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
Junior Shadow Ministers / Deputy Spokesperson
Conservative
Lord Altrincham (Con - Excepted Hereditary)Shadow Minister (Treasury)
Richard Fuller (Con - North Bedfordshire)
Shadow Chief Secretary to the Treasury
Gareth Davies (Con - Grantham and Bourne)
Shadow Financial Secretary (Treasury)
Baroness Neville-Rolfe (Con - Life peer)
Shadow Minister (Treasury)
Junior Shadow Ministers / Deputy Spokesperson
Conservative
James Wild (Con - North West Norfolk)Shadow Exchequer Secretary (Treasury)
Mark Garnier (Con - Wyre Forest)
Shadow Economic Secretary (Treasury)
Ministers of State
Darren Jones (Lab - Bristol North West)Chief Secretary to the Treasury
Lord Livermore (Lab - Life peer)
Financial Secretary (HM Treasury)
Baroness Gustafsson (Lab - Life peer)
Minister of State (HM Treasury)
Parliamentary Under-Secretaries of State
James Murray (LAB - Ealing North)Exchequer Secretary (HM Treasury)
Emma Reynolds (Lab - Wycombe)
Economic Secretary (HM Treasury)
Torsten Bell (Lab - Swansea West)
Parliamentary Secretary (HM Treasury)
16:18
This inquiry will examine quantitative tightening, including its impact on the economy and its fiscal costs. It will also investigate …
To ask the Chancellor of the Exchequer, what assessment she has made of the potential implications for her policies on …
These Regulations amend regulation 51 of the Payment Services Regulations 2017 (“PSRs”) to impose new requirements on payment service providers …
A Bill to Authorise the use of resources for the years ending with 31 March 2024, 31 March 2025 and …
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 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).
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c. 832 added daily
153,909
(Estimated)
Don't change inheritance tax relief for working farms
Sign this petition Gov Responded - 5 Dec 2024 Debated on - 10 Feb 2025closes in 1 week, 1 day
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.
c. 656 added daily
115,461
(Estimated)
Don't apply VAT to independent school fees, or remove business rates relief.
Sign this petition Gov Responded - 20 Dec 2024 Debated on - 3 Mar 2025closes in 4 weeks
Prevent independent schools from having to pay VAT on fees and incurring business rates as a result of new legislation.
Departmental Select Committee
Treasury Committee
Commons Select Committees are a formally established cross-party group of backbench MPs tasked with holding a Government department to account.
At any time there will be number of ongoing investigations into the work of the Department, or issues which fall within the oversight of the Department. Witnesses can be summoned from within the Government and outside to assist in these inquiries.
Select Committee findings are reported to the Commons, printed, and published on the Parliament website. The government then usually has 60 days to reply to the committee's recommendations.
11 Members of the Treasury Committee
Treasury Committee Member since 9th September 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 21st October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 28th October 2024
Treasury Committee Member since 9th December 2024
Treasury Committee: Upcoming Events
Lifetime ISA
6 May 2025, 2 p.m.
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Treasury Committee - Private Meeting
7 May 2025, 9:30 a.m.
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Treasury Committee - Oral evidence
AI in financial services
7 May 2025, 2 p.m.
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Treasury Committee - Oral evidence
AI in financial services
7 May 2025, 2 p.m.
At 2:15pm: Oral evidence
Jana Mackintosh - Managing Director, Payments and Innovation at UK Finance
David Otudeko - Interim Director of Insurance at Association of British Insurers (ABI)
Amandeep Luther - Artificial Intelligence lead at Association of Financial Markets in Europe (AFME)
View calendar - Save to Calendar
Treasury Committee: 14 Current Inquiries
Treasury Committee: Previous Inquiries
50 most recent Written Questions
(View all written questions)On 29 April, HM Treasury published draft legislation for the future financial services regulatory regime for cryptoassets. The Government intends to bring forward final legislation before the end of the year.
The Government’s approach seeks to strike the right balance between protecting consumers and giving firms regulatory certainty, while ensuring the sector has the space and flexibility to innovate.
