth Fund will deliver for the entire United Kingdom. We have formally engaged devolved Governments for input on National Wealth Fund policy design.
To ensure investments can start immediately, the National Wealth Fund will deploy an additional £7.3bn of funding through the UK Infrastructure Bank (UKIB), to invest in the priority sectors set out in the Manifesto, such as automotive, steel, carbon capture and green hydrogen.
The UK Infrastructure Bank already has an active presence in Scotland and works with Scottish Government, local authorities, industry bodies and a wide range of project sponsors, investors and lenders.
Further detail will be set out ahead of the government’s International Investment Summit in October.
Economic Secretary (HM Treasury)
The National Wealth Fund will improve our ability to mobilise private capital in the UK’s most important sectors and assets, supporting thousands of jobs across the country, and playing a central role in our industrial strategy. And it will generate a return for the taxpayer.
The National Wealth Fund will deliver for the entire United Kingdom. We have formally engaged devolved Governments for input on National Wealth Fund policy design.
To ensure investments can start immediately, the National Wealth Fund will deploy an additional £7.3bn of funding through the UK Infrastructure Bank (UKIB), to invest in the priority sectors set out in the Manifesto, such as automotive, steel, carbon capture and green hydrogen.
The UK Infrastructure Bank already has an active presence in Scotland and works with Scottish Government, local authorities, industry bodies and a wide range of project sponsors, investors and lenders.
Further detail will be set out ahead of the government’s International Investment Summit in October.
Economic Secretary (HM Treasury)
While the ongoing trend in payments in the UK has been away from cash and towards digital payment methods, the government recognises that cash continues to be used by millions of people across the UK, including those who may be in vulnerable groups or who otherwise rely mainly on cash. In May 2022, the Financial Conduct Authority’s (FCA) Financial Lives Survey estimated that 3.1 million people paid for everything in cash over the previous year.
In recognition of the importance of cash access, it has been protected in UK law. The Financial Services and Markets Act 2023 provides the Financial Conduct Authority (FCA) with responsibility and powers to seek to ensure reasonable provision of cash withdrawal and deposit facilities, with reference to the government’s stated objectives for protecting cash access as set out in a government Policy Statement. The FCA must also seek to ensure that there is reasonable provision of free withdrawal and deposit facilities in relation to personal current accounts, so that those who rely on cash are protected.
In July 2024, the FCA published its final rules setting out its approach to regulating access to cash, which come into force on 18 September.
Economic Secretary (HM Treasury)
To achieve efficiency in its operations, the Crown Estate runs many of its functions at a whole enterprise level. As a result, separate financial statements for Wales would not reflect the fact that expenditure is incurred for the benefit of the whole portfolio, and it is not possible to disaggregate net revenue profit attributable to Wales.
The Crown Estate published a Wales Review to supplement the annual report and highlight The Crown Estate’s work in Wales.
Exchequer Secretary (HM Treasury)
The Government has engaged extensively with businesses and parcel carriers to implement the changes agreed under the Windsor Framework for parcel movements and will continue to do so.
Exchequer Secretary (HM Treasury)
The Lifetime ISA (LISA) was set up to help people build up savings for buying their first home, or for their later life. LISA funds, including any Government bonus, can be withdrawn for the purchase of a first home under £450,000, in the case of terminal illness, or from the age of 60.
Any unauthorised withdrawals are subject to a 25% withdrawal charge. This recoups the Government bonus, any interest or growth arising from it, and a proportion of the individual’s initial savings. Reducing the withdrawal charge would encourage the use of LISAs in ways for which they were not intended.
The Lifetime ISA is set at an appropriate level to support most first-time buyers across the UK while targeting households that may find it most difficult to get onto the property ladder. Data from the latest UK House Price Index demonstrates that the average price paid by first-time buyers remains below the LISA property price cap in all regions of the UK.
The Government keeps all aspects of savings tax policy under review, and considers all representations made carefully, with any changes made as part of the Budget process.
Exchequer Secretary (HM Treasury)