HM Treasury

All HM Treasury Non-Executive Directors were recruited according to the guidance set out in the Corporate governance code for central government departments.

HM Treasury announces the appointments (including reappointment dates) of Non-Executive Directors, as well as their experience, in the Annual Report and Accounts. Our current Non-Executives are covered in the following Annual Report and Accounts.

Annual Report and Accounts 2014-15 (Page 24, 41)

Annual Report and Accounts 2015-16 (Page 41)

Annual Report and Accounts 2018-19 (Page 45)

The government recognises that reaching net zero emissions by 2050 will require power to be generated from low carbon sources. As set out in the Government’s Energy White Paper last autumn, nuclear power will play an important role in achieving net zero.

Some energy sources have been excluded from the UK Government Green Financing Framework, including nuclear energy. This is in line with current international market standards for sovereign green bonds, it does not represent an assessment of what the Government considers ‘green’ or affect an expenditure’s eligibility for traditional financing instruments. We will review the framework on a regular basis with the aim of adhering to best practices in the market.

In December, the Government published responses to the consultation on the proposed regulated asset base (RAB) funding model for nuclear projects, which involves an economic regulator granting a licence to a company to charge a regulated price to users of the infrastructure. The funding model could help secure private investment and cost consumers less in the long run. The Government is continuing to explore a range of financing options, including the RAB model and the potential role of government finance during construction, provided there is clear value for money for consumers and taxpayers.

The Chancellor used his 2021 Mansion House speech to announce economy-wide Sustainability Disclosure Requirements for businesses and investment products to report on their impact on climate and the environment – and the risks and opportunities these pose to their business.

Cross-jurisdictional consistency and adopting international standards will form a key component of these requirements, which will streamline and build on existing sustainability reporting requirements such as our commitment to mandatory economy-wide disclosures aligned with the recommendations of the Task Force on Climate-related Financial Disclosures, where the UK is already a world-leader. The regime will also incorporate considerations around adopting the global corporate reporting standard for sustainability being developed by the International Financial Reporting Standards (IFRS) Foundation.

The Government intends to legislate to deliver this and will publish a Roadmap setting out its approach to green finance regulation ahead of COP26.

The Chancellor used his 2021 Mansion House speech to announce economy-wide Sustainability Disclosure Requirements for businesses and investment products to report on their impact on climate and the environment – and the risks and opportunities these pose to their business.

Cross-jurisdictional consistency and adopting international standards will form a key component of these requirements, which will streamline and build on existing sustainability reporting requirements such as our commitment to mandatory economy-wide disclosures aligned with the recommendations of the Task Force on Climate-related Financial Disclosures, where the UK is already a world-leader. The regime will also incorporate considerations around adopting the global corporate reporting standard for sustainability being developed by the International Financial Reporting Standards (IFRS) Foundation.

The Government intends to legislate to deliver this and will publish a Roadmap setting out its approach to green finance regulation ahead of COP26.

The Government has already taken action to give businesses the flexibility and space they need to repay their loans. Under the Bounce Back loan scheme no repayments are due from the borrower for the first 12 months of the loan, and the Government covers the first 12 months of interest payments charged to the business by the lender.

In order to give businesses further support in making their repayments, the Government announced “Pay as You Grow” (PAYG) options. PAYG will give businesses the option to repay their Bounce Back loan over ten years. This will reduce their average monthly repayments on the loan by almost half. Businesses will also have the option to move temporarily to interest-only payments for periods of up to six months (an option which they can use up to three times). They can also pause their repayments entirely for up to six months – and given the continued challenges businesses are facing, the Government opted to enable borrowers to make use of this option from the first repayment, which means that businesses can choose to make no payments on their loans until 18 months after they originally took them out. If borrowers want to take advantage of this option, they should notify their lender when they are contacted about their repayments.