Economic Secretary (HM Treasury)
On 29 April, HM Treasury published draft legislation for the future financial services regulatory regime for cryptoassets. The Government intends to bring forward final legislation before the end of the year.
The Government’s approach seeks to strike the right balance between protecting consumers and giving firms regulatory certainty, while ensuring the sector has the space and flexibility to innovate.
Economic Secretary (HM Treasury)
On 29 April, HM Treasury published draft legislation for the future financial services regulatory regime for cryptoassets. The Government intends to bring forward final legislation before the end of the year.
In developing the regime, the Government has sought to strike the right balance between attracting business to the UK while facilitating the UK’s access to global markets (and vice versa).
The UK – through representation from HM Treasury, the Bank of England and the Financial Conduct Authority (FCA) – has played an active role in the Financial Stability Board’s (FSB) workstreams on cryptoassets and will continue to engage with the FSB’s future cryptoasset workstreams.
The Government remains committed to working closely with international partners, and through global fora, on our response to developments in the cryptoasset sector as they emerge.
Economic Secretary (HM Treasury)
On 29 April, HM Treasury published draft legislation for the future financial services regulatory regime for cryptoassets. The Government intends to bring forward final legislation before the end of the year.
In developing the regime, the Government has sought to strike the right balance between attracting business to the UK while facilitating the UK’s access to global markets (and vice versa).
The UK – through representation from HM Treasury, the Bank of England and the Financial Conduct Authority (FCA) – has played an active role in the Financial Stability Board’s (FSB) workstreams on cryptoassets and will continue to engage with the FSB’s future cryptoasset workstreams.
The Government remains committed to working closely with international partners, and through global fora, on our response to developments in the cryptoasset sector as they emerge.
Economic Secretary (HM Treasury)
On 29 April, HM Treasury published draft legislation for the future financial services regulatory regime for cryptoassets. The Government intends to bring forward final legislation before the end of the year.
In developing the regime, the Government has sought to strike the right balance between attracting business to the UK while facilitating the UK’s access to global markets (and vice versa).
The UK – through representation from HM Treasury, the Bank of England and the Financial Conduct Authority (FCA) – has played an active role in the Financial Stability Board’s (FSB) workstreams on cryptoassets and will continue to engage with the FSB’s future cryptoasset workstreams.
The Government remains committed to working closely with international partners, and through global fora, on our response to developments in the cryptoasset sector as they emerge.
Economic Secretary (HM Treasury)
The Home Office is the lead department responsible for domestic abuse funding. The allocation of funding across departmental budgetary responsibilities will be confirmed through the upcoming Spending Review.
Chief Secretary to the Treasury
In line with the practice of successive administrations, details of internal discussions are not normally disclosed.
Local government is responsible for running or commissioning public library services. The Government has delivered a Local Government Finance Settlement (LGFS) that begins to fix the foundations of local government by providing significant investment and redirecting funding towards the services and places that need it most. The Settlement for 2025-26 makes available over £69 billion for local government, which is a 6.8% cash terms increase in councils’ Core Spending Power on 2024-25.
The Government provides funding to schools and academies through the Dedicated Schools Grant. Schools and academies are best placed to make decisions on how to prioritise this funding, including on school library provision.
Chief Secretary to the Treasury
Outturn figures for consultancy spending from the government’s Online System for Central Accounting and Reporting II (OSCAR II) are contained within datasets that are published as part of the OSCAR Annual Release.
For financial years 2019-20 to 2022-23, these can be accessed via the November 2024 OSCAR annual release here: https://www.gov.uk/government/publications/oscar-ii-publishing-raw-data-from-the-database
For financial year 2018-19, these can be accessed via the November 2023 OSCAR annual release here: https://www.gov.uk/government/publications/oscar-ii-publishing-raw-data-from-the-database
For financial year 2017-18, these can be accessed via the November 2021 OSCAR annual release here:
https://www.gov.uk/government/publications/oscar-annual-release-november-2021
In compiling the baseline referenced in Question 32970, the estimate was calculated to exclude consultancy spending in previous years by the Devolved Governments, as they are responsible for their own consultancy budgets. Spending data is taken from the chart of accounts name “EXP – PURCHASE OF GOODS/SERVICES – CONSULTANCY”.