The government recognises that reaching net zero emissions by 2050 will require power to be generated from low carbon sources. The UK Government Green Financing Framework explicitly states that nuclear power is, and will continue to be, a key part of the UK’s low-carbon energy mix.

Nuclear energy is excluded from the UK Government Green Financing Framework, which is in line with current international market standards for sovereign green bonds. The Green Bond Principles published by the International Capital Market Association do not address the question of nuclear energy. All other major sovereigns have explicitly excluded nuclear energy in their green bond frameworks.

Only two sovereigns (The Netherlands and Nigeria) have so far certified their green bonds with the Climate Bonds Initiative Taxonomy – neither of whom included nuclear energy in their frameworks.

The Barclays report on nuclear energy aligns with what is stated in the UK Government Green Financing Framework: that nuclear power will play an important role in achieving net zero. The framework however does not stipulate what the Government considers to be green and what is not – this will be the role of the UK Taxonomy. Recognising however that many sustainable investors currently have exclusionary criteria in place around nuclear energy, the UK Government will not finance any nuclear energy-related expenditures under the Green Financing framework.

The government recognises that reaching net zero emissions by 2050 will require power to be generated from low carbon sources. The UK Government Green Financing Framework explicitly states that nuclear power is, and will continue to be, a key part of the UK’s low-carbon energy mix.

Nuclear energy is excluded from the UK Government Green Financing Framework, which is in line with current international market standards for sovereign green bonds. The Green Bond Principles published by the International Capital Market Association do not address the question of nuclear energy. All other major sovereigns have explicitly excluded nuclear energy in their green bond frameworks.

Only two sovereigns (The Netherlands and Nigeria) have so far certified their green bonds with the Climate Bonds Initiative Taxonomy – neither of whom included nuclear energy in their frameworks.

The Barclays report on nuclear energy aligns with what is stated in the UK Government Green Financing Framework: that nuclear power will play an important role in achieving net zero. The framework however does not stipulate what the Government considers to be green and what is not – this will be the role of the UK Taxonomy. Recognising however that many sustainable investors currently have exclusionary criteria in place around nuclear energy, the UK Government will not finance any nuclear energy-related expenditures under the Green Financing framework.

The government recognises that reaching net zero emissions by 2050 will require power to be generated from low carbon sources. The UK Government Green Financing Framework explicitly states that nuclear power is, and will continue to be, a key part of the UK’s low-carbon energy mix.

Nuclear energy is excluded from the UK Government Green Financing Framework, which is in line with current international market standards for sovereign green bonds. The Green Bond Principles published by the International Capital Market Association do not address the question of nuclear energy. All other major sovereigns have explicitly excluded nuclear energy in their green bond frameworks.

Only two sovereigns (The Netherlands and Nigeria) have so far certified their green bonds with the Climate Bonds Initiative Taxonomy – neither of whom included nuclear energy in their frameworks.

The Barclays report on nuclear energy aligns with what is stated in the UK Government Green Financing Framework: that nuclear power will play an important role in achieving net zero. The framework however does not stipulate what the Government considers to be green and what is not – this will be the role of the UK Taxonomy. Recognising however that many sustainable investors currently have exclusionary criteria in place around nuclear energy, the UK Government will not finance any nuclear energy-related expenditures under the Green Financing framework.

The government recognises that reaching net zero emissions by 2050 will require power to be generated from low carbon sources. The UK Government Green Financing Framework explicitly states that nuclear power is, and will continue to be, a key part of the UK’s low-carbon energy mix.

Nuclear energy is excluded from the UK Government Green Financing Framework, which is in line with current international market standards for sovereign green bonds. The Green Bond Principles published by the International Capital Market Association do not address the question of nuclear energy. All other major sovereigns have explicitly excluded nuclear energy in their green bond frameworks.

Only two sovereigns (The Netherlands and Nigeria) have so far certified their green bonds with the Climate Bonds Initiative Taxonomy – neither of whom included nuclear energy in their frameworks.

The Barclays report on nuclear energy aligns with what is stated in the UK Government Green Financing Framework: that nuclear power will play an important role in achieving net zero. The framework however does not stipulate what the Government considers to be green and what is not – this will be the role of the UK Taxonomy. Recognising however that many sustainable investors currently have exclusionary criteria in place around nuclear energy, the UK Government will not finance any nuclear energy-related expenditures under the Green Financing framework.

The government recognises that reaching net zero emissions by 2050 will require power to be generated from low carbon sources. The UK Government Green Financing Framework explicitly states that nuclear power is, and will continue to be, a key part of the UK’s low-carbon energy mix.

Nuclear energy is excluded from the UK Government Green Financing Framework, which is in line with current international market standards for sovereign green bonds. The Green Bond Principles published by the International Capital Market Association do not address the question of nuclear energy. All other major sovereigns have explicitly excluded nuclear energy in their green bond frameworks.

Only two sovereigns (The Netherlands and Nigeria) have so far certified their green bonds with the Climate Bonds Initiative Taxonomy – neither of whom included nuclear energy in their frameworks.

The Barclays report on nuclear energy aligns with what is stated in the UK Government Green Financing Framework: that nuclear power will play an important role in achieving net zero. The framework however does not stipulate what the Government considers to be green and what is not – this will be the role of the UK Taxonomy. Recognising however that many sustainable investors currently have exclusionary criteria in place around nuclear energy, the UK Government will not finance any nuclear energy-related expenditures under the Green Financing framework.

Buy-Now-Pay-Later firms which offer regulated consumer credit agreements must be authorised and regulated by the Financial Conduct Authority (FCA) and comply with FCA rules and the relevant parts of the Consumer Credit Act 1974 for any regulated lending they undertake.

Interest-free Buy-Now-Pay-Later agreements repayable in under twelve months and in twelve or fewer instalments are currently unregulated. Firms offering these agreements do not currently need to comply with the Consumer Credit Act 1974. Firms which solely offer these agreements do not need to be authorised by the FCA.

However, firms offering these products must comply with the rules set out in the UK Advertising Codes, and are also subject to the Consumer Rights Act 2015, concerning the fairness of their contract terms, and the Consumer Protections from Unfair Trading Regulations 2008 in relation to unfair commercial practices. Offending firms can be referred to Trading Standards and OFCOM for further action where necessary. The Advertising Standards Authority also published formal guidance about Buy-Now-Pay-Later on 1 December 2020 setting out its expectations on both providers and retailers when offering these services. It banned harmful Buy-Now-Pay-Later adverts in December 2020 stating that future advertising must not irresponsibly encourage the use of the product, particularly by linking its use with lifting or boosting mood.

On 2 February 2021, the Government announced its intention to bring currently unregulated Buy-Now-Pay-Later agreements into the scope of FCA regulation. The Government intends to publish a consultation on its proposed approach to regulation soon.

The Government is committed to tackling fraud and ensuring that victims of Authorised Push Payment (APP) scams are protected.

The Government welcomed the publication of the Payment Systems Regulator’s (PSR) call for views on APP scams in February 2021, which set out various potential measures for reducing APP scams and improving customer outcomes, including new requirements on payment service providers to reimburse APP scam victims. The Government is of the view that the introduction of Faster Payments Service rules setting reimbursement requirements on all scheme participants is the best possible solution to the issue of APP scams.

The PSR’s call for views has now closed and the Government is engaging with the PSR and industry on next steps, including considering what further actions may be necessary to make progress on this issue.

In the context of unprecedented economic and fiscal circumstances, the Government decided at the 2020 Spending Review to temporarily reduce the Official Development Assistance (ODA) budget to spend the equivalent of 0.5 per cent of gross national income (GNI) on overseas aid in 2021.