Chief Secretary to the Treasury
The Office for Value for Money has an immediate focus on supporting value for money decisions surrounding the spending review, including developing efficiency targets and plans, scrutinising investment proposals and conducting VfM studies. It will also recommend system reforms. Non-scheduled flights for foreign travel do not currently fall within the remit of the OVfM.
Chief Secretary to the Treasury
The Government uses the Government Efficiency Framework to distinguish between efficiencies and savings.
The cancellation of a programme would classify as a saving.
Chief Secretary to the Treasury
The Government is providing £2.26bn as part of the G7 Extraordinary Revenue Acceleration (ERA) Loans to Ukraine scheme. This will be repaid using profits from immobilised Russian sovereign assets in the EU.
The G7 has assessed and agreed that the ERA can support $50bn of support to Ukraine – the entirety of which has been pledged. Any amendment to the ERA scheme would need to be agreed by the G7.
The UK has committed £15bn in support to Ukraine to date, including £10bn in military support (including our £2.26 billion ERA Loan contribution) and £5bn in non-military support.
Chief Secretary to the Treasury
The National Wealth Fund will seek to make positive returns for the Exchequer across its whole portfolio, covering at least the government’s cost of borrowing and institutional overheads, in line with its Financial Framework.
This will take time to achieve and should be balanced with the National Wealth Fund’s increased risk appetite.
Exchequer Secretary (HM Treasury)
Allocation of employers’ National Insurance contributions support funding is administrated in line with the method used under the Health and Social Care levy.
This funding has been allocated to departments, with the Barnett formula applying in the usual way. It is down to individual departments on how to use that support funding in mitigating their increased employers’ National Insurance contributions costs.
The Government plans to publish individual departments’ allocations as part of Mains estimates.
Chief Secretary to the Treasury
The Government launched an anti-money laundering and counter-terrorist financing regime for cryptoassets in January 2020. This means UK cryptoasset exchange providers and custodian wallet providers are now in scope of the UK’s Money Laundering and Terrorist Financing Regulations (MLRs) and must register with the Financial Conduct Authority (FCA).
Applications for registration are considered on a case-by-case basis. The length of time taken is a matter for the FCA and depends on the individual circumstances of the firm. To date, 51 cryptoasset firms have been registered with the FCA under the MLRs and there are 48 firms with current registration.
Economic Secretary (HM Treasury)
The Government launched an anti-money laundering and counter-terrorist financing regime for cryptoassets in January 2020. This means UK cryptoasset exchange providers and custodian wallet providers are now in scope of the UK’s Money Laundering and Terrorist Financing Regulations (MLRs) and must register with the Financial Conduct Authority (FCA).
Applications for registration are considered on a case-by-case basis. The length of time taken is a matter for the FCA and depends on the individual circumstances of the firm. To date, 51 cryptoasset firms have been registered with the FCA under the MLRs and there are 48 firms with current registration.
Economic Secretary (HM Treasury)
The Government launched an anti-money laundering and counter-terrorist financing regime for cryptoassets in January 2020. This means UK cryptoasset exchange providers and custodian wallet providers are now in scope of the UK’s Money Laundering and Terrorist Financing Regulations (MLRs) and must register with the Financial Conduct Authority (FCA).
Applications for registration are considered on a case-by-case basis. The length of time taken is a matter for the FCA and depends on the individual circumstances of the firm. To date, 51 cryptoasset firms have been registered with the FCA under the MLRs and there are 48 firms with current registration.
Economic Secretary (HM Treasury)
The Government launched an anti-money laundering and counter-terrorist financing regime for cryptoassets in January 2020. This means UK cryptoasset exchange providers and custodian wallet providers are now in scope of the UK’s Money Laundering and Terrorist Financing Regulations (MLRs) and must register with the Financial Conduct Authority (FCA).
Applications for registration are considered on a case-by-case basis. The length of time taken is a matter for the FCA and depends on the individual circumstances of the firm. To date, 51 cryptoasset firms have been registered with the FCA under the MLRs and there are 48 firms with current registration.