As usual, the FCDO National Statistics publication, 'Statistics on International Development’, provides a breakdown of UK ODA expenditure for each calendar year. Final 2020 spend will be published in Statistics on International Development in the autumn this year. Final ODA spend for subsequent years will be published in a similar manner.

The Government remains committed to the International Development (Official Development Assistance Target) Act 2015 and to spending 0.7 per cent of GNI as ODA once the fiscal situation allows. The Chancellor’s Written Ministerial Statement of 12th July 2021 sets out the responsible fiscal circumstances under which the Government will return to 0.7 per cent.

The government recognises that reaching net zero emissions by 2050 will require power to be generated from low carbon sources. As set out in the Government’s Energy White Paper last autumn, nuclear power will play an important role in achieving net zero. The UK Government Green Financing Framework explicitly states that nuclear power is, and will continue to be, a key part of the UK’s low-carbon energy mix.

Some energy sources have been excluded from the UK Government Green Financing Framework, including nuclear energy. This is in line with current international market standards for sovereign green bonds. The Green Bond Principles published by the International Capital Market Association do not address the question of nuclear energy. All other major sovereigns have explicitly excluded nuclear energy in their green bond frameworks.

The UK Government Green Financing Framework does not represent an assessment of what the government considers ‘green’ or affect an expenditure’s eligibility for traditional financing instruments. We will review the framework on a regular basis with the aim of adhering to best practices in the market.

The Government is developing a UK green taxonomy, which will create a shared understanding of which economic activities count as environmentally sustainable and will establish an Energy Working Group to provide expert advice on the treatment of energy in the taxonomy, including nuclear power.

Tax Free Childcare (TFC) is delivered by the Childcare Service via GOV.UK. Parents and childcare providers manage their accounts via the Service.

There is not a cost to parents or providers in managing their accounts. A small number of providers may incur set up costs to ensure their processes are compatible with the online system. HM Revenue & Customs, who administer TFC, do not hold this information.

HM Treasury’s appointment procedures set out that all Civil Servants working in the Department must follow the Civil Service Code, which includes a commitment to the Civil Service and its values.

Furthermore, any external interests are required to be declared to HM Treasury upon joining the organisation, plus ongoing as they arise thereafter.

There are no plans to introduce a Smart Fund tax on technological devices but the Government continues to monitor the way that creative sector tax reliefs are working to ensure they are effective.

The Government recognises the significant disruption the necessary actions to combat Covid-19 are having on sectors such as the creative arts.

During this difficult time the Treasury has worked intensively with employers, delivery partners, industry groups, and other government departments to understand the long-term impact of Covid-19 on all key areas of the economy and continues to do so.

The sector continues to benefit from the significant cross-economy support made available throughout this pandemic, including the generous employment schemes, grants, loans, a reduction in VAT to 5%, business rates relief, and the extension of the moratorium on commercial evictions for business tenants.

In March 2021, the Chancellor announced a further £300m to build on the existing £1.57 billion Culture Recovery Fund to protect the cultural sectors. To date, more than £1.2 billion in grants, repayable finance and capital has been awarded to over 5000 organisations and sites in England.

Additionally, in March 2021, the Chancellor extended the £500 million Film & TV Production Restart Scheme to enable the screen sector to operate throughout the year. The registration deadline for this scheme is 31 October 2021, and claims will be able to be submitted up to 31 March 2022 for losses incurred up until 31 December 2021. The scheme has directly supported more than 45,000 jobs.

The £7 million UK Global Screen Fund pilot has also been established to support the export of UK independent screen content, in particular UK independent film.

The UK corporation tax regime is a self-assessment regime. This means that the taxpayer is responsible for calculating their own taxable profits or allowable losses. Companies will submit their returns to HMRC confirming this and will, therefore, make payments of corporation tax or request repayments (where applicable) on this basis.

HMRC do not know that an amount is overpaid until the self-assessment for the period is filed. Repayments are issued automatically at this point, provided there are no other liabilities, open enquiries etc. In all other cases, repayments are treated as a priority and issued as soon as possible.