Economic Secretary (HM Treasury)
The Government recognises that access to banking services is critical for operating a business, and is a matter of concern for certain sectors in particular such as the digital asset industry.
The Government continues to engage with the banking sector and affected industries to better understand the existing and emerging issues in this area.
The Government also welcomes the Financial Conduct Authority’s (FCA) work to date on the factors leading banks to reject or close bank accounts. Where the FCA has found areas where firms need to improve customer outcomes, the Government expects firms to consider the FCA’s findings and act accordingly.
With regard to account closures, the Government expects businesses to be treated fairly, and has brought forward legislation to enhance relevant protections in cases where consumers and businesses have their bank account terminated by their provider.
Economic Secretary (HM Treasury)
The Government recognises that access to banking services is critical for operating a business, and is a matter of concern for certain sectors in particular such as the digital asset industry.
The Government continues to engage with the banking sector and affected industries to better understand the existing and emerging issues in this area.
The Government also welcomes the Financial Conduct Authority’s (FCA) work to date on the factors leading banks to reject or close bank accounts. Where the FCA has found areas where firms need to improve customer outcomes, the Government expects firms to consider the FCA’s findings and act accordingly.
With regard to account closures, the Government expects businesses to be treated fairly, and has brought forward legislation to enhance relevant protections in cases where consumers and businesses have their bank account terminated by their provider.
Economic Secretary (HM Treasury)
The Government recognises that access to banking services is critical for operating a business, and is a matter of concern for certain sectors in particular such as the digital asset industry.
The Government continues to engage with the banking sector and affected industries to better understand the existing and emerging issues in this area.
The Government also welcomes the Financial Conduct Authority’s (FCA) work to date on the factors leading banks to reject or close bank accounts. Where the FCA has found areas where firms need to improve customer outcomes, the Government expects firms to consider the FCA’s findings and act accordingly.
With regard to account closures, the Government expects businesses to be treated fairly, and has brought forward legislation to enhance relevant protections in cases where consumers and businesses have their bank account terminated by their provider.
Economic Secretary (HM Treasury)
The Government recognises that access to banking services is critical for operating a business, and is a matter of concern for certain sectors in particular such as the digital asset industry.
The Government continues to engage with the banking sector and affected industries to better understand the existing and emerging issues in this area.
The Government also welcomes the Financial Conduct Authority’s (FCA) work to date on the factors leading banks to reject or close bank accounts. Where the FCA has found areas where firms need to improve customer outcomes, the Government expects firms to consider the FCA’s findings and act accordingly.
With regard to account closures, the Government expects businesses to be treated fairly, and has brought forward legislation to enhance relevant protections in cases where consumers and businesses have their bank account terminated by their provider.
Economic Secretary (HM Treasury)
The Treasury does not collect or report data on the flow of remittances out of the UK. However, the World Bank publishes data annually on remittances through formal banking systems. Further information can be found on the World Bank’s website: https://www.worldbank.org/en/topic/migration/brief/remittances-knomad
Economic Secretary (HM Treasury)
Venture capital (VC) investment from around the world is important to the UK economy, and US investors continue to play a significant role. In Q1 2025, UK innovation businesses raised over £3bn – this is an 8% increase on the same period last year and the highest Q1 total since 2022. The UK ranks third globally for VC investment and has raised more than France, Germany, and Spain combined so far this year.
The Government is taking action to continue attracting international VC investment, including from the US, through the investor relationship work of the Office for Investment and by partnering with industry on international capital roadshows. We are also reviewing how to accelerate the growth of the UK’s domestic VC ecosystem through the public finance institution landscape review.
In addition, the Government recognises the value in growing the UK’s domestic VC investment market and it is taking steps to support this, including through the British Growth Partnership (BGP). This is a commercially driven investment vehicle designed to attract UK pension fund and other institutional capital into venture capital funds and innovative businesses. Last September, the Chancellor also announced an extension of the UK’s generous venture capital tax reliefs, the Enterprise Investment Scheme and the Venture Capital Trust scheme which - alongside the Seed Enterprise Investment Scheme - offer generous tax reliefs in return for investing in UK business.
Economic Secretary (HM Treasury)
The Government is committed to ensuring that individuals have the financial capability to manage their money well. While the Government does not hold specific data quantifying the economic benefits of this, we recognise the importance of financial literacy in people’s economic participation and have taken a number of steps to promote this, including among young people.
Financial education is currently incorporated into the national curriculum in England through mathematics at key stages 1 to 4 and citizenship at key stages 3 and 4, which together cover personal budgeting, saving for the future, managing credit and debt and calculating interest. The Government has established an independent, expert-led Curriculum and Assessment Review to ensure it is fit for purpose and meeting the needs of children and young people.
In addition, the Money and Pensions Service (MaPS) is supported by the Government to provide comprehensive guidance for each stage of consumers’ financial lives. It’s MoneyHelper website offers a range of tools and calculators to help consumers with issues around benefits, everyday money, family and care, home finance, money troubles, pensions and retirement, savings and work (https://www.moneyhelper.org.uk/en/tools-and-calculators).
The Government recognises that there is still more that can be done to further improve financial literacy. That is why Financial Education and Capability has been made an area of focus within the Financial Inclusion Strategy. The strategy will aim to tackle barriers to individual and households’ ability to access affordable and appropriate financial products and services, including financial literacy.
The Financial Conduct Authority’s nationally representative Financial Lives Survey gathers insights into the financial behaviour, attitudes and experiences of adults aged 18 and over across the UK. The survey covers a wide range of topics, including financial capability.
Economic Secretary (HM Treasury)
HM Treasury engages regularly with a range of stakeholders in the crypto and digital asset sectors, and the progress Government has made on developing a financial services regulatory regime for cryptoassets has been made possible by this constructive, ongoing engagement with industry.
Economic Secretary (HM Treasury)
The Government is committed to tackling climate change. The Climate Change Act (2008) made the UK the first country to introduce a legally binding, long-term emissions reduction target. Since then, the UK has halved its emissions, having cut them by around 53% between 1990 and 2023.
The Government has announced a national mission to make Britain a clean energy superpower and accelerate our journey to net zero.
As the Government's official independent forecaster, it is for the OBR to consider and report on the fiscal and economic impacts of Government policy decisions made by the Government.
Exchequer Secretary (HM Treasury)
The impact of Capital Requirements Directive VI on UK financial services is uncertain and will vary across different UK financial services firms. This will be dependent on the nature of services that those firms provide to European Economic Area (EEA) clients and the approach to implementation of the Directive in the respective EEA member states. UK consumers should not be affected as the EU’s Capital Requirements Directive VI applies to services being provided to EEA clients.
Financial Secretary (HM Treasury)
As set out in the recent Call for Evidence on the Financial Services Growth and Competitiveness Strategy, having an effective regulatory environment is key to maintaining and enhancing our position as a global financial centre so that it can support growth across the wider UK economy. That includes regulations inherited from the European Union, such as the Benchmarks regulation.
The government remains open to views from industry on how we can continue to progress reforms to assimilated law as part of this work creating an effective regulatory environment.
More broadly, the government does not see a conflict between sustainable investment and investment in the defence sector.
Economic Secretary (HM Treasury)
Victoria Collins
(Liberal Democrat - Harpenden and Berkhamsted)
The Government has commissioned an independent review of the Loan Charge to help bring the matter to a close for those affected whilst ensuring fairness for all taxpayers.
The Government does not think it is right for people affected by the Loan Charge to have to wait years for any progress on bringing this matter to a close for them and has therefore ensured that the review has a focused remit, allowing it to report by this summer. The Government will respond by Autumn Budget 2025.
Alongside the review, the Government is consulting in 2025 on measures to tackle promoters of marketed tax avoidance and has already announced measures to tackle the significant tax avoidance and fraud in the umbrella company market.
Exchequer Secretary (HM Treasury)
This Government launched a Spending Review last year which is taking place in two phases.
Phase 1 of that review concluded last October with departments expected to identify savings and efficiencies of 2% for 2025-26.
Phase 2 of the review will conclude this June. As part of this the Chancellor of the Exchequer has set all departments targets of identifying at least 5% savings and efficiencies by 2028-29, using 2025-26 budgets as the baseline.