Similarly, if a company is due a refund for earlier years due to a loss in a later year, HMRC cannot know about this loss until a valid claim is made. To support businesses adversely affected by the COVID-19 pandemic, the Chancellor announced a temporary extension to the loss relief rules enabling companies to make claims to carry back up to £2 million of losses by two further years than pre-exisiting rules permit. HMRC have introduced a form on Gov.UK specifically to make it easier for companies to make such claims and has recruited additional staff to prioritise these and other repayment claims.

OECD discussions on addressing the tax challenges of digitalisation have been ongoing for a number of years, with the detailed frameworks for Pillars One and Two having been under development since 2019.

Over the course of that time the OECD has conducted multiple public consultations on the proposals and had extensive engagement with businesses across sectors to take their views on board.

UK government officials are also engaged with many sectors regarding the potential impact of both pillars, including with the insurance sector on the specific issue of timing differences under Pillar 2.

The details of external appointments and interests held by UKGI Board members, including non-executive and executive directors, are published in UKGI’s annual report. UKGI staff are required to declare the details of any external appointments internally in line with UKGI’s policy. These interests are not published. There are currently no plans to change this policy.

UK Government Investments (UKGI) requires all staff, including directors, to declare any external appointments on joining the organisation and on an ongoing basis where new appointments arise during the course of their appointment at UKGI. This is to ensure there are no conflicts of interest arising from its staff holding external posts and so any potential conflicts of interest can be managed appropriately.

As with all external interests of its staff, UKGI discussed the disclosure of Tom Cooper’s membership and passive investment interest in film partnerships managed by Ingenious Media at the time of his appointment. Tom Cooper is not and has not been a director of these entities.

As discussed in the Net Zero Review Interim Report and the Industrial Decarbonisation Strategy, a range of approaches could be used to help address the risk of carbon leakage.

Currently, the UK addresses carbon leakage risk primarily through the provision of free UK Emissions Trading Scheme (UK ETS) allowances. Our approach to the provision of free allowances is being reviewed and we aim to consult later this year to ensure the system continues to be fair, equitable and to incentivise decarbonisation. In addition, there are further relief schemes to reduce the cumulative impact of some energy and climate change policies on industrial electricity prices for eligible energy intensive industries (EIIs), on which a separate consultation is currently open.

The Government has been very clear that threatening fire and rehire as a negotiating tactic is completely unacceptable. We always expect employers to treat employees fairly and in the spirit of partnership working with trade unions, where relevant, constructively. We are confident that all non-departmental public bodies are aware of the Government’s position on this matter.

We work constructively with each non-departmental public body which the Department has, including on workforce management matters, however each non-departmental public body is ultimately responsible for the management of their staff.

Freeports will be national hubs for international trade, innovation and commerce, regenerating communities across the UK by attracting new businesses, spreading jobs, investment and opportunity to towns and cities throughout the country.

We want to ensure that the whole of the UK can benefit. We continue to work with the Northern Ireland Executive to establish at least one Freeport in Northern Ireland as soon as possible.

The fiscal and economic impact of changes in the rate of Corporation Tax (CT) have been set out in the Office for Budget Responsibility’s (OBR’s) Economic and Fiscal Outlooks which are published alongside fiscal events.

The most recent forecast, published in March 2021, includes the revenue raised from the announcement made at Budget 2021: that the main rate will increase to 25% from April 2023, which is forecast to raise over £45 billion across the next 5 years.

This forecast incorporates adjustments to reflect behavioural responses from businesses to changes in the rate of CT.

HMRC will subject CJRS claims to scrutiny and use their usual compliance tools to carry out proportionate risk-based compliance checks before and after payment to test the veracity of CJRS claims. In doing so, HMRC will protect essential public services and the livelihoods at risk during these challenging times.

It is vital the Government supports businesses to recover by ensuring a level playing field so the compliant majority cannot be undercut by a minority who are trying to cheat the system.

HMRC know that some people will have made honest mistakes and are taking a proportionate approach to recovering overclaimed grants. HMRC also know that many businesses claimed while under considerable pressure and may not have fully appreciated what work was, and was not, allowed.

No-one who has tried to do the right thing but made an honest mistake has any need to be concerned, as long as they work with HMRC to put it right. HMRC can correct a mistake without a penalty within 90 days of receiving the grant or their circumstances changing.

The Government is also taking tough action to tackle fraudulent behaviour. Anyone who keeps furlough money despite knowing they were not entitled to it faces having repay up to double the amount they received, plus interest and potentially criminal prosecution.

The Government announced at Budget 2021 that the Self-Employment Income Support Scheme (SEISS) will continue until September, with a fourth and a final fifth grant.

The fifth and final SEISS grant, covering May to September, will include a turnover test, known as a ‘Financial Impact Declaration‘(FID) in order to ensure that the most generous support is targeted at those who need it the most. This will determine whether claimants receive a grant worth 80% of three months’ average trading profits, and capped at £7,500 or a grant worth 30% and capped at £2,850.

Previous SEISS grants provided support for a period that was subject to restrictive measures across the UK to tackle the virus. As restrictions continue to be lifted, it is right that the government begins to tailor the level of support provided.

Since 2010, the Government has introduced over 150 new measures to tackle tax avoidance, evasion and other forms of non-compliance, and has secured and protected over £250 billion in tax revenues that would have otherwise gone unpaid. These efforts have helped to reduce the tax gap to a record low of 4.7% for the year 2018-19.

At Spring Budget 2021, the Government announced a further 14 measures to tackle tax non-compliance, forecast to raise £2.2 billion over the next five years. The Government remains committed to reducing the tax gap and will bring forward further measures in the autumn.

VAT is a broad-based tax on consumption and the 20 per cent standard rate applies to most goods and services. While there are exceptions to the standard rate, these have always been limited by both legal and fiscal considerations.

One such exception is the reduced rate of VAT of 5 per cent for the installation in residential accommodation of certain energy-saving materials such as ground source heat pumps, air source heat pumps and solar panels that help to reduce carbon emissions. Detail about the circumstances in which such reliefs apply can be found in Energy-saving materials (VAT Notice 708/6).

HMT officials are in regular contact with HMRC on a range of important issues, including matters relating to Self Assessment. The Government is committed to processing Self Assessment repayment requests promptly, while ensuring that the necessary checks are completed to guard against fraud.

I refer the hon Member to the answer that I gave on 10 June to PQ UIN 11636.

I refer the hon Member to the answer that I gave on 12 July to PQ UIN 28089 .

I refer the hon Member to the answer that I gave on 12 July to PQ UIN 28089 .

I refer the hon Member to the answer that I gave on 12 July to PQ UIN 28089 .

I refer the hon Member to the answer that I gave on 12 July to PQ UIN 28089 .

The Foreign, Commonwealth and Development Office’s (FCDO) International Programme (IP), and within it the Gulf Strategy Fund (GSF), is a vital tool in promoting positive change and reforms across the world, including in the Gulf. The Government’s programmes help its partners to continue their human rights reform, address key climate change and green growth opportunities and challenges, tackle illicit finance, improve marine conservation, promote economic diversification, promote diversity and inclusion including on LGBTQ+ rights, and develop their institutions.

All cooperation through the IP, including the GSF, is subject to rigorous risk assessments to ensure all work meets the Government’s human rights obligations and values. The Government does not shy away from raising legitimate human rights concerns, and encourages other states to respect international law.

The Government now publish an annual summary of the GSF’s work on gov.uk. The Government will not publish further information where doing so presents risks to its staff, programme suppliers and beneficiaries, or which may impact its relationships with international partners, and therefore its ability to influence their reform efforts.