Chief Secretary to the Treasury
We are ready to negotiate a Security and Defence Partnership agreement with the EU. This should build on the EU’s existing partnership agreements with other third countries, while recognising the unique nature of our security relationship.
We are also ready to look at wider cooperation, beyond a Security and Defence Partnership agreement, on the key issues facing our continent’s security: how to ramp up our defence industrial capacity, financing and capability development.
However, we will not be providing a running commentary on the details of these discussions.
Chief Secretary to the Treasury
The OBR has estimated that productivity will be 4% lower in the long run than it would have been had the UK not withdrawn from the EU, and that imports and exports will eventually both be 15 per cent lower than had we stayed in the EU. As of the Spring Budget 2025, these assumptions are unchanged from its previous assessment. The OBR estimated in their March 2021 Economic and Fiscal Outlook that two-fifths of this impact to productivity had already materialised before the Trade and Cooperation Agreement came into force in January 2021.
The Government is working with the EU to identify areas where we can strengthen cooperation for mutual benefit, such as the economy, energy, security and resilience. There will be no return to the Customs Union or the single market. But we are committed to finding constructive ways to work together and deliver for the British people.
Exchequer Secretary (HM Treasury)
The OBR has estimated that productivity will be 4% lower in the long run than it would have been had the UK not withdrawn from the EU, and that imports and exports will eventually both be 15 per cent lower than had we stayed in the EU. As of the Spring Budget 2025, these assumptions are unchanged from its previous assessment. The OBR estimated in their March 2021 Economic and Fiscal Outlook that two-fifths of this impact to productivity had already materialised before the Trade and Cooperation Agreement came into force in January 2021.
The Government is working with the EU to identify areas where we can strengthen cooperation for mutual benefit, such as the economy, energy, security and resilience. There will be no return to the Customs Union or the single market. But we are committed to finding constructive ways to work together and deliver for the British people.
Exchequer Secretary (HM Treasury)
I refer the Right Hon. Member to the answer given by Lord Spencer Livermore in HL1114 which references the diversity network time available to staff at HM Revenue and Customs.
Exchequer Secretary (HM Treasury)
I refer the hon Member to the answer given by Minister McMahon to PQ UIN 45028 Written questions and answers - Written questions, answers and statements - UK Parliament on 22 April 2025.
Exchequer Secretary (HM Treasury)
The normal rules for employment-related benefits apply to employment-related gifts, as set out in HMRC’s guidance at www.gov.uk/hmrc-internal-manuals/employment-income-manual/eim20020
There is an exemption for small gifts received by employees costing a total of £250 or less per year to provide, HMRC guidance can be found at https://www.gov.uk/hmrc-internal-manuals/employment-income-manual/eim21715
No tax relief is available for the purchase of personal gifts by employees under the normal rules for employment expenses, HMRC guidance can be found at https://www.gov.uk/hmrc-internal-manuals/employment-income-manual/eim31630
Exchequer Secretary (HM Treasury)
The Government is committed to closing the tax gap and making the tax system fairer by ensuring temporary workers are protected from large, unexpected tax bills caused by unscrupulous behaviour from non-compliant umbrella companies. That is why the Chancellor announced in her Autumn Budget that the Government will introduce legislation to make recruitment agencies using umbrella companies legally responsible for accounting for Pay As You Earn on workers’ pay.
The Government set out the expected Exchequer impacts of this measure at the Budget. The Government will publish a full Tax Impact and Information Note later this year.
HMRC recently launched a comprehensive guidance tool, ‘work out pay from an umbrella company’, that agencies and umbrella company workers can use to better understand umbrella company pay and ensure tax compliance. The tool automatically flags discrepancies between submitted payslip information and calculated estimates that could indicate hidden deductions or tax avoidance.
Earlier this month, HMRC published guidance with examples of how umbrella companies can demonstrate good practice. This guidance aims to raise standards across the umbrella company sector, creating a fairer market and helping workers and businesses understand what good practice looks like. This guidance can be found online at www.gov.uk/guidance/examples-of-good-practice-for-umbrella-companies-in-the-temporary-labour-market.
The measures in the Employment Rights Bill will bring the activities of umbrella companies in scope for future regulation to ensure individuals working through them can access the rights they are legally entitled to and can receive greater transparency in the terms of their employment.
Exchequer Secretary (HM Treasury)
The Government is committed to closing the tax gap and making the tax system fairer by ensuring temporary workers are protected from large, unexpected tax bills caused by unscrupulous behaviour from non-compliant umbrella companies. That is why the Chancellor announced in her Autumn Budget that the Government will introduce legislation to make recruitment agencies using umbrella companies legally responsible for accounting for Pay As You Earn on workers’ pay.
The Government set out the expected Exchequer impacts of this measure at the Budget. The Government will publish a full Tax Impact and Information Note later this year.
HMRC recently launched a comprehensive guidance tool, ‘work out pay from an umbrella company’, that agencies and umbrella company workers can use to better understand umbrella company pay and ensure tax compliance. The tool automatically flags discrepancies between submitted payslip information and calculated estimates that could indicate hidden deductions or tax avoidance.
Earlier this month, HMRC published guidance with examples of how umbrella companies can demonstrate good practice. This guidance aims to raise standards across the umbrella company sector, creating a fairer market and helping workers and businesses understand what good practice looks like. This guidance can be found online at www.gov.uk/guidance/examples-of-good-practice-for-umbrella-companies-in-the-temporary-labour-market.
The measures in the Employment Rights Bill will bring the activities of umbrella companies in scope for future regulation to ensure individuals working through them can access the rights they are legally entitled to and can receive greater transparency in the terms of their employment.
Exchequer Secretary (HM Treasury)
As announced by the Government at Autumn Statement 2022, from 1 April 2025 zero emission cars, vans, and motorcycles have started to pay Vehicle Excise Duty (VED) in a similar way to petrol and diesel vehicles.
The Consolidated Fund receives the proceeds of VED along with most other tax revenues to support public services and investment in infrastructure, including vehicle infrastructure and road maintenance.
Exchequer Secretary (HM Treasury)
Carbon emissions, including for flight travel, will be published later in the year in the Sustainability Report section of HM Treasury 2024-25 Annual Report and Accounts. This will be published at the following link.
HMT annual report and accounts - GOV.UK
Exchequer Secretary (HM Treasury)
HM Treasury expects to receive no income from the ZEV mandate, due to the mandate design framework.
The Chancellor provided over £300m for EV uptake and £2bn to support domestic manufacturing at the Autumn Budget.
Exchequer Secretary (HM Treasury)
The High Income Child Benefit Charge (HICBC) is currently the best way to manage Child Benefit expenditure. By withdrawing Child Benefit from high-income families, the HICBC helps to ensure the sustainability of the public finances and protect our vital public services. As announced at Spring Statement 2025, the Government is simplifying the process for those who pay the HICBC by investing to modernise HMRC's IT and data systems.
Exchequer Secretary (HM Treasury)
Exchequer Secretary (HM Treasury)
Exchequer Secretary (HM Treasury)
Exchequer Secretary (HM Treasury)
Exchequer Secretary (HM Treasury)
Outside the sale of a property, there are very limited circumstances where a listing officer (LO) can alter a Council Tax band. If an LO is satisfied there is an error in the valuation list, they have a statutory duty to correct that error.
If that error results in an increase to the band, the increase would be effective from the date the list is altered. A reduction of a property’s band as a result of an error would be backdated as necessary.
Exchequer Secretary (HM Treasury)
HM Revenue and Customs receipts figures are not separated into public and private sector employers. The requested figures are therefore not readily available.
Exchequer Secretary (HM Treasury)
At the Autumn Budget the Chancellor set aside £4.7 billion of funding for departments in order to support them with the increased costs as a result of the rise in employer national insurance contributions.
This funding has been allocated to departments, with the Barnett formula applying in the usual way, which is in line with the approach taken under the previous Government’s Health and Social Care Levy. Updated departmental budgets for 2025/26 including allocations were published at the Spring Statement.
The Government also plans to publish individual departments’ allocations as part of Mains estimates.
Exchequer Secretary (HM Treasury)