The Government will provide updates on an annual basis.

The Foreign, Commonwealth and Development Office’s (FCDO) International Programme (IP), and within it the Gulf Strategy Fund (GSF), is a vital tool in promoting positive change and reforms across the world, including in the Gulf. The Government’s programmes help its partners to continue their human rights reform, address key climate change and green growth opportunities and challenges, tackle illicit finance, improve marine conservation, promote economic diversification, promote diversity and inclusion including on LGBTQ+ rights, and develop their institutions.

All cooperation through the IP, including the GSF, is subject to rigorous risk assessments to ensure all work meets the Government’s human rights obligations and values. The Government does not shy away from raising legitimate human rights concerns, and encourages other states to respect international law.

The Government now publish an annual summary of the GSF’s work on gov.uk. The Government will not publish further information where doing so presents risks to its staff, programme suppliers and beneficiaries, or which may impact its relationships with international partners, and therefore its ability to influence their reform efforts.

The Government will provide updates on an annual basis.

The British Business Bank have published final Future Fund data, including the breakdown of funding by region and is available on their website here: https://www.british-business-bank.co.uk/final-future-fund-final-data-shows-scheme-completed-1-14bn-of-convertible-loan-agreements/

The Future Fund used a set of standard terms with published eligibility criteria, independent of ministers. This was a clear, efficient way to make funding available as widely and as possible, irrespective of location. This means that the proportions allocated to different regions and nations of the UK have followed wider-VC funding trends that exist in the market.

As of the 30^th June the final amount of investment support allocated to the following areas are:

a) London and the South east: £798.7m

b) Scotland: £8.3m

c) Wales: £18.7m

d) Northern Ireland: £11.6m

The government announced details regarding the use of red diesel in Northern Ireland at Budget 2021 and Excise Notice 554 was updated on 21 May 2021. This includes guidance on private pleasure craft (PPC) that travel to and from Northern Ireland and Great Britain. Specifically, PPC can refuel with red diesel in Great Britain after 1 October 2021, then travel to Northern Ireland with the red diesel already in the fuel tank. PPC users are advised to keep receipts or other documents (such as logbooks) to show HMRC officers if required.

The Excise Notice can be found here:

https://www.gov.uk/government/publications/excise-notice-554-fuel-used-in-private-pleasure-craft-and-for-private-pleasure-flying/excise-notice-554-fuel-used-in-private-pleasure-craft-and-for-private-pleasure-flying

The Treasury keeps all taxes under review and any changes made will be announced at the next fiscal event.

The Fundamental Review of Business Rates will consider ideas for reform on all elements of the business rates system and will conclude in the autumn.

As with all external interests of its staff, UKGI discussed the disclosure of Tom Cooper’s ownership and management of private consulting firm TKGC Consulting following its incorporation.

In considering the external interests of its staff, UKGI ensures it has asked for appropriate detail in determining whether a conflict of interest exists and so that it can satisfy itself that the external position or interest held by a staff or board member is appropriate and in line with its existing priorities.

Maximising the economic benefits of long-term investment in energy efficiency programmes is a central component of the government’s approach to decarbonising our building stock on the path to Net Zero.

The ONS estimate that already 114,400 people are employed in the energy efficiency sector and this will need to expand significantly to support our aspiration to raise the energy efficiency of all homes to EPC Band C by 2035 - where practical, cost-effective and affordable. The policies already set out in the 10 Point Plan are expected to generate £11bn in private investments in heat and building decarbonisation over the 2020s and their effect on the economy are already being felt.

Since June, we have provided £1.5bn to support low income households across the country to improve their energy efficiency while also expanding the Energy Company Obligation to £1bn per year. Together, this is estimated to support over 25,000 jobs and save households an average of £350-450 per year on their energy bills.

The upcoming Heat and Buildings Strategy will set out further detail on the Government’s plans to maximise the potential economic benefits of improving energy efficiency